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Podravka d.d. Annual Report 2010

Mar 17, 2011

2084_10-k_2011-03-17_88185766-760f-4d19-9254-6ca446eb4f33.pdf

Annual Report

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COMPANY MANAGEMENT

PODRAVKA GROUP

CONSOLIDATED AND AUDITED FINANCIAL REPORTS FOR PERIOD JANUARY-DECEMBER 2010

PODRAVKA d.d., Koprivnica, Ante Starčevića 32, Commercial Court of Bjelovar, Company no. MBS 010006549, Privredna banka
Zagreb d.d., Zagreb, Račkoga 6, Giro account no. 2340009-1100098526, Share capital 1,626,000,900.00 HR

COMPANY MANAGEMENT

Appendix 1
Reporting period:		 1.1.2010
to		 31.12.2010
Annual financial report of entrepreneur - GFI-POD
Registration number (MB)
03454088
Identification number of subject
010006549
Personal identification
18928523252
number (OIB)
Issueer company: PODRAVKA prehrambena industrija d.d., KOPRIVNICA
Postal code and place
48000		 KOPRIVNICA
Street and number ANTE STARCEVICA 32
E-mail address: [email protected]
Internet adresa: www.podravka.com
Code and name of comune/to
KOPRIVNICA
201
KOPRIVNIČKO-KRIŽEVAČKA
Code and county name
6		 Number of employees
6.570
Consolidated statement
Yes		 (at quarter end)
NKD/NWC code:
1039
Subsidiaries subject to consolidation (according to IFRS): Registration number:
BELUPO d.d. Koprivnica 3805140
DANICA d.o.o. Koprivnica 0991279
ITAL-ICE d.o.o. Poreč 3746011
PODRAVKA POLSKA SP z.o.o. Kostrzyn, Poljska 5981449907
PODRAVKA LAGRIS a.s. Dolni Lhota u Luhačovic, Češka 3042510487
PODRAVKA SARAJEVO d.o.o. Sarajevo, BiH 20188537
Book keeping service:
Contact person: Draga Celiščak
(fill in only surname and name of contact person)
Phone number: 048 651 200		 Fascimile: 048 651 805
E-mail address: [email protected]
Sumame and name Vitković Miroslav
(authorised person for representation)
Disclosure documents:
1. Financial statements (balance sheet, profit and loss account, cash flow statement, statement of changes in
shareholders' equity and notes to the financial statements
2. Statement of responsible persons for preparation of financial statements
3. Report of the Management Board on position of

PREHRAMBENA INDUSTRIJA d.d. אחזה KOPRIVNICA 173 (signed by authorised person for representation)

PODRAVKA d.d., Koprivnica, Ante Starčevića 32, Commercial Court of Bjelovar, Company no. MBS 010006549, Privredna banka
Zagreb d.d., Zagreb, Račkoga 6, Giro account no. 2340009-1100098526, Share capital 1,626,000,900.00 HR

BALANCE SHEET
as at $\sqrt{\frac{31.12.2010}{}}$

Item AOP
code		 Last year (net) Current year
(net)
$\mathbf 1$ $\overline{2}$ $\overline{3}$ $\overline{4}$
ASSETS
A) RECEIVABLES FOR SUBSCRIBED BUT NOT PAID-IN CAPITAL 001
B) LONG-TERM ASSETS (003+010+020+028+032) 002 2.131.294.388 2.056.625.198
I. INTANGIBLE ASSETS (004 to 009) 003 354.486.038 352.332.661
1. Assets development 004 4.235.380
2. Concessions, patents, licences fees, trade and service marks, software and other rights 005 278.912.936 285.308.114
3. Goodwill 006 42.877.073 44.293.000
4. Prepayments for purchase of intangible assets 007
5. Intangible assets in progress 008 32.696.029 18.496.167
6. Other intangible assets 009
II. TANGIBLE ASSETS (011 to 019) 010 1.711.646.007 1.642.820.313
1. Land 011 173.412.190 176.061.299
2. Buildings 012 973.239.891 966.278.616
3. Plant and equipment 013 420.718.094 418.780.995
4. Tools, facility inventory and transport assets
5. Biological assets		 014 26.194.296 23.292.232
6. Prepayments for tangible assets 015
016		 2.340.013 5.361.777
7. Tangible assets in progress 017 110.644.732 49.188.929
8. Other tangible assets 018 3.880.480 3.856.465
9. Investments in buildings 019 1.216.311 0
III. LONG-TERM FINANCIAL ASSETS (021 to 027) 020 10.467.739 9.142.431
1. Investments (shares) with related parties 021
2. Loans given to related parties 022
3. Participating interest (shares) 023 1.330.000 330.000
4. Investments in securities 024 175.376 1.274.116
5. Loans, deposits and similar assets 025 7.877.087 7.538.295
6. Treasury shares and investments 026
7. Other long - term financial assets 027 1.085.276 20
IV. RECEIVABLES (029 to 031) 028 1.105.497 $\mathbf 0$
1. Receivables from related parties 029
2. Receivables from based on trade loans 030
3. Other receivables 031 1.105.497
V. DEFERRED TAX ASSETS 032 53.589.107 52.329.793
C) SHORT TERM ASSETS (034+042+049+057) 033 1.993.707.566 1.933.337.889
I. INVENTORIES (035 to 041) 034 646.839.335 692.093.776
1. Raw-material and supplies 035 219.607.083 222.393.816
2. Work in progress 036 1.445.341 1.227.430
3. Unfinished products and semi-products 037 40.970.172 35.062.417
4. Finished goods
5. Trade goods		 038 214.450.214 246.637.351
6. Prepayments for inventories 039 170.344.843 186.772.762
7. Other assets held for sales 040
041		 21.682 0
II. RECEIVABLES (043 to 048) 042 1.101.946.158 991.603.792
1. Receivables from related parties 043
2. Trade receivables 044 1.063.632.230 946.272.822
3. Receivables from participating parties 045
4. Receivables from employees and members of related parties 046 2.946.308 2.518.619
5. Receivables from government and other institutions 047 32.182.890 34.687.811
6. Other receivables 048 3.184.730 8.124.540
III. SHORT TERM FINANCIAL ASSETS (050 to 056) 049 99.652.185 97.276.862
1. Investments (shares) with related parties 050
2. Loans given to related parties 051
3. Participating interests (shares) 052
4. Investments in securities 053 47.576.858 41.935.216
5. Loans, deposits, etc. 054 45.812.297 46.170.596
6. Treasury shares and investments 055
7. Other financial assets 056 6.263.030 9.171.050
IV. CASH AT BANK AND IN CASHIER 057 145.269.888 152.363.459
D) PREPAID EXPENSES AND ACCRUED REVENUE 058 11.699.154 18.226.022
E) LOSS BEYOND CAPITAL 059
F) TOTAL ASSETS (001+002+033+058+059) 060 4.136.701.108 4.008.189.109
G) OFF-BALANCE RECORDS 061 977.432.372 807.562.291
Item AOP
code		 Last year (net) Current year
(net)
$\ddot{\mathbf{1}}$ $\overline{2}$ $\overline{3}$ $\overline{\bf 4}$
LIABILITIES AND CAPITAL
A) CAPITAL AND RESERVES (063+064+065+071+072-073+074-075+076) 062 1.539.095.991 1.634.817.706
I. SUBSCRIBED CAPITAL 063 1.626.000.900 1.626.000.900
II. CAPITAL RESERVES 064 25.294.074 22.337.176
III.RESERVES FROM PROFIT (066+067-068+069+070) 065 42.220.550 59.331.755
1. Reserves prescribed by low 066 19.697.012 19.785.012
2. Reserves for treasury shares 067 35.344.592 35.344.592
3. Treasury shares and investments (item to be deducted) 068 67.604.502 67.604.502
4. Statutory reserves 069 25.470.988 28.036.954
5. Other reserves 070 29.312.460 43.769.699
IV. REVALUATION RESERVES 071
V. RETAINED EARNINGS 072 192.210.400 $\Omega$
VI. LOSS CARRIED FORWARD 073 191.434.600
VII. PROFIT FOR THE BUSINESS YEAR 074 84.235.325
VIII. LOSS FOR THE BUSINESS YEAR 075 380.991.140
IX. MINORITY INTERESTS 076 34.361.207 34.347.150
B) PROVISIONS (078 to 080) 077 29.226.422 30.037.638
1. Provisions for retirement allowances, severance pay, and other similar liabilities 078 21.861.305 22.431.979
2. Provisions for tax liabilities 079 71.494
3. Other provisions 080 7.293.623 7.605.659
C) LONG - TERM LIABILITIES (082 to 089) 081 796.832.112 566.097.840
1. Liabilities to related parties 082
2. Liabilities for loans, deposits etc. 083
3. Liabilities to banks and other financial institutions 084 452.916.112 558.956.840
4. Liabilities for prepayments 085
5. Accounts payable 086
6. Liabilities for securities 087 336.300.000
7. Other long-term liabilities 088
8. Deferred tax liability 089 7.616.000 7.141.000
D) SHORT - TERM LIABILITIES (091 to 101) 090 1.539.151.561 1.682.185.308
1. Liabilities to related parties 091
2. Liabilities for loans, deposits etc. 092 12.068
3. Liabilities to banks and other financial institutions 093 691.106.551 472.129.696
4. Liabilities for prepayments 094 2.712.691 2.705.585
5. Accounts payable 095 529.231.434 496.474.625
6. Liabilities for securities 096 131.960.449 507.084.963
7. Liabilities to employees 097 62.942.233 61.340.528
8. Liabilities for taxes, contributions and other payments 098 12.931.528 13.024.738
9. Liabilities based on share in result 099 1.772.345 686.698
10. Liabilities based on short-term assets held for sale 100
11. Other short - term liabilities 101 106.494.330 128.726.407
E) DEFFERED PAYMENT OF COSTS AND ACCRUED REVENUE 102 232.395.022 95.050.617
F) TOTAL - LIABILITIES (062+077+081+090+102) 103 4.136.701.108 4.008.189.109
G) OFF-BALANCE RECORDS 104 977.432.372 807.562.291
APPENDIX to balance sheet(to be filled in by entrepreneur that prepares consolidated annual financial report)
CAPITAL AND RESERVES
1. Subscribed to shareholders in mother company 105 1.504.734.784 1.600.470.556
2. Subscribed to minority interest 106 34.361.207 34.347.150
PROFIT & LOSS ACCOUNT
for the period 1.1.2010 do 31.12.2010
Item AOP
code		 Last year Current year
$\overline{1}$ $\overline{2}$ $\overline{3}$ $\overline{\bf{4}}$
I. OPERATING REVENUES (108 to 110) 107 3.758.954.295 3.694.925.673
1. Sales revenues 108 3.587.136.198 3.522.272.227
2. Revenues from use of own products, goods and services 109 91,702,339 74.168.759
3. Other operating revenues 110 80.115.758 98.484.687
II. OPERATING EXPENSES (112-113+114+118+122+123+124+127+128) 111 3.996.506.809 3.460.312.393
1. Impairment of inventories of work in progress and finished products 112 1.444.187
2. Increase of inventories of work in progress and finished products 113 26.527.118
3. Material costs (115 to 117) 114 2.357.280.243 2.305.150.494
a) Cost of raw-materials and supplies 115 1.204.646.798 1.206.710.284
b) Costs of goods sold 116 540.630.419 528.681.327
c) Other external costs 117 612.003.026 569.758.883
4. Staff costs (119 to 121) 118 748.875.271 729.640.032
a) Net salaries and wages 119 480.270.279 477.592.124
b) Cost for taxes and contributions from salaries 120 172.375.095 158.726.175
c) Contributions on salaries 121 96.229.897 93.321.733
5. Depreciation 122 156.537.316 155.291.996
6. Other costs 123 229.390.719 195.573.521
7. Value adjustment (125+126) 124 81.045.431 28.216.378
a) long-term assets (financial assets excluded) 125 53.753.000 $\circ$
b) short - term assets (financial assets excluded) 126 27.292.431 28.216.378
8. Provisions 127 12.866.289 8.342.256
9. Other operating costs 128 409.067.353 64.624.834
III. FINANCIAL REVENUES (130 to 134) 129 61.379.375 50.361.230
1. Interests, currency differences, dividends and other revenues based on relation with related parties 130 $\Omega$
2. Interests, currency differences, dividends and other revenues based on relations with not related 131 61.378.862 45.212.992
3. Portion of revenue from associated parties and participating interests 132
4. Unrealized gains (revenues) 133 5.097.263
5. Other financial revenues 134 513 50.975
IV. FINANCIAL EXPENSE (136 to 139) 135 189, 162, 895 175.638.356
1. Interests, currency differences and other expenses from related parties 136
2. Interests, currency differences and other expenses from unrelated parties and other entities 137 166.260.586 133.149.319
3. Unrealized loss (expense) from financial assets 138 22.902.309 42.489.037
4. Other financial expenses 139 0
V. EXTRA - OTHER REVENUES 140 $\circ$
VI. EXTRA - OTHER EXPENSE 141
VII. TOTAL REVENUES (107+129+140) 142 3.820.333.670 3.745.286.903
VIII. TOTAL EXPENSE (111+135+141) 143 4.185.669.704 3.635.950.749
IX. PROFIT BEFORE TAX (142-143) 144 $\overline{0}$ 109.336.154
X. LOSS BEFORE TAX (143-142) 145 365.336.034
XI. PROFIT TAX 146 15.471.106 25.262.095
XII. PROFIT IN THE PERIOD (144-146) 147 84.074.059
XIII. LOSS IN THE PERIOD (145+146) or (146-144) 148 380.807.140 $\circ$
APPENDIX to P&L account (to be filled in by entrepreneur that prepares consolidated annual financial report)
XIV.* PROFIT SUBSCRIBED TO HOLDERS OF CAPITAL IN MOTHER COMPANY 149 84.235.325
XV.* PROFIT SUBSCRIBED TO MINORITY INTERESTS 150 184.000
XVI.* LOSS SUBSCRIBED TO HOLDERS OF CAPITAL IN MOTHER COMPANY 151 380.991.140
XVII.* LOSS SUBSCRIBED TO MINORITY INTEREST 152 161.266
CASH FLOW STATEMENT - INDIRECT METHOD
for the period 1.1.2010 do 31.12.2010
Item AOP
code		 Last year Current year
$\mathbf{1}$ $\mathbf{3}$ $\overline{\mathbf{4}}$
CASH FLOW FROM OPERATING ACTIVITIES
1. Net profit 001 $-365.336.034$ 109.336.153
2. Depreciation 002 156.537.316 155.291.996
3. Increase in short term liabilities 003
4. Decrease in short term receivables 004 92.992.000 84.719.991
5. Decrease in inventories 005
6. Other increase in cash flow 006 478.069.405 100.653.200
I. Total increase in cash flow from operating activities (001 to 006) 007 362.262.687 450.001.340
1. Decrease in short term liabilities 008 130.739.000 158.242.569
2. Increase in short term receivables 009
3. Increase in inventories 010 15.210.000 49.942.000
4. Other decrease in cash flow 011 44.067.000 45.049.000
II. Total decrease in cash flow from operating activities (008 to 011) 012 190.016.000 253.233.569
A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES 013 172.246.687 196.767.771
A2) NET DECREASE IN IN CASH FLOW FROM OPERATING ACTIVITIES 014 $\overline{0}$
CASH FLOW FROM INVESTING ACTIVITIES
1. Cash inflows from sales of long-term tangible and intangible assets 015 15.695.000 10.446.000
2. Cash inflows from sales of equity and debt instruments 016 4.088.000 75.176.000
3. Proceeds from interests 017 10.966.000 9.191.000
4. Proceeds from dividends 018
5. Other cash inflows from investing activities 019 186.279.000 3.080.000
III. Total cash inflows from investing activities (015 to 019) 020 217.028.000 97.893.000
1. Cash outflow for purchase of long-term tangible and intangible assets 021 141.791.000 91.068.000
2. Cash outflow for acquisition of equity and debt financial instruments 022 10.209.000 68.299.600
3. Other cash outflow for investing activities 023 313.211.000 2.417.000
IV. Total cash outflow for investing activities (021 do 023) 024 465.211.000 161.784.600
B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024) 025 $\Omega$
B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES 026 248.183.000 63.891.600
CASH FLOW FROM FINANCIAL ACTIVITIES
1. Cash inflow from issuing property and debt financial instruments 027
2. Proceeds from the credit principal, promissory notes, borrowings and other loans 028 633.415.000 758.899.400
3. Other proceeds from financial activities 029
V. Total cash inflows from financial activities (027 to 029) 030 633.415.000 758.899.400
1. Cash outflow for repayment of credit principal and bonds 031 825.067.000 884.682.000
2. Cash outflow for dividends paid 032
3. Cash outflow for financial lease 033
4. Cash outflow for purchase of treasury shares 034 6.390.000
5. Other cash outflow for financial activities 035
VI. Total cash outflow for financial activities (031 to 035) 036 831.457.000 884.682.000
C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES 037 $\Omega$
C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES 038 198.042.000 125.782.600
Total increase in cash flow (013 - 014 + 025 - 026 + 037 - 038) 039 0 7.093.571
Total decrease in cash flow $(014 - 013 + 026 - 025 + 038 - 037)$
Cash and cash equivalents at the beginning of the period 040 273.978.313
Increase of cash and cash equivalents 041 419.248.201 145.269.888
Decrease of cash and cash equivalents 042 7.093.571
043
044		 273.978.313
Cash and cash equivalents at the end of the period 145.269.888 152.363.459

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

$\frac{1}{2}$

for the period
31.12.2010
1.1.2010
do
Item AOP
code		 Last year Current year
$\ddagger$ $\overline{2}$ $\overline{\mathbf{3}}$ $\overline{4}$
1. Subscribed capital 001 1.626.000.900 1.626.000.900
2. Capital reserves 002 25.294.074 22.337.176
3. Reserves from profit 003 42.220.550 59.331.755
4. Retained earnings or loss carried forward 004 192.210.400 $-191.434.600$
5. Profit or loss for the bussines year 005 $-380.991.140$ 84.235.325
6. Revaluation tangible assets 006
7. Revaluation intangible assets 007
8. Revaluation financial assets 008
9. Other revaluation 009 34.361.207 34.347.150
10. Total capital and reserves (AOP 001 do 009) 010 1.539.095.991 1.634.817.706
11. Effect of changes in foreign exchange rates 011 57,000 13.374.000
12. Deffered taxes 012
13. Protection of cash flow 013
14. Change of accounting policy 014
15. Correction significant mistakes of previous period 015
16. Other changes of capital 016 $-384.408.841$ 82.347.715
17. Total increase or decrease of equity (AOP 011 do 016) 017 $-384.351.841$ 95.721.715
17 a. Subscribed to shareholders in mother company 018 $-384.599.865$ 95.735.715
17 b. Subscribed to minority interest 019 248,024 $-14.000$

Notes

Main business characteristics and significant events in 2010

The net profit of the Podravka Group for the year 2010 without nonrecurrent items is HRK 151.1 million

  1. The total sales of the Podravka Group in the year 2010 amounted to HRK 3,522.3 million, which represents a drop of 2% compared to the same period of last year. The sales of the Strategic Business Area (SBA) Food and Beverages totalled HRK 2,778.1 million, which is a sales drop of 2% while the sales of the SBA Pharmaceuticals totalled HRK 744.2 million, representing a sales drop of 1%. 2. The operating costs/expenses of the Podravka Group are HRK 133.6 million lesser (-4%).

  2. The operating profit (EBIT) of the Podravka Group totalled HRK 204.9 million while the operating margin (EBIT) was 5.8%.

  3. The realised net profit of the Podravka Group is HRK 84.2 million after provisions for the contractual relations with OTP Bank Nyrt in the amount of HRK 21 million, adjusted bond value of HRK 34.2 million and severance payments paid in the amount of HRK 12.5 million.

  4. The total value of capital investments in the observed period totalled HRK 87.4 million.

  5. Croatian consumers awarded the Best Buy Award to Podravka as the best Croatian company when comparing the ratio of price and product quality. This certificate is awarded by the Best Buy Award Croatia in cooperation with the companies Axios and PriceWaterhouseCooper. Podravka won certificates in eight categories: Ready-made meals (canned food), Food seasonings, Soups in bags, Preserved vegetables, Preserved fruit, Canned fish, Breakfast cereal and Side dishes.

  6. In November 2010 Podravka started the production of Beef goulash in the USA. Podravka's popular Beef goulash is made in the USA following the original recipe and the recognisable brand as sold in Croatia, many countries of Europe and Australia.

  7. The Management Board of Podravka d.d. brought the Decision on refinancing short term indebtedness with a syndicated loan in the amount of EUR 100 million for a term of five years. The accounting policy in 2010 year did not change.

Koprivnica, 17 March 2011

MANAGEMENT REPORT ON THE ACHIEVED CONSOLIDATED AND AUDITED BUSINESS RESULTS OF THE PODRAVKA GROUP FOR THE PERIOD JANUARY - DECEMBER 2010

The Podravka Group achieved operating income in the amount of 3.695 billion HRK in the year 2010, which is a 2% decrease compared to the year 2009.

Sales revenue, which in the total operating income structure participates with 95%, was realized in the amount of 3.522 billion HRK and has been reduced by 2%.

Sales of the SBA Food and Beverages totalled 2,778.1 million HRK or 78.9% of total sales of the Podravka Group and compared to the year 2009 sales have been reduced by 2%. The aforesaid drop of sales results from lower sales levels of the SBA Food and Beverages on the market of Croatia (-7%), which during the entire year of 2010 showed distinctive unfavourable economic trends and a fall of economic activities. Sales of the SBA Food and Beverages grew 3% on foreign markets.

The SBA Pharmaceuticals achieved sales in the amount of 744.2 million HRK, which represents a sales drop of 1% compared to the year 2009. This drop results from a lower level of sales on the market of Croatia (-6%), based on lower sales of prescription drugs (-7%) and OTC products (-8%). The SBA Pharmaceuticals achieved a growth of sales of 8% on foreign markets.

The total operating costs/expenses amounted to 3.460 billion HRK and compared to the year 2009 have been reduced by 13%. The most significant influence for this reduction comes from the fact that value adjustments of issued loans and guarantees as well as the loss from contractual relations between Podravka d.d. and OTP Bank Nyrt from Budapest were recorded within these costs/expenses in the year 2009 and also the fact that a significant decline of operating costs/expenses occurred in the year 2010 due to better cost management at all levels.

In the year 2010 the Podravka Group realised net profit without nonrecurrent items in the amount of 151.1 million HRK.

Nonrecurrent items in 2010 reached 66.9 million HRK and refer to bond value adjustments in the amount of 34.2 million HRK (financial liability at fair value in the profit and loss account) and value adiustments of the share in investment funds in the amount of 1.7 million HRK, severance payments in the amount of 12.5 million HRK and provisions on the grounds of contractual relations with OTP Bank in the amount of 21 million HRK. Apart from the quoted negative extraordinary items there were also positive ones in the amount of 2.4 million HRK which refer to land value adjustments.

Despite the aforesaid extraordinary items which negatively effected business results, in 2010 the Podravka Group achieved net profit in the amount of 84.2 million HRK.

The total value of assets of the Podravka Group as of 31 December 2010 was 4.01 billion HRK and compared to the year before has been reduced by 128.4 million HRK (reduction of longterm assets by 74 million HRK and short term by 53.4 million HRK.

The total indebtedness of the Podravka Group as of 31 December 2010 was 1.513 billion HRK and compared to the year before has been reduced by 82.5 million HRK. The actual repayment of loan liabilities is 221 million HRK but as the indebtedness was additionally increased at the beginning of 2010 due to the settlement of liabilities arising from the Bill Financing Agreement. the total reduction of indebtedness is lesser.

In the last quarter, the Management Board of Podravka d.d. brought the Decision on refinancing short term indebtedness (short term facilities, commercial papers and bonds) through a syndicated loan in the amount of 100 million EUR for a term of five years.

A part of the short term indebtedness was refinanced in December 2010, commercial papers in February this year while the refinancing of bond shall be effected in May this year. The above stated has assured long-term financial stability of the Podravka Group.

President of the Management Board Miroslay Vitković

COMPANY MANAGEMENT

Koprivnica, 17 March 2011

STATEMENT FROM EXECUTIVES RESPONSIBLE FOR PREPARING FINANCIAL STATEMENTS

The consolidated audited financial statements of the Podravka Group for the period January -December 2010 have been prepared in compliance with the Accounting Act of the Republic of Croatia and International Financial Reporting Standards (IFRS) and provide an overall and true presentation of assets, liabilities, profit and loss, financial position and business operations of the Group and all related companies involved in the consolidation.

In the consolidated audited financial statements of the Podravka Group for the year 2010, a correction of liability and loss for the 2009 is made as a result of business relation between Podravka d.d. and OTP Bank Nyrt from Budapest.

Accounting Director:

Draga Celiščak
[Clisual XIay]

Board Member for Finance:

Lidija Kljajić

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