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Institut IGH d.d. — Management Reports 2012
Feb 1, 2013
2091_10-q_2013-02-01_a0795463-8ec4-4adf-9742-d5ee67feefd4.pdf
Management Reports
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Institut IGH d.d.
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.
Institut IGH d.d.
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. CE President of the Management Board
Željko Grzunov, B.Sc.Ecoh, Member of the Management Board
Institut IGH d.d.
Janka Rakuše 1, 10000 Zagreb, CROATIA Tel: +385 1 6125 125, Fax: +385 1 6125 401, [email protected], www.igh.hr
STATEMENT OF MANAGEMENT BOARD ON THE RESPONSIBILITY FOR PREPARING CONSOLIDATED REPORTS FOR THE INSTITUT IGH GROUP, JSC
The Company's Management Board has to ensure that the Group's consolidated 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 Group's financial standing, business results, change in capital, and cash flow for the period under consideration.
After making due enguiries, the Management Board has a reasonable expectation that the Group has adequate resources to continue operation in the foreseeable future. Accordingly, the Group has prepared its financial reports under assumption that the Group will continue operating 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 Group, 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 Group'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. (Civ. Eng.), President of Management Board
Željko Grzunov, B. Econ. OManagement Board Member $h^{10\lambda}$
Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb
31 January 2013
Mjerodavni sud: Trgovački sud u Zagrebu, registarski uložak s matičnim brojem (MBS) 080000959
Temelini kanital-88-3750272 105.668.000,00 kn 018: 79766124714 uplačen u cijelosti Poslovno banka: Broi izdanih dianica Zagrebacka banka d.d. 264.170, nominalna
Vrijednost dionice 400 kn žiro-račun
2360000-1101243767 Denizni račun kad Dewzni ratun kod
Zagrebačke banke d.d. Zagreb
SWHT kod: ZABAHRZX
IBAN: HR7723600001101243767
prof.dr.sc. Jure Radić, predsjednik Uprave
Veniamin Mezhibovskiy, član Uprave Željko Grzunov, dipl.oec., član Uprove
mr.sc. Željko Štromar, član Uprave mr.sc. Tomislav Alpeza, član Uprave
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 Hefelea 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
| 01.01.2012 Quarterly financial statement of the entrepreneur - TFI-POD ZAGREB |
|
|---|---|
| Number of employees (quarter end) |
|
| NKD code: | |
| Seat: | MB: |
| MOSTAR, BIŠĆE POLJE BB | 4227060470005 |
| ZAGREB, GRADIŠĆANSKA 26 | 01517597 |
| ZAGREB, JANKA RAKUŠE 1 | 02441918 |
| ZAGREB, BRANIMIROVA 71 | 01982516 |
| ZAGREB, JANKA RAKUŠE 1 | 01819585 |
| ZAGREB, JAGODNJAK 17 | 01960229 |
| ZAGREB, JANKA RAKUŠE 1 | 01974378 |
| ZAGREB, JANKA RAKUŠE 1 | 02592363 |
| ZAGREB, BIJENIČKA CESTA 8 | 02427648 |
| OSIJEK, TRG A. STARČEVIĆA 7/II | 03013669 |
| ZAGREB, PALMOTIĆEVA 45 | 03222853 |
| PRIŠTINA, KOSOVO | |
| ZAGREB, JANKA RAKUŠE 1 | 02462478 |
| ZAGREB, OKUČANSKA 30 | 03685110 |
| ZAGREB, SREDNJACI 16 | 01907522 |
| ZAGREB, VLAŠKA 79 | 02405865 |
| ZAGREB, NIKOLA PAVIĆA 20 | 00335967 |
| ZAGREB, SAVSKA CESTA 144A | 02396173 |
| ZAGREB, JANKA RAKUŠE 1 | 01938533 |
| ZAGREB | Internet adress: http://www.institutigh.com GRAD ZAGREB pmpanies of the consolidation subject (according to IFRS ZAGREB, BRANIMIROVA 71 |
| Bookkeeping service: |
|---|
| Contact person: ŠPINDERK JADRANKA |
| (please enter only contact person's family name and name) |
| Telefax: 01 6125 404 Telephone: 01 6125 444 |
| E-mail adress: [email protected] |
| 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: 1. Financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity, |
| and notes to financial statements |
| 2. Statement of persons responsible for the drawing-up of financial statements, 3. Report of the Management Board on the Company Status |
| (signature of the person authorized to represent the company) M.P. دە |
BALANCE SHEET as of 31.12.2012.
| 95 VI JI.IZ.ZVIZ INSTITUT IGH D.D. |
|||
|---|---|---|---|
| Position | AOP | Previous period | Current period |
| 1 | $\overline{2}$ | 3 | 4 |
| A) RECEIVABLES FOR SUBSCRIBED AND NON - PAID CAPITAL | 001 002 |
754.059.438 | 752.116.187 |
| B) LONG - TERM ASSETS (003+010+020+029+033) I. INTANGIBLE ASSETS (004 to 009) |
003 | 35.695.420 | 20.486.402 |
| 1. Assets development | 004 | 0 | |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 005 | 4.381.304 | 2.405.718 |
| 3. Goodwill | 006 | 28.720.689 | 13.790.627 |
| 4. Prepayments for purchase of intangible assets | 007 | $\mathbf 0$ | $\overline{0}$ |
| 5. Intangible assets in preparation | 008 | 2.593.427 | 4.290.057 |
| 6. Other intangible assets | 009 | 0 | 0 |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 518.409.354 | 642.995.106 |
| 1. Land | 011 | 91.866.993 | 153.239.696 |
| 2. Buildings | 012 | 265.069.800 | 364.507.117 |
| 3. Plant and equipment | 013 | 23.971.526 | 20.706.384 |
| 4. Instuments, plant inventories and transportation assets | 014 | 6.412.924 $\mathbf 0$ |
6.026.522 $\mathbf 0$ |
| 5. Biological assets | 015 016 |
171.958 | 192.638 |
| 6. Prepayments for tangible assets 7. Tangible assets in preparation |
017 | 28.929.001 | 29.239.927 |
| 8. Other material assets | 018 | 1.159.191 | 364.625 |
| 9. Investment in buildings | 019 | 100.827.961 | 68.718.197 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 193.958.644 | 84.330.559 |
| 1. Shares (stocks) in related parties | 021 | $\mathbf 0$ | $\boldsymbol{0}$ |
| 2. Loans given to related parties | 022 | 28.120.000 | $\mathbf{0}$ |
| 3. Participating interests (shares) | 023 | 45.648.831 | 27.571 |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 024 | $\mathbf 0$ | $\mathbf 0$ |
| 5. Investment in securities | 025 | $\mathbf 0$ | $\Omega$ |
| 6. Loans, deposits and similar assets | 026 | 5.424.438 | 2.406.935 |
| 7. Other long - term financial assets | 027 | 21.181.604 | 21.276.569 |
| 8. Investments accounted by equity method | 028 | 93.583.771 | 60.619.484 |
| IV. RECEIVABLES (030 to 032) | 029 | 3.849.560 0 |
2.157.660 0 |
| 1. Receivables from related parties | 030 031 |
3.849.560 | 2.157.660 |
| 2. Receivables based on trade loans 3. Other receivables |
032 | $\mathbf 0$ | $\bf{0}$ |
| V. DEFERRED TAX ASSETS | 033 | 2.146.460 | 2.146.460 |
| C) SHORT TERMS ASSETS (035+043+050+058) | 034 | 499.555.281 | 380.300.983 |
| I. INVENTORIES (036 to 042) | 035 | 127.031.097 | 140.482.432 |
| 1. Row material | 036 | 900.186 | 101.117 |
| 2. Work in progress | 037 | 120.335.411 | 135.322.377 |
| 3. Finished goods | 038 | 2.646.935 | 2.646.935 |
| 4. Merchandise | 039 | 2.148.565 | 1.404.379 |
| 5. Prepayments for inventories | 040 | 1.000.000 | 1.007.624 |
| 6. Long - term assets held for sale | 041 | $\mathbf 0$ | $\mathbf 0$ |
| 7. Biological assets | 042 | $\mathbf 0$ | $\mathbf 0$ |
| II. RECEIVABLES (044 to 049) | 043 | 323.767.684 | 153.678.616 331.528 |
| 1. Receivables from related parties | 044 045 |
1.542.048 143.894.900 |
98.272.742 |
| 2. Accounts receivable 3. Receivables from participating entrepreneurs |
046 | 146.963 | 146.963 |
| 4. Receivables from employees and shareholders | 047 | 687.947 | 838.599 |
| 5. Receivables from government and other institutions | 048 | 2.377.292 | 5.961.291 |
| 6. Other receivables | 049 | 175.118.534 | 48.127.493 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 43.726.570 | 83.218.119 |
| 1. Shares (stocks) in related parties | 051 | 0 | $\mathbf 0$ |
| 2. Loans given to related parties | 052 | 11.330.142 | 6.120 |
| 3. Participating interests (shares) | 053 | $\mathbf{0}$ | |
| 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 | 1.757.301 |
| 6. Loans, deposits and similar assets | 056 | 14.201.881 | 10.216.680 |
| 7. Other financial assets | 057 | C | 0 2.921.816 |
| IV. CASH AT BANK AND IN CASHIER D) PREPAID EXPENSES AND ACCRUED INCOME |
058 059 |
5.029.930 90.265.492 |
51.528.721 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 1.343.880.211 | 1.183.945.891 |
| F) OFF-BALANCE SHEET NOTES | 061 | 91.616.308 | 107.618.634 |
| LIABILITIES AND CAPITAL | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 463.555.790 | 281.273.410 |
| I. SUBSCRIBED CAPITAL | 063 | 63.432.000 | 105.668.000 |
| II. CAPITAL RESERVES | 064 | 13.998.640 | 52.011.040 |
| III. RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 8.068.491 | 4.671.291 |
| 1. Reserves prescribed by law | 066 | 3.171.600 | 3.171.600 |
| 2. Reserves for treasury stocks | 067 | 6.343.200 | 6.343.200 |
| 3. Treasury stocks and shares (deduction) | 068 | 1.446.309 | 4.843.509 |
| 4. Statutory reserves | 069 | $\overline{0}$ | |
| 5. Other reserves | 070 | $\mathbf{0}$ | |
| IV. REVALUATION RESERVES | 071 | 58.873.603 | 202.382.932 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 251.421.550 | 259.898.288 |
| 1. Retained earnings | 073 | 251.421.550 | 259.898.288 |
| 2. Accumulated loss | 074 | $\overline{0}$ | |
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | 1.673.409 | -347.335.962 |
| 1. Profit for the current year | 076 | 1.673.409 | |
| 2. Loss for the current year | 077 | $\overline{0}$ | 347.335.962 |
| VII. MINORITY INTEREST | 078 | 66.088.097 | 3.977.821 |
| B) PROVISIONS (080 to 082) | 079 | 5.949.307 | 4.381.542 |
| 1. Provisions for pensions, severance pay and similar liabilities | 080 | 2.360.607 | 1.550.087 |
| 2. Reserves for tax liabilities | 081 | 0 | |
| 3. Other reserves | 082 | 3.588.700 | 2.831.455 |
| C) LONG TERM LIABILITIES (084 to 092) | 083 | 329.343.101 | 503.521.157 |
| 1. Liabilities to related parties | 084 | $\mathbf 0$ | |
| 2. Liabilities for loans, deposits etc. | 085 | $\mathbf 0$ | |
| 3. Liabilities to banks and other financial institutions | 086 | 319.563.481 | 374.245.750 |
| 4. Liabilities for received prepayments | 087 | $\Omega$ | |
| 5. Accounts payable | 088 | 4.061.301 | 1.051.621 |
| 6. Liabilities arising from debt securities | 089 | 1.428.572 | 75.456.240 |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | 0 | |
| 8. Other long-term liabilities | 091 | 80.788 | 12.095.704 |
| 9. Deferred tax liability | 092 | 4.208.959 | 40.671.842 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 542.130.443 | 391.829.160 |
| 1. Liabilities to related parties | 094 | 1.305 | 16.190 |
| 095 | 55.408.315 | 12.575.337 | |
| 2. Liabilities for loans, deposits etc. 3. Liabilities to banks and other financial institutions |
096 | 162.029.926 | 160.976.041 |
| 097 | 5.194.320 | 5.634.966 | |
| 4. Liabilities for received prepayments | 098 | 132.343.244 | 114.097.439 |
| 5. Accounts payable | 099 | 98.432.756 | 9.854.975 |
| 6. Liabilities arising from debt securities | 100 | $\mathbf 0$ | |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | |||
| 8. Liabilities to employees | 101 | 14.289.387 | 20.334.377 30.780.751 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 34.053.799 | |
| 10. Liabilities to share - holders | 103 | 418.052 | 418.052 |
| 11. Liabilities for long term assets held for sale | 104 | 0 | |
| 12. Other short - term liabilities | 105 | 39.959.339 | 37.141.032 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 2.901.570 | 2.940.622 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | 1.343.880.211 | 1.183.945.891 |
| G) OFF-BALANCE SHEET NOTES | 108 | 91.616.308 | 107.618.634 |
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | |||
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | 109 | 397.467.693 | 277.295.589 |
| 2. Attributed to minority interests | 110 | 66.088.097 | 3.977.821 |
PROFIT AND LOSS ACCOUNT
for period 01.01.2012. to 31.12.2012
$\sim$
$\omega$ :
| Position | AOP | Previous period | Current period | ||
|---|---|---|---|---|---|
| Cummulative | Periodical | Cummulative | Periodical | ||
| $\mathbf{1}$ | $\overline{2}$ | 3 | $\ddot{\phantom{a}}$ | 5 | 6 |
| I. OPERATING REVENUES (112+113) | 111 | 514.007.973 | 134.435.591 | 334.188.088 | 90.688.135 |
| 1. Sales revenues | 112 | 482.335.465 | 119.585.167 | 297.555.657 | 68.869.563 |
| 2. Other operating revenues | 113 | 31.672.508 | 14.850.424 | 36.632.431 | 21.818.572 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 478.103.081 | 131.362.583 | 631.580.013 | 355.126.395 |
| 1. Changes in the value of work in progress and finished goods | 115 | 13.855.954 | 1.540.382 | $-296.080$ | $-37.000$ |
| 2. Material costs (117 to 119) | 116 | 184.592.505 | 55.961.070 | 126.080.151 | 33.566.757 |
| a) Raw material and material costs | 117 | 32.995.056 | 5.387.833 | 24.182.379 1.424.163 |
5.572.435 736.702 |
| b) Costs of goods sold | 118 | 7.308.636 144.288.813 |
1.387.036 49.186.20 |
100.473.609 | 27.257.620 |
| c) Other external costs | 119 120 |
191.627.388 | 46.031.524 | 141.295.291 | 31.235.332 |
| 3. Staff costs (121 to 123) a) Net salaries and wages |
121 | 107.228.715 | 26.381.303 | 80.702.081 | 18.186.973 |
| b) Costs for taxes and contributions from salaries | 122 | 56.516.608 | 12.985.432 | 41.037.334 | 8.940.291 |
| c) Contributions on gross salaries | 123 | 27.882.065 | 6.664.789 | 19.555.876 | 4.108.068 |
| 4. Depreciation | 124 | 21.902.497 | 4.967.567 | 19.688.178 | 4.659.986 |
| 5. Other costs | 125 | 53.177.199 | 18.880.023 | 56.794.332 | 20.386.225 |
| 6. Impairment (127+128) | 126 | 7.314.806 | 336.067 | 181.956.226 | 162.669.903 |
| a) Impairment of long-term assets (excluding financial assets) | 127 | $\mathbf{0}$ | 80.064.177 | 80.064.177 | |
| b) Impairment of short-term assets (excluding financial assets) | 128 | 7.314.806 | 336.067 | 101.892.049 | 82.605.726 |
| 7. Provisions | 129 | 1.916.559 | 1.916.559 | 1.865.809 | 800.840 |
| 8. Other operating expenses | 130 | 3.716.173 | 1.729.391 | 104.196.106 | 101.844.352 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 34.926.350 | 15.270.84 | 9.691.830 | 587.018 |
| 1. Interest income, foreign exchange gains, dividends and similar income from related parties |
132 | 0 | 0 | ||
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 4.747.832 | 2.625.631 | 5.476.901 | |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 2.862.938 | 969.809 | 3.913.336 | 530.037 |
| 4. Unrealized gains (income) from financial assets | 135 | 10.802.342 | 10.802.342 | ||
| 5. Other financial income | 136 | 16.513.238 | 873.059 | 301.593 | 56.981 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 60.757.376 | 17.148.636 | 56.775.055 | 20.791.978 |
| 1. Interest expenses, foreign exchange losses and similar expenses from related parties | 138 | $\mathbf 0$ | $^{\circ}$ | ||
| 2. Interest expenses, foreign exchange losses and similar expenses from non - related | 139 | 59.489.075 | 16.581.782 | 54.531.442 | 20.304.774 |
| 3. Unrealized losses (expenses) on financial assets | 140 | 181.424 | 181.424 | ||
| 4. Other financial expenses | 141 | 1.086.877 | 385.430 | 2.243.613 | 487.204 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | $\Omega$ | $\Omega$ | ||
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | 2.907.998 | $\mathbf 0$ | 2.170.891 | 1.181.327 |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | 0 | $\mathbf 0$ | $\Omega$ | |
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | 343.879.918 | 91.275.153 | ||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 548.934.323 541.768.455 |
149.706.432 148.511.219 |
690.525.959 | 377.099.700 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 7.165.868 | 1.195.213 | $-346.646.041$ | -285.824.547 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | 7.165.868 | 1.195.213 | $\bf{0}$ | |
| 1. Profit before taxation (146-147) | 149 150 |
$\Omega$ | 0 | 346.646.041 | 285.824.547 |
| 2. Loss before taxation (147-146) | 151 | 5.466.510 | 1.756.396 | 602.351 | -956.919 |
| XII. PROFIT TAX | 152 | 1.699.358 | $-561.183$ | -347.248.392 | -284.867.628 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 153 | 1.699.358 | |||
| 1. Profit for the period(149-151) | 154 | 0 | 561.183 | 347.248.392 | 284.867.628 |
| 2. Loss for the period (151-148) | |||||
| XIV. PROFIT OR LOSS FOR THE PERIOD | |||||
| 1. Attributed to equity holders of parent company | 155 | 1.673.410 | $-66.085$ $-347.335.962$ $-285.002.942$ | ||
| 2. Attributed to minority interests | 156 | 25.948 | -495.098 | 87.570 | 135.314 |
| STATEMENT OF COMPREHENSIVE INCOME (IFRS) | 1.699.358 | $-561.183$ | $-347.248.392$ | -284.867.628 | |
| I. PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | $-1.626.248$ | $-1.682.930$ | 182.313.659 | 182.362.659 |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 to 165) | 158 159 |
13.566 | $-43.116$ | $-757$ | 48.243 |
| 1. Exchange differences on translation of foreign operations | 160 | 182.314.416 | 182.314.416 | ||
| 2. Movements in revaluation reserves of long-term tangible and intangible assets 3. Profit or loss from revaluation of financial assets available for sale |
161 | $-1.639.814$ | $-1.639.814$ | $\mathbf{0}$ | |
| 4. Gains or losses on efficient cash flow hedging | 162 | $\bf{0}$ | |||
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | 0 | $\mathbf{0}$ | $\mathbf{0}$ | |
| 6. Share in other comprehensive income / loss of associated companies | 164 | $\bf{0}$ | $\overline{0}$ | $\mathbf 0$ | |
| 7. Actuarial gains / losses on defined benefit plans | 165 | 0 | 0 | $\bf{0}$ | |
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | $-325.249$ | $-325.249$ | 36.462.883 | 36.472.683 |
| $(158-166)$ IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD |
167 | $-1.300.999$ | $-1.357.681$ | 145.850.776 | 145.889.976 |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) | 168 | 398.359 | $-1.918.864$ | $-201.397.616$ | -138.977.652 |
| 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 | 372.411 | $-1.423.766$ | $-201.397.616$ | -139.112.966 |
| 2. Attributed to minority interests | 170 | 25.948 | -495.098 | 87.570 | 135.314 |
STATEMENT OF CASH FLOWS - Indirect method period 01.01.2012. to 31.12.2012
$\tilde{\mathbf{x}}$
| 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 | 7.165.868 | $-346.646.041$ |
| 2. Depreciation | 002 | 21.902.497 | 19.688.178 |
| 3. Increase in short-term liabilities | 003 | 0 | |
| 4. Decrease in short term receivables | 004 | $\mathbf 0$ | 170.089.068 |
| 5. Decrease in inventories | 005 | 21.266.086 | |
| 6. Other cash flow increases | 006 | $\Omega$ | 284.373.895 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 50.334.451 | 127.505.100 |
| 1. Decrease in short - term liabilities | 008 | 38.099.814 | 150.301.283 |
| 2. Insrease in short - term receivables | 009 | 14.068.846 | |
| 3. Increase in inventories | 010 | $\Omega$ | 13.451.335 |
| 4. Other cash flow decreases | 011 | 17.404.297 | |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 69.572.957 | 163.752.618 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | $\Omega$ | |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 19.238.506 | 36.247.518 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 899.518 | 496.937 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | 40.508.775 | |
| 3. Interest receipts | 017 | 1.007.957 | 546.393 |
| 4. Dividend receipts | 018 | $\Omega$ | |
| 5. Other cash inflows from investing activities | 019 | 2.048.795 | 4.293.710 |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 44.465.045 | 5.337.040 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 14.529.203 | 4.240.426 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | 31.319.263 | 151.611 |
| 3. Other cash outflows from investing activities | 023 | 0 | 66.321.385 |
| IV. Total cash outflows from investing activities (021 to 023) | 024 | 45.848.466 | 70.713.422 |
| 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 | 1.383.421 | 65.376.382 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1. Cash receipts from issuance of equity and debt financial instruments | 027 | 75.719.107 | 155.770.260 |
| 2. Cash inflows from loans, debentures, credits and other borrowings | 028 | 111.535.228 | 194.437.234 |
| 3. Other cash inflows from financing activities | 029 | $\mathbf{0}$ | |
| V. Total cash inflows from financing activities (027 to 029) | 030 | 187.254.335 | 350.207.494 |
| 1. Cash outflows for repayment of loans and bonds | 031 | 220.895.699 | 251.998.533 |
| 2. Dividends paid | 032 | 157.325 | 424.583 |
| 3. Cash outflows for finance lease | 033 | 3.406.172 | 4.037.306 |
| 4. Cash outflows for purchase of own stocks | 034 | 0 | 3.297.200 |
| 5. Other cash outflows from financing activities | 035 | 0 | $\overline{0}$ |
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 224.459.196 | 259.757.622 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 90.449.872 | |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 038 | 37.204.861 | 0 |
| Total increases of cash flows (013 - 014 + 025 - 026 + 037 - 038) | 039 | 0 | $\overline{0}$ |
| Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$ | 040 | 57.826.788 | 11.174.028 |
| Cash and cash equivalents at the beginning of period | 041 | 73.679.933 | 15.853.145 |
| Increase in cash and cash equivalents | 042 | 0 | $\vert 0 \vert$ |
| Decrease in cash and cash equivalents | 043 | 57.826.788 | 11.174.028 |
| Cash and cash equivalents at the end of period | 044 | 15.853.145 | 4.679.117 |
| from | 01.01.2012 | $\overline{\mathbf{c}}$ | 31.12.2012 | |||
|---|---|---|---|---|---|---|
| Position | AOP | Previous year | Current year | |||
| 2 | S | 4 | ||||
| Subscribed capital | $\overline{5}$ | 63.432.000 | 105.668.000 | |||
| 2. Capital reserves | 002 | 13.998.640 | 52.011.040 | |||
| 3. Reserves from profit | 003 | 8.068.491 | 4.671.291 | |||
| 4. Retained earnings or accumulated loss | 004 | 251.421.550 | 259.898.288 | |||
| 5. Profit / loss for the current year | 005 | 1.673.409 | 347.335.962 | |||
| 6. Revaluation of long - term tangible assets | 006 | 52.379.202 | 195.862.795 | |||
| 7. Revaluation of intangible assets | 007 | $\circ$ | $\circ$ | |||
| vailable for sale 8. Revaluation of financial assets av |
008 | 6.472.994 | 6.472.994 | |||
| 9. Other revaluation | 009 | $\circ$ | $\circ$ | |||
| 10. Total capital and reserves (AOP 001 to 009) | 010 | 397.446.286 | 277.248.446 | |||
| 1. Currency gains and losses arising from net investments in foreign operations | 011 | 21.407 | 47.143 | |||
| 12. Current and deferred taxes (part) | 012 | 0 | ||||
| 3. Cash flow hedging | 013 | 0 | ||||
| 14. Changes in accounting policies | 014 | $\circ$ | ||||
| prior periods 15. Correction of significant errors in |
015 | $\circ$ | ||||
| 16. Other changes in capital | 016 | $\circ$ | ||||
| 17. Total increase or decrease in capital (AOP 011 to 016) | 017 | 21.407 | 47.143 | |||
| 17 a. Attributed to equity holders of parent company | 018 | 397.467.693 | 277.295.589 | |||
| 17 b. Attributed to minority interst | 019 | 66.088.097 | 3.977.821 |
STATEMENT OF CHANGES IN EQUITY
i.
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