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Podravka d.d. — Interim / Quarterly Report 2014
Jul 28, 2014
2084_10-q_2014-07-28_4716ab1f-bbfd-413e-9069-6b250f00b7c7.pdf
Interim / Quarterly Report
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Koprivnica, 25th July 2014
PODRAVKA D.D.
UNCONSOLIDATED QUARTERLY FINANCIAL REPORT
$1. - 6.2014.$
Podravka Inc., Koprivnica, Ante Starčevića 32, The Commercial Court Varaždin, MBS: 010006549, PIN: 18928523252,
Privredna banka Zagreb d.d., Zagreb, Račkoga 6, IBAN: HR94 2340 0091 1000 9852 6, foundation capital: 1.084.00 President of the Management Board: Z. Mršić, members of the Management Board: J. Ivanković, O. Jakupec, M. Klepač, H. Kolarić
Content:
- General information $\bullet$
- Management report on the achieved business results of Podravka $\bullet$ d.d. for the period January - June 2014
- Unconsolidated financial reports for the period January June 2014 $\bullet$
- Statement from executives responsible for preparing financial $\bullet$ statements
General information
Podravka prehrambena industrija d.d., Koprivnica, is incorporated in the Republic of Croatia. Today it is included in leading companies in industry operating in the area of South-Eastern and Central and Eastern Europe. The principal activity of the Company comprises production of a wide range of foodstuffs and non-alcoholic beverages.
The Company is headquartered in Koprivnica, Croatia, Ante Starčevića 32.
The Company's shares are listed on the official market of the Zagreb Stock Exchange.
Management Board during 2014:
| President | Zvonimir Mršić |
|---|---|
| Member | Jadranka Ivanković |
| Member | Olivija Jakupec |
| Member | Miroslav Klepač |
| Member | Jorn Pedersen |
| Member | Hrvoje Kolarić |
The unconsolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS").
Koprivnica, 25th July 2014
MANAGEMENT REPORT ON THE ACHIEVED BUSINESS RESULTS OF PODRAVKA D.D. FOR THE PERIOD JANUARY - JUNE 2014
Sales were HRK 832.4 million in the reporting period, 6% down year-on-year basis. A decrease is mainly driven by lower sales on Croatian market which also includes an impact of the discontinued business programmes initiated in 2013.
Gross profit rose by 2% to HRK 305.9 million. Gross profit margin has reached a level of 36.8% representing an increase of 290 bp. These positive indicators are result of favourable raw material pricing trend and lower number of employees in 2013 and first half of 2014.
Total operating costs declined 9% year-on-year to HRK 805.9 million. Significant share of the operating costs make material costs (66%) and employees costs (21%) which have played key role in the operating costs decrease. Material costs declined 6% y-o-y as a result of positive raw material pricing trend, while employees costs decreased 6% supported by lower number of employees as a result of restructuring process.
230 employees have left the company as part of the restructuring process in year 2014, including severance payments in the amount of HRK 31.2 million (1.-6.2013.: HRK 27.2 million). We expect HRK 22.4 million lower personnel costs savings as a result of that process on annual level.
Reported EBITDA rose by HRK 32.4 million to HRK 90.1 million, while EBITDA margin has reached the level of 10.8%.
Net financial costs declined by 4% to HRK 11.2 million due in particular to lower exchange rate differences offset partially by lower gains on swap contract.
Net profit rose by HRK 25.9 million compared with previous year to HRK 33.5 million, despite HRK 31.2 million exceptional items related to severance costs which have affected profitability of reporting period in the short term.
MANAGEMENT BOARD
The total assets value is showing HRK 2,460.8 million, HRK 61.6 million higher compared to 2013 year end.
Significant assets value increase is driven by long-term intangible assets. which came from signed contracts on the transfer of trademarks and recipes between Podravka d.d. and PIK Vrbovec d.d. Podravka d.d. has acquired the PIK Vrbovec canned meat program and brands for further production and sales to all markets. With that acquisition, Podravka significantly increased its market share and has taken a strong second place in the segment of meat pate, with a good position for expansion in regional markets.
The indebtedness as of 30th June 2014 amounts to HRK 907.2 million and has increased by HRK 46.5 million compared to 2013 year end as a result of business expansion financing in the first half of 2014. The net debt as of 30th June 2014 is HRK 824.0 million and is increased by HRK 36.3 million compared to 2013 year end.
Merger of related companies Poni d.o.o., Podravka Inženjering d.o.o., and Koti Nekretnine d.o.o. to company Podravka d.d. was completed according to Commercial Court Varaždin resolution on 2nd January 2014. Merger is prepared according to simplified procedure where overall assets of merged companies is transferred to Podrayka d.d. without liquidation process, without possibility of exchange of shares and without increase of Podravka d.d. share capital.
Podrayka d.d. has also initiated merger of subsidaries Ital-Ice d.o.o. and Lero d.o.o. with Podrayka d.d. This merger will be part of the continuing restructuring measures in order to increase efficiency. The merger is planned to be prepared according to the simplified procedure in a way that the entire assets of the merged companies would be transferred to Podravka d.d. without conducting a liquidation process, without the possibility of share swap and without increase of Podrayka d.d. share capital.
A VERPRident of the Management Board:
INDUSTRIJA d.d. Zvonimir Advertist Advertisers RIVNICA 173
Podravka Inc., Koprivnica, Ante Starčevića 32, The Commercial Court Varaždin, MBS: 010006549, PIN: 18928523252, Privredna banka Zagreb d.d., Zagreb, Račkoga 6, IBAN: HR94 2340 0091 1000 9852 6, foundation capital: 1.084.000.600,00 HRK, paid in full, total number of shares issued: 5.420.003, nominal share value: 200,00 HRK, President of the Supervisory Board: D. Štimac, President of the Management Board: Z. Mršić, members of the Management Board: J. Ivanković, O. Jakupec, M. Klepač, H. Kolarić
| Appendix 1 Reporting period: |
1.1.2014. | to | 30.6.2014. | |
|---|---|---|---|---|
| Quarterly financial report of entrepreneur - TFI-POD | ||||
| 03454088 Registration number (MB) |
||||
| 010006549 Identification number of subject (MBS) |
||||
| 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: [email protected] | ||||
| Internet adress: www.podravka.com | ||||
| KOPRIVNICA Code and name of comune/town 201 |
||||
| Code and county name 6 |
KOPRIVNIČKO-KRIŽEVAČKA | Number of employees | 3.074 | |
| Consolidated statement NO |
(at quarter end) NKD/NWC code: |
1039 | ||
| Subsidiaries subject to consolidation (according to IFRS): | Headquarters | Registration number: | ||
| Book keeping service: | ||||
| Contact person: Brajević Iva | ||||
| (authorised person for representation) Phone number: 048 651 228 |
Fascimile: 048 220 562 | |||
| E-mail address: [email protected] | ||||
| Surname and name Mršić Zvonimir | ||||
| (authorised person for representation) | ||||
| Disclosure documents: 1. Financial statements (balance sheet, profit and loss account, cash flow statement, statement shareholders' equity and notes to the financial statements) Interior monogement Donart |
- Interim management Report
3. Statement of responsible persons for preparation of financial statements
(signed by authorised person for representation)
forg
BALANCE SHEET
as at 30.6.2014.
| Obligator: Podravka prehrambena industrija d.d., Koprivnica | |||
|---|---|---|---|
| Item | AOP code |
Last year (net) | Current year (net) |
| h | $\overline{2}$ | 3 | 4 |
| 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 | 1.253.519.863 |
| I. INTANGIBLE ASSETS (004 to 009) | 003 | 98.325.947 | 138.892.052 |
| 1. Assets development | 004 | ||
| 2. Concessions, patents, licences fees, trade and service marks, software and other rights | 005 | 95.339.734 | 89.166.616 |
| 3. Goodwill | 006 | ||
| 4. Prepayments for purchase of intangible assets | 007 | ||
| 5. Intangible assets in preparation | 008 | 2.986.213 | 49.725.436 |
| 6. Other intangible assets | 009 | ||
| II. TANGIBLE ASSETS (011 to 019) | 010 | 693.485.729 | 683.794.248 |
| 1. Land | 011 | 39.499.992 | 39.683.036 |
| 2. Buildings | 012 | 423.066.363 | 410.419.510 |
| 3. Plant and equipment | 013 | 181.774.393 | 199.271.425 |
| 4. Tools, facility inventory and transport assets | 014 | 5.988.589 | 5.358.693 |
| 5. Biological assets | 015 | 0 | |
| 6. Prepayments for tangible assets | 016 | 2.356.450 | 6.795.720 |
| 7. Tangible assets in progress | 017 | 40.046.390 | 21.520.150 |
| 8. Other tangible assets | 018 | 753.552 | 745.714 |
| 9. Investments in buildings | 019 | 0 | |
| III. LONG-TERM FINANCIAL ASSETS (021 to 028) | 020 | 387.810.822 | 393.478.783 |
| 1. Investments (shares) with related parties | 021 | 375.382.888 | 372.015.088 |
| 2. Loans given to related parties | 022 | 7.583.333 | 15.416.667 |
| 3. Participating interest (shares) | 023 | 907.000 | 907.000 |
| 4. Loans to entrepreneurs in whom the entity holds participating interests | 024 | ||
| 5. Investments in securities | 025 | 0 | |
| 6. Loans, deposits and similar assets | 026 | 3.937.601 | 5.140.028 |
| 7. Other long - term financial assets | 027 | 0 | |
| 8. Investments accounted by equity method | 028 | $\Omega$ | |
| IV. RECEIVABLES (030 to 032) | 029 | 0 | 0 |
| 1. Receivables from related parties | 030 | 0 | |
| 2. Receivables from based on trade loans | 031 | 0 | |
| 3. Other receivables | 032 | $\Omega$ | |
| V. DEFERRED TAX ASSETS | 033 | 37.351.180 | 37.354.780 |
| C) SHORT TERM ASSETS (035+043+050+058) | 034 | 1.173.654.394 | 1.199.311.840 |
| I. INVENTORIES (036 to 042) | 035 | 364.525.930 | 385.023.282 |
| 1. Raw-material and supplies | 036 | 96.958.234 | 108.794.972 |
| 2. Work in progress | 037 | 22.927.744 | 20.009.968 |
| 3. Finished goods | 038 | 101.827.104 | 117.295.401 |
| 4. Merchandise | 039 | 56.411.831 | 63.960.908 |
| 5. Prepayments for inventories | 040 | 5.441.050 | |
| 6. Long - term assets held for sales | 041 | 80.959.967 | 74.962.033 |
| 7. Biological assets | 042 | 0 | |
| II. RECEIVABLES (044 to 049) | 043 | 567.831.305 | 576.993.531 |
| 1. Receivables from related parties | 044 | 367.850.454 | 360.234.032 |
| 2. Accounts receivable | 045 | 194.190.983 | 215.120.692 |
| 3. Receivables from participating parties | 046 | 0 | |
| 4. Receivables from employees and members of related parties | 047 | 716.595 | 887.535 |
| 5. Receivables from government and other institutions | 048 | 4.735.926 | 381.326 |
| 6. Other receivables | 049 | 337.347 | 369.946 |
| III. SHORT TERM FINANCIAL ASSETS (051 to 057) | 050 | 168.389.169 | 154.140.491 |
| 1. Shares (stocks) in related parties | 051 | 75.125.754 | 75.125.754 |
| 2. Loans given to related parties | 052 | 86.694.897 | 70.642.683 |
| 3. Participating interests (shares) | 053 | ||
| 4. Loans to entrepreneurs in whom the entity holds participating interests | 054 | 0 | |
| 5. Investments in securities | 055 | 5.514.691 | 8.335.139 |
| 6. Loans, deposits, etc. | 056 | 1.053.827 | 36.915 |
| 7. Other financial assets | 057 | 0 | |
| IV. CASH AT BANK AND IN CASHIER | 058 | 72.907.990 | 83.154.536 |
| D) PREPAID EXPENSES AND ACCRUED REVENUE | 059 | 8.633.708 | 8.007.892 |
| E) TOTAL ASSETS (001+002+034+059) | 060 | 2.399.261.780 | 2.460.839.595 |
| F) OFF-BALANCE RECORDS | 061 | 593.358.567 | 610.612.869 |
$8 - 4$
| Obligator: Podravka prehrambena industrija d.d., Koprivnica | ||||
|---|---|---|---|---|
| Item | AOP code |
Last year (net) | Current year (net) |
|
| ā | 2 | $\overline{3}$ | 4 | |
| LIABILITIES AND CAPITAL | ||||
| A) CAPITAL AND RESERVES (063+064+065+071+072+075+078) | 062 | 1.134.309.526 | 1.168.723.357 | |
| I. SUBSCRIBED CAPITAL | 063 | 1.084.000.600 | 1.084.000.600 | |
| II. CAPITAL RESERVES | 064 | 44.785.613 | 44.785.613 | |
| III.RESERVES FROM PROFIT (066+067-068+069+070) | 065 | $-45.842.810$ | $-45.842.810$ | |
| 1. Reserves prescribed by low | 066 | 0 | ||
| 2. Reserves for treasury shares | 067 | 21.761.692 | 21.761.692 | |
| 3. Treasury stocks and shares (deduction) | 068 | 67.604.502 | 67.604.502 | |
| 4. Statutory reserves | 069 | 0 | ||
| 5. Other reserves | 070 | 0 | 0 | |
| IV. REVALUATION RESERVES | 071 | 0 | ||
| V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074) | 072 | $\bf{0}$ | 52.268.530 | |
| 1. Retained earnings | 073 | 0 | 52.268.530 | |
| 2. Accumulated loss | 074 | Ö | ||
| VI. PROFIT/LOSS FOR THE CURRENT YEAR (076-077) | 075 | 51.366.123 | 33.511.424 | |
| 1. Profit for the current year | 076 | 51.366.123 | 33.511.424 | |
| 2. Loss for the current year | 077 | 0 | 0 | |
| IX. MINORITY INTERESTS | 078 | 0 | 0 | |
| B) PROVISIONS (080 to 082) | 079 | 37,775.002 | 36.696.162 | |
| 1. Provisions for pensions, severance pay, and similar liabilities | 080 | 14.955.100 | 14.971.100 | |
| 2. Reserves for tax liabilities | 081 | 0 | 0 | |
| 3. Other reserves | 082 | 22.819.902 | 21.725.062 | |
| C) LONG - TERM LIABILITIES (084 to 092) | 083 | 527.132.538 | 735.627.062 | |
| 1. Liabilities to related parties | 084 | 0 | 0 | |
| 2. Liabilities for loans, deposits etc. | 085 | $\Omega$ | 0 | |
| 3. Liabilities to banks and other financial institutions | 086 | 527.132.538 | 735.627.062 | |
| 4. Liabilities for received prepayments | 087 | 0 | $\overline{0}$ | |
| 5. Accounts payable | 088 | 0 | $\sim$ | |
| 6. Liabilities arising from debt securities | 089 | $\Omega$ | 0 | |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 090 | $\Omega$ | $\overline{0}$ | |
| 8. Other long-term liabilities | 091 | 0 | $\overline{0}$ | |
| 092 | $\Omega$ | |||
| 9. Deferred tax liability D) SHORT - TERM LIABILITIES (094 to 105) |
093 | 641.787.764 | 467.699.269 | |
| 1. Liabilities to related parties | 094 | 44.371.311 | 42.081.821 | |
| 2. Liabilities for loans, deposits etc. | 095 | O | ||
| 3. Liabilities to banks and other financial institutions | 096 | 336.081.529 | 175.657.099 | |
| 097 | 887.840 | 0 | ||
| 4. Liabilities for received prepayments | 098 | 225.461.258 | 190.492.339 | |
| 5. Accounts payable | 099 | 0 | 0 | |
| 6. Liabilities arising from debt securities | 100 | 0 | $\bf{0}$ | |
| 7. Liabilities to entrepreneurs in whom the entity holds participating interests | 101 | 29.095.432 | 33.261.794 | |
| 8. Liabilities to employees | 102 | 19.924.769 | ||
| 9. Liabilities for taxes, contributions and similar fees | 103 | 2.260.614 681.138 |
679.368 | |
| 10. Liabilities to share - holders | 104 | $\Omega$ | 0 | |
| 11. Liabilities for long-term assets held for sale | 105 | 2.948.642 | 5.602.079 | |
| 12. Other short - term liabilities | ||||
| E) DEFFERED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE | 106 | 58.256.950 2.399.261.780 |
52.093.745 2.460.839.595 |
|
| F) TOTAL - CAPITAL AND LIABILITIES (062+079+083+093+106) | 107 | |||
| G) OFF-BALANCE RECORDS | 108 | 593.358.567 | 610.612.869 | |
| 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 | $\overline{0}$ | $\mathbf 0$ | |
| 2. Attributed to minority interest | 110 | $\overline{0}$ | $\mathbf 0$ |
PROFIT AND LOSS ACCOUNT for the period 1.1.2014. to 30.6.2014.
| Obligator: Podravka prehrambena industrija d.d., Koprivnica | ||||||
|---|---|---|---|---|---|---|
| Item | AOP code |
Last Year | Current year | |||
| Cumulative | Quarterly | Cumulative | Quarterly | |||
| $\overline{z}$ | 3 | $\boldsymbol{A}$ | 5 | 6 | ||
| OPERATING REVENUE (112+113) | 111 | 902.571.888 | 490.104.317 | 858.019.412 | 471.039.190 | |
| 1. Sales revenue | 112 | 888,498,847 | 480 659.761 | 832.405,811 | 454.115.189 | |
| 2. Other operating revenues | 113 | 14.073.041 | 9.444.556 | 25.613.601 | 16.924.001 | |
| II. OPERATING EXPENSES (115+116+120+124+125+126+129+130) | 114 | 883,284,052 | 469 852 126 | 805.912.163 | 422.726.907 | |
| 1. Changes in value of work in progress and finished products | 115 | 10.081.917 | 9.851.415 | $-8.895.237$ | 8.593.513 | |
| 2. Material costs (117 to 119) | 116 | 565.071.481 | 315.917.417 | 532.870.840 | 279.799.748 | |
| a) Raw material and material costs | 117 | 311.306.636 | 159.183.931 | 293.253.160 | 148.098.930 | |
| b) Costs of goods sold | 118 | 150.664.447 | 88.710.073 | 137.350.376 | 73.885.276 | |
| 68.023.413 | 102,267.304 | 57.815.542 | ||||
| c) Other external costs | 119 | 103.100,398 | ||||
| 3. Staff costs (121 to 123) | 120 | 177,316.821 | 92.246.370 | 166.885.427 | 84.689.021 | |
| a) Net salaries and wages | 121 | 109.737.816 | 56.935.075 | 99.727.025 | 49,266,491 | |
| b) Cost for taxes and contributions from salaries | 122 | 43.468.724 | 22.755.590 | 43,225,752 | 22.661.338 | |
| c) Contributions on gross salaries | 123 | 24.110.281 | 12.555.705 | 23.932.650 | 12.761.192 | |
| 4. Depreciation | 124 | 42.814.056 | 21,444.116 | 35.148.971 | 17,574,076 | |
| 5. Other costs | 125 | 61.469.167 | 20.485.463 | 67,886.516 | 24.563.959 | |
| 6. Impairment (127+128) | 126 | 10.036.097 | $\circ$ | $-5.989.063$ | $-2.158.736$ | |
| a) Impairment of long-term assets (financial assets excluded) | 127 | $\Omega$ | $\Omega$ | $\theta$ | $\Omega$ | |
| b) Impairment of short - term assets (financial assets excluded) | 128 | 10.036.097 | $-5.989.063$ | $-2.158,736$ | ||
| 7. Provisions | 129 | 1.654.464 | 965.582 | 335.692 | 335,692 | |
| 8. Other operating costs | 130 | 14.840.049 | 8.941.763 | 17.669.017 | 9.329.634 | |
| 131 | ||||||
| III. FINANCIAL INCOME (132 to 136) | 28.283.927 | 17.439.479 | 16,221.133 | 10.641.759 | ||
| 1. Interest income, foreign exchange gains, dividends and similar income from related parties | 132 | 6.861.653 | 2.320,776 | 4.458.367 | 1.486.962 | |
| 2. Interest income, foreign exchange gains, dividends and similar income from non - related parties | 133 | 17.013.607 | 12.943.186 | 11.655.555 | 9.276.097 | |
| 3. Share in income from affiliated entrepreneurs and participating interests | 134 | 0 | C | O | $\circ$ | |
| 4. Unrealized gains (income) from financial assets | 135 | 4.408.667 | 2.175.517 | 107.211 | $-121.300$ | |
| 5. Other financial income | 136 | 0 | $\circ$ | |||
| IV. FINANCIAL EXPENSES (138 do 141) | 137 | 39.997.012 | 17.273.136 | 27,418.906 | 13.824.991 | |
| 1. Interest expenses, foreign exchange losses, dividends and similar expenses from related parties | 138 | 10.715.859 | 7.654.402 | 2.981.303 | 2,497.861 | |
| 2. Interest expenses, foreign exchange losses, dividends and similar expenses from non - related parties | 139 | 29.281.153 | 9.618.734 | 24.437.603 | 11.327.130 | |
| 3. Unrealized losses (expenses) on financial assets | 140 | $\Omega$ | $\Omega$ | 0 | 0 | |
| 4. Other financial expenses | 141 | $\overline{0}$ | $\Omega$ | 0 | $\overline{0}$ | |
| 142 | 0 | $\circ$ | ||||
| V. INCOME FROM INVESTMENT - SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS | ||||||
| VI. LOSS FROM INVESTMENT - SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS | 143 | 0 | $\circ$ | |||
| VII. EXTRAORDINARY - OTHER INCOME | 144 | $\overline{0}$ | ||||
| VIII. EXTRAORDINARY - OTHER EXPENSES | 145 | $\overline{0}$ | ||||
| IX. TOTAL INCOME (111+131+142 + 144) | 146 | 930.855,815 | 507 543 796 | 874.240.545 | 481.680.949 | |
| X. TOTAL EXPENSES (114+137+143 + 145) | 147 | 923.281.064 | 487.125.262 | 833.331.069 | 436.551.898 | |
| XI. PROFIT OR LOSS BEFORE TAXATION (146-147) | 148 | 7.574.751 | 20.418.534 | 40.909.476 | 45.129.051 | |
| 1. Profit before taxation (146-147) | 149 | 7.574.751 | 20.418.534 | 40.909.476 | 45.129.051 | |
| 2. Loss before taxation (147-146) | 150 | $\mathbf 0$ | $\theta$ | $\Omega$ | $\circ$ | |
| XII. PROFIT TAX | 151 | 7.398.052 | 7.398.052 | |||
| XIII. PROFIT OR LOSS FOR THE PERIOD (148-151) | 152 | 7.574.751 | 20.418.534 | 33.511.424 | 37.730.999 | |
| 153 | 7.574.751 | 20.418.534 | 33.511.424 | 37.730.999 | ||
| 1. Profit for the period (149-151) | ||||||
| 2. Loss for the period (151-148) | 154 | 0 | $\circ$ | $\Omega$ | $\overline{0}$ | |
| 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 | $\circ$ | $\mathbf 0$ | $\overline{0}$ | $\overline{0}$ | |
| 2. Attributed to minority interest | 156 | $\Omega$ | $\overline{0}$ | $\overline{0}$ | $\overline{0}$ | |
| STATEMENT OF OTHER COMPREHENSIVE INCOME (IFRS) | ||||||
| I. PROFIT OR LOSS FOR THE PERIOD (= 152) | 157 | 7.574.751 | 20.418.534 | 33.511.424 | 37.730,999 | |
| II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 do 165) | 158 | 0 | $\Omega$ | $\overline{0}$ | $\overline{0}$ | |
| 1. Exchange differences on translation of foreign operations | 159 | $\mathbf 0$ | 0 | $\circ$ | ||
| 2. Movements in revaluation reserves of long - term tangible and intangible assets | 160 | 0 | n | $\Omega$ | $\overline{0}$ | |
| 3. Profit or loss from reevaluation of financial assets available for sale | 161 | $\Omega$ | $\overline{0}$ | |||
| 4. Gains or losses on efficient cash flow hedging | 162 | $\Omega$ | O | $\circ$ | ||
| 5. Gains or losses on efficient hedge of a net investment in foreign countries | 163 | $\Omega$ | 0 | $\Omega$ | $\circ$ | |
| $\Omega$ | $\Omega$ | $\Omega$ | ||||
| 6. Share in other comprehensive income / loss of associated companies | 164 | $\overline{0}$ | ||||
| 7. Actuarial gains / losses on defined benefit plans | 165 | $\Omega$ | $\circ$ | $\circ$ | ||
| III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 166 | 0 | $\overline{0}$ | |||
| IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (158-166) | 167 | $\Omega$ | 0 | $\circ$ | 0 | |
| V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167) | 168 | 7.574.751 | 20.418.534 | 33.511.424 | 37.730.999 | |
| 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 | 0 | 0 | $\circ$ | |
| 2. Attributed to minority interest | 170 | $\Omega$ | $\Omega$ | $\circ$ |
$\overline{\mathcal{S}}$
$\tilde{\nu}$
STATEMENT OF CASH FLOWS - INDIRECT METHOD
for the period 1.1.2014. to 30.6.2014.
| Obligator: Podravka prehrambena industrija d.d., Koprivnica | |||
|---|---|---|---|
| Item | AOP code |
Last year | Current year |
| $\overline{2}$ | 3 | 4 | |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1. Profit before tax | 001 | 7.574.752 | 40.909.476 |
| 2. Depreciation | 002 | 42.814.056 | 35.148.971 |
| 3. Increase in short term liabilities | 003 | 21.482.000 | |
| 4. Decrease in short term receivables | 004 | ||
| 5. Decrease in inventories | 005 | 28.796.400 | |
| 6. Other increase in cash flow | 006 | 11.727.000 | 6.993.991 |
| I. Total increase in cash flow from operating activities (001 to 006) | 007 | 112.394.208 | 83.052.438 |
| 1. Decrease in short term liabilities | 008 | 0 | 3.163.806 |
| 2. Increase in short term receivables | 009 | 41.518.000 | 11.887.441 |
| 3. Increase in inventories | 010 | $\Omega$ | 26.495.287 |
| 4. Other decrease in cash flow | 011 | 20.252.000 | 20.071.210 |
| II. Total decrease in cash flow from operating activities (008 to 011) | 012 | 61.770.000 | 61.617.744 |
| A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007-012) | 013 | 50.624.208 | 21.434.694 |
| A2) NET DECREASE IN IN CASH FLOW FROM OPERATING ACTIVITIES (012-007) | 014 | 0 | |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| 1. Cash inflows from sales of long-term tangible and intangible assets | 015 | 253.200 | 2.029.184 |
| 2. Cash inflows from sales of equity and debt instruments | 016 | ||
| 3. Interests receipts | 017 | 13.464.425 | 2.220.139 |
| 4. Dividend receipts | 018 | ||
| 5. Other cash inflows from investing activities | 019 | 40.744.000 | 9.039.578 |
| III. Total cash inflows from investing activities (015 to 019) | 020 | 54.461.625 | 13.288.901 |
| 1. Cash outflow for purchase of long-term tangible and intangible assets | 021 | 15.954.000 | 66.532.364 |
| 2. Cash outflow for acquisition of equity and debt financial instruments | 022 | $\Omega$ | 16.000 |
| 3. Other cash outflow for investing activities | 023 | 162.000 | 12.007.200 |
| IV. Total cash outflow for investing activities (021 do 023) | 024 | 16.116.000 | 78.555.564 |
| B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024) | 025 | 38.345.625 | |
| B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020) | 026 | 0 | 65.266.663 |
| CASH FLOW FROM FINANCIAL ACTIVITIES | |||
| 1. Cash inflow from issuing property and debt financial instruments | 027 | 0 | |
| 2. Proceeds from the credit principal, promissory notes, borrowings and other loans | 028 | 50.723.000 | 400.763.584 |
| 029 | |||
| 3. Other proceeds from financial activities | 030 | 50.723.000 | 400.763.584 |
| V. Total cash inflows from financial activities (027 to 029) | 031 | 107.562.000 | 346.340.637 |
| 1. Cash outflow for repayment of credit principal and bonds | 032 | ||
| 2. Cash outflow for dividends paid 3. Cash outflow for financial lease |
033 | 1.447.000 | 344.432 |
| 034 | |||
| 4. Cash outflow for purchase of treasury shares | |||
| 5. Other cash outflow for financial activities | 035 036 |
109.009.000 | 346.685.069 |
| VI. Total cash outflow for financial activities (031 to 035) | 037 | 54.078.515 | |
| C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030-036) | |||
| C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036-030) | 038 | 58.286.000 | |
| Total increase in cash flow (013 - 014 + 025 - 026 + 037 - 038) | 039 | 30.683.833 | 10.246.546 |
| 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 | 30.683.833 | 10.246.546 |
| Decrease of cash and cash equivalents | 043 | ||
| Cash and cash equivalents at the end of the period | 044 | 71.731.546 | 83.154.536 |
STATEMENT OF CHANGES IN EQUITY for the period 1.1.2014. to 30.6.2014.
| Obligator: Podravka prehrambena industrija d.d., Koprivnica | |||
|---|---|---|---|
| Item | Last year | Current year | |
| я | $\overline{2}$ | $\mathbf{3}$ | |
| 1. Subscribed capital | 001 | 1.084.000.600 | 1.084.000.600 |
| 2. Capital reserves | 002 | 44.785.613 | 44.785.613 |
| 3. Reserves from profit | 003 | $-45.842.810$ | $-45.842.810$ |
| 4. Retained earnings or accumulated loss | 004 | 52.268.530 | |
| 5. Profit or loss for the current year | 005 | 51.366.123 | 33.511.424 |
| 6. Revaluation of long - term tangible assets | 006 | ||
| 7. Revaluation of intangible assets | 007 | $\overline{0}$ | |
| 8. Revaluation of financial assets available for sale | 008 | 0 | |
| 9. Other revaluation | 009 | 0 | |
| 10. Total capital and reserves (AOP 001 do 009) | 010 | 1.134.309.526 | 1.168.723.357 |
| 11. Currency gains and losses arising from net investement in foreign operations | 011 | ||
| 12. Current and deferred taxes (part) | 012 | 0 | |
| 13. Cash flow hedging | 013 | 0 | |
| 14. Changes in accounting policy | 014 | 0 | |
| 15. Correction of significant errors in prior period | 015 | ۵I | |
| 16. Other changes of capital | 016 | 52.482.055 | 34.413.831 |
| 17. Total increase or decrease in capital (AOP 011 do 016) | 017 | 52.482.055 | 34.413.831 |
| 17 a. Attributed to equity holders of parent company | 018 | $\Omega$ | |
| 17 b. Attributed to minority interest | 019 | $\vert 0 \vert$ |
×
Notes:
Accounting policies in year 2014. did not change.
$\sim$
MANAGEMENT BOARD
Koprivnica, 24th July 2014
STATEMENT FROM EXECUTIVES RESPONSIBLE FOR PREPARING FINANCIAL STATEMENTS
Financial statements of Podrayka d.d. for the period January - June 2014 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.
Corporate accounting and Taxes: Iva Brajević
torongo
Board Membe Miroslav Klepač
Podravka Inc., Koprivnica, Ante Starčevića 32, The Commercial Court Varaždin, MBS: 010006549, PIN: 18928523252, Privredna banka Zagreb d.d., Zagreb, Račkoga 6, IBAN: HR94 2340 0091 1000 9852 6, foundation capital: 1.084.000.600,00 HRK, paid in full, total number of shares issued: 5.420.003, nominal share value: 200,00 HRK, President of the Supervisory Board: D. Štimac, President of the Management Board: Z. Mršić, members of the Management Board: J. Ivanković, O. Jakupec, M. Klepač, H. Kolarić