Podravka d.d. — Interim / Quarterly Report 2016

Apr 29, 2016

Koprivnica, 29 April 2016

PODRAVKA INC.

UNCONSOLIDATED FINANCIAL REPORT

FOR 1 – 3 2016 PERIOD

Content:

• General information
• Management report on the achieved business results of Podravka Inc. for the period January – March 2016
• Unconsolidated financial reports for the period January – March 2016
• Statement from executives responsible for preparing financial statements
• Contact

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, 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 members as at 31 March 2016

• President Zvonimir Mršić
• Member Olivija Jakupec
• Member Iva Brajević
• 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, 29 April 2016

MANAGEMENT REPORT ON THE ACHIEVED BUSINESS RESULTS OF PODRAVKA INC. FOR THE PERIOD JANUARY – MARCH 2015

Significant events in 1 – 3 2016

Dividend distribution proposal

After several years of successfully implemented restructuring processes and achieved positive business results, prerequisites have been met for proposal on dividend payment in the amount of HRK 7.00 per share, 10 years from the last dividend payment. The final decision on the dividend distribution will be adopted by the Podravka Inc. shareholders at the company's General Assembly meeting.

Changes in the Management Board of Podravka

At the session held on 15 February 2016, the Supervisory Board of Podravka Inc. approved the Agreement on termination of the mandate for Podravka Inc. Management Board Member, Mr. Miroslav Klepač according to which his mandate ended on 31 March 2016. Mr. Miroslav Klepač was appointed a Member of the Management Board of Podravka Inc. on 24 February 2012. As a Management Board Member he was specifically responsible for the finance on the Podravka Group level.

At the same session, the Supervisory Board of Podravka Inc. appointed Ms. Iva Brajević as the new Member of the Management Board of Podravka Inc. responsible for the finance on the Podravka Group level. Her mandate entered into force on 1 April 2016 and terminates upon the expiry of mandate of the Management Board as a whole. Ms. Iva Brajević has been working in Podravka Inc. as of 9 September 2013, and has worked as Director of Corporate Accounting and Tax and from September 2015 as Controlling Director. She graduated from the Faculty of Economics in Zagreb, and through the additional education has acquired licenses Head of Investor Relations and Head of development and implementation of EU-funded projects. She previously gained her business experience in several branches of international corporations in Croatia - among other, as the Finance Manager at DHL (2006 - 2012), and Unilever Finance manager for the companies in Croatia and Slovenia (1998 - 2005).

Key business highlights of 1 – 3 2016

In Q1 2016, Podravka Inc. recorded sales of HRK 443.8 million, which is a 9.7% growth compared to the same period of the previous year. The increase in sales is primarily a result of the increase in sales of the culinary category and the meat products category.

Total operating expenses of Podravka Inc. in Q1 2016 amounted to HRK 417.3 million, which is 10.9% higher than in Q1 2015. The most significant growth, of 38.1%, was recorded by costs of raw materials and supplies, as a result of the volume sales increase in the period under consideration.

Following the movements of operating income and expenses, the operating profit of Podravka Inc. in Q1 2016 amounted to HRK 43.2 million, while in Q1 2015 it amounted to HRK 42.7 million.

In Q1 2016, net finance income of HRK 15.4 million were recorded with finance costs of HRK 17.4 million, while the effective tax rate was 19.5%. In Q1 2016, the profit for the period amounted to HRK 33.2 million.

Total assets of Podravka Inc. as at 31 March 2016 amount to HRK 3,266.0 million, which is at the same level as at the end of 2015. The most significant increases on the assets side were: (i) in tangible assets due to investments related to the development of operations, (ii) in non-current financial assets due to an increase in share in the acquired company, and (iii) in current financial assets due to an increase in loans given to related companies. The most significant decrease was in the line item cash with bank and in cashier.

On the equity and liabilities side, long-term liabilities decreased due to a decrease in liabilities to banks and other financial institutions, and a decrease in short-term liabilities due to the settlement of a significant portion of trade payables.

Cash flow from operating activities in Q1 2016 amounted to HRK 16.7 million, as a result of operating business and changes in the working capital. Cash flow from investing activities at the same time amounted to negative HRK 62.1 million, primarily due to cash used for the purchase of non-current tangible and intangible assets. In the same period, cash flow from financing activities amounted to positive HRK 12.7 million. In Q1 2016, total cash and cash equivalents decreased by HRK 66.1 million, and consequently, cash and cash equivalents as at 31 March 2016 amounted to HRK 29.3 million.

President of the Management Board: Zvonimir Mršić

UNCONSOLIDATED FINANCIAL REPORTS FOR THE PERIOD JANUARY – MARCH 2016

Appendix 1 Reporting period:	1.1.2016.	to	31.3.2016.
Quarterly financial report of entrepreneur - TFI-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
Code and name of comune/town KOPRIVNICA 201
Code and county name 6	KOPRIVNIČKO-KRIŽEVAČKA		Number of employees	3323
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: Laljek Senka
(authorised person for representation) Phone number: 048 653 203			Fascimile: 048 220 562

Obligator: Podravka prehrambena industrija d.d., Koprivnica
Item	AOP code	Last Year		Current year
		Comulative	Charterly	Cumulative	Quarterly
	$\overline{2}$		ø	в
OPERATING REVENUE (112+113)	111	419.012.057	419.012.057	460.496.718	460.496.718
1. Sales revenue	112	404.675.250	404.675.250	443.783.283	443.783.283
2. Other operating revenues	113	14.336.807	14.336.807	16.713.435	16.713.435
II. OPERATING EXPENSES (115+116+120+124+125+126+129+130)	114	376.340.936	376.340.936	417.276.737	417.276.737
1. Changes in value of work in progress and finished products	115	6.044.482	6.044.482	3.407.336	3.407.336
2. Material costs (117 to 119)	116	249.798.376	249.798.376	278.669.271	278.669.271
a) Raw material and material costs	117	135.332.077	135.332.077	186.941.801	186.941.801
b) Costs of goods sold	118 119	66.929.513	66.929.513 47.536.786	46.544.885 45.182.585	46.544.885
c) Other external costs 3. Staff costs (121 to 123)	120	47.536.786 75.373.659	75.373.659	91.381.289	45.182.585 91.381.289
a) Net salaries and wages	121	45.412.508	45.412.508	56.474.035	56.474.035
b) Cost for taxes and contributions from salaries	122	18.650.128	18.650.128	21.965.197	21.965.197
c) Contributions on gross salaries	123	11.311-023	11.311.023	12.942.057	12.942.057
4. Depreciation	124	19.505.482	19.505.482	23.263.161	23.263.161
5. Other costs	125	13.999.787	13.999.787	17,176,560	17.176.560
6. Impairment (127+128)	126	$-197.511$	$-197.511$	$-1.581.709$	$-1.581.709$
a) Impairment of long-term assets (financial assets excluded)	127
b) Impairment of short - term assets (financial assets excluded)	128	$-197.511$	$-197.511$	$-1.581.709$	$-1.581,709$
7. Provisions	129			402.451	$402.45$ *
8. Other operating costs	130	11.816.661	11.816.661	4.558.378	4,558,378
III. FINANCIAL INCOME (132 to 136)	131	8.118.252	8.118.252	15.441.702	15.441.702
1. Interest income, foreign exchange gains, dividends and similar income from related parties	132	4.525.341	4.525.341	2.861.116	2.861.116
2. Interest income, foreign exchange gains, dividends and similar income from non - related parties	133	3,592.911	3.592.911	12.574.856	12.574.856
3. Share in income from affiliated entrepreneurs and participating interests	134		n
4. Unrealized gains (income) from financial assets	135	C	$\Omega$	5.730	5.730
5. Other financial income	136
IV. FINANCIAL EXPENSES (138 do 141)	137	10.756.228	10.756.228	17,416.567	17.416.567
1. Interest expenses, foreign exchange losses, dividends and similar expenses from related parties	138	516.934	516.934	4.885.326	4.885:326
2. Interest expenses, foreign exchange losses, dividends and similar expenses from non - related parties	139	9.939.023	9.939.023	10.871.099	10.871.099
3. Unrealized losses (expenses) on financial assets	140	300.271	300.271	1.660.142	1.660.142
4. Other financial expenses INCOME FROM INVESTMENT - SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS	141 142	O
٧. LOSS FROM INVESTMENT - SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS VI.	143	$\mathfrak{c}$
VII. EXTRAORDINARY - OTHER INCOME	144	C	$\mathcal{C}$
VIII. EXTRAORDINARY - OTHER EXPENSES	145
IX. TOTAL INCOME (111+131+142 + 144)	146	427.130.309	427.130.309	475.938.420	475.938.420
X. TOTAL EXPENSES (114+137+143 + 145)	147	387.097.164	387.097.164	434.693.304	434.693.304
XI. PROFIT OR LOSS BEFORE TAXATION (146-147)	148	40.033.145	40.033.145	41.245.116	41.245.116
1. Profit before taxation (146-147)	149	40.033.145	40.033.145	41.245.116	41.245.116
2. Loss before taxation (147-146)	150
XII. PROFIT TAX	151			8.047.839	8.047.839
XIII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	40.033.145	40.033.145	33.197.277	33.197.277
1. Profit for the period (149-151)	153	40.033.145	40.033.145	33.197.277	33.197.277
2. Loss for the period (151-148)	154	$\theta$	$\bf{0}$	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
	155	$\overline{0}$	$\ddot{\mathbf{0}}$	$\theta$	$\Omega$
1. Attributed to equity holders of parent company 2. Attributed to minority interest	156	$\overline{0}$	$\bf{0}$	$\theta$	$\Omega$
STATEMENT OF OTHER COMPREHENSIVE INCOME (IFRS)
I. PROFIT OR LOSS FOR THE PERIOD (= 152)	157	40.033.145	40.033.145	33.197.277	33.197.277
II. OTHER COMPREHENSIVE INCOME / LOSS BEFORE TAX (159 do 165)	158		×0		$\mathbf 0$
1. Exchange differences on translation of foreign operations	159	ö	$\ddot{\text{o}}$	$\Omega$	$\bf{0}$
2. Movements in revaluation reserves of long - term tangible and intangible assets	160	ï	$\mathbf 0$	$\theta$	o
3. Profit or loss from reevaluation of financial assets available for sale	161		$\bf{0}$		$\mathbf{0}$
4. Gains or losses on efficient cash flow hedging	162		$\bf{0}$	$\overline{0}$
5. Gains or losses on efficient hedge of a net investment in foreign countries	163	'n	$\mathbf{0}$	0	$\begin{smallmatrix}0\0\end{smallmatrix}$
6. Share in other comprehensive income / loss of associated companies	164	$\overline{0}$	$\bf 0$	$\mathbf 0$	$\mathbf{0}$
7. Actuarial gains / losses on defined benefit plans	165		$\ddot{\mathbf{0}}$	$\circ$	o
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166		$\alpha$	$\Omega$	$\ddot{0}$
IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (158-166)	167		O	$\Omega$	$\overline{0}$
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	40.033.145	40.033.145	33.197.277	33.197.277
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	$\mathbf{0}$	$\bf{0}$		Ö
2. Attributed to minority interest	170	$\Omega$	$\overline{0}$	$\begin{matrix} 0 \ 0 \end{matrix}$	$\overline{0}$

Item	AOP	Last year (net)	Current year
đ	code	3	(nat)
ASSETS	2		A
A) RECEIVABLES FOR SUBSCRIBED BUT NOT PAID-IN CAPITAL	001		$\theta$
B) LONG-TERM ASSETS (003+010+020+029+033)	002	1.894.605.133	1.919.987.969
I. INTANGIBLE ASSETS (004 to 009)	003	122.818.399	122.963.764
1. Assets development	004		$\Omega$
2. Concessions, patents, licences fees, trade and service marks, software and other rights	005	110.590.711	114.882.934
3. Goodwill	006		0
4. Prepayments for purchase of intangible assets	007		$\Omega$
5. Intangible assets in preparation	008	12,227.688	8.080.830
6. Other intangible assets	009		$\overline{0}$
II. TANGIBLE ASSETS (011 to 019)	010	829.594.913	842.311.448
1. Land	011	43.034.502	43.034.502
2. Buildings	012	445.633.300	439.213.978
3. Plant and equipment	013	250.256.948	242.722.151
4. Tools, facility inventory and transport assets	014	10.567.741	9.979.472
5. Biological assets	015		$\Omega$
6. Prepayments for tangible assets	016	11.571.631	12.543.626
7. Tangible assets in progress 8. Other tangible assets	017 018	67.808.592 722.199	94.099.439 718.280
9. Investments in buildings	019	O	0
III. LONG-TERM FINANCIAL ASSETS (021 to 028)	020	891.559.077	907.711.297
1. Investments (shares) with related parties	021	791.517.561	809.997.840
2. Loans given to related parties	022	95.481.262	93.470.054
3. Participating interest (shares)	023	994.100	994.100
4. Loans to entrepreneurs in whom the entity holds participating interests	024
5. Investments in securities	025
6. Loans, deposits and similar assets	026	3.566.154	3.249.303
7. Other long - term financial assets	027	0	0
8. Investments accounted by equity method	028	0	$\overline{0}$
IV. RECEIVABLES (030 to 032)	029	$\theta$	0
1. Receivables from related parties	030	$\mathbf{0}$	Ö
2. Receivables from based on trade loans	031	$\overline{0}$	$\overline{0}$
3. Other receivables	032	O
V. DEFERRED TAX ASSETS	033	50.632.744	47.001.460
C) SHORT TERM ASSETS (035+043+050+058)	034	1.324.306.673	1.337.405.910
I. INVENTORIES (036 to 042)	035	563.215.130	570.430.529
1. Raw-material and supplies	036	138.433.496	147.879.961
2. Work in progress	037	44.585.030	39.402.756
3. Finished goods	038	125.410.263	128.769.840
4. Merchandise	039	55.062.839	54.676.414
5. Prepayments for inventories	040
6. Long - term assets held for sales	041	199.723.502	199.701.558
7. Biological assets	042
II. RECEIVABLES (044 to 049)	043	614.044.171	635.802.282
1. Receivables from related parties	044	359.347.835	374.087.710
2. Accounts receivable	045	216.209.194	224.605.313
3. Receivables from participating parties	046
4. Receivables from employees and members of related parties	047	1.320.499	1.032.242
5. Receivables from government and other institutions	048	15.436.005	17.076.097
6. Other receivables	049	21.730.638	19.000.920
III. SHORT TERM FINANCIAL ASSETS (051 to 057)	050	51.633.549	101.845.745
1. Shares (stocks) in related parties 2. Loans given to related parties	051	20.000 49.421.133	20.000 100.315.152
	052
3. Participating interests (shares) 4. Loans to entrepreneurs in whom the entity holds participating interests	053 054
5. Investments in securities	055	645.000	130.000
6. Loans, deposits, etc.	056	1.332.498	1.352.805
7. Other financial assets	057	214.918	27.788
IV. CASH AT BANK AND IN CASHIER	058	95.413.823	29.327.354
D) PREPAID EXPENSES AND ACCRUED REVENUE	059	40.170.206	8.612.121
E) TOTAL ASSETS (001+002+034+059)	060	3.259.082.012	3.266.006.000
F) OFF-BALANCE RECORDS	061	980.151.421	945.009.373

PODRAVKA Inc., Koprivnica, Ante Starčevića 32, The Commercial Court in Varaždin, CRN: 010006549, PIN: 18928523252, Privredna banka Zagreb P.L.C., Zagreb, Radnička cesta 50, IBAN: HR94 2340 0091 1000 9852 6, share capital: HRK 1,566,400,660.00, paid in full, total number of shares issued: 7,120,003, nominal share value: HRK 220.00, President of the Supervisory Board: D. Štimac, President of the Management Board: Z. Mršić, members of the Management Board: O. Jakupec, I. Brajević, H. Kolarić

Obligator: Podravka prehrambena industrija d.d., Koprivnica
Item		Last year (not)	Current year (net)
ď	2	3	a
LIABILITIES AND CAPITAL
A) CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	1.950.372.711	1.982.550.794
I. SUBSCRIBED CAPITAL	063	1.566.400.660	1.566.400.660
II. CAPITAL RESERVES	064	184.178.962	184.178.962
III.RESERVES FROM PROFIT (066+067-068+069+070)	065	99.642.627	98.623.434
1. Reserves prescribed by low	066	12.651.998	12.651.998
2. Reserves for treasury shares	067	147.604.502	147.604.502
3. Treasury stocks and shares (deduction)	068	66.709.496	67.728.689
4. Statutory reserves	069
5. Other reserves	070	6.095.623	6.095.623
IV. REVALUATION RESERVES	071
V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074)	072	$-56.821.344$	100.150.461
1. Retained earnings	073		100.150.461
2. Accumulated loss	074	56.821.344	$\Omega$
VI. PROFIT/LOSS FOR THE CURRENT YEAR (076-077)	075	156.971.806	33.197.277
1. Profit for the current year	076	156.971.806	33.197.277
2. Loss for the current year	077	0	$\Omega$
IX. MINORITY INTERESTS	078	$\Omega$	$\Omega$
B) PROVISIONS (080 to 082)	079	31.667.552	32.070.003
1. Provisions for pensions, severance pay, and similar liabilities	080	17.013.353	17.013.353
2. Reserves for tax liabilities	081
3. Other reserves	082	14.654.199	15.056.650
C) LONG - TERM LIABILITIES (084 to 092)	083	634.831.994	623.486.598
1. Liabilities to related parties	084		$\overline{0}$
2. Liabilities for loans, deposits etc.	085		$\overline{0}$
3. Liabilities to banks and other financial institutions	086	634.831.994	623.486.598
4. Liabilities for received prepayments	087		$\overline{0}$
5. Accounts payable	088	$\overline{0}$	$\Omega$
6. Liabilities arising from debt securities	089	$\overline{0}$	$\overline{0}$
7. Liabilities to entrepreneurs in whom the entity holds participating interests	090	$\mathbf 0$	$\overline{0}$
8. Other long-term liabilities	091	$\overline{0}$	$\circ$
9. Deferred tax liability	092		0
D) SHORT - TERM LIABILITIES (094 to 105)	093	596.989.702	581.156.285
1. Liabilities to related parties	094	11.670.539	21.451.249
2. Liabilities for loans, deposits etc.	095	498.365	423.519
3. Liabilities to banks and other financial institutions	096	257.215.121	284.135.057
4. Liabilities for received prepayments	097	38.175	$\Omega$
5. Accounts payable	098	286.319.738	224.949.235
6. Liabilities arising from debt securities	099	0	$\overline{0}$
7. Liabilities to entrepreneurs in whom the entity holds participating interests	100		$\Omega$
8. Liabilities to employees	101	35.358.859	32.302.094
9. Liabilities for taxes, contributions and similar fees	102	2.776.920	14.640.163
10. Liabilities to share - holders	103	676.368	676.368
11. Liabilities for long-term assets held for sale	104	0	$\overline{0}$
12. Other short - term liabilities	105	2.435.617	2.578.600
E) DEFFERED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD	106	45.220.053	46.742.320
F) TOTAL - CAPITAL AND LIABILITIES (062+079+083+093+106)	107	3.259.082.012	3.266.006.000
G) OFF-BALANCE RECORDS	108	980.151.421	945.009.373
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	$\mathbb O$	$\overline{0}$
2. Attributed to minority interest	110	$\overline{0}$	$\circ$

Item	AOP code	Last year	Current year
	$\overline{2}$	$\overline{3}$	4
CASH FLOW FROM OPERATING ACTIVITIES
1. Profit before tax	001	40.033.145	41.245.116
2. Depreciation	002	19.505.482	23.263.161
3. Increase in short term liabilities	003
4. Decrease in short term receivables	004
5. Decrease in inventories	005
6. Other increase in cash flow	006	3.540.772	1.908.983
I. Total increase in cash flow from operating activities (001 to 006)	007	63.079.399	66.417.260
1. Decrease in short term liabilities	008	7.745.367	23.046.254
2. Increase in short term receivables	009	69.384.265	22.368.916
3. Increase in inventories	010	457.144	7.237.343
4. Other decrease in cash flow	011	14.126.559	30.457.551
II. Total decrease in cash flow from operating activities (008 to 011)	012	91.713.335	83.110.064
A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007-012)	013	$\mathbf 0$
A2) NET DECREASE IN IN CASH FLOW FROM OPERATING ACTIVITIES (012-007)	014	28.633.936	16.692.804
CASH FLOW FROM INVESTING ACTIVITIES
1. Cash inflows from sales of long-term tangible and intangible assets	015	3.614.231	11.092.042
2. Cash inflows from sales of equity and debt instruments	016
3. Interests receipts	017	1.380.021	697.773
4. Dividend receipts	018
5. Other cash inflows from investing activities	019	2.631.323	346.753
III. Total cash inflows from investing activities (015 to 019)	020	7.625.575	12.136.568
1. Cash outflow for purchase of long-term tangible and intangible assets	021	13.599.155	46.075.461
2. Cash outflow for acquisition of equity and debt financial instruments	022	1.844.722	10.715.343
3. Other cash outflow for investing activities	023	6.484.697	17.420.671
IV. Total cash outflow for investing activities (021 do 023)	024	21.928.574	74.211.475
B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024)	025	$\Omega$
B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020)	026	14.302.999	62.074.907
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	38.109.553	146.690.452
3. Other proceeds from financial activities	029
V. Total cash inflows from financial activities (027 to 029)	030
1. Cash outflow for repayment of credit principal and bonds	031	54.220.619	132.724.094
2. Cash outflow for dividends paid	032
3. Cash outflow for financial lease	033	183.044	265.923
4. Cash outflow for purchase of treasury shares	034		1.019.193
	035
5. Other cash outflow for financial activities	036	54.403.663	134.009.210
VI. Total cash outflow for financial activities (031 to 035)	037
C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030-036)		54.403.663	134.009.210
C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036-030)	038 039
Total increase in cash flow $(013 - 014 + 025 - 026 + 037 - 038)$		97.340.598	212.776.921
Total decrease in cash flow $(014 - 013 + 026 - 025 + 038 - 037)$	040	88.785.415
Cash and cash equivalents at the beginning of the period	041		95.413.823
Increase of cash and cash equivalents	042
Decrease of cash and cash equivalents	043	59.231.045	66.086.469
Cash and cash equivalents at the end of the period	044	29.554.370	29.327.354

Item		Last year	Current year
	$\overline{2}$	$\overline{\mathbf{3}}$	đ.
1. Subscribed capital	001	1.566.400.660	1.566.400.660
2. Capital reserves	002	184.178.962	184.178.962
3. Reserves from profit	003	99.642.627	98.623.434
4. Retained earnings or accumulated loss	004	$-56.821.344$	100.150.461
5. Profit or loss for the current year	005	156.971.806	33.197.277
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	1.950.372.711	1.982.550.794
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	612.508.803	32.178.083
17. Total increase or decrease in capital (AOP 011 do 016)	017	612,508.803	32.178.083
17 a. Attributed to equity holders of parent company	018
17 b. Attributed to minority interest	019

Notes to the financial statements:

Accounting policies in Q1 2016 did not change.

STATEMENT FROM EXECUTIVES RESPONSIBLE FOR PREPARING FINANCIAL STATEMENTS

Koprivnica, 29 April 2016

Contact

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