Podravka d.d. — Annual Report 2014

Apr 21, 2015

Appendix 1 1.1.2014 Reporting period:	31.12.2014 to
Annual financial report of entrepreneur - GFI-POD
Registration number (MB) 03454088
Identification number of subject (MBS) 010006549
18928523252 Personal identification 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: podravka@podravka.hr
Internet adress: www.podravka.com
KOPRIVNICA Code and name of comune/town 201
KOPRIVNIČKO-KRIŽEVAČKA Code and county name 6	mber of employees 2884 (at quarter end)
Consolidated statement NO	NKD/NWC code: 1039
Subsidiaries subject to consolidation (according to IFRS):	Registration number:
Book keeping service:
Contact person: Brajevič Iva (authorised person for representation)
Phone number: 048 651 228	Fascimile: 048 220 562
E-mail address: Iva.Brajevic@podravka.hr
Surname and name Mršić Zvonimir (authorised person for representation)
Disclosure documents: 1. Audited annual financial statements 2. Penet of the Management Board on position of the

• 1. Report of the Management Board on position of the Company
• 1. Statement of responsible persons for preparation of financial statements
• 1. The decision of the competent authority (the proposal) about the development of the annual financial statements.
     5. Decision on the allocation of profits or covering of loss

$M.P.$

BALANCE SHEET as at 31.12.2014.

$\hat{\alpha}$

Obligator: Podravka prehrambena industrija d.d., Koprivnica
Item	AOP code	Last year (net)	Current year (net)
	$\overline{2}$	$\overline{\mathbf{3}}$
ASSETS
A) RECEIVABLES FOR SUBSCRIBED BUT NOT PAID-IN CAPITAL	001
B) LONG-TERM ASSETS (003+010+020+029+033)	002	1.216.973.678	1,316.850.000
I. INTANGIBLE ASSETS (004 to 009)	003	98.325.947	131.249.857
1. Assets development	004
2. Concessions, patents, licences fees, trade and service marks, software and other rights	005	95.339.734	123.959.977
3. Goodwill	006
4. Prepayments for purchase of intangible assets	007
5. Intangible assets in preparation	800	2.986.213	7.289.880
6. Other intangible assets	009	Ω
II. TANGIBLE ASSETS (011 to 019)	010	693.485.729	696.007.450
1. Land	011	39.499.992	39.690.515
2. Buildings	012	423.066.363	397.566.604
3. Plant and equipment	013	181.774.393	190.426.114
4. Tools, facility inventory and transport assets	014	5.988.589	7.710.488
5. Biological assets	015	$\Omega$
6. Prepayments for tangible assets	016	2.356.450	880.766
7. Tangible assets in progress	017	40.046.390	58.995.088
8. Other tangible assets	018	753.552	737.875
9. Investments in buildings	019
III. LONG-TERM FINANCIAL ASSETS (021 to 028)	020	387.810.822	452.626.748
1. Investments (shares) with related parties	021	375.382.888	372.392.313
2. Loans given to related parties	022	7.583.333	73.250.000
3. Participating interest (shares)	023	907.000	2.319.795
4. Loans to entrepreneurs in whom the entity holds participating interests	024	0
5. Investments in securities	025
6. Loans, deposits and similar assets	026	3.937.601	4.664.640
7. Other long - term financial assets	027	0	0
8. Investments accounted by equity method	028	$\overline{0}$
IV. RECEIVABLES (030 to 032)	029	$\Omega$	$\bf{0}$
1. Receivables from related parties	030	0	0
2. Receivables from based on trade loans	031	0	$\bf{0}$
3. Other receivables	032
V. DEFERRED TAX ASSETS	033	37.351.180	36.965.945
C) SHORT TERM ASSETS (035+043+050+058)	034	1.173.654.394	1.257.415.768
I. INVENTORIES (036 to 042)	035	364.525.930	536.075.990
1. Raw-material and supplies	036	96.958.234	117.405.771
2. Work in progress	037	22.927.744	27.484.468
3. Finished goods	038	101.827.104	114.038.787
4. Merchandise	039	56.411.831	67.434.594
5. Prepayments for inventories	040	5.441.050
6. Long - term assets held for sales	041	80.959.967	209.712.370
7. Biological assets	042	0
II. RECEIVABLES (044 to 049)	043	567.831.305	574.902.173
1. Receivables from related parties	044	367.850.454	358.862.505
2. Accounts receivable	045	194.190.983	176.896.430
3. Receivables from participating parties	046	$\Omega$
4. Receivables from employees and members of related parties	047	716.595	568,443
	048	4.735.926	5.765.821
5. Receivables from government and other institutions 6. Other receivables	049	337,347	32.808.974
		168.389.169	57.652.190
III. SHORT TERM FINANCIAL ASSETS (051 to 057)	050		20.000
1. Shares (stocks) in related parties	051	75.125.754
2. Loans given to related parties	052	86.694.897	54.672.815
3. Participating interests (shares)	053	0
4. Loans to entrepreneurs in whom the entity holds participating interests	054		0
5. Investments in securities	055	5.514.691	476.000
6. Loans, deposits, etc.	056	1.053.827	2.483.375
7. Other financial assets	057	0
IV. CASH AT BANK AND IN CASHIER	058	72.907.990	88.785.415
D) PREPAID EXPENSES AND ACCRUED REVENUE	059	8.633.708	8.456.397
E) TOTAL ASSETS (001+002+034+059)	060	2.399.261.780	2.582.722.165
F) OFF-BALANCE RECORDS	061	593.358.567	608.580.439

AOP Current year Last year (net) Item (n et ) code $\overline{2}$ $\bf{3}$ 4 LIABILITIES AND CAPITAL 1.134.309.526 A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) 062 1.337.863.908 II. SUBSCRIBED CAPITAL 063 1.084.000.600 1.084.000.600 II. CAPITAL RESERVES 44.785.613 45.763.751 064 III.RESERVES FROM PROFIT (066+067-068+069+070) 065 $-45.842.810$ 5.523.313 1. Reserves prescribed by low 066 2.568.306 0 2. Reserves for treasury shares 21.761.692 67,604.502 067 3. Treasury stocks and shares (deduction) 67.604.502 67.604.502 068 4. Statutory reserves 069 0 5. Other reserves 070 2.955.007 0 IV. REVALUATION RESERVES 071 V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) 902.407 072 902.407 1. Retained earnings 073 2. Accumulated loss 074 51.366.123 VI. PROFIT/LOSS FOR THE CURRENT YEAR (076-077) 075 201.673.837 51.366.123 201.673.837 1. Profit for the current year 076 2. Loss for the current year 077 IX. MINORITY INTERESTS 078 079 37.775.002 30.539.209 B) PROVISIONS (080 to 082) 1. Provisions for pensions, severance pay, and similar liabilities 14.955.100 14.460.800 080 2. Reserves for tax liabilities 081 0 3. Other reserves 082 22.819.902 16.078.409 C) LONG - TERM LIABILITIES (084 to 092) 083 527.132.538 694.686.322 1. Liabilities to related parties 084 2. Liabilities for loans, deposits etc. 085 $\Omega$ 3. Liabilities to banks and other financial institutions 086 527.132.538 694.686.322 4. Liabilities for received prepayments 087 5. Accounts payable 088 6. Liabilities arising from debt securities 089 7. Liabilities to entrepreneurs in whom the entity holds participating interests 090
8. Other long-term liabilities 091
9. Deferred tax liability 092
D) SHORT - TERM LIABILITIES (094 to 105) 093 641.787.764 473.188.131
1. Liabilities to related parties 44.371.311 50.437.132 094
2. Liabilities for loans, deposits etc. 095 429.443
3. Liabilities to banks and other financial institutions 096 336.081.529 173.261.915
097 887.840 4. Liabilities for received prepayments
098 225.461.258 214.401.372 5. Accounts payable
6. Liabilities arising from debt securities 099 0 $\mathbf 0$
7. Liabilities to entrepreneurs in whom the entity holds participating interests 100 29.095.432
8. Liabilities to employees 101 28.770.202 9. Liabilities for taxes, contributions and similar fees 102 2.260.614 1.843.358
10. Liabilities to share - holders 681.138
103 676.868 104
11. Liabilities for long-term assets held for sale 12. Other short - term liabilities 105 2.948.642 3.367.841
E) DEFFERED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE 58.256.950 46.444.595 106
2.399.261.780 107 2.582.722.165
F) TOTAL - CAPITAL AND LIABILITIES (062+079+083+093+106) 108 G) OFF-BALANCE RECORDS 593.358.567 608.580.439
APPENDIX to balance sheet(to be filled in by entrepreneur that prepares consolidated annual financial report)
CAPITAL AND RESERVES
1. Attributed to equity holders of parent company 109 $\mathbf{0}$
$\overline{0}$ 2. Attributed to minority interest 110

PROFIT AND LOSS ACCOUNT for the period 1.1.2014. to 31.12.2014.

Obligator: Podravka prehrambena industrija d.d., Koprivnica
Item	AOP code	Last year	Current year
٦	$\mathbf{2}$	3	4
II. OPERATING REVENUE (112+113)	111	1.912.179.508	1.808.000.173
1. Sales revenue	112	1.876.859.005	1.755.983.329
2. Other operating revenues	113	35.320.503	52.016.844
III. OPERATING EXPENSES (115+116+120+124+125+126+129+130)	114	1.918.034.607	1.690.634.666
1. Changes in value of work in progress and finished products	115	6.160.046	$-17.602.358$
2. Material costs (117 to 119)	116	1.210.180.322	1.129.844.118
a) Raw material and material costs	117	653.699.778	621.546.584
b) Costs of goods sold	118	315.325.052	274.035.293
c) Other external costs	119	241.155.492	234 262 241
3. Staff costs (121 to 123)	120	353.153.057	329.270.249
	121
a) Net salaries and wages	122	219.527.819	197.696.583
b) Cost for taxes and contributions from salaries		86.153.773	83.044.801
c) Contributions on gross salaries	123	47.471.465	48.528.865
4. Depreciation	124	84.985.112	76.457.368
5. Other costs	125	124.787.229	134.979.825
6. Impairment (127+128)	126	35.210.170	$\circ$
a) Impairment of long-term assets (financial assets excluded)	127	10.530.732	$\circ$
b) Impairment of short - term assets (financial assets excluded)	128	24.679.438	$\circ$
7. Provisions	129		$\circ$
8. Other operating costs	130	103.558.671	37.685.464
III. FINANCIAL INCOME (132 to 136)	131	138.112.976	149.915.871
1. Interest income, foreign exchange gains, dividends and similar income from related parties	132	111.753.392	120.022.743
2. Interest income, foreign exchange gains, dividends and similar income from non - related parties	133	22.174.091	29.890.863
3. Share in income from affiliated entrepreneurs and participating interests	134	U	0
4. Unrealized gains (income) from financial assets	135	4.185.493	2.265
5. Other financial income	136	$\Omega$	$\alpha$
IV. FINANCIAL EXPENSES (138 do 141)	137	93.512.926	65.222.306
1. Interest expenses, foreign exchange losses, dividends and similar expenses from related parties	138	22.517.209	2.125.866
2. Interest expenses, foreign exchange losses, dividends and similar expenses from non - related	139	70.995.717	63.053.539
3. Unrealized losses (expenses) on financial assets	140	0	42.901
4. Other financial expenses	141	U	$\alpha$
V. INCOME FROM INVESTMENT - SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS	142		$\overline{0}$
VI. LOSS FROM INVESTMENT - SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS	143	$\Omega$	$\mathbf{0}$
VII. EXTRAORDINARY - OTHER INCOME	144	0	$\boldsymbol{0}$
VIII. EXTRAORDINARY - OTHER EXPENSES	145		$\Omega$
IX. TOTAL INCOME (111+131+142 + 144)	146	2.050.292.484	1.957.916.044
X. TOTAL EXPENSES (114+137+143 + 145)	147	2.011.547.533	1.755.856.972
XI. PROFIT OR LOSS BEFORE TAXATION (146-147)	148	38.744.951	202.059.072
1. Profit before taxation (146-147)	149	38.744.951	202.059.072
2. Loss before taxation (147-146)	150	$\mathbf 0$	$\mathbf{0}$
XII. PROFIT TAX	151	$-12.621.172$	385.235
XIII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	51.366.123	201.673.837
1. Profit for the period (149-151)	153	51.366.123	201.673.837
2. Loss for the period (151-148)	154	$\overline{0}$	$\Omega$
APPENDIX to P&L account (to be filled in by entrepreneur that prepares consolidated financial report)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	155	0	$\mathbf{0}$
2. Attributed to minority interest	156	$\overline{0}$	$\Omega$
STATEMENT OF OTHER COMPREHENSIVE INCOME (IFRS)
I. PROFIT OR LOSS FOR THE PERIOD (= 152)	157	51.366.123	201.673.837
II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 do 165)	158	0	$\circ$
1. Exchange differences on translation of foreign operations	159	$\Omega$	$\overline{0}$
2. Movements in revaluation reserves of long - term tangible and intangible assets	160		$\overline{0}$
3. Profit or loss from reevaluation of financial assets available for sale	161	0	O.
4. Gains or losses on efficient cash flow hedging	162	$\sigma$	$\mathbf 0$
5. Gains or losses on efficient hedge of a net investment in foreign countries	163	$\mathbf{0}$	$\mathbf{0}$
6. Share in other comprehensive income / loss of associated companies	164	0	$\mathbf 0$
7. Actuarial gains / losses on defined benefit plans	165	$\theta$	$\mathbf 0$
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166	0	$\mathbf 0$
IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (158-166)	167		$\Omega$
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	51.366.123	201.673.837
APPENDIX to Statement of other comprenhensive income (to be filled in by entrepreneur that prepares consolidated financial report)
VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	169	0	$\mathbf{0}$
2. Attributed to minority interest	170	$\overline{0}$	$\boldsymbol{0}$

STATEMENT OF CASH FLOWS - INDIRECT METHOD for the period 1.1.2014. to 31.12.2014.

Obligator: Podravka prehrambena industrija d.d., Koprivnica
Item	AOP code	Last year	Current year
	$\overline{2}$	3	$\boldsymbol{A}$
CASH FLOW FROM OPERATING ACTIVITIES
1. Profit before tax	001	38.744.951	202.059.072
2. Depreciation	002	84.985.112	76.457.368
3. Increase in short term liabilities	003	$\Omega$	25.002.293
4. Decrease in short term receivables	004	25.068.718	2.392.668
5. Decrease in inventories	005	18.535.238
6. Other increase in cash flow	006	143.638.538	19.962.090
I. Total increase in cash flow from operating activities (001 to 006)	007	310.972.557	325.873.491
1. Decrease in short term liabilities	008	1.603.364
2. Increase in short term receivables	009
3. Increase in inventories	010	0	42.797.657
4. Other decrease in cash flow	011	113.329.699	117.357.494
II. Total decrease in cash flow from operating activities (008 to 011)	012	114.933.063	160.155.151
A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007-012)	013	196.039.494	165.718.340
A2) NET DECREASE IN IN CASH FLOW FROM OPERATING ACTIVITIES (012-007)	014	$\Omega$
CASH FLOW FROM INVESTING ACTIVITIES
1. Cash inflows from sales of long-term tangible and intangible assets	015	448.477	2.278.978
2. Cash inflows from sales of equity and debt instruments	016	$\Omega$
3. Interests receipts	017	13.176.969	11.405.728
4. Dividend receipts	018	$\Omega$	25.000.000
5. Other cash inflows from investing activities	019	39.728.965	64.297.311
III. Total cash inflows from investing activities (015 to 019)	020	53.354.411	102.982.017
1. Cash outflow for purchase of long-term tangible and intangible assets	021	40.552.662	113.748.837
2. Cash outflow for acquisition of equity and debt financial instruments	022	16.795.015	1.806.020
3. Other cash outflow for investing activities	023	15.861.744	111.751.732
IV. Total cash outflow for investing activities (021 do 023)	024	73.209.421	227.306.589
B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024)	025
B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020)	026	19.855.010	124.324.572
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	146.933.661	885.235.745
3. Other proceeds from financial activities	029
V. Total cash inflows from financial activities (027 to 029)	030	146.933.661	885.235.745
1. Cash outflow for repayment of credit principal and bonds	031	267.243.650	910.044.911
2. Cash outflow for dividends paid	032
3. Cash outflow for financial lease	033	24.014.218	707.178
4. Cash outflow for purchase of treasury shares	034
5. Other cash outflow for financial activities	035
VI. Total cash outflow for financial activities (031 to 035)	036	291.257.868	910.752.089
C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030-036)	037
C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036-030)	038	144.324.207	25.516.344
Total increase in cash flow $(013 - 014 + 025 - 026 + 037 - 038)$	039	31.860.277	15.877.424
Total decrease in cash flow $(014 - 013 + 026 - 025 + 038 - 037)$	040
Cash and cash equivalents at the beginning of the period	041	41.047.713	72.907.990
Increase of cash and cash equivalents	042	0	15.877.425
Decrease of cash and cash equivalents	043	$-31.860.277$
Cash and cash equivalents at the end of the period	044	72.907.990	88.785.415

STATEMENT OF CHANGES IN EQUITY for the period 1.1.2014. to 31.12.2014.

Obligator: Podravka prehrambena industrija d.d., Koprivnica
Item	AOP code	Last year	Current year
т	2	з
1. Subscribed capital	001	1.084.000.600	1.084.000.600
2. Capital reserves	002	44.785.613	45.763.751
3. Reserves from profit	003	$-45.842.810$	5.523.313
4. Retained earnings or accumulated loss	004		902.407
5. Profit or loss for the current year	005	51.366.123	201.673.837
6. Revaluation of long - term tangible assets	006
7. Revaluation of intangible assets	007
8. Revaluation of financial assets available for sale	008
9. Other revaluation	009
10. Total capital and reserves (AOP 001 do 009)	010	1.134.309.526	1.337.863.908
11. Currency gains and losses arising from net investement in foreign operations	011
12. Current and deferred taxes (part)	012
13. Cash flow hedging	013
14. Changes in accounting policy	014
15. Correction of significant errors in prior period	015
16. Other changes of capital	016	52.482.055	203.554.382
17. Total increase or decrease in capital (AOP 011 do 016)	017	52.482.055	203.554.382
17 a. Attributed to equity holders of parent company	018	$\Omega$
17 b. Attributed to minority interest	019

Notes

Accounting policies in 2014 did not change.