Adris Grupa d.d. Interim financial statements at 30 September 2016

Transcription

1 Adris Grupa d.d. Interim financial statements at 30 September 2016 Adris Grupa d.d. / Obala Vladimira Nazora 1 / Rovinj, Hrvatska tel.: +385 (0) , ; fax: +385 (0) / adris@adris.hr /

2 CONTENT MANAGEMENT REPORT ON THE INTERIM FINANCIAL STATEMENTS 1-3 INTERIM FINANCIAL STATEMENTS ADRIS GRUPA d.d (unconsolidated and consolidated) 4-17 Adris Grupa d.d. / Obala Vladimira Nazora 1 / Rovinj, Hrvatska tel.: +385 (0) , ; fax: +385 (0) / adris@adris.hr /

3 Adris GRUPA Management Report on the Interim Financial Statement Indication of significant developments which occurred during the reporting period and effects of such developments on a condensed set of financial statements Maistra recorded 2% more bed nights in comparison with the same period last year. Average rate per bed night rose by 6% which led its operating income to increase 9%. EBITDA (earnings before taxes, interest, depreciation and amortization) reached HRK 413 million being up 14% from last year. EBIT (earnings before taxes and interest) increased by 19% to HRK 314 million. This year too, the Group s tourism division invested in renovation and improvement to the quality of the existing products. In August of 2016 the Amarin hotel, worth HRK 300 million, was opened, which is the largest investment in Istrian tourism this year. The hotel has 280 accommodation units to host almost 1,000 guests. Preparatory work for the construction of the new Park hotel is also underway, by which the top-quality hotel offering in Rovinj will be completed. Investments in campsites, worth nearly HRK 90 million, are finalized. In the most part they include investing in the supporting infrastructure and enhancing the quality of common facilities in the campsites. Total investments to be made in 2016 are worth more than HRK 400 million. The current booking figures confirm the positive trends of income growth which is primarily due to growth in average prices. The income generated by the Hilton Imperial hotel in Dubrovnik is at the last year s level and amounts to HRK 53 million. EBITDA increased by 7% - to HRK 20.2 million. EBIT is up 13% and amounts to HRK 15.9 million. For the first nine months of 2016 Cromaris recorded a 4% increase in sales over the same period last year. Income from sales in the export markets grew by 8%, mainly from exports to Germany. Three-quarters of income are still made in foreign markets. Average prices Adris Grupa d.d. / Obala Vladimira Nazora 1 / Rovinj, Hrvatska tel.: +385 (0) , ; fax: +385 (0) / adris@adris.hr /

4 increased by 4%. Increases in sales volume and prices during the first nine months of 2016 resulted in income going up by 9 percent. Net profit amounts to HRK 11 million whereas, for example, the last year s net profit was HRK 1.5 million. Cromaris has been granted a concession for two new fish farms with a capacity of 1,400 tons and the possibility of expansion. This will ensure a capacity of over 9,000 tons in Croatia osiguranje d.d. continues to keep the leading position in the Croatian market with the total share of 30.8% which is at the level of the prior reporting period. The company has maintained the leadership position in the segment of non-life insurance at the stable level of 36.6%. The leading position is also maintained in life insurance with a market share of 18.6 or by 0.5 percentage points more than in the first nine months of A total gross written premium recorded in Croatia amounts to HRK 2.1 billion which is up 1% from the prior year. The Group s gross written premium amounts to HRK 2.4 billion which is up 2% from the last year. Combined ratio for the non-life segment, as one of key performance indicators, has improved by 6 percentage points in comparison with last year and amounts to CO Group s profit before taxation recorded for the first nine months of this year amounts to HRK 199 million whereas profit generated during the same period of last year was HRK 136 million, which represents a rise of 47%. Net profit is HRK 158 million or up 49% over the first nine months of The achieved results suggest that the first restructuring phase has been effectively completed. The new phase of growth and development is yet to come. This phase will be marked by an expansion of product portfolio, further increase in sales, improvement in claims processing and digitalization of business transactions. The combination of strong market position and cost-efficiency will ensure long-term sustainability of business. Adris Grupa d.d. / Obala Vladimira Nazora 1 / Rovinj, Hrvatska tel.: +385 (0) , ; fax: +385 (0) / adris@adris.hr /

5 With regard to the current structure of financial assets of the company Adris grupa d.d., there is a strong impact of negative exchange rate differentials during the first nine months. The current reporting period is not comparable with the last year s report, since Tobacco SBU is no longer a part of the Group. Description of most significant risks and uncertainties for the next reporting period In the insurance business, continuation of the price war, especially in the segment of automobile liability insurance, may have effect on instability of business results. Information on significant transactions between related parties produced in accordance with the applicable financial reporting standards In September of 2016 the process of merging TDZ into Adris was finalized. This event produced no effect on consolidated financial reports, however it has affected Adris separate (non-consolidated) financial statements: (1) increase in total capital by HRK million (2) reduction in total assets by HRK million (3) reduction in current liabilities by HRK million Adris Grupa d.d. / Obala Vladimira Nazora 1 / Rovinj, Hrvatska tel.: +385 (0) , ; fax: +385 (0) / adris@adris.hr /

6 APPENDIX 1. For period from: to Quarter financial statement Registration number (MB): Registration number (MBS): Personal identification number (OIB): Company: ADRIS GRUPA d.d. ZIP Code and place: ROVINJ Street number: OBALA VLADIMIRA NAZORA 1 postmaster@adris.hr Internet address: Code and county/city name: 374 ROVINJ Code and district: Consolidated statements: 18 ISTARSKA Employee no.: 38 (at end of quarter) NO NACE Code: 7010 Consolidated companies (IFRS): Headquarters: MB: Contact person: g.vitomir Palinec Telefon: Telefaks: postmaster@adris.hr

7 Company: ADRIS GRUPA d.d. Position 1 ASSETS A) SUBSCRIBED CAPITAL UNPAID B) NON CURRENT ASSETS I. INTANGIBLE ASSETS (004 to 009) 1. Expenses for development 2. Concessions, patents, licences, brands and servicemarks, software and other rights 3. Goodwill 4. Advance payments for purchase of intangible assets 5. Intangible assets in progress 6. Other intangible assets II. TANGIBLE ASSETS (011 to 019) 1. Land 2. Buildings 3. Plants and machinery 4. Tools, plant inv. and means of transp. 5. Biological assets 6. Advance payments for tangible assets 7. Tangible assets in progress 8. Other tangible assets 9. Investment property III. LONG TERM FINANCIAL ASSETS (021 to 027) 1. Stakes (shares) in affiliates 2. Loans due from affiliated companies 3. Investments in associates 4. Loans to participating interest 5. Investment into marketable securities 6. Granted loans, deposits and alike 7. Other long term financial assets 8. Investment accounted by equity method IV. LONG TERM RECEIVABLES (029 to 031) 1. Receivables from affiliates 2. Accounts receivable - sales on credit 3. Other receivables V. DEFERRED TAX ASSETS C) CURRENT ASSETS ( ) I. INVENTORIES (035 to 041) 1. Raw material and supplies 2. Work in progress 3. Products 4. Merchandise 5. Prepayments for inventories 6. Other available-for-sale assets 7. Biological asset II. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (043 to 048) 1. Receivables from affiliates 2. Accounts receivable 3. Receivables from associates 4. Receivables from employees and member companies 5. Accounts due from the State and other institutions 6. Other receivables III. SHORT TERM FINANCIAL ASSETS (050 to 056) 1. Stakes (shares) in affiliates 2. Loans due from affiliated companies 3. Investments in associates 4. Loans to participating interest 5. Investment into marketable securities 6. Granted loans, deposits and alike 7. Other long term financial assets IV. CASH AND CASH EQUIVALENTS D) DEFERRED CHARGES AND CALCULATED INCOME E) TOTAL ASSETS ( ) F) PRO-MEM ITEMS Balance Sheet as at AOP Previous Current period note period

8 SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES A) SHAREHOLDERS' EQUITY AND RESERVES ( ) I. SHARE CAPITAL (SUBSCRIBED) II. CAPITAL RESERVES III. RESERVES FROM PROFIT ( ) 1. Legal reserves 2. Reserves for company's own shares 3.Company's own stocks and shares (withholding item) 4. Statutory reserves 5. Other reserves IV. REVALUATION RESERVES V. RETAINED EARNINGS / LOSS ( ) 1. Retained earnings 2. Accumulated loss VI. PROFIT / LOSS FOR THE FINANCIAL YEAR ( ) 1. Net gain 2. Net loss VII. NON CONTROLLING INTEREST B) PROVISIONS (080 to 082) 1. Provisions for pensions, severance payments and similar liabilities 2. Provisions for tax liabilities 3. Other provisions C) LONG TERM LIABILITIES (084 to 092) 1. Liabilities due to affiliates 2. Liabilities for loans, deposits and similar 3. Liabilities to banks and other financ. institutions 4. Liabilities for advance payments (long term) 5. Accounts payable 6. Liabilities for marketable securities 7. Liabilities due to associates 8. Other long term liabilities 9. Deferred tax liabilities D) SHORT TERM LIABILITIES (094 to 105) 1. Liabilities due to affiliates 2. Liabilities for loans, deposits and similar 3. Liabilities to banks and other financ. institutions 4. Liabilities for advance payments 5. Accounts payable 6. Liabilities for marketable securities 7. Liabilities due to associates 8. Liabilities to employees 9. Liabilities for taxes, contributions and similar expenses 10. Liabilities due to shareholders for dividends 11. Liabilities for long term assets available for sale 12. Other short term liabilities E) ACCRUALS AND DEFERRED ITEMS F) TOTAL SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES ( ) G) PRO-MEM ITEMS BALANCE SHEET SUPPLEMENT (to be completed by companies preparing consolidated financial statements) SHAREHOLDERS' EQUITY AND RESERVES 1. Assigned to parent company capital owners 2. Assigned to non controlling interest

9 Company: ADRIS GRUPA d.d. Position PROFIT AND LOSS ACCOUNT for period from to I. OPERATING REVENUES ( ) 1. Sales revenue 2. Other operating revenues II. OPERATING EXPENSES ( ) 1. Decrease / (Increase) in value of work in progress and finished goods 2. Material expenses (117 to 119) a) Raw material and material b) Cost of goods sold c) Other external costs 3. Employee expenses (121 to 123) a) Net salaries and wages b) Expenses for taxes and contributions from salaries c) Contributions on salaries 4. Depreciation and amortization 5. Other expenses 6. Impairment of assets ( ) a) non current assets (excluded financial assets) b) current assets (excluded financial assets) 7. Provisions 8. Other operating expenses III. FINANCIAL REVENUES (132 to 136) 1. Interest, foreign exchange gains, dividend income, and other similar income with related parties 2. Interest, foreign exchange gains, dividend income, and other similar income 3. Share of other comprehensive income of associates 4. Unrealised gains 5. Other financial revenues IV. FINANCIAL EXPENSES (138 to 141) 1. Interest, foreign exchange loss, and other expenses income with related parties 2. Interest, foreign exchange loss, and other similar expenses 3. Unrealised loss on financial assets 4. Other financial expenses V. SHARE IN GAIN FROM ASSOCIATES VI. SHARE IN LOSS FROM ASSOCIATES VII. EXTRAORDINARY REVENUES VIII. EXTRAORDINARY EXPENSES IX. TOTAL REVENUES ( ) X. TOTAL EXPENSES ( ) XI. PROFIT OR LOSS BEFORE TAX ( ) 1. Profit before tax ( ) 2. Loss before tax ( ) XII. INCOME TAX XIII. NET GAIN OR LOSS FOR PERIOD ( ) 1. Net gain ( ) 2. Net loss ( ) AOP note Previous year Current year Cumulative Quarter Cumulative Quarter

10 SUPPLEMENT (to be completed by companies preparing consolidated financial statements) XIV. NET GAIN OR LOSS FOR PERIOD 1. ATTRIBUTABLE TO OWNER OF THE PARENT 2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST STATEMENT OF COMPREHENSIVE INCOME/ LOSS (to be completed by companies preparing consolidated financial statements according to IFRS) I. NET GAIN OR LOSS FOR PERIOD (= 152) II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (159 to 165) Exchange differences from net investments of foreign operations 2. Changes in revaluation reserves from tangible and intangible assets 3. Gain or loss from revaluation of financial assets available for sale Gain or loss from cash flow hedges 5. Gain or loss from net investment hedge 6. Share of other comprehensive income/loss of associates 7. Actuarial gain/loss on post employment benefit obligations III. TAX ON OTHER COMPREHENSIVE INCOME IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR PERIOD ( ) V. TOTAL COMPREHENSIVE INCOME/ LOSS ( ) SUPPLEMENT (to be completed by companies preparing consolidated financial statements) VI. TOTAL COMPREHENSIVE INCOME/ LOSS FOR PERIOD 1. ATTRIBUTABLE TO OWNER OF THE PARENT 2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST

11 Company: ADRIS GRUPA d.d. STATEMENT OF CASH FLOWS - INDIRECT METHOD for period from to Position 1 CASH FLOWS FROM OPERATING ACTIVITIES 1. Profit before tax 2. Depreciation and amortization 3.Increase in short term liabilities 4. Decrease in short term receivables 5. Inventory decrease 6. Other increase in cash flow from operating activities I. Total increase in cash flow from operating activities (001 to 006) 1. Decrease in short term liabilities 2. Increase in short term receivables 3. Inventory increase 4. Other decrease in cash flow from operating activities II. Total decrease in cash flow from operating activities (008 to 011) A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES ( ) A2) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES ( ) CASH FLOWS FROM INVESTING ACTIVITIES 1. Proceeds from sale of PPE and intangible assets 2. Proceeds from sale of equity shares and securities 3. Interest received 4. Dividends received 5. Other proceeds from investing activities III. Total proceeds from investing activities (015 to 019) 1. Purchases of property, plant and equipment (PPE) and intangible assets (IA) 2. Purchases of available for sale financial assets 3. Other purchases of investment activities IV. Total purchases of investing activities (021 to 023) B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES ( ) B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES ( ) CASH FLOWS FROM FINANCING ACTIVITIES 1. Proceeds from issuance of ordinary shares and securities 2. Proceeds from borrowings 3. Other proceeds from financing activities V. Total proceeds from financing activities (027 to 029) 1. Repayments of borrowings 2. Dividends paid 3. Repayments of finance lease 4. Purchase of treasury shares 5. Other purchases of financing activities VI. Total purchase of financing activities (031 to 035) C1) NET INCREASE IN CASH FLOW FROM FINANCING ACTIVITIES ( ) C2) NET DECREASE IN CASH FLOW FROM FINANCING ACTIVITIES ( ) Total increase in cash flow ( ) Total decrease in cash flow ( ) Cash and cash equivalents at beginning of year Increase in cash and cash equivalents Decrease in cash and cash equivalents Cash and cash equivalents at end of year AOP note Previous period Current period

12 17b. Assigned to non controlling interest for period from to Share capital (subscribed) 2. Capital reserves 3. Reserves from profit 4. Retained earnings or accumulated deficit 5. Net gain or loss in current year 6. Revaluation of long term tangible assets 7. Revaluation of intangible assets 8. Revaluation of financial assets available for sale 9. Other revaluation 10.Total Capital and reseves (AOP 001 to 009) 11. Exchange differences from net investments of foreign operations 12. Current and deferred taxes (part) 13. Cash flow hedges 14. Changes in accounting policies 15. Adjustment of significant errors from previous period 16. Other equity alterations 17. Total increase or decrease of capital (AOP 011 to 016) 17a. Assigned to parent company capital owners STATEMENT OF CHANGES IN EQUITY Position AOP note Previous period Current period

13 APPENDIX 1. For period from: to Quarter financial statement Registration number (MB): Registration number (MBS): Personal identification number (OIB): Company: ADRIS GRUPA d.d. ZIP Code and place: ROVINJ Street number: OBALA VLADIMIRA NAZORA 1 postmaster@adris.hr Internet address: Code and county/city name: 374 ROVINJ Code and district: Consolidated statements: 18 ISTARSKA Employee no.: (at end of quarter) YES NACE Code: 7010 Consolidated companies (IFRS): Headquarters: MB: ADRIA RESORTS d.o.o.rovinj, OBALA VLADIMIRA NAZORA CROATIA osiguranj e d.d. ZAGREB, MIRAMARSKA ABILIA d.o.o.rovinj, OBALA VLADIMIRA NAZORA TVORNICA DUHANA ZAGREB d.d. ROVINJ, OBALA VLADIMIRA NAZORA Contact person: g.vitomir Palinec Telefon: Telefaks: postmaster@adris.hr

14 Company: ADRIS GRUPA d.d. Position 1 ASSETS A) SUBSCRIBED CAPITAL UNPAID B) NON CURRENT ASSETS ( ) I. INTANGIBLE ASSETS (004 to 009) 1. Expenses for development 2. Concessions, patents, licences, brands and servicemarks, software and other rights 3. Goodwill 4. Advance payments for purchase of intangible assets 5. Intangible assets in progress 6. Other intangible assets II. TANGIBLE ASSETS (011 to 019) 1. Land 2. Buildings 3. Plants and machinery 4. Tools, plant inv. and means of transp. 5. Biological assets 6. Advance payments for tangible assets 7. Tangible assets in progress 8. Other tangible assets 9. Investment property III. LONG TERM FINANCIAL ASSETS (021 to 027) 1. Stakes (shares) in affiliates 2. Loans due from affiliated companies 3. Investments in associates 4. Loans to participating interest 5. Investment into marketable securities 6. Granted loans, deposits and alike 7. Other long term financial assets 8. Investment accounted by equity method IV. LONG TERM RECEIVABLES (029 to 031) 1. Receivables from affiliates 2. Accounts receivable - sales on credit 3. Other receivables V. DEFERRED TAX ASSETS C) CURRENT ASSETS ( ) I. INVENTORIES (035 to 041) 1. Raw material and supplies 2. Work in progress 3. Products 4. Merchandise 5. Prepayments for inventories 6. Other available-for-sale assets 7. Biological asset II. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (043 to 048) 1. Receivables from affiliates 2. Accounts receivable 3. Receivables from associates 4. Receivables from employees and member companies 5. Accounts due from the State and other institutions 6. Other receivables III. SHORT TERM FINANCIAL ASSETS (050 to 056) 1. Stakes (shares) in affiliates 2. Loans due from affiliated companies 3. Investments in associates 4. Loans to participating interest 5. Investment into marketable securities 6. Granted loans, deposits and alike 7. Other long term financial assets IV. CASH AND CASH EQUIVALENTS D) DEFERRED CHARGES AND CALCULATED INCOME E) TOTAL ASSETS ( ) F) PRO-MEM ITEMS Balance Sheet as at AOP note Previous period Current period

15 SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES A) SHAREHOLDERS' EQUITY AND RESERVES ( ) I. SHARE CAPITAL (SUBSCRIBED) II. CAPITAL RESERVES III. RESERVES FROM PROFIT ( ) 1. Legal reserves 2. Reserves for company's own shares 3.Company's own stocks and shares (withholding item) 4. Statutory reserves 5. Other reserves IV. REVALUATION RESERVES V. RETAINED EARNINGS / LOSS ( ) 1. Retained earnings 2. Accumulated loss VI. PROFIT / LOSS FOR THE FINANCIAL YEAR ( ) 1. Net gain 2. Net loss VII. NON CONTROLLING INTEREST B) PROVISIONS (080 to 082) 1. Provisions for pensions, severance payments and similar liabilities 2. Provisions for tax liabilities 3. Other provisions C) LONG TERM LIABILITIES (084 to 092) 1. Liabilities due to affiliates 2. Liabilities for loans, deposits and similar 3. Liabilities to banks and other financ. institutions 4. Liabilities for advance payments (long term) 5. Accounts payable 6. Liabilities for marketable securities 7. Liabilities due to associates 8. Other long term liabilities 9. Deferred tax liabilities D) SHORT TERM LIABILITIES (094 to 105) 1. Liabilities due to affiliates 2. Liabilities for loans, deposits and similar 3. Liabilities to banks and other financ. institutions 4. Liabilities for advance payments 5. Accounts payable 6. Liabilities for marketable securities 7. Liabilities due to associates 8. Liabilities to employees 9. Liabilities for taxes, contributions and similar expenses 10. Liabilities arising from share in the result 11. Liabilities for long term assets available for sale 12. Other short term liabilities E) ACCRUALS AND DEFERRED ITEMS F) TOTAL SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES ( ) G) PRO-MEM ITEMS BALANCE SHEET SUPPLEMENT (to be completed by companies preparing consolidated financial statements) SHAREHOLDERS' EQUITY AND RESERVES 1. Assigned to parent company capital owners 2. Assigned to non controlling interest

16 Company: ADRIS GRUPA d.d. Position PROFIT AND LOSS ACCOUNT for period from to I. OPERATING REVENUES ( ) 1. Sales revenue 2. Other operating revenues II. OPERATING EXPENSES ( ) 1. Decrease / (Increase) in value of work in progress and finished goods 2. Material expenses (117 to 119) a) Raw material and material b) Cost of goods sold c) Other external costs 3. Employee expenses (121 to 123) a) Net salaries and wages b) Expenses for taxes and contributions from salaries c) Contributions on salaries 4. Depreciation and amortization 5. Other expenses 6. Impairment of assets ( ) a) non current assets (excluded financial assets) b) current assets (excluded financial assets) 7. Provisions 8. Other operating expenses III. FINANCIAL REVENUES (132 to 136) 1. Interest, foreign exchange gains, dividend income, and other similar income with related parties 2. Interest, foreign exchange gains, dividend income, and other similar income 3. Share of other comprehensive income of associates 4. Unrealised gains 5. Other financial revenues IV. FINANCIAL EXPENSES (138 to 141) 1. Interest, foreign exchange loss, and other expenses income with related parties 2. Interest, foreign exchange loss, and other similar expenses 3. Unrealised loss on financial assets 4. Other financial expenses V. SHARE IN GAIN FROM ASSOCIATES VI. SHARE IN LOSS FROM ASSOCIATES VII. EXTRAORDINARY REVENUES VIII. EXTRAORDINARY EXPENSES IX. TOTAL REVENUES ( ) X. TOTAL EXPENSES ( ) XI. PROFIT OR LOSS BEFORE TAX ( ) 1. Profit before tax ( ) 2. Loss before tax ( ) XII. INCOME TAX XIII. NET GAIN OR LOSS FOR PERIOD ( ) 1. Net gain ( ) 2. Net loss ( ) AOP note Previous year Current year Cumulative Quarter Cumulative Quarter

17 SUPPLEMENT (to be completed by companies preparing consolidated financial statements) XIV. NET GAIN OR LOSS FOR PERIOD 1. ATTRIBUTABLE TO OWNER OF THE PARENT ATTRIBUTABLE TO NOT CONTROLLING INTEREST STATEMENT OF COMPREHENSIVE INCOME/ LOSS (to be completed by companies preparing consolidated financial statements according to IFRS) I. NET GAIN OR LOSS FOR PERIOD (= 152) II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (159 to 165) 1. Exchange differences from net investments of foreign operations 2. Changes in revaluation reserves from tangible and intangible assets 3. Gain or loss from revaluation of financial assets available for sale 4. Gain or loss from cash flow hedges 5. Gain or loss from net investment hedge 6. Share of other comprehensive income/loss of associates 7. Actuarial gain/loss on post employment benefit obligations III. TAX ON OTHER COMPREHENSIVE INCOME IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR PERIOD ( ) V. TOTAL COMPREHENSIVE INCOME/ LOSS ( ) SUPPLEMENT (to be completed by companies preparing consolidated financial statements) VI. TOTAL COMPREHENSIVE INCOME/ LOSS FOR PERIOD 1. ATTRIBUTABLE TO OWNER OF THE PARENT 2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST

18 Company: ADRIS GRUPA d.d. STATEMENT OF CASH FLOWS - INDIRECT METHOD for period from to Position 1 CASH FLOWS FROM OPERATING ACTIVITIES 1. Profit before tax 2. Depreciation and amortization 3.Increase in short term liabilities 4. Decrease in short term receivables 5. Inventory decrease 6. Other increase in cash flow from operating activities I. Total increase in cash flow from operating activities (001 to 006) 1. Decrease in short term liabilities 2. Increase in short term receivables 3. Inventory increase 4. Other decrease in cash flow from operating activities II. Total decrease in cash flow from operating activities (008 to 011) A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES ( ) A2) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES ( ) CASH FLOWS FROM INVESTING ACTIVITIES 1. Proceeds from sale of PPE and intangible assets 2. Proceeds from sale of equity shares and securities 3. Interest received 4. Dividends received 5. Other proceeds from investing activities III. Total proceeds from investing activities (015 to 019) 1. Purchases of property, plant and equipment (PPE) and intangible assets (IA) 2. Purchases of available for sale financial assets 3. Other purchases of investment activities IV. Total purchases of investing activities (021 to 023) B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES ( ) B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES ( ) CASH FLOWS FROM FINANCING ACTIVITIES 1. Proceeds from issuance of ordinary shares and securities 2. Proceeds from borrowings 3. Other proceeds from financing activities V. Total proceeds from financing activities (027 to 029) 1. Repayments of borrowings 2. Dividends paid 3. Repayments of finance lease 4. Purchase of treasury shares 5. Other purchases of financing activities VI. Total purchase of financing activities (031 to 035) C1) NET INCREASE IN CASH FLOW FROM FINANCING ACTIVITIES ( ) C2) NET DECREASE IN CASH FLOW FROM FINANCING ACTIVITIES ( ) Total increase in cash flow ( ) Total decrease in cash flow ( ) Cash and cash equivalents at beginning of year Increase in cash and cash equivalents Decrease in cash and cash equivalents Cash and cash equivalents at end of year AOP note Previous period Current period

19 for period from to Position 1 1. Share capital (subscribed) 2. Capital reserves 3. Reserves from profit 4. Retained earnings or accumulated deficit 5. Net gain or loss in current year 6. Revaluation of long term tangible assets 7. Revaluation of intangible assets 8. Revaluation of financial assets available for sale 9. Other revaluation 10.Total Capital and reseves (AOP 001 to 009) 11. Exchange differences from net investments of foreign operations 12. Current and deferred taxes (part) 13. Cash flow hedges 14. Changes in accounting policies 15. Adjustment of significant errors from previous period 16. Other equity alterations 17. Total increase or decrease of capital (AOP 011 to 016) 17a. Assigned to parent company capital owners 17b. Assigned to non controlling interest STATEMENT OF CHANGES IN EQUITY AOP note Previous period Current period