Institut IGH d.d. — Management Reports 2013

Feb 1, 2013

MANAGEMENT BOARD'S REPORT ON BUSINESS ACTIVITY OF THE COMPANY INSTITUT IGH d.d. AND ITS SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2012

The INSTITUT IGH d.d. (hereinafter "the Company") presents its non-consolidated and consolidated basic financial reports for the fourth quarter of the business year of 2012, and for the period from 1 January to 31 December 2012. The said basic financial reports are not audited and can not be regarded as being the Consolidated Annual Company Reports, as stipulated in Article 250b of the Companies Act.

After successful increase of its share capital and after issuance of convertible bonds in the second quarter of 2012, the Company's Management, in cooperation with the company KPMG Croatia d.o.o., has completed the analysis of the Company's operation, Company's business plan, and the Company's financial restructuring concept. At the Company's General Assembly meeting held on 20 December 2012, the KPMG Croatia d.o.o. was also appointed as the Company's auditor for basic financial reports relating to the business year of 2012. Accordingly, the Company's Management has decided, with the consent and approval of the Supervisory Board, to harmonize, in the scope of financial results for the fourth quarter, the values of the Company's long-term material assets, financial assets, investments in real estate, and the Company's receivables (claims), all in keeping with International Accounting Standards (IAS 16, IAS 36, IAS 39, IAS 40).

Considering the extreme volatility of market in the real estate and construction sector, the Company's Management considers that, through such presentation of financial results and balance sheet items, it will provide to the Company's shareholders, potential investors, and the wider investment community, a highly credible information that is properly harmonized with the time in which the said financial reports are published. It should be noted that in case of long-term material assets, investments in real estate, and in most financial property items, this involves value harmonisations rather than losses realized through concrete sales transactions.

It should especially be emphasized that the Company has fully harmonized the value of its shares in the company Geotehnika-Inženjering d.o.o., and has also fully harmonized the value of claims concerning the company SPORTSKI GRAD TPN d.o.o., all with regard to the fact that both companies submitted on 31 December 2012 requests for initiation of prebankruptcy settlements, in accordance with statutory regulations. It should be noted that, referring to these two cases only, the value of harmonisations amounts to HRK 97,843,279. We wish to emphasize that, in the business year of 2012, the Company has also harmonized the losses due to withdrawal from the Zagrepčanka Project. In addition, the Company has also made harmonisations with regard to other investment projects, including also the property/asset items related to the Company's core business, all in accordance with International Accounting Standards.

The Company's consolidated revenues in the business year of 2012 amounted to HRK 343,879,918, while the revenues at the level of the joint stock company amounted to HRK 288.048.829. If the effects of one time balance sheet harmonisations for revenues and expenses are not taken into account, then the Company realized in the business year of 2012 the EBITDA amounting to HRK 44,843,527, or HRK 15,884,894 at the consolidated level.

In 2012, the Company continued with intensive restructuring activities and, in that respect, the operating expenses, without employee costs, were reduced in the fourth quarter by 27.9% at the group level, and by 18.12% at the parent company level. In 2012, the costs of employees were reduced by 26.27% at the group level, and by 25.1% at the parent company level.

Taking all this into account, the overall loss presented in the Report on Overall Profit primarily results from the reduction of long-term material assets, investments in real estate and financial assets, and from value harmonization of trade receivables, and so this loss amounts to HRK 329,842,605 at the non-consolidated level, and to HRK 201.397.616 at the consolidated level.

The increase in the value of land and buildings has been recognised in other overall profit items, and has cumulatively been presented in capital as revaluation reserves.

In the context of the Company's book value, expressed through the accounting value of the Company's share as on 31 December 2012, we wish to point out that, after all value harmonisations, the net capital amounts to HRK 277,295,589 at the consolidated level, while it amounts to HRK 193,198,622 at the company level, or to HRK 731.34 per share.

In 2013 the Company has continued to implement the planned restructuring processes in order to further optimise its business processes, optimize its long-term assets, reduce indebtedness level, and to further strengthen its capital generating capabilities. Based on these objectives, the Company will attempt to complete or sell all projects that are outside of the Company's core business activity, and the value harmonisations already in progress are motivated by this very intention. The Company will insist on continued implementation of excellence criteria through affirmation of its own potentials.

Despite reductions in the number of employees as made in the scope of the restructuring program, the Company, with its current 721 employees, is more than capable of undertaking even the most complex assignments in the sphere of design, supervision, project management, and laboratory testing, and to provide other consulting and engineering services in construction industry. In addition, the Company is fully equipped to successfully realize contracts currently in progress, which amount to HRK 550,124,898.

We expect that negative trends in economy, and especially in construction sector, will be stopped in 2013 as a result of activation of public investment projects in the Republic of Croatia, which will undoubtedly result in an increased business activity of the Company on the domestic market. Similarly, the Company is intensifying its business activities on international markets, with a special emphasis on markets in the Russian Federation, in order to additionally strengthen and improve the market position currently held by the Company

Zagreb, 31 January 2013

On behalf of Management Board of the Institut IGH d.d. Prof. Jure Radic Ph.D. C. President of the Management Board Željko Grzunov, B.Sc.Ecoh, Member of the Management Board

GH, dioniz

Janka Rakuše 1, 10000 Zagreb, CROATIA Tel: +385 1 6125 125, Fax: +385 1 6125 401, igh@igh.hr, www.igh.hr

STATEMENT OF MANAGEMENT BOARD ON THE RESPONSIBILITY FOR PREPARING FINANCIAL REPORTS FOR THE INSTITUT IGH, JSC

The Company's Management Board has to ensure that the INSTITUT IGH d.d. financial reports for the fourth quarter of 2012 are prepared in accordance with the Accountancy Law (Official Gazette 146/05) and in keeping with international accounting standards (Official Gazette 136/09, 08/10, 27/10, 65/10, 120/10, 58/11, 140/11) issued by the International Accounting Standards Board (IASB), so that these documents provide a true and unbiased picture of the Company's financial standing, business results, change in capital, and cash flow for the period under consideration.

After making due enquiries, the Management Board has a reasonable expectation that the Company has adequate resources to continue operation in the foreseeable future. Accordingly, the Management Board has prepared its financial reports under assumption that the Company will continue to operate for an unlimited period of time.

During preparation of financial reports, the Management Board is responsible:

• for the selection and, thereafter, for consistent use of appropriate accounting policies; $\bullet$
• for giving reasonable and sensible assessments and estimates; $\bullet$
• for applying valid financial reporting standards and for making public and explaining $\bullet$ every materially significant discrepancy discovered in financial reports;
• for preparing financial reports under assumption of an unlimited period of operation, $\bullet$ except in cases when such assumption is inappropriate.

The Management Board is responsible for keeping proper accountancy records that will depict, to an acceptable level of accuracy, the financial standing and business results of the Company, in full compliance with the Accountancy Law and international accounting standards issued by the International Accounting Standards Board (IASB). The Management Board is also responsible for protecting and safeguarding the Company's assets, and hence for undertaking every measure it deems necessary to prevent and discover cases of fraud and other illegal activity.

Signed on behalf of the Management Board:

Prof. Jure Radić, Ph. D. (City, Eng.), President of Management Board

06 Željko Grzunov, B.Econ, Management Board Member

Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb

Temelini kanital

31 January 2013

Mierodmeni sud-Trgovački sud u Zagrebu,
registarski ufožak s matičnim brojem (MBS) 080000959

MR-3750272 105.668.000,00 kn 018: 79766124714 uplaćen u cijelosti Poslovno banka: Zagrebacka banka d.d. Broj izdanih dienica 264.170, nominalno
Vrijednost dionice 400 km tire-ročun
2360000-1101243767 Devizni račun kod Zagrebačke banke d.d. Zagreb WIFT kod- ZARAHRZI

IBAN: HR7723600001101243767

praf.dr.sc. Jure Radić, predsjednik Uprave Veniamin Mezhibovskiy, član Uprave
Željko Grzunov, dipl.oec., član Uprave
mr.sc. Željko Štromar, član Uprave nislav Alpeza, član Up mt sc. To

Nadzorni odbor dr. sc. Franjo Gregurić, predsjednik SPLIT 21 000

Matice hrvatske 15 Tel:021/558-666 Fax:021/465-335

RIJEKA 51 000 Slavka Tomašića 5 Tel:051/206-100 Fax: 051/206-106

OSIJEK 31 000 Drinska 18 Tel:031/253-101 Fax:031/253-104

VARAŽDIN 42 000 Hallerova aleia 7 Tel:042/210-970, 042/210-722 Fax: 042/211-285

DUBROVNIK 20 000 Vukovarska 8 Tel:020/412-489 020/411-628 Fax: 020/412-489

PULA 52 100 Rizzijeva 40 Tel:052/508-220 Fax:052/508-221

KARLOVAC 47 000 Primorska 16 Tel:047/416-987 047/416-988 Fax: 047/416-989

SISAK 44 000 Ferde Hefeleg b.b. Tel:044/571-255 Fax: 044/571-256

ZADAR 23 000 Dobriše Cesarića 1 Tel:023/220-910, 023/323-299 Fax:023/323-225

Attachment 1. Reporting period:		01.01.2012 do		31.12.2012
		Quarterly financial statement of the entrepreneur - TFI-POD
Tax number (MB):	03750272
Company registration number
(MBS)	80000959
Personal identification number (OIB):	79766124714
Issuing company: INSTITUT IGH D.D.
Postal code and place:	10000	ZAGREB
Street and house number: JANKA RAKUŠE 1
E-mail adress: igh@igh.hr
	Internet adress: http://www.institutigh.com
inicipality/city code and name:	ZAGREB 133
County code and name:	GRAD ZAGREB 133			Number of employees
Consolidated report:	NO			(quarter end) NKD code:
pmpanies of the consolidation subject (according to IFRS		Seat:		MB:
Bookkeeping service:
	Contact person: ŠPINDERK JADRANKA
Telephone: 01 6125 444		(please enter only contact person's family name and name)	Telefaks: 01 6125 404
E-mail adress: igh@igh.hr
Family name and name: prof. dr. JURE RADIĆ, dipl. ing. građ.; Željko Grzunov, dipl. oec.
	(person authorized to represent the company)
Documents to be published: and notes to financial statements	3. Report of the Management Board on the Company Status	1. Financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity, 2. Statement of persons responsible for the drawing-up of financial statements
				(signature of the person authorized to represent the company)

BALANCE SHEET as of 31.12.2012.

85 UI JI.IZ.ZUIZ. INSTITUT IGH D.D.
Position		Previous period	Current period
1	$\overline{\mathbf{2}}$	3	4
A) RECEIVABLES FOR SUBSCRIBED AND NON - PAID CAPITAL B) LONG - TERM ASSETS (003+010+020+029+033)	001 002	710.603.464	656.928.122
I. INTANGIBLE ASSETS (004 to 009)	003	19.970.706	6.533.997
1. Assets development	004	0	$\overline{0}$
2. Concessions, patents, licence fees, merchandise and service brands, software and other rights	005	4.021.684	2.243.941
3. Goodwill	006	13.355.595	$\Omega$
4. Prepayments for purchase of intangible assets	007	$\mathbf 0$	$\overline{0}$
5. Intangible assets in preparation	008	2.593.427	4.290.056
6. Other intangible assets	009	0	$\Omega$
II. TANGIBLE ASSETS (011 to 019)	010	212.933.972	374.254.585
1. Land 2. Buildings	011	45.615.550	95.558.373
3. Plant and equipment	012 013	94.828.405 2.675.605	200.583.967 2.493.609
4. Instuments, plant inventories and transportation assets	014	1.947.253	1.636.660
5. Biological assets	015	0	$\Omega$
6. Prepayments for tangible assets	016	88.452	112.623
7. Tangible assets in preparation	017	29.515.618	29.793.702
8. Other material assets	018	331.343	303.336
9. Investment in buildings	019	37.931.746	43.772.315
III. LONG-TERM FINANCIAL ASSETS (021 to 028)	020	472.042.265	272.174.919
1. Shares (stocks) in related parties	021	320.537.631	196.282.499
2. Loans given to related parties	022	84.102.981	53.689.016
3. Participating interests (shares)	023	45.621.261	0
4. Loans to entrepreneurs in whom the entity hold participating interests 5. Investment in securities	024 025	$\mathbf 0$ $\mathbf 0$	$\mathbf 0$ $\mathbf 0$
6. Loans, deposits and similar assets	026	598.788	1.064.051
7. Other long - term financial assets	027	21.181.604	21.139.353
8. Investments accounted by equity method	028	$\mathbf 0$	$\mathbf 0$
IV. RECEIVABLES (030 to 032)	029	3.849.560	2.157.660
1. Receivables from related parties	030	$\mathbf 0$	0
2. Receivables based on trade loans	031	3.849.560	2.157.660
3. Other receivables	032	$\mathbf 0$	$\bf{0}$
V. DEFERRED TAX ASSETS	033	1.806.961	1.806.961
C) SHORT TERMS ASSETS (035+043+050+058)	034	364.703.151	223.757.319
I. INVENTORIES (036 to 042) 1. Row material	035 036	4.274.005 $\mathbf 0$	4.274.005
2. Work in progress	037	247.493	247.493
3. Finished goods	038	2.646.935	2.646.935
4. Merchandise	039	1.379.577	1.379.577
5. Prepayments for inventories	040	0	$\bf{0}$
6. Long - term assets held for sale	041	$\overline{0}$	$\mathbf 0$
7. Biological assets	042	$\mathbf 0$	$\mathbf 0$
II. RECEIVABLES (044 to 049)	043	292.002.656	124.942.799
1. Receivables from related parties	044	21.516.646	2.395.359
2. Accounts receivable	045	101.163.598	72.438.295
3. Receivables from participating entrepreneurs 4. Receivables from employees and shareholders	046 047	146.963 622.982	146.963 751.408
5. Receivables from government and other institutions	048	2.040.776	4.651.427
6. Other receivables	049	166.511.691	44.559.347
III. SHORT - TERM FINANCIAL ASSETS (051 to 057)	050	66.307.264	93.757.985
1. Shares (stocks) in related parties	051	0	0
2. Loans given to related parties	052	39.486.573	15.062.501
3. Participating interests (shares)	053	0
4. Loans to entrepreneurs in whom the entity hold participating interests	054	7.371.332	71.238.018
5. Investment in securities	055	10.823.215	1.712.416
6. Loans, deposits and similar assets	056	8.626.144 0	5.745.050 0
7. Other financial assets IV. CASH AT BANK AND IN CASHIER	057 058	2.119.226	782.530
D) PREPAID EXPENSES AND ACCRUED INCOME	059	74.127.828	42.426.675
E) TOTAL ASSETS (001+002+034+059)	060	1.149.434.443	923.112.116
F) OFF-BALANCE SHEET NOTES	061	81.406.022	107.618.634

A) CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	442.792.826
I. SUBSCRIBED CAPITAL	063	63.432.000
II. CAPITAL RESERVES	064	13.998.640
III. RESERVES FROM PROFIT (066+067-068+069+070)	065	8.068.491
1. Reserves prescribed by law	066	3.171.600
2. Reserves for treasury stocks	067	6.343.200
3. Treasury stocks and shares (deduction)	068	1.446.309
4. Statutory reserves	069
5. Other reserves	070
IV. REVALUATION RESERVES	071	54.432.245
V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074)	072	289.267.812
1. Retained earnings	073	289.267.812
2. Accumulated loss	074
VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077)	075	13.593.638
1. Profit for the current year	076	13.593.638
2. Loss for the current year	077
VII. MINORITY INTEREST	078
B) PROVISIONS (080 to 082)	079	5.749.308
1. Provisions for pensions, severance pay and similar liabilities	080	2.360.607
2. Reserves for tax liabilities	081
3. Other reserves	082	3.388.701
C) LONG TERM LIABILITIES (084 to 092)	083	230.548.214
1. Liabilities to related parties	084
2. Liabilities for loans, deposits etc.	085
3. Liabilities to banks and other financial institutions	086	224.475.198
4. Liabilities for received prepayments	087
5. Accounts payable	088	374.789
6. Liabilities arising from debt securities	089	1.428.573
7. Liabilities to entrepreneurs in whom the entity holds participating interests	090	$\mathbf 0$
8. Other long-term liabilities	091	60.695
9. Deferred tax liability	092	4.208.959
D) SHORT - TERM LIABILITIES (094 to 105)	093	467.492.325
1. Liabilities to related parties	094	4.432.746
2. Liabilities for loans, deposits etc.	095	49.383.358
3. Liabilities to banks and other financial institutions	096	131.086.049
4. Liabilities for received prepayments	097	5.042.667
5. Accounts payable	098	104.127.479
6. Liabilities arising from debt securities	099	98.432.756
7. Liabilities to enterpreneurs in whom the entity holds participating interests	100	$\mathbf 0$
8. Liabilities to employees	101	10.747.136
9. Liabilities for taxes, contributions and similar fees	102	28.156.105
10. Liabilities to share - holders	103	418.051
11. Liabilities for long term assets held for sale	104	$\overline{0}$
12. Other short - term liabilities	105	35.665.978
E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD	106	2.851.770
F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106)	107	1.149.434.443
G) OFF-BALANCE SHEET NOTES	108	81.406.022
APPENDIX TO BALANCE SHEET (only for consolidated financial statements)
A) CAPITAL AND RESERVES
1. Attributed to equity holders of parent company 2. Attributed to minority interests	109 110

$\overline{\phantom{a}}$

PROFIT AND LOSS ACCOUNT
for period 01.01.2012. to 31.12.2012.

$\overline{\mathcal{L}}$

$\bar{\mathbf{z}}$

for period 01.01.2012. to 31.12.2012. INSTITUT IGH D.D.
Position		Previous period		Current period
		Cummulative	Periodical	Cummulative	Periodical
1	$\overline{\mathbf{2}}$	3	4	5	6
I. OPERATING REVENUES (112+113)	111	388.951.285	112.203.602	272.562.849	83.211.718
1. Sales revenues	112	371.481.564	103.036.054	243.436.789	63.348.570
2. Other operating revenues	113	17.469.72	9.167.548	29.126.060	19.863.148
II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130)	114	361.112.698	108.494.267	689.299.213	474.038.080
1. Changes in the value of work in progress and finished goods	115	14.319.083	1.745.582	$\sqrt{2}$
2. Material costs (117 to 119)	116	126.624.830	50.087.333	94.885.528	30.971.950
a) Raw material and material costs	117	12.946.052	3.611.340	13.167.886	4.241.316
b) Costs of goods sold	118	5.202.736 108.476.042	120.516 46.355.477	$\mathbf 0$ 81.717.642	26.730.634
c) Other external costs 3. Staff costs (121 to 123)	119 120	155.602.571	37.605.484	116.543.170	27.372.580
a) Net salaries and wages	121	86.556.884	21.202.840	66.500.677	15.712.465
b) Costs for taxes and contributions from salaries	122	46.426.010	10.964.966	33.902.199	8.026.360
c) Contributions on gross salaries	123	22.619.677	5.437.678	16.140.294	3.633.755
4. Depreciation	124	14.792.194	3.923.741	13.086.560	3.021.972
5. Other costs	125	41.618.953	12.224.564	49.685.564	20.051.819
6. Impairment (127+128)	126	4.291.905	$\mathbf{0}$	162.074.261	142.797.938
a) Impairment of long-term assets (excluding financial assets)	127	$\Omega$	$\mathbf 0$	19.068.712	19.068.712
b) Impairment of short-term assets (excluding financial assets)	128	4.291.905		143.005.549	123.729.226
7. Provisions	129	1.716.559	1.716.559	1.709.774	644.805
8. Other operating expenses	130	2.146.603	1.191.004	251.314.356	249.177.016
III. FINANCIAL INCOME (132 to 136)	131	40.788.944	16.090.304	15.485.980	2.132.984
1. Interest income, foreign exchange gains, dividends and similar income from related	132	6.943.136	$\mathbf 0$	6.145.909	1.598.077
2. Interest income, foreign exchange gains, dividends and similar income from non-related	133	4.713.308	2.408.229	5.199.243
3. Share in income from affiliated entrepreneurs and participating interests	134	2.862.938	2.862.938	3.913.336	534.907
4. Unrealized gains (income) from financial assets	135	10.802.342	10.802.342	$\theta$	$\bf{0}$
5. Other financial income	136	15.467.220	16.795	227.492	$\mathbf 0$
IV. FINANCIAL EXPENSES (138 to 141)	137	49.965.501	14.295.168	49.284.382	16.611.973
1. Interest expenses, foreign exchange losses and similar expenses from related parties	138			226.540	66.711
2. Interest expenses, foreign exchange losses and similar expenses from non - related	139	48.867.828	13.649.566	47.283.403	15.956.887
3. Unrealized losses (expenses) on financial assets	140	181.424	181.424	$\mathbf 0$	$\mathbf 0$
4. Other financial expenses	141	916.249	464.178	1.774.439	588.375
V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS	142	0	$\mathbf 0$	$\sqrt{2}$	0
VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS	143	$\pmb{0}$	0	$\mathbf 0$	$\overline{0}$
VII. EXTRAORDINARY - OTHER INCOME	144	$\mathbf 0$	$\mathbf 0$	$\mathbf{0}$	$\pmb{0}$
VIII. EXTRAORDINARY - OTHER EXPENSES	145	$\Omega$	$\Omega$	$\Omega$	$\mathbf 0$
IX. TOTAL INCOME (111+131+142 + 144)	146	429.740.229	128.293.906	288.048.829	85.344.702
X. TOTAL EXPENSES (114+137+143 + 145)	147	411.078.199	122.789.435	738.583.595	490.650.053
XI. PROFIT OR LOSS BEFORE TAXATION (146-147)	148	18.662.030	5.504.471	-450.534.766	-405.305.351
1. Profit before taxation (146-147)	149	18.662.030 0	5.504.471	$\mathbf 0$
2. Loss before taxation (147-146)	150		$\mathbf 0$ 1.701.028	450.534.766 $\mathbf 0$	405.305.351 $-1.219.798$
XII. PROFIT TAX	151	5.068.392 13.593.638	3.803.443	-450.534.766	-404.085.553
XIII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152 153	13.593.638	3.803.443	$\mathbf 0$
1. Profit for the period(149-151) 2. Loss for the period (151-148)	154	$\bf{0}$	$\bf{0}$	450.534.766	404.085.553
APPENDIX to Profit and Loss Account (only for consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	155
2. Attributed to minority interests	156
STATEMENT OF COMPREHENSIVE INCOME (IFRS)
I. PROFIT OR LOSS FOR THE PERIOD (= 152)	157	13.593.638	3.803.443	-450.534.766	-404.085.553
II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165)	158	$\overline{0}$	$\bf{0}$	150.865.201	150.865.201
1. Exchange differences on translation of foreign operations	159	$\mathbf 0$	$\bf{0}$	$\mathbf{0}$
2. Movements in revaluation reserves of long-term tangible and intangible assets	160	$\overline{0}$	$\bf{0}$	150.865.201	150.865.201
3. Profit or loss from revaluation of financial assets available for sale	161	0	$\bf{0}$	$\theta$	0
4. Gains or losses on efficient cash flow hedging	162	$\overline{0}$	$\mathbf{0}$	$\bf{0}$	$\mathbf{0}$
5. Gains or losses on efficient hedge of a net investment in foreign countries	163	$\overline{0}$	$\bf{0}$	$\mathbf{0}$	$\vert 0 \vert$
6. Share in other comprehensive income / loss of associated companies	164	$\mathbf{0}$	$\mathbf{0}$	$\theta$	$\bf 0$
7. Actuarial gains / losses on defined benefit plans	165	$\mathbf 0$	$\overline{0}$	$\mathbf 0$	0
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166	0	$\bf{0}$	30.173.040	30.173.040
IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166)	167	0	$\mathbf{0}$	120.692.161	120.692.161
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167)	168	13.593.638	3.803.443	-329.842.605	-283.393.392
APPENDIX to Statement of comprehensive income (only for consolidated financial statements)
VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	169
2. Attributed to minority interests	170

STATEMENT OF CASH FLOWS - Indirect method period 01.01.2012. to 31.12.2012.

Legal entity : INSTITUT IGH D.D. Position	AOP	Previous period	Current period
1	$\overline{2}$	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1. Profit before tax	001	18.662.061	-450.534.766
2. Depreciation	002	14.792.194	13.086.560
3. Increase in short-term liabilities	003	0
4. Decrease in short term receivables	004	$\Omega$	167.059.857
5. Decrease in inventories	005	23.947.077
6. Other cash flow increases	006	0	395.176.753
I. Total increase in cash flow from operating activities (001 to 006)	007	57.401.332	124.788.404
1. Decrease in short - term liabilities	008	39.611.570	147.804.851
2. Insrease in short - term receivables	009	10.279.428
3. Increase in inventories	010	$\Omega$	$\Omega$
4. Other cash flow decreases	011	14.572.774
II. Total decrease in cash flow from operating activities (008 to 011)	012	64.463.772	147.804.851
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012)	013	0
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)	014	7.062.440	23.016.447
CASH FLOW FROM INVESTING ACTIVITIES
1. Cash flow from sale of long - term tangible and intangible assets	015	375.664	370.700
2. Cash inflows from sale of equity and debt financial instruments	016	35.090.246
3. Interest receipts	017	7.363.373	842.288
4. Dividend receipts	018
5. Other cash inflows from investing activities	019	54.877.425	428.860
III. Total cash inflows from investing activities(015 to 019)	020	97.706.708	1.641.848
1. Cash outflows for purchase of long - term tangible and intangible assets	021	9.108.216	4.206.826
2. Cash outflows for purchase of equity and debt financial instruments	022	95.955.763	4.253.209
3. Other cash outflows from investing activities	023	31.118.582	81.195.899
IV. Total cash outflows from investing activities (021 to 023)	024	136.182.561	89.655.934
B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024)	025	$\Omega$
B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020)	026	38.475.853	88.014.086
CASH FLOW FROM FINANCING ACTIVITIES
1. Cash receipts from issuance of equity and debt financial instruments	027	75.719.108	155.770.260
2. Cash inflows from loans, debentures, credits and other borrowings	028	87.134.219	186.071.028
3. Other cash inflows from financing activities	029	0
V. Total cash inflows from financing activities (027 to 029)	030	162.853.327	341.841.288
1. Cash outflows for repayment of loans and bonds	031	167.144.846	240.750.992
2. Dividends paid	032	13.325
3. Cash outflows for finance lease	033	112.425	507.258
4. Cash outflows for purchase of own stocks	034	0	0
5. Other cash outflows from financing activities	035	$\overline{0}$	0
VI. Total cash outflows from financing activities (031 do 035)	036	167.270.596	241.258.250
C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036)	037	$\mathbf{0}$	100.583.038
C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030)	038	4.417.269
Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$	039	0	$\vert 0 \vert$
Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$	040	49.955.562	10.447.495
Cash and cash equivalents at the beginning of period	041	62.898.004	12.942.441
Increase in cash and cash equivalents	042
Decrease in cash and cash equivalents	043	49.955.563	10.447.495
Cash and cash equivalents at the end of period	044	12.942.441	2.494.946

STATEMENT OF CHANGES IN EQUITY

Items decreasing the capital are entered with a negative number sign
Data entered under AOP marks 001 to 009 are entered as situation on the Balance Sheet date