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Institut IGH d.d. — Management Reports 2014
Feb 18, 2014
2091_10-k_2014-02-18_f1f92295-0433-44e3-8f57-feacb2803ef4.pdf
Management Reports
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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
MANAGEMENT BOARD REPORT
ON BUSINESS RESULTS OF THE INSTITUT IGH AND ITS
SUBSIDIARIES IN THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2013
The INSTITUT IGH d.d. submits provisional unaudited non-consolidated and consolidated basic financial reports for the business year of 2013. These basic financial reports do not represent the Company's Consolidated Annual Report in the sense of Article 250b of the Companies Act.
The INSTITUT IGH, d.d., Zagreb, and its subsidiaries, provide professional services in the field of testing, design and project validation, works supervision and project management in the architectural and civil engineering spheres of design, and also conduct scientific research.
The Institut IGH d.d. has 20 subsidiary companies providing services either in its core activity or in associated fields of activity, the exception being one subsidiary company that provides services in the field of hotel industry and tourism.
The registered seat of the mother company Institut IGH, d.d. is situated in Zagreb, Janka Rakuše 1, company registration No.: MB 3750272, personal identification No. OIB 79766124714.
The total of 744 persons were employed with the Institut IGH d.d. and its Fax:023/323-225 subsidiaries on 31 December 2013.
Supervisory Board and Management Board of Institut IGH, d.d.
The company's Supervisory Board members are:
Franjo Gregorić, President, Dušica Kerhač, Member, Branko Kincl, Academician, Member, Vlatka Rajčić, Member, Ante Stojan, Member, Vlado Čović, Member, and Ryvkin Grigory Evseevich, Member
Temelini kapital 105.668.000,00 km uplačen u cijelosti
Braj Izdanih dianica:
264.170, nominalna Vrijednost djonice 400 kn MB: 3750272
OIB: 79766124714
Paslavna banka:
Zagrebacka banka d.d.
2360000-1101243767 .
Devizni račun kod
Zagrebačke banke d.d. Zagreb SWIFT kod- ZARAHRZX IBAN: HR7723600001101243767
prof.dr.sc. Jure Radić, predsjednik Uprave doc. dr. sc. Jelena Bleiziffer, član Uprave
Željko Grzunov, dipl.oec., član Uprave
Nadzorní 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 aleja 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 Divkovićeva 2/C Tel:052/508-220 Fax:052/508-221
ZADAR 23 000 Dobriše Cesarića 1 Tel:023/220-910. 023/323-299
The Company's Management Board members are: Jure Radić, President of the Management Board, Željko Grzunov, Member of the Management Board, and Jelena Bleiziffer, Member of the Management Board.
Share capital
The Company's share capital amounts to HRK 105,668,000, and consists of 264.170 ordinary shares marked IGH-R-A, each with the nominal value of 400 HRK.
Business results of the Institut IGH d.d. and the Institut IGH d.d. Group in the period from 1 January to 31 December 2013
In 2013, the Institut IGH d.d. realized the total non-consolidated revenues of HRK 268,657,000, the operating profit prior to depreciation (EBITDA) of HRK 18.9 million, and the net operating loss of HRK 41.0 million which is due to financial operation results, harmonisations of financial assets, and reduction (potential loss) of tangible assets to which liens of creditors that did not participate in the pre-bankruptcy settlement are inscribed.
In fact, the Company instituted on 17 May 2013 the pre-bankruptcy settlement procedure and, on 5 December 2013 the Commercial Court - Zagreb approved by its decision the achievement of the pre-bankruptcy settlement. However, this decision has not become legally valid as on the day of publication of this report. It should be noted that the Institut IGH d.d. presented financial effects of the prebankruptcy settlement with its creditors in its provisional financial reports for 2013.
It should be emphasized that despite the current situation that is quite unfavourable to normal conduct of business activities, the company has realized the income similar to that realized in the previous year of 2012. In addition, the company reduced its operating expenses by 32,6%, and achieved the planned EBITDA in accordance with the Financial and Operational Restructuring Plan.
At the consolidated level, the company realized the revenue of HRK 309.402.000, which is comparable to the revenue realized in 2012 and is the result of
comprehensive restructuring of the group members. The restructuring process is also under way at the consolidated level where significant savings have been made on the side of expenses. Consequently, salary costs were reduced by 17.8% when compared to the same period last year, while material costs were reduced by 31.4% which resulted in the operating profit prior to depreciation (EBITDA) of HRK 21.1 million. The consolidated net operating loss for 2013 amounts to HRK 50.0 million and is primarily due to negative operating results of associated companies, and to reduction (potential loss) of tangible assets to which liens of creditors that did not participate in the INSTITUT IGH d.d. pre-bankruptcy settlement are inscribed.
On the day of 31 December 2013, and despite the fact that the pre-bankruptcy settlement procedure has significantly reduced the company's competitive edge with regard to participation in service contract procurement procedures, the company had contracts in progress in the amount of HRK 380.3 million.
Business results achieved at the non-consolidated and consolidated levels in 2013, together with the accepted model of financial and operational restructuring through the achieved pre-bankruptcy settlement, point to the sustainability and profitability of the company's core activity, which guarantees realization of EBITDA margins in accordance with the Company's publicly-announced five-year business plan.
Zagreb, 17 February 2013
On behalf of the Management Board of Institut IGH d.d.: President of the Management Board Prof. Jure Radić, PhD CE, Member of the Management Board Željko Grzunov, B.Econ.
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 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 year ended 31. December 2013 are prepared in accordance with the Accountancy Law (Official Gazette 146/05) and in keeping with international accounting Slavka Tomašića 5 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 $Fax:051/206-106$ 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 VARAŽDIN 42 000 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;
- for giving reasonable and sensible assessments and estimates; $\bullet$
- for applying valid financial reporting standards and for making public and explaining every materially significant discrepancy discovered in financial reports;
- for preparing financial reports under assumption of an unlimited period of operation, 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). 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 023/323-299 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., Management Board Member
Institut IGH, d.d. Zagreb Janka Rakuše 1 10000 Zagreb
14 February 2013
Aliendovni sud .
Trgavački sud u Zagrebu registarski uložal motičnim brojem (MBS) 080000959
amelini kapital 105.668.000,00 kn uplaćen u cijelosti Broj izdanih dionica 264.170, nominaln tjednost dionica 400 kn MR-3750272 018: 79766124714 Paslovno bonka Zagrebacka banka d.d. zno-rocun
2360000-1101243767
Devizni ročun kod
Zegrebačke banke d.d. Zagreb SWIFT kod: ZABAHR23 ISAN: HR7723600001101243767
$\mu d c$
oprava:
prof.dr.sc. Jure Radić, predsjednik Uprave
doc. dr. sc. Jelena Bleiziffer, član Uprave
Željko Grzunov, dipl.oec., član Uprave
$110016$
Nadzarni odbor:
dr. sc. Franjo Gregarić, predsjednik
dionicko
SPLIT 21 000 Matice hrvatske 15 Tel:021/558-666 Fax:021/465-335
RIJEKA 51 000 Tel:051/206-100
OSIJEK 31 000 Drinska 18 Tel:031/253-101 Fax:031/253-104
Hallerova aleja 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 Divkovićeva 2/C Tel:052/508-220 Fax:052/508-221
ZADAR 23 000 The Dobriše Cesarića 1 Tel:023/220-910, Fax:023/323-225
| Attachment 1. Reporting period: |
01.01.2013 | do | 31.12.2013 | |||
|---|---|---|---|---|---|---|
| Quarterly financial statement of the entrepreneur - TFI-POD | ||||||
| Tax number (MB): | 03750272 | |||||
| Company registration number (MBS): |
80000959 | |||||
| Personal identification number (OIB): Issuing company: INSTITUT IGH D.D. |
79766124714 | |||||
| Postal code and place: | 10000 | ZAGREB | ||||
| Street and house number: JANKA RAKUŠE 1 | ||||||
| E-mail adress: [email protected] | ||||||
| Internet adress: http://www.institutigh.com | ||||||
| unicipality/city code and name: | ZAGREB 133 |
|||||
| County code and name: | GRAD ZAGREB 21 |
Number of employees | 648 | |||
| Consolidated report: | NO | (quarter end) NKD code: |
7219 | |||
| 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: [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: and notes to financial statements |
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 3. Report of the Management Board on the Company Status |
||||||
| 05 | (signature of the person authorized to represent the company) | |||||
| Talibois a |
BALANCE SHEET
$\overline{a}$
as of 31.12.2013.
| as or 31.12.2013. INSTITUT IGH D.D. |
|||
|---|---|---|---|
| Position | AOP | Previous period | Current period |
| 1 | $\overline{2}$ | 3 | 4 |
| A) RECEIVABLES FOR SUBSCRIBED AND NON - PAID CAPITAL B) LONG - TERM ASSETS (003+010+020+029+033) |
001 | ||
| I. INTANGIBLE ASSETS (004 to 009) | 002 | 615.653.014 | 656.474.980 |
| 1. Assets development | 003 004 |
6.122.867 C |
5.415.910 0 |
| 2. Concessions, patents, licence fees, merchandise and service brands, software and other rights | 005 | 3.529.440 | 2.822.483 |
| 3. Goodwill | 006 | O | 0 |
| 4. Prepayments for purchase of intangible assets | 007 | C | 0 |
| 5. Intangible assets in preparation | 008 | 2.593.427 | 2.593.427 |
| 6. Other intangible assets | 009 | 0 | 0 |
| II. TANGIBLE ASSETS (011 to 019) | 010 | 384.543.616 | 344.942.993 |
| 1. Land | 011 | 106.777.588 | 103.950.205 |
| 2. Buildings | 012 | 188.949.216 | 158.008.230 |
| 3. Plant and equipment | 013 | 822.158 | 786.416 |
| 4. Instuments, plant inventories and transportation assets | 014 | 1.425.935 | 1.517.140 |
| 5. Biological assets | 015 | 0 | |
| 6. Prepayments for tangible assets | 016 | 24.080 | 74.599 |
| 7. Tangible assets in preparation | 017 | 29.518.535 | 28.538.115 |
| 8. Other material assets | 018 | 303.336 | 303.336 |
| 9. Investment in buildings | 019 | 56.722.768 | 51.764.952 |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 222.831.971 | 303.815.612 |
| 1. Shares (stocks) in related parties | 021 | 166.046.942 | 278.715.624 |
| 2. Loans given to related parties | 022 | 39.991.807 | 17.074.602 |
| 3. Participating interests (shares) | 023 | 508.700 | |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 024 | ſ | 0 |
| 5. Investment in securities | 025 | 0 | |
| 6. Loans, deposits and similar assets | 026 | 1.092.825 | 886.814 |
| 7. Other long - term financial assets | 027 | 15.700.397 | 6.629.872 |
| 8. Investments accounted by equity method | 028 | n | |
| IV. RECEIVABLES (030 to 032) | 029 | 2.154.560 | 2.300.465 |
| 1. Receivables from related parties | 030 | ||
| 2. Receivables based on trade loans | 031 | 2.154.560 | 2.300.465 |
| 3. Other receivables | 032 | 0 | 0 |
| V. DEFERRED TAX ASSETS | 033 | $\Omega$ | |
| C) SHORT TERMS ASSETS (035+043+050+058) | 034 | 228.566.151 | 100.339.263 |
| I. INVENTORIES (036 to 042) | 035 | 4.274.005 | 1.445.168 |
| 1. Row material | 036 | 0 | |
| 2. Work in progress | 037 | 247.493 | 247.493 |
| 3. Finished goods | 038 | 2.646.935 | 629.513 |
| 4. Merchandise | 039 | 1.379.577 | 568.162 |
| 5. Prepayments for inventories | 040 | 0 | $\pmb{0}$ |
| 6. Long - term assets held for sale | 041 | $\Omega$ | $\Omega$ |
| 7. Biological assets | 042 | $\overline{0}$ | |
| II. RECEIVABLES (044 to 049) | 043 | 133.661.758 | 85.622.148 |
| 1. Receivables from related parties | 044 | 18.336.501 | 2.977.885 |
| 2. Accounts receivable | 045 | 68.139.070 | 72.217.224 |
| 3. Receivables from participating entrepreneurs | 046 | 146.963 | |
| 4. Receivables from employees and shareholders | 047 | 775.907 | 689.972 |
| 5. Receivables from government and other institutions | 048 | 5.515.259 | 3.837.752 |
| 6. Other receivables | 049 | 40.748.058 | 5.899.315 |
| III. SHORT - TERM FINANCIAL ASSETS (051 to 057) | 050 | 89.817.710 | 9.189.839 |
| 1. Shares (stocks) in related parties | 051 | ||
| 2. Loans given to related parties | 052 | 11.608.421 | 3.863.649 |
| 3. Participating interests (shares) | 053 | 0 | |
| 4. Loans to entrepreneurs in whom the entity hold participating interests | 054 | 72.441.725 | 0 |
| 5. Investment in securities | 055 | 0 | |
| 6. Loans, deposits and similar assets | 056 | 5.767.564 | 5.326.190 |
| 7. Other financial assets | 057 | $\Omega$ | |
| IV. CASH AT BANK AND IN CASHIER | 058 | 812.678 | 4.082.108 |
| D) PREPAID EXPENSES AND ACCRUED INCOME E) TOTAL ASSETS (001+002+034+059) |
059 | 3.387.336 | 934.976 |
| 060 | 847.606.501 | 757.749.219 | |
| F) OFF-BALANCE SHEET NOTES | 061 | 95.998.011 | 49.001.545 |
| LIABILITIES AND CAPITAL | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 107.892.190 | 69.072.025 |
| I. SUBSCRIBED CAPITAL | 063 | 105.668.000 | 105.668.000 |
| II. CAPITAL RESERVES | 064 | 52.011.040 | |
| III. RESERVES FROM PROFIT (066+067-068+069+070) | 065 | 8.068.491 | 23.505.600 |
| 1. Reserves prescribed by law | 066 | 3.171.600 | |
| 2. Reserves for treasury stocks | 067 | 6.343.200 | 1.446.309 |
| 3. Treasury stocks and shares (deduction) | 068 | 1.446.309 | 1.446.309 |
| 4. Statutory reserves | 069 | 0 | $\Omega$ |
| 5. Other reserves | 070 | $\theta$ | 23.505.600 |
| IV. REVALUATION RESERVES | 071 | 161.382.667 | 139.684.348 |
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | 305.182.937 | -158.759.775 |
| 1. Retained earnings | 073 | 305.182.937 | 398.702 |
| 2. Accumulated loss | 074 | $\Omega$ | 159.158.477 |
| VI. PROFIT / LOSS FOR THE CURRENT YEAR (076-077) | 075 | -524.420.945 | $-41.026.148$ |
| 1. Profit for the current year | 076 | ||
| 2. Loss for the current year | 077 | 524.420.945 | 41.026.148 |
| VII. MINORITY INTEREST | 078 | ||
| B) PROVISIONS (080 to 082) | 079 | 14.826.843 | 9.703.558 |
| 1. Provisions for pensions, severance pay and similar liabilities | 080 | 1.550.087 | 1.277.055 |
| 2. Reserves for tax liabilities | 081 | ||
| 3. Other reserves | 082 | 13.276.756 | 8.426.503 |
| C) LONG TERM LIABILITIES (084 to 092) | 083 | 260.769.741 | 395.103.158 |
| 1. Liabilities to related parties | 084 | 0 | 1.410.209 |
| 2. Liabilities for loans, deposits etc. | 085 | 0 | |
| 3. Liabilities to banks and other financial institutions | 086 | 142.879.410 | 303.362.186 |
| 4. Liabilities for received prepayments | 087 | $\Omega$ | |
| 5. Accounts payable | 088 | 245.600 | 32.920.835 |
| 6. Liabilities arising from debt securities | 089 | 67.910.616 | |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | $\Omega$ | |
| 8. Other long-term liabilities | 091 | 9.885.554 | 22.488.841 |
| 9. Deferred tax liability | 092 | 39.848.561 | 34.921.087 |
| D) SHORT - TERM LIABILITIES (094 to 105) | 093 | 456.400.328 | 270.371.759 |
| 1. Liabilities to related parties | 094 | 1.657.261 | 1.638.530 |
| 2. Liabilities for loans, deposits etc. | 095 | 7.542.636 | 356.575 |
| 3. Liabilities to banks and other financial institutions | 096 | 266.904.025 | 110.880.426 |
| 4. Liabilities for received prepayments | 097 | 12.859.124 | 5.562.198 |
| 5. Accounts payable | 098 | 94.880.206 | 34.108.339 |
| 6. Liabilities arising from debt securities | 099 | 7.545.624 | 76.376.430 |
| 7. Liabilities to enterpreneurs in whom the entity holds participating interests | 100 | $\Omega$ | |
| 8. Liabilities to employees | 101 | 14.600.048 | 12.262.450 |
| 9. Liabilities for taxes, contributions and similar fees | 102 | 18.310.027 | 11.567.527 |
| 10. Liabilities to share - holders | 103 | 418.051 | $\Omega$ |
| 11. Liabilities for long term assets held for sale | 104 | 0 | $\mathbf{0}$ |
| 12. Other short - term liabilities | 105 | 31.683.326 | 17.619.284 |
| E) DEFERRED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD | 106 | 7.717.399 | 13.498.719 |
| F) TOTAL CAPITAL AND LIABILITIES (062+079+083+093+106) | 847.606.501 | 757.749.219 | |
| G) OFF-BALANCE SHEET NOTES | 107 | ||
| APPENDIX TO BALANCE SHEET (only for consolidated financial statements) | 108 | 95.998.011 | 49.001.545 |
| A) CAPITAL AND RESERVES | |||
| 1. Attributed to equity holders of parent company | |||
| 2. Attributed to minority interests | 109 | ||
| 110 |
$\mathcal{M}^{\pm}$ .
$\bar{b}$
PROFIT AND LOSS ACCOUNT for period 01.01.2013. to 31.12.2013.
$\mathbf{z} = \mathbf{z}$ .
$\tilde{a}$
| INSTITUT IGH D.D. Position |
AOP | Previous period | Current period | ||
|---|---|---|---|---|---|
| Cummulative | Periodical | Cummulative | Periodical | ||
| 1 | $\boldsymbol{2}$ | 3 | 4 | 5 | 6 |
| OPERATING REVENUES (112+113) | 111 | 250.527.194 | 61.176.063 | 268.657.747 | 82.734.220 |
| 1. Sales revenues | 112 | 227.483.421 | 47.395.202 | 226.581.092 | 49.426.486 |
| 2. Other operating revenues | 113 | 23.043.773 | 13.780.861 | 42.076.655 | 33.307.734 |
| II. OPERATNG EXPENSES (115+116+120+124+125+126+129+130) | 114 | 740.566.453 | 525.305.320 | 290.984.184 | 120.320.797 |
| 1. Changes in the value of work in progress and finished goods | 115 | ||||
| 2. Material costs (117 to 119) | 116 | 96.985.070 | 33.071.492 | 72.891.145 | 20.492.767 |
| a) Raw material and material costs | 117 | 13.174.525 | 4.247.955 | 11.422.784 | 2.727.033 |
| b) Costs of goods sold | 118 | $\mathbf{0}$ | $\mathbf 0$ | 811.415 | $\circ$ |
| c) Other external costs | 119 | 83.810.545 | 28.823.537 | 60.656.946 | 17.765.734 |
| 3. Staff costs (121 to 123) | 120 | 117.566.192 | 28.395.602 | 102.503.484 | 24.596.054 |
| a) Net salaries and wages | 121 | 67.292.978 | 16.504.766 | 59.321.749 | 14.604.978 |
| b) Costs for taxes and contributions from salaries | 122 | 33.992.386 | 8.116.547 | 29.488.794 | 6.695.144 |
| c) Contributions on gross salaries | 123 | 16.280.828 | 3.774.289 | 13.692.941 | 3.295.932 |
| 4. Depreciation | 124 | 13.600.683 | 3.536.095 | 11.723.958 | 3.208.209 |
| 5. Other costs | 125 | 48.435.333 | 18.801.588 | 29.812.675 | 8.819.167 |
| 6. Impairment (127+128) | 126 | 49.957.417 | 30.681.094 | 18.843.168 | 10.338.496 |
| a) Impairment of long-term assets (excluding financial assets) | 127 | $\mathbf 0$ | $\Omega$ | $\epsilon$ | $\mathbf 0$ |
| b) Impairment of short-term assets (excluding financial assets) | 128 | 49.957.417 | 30.681.094 | 18.843.168 | 10.338.496 |
| 7. Provisions | 129 | 17.245.792 | 16.180.823 | 1.474.145 | 1.241.266 |
| 8. Other operating expenses | 130 | 396.775.966 | 394.638.626 | 53.735.609 | 51.624.838 |
| III. FINANCIAL INCOME (132 to 136) | 131 | 16.343.510 | 1.959.348 | 24.959.447 | 14.046.581 |
| 1. Interest income, foreign exchange gains, dividends and similar income from related | 132 | 6.268.591 | 1.720.759 | 6.040.919 | 964.796 |
| 2. Interest income, foreign exchange gains, dividends and similar income from non-related | 133 | 4.928.213 | $\circ$ | 6.381.544 | 1.498.806 |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 5.117.043 | $\mathbf 0$ | 302.980 | 302.980 |
| 4. Unrealized gains (income) from financial assets | 135 | $\Omega$ | |||
| 5. Other financial income | 136 | 29.663 | 238.589 | 12.234.004 | 11.279.999 |
| IV. FINANCIAL EXPENSES (138 to 141) | 137 | 48.918.234 | 15.214.569 | 43.659.158 | 5.667.143 |
| 1. Interest expenses, foreign exchange losses and similar expenses from related parties | 138 | 256.857 | 97.028 | 70.094 | $\circ$ |
| 2. Interest expenses, foreign exchange losses and similar expenses from non - related | 139 | 46.999.850 | 14.653.175 | 37.698.095 | $\mathbf 0$ |
| 3. Unrealized losses (expenses) on financial assets | 140 | n | 0 | 5.561.803 | 5.561.803 |
| 4. Other financial expenses | 141 | 1.661.527 | 464.366 | 329.166 | 105.340 |
| V. INCOME FROM INVESTMENT SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | 142 | $\Omega$ | $\mathbf 0$ | $\Omega$ | |
| VI. LOSS FROM INVESTMENT SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | Ω | 0 | 0 | $\mathbf 0$ |
| VII. EXTRAORDINARY - OTHER INCOME | 144 | $\mathbf 0$ | $\mathbf 0$ | ||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | $\mathbf 0$ | $\mathbf 0$ | ||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 266.870.704 | 63.135.411 | 293.617.194 | 96.780.801 |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 789.484.687 | 540.519.889 | 334.643.342 | 125.987.940 |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | -522.613.983 | -477.384.478 | $-41.026.148$ | -29.207.139 |
| 1. Profit before taxation (146-147) | 149 | ||||
| 2. Loss before taxation (147-146) | 150 | 522.613.983 | 477.384.478 | 41.026.148 | 29.207.139 |
| XII. PROFIT TAX | 151 | 1.806.962 | 587.164 | $\Omega$ | $\Omega$ |
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | -524.420.945 | -477.971.642 | $-41.026.148$ | -29.207.139 |
| 1. Profit for the period (149-151) | 153 | $\mathbf 0$ | $\mathbf 0$ | ||
| 2. Loss for the period (151-148) | 154 | 524.420.945 | 477.971.642 | 41.026.148 | 29.207.139 |
| 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 | -524.420.945 | -477.971.642 | $-41.026.148$ | $-29.207.139$ |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX(159 to 165) | 158 | 137.711.031 | 137.711.031 | $-26.625.793$ | $-26.625.793$ |
| 1. Exchange differences on translation of foreign operations | 159 | $\circ$ | $\mathsf{o}$ | ||
| 2. Movements in revaluation reserves of long-term tangible and intangible assets | 160 | 142.195.601 | 142.195.601 | $-24.637.370$ | -24.637.370 |
| 3. Profit or loss from revaluation of financial assets available for sale | 161 | $-4.484.570$ | $-4.484.570$ | $-1.988.423$ | $-1.988.423$ |
| 4. Gains or losses on efficient cash flow hedging | 162 | 0 | $\mathbf{O}$ | ||
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | $\mathbf 0$ | $\overline{0}$ | $\circ$ | |
| 6. Share in other comprehensive income / loss of associated companies | 164 | $\Omega$ | $\mathbf 0$ | ||
| 7. Actuarial gains / losses on defined benefit plans | 165 | ||||
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | 28.439.120 | 28.439.120 | $-5.325.159$ | $-5.325.159$ |
| IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR THE PERIOD (158-166) | 167 | 109.271.911 | 109.271.911 | $-21.300.634$ | $-21.300.634$ |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD(157+167) | 168 | -415.149.034 | -368.699.731 | $-62.326.782$ | -50.507.773 |
| 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 01.01.2013. to 31.12.2013.
$\overline{\phantom{a}}$
| 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 | -522.613.984 | $-41.026.148$ |
| 2. Depreciation | 002 | 13.600.683 | 11.723.958 |
| 3. Increase in short-term liabilities | 003 | ||
| 4. Decrease in short term receivables | 004 | 97.300.904 | 50.491.970 |
| 5. Decrease in inventories | 005 | 2.828.837 | |
| 6. Other cash flow increases | 006 | 427.743.872 | 173.792.619 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 16.031.475 | 197.811.236 |
| 1. Decrease in short - term liabilities | 008 | 66.807.230 | 180.247.249 |
| 2. Insrease in short - term receivables | 009 | ||
| 3. Increase in inventories | 010 | ||
| 4. Other cash flow decreases | 011 | ||
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 66.807.230 | 180.247.249 |
| A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | 17.563.987 | |
| A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 50.775.755 | |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash flow from sale of long - term tangible and intangible assets | 015 | 2.242.687 | 570.957 |
| 2. Cash inflows from sale of equity and debt financial instruments | 016 | $\Omega$ | 2.840.209 |
| 3. Interest receipts | 017 | 363.742 | |
| 4. Dividend receipts | 018 | 0 | |
| 5. Other cash inflows from investing activities | 019 | 9.051.030 | 5.271.448 |
| III. Total cash inflows from investing activities(015 to 019) | 020 | 11.293.717 | 9.046.356 |
| 1. Cash outflows for purchase of long - term tangible and intangible assets | 021 | 5.137.528 | 1.514.127 |
| 2. Cash outflows for purchase of equity and debt financial instruments | 022 | 66.000 | 8.162.661 |
| 3. Other cash outflows from investing activities | 023 | 19.698.187 | 2.820.894 |
| IV. Total cash outflows from investing activities (021 to 023) | |||
| B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES(020-024) | 024 | 24.901.715 | 12.497.682 |
| B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES(024-020) | 025 | ||
| CASH FLOW FROM FINANCING ACTIVITIES | 026 | 13.607.998 | 3.451.326 |
| 1. Cash receipts from issuance of equity and debt financial instruments | |||
| 2. Cash inflows from loans, debentures, credits and other borrowings | 027 | 105.925.832 | |
| 3. Other cash inflows from financing activities | 028 | 37.565.098 | 2.106.625 |
| V. Total cash inflows from financing activities (027 to 029) | 029 | ||
| 030 | 143.490.930 | 2.106.625 | |
| 1. Cash outflows for repayment of loans and bonds | 031 | 80.159.015 | 12.819.383 |
| 2. Dividends paid | 032 | ||
| 3. Cash outflows for finance lease | 033 | 254.710 | 130.473 |
| 4. Cash outflows for purchase of own stocks | 034 | 0 | 0 |
| 5. Other cash outflows from financing activities | 035 | ||
| VI. Total cash outflows from financing activities (031 do 035) | 036 | 80.413.725 | 12.949.856 |
| C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES (030-036) | 037 | 63.077.205 | |
| C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES (036-030) | 038 | 0 | 10.843.231 |
| Total increases of cash flows $(013 - 014 + 025 - 026 + 037 - 038)$ | 039 | 0 | 3.269.430 |
| Total decreases of cash flows $(014 - 013 + 026 - 025 + 038 - 037)$ | 040 | 1.306.548 | |
| Cash and cash equivalents at the beginning of period | 041 | 2.119.226 | 812.678 |
| Increase in cash and cash equivalents | 042 | 3.269.430 | |
| Decrease in cash and cash equivalents | 043 | 1.306.548 | |
| Cash and cash equivalents at the end of period | 044 | 812.678 | 4.082.108 |
STATEMENT OF CHANGES IN EQUITY
01.01.2013 to 31.12.2013
$\ddot{\phantom{a}}$
| from | 01.01.2013 | $\overline{c}$ | 31.12.2013 | |||
|---|---|---|---|---|---|---|
| AOP | Previous | Current year | ||||
| year | ||||||
| 2 | ω | 4 | ||||
| 1. Subscribed capital | POO | 105.668.000 | 105.668.000 | |||
| 2. Capital reserves | 002 | 52.011.040 | ||||
| 3. Reserves from profit | 8.068.491 | 23.505.600 | ||||
| 4. Retained earnings or accumulated loss | 305.182.937 | $-158.759.775$ | ||||
| 5. Profit / loss for the current year | $-524.420.945$ | $-41.026.148$ | ||||
| 6. Revaluation of long - term tangible assets | 159.394.244 | 139.684.348 | ||||
| 7. Revaluation of intangible assets | 0 | $\circ$ | ||||
| 8. Revaluation of financial assets available for sale | 1.988.423 | O | ||||
| 9. Other revaluation | $\circ$ | |||||
| 10. Total capital and reserves (AOP 001 to 009) | 000000000000000000000000000000000000000 | 107.892.190 | 69.072.025 | |||
| 11. Currency gains and losses arising from net investments in foreign operations | ||||||
| (part) 12. Current and deferred taxes |
||||||
| 13. Cash flow hedging | ||||||
| 14. Changes in accounting policies | ||||||
| 15. Correction of significant errors in prior periods | ||||||
| 16. Other changes in capital | ||||||
| 17. Total increase or decrease in capital (AOP 011 to 016) | 017 | 0 | 0 | |||
| 17 a. Attributed to equity holders of parent company | 018 | |||||
| 17 b. Attributed to minority interst | 019 |
ltems 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