Interim Activity Report Interim Condensed Consolidated Financial Statements MONBAT AD. 30 September 2017
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1 Interim Activity Report MONBAT AD
2 Contents Page Interim consolidated activity report - Interim condensed consolidated statement of financial position 1 Interim condensed consolidated income statement 3 Interim condensed consolidated statement of changes in equity 4 Interim condensed consolidated statement of cash flows 6 Notes to the interim condensed consolidated financial statements 7
3 1 Interim condensed consolidated statement of financial position Аssets Note 30 September 2017 BGN December 2016 BGN 000 Non-current assets Other intangible assets Property, plant and equipment Receivables from trade loans Goodwill Long-term financial assets 17 8 Non-current assets Current assets Inventories Trade receivables Related party receivables Receivables from trade loans Tax receivables Short-term financial assets Other receivables Cash and cash equivalents Current assets Total assets Prepared by: / Belnikolov and Partners OOD Henry Belnikolov Manager / Executive Director: /Atanas Bobokov/ Date: The accompanying notes on pages from 7 to 28 form an integral part of the interim condensed consolidated financial statements.
4 2 Interim condensed consolidated statement of financial position (continued) Equity and liabilities Note 30 September 2017 BGN December 2016 BGN 000 Equity Share capital Share premium General reserves Foreign currency translation reserve (1 953) (1 073) Retained earnings Equity attributable to the owners of the parent Non-controlling interests (6 366) (6 414) Total equity Liabilities Non-current liabilities Long-term borrowings Finance lease liabilities Long-term related party payables Long-term grants Deferred tax liabilities, net Non-current liabilities Current liabilities Guarantee provisions Pension and other employee obligations Short-term borrowings Finance lease liabilities Trade payables Short-term related party payables Tax liabilities Short -term grants Other liabilities Current liabilities Total liabilities Total equity and liabilities Prepared by: / Belnikolov and Partners OOD Henry Belnikolov Manager / Date: Executive Director: /Atanas Bobokov/ The accompanying notes on pages from 7 to 28 form an integral part of the interim condensed consolidated financial statements.
5 3 Interim condensed consolidated income statement Note 9 months to 30 September 2017 BGN months to 30 September 2016 BGN 000 Sales revenue Other revenue Cost of materials ( ) ( ) Hired services expenses (17 479) (15 892) Employee benefits expense (19 543) (16 560) Depreciation, amortization and impairment of non-financial assets 5,6 (10 487) (9 385) Cost of goods sold and other current assets (10 750) (5 898) Changes in finished goods and work in progress Other expenses (4 269) (3 716) Gain from sale of non-current assets 29 5 Gain from purchase of subsidiaries Operating profit Finance costs (3 123) (2 424) Finance income Other financial items 514 (448) Profit before tax Tax expense (2 554) (2 479) Profit for the period Profit for the period, attributable to: Non-controlling interests 48 (270) Owners of the parent Basic earnings per share Prepared by: Executive Director: / Belnikolov and Partners OOD /Atanas Bobokov/ Henry Belnikolov Manager / Date: The accompanying notes on pages from 7 to 28 form an integral part of the interim condensed consolidated financial statements.
6 Interim condensed consolidated statement of changes in equity 4 All amounts are presented in BGN 000 Share capital Share premium General reserves Foreign currency translation reserve Retained earnings Total attributable to owners of parent Noncontrolling interests Total equity Balance at 1 January (1 073) (6 414) Dividends (11 032) (11 032) - (11 032) Transactions with owners (11 032) (11 032) - (11 032) Profit for the period Currency translation differences from foreign operations (880) - (880) - (880) Other changes (178) (178) - (178) Total comprehensive income for the period (880) Balance at (1 953) (6 366) Prepared by: / Belnikolov and Partners OOD Henry Belnikolov Manager/ Date: Executive Director: /Atanas Bobokov/ The accompanying notes on pages from 7 to 28 form an integral part of the interim condensed consolidated financial statements.
7 5 Interim condensed consolidated statement of changes in equity All amounts are presented in BGN 000 Share capital Share premium General reserves Foreign currency translation reserve Retained earnings Total equity attributable to owners of the parent Noncontrollin g interests Balance at 1 January (712) (3 827) Dividends (10 920) (10 920) - (10 920) Transactions with owners (10 920) (10 920) - (10 920) Profit for the year (1 741) Other comprehensive income: Currency translation differences from foreign Total equity (361) - (361) - (361) operations Acquisition of non-controlling interest (846) (380) Total comprehensive income for the year (361) (2 587) Balance at 31 December (1 073) (6 414) Prepared by: Executive Director : / Belnikolov and Partners OOD /Atanas Bobokov/ Henry Belnikolov Manager / Date: The accompanying notes on pages from 7 to 28 form an integral part of the interim condensed consolidated financial statements.
8 Interim condensed consolidated statement of cash flows 6 Note 9 months to 30 September 2017 BGN months to 30 September 2016 BGN 000 Operating activities Cash receipts from customers Cash paid to suppliers ( ) ( ) Cash paid to and on behalf of employees (18 425) (15 108) Paid taxes (3 471) Other payments for operating activities (1 148) Net cash flow from operating activities (18 076) Investing activities Purchase/(sale) of property, plant and equipment,net (9 694) (23 424) Loans granted (6 713) (839) Loan repayments received Acquisition of subsidiaries and non-controlling interest (9) (606) Cash flow used in investing activities (16 416) (22 665) Financing activities Received borrowings Payments on borrowings (20 110) (19 967) Payments on finance leases (550) (551) Interest paid (2 343) (1 629) Dividends paid (5 402) (5 040) Other payments for financial activities (551) (620) Net cash flow from (used in) financing activities Net change in cash and cash equivalents (11 362) Cash and cash equivalents, beginning of year Losses on foreign currency translation (353) (562) Cash and cash equivalents, end of period Prepared by: Executive Director : / Belnikolov and Partners OOD /Atanas Bobokov/ Henry Belnikolov Manager / Date:
9 7 Notes to the interim condensed consolidated financial statements 1. Nature of operations The main activities of MonbatAD and its subsidiaries ( The Group ) include manufacturing, maintenance and realization of batteries; engineering and development activity; production and trade of equipment used in battery manufacturing; domestic and foreign trade and construction of commercial networks; specialized stores and representatives, recycling of lead and lead contain alloys. The parent company Monbat AD has the same principle activities. The company is registered as joint stock company in c.d. 4636/1999 SGS. The parent company s domicile, which is also its principal place of business, is on 32 A Cherni vrah buld., Sofia. The company is registered on the Bulgarian stock exchange on The principle place of the activity is town of Montana, 76 Industrialna str. The Group is managed through single-tier management system consisting of Board of Directors. The members of the Board of Directors are: 1. Atanas Stoilov Bobokov - chairman 2. Petar Nikolov Bozadjiev 3. Jordan Atanasov Karabinov 4. Plamen Stoilov Bobokov 5. Aleksandar Viktorov Chaushev 6. Nikolay Georgiev Trenchev 7. Stoyan Jivkov Stalev 8. Evelina Slavcheva 9. Florian Huth Executive director is Atanas Stoilov Bobokov. The ultimate owner of the group, is Prista Oil Group B.V., the Netherlands. 2. Basis for the preparation of the interim condensed consolidated financial statements These interim condensed consolidated financial statements as at have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information and disclosures required in full annual consolidated financial statements, and should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and approved by the European Union (EU).
10 8 The interim condensed consolidated financial statements are presented in Bulgarian Leva (BGN), which is also the functional currency of the Group. All amounts are presented in thousand Bulgarian leva (BGN 000) (including comparative information for 2016) unless otherwise stated. The interim condensed consolidated financial statements are prepared under the going concern principle. After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. Initial application of new amendments to the existing Standards and Interpretations effective for the current financial period The following new amendments to the existing standards and new interpretation issued by the International Accounting Standards Board (IASB) and adopted by the EU are effective for the current financial period: Amendments to various standards Improvements to IFRSs (cycle ) resulting from the annual improvement project of IFRS (IFRS 3, IFRS 13 and IAS 40) primarily with a view to removing inconsistencies and clarifying wording - adopted by the EU on December 18, 2014 (amendments are to be applied for annual periods beginning on or after January 1, 2015), IFRIC 21 Levies adopted by the EU on September 13, 2014 (effective for annual periods beginning on or after September 17, 2014). The adoption of these amendments to the existing standards and interpretation has not led to any material changes in the Company s financial statements. Amendments to the existing Standards issued by IASB and adopted by the EU but not yet effective At the date of authorisation of these financial statements the following amendments to the existing standards issued by IASB and adopted by the EU were in issue but not yet effective: Amendments to various standards Improvements to IFRSs (cycle ) resulting from the annual improvement project of IFRS (IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38) primarily with a view to removing inconsistencies and clarifying wording - adopted by the EU on December 17, 2014 (amendments are to be applied for annual periods beginning on or after February 1, 2015), Amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture - Agriculture: Bearer Plants - adopted by the EU on November 23, 2015 (effective for annual periods beginning on or after January 1, 2016), Amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets - Clarification of Acceptable Methods of Depreciation and Amortisation - adopted by the EU on December 2, 2015 (effective for annual periods beginning on or after January 1, 2016),
11 9 Amendments to IAS 19 Employee Benefits - Defined Benefit Plans: Employee Contributions - adopted by the EU on December 17, 2014 (effective for annual periods beginning on or after February 1, 2015), Amendments to IFRS 11 Joint Arrangements Accounting for Acquisitions of Interests in Joint Operations adopted by the EU on November 24, 2015 (effective for annual periods beginning on or after January 1, 2016). Amendments to IAS 1 Presentation of Financial Statements - Disclosure Initiative adopted by the EU on December 18, 2015 (effective for annual periods beginning on or after January 1, 2016), Amendments to IAS 27 Separate Financial Statements - Equity Method in Separate Financial Statements - adopted by the EU on December 18, 2015 (effective for annual periods beginning on or after January 1, 2016), Amendments to various standards Improvements to IFRSs (cycle ) resulting from the annual improvement project of IFRS (IFRS 5, IFRS 7, IAS 19 and IAS 34) primarily with a view to removing inconsistencies and clarifying wording - adopted by the EU on December 15, 2015 (amendments are to be applied for annual periods beginning on or after January 1, 2016). New Standards and amendments to the existing Standards issued by IASB but not yet adopted by the EU At present, IFRS as adopted by the EU do not significantly differ from regulations adopted by the IASB except from the following new standards and amendments to the existing standards, which were not endorsed for use in EU as at the date of approval of these consolidated financial statements: IFRS 9 Financial Instruments (effective for annual periods beginning on or after January 1, 2018); IFRS 14 Regulatory Deferral Accounts (effective for annual periods beginning on or after January 1, 2016) - the European Commission has decided not to launch the endorsement process of this interim standard and to wait for the final standard, IFRS 15 Revenue from Contracts with Customers and further amendments (effective for annual periods beginning on or after January 1, 2018), IFRS 16 Leases (effective for annual periods beginning on or after 1 January 2019), Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective for annual periods beginning on or after January 1, 2016), Amendments to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures - Investment Entities: Applying the Consolidation Exception (effective for annual periods beginning on or after January 1, 2016), The Group anticipates that the adoption of these standards, amendments to the existing standards and interpretations will have no material impact on the financial statements of the Group in the period of initial application
12 10 At the same time, hedge accounting regarding the portfolio of financial assets and liabilities, whose principles have not been adopted by the EU, is still unregulated. According to the Group s estimates, application of hedge accounting for the portfolio of financial assets or liabilities pursuant to IAS 39: Financial Instruments: Recognition and Measurement, would not significantly impact the financial statements, if applied as at the balance sheet date Estimates When preparing the interim consolidated financial statements management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual consolidated financial statements for the year ended 31 December Financial risk management The Group s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual consolidated financial statements; they should be read in conjuction with the annual consolidated financial statements as at 31 December There have been no changes in the risk management policies since year end. 3. Significant events and transactions during the reporting period At the end of 2016 and during the reporting period of 2017, there was a significant increase in the lead LME index compared to the average index for the comparative period. The increase in the index led to an increase in the sales prices of the batteries charged to the end customers of the Company and respectively a temporary drop in the realized volumes in 2017 compared to same period for The decrease in the realized volumes also accounted for the lower financial result for the period ending on compared to the financial result for the period ending on 30 September Despite the decrease in the sold volumes of lead-acid batteries, the Company's management believes that the Company is well positioned in the current economic circumstances. Factors contributing to the Company's strong position are: No significant decline in undertaking larger projects. Further, the Company has several long-term contracts with a number of its customers. The Company's major customers have not experienced financial difficulties. Credit quality of trade receivables as at is considered to be good. The lead LME index remained high throughout 2017, which led to the acceptance of the higher battery prices by the Company's customers. Expectations for battery sales for the
13 11 remainder of 2017 are positive and not lower than realized sales over the remaining comparable period for The decrease in the realized results in Monbat AD, caused by the decrease in the volumes of the sold lead-acid batteries, was fully compensated on Group level by realized gross profit from the sale of lead and lead alloys. In the beginning of June 2017, the Group acquired Monbat Holding Gmbh. The value of the deal amounted to EUR 27.5 thousand. In June 2017, two new companies - EAS Batteries Gmbh and Monbat New Power Gmbh were acquired by Monbat Holding Gmbh. The purchase consideration paid for each of the acquired companies was EUR 27.5 thousand. Prior to the date of the acquistions, the three newly acquired companies have had limited operating activities. On July 31, 2017, EAS Batteries Gmbh and Monbat New Power Gmbh acquired part of the net assets and existing contractual relationships as part of insolvency proceedings, including the knowhow and technological knowledge and processes of the companies in liquidation GAIA Akkumulatorenwerke Gmbh and EAS Germany Gmbh. Both companies were focused in the production and sale of lithium - ion batteries prior to the insolvency procedures. In these interim condensed consolidated financial statements, the acquisitions of the net assets conducted by EAS Batteries Gmbh and Monbat New Power Gmbh are treated as a business combination within the meaning of IFRS 3 Business Combinations. Both acquisitions are treated as one business combination from the Group's perspective for the purpose of calculating the effect of acquisitions. Acquisitions effect: Purchase consideration: 000 лв. EAS Batteries Gmbh Monbat New Power Gmbh Total Purchase Consideration Paid Fair Value of the acquired net assets 000 лв. Inventory Property, plant and equipment Other intangible Assets 10 Trade advances Monbat AD (941)
14 12 Personnel liabilities (241) Total Net Assets Gain on purchase of subsidiaries: 000 лв. Fair value of the acquired net assets Total Purchase Consideration Paid (3 403) Gain on purchase of subsidiaries The management of the Group has used certain assumptions to determine the fair value of the acquired property, plant and equipment and inventories. In September Monbat AD restructured its involvement in the capital of Octa Light Bulgaria AD subsequently transformed to Octa Light Bulgaria EAD) by transferring 2,346,000 shares to Octagon International EOOD. In September Monbat AD acquired 49% of the capital of Octagon International EOOD (subsequently transformed into Octagon International OOD). With a cession contract and a contract for substitution in debt concluded between Monbat AD, Octa Light Bulgaria AD and Octagon International EOOD, the liabilities of Octa Light Bulgaria AD towards Monbat AD were transferred to Octagon International EOOD. In this regard, and in connection with share transfer contracts, the total net effect of Octagon International's remaining unimpaired liability to the Group is presented in note 13. The management of the Group assesses that the Group continues to control the company Octa Light Bulgaria EAD as the current management structure of Octa Light Bulgaria EAD, the composition of the Board of Directors of the later and the excercised Group Financial Policy give the Group the power to direct the relevant activities of the company. The Group continues to be exposed to variable returns from its involvement with the subsidiary and the Group continues to exercise its power to affect those returns. In these interim condensed consolidated financial statements, the accounting treatment of the financial transactions described above does not have an effect on the interim condensed consolidated income statement. In these interim condensed consolidated financial statements, the management of the Group has used the equity method of accounting to account for the Group s investment in Octagon International OOD. 4. Segment reporting No change has occurred in the basis of segment reporting or determining the profit or loss of the segments as compared to the prior period consolidated financial statements. Segment information for the reporting periods under review can be analyzed as follows:
15 13 9 months ended 30 September 2017 Bulgaria Serbia Romania Nigeria Germany Total 000 BGN 000 BGN BGN BGN 000 лв. 000 лв. Revenue: - from external customers intersegment transactions Segment revenues months ended 30 September 2016 Bulgaria Serbia Romania Nigeria Total 000 BGN 000 BGN BGN BGN 000 лв. Revenue: - from external customers intersegment transactions Segment revenues Assets September 2017 BGN 000 Total segment assets Consolidation ( ) Group assets Liabilities September 2017 BGN 000 Total segment liabilities Consolidation ( ) Group liabilities
16 Assets 14 December 2016 BGN 000 Total segment assets Consolidation ( ) Group assets Liabilities December 2016 BGN 000 Total segment liabilities Consolidation ( ) Group liabilities The total of segment profit/loss reconciles to the Group's profit before tax expense as presented in its interim condensed consolidated financial statements as follows: 9 months to 30 September months to 30 September 2016 BGN 000 BGN 000 Profit Total segment profit Elimination from intersegment profits from related party transactions (420) (515) Group operating profit Finance costs (3 123) (2 424) Finance income Other financial items 514 (448) Group profit before tax
17 15 5. Other intangible assets The Group's other intangible assets comprise software, trade marks and other intangible assets. The carrying amounts for the reporting periods under review can be analyzed as follows: 9 months to Software Trade marks Other assets R&D expences Total BGN 000 BGN 000 BGN лв. BGN 000 Gross carrying amount Balance at 1 January Additions, separately acquired Balance at Amortization Balance at 1 January 2017 (461) (1 169) (34) (111) (1 775) Amortization (24) (40) (17) (82) (163) Balance at (485) (1 209) (51) (193) (1 938) Carrying amount at 30 September For the year ended 31 December 2016 Software Trade marks Other R&D expences Total BGN 000 BGN 000 BGN 000 BGN 000 лв. BGN 000 Carrying amount Balance at 1 January Additions Balance at 31 December Amortization Balance at 1 January 2016 (410) (1 126) (21) (73) (1 630) Amortization (51) (43) (13) (38) (145) Balance at 31 December 2016 (461) (1 169) (34) (111) (1 775) Carrying amount at 31 December
18 16 6. Property, plant and equipment Group's property, plant and equipment comprise lands, buildings, machinery, equipment, vehicles, business inventory and cost of acquisition. The carrying amount can be analyzed as follows: 9 months to 30 September 2017 Lands Buildings Machinery Equipment Vehicles Business inventory Asset acquisition expenses BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 Gross carrying amount Balance at 1 January Additions Disposals (200) (300) (172) (18) (1 179) - (1 063) (2 932) Assets transfer (9 407) - Balance at 30 September Depreciation Balance at 1 January (12 029) (73 074) (8 895) (6 945) (3 921) - ( ) Depreciation (1 381) (6 921) (1 214) (594) (214) - (10 324) Written-off depreciation Balance at 30 September (13 408) (79 935) (10 109) (6 567) (4 135) - ( ) Carrying amount at 30 September Total
19 17 Lands Buildings Machinery Equipment Vehicles Business inventory Assets under construction BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 BGN 000 Gross carrying amount Balance at 1 January Additions Disposals (231) (204) (65) (46) (325) - (903) (1 774) Assets transfer (19 144) - Balance at 31 December Depreciation Balance at 1 January (10 259) (64 724) (7 531) (6 255) (3 618) - (92 387) Depreciation (1 780) (8 372) (1 368) (854) (303) - (12 677) Disposals Balance at 31 December (12 029) (73 074) (8 895) (6 945) (3 921) - ( ) Total Carrying amount at 31 December
20 18 7. Seasonality and cycles of the interim operations The demand of accumulator batteries is not a subject to significant seasonal changes. However, practice shows that the demand reaches its peak values in autumn and winter. 8. Share capital The registered share capital of the Group consists of ordinary shares with a nominal value of BGN 1 per share. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Group. As at the Group has redeemed ordinary own shares, which are presented as a decrease in the shared capital. The issued and authorized shares for reporting periods can be presented as follows: September December BGN BGN Number of shares issued and fully paid, - beginning of the period Number of shares issued and fully paid Total number of shares authorized at the end of the period The list of the principal shareholders of the Group is as follows: 30 September 30 September 31 December 31 December Number of shares % Number of shares % Prista Oil Holding EAD PRISTA HOLDCO COOPERATIEF U.A Monbat Trading OOD UPF Doverie ZUPF Alianz Bulgaria Other natural persons and entities Buyback of own shares from natural persons and entities (10 946) (0.03) (10 946) (0.03)
21 19 9. Borrowings Borrowings include the following financial liabilities: Current Non-current September December September December BGN 000 BGN 000 BGN 000 BGN 000 Financial liabilities measured at amortized cost: Other bank loans Total carrying amount Borrowings at amortized cost Details of the contracts for banking loans: 1. Rajfaizenbank EAD Contract dated , Annex 2/ Maturity date: (limit A), (limit B) Amount borrowed: EUR Type of credit: Investment loan Interest: 1-month EURIBOR + fixed mark-up Collateral: First rank collateral of assets including Engitec line, owned by Monbat Recysling and first rank conventional mortgage of own real estate, owned by Monbat Pledge of fixed assets owned by Monbat AD First rank pledge agreement for Monbat s receivables from the third parties. Utilized amount as of at the amount of EUR or BGN Rajfaizenbank EAD Contract dated , Maturity date: Amount borrowed: EUR Type of credit: Revolving loan Interest: 1-month EURIBOR + fixed mark-up Collateral: Rank collateral of mortgage of own real estate, cadaster , cadaster , cadaster , together with bildings on it, on the teritory of Montana str. Indystrialna. With anex N 4/ г. the amount of the loan was been increased to EUR : With anex m г. the amount of the loan was been increased to EUR : Maturity date: г. First rank pledge agreement for Monbat s receivables from the third parties. Pledge of fixed assets owned by Monbat AD Utilized amount as of at the amount of EUR or BGN Eurobank Bulgaria AD Contract 339/ Maturity date: Amount borrowed: EUR Type of credit: Credit line
22 20 Interest: 3-month EURIBOR + fixed mark-up Collateral: Pledge, registered in the Special Pledge Registry Utilized amount as of at the amount of EUR 0 or BGN 0. There is annex from and the loan is transfered from EUR in BGN Maturity date: Amount borrowed: BGN Type of credit: Credit line Interest: 3 M Sofibor + + fixed mark-up Collateral:: Pledge of assets and inventories owned by Monbat AD With annex from and the amount of the loan was been increased to BGN Maturity date: Utilized amount as of at the amount of BGN Eurobank Bulgaria AD Contract / Maturity date: Amount borrowed: EUR Type of credit: Working capital Interest: 3-month EURIBOR + fixed mark-up Collateral: Real estate 1: ½ ideal part of land with identification N on the cadastral map of Montana, buildings and factories, warehouse currently owned by Monbat AD, approved with Directive RD / of the executive director of AK. Real estate 2: ½ ideal part of land with identification N on the cadastral map of Montana, buildings and factories, warehouse currently owned by Monbat AD, approved with Directive RD / of the executive director of AK. Pledges: Pledge 1: Machines, installations and vehicles, located in the factory of Monbat AD in Montana, 72 Industrial str. Pledge 2: Vehicle weighing machine and security room with an area of 102 sq.m., according to documentary evidence and inventory number Pledge 3: Unloading area, with an area of 1980 sq.m., according to documentary evidence and property inventory number Utilized amount as of at the amount of EUR 0 or BGN 0. There is annex from and the loan is transfered from EUR in BGN Maturity date: Amount borrowed: BGN Type of credit: Credit line Interest: 3 M Sofibor + + fixed mark-up Collateral:: Pledge of assets and inventories owned by Monbat AD Utilized amount as of at the amount of BGN HYPO NOE Gruppe Bank AG Contract from Maturity date: Amount borrowed: EUR Type of credit: Investment loan Interest: 3 M EURIBOR + fixed mark-up Collateral: Pledge agreement for all Monbat s shares of Monbat Recycling EAD
23 21 Utilized amount as of at the amount of EUR or BGN DSC Bank EAD Contract. 1675/ Maturity date: Amount borrowed: EUR Type of credit: For working capital Interest: 3 M EURIBOR + fixed mark-up Collateral: Pledge agreement for materials Utilized amount as of at the amount of EUR or BGN DSC Bank EAD Contract. 1674/ Maturity date: Amount borrowed: BGN Type of credit: For working capital Interest: 1 M EURIBOR + fixed mark-up Collateral: Pledge agreement for materials Utilized amount as of at the amount of BGN Rajfaizenbank EAD Contract. Of Maturity date: Amount borrowed: EUR Type of credit: For working capital Interest: 1 M SOFIBOR + fixed mark-up Collateral: No collateral Utilized amount as of at the amount of BGN HYPO NOE Gruppe Bank AG Contract. Of Maturity date: Amount borrowed: EUR Type of credit: For working capital Interest: 6 M EURIBOR + fixed mark-up Collateral: Second pledge agreement for Monbat s shares of Monbat Recycling EAD Utilized amount as of at the amount of EUR or BGN BACB AD Contract. Of Maturity date: Amount borrowed: BGN Type of credit: For working capital Interest: 3 M SOFIBOR + fixed mark-up Collateral: First pledge agreement for Monbat s receivables from the third parties. Utilized amount as of at the amount of BGN Bank credit card accounts with credit limits BGN and utilized amounts as of at the amount of BGN 0
24 CIBank EAD Contract 1317/ Maturity date: Amount borrowed: EUR Type of credit:: working capital Interest: 3-month EURIBOR + fixed mark-up Collateral: Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Special pledge on plant and equipment Special pledge on receivables in CiBank Balance as at at the amount of EUR or BGN CIBank EAD Contract 1318/ Maturity date: Amount borrowed: EUR Type of credit:: working capital Interest: 3-month EURIBOR + fixed mark-up Collateral: Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Land with ident. N , including the buildings on it. Special pledge on plant and equipment Special pledge on receivables in CiBank Balance as at at the amount of EUR or BGN Credi Agricole Bank Romania S.A. Contract N 019/21/2011 Maturity date: Amount borrowed: EUR Type of credit: Credit line Interest rate and commission: 3 М EURIBOR + fixed mark-up Collaterals: Corporate guarantee on the name of Monbat AD, as well as reprocessing equipment for the recycling of wastage accumulator batteries rotational furnace, boiler Balance as at at the amount of EUR or BGN Rajfaizenbank EAD Contract dated Maturity date: Amount borrowed: EUR Type of credit: Credit line Interest rate and commission: 1 М EURIBOR + fixed mark-up Collaterals: Special pledge on plant and equipment situated in Montana Balance as at at the amount of EUR or BGN Rajfaizenbank EAD Contract dated Maturity date:
25 23 Amount borrowed: EUR Type of credit: Credit line Interest rate and commission: 1 М EURIBOR + fixed mark-up Collaterals: : First pledge of receivables First rank collateral of assets including Engitec line, owned by Monbat Recysling First pledge of materials Balance as at at the amount of EUR or BGN Pireos Bank Contract N 196/2016 Maturity date: Amount borrowed: EUR Type of credit: Credit line Interest rate and commission: 3 М EURIBOR + fixed mark-up Repayment schedule: Currently paid depending on the available cash and cash equivalents. With anex г. the amount of the loan was been increased to EUR : Maturity date: Collaterals: : First pledge of receivables from third parties. Balance as at at the amount of EUR or BGN Investbank AD Contract N FC1554/2015 Maturity date: г. Amount borrowed: EUR. Type of credit : Investment loan Interest rate and commission3 М EURIBOR + fixed mark-up Repayment schedule: On 79 monthly payments Collaterals: Second pledge on real estate situated in Godech. Second rank collateral of machinery and equipment owned by IBT. First rank collateral of receivables and proceeds in Investbank account. Balance as at EUR or BGN Rajfaizenbank EAD Contract dated Maturity date: Amount borrowed: EUR Type of credit: Credit line Interest rate and commission: 1 М SOFIBOR + fixed mark-up Collaterals: Special pledge on tehnological equipment for producing of LED by Octa Light Bulgaria AD. Special pledge on receivables. Guarantee from Monbat Recycling EAD and Octagon international. Balance as at BGN Rajfaizenbank EAD Contract N 1/ Maturity date: Amount borrowed: BGN Type of credit: Credit line Interest rate and commission: 1 М SOFIOR + fixed mark-up
26 24 Collaterals: Special pledge on tehnological equipment for producing of LED by Octa Light Bulgaria AD. Special pledge on receivables. Guarantee from Monbat Recycling EAD and Octagon international. Balance as at BGN Rajfaizenbank EAD Contract N 2/ Maturity date: Amount borrowed: BGN Type of credit: Credit line Interest rate and commission: 1 М SOFIBOR + fixed mark-up Collaterals: Special pledge on tehnological equipment for producing of LED by Octa Light Bulgaria AD. Special pledge on receivables. Guarantee from Monbat Recycling EAD and Octagon international. Balance as at BGN Income tax expense Income tax expense is recognized based on management s best estimate of the annual income tax rate expected for the full financial year. The estimated annual tax rate for income tax for 2017 and 2016 is 10%. 11. Earnings per share and dividents Earnings per share Basic earnings per share have been calculated using the profit attributed to the shareholders of the Group as the numerator. The weighted average number of outstanding shares used for basic earnings per share as well as profit attributable to shareholders is as follows: 30 September 30 September BGN BGN Profit attributable to the shareholders (BGN) Weighted average number of outstanding shares Basic earnings per share (BGN per share) Dividends At the General meeting of the shareholders, held on , a decision was made to distribute dividends in the amount of BGN , which is a part of the income for 2016.
27 25 Untill the Company has paid dividends at the amount of BGN At the General meeting of the shareholders, held on , a decision was made to distribute dividends in the amount of BGN , which is a part of the income for Untill 31 December 2016 the Company has paid dividends at the amount of BGN Related parties transactions The Group's related parties include its owners, subsidiaries, companies under common control, key management and others as described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received Transactions with owners Purchases of goods and services - purchases of raw materials from Prista oil Holding EAD 30 September 30 September BGN 000 BGN 000 (21) (20) - purchases of services from Prista oil Holding EAD (5) (1) - purchases of other from Prista oil Holding EAD (6) (6) - purchases of assets from Prista oil Holding EAD - (30) - purchases of nomaterial assets from Prista oil Holding (1) (2) EAD - purchases of services from Monbat Trading OOD (580) (188) (613) (247) Sale of goods and services - sale of goods to Prista oil Holding EAD sale of other to Prista oil Holding EAD sale of services to Monbat Trading OOD Other - dividends paid to Monbat Trading OOD - (244) - interest on loan granted to Prista Oil Holding EAD Transactions with other related parties under common control 30 September 30 September BGN 000 BGN 000 Sale of assets - sale of assets to IBT sale of production to IBT
28 26 Purchases of goods and services - purchases of raw materials from PCHMV (13) (8) - purchases of services from PCHMV (9) (26) - purchases of services from Kom EOOD (17) (12) - purchases of raw materials from Kom EOOD (1) (1) - purchases of assets from IBT (356) (91) - purchases of services from IBT (18) - - purchases of services from Octa Lait EOOD - (1) (414) (139) Other transactions - interest accrued PCMV Transactions with key management personnel Key management personnel of the Group include members of the Management board and Supervisory board. Key management personnel remuneration includes the following expenses: 30 September 30 September BGN 000 BGN 000 Short-term employee benefits: -Salaries Social security costs Company cars Total short-term employee benefits Total employee benefits Related parties balances 30 September 31 December BGN 000 BGN 000 Current Receivables from: - Prista oil Holding EAD loan Prista oil Holding EAD trade receivables Atanas Bobokov - loan Prista oil Holding EAD interest IBT loan IBT trade receivables IBT interests Agencia Apecs trade receivables 20 20
29 27 - KOM interests KOM loan Georgi Trenchev - loans Octagon International loans, net Octagon International - interests Monbat Trading OOD - trade receivables 5 2 -Monbat End Prodject- loan Monbat End Prodject- interests 9 2 -Florian Huit-loans Total current receivables Total receivables from related parties Non current Payables to: - Ecobat AD dividends Bat AD dividends 1 1 Total noncurrent payables to related parties 7 7 Current Payables to: - Monbat Trading OOD - dividents Prista Oil Holding EAD - trade payables PCMV - trade payables Kom EOOD- trade payables Prista oil Romania-trade payables IBT trade receivables Torlashka sreshta EOOD trade receivables Prista Oil Holding EAD - dividents Total current payables to related parties Total payables to related parties Post - reporting date events No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorization. 15. Authorization of the interim condensed consolidated financial statements The interim condensed consolidated financial statements as of (including comparatives) were approved for issue by the managing board on 29 November 2017.
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