FINANCIAL STATEMENT FOR THE FIRST QUARTER OF 2013
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1 FINANCIAL STATEMENT FOR THE FIRST QUARTER OF 2013 Gornji Milanovac,
2 Pursuant to the Art. 53 of the Law on the Capital Market (Official Gazette of the Republic of Serbia No. 31/2011) and to the Art. 4 of the Guidelines on the Prescribed Form, Content and Presentation of Annual, Six-Monthly and Qarterly Financial Statements of Public Companies (Official Gazette of the Republic of Serbia No. 13/2012), Metalac a.d. from Gornji Milanovac, company number , presents FINANCIAL STATEMENT FOR THE FIRST QARTER OF 2013 CONTENTS: 1. FINANCIAL STATEMENTS OF METALAC A.D. FOR THE FIRST QUARTER OF THE YEAR 2012 including: Balance Sheet, Income Statement, Statement of Changes in Equity, Cash Flow Statement, Notes to the Financial Statements. 2. QUARTERLY REPORT OF THE COMPANY 3. DECLARATION OF THE PERSONS RESPONSIBLE FOR THE PREPARATION OF THE STATEMENT 4. APPROVAL OF THE STATEMENT BY THE COMPANY'S MANAGEMENT
3 COMPANY INFORMATION Period of the Statement: from to Quarterly Financial Statement for Companies GFI-PD Company Name: Мetalac Share Company Company Code Number: Postal Code and City: Gornji Milanovac Address: Кneza Aleksandra web-site: Consolidate/Seaparate: Separate Approved (Yes/No): Yes Subsidiaries of the Consolidation Subject:* Address: Company Number: Contact Person: Biljana Cvetic (idicate only first and last name of the contact person) Phone: 032/ Fax: 032/ First and Last Name: Petrasin Jakovljevic (person representing the company)
4 1. FINANCIAL STATEMENTS OF METALAC A.D. FOR THE FIRST QUARTER OF THE YEAR 2013 including: Balance Sheet, Income Statement, Statement of Changes in Equity, Cash Flow Statement, Notes to the Financial Statements.
5 BALANCE SHEET (SUMMARY) As at 31st March 2013 () ASSETS Non-current assets 31st March 31st December Intangible assets Property, plant and equipment Investment property Long-term financial placements Current assets Inventories Accounts receivable Receivables for prepaid income tax Cash and cash equivalents Value added tax and prepayments Total assets LIABILITIES Capital Share capital Оther capital Share premium Reserves Retained earnings Long-term liabilities and provisions Long-term provisions Long-term borrowings Short-term liabilities Accounts payable Other short-term liabilities Value added tax and other duties payable and accruals Deferred tax liabilities Total equity and liabilities Off-balance-sheet items
6 INCOME STATEMENT (SUMMARY) As from 1st January to 31st March () OPERATING INCOME Sales revenues Other operating income OPERATING EXPENSES Cost of goods sold (1.732) (1.249) Materials, fuel and energy (66.644) (62.441) Staff costs (54.299) (39.374) Depreciation, amortization and provisions (26.186) (25.377) Other operating expenses (26.275) (28.595) ( ) ( ) OPERATING PROFIT Finance income Finance expenses (734) (22.955) Other income Other expenses (9.800) (65) (2.516) PROFIT FROM OPERATIONS BEFORE TAXATION NET PROFIT Basic earnings per share (in RSD) 27,64 14,37
7 CASH FLOW STATEMENT (SUMMARY) As from 1st January to 31st March () CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Other cash receipts from operations Cash paid to suppliers ( ) ( ) Cash paid to and on behalf of employees (52.736) (40.087) Interest paid (195) (630) Income taxes paid (4.484) (2.219) Other public duties payable (23.456) (19.517) Net cash provided by operating activities (64.211) CASH FLOWS FROM INVESTING ACTIVITIES Sale of shares and equity investments (net inflows) Interest received Dividend received Purchase of shares and equity investments (net outflows) Purchase of intangible assets, property and equipment (11.878) (38.296) Other financial placements (net outflows) Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Long-term borrowings, net (outflows)/inflows (3.986) (20.026) Cash used to pay dividends and bonuses (37.404) Net cash used in financing activities (3.986) (57.430) Net cash increase/(decrease) Cash and cash equivalents at beginning of year Foreign exchange gains losses on translation of cash Cash and cash equivalents at end of period
8 METALAC A.D., GORNJI MILANOVAC STATEMENT OF CHANGES IN EQUITY (SUMMARY) As from 1st January to 31st March, 2013 () Share Capital Other Capital Share Premium Reserves Unrealized Gains on Securities Retained Earnings Total Balance at January 1, Unrealized gains on securities (1.369) - (1.369) Profit distribution to management and employees (80.000) (80.000) Dividends paid ( ) ( ) Net profit for the year Balance at December 31, Balance at January 1, Unrealized gains on securities Profit distribution to management and employees Dividends paid Net profit for the year Balance at March 31,
9 METALAC A.D., GORNJI MILANOVAC METALAC A.D., GORNJI MILANOVAC NOTES TO THE FINANCIAL STATEMENTS for the period from January 1 to March 31,
10 METALAC A.D., GORNJI MILANOVAC INCOME STATEMENT As from 1st January to 31st March () Note OPERATING INCOME Sales revenues Other operating income OPERATING EXPENSES Cost of goods sold (1.732) (1.249) Materials, fuel and energy 7 (66.644) (62.441) Staff costs 8 (54.299) (39.374) Depreciation, amortization and provisions 16,25 (26.186) (25.377) Other operating expenses 9 (26.275) (28.595) ( ) ( ) OPERATING PROFIT Finance income Finance expenses 11 (734) (22.955) Other income Other expenses (9.800) (65) (2.516) PROFIT FROM OPERATIONS BEFORE TAXATION NET PROFIT Basic earnings per share (in RSD) 12 27,64 14,37 The accompanying notes on the following pages are an integral part of these financial statements. 15
11 METALAC A.D., GORNJI MILANOVAC BALANCE SHEET As at 31st March 2013 () 31st 31st March December Note ASSETS Non-current assets Intangible assets Property, plant and equipment Investment property Long-term financial placements 14, Current assets Inventories Accounts receivable Receivables for prepaid income tax Cash and cash equivalents Value added tax and prepayments Total assets LIABILITIES Capital Share capital Оther capital Share premium Reserves Retained earnings Long-term liabilities and provisions Long-term provisions Long-term borrowings Short-term liabilities Accounts payable Other short-term liabilities Value added tax and other duties payable and accruals Deferred tax liabilities Total equity and liabilities Off-balance-sheet items The accompanying notes on the following pages are an integral part of these financial statements. 16
12 METALAC A.D., GORNJI MILANOVAC STATEMENT OF CHANGES IN EQUITY As from 1st January to 31st June, 2013 () Share Capital Other Capital Share Premium Reserves Unrealized Gains on Securities Retained Earnings Total Balance at January 1, Unrealized gains on securities (1.369) - (1.369) Profit distribution to management and employees (80.000) (80.000) Dividends paid ( ) ( ) Net profit for the year Balance at December 31, Balance at January 1, Unrealized gains on securities Profit distribution to management and employees Dividends paid Net profit for the year Balance at June 30, The accompanying notes on the following pages are an integral part of these financial statements. 17
13 METALAC A.D., GORNJI MILANOVAC CASH FLOW STATEMENT As from 1st January to 31st March () CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Other cash receipts from operations Cash paid to suppliers ( ) ( ) Cash paid to and on behalf of employees (52.736) (40.087) Interest paid (195) (630) Income taxes paid (4.484) (2.219) Other public duties payable (23.456) (19.517) Net cash provided by operating activities (64.211) CASH FLOWS FROM INVESTING ACTIVITIES Sale of shares and equity investments (net inflows) Interest received Dividend received Purchase of shares and equity investments (net outflows) Purchase of intangible assets, property and equipment (11.878) (38.296) Other financial placements (net outflows) Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Long-term borrowings, net (outflows)/inflows (3.986) (20.026) Cash used to pay dividends and bonuses (37.404) Net cash used in financing activities (3.986) (57.430) Net cash increase/(decrease) Cash and cash equivalents at beginning of year Foreign exchange gains losses on translation of cash Cash and cash equivalents at end of period The accompanying notes on the following pages are an integral part of these financial statements. 18
14 1. FOUNDATION AND ACTIVITY Metalac a.d., Gornji Milanovac (the Company ) was initially established in 1959 as a socially-owned enterprise. On December 8, 1990, based on the Labor Council s decision, the Company was transformed into a mixed-ownership shareholding company, and its capital was increased by means of a share offering to its employees. On July 27, 1998, the Company fulfilled all of the legal and statutory requirements of the Ownership Transformation Act that outlined and governed its privatization. During 2003, further ownership transformation was executed whereby the Company s entire socially-owned capital was fully privatized whereas during 2004 the Company performed a second issue of ordinary shares. During December 2005, the Company underwent reorganization and established six business entities entirely in the Company s ownership and, ever since 2006, the Company has operated as a decentralized company, which in its scope of business retains holding activities management and finances, and it also temporarily retains the rights to render services in connection with the transport, restaurant, protection, safety and the factory area maintenance. Other activities, being the primary activities from the prior scope of business, have been transferred to the newly founded enterprises: Metalac Posudje doo, Gornji Milanovac, Metalac Inko doo, Gornji Milanovac, Metalac Market doo, Gornji Milanovac, Metalac Bojler doo, Gornji Milanovac, Metalac Print doo, Gornji Milanovac, Metalac Trade doo, Gornji Milanovac. Moreover, the most part of the property, plant and equipment that are owned by the Company, are rented to the newly founded subsidiaries. The transfer of business operations to the newly founded subsidiaries is followed by the transfer of the biggest portion of employees who were distributed into and employed by these new subsidiaries beginning January The head office of the Company is in Gornji Milanovac, 212 Knez Aleksandar Street. Company's identification number : , and the tax identification number is As of March 31, 2012 the Company employed 175 people (2013: 177 employees) 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS AND ACCOUNTING METHOD In the preparation amd presentation of the accompanying financial statements as at March 31, 2013 the Company adhered to the accounting method compying to the basis of preparation and presentation of the financial statements and accounting method used for preparation of the annuam financial statements per December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies used for preparation of the six-month financial statements as at March 31, 2013 are the accounting policies used for preparation of the annual financial statement per December 31, SUMMARY OF SIGNIFICANT ACCOUNTING ESTIMATES The presentation of the financial statements requires the Company s management to make best estimates and reasonable assumptions that influence the assets and liabilities amounts, as well as the disclosure of contingent liabilities and receivables as of the financial statements preparation date, and income and expenses arising during the accounting period. These estimations and assumptions are based on information available at the financial statements preparation date, March 31,
15 5. SALES INCOME March 31 Related parties Domestic market Service income Sales of commercial goods 71 - Sales of products Domestic market Sales of products Sales of commercial goods Foreign market Service income ОТHER OPERATING INCOME March Rental income - related parties оther parties Оther income from related parties Оther income from other parties Оther operating income presented per March 31, 2013 in the amount of , represent the income from related parties based on forwarded costs of electricity, gas, and public utilities. 20
16 7. COST OF MATERIALS March Cost of production materials Cost of other materials Cost of fuel Cost of energy STAFF COSTS March Gross salaries and benefits Contributions paid by the employer Business trip per diems Scholarships Оther ОTHER OPERATING EXPENSES March Indirect taxes and contributions Maintenance Marketing and advertizing Public utilities (water) Тransportation Professional services Insurance premium Entertainment Fairs and exhibitions 8 - Memmbership fees Bank charges Rent Оther operationg expenses
17 10. FINANCIAL INCOME March Interest income: - related parties оther parties 33 5 Profit share income Foreign currency exchange gains Income arising from foreign currency clause FINANCIAL EXPENSES March Interest expenses Expenses arising from foreign currency clause Foreign currency exchange losses Оther financial expenses EARNINGS PER SHARE March Net profit Average-waighted number of shares Basic earnings per share (in RSD) 27,64 14, PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTY AND INTANGIBLE ASSETS Property, plant and equipments, intangible assets and investment property as of March 31, 2013 do not contain significant operating changes with respect to annual financial statement preparation date, December 31,
18 14. LONG-TERM FINANCIAL PLACEMENTS Equity interests in subsidiaries % Equity interests March 31 December Metpor doo, Beograd 100% Мetalac Trade doo, Gornji Milanovac 100% Мetalac Bojler doo, Gornji Milanovac 100% Мetalac Inko doo, Gornji Milanovac 100% Мetalac Market doo, Gornji Milanovac 100% Metalac Posudje doo, Gornji Milanovac 100% Мetalac Print doo, Gornji Milanovac 100% Promo Metal doo, Zagreb 100% Мetalac Proleter a.d., Gornji Milanovac 64.55% Мetalac Market doo, Podgorica 100% Мetalac Metalurgija a.d., Novi Sad 82.36% Мetrot doo, Moscow, Russia 100% Metalac Group USA Inc 50% Stadion Metalac doo Gornji Milanovac 99% Мetalac Ukraine 100% Equity investments in banks - Čačanska banka a.d. Čačak Insignificant Credy banka a.d. Kragujevac Insignificant Other banks Insignificant Placements with financial institutions and enterprises - Insurance companies Insignificant Оther Insignificant Оther long-term placements Long-term loans to employees Long-term loans Current installments due ( ) Less: Allowance for impairment - Stadium Metalac (991) (991) -Dunav Insurance Company (2.965) (2.965) - Credy banka a.d. Kragujevac (30.169) (30.169) - Čačanska banka (17.959) (17.959) Other banks (212) (212) (52.296) (52.296)
19 15. LONG-TERM FINANCIAL PLACEMENTS (continued) Long -term loans as at March 31, 2013 in the amount of , represent the loans made to the subsidiaries. The structure of the loans to related parties is shown in the table below: March Due December Metalac Posudje doo (22.900) Мetalac Bojler doo (94.900) Мetalac Proleter doo Мetalac Market doo (89.518) Мetalac Inko doo (19.044) Metalac Print doo (55.918) Мetalac Trade doo (9.211) ( ) ACCOUNTS RECEIVABLE March December Receivable from - related parties domestic accounts receivable foreign accounts receivable restaurant for employees Interest receivable Receivables from employees Оther Less: Allowances for impairment - accounts receivable (7.897) (7.897)
20 17. CASH AND CASH EQUIVALENTS March December Current accounts - in dinars in foreign currency Cash on hand Оther cash MOVEMENTS IN ALLOWANCES Long-term financial placements Accounts receivable Short-term financial placements Укупно Balance at January 1, Charge for the period Impairment of securuties Collected receivables previously provided for - - (15) (15) Balance at March 31, SHARE CAPITAL As of March 31, 2013, the Company s share capital was comprised of 1,020,000 shares, with par value of RSD OTHER CAPITAL Other capital is formed in accordance with the interim provisions of the Guidelines on the Prescribed Form and Content of the Financial Statements of Enterprises, Cooperatives and Entrepreneurial Ventures, based on which the Company has performed a transfer of its non-operating assets to Other capital in 2004, upon first application of the IFRS. Non-operating funds represent the Company s long-term allocations used to finance residential apartment purchases and other non-operating buildings. Up to June 1, 2001 in conformity with the relevant applicable legislation, at least 1.3% of gross salaries were to be appropriated to the collective residential housing fund. 21. RESERVES The Company s reserves were formed in conformity with the earlier statutory accounting regulations by the appropriation of least 5% of the net profit for the year, until such reserves attain the level equivalent to 10% of the Company s core capital. These reserves were also formed based on the transfer of a portion of revaluation reserves upon the first time adoption of IFRS in RETAINED EARNINGS 25
21 Retained earnings as at March 31,2013 of RSD thousand are the retained earnings of RSD as at the date of preparation of the annual financial statements December 31, 2012 increased with the profit of the current year of RSD thousand as at March 31, LONG TERM PROVISION Long term provisions as of March 31, 2013 in the amount of thousands RSD cmprising jubilee awards and retirement premiums for the employees. 24. LONG-TERM BORROWINGS March 31 December Yapi Kredi Bank, Netherlands Čačanska banka, Čačak Less: Current portion of long-term borrowings - ( ) The loans approved by Čačanska banka, Čačak and Yapi Credy Bank, Netherlands are collateralized by mortgages assigned over the buildings and equipment of the Company. Long-term borrowings were approved to the Company with up to 5-year maturities at annual interest rates ranging from three-month EURIBOR + 0.5% to three-month EURIBOR + 1.6%. 25. ACCOUNTS PAYABLE March 31 December Payable to suppliers: - suppliers, related parties local suppliers foreign suppliers Advances received: Other accounts payable:: ОTHER SHORT-TERM LIABILITIES 26
22 in thousands RSD March 31 December Salaries and benefits payable Taxes and contributions on salaries and benefits Dividend payables Liability for share in profit Interest payables Other payables to employees Other OFF-BALANCE-SHEET ASSETS AND LIABILITIES Off-balance-sheet assets and liabilities of RSD in the period ending March 31, 2013 refer to the bank guarantees issued for the TIR carnets in the amount of rsd thousand, thousand rsd for the Republic Property Directorate of the Republic of Serbia and thousand rsd for fuel to the Shell company. 27
23 28. ТRАNSACTIONS WITH RELATED PARTIES а) Receivalbles and liabilities from the transactions with related parties: March 31 December Accounts receivable Receivable from buyers Metalac Posudje doo, Gornji Milanovac Metalac Print doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac Metalac Inko doo, Gornji Milanovac Metalac Market doo, Gornji Milanovac Metalac Metalurgija a.d., Novi Sad Metalac Trade doo, Gornji Milanovac Metalac Proleter a.d., Gornji Milanovac Metpor doo, Beograd Interest receivables: Metalac Posudje doo, Gornji Milanovac Metalac Print doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac Metalac Inko doo, Gornji Milanovac Metalac Proleter a.d., Gornji Milanovac Metalac Market doo, Gornji Milanovac Metalac Trade doo, Gornji Milanovac Metpor doo, Beograd Receivables for long-term loans: Metalac Posudje doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac Metalac Inko doo, Gornji Milanovac Metalac Market doo, Gornji Milanovac Metalac Proleter a.d., Gornji Milanovac Metalac Print doo, Gornji Milanovac Metalac Trade doo, Gornji Milanovac ТRАNSACTIONS WITH RELATED PARTIES (continued) 28
24 a) Receivalbles and liabilities from the transactions with related parties (continued): March 31 December Receivables for short-term loans: Metalac Inko doo, Gornji Milanovac Metalac Market doo, Gornji Milanovac Metalac Posudje doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac Metalac Trade doo, Gornji Milanovac Metalac Proleter a.d., Gornji Milanovac Metalac Print doo, Gornji Milanovac Total accounts receivable Liabilities Liabilities to suppliers Metalac Proleter a.d., Gornji Milanovac Metalac Posudje doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac 5 - Metalac Trade doo, Gornji Milanovac 1 Metalac Metalurgija doo, Gornji Milanovac 12 - Metalac Market doo, Gornji Milanovac Total liabilities Accounts receivable, net ТRАNSACTIONS WITH RELATED PARTIES (continued) 29
25 b) Summary of income and expenses from the transactions with related parties within the group: March 31 March Service, rental and other income Metalac Inko doo, Gornji Milanovac Metalac Posudje doo, Gornji Milanovac Metalac Print doo, Gornji Milanovac Metalac Market doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac Metalac Trade doo, Gornji Milanovac Metalac Proleter a.d., Gornji Milanovac Metpor doo, Beograd Metalac Metalurgija a.d., Novi Sad Interest income Metalac Inko doo, Gornji Milanovac Metalac Posudje doo, Gornji Milanovac Metalac Print doo, Gornji Milanovac Metalac Market doo, Gornji Milanovac Metalac Bojler doo, Gornji Milanovac Metalac Trade doo, Gornji Milanovac Metalac Proleter a.d., Gornji Milanovac Metpor doo, Beograd Total income ТRАNSACTIONS WITH RELATED PARTIES (continued) 30
26 b) Summary of income and expenses from the transactions with related parties within the group (continued) March 31 March Expenses Cost of commercial goods sold: Metalac Proleter a.d., Gornji Milanovac Cost of materials: Metalac Market doo, Gornji Milanovac Metalac Posudje doo, Gornji Milanovac Metalac Trade doo, Gornji Milanovac - - Metalac Proleter a.d., Gornji Milanovac Metalac Print doo, Gornji Milanovac - - Metalac Inko doo, Gornji Milanovac Cost of services: Metalac Posudje doo, Gornji Milanovac Metpor doo, Beograd Metalac Metalurgija a.d., Novi Sad 10 - Metalac Proleter a.d., Gornji Milanovac Intangible expenses: Metalac Posudje doo, Gornji Milanovac Total expenses Income, net Gornji Milanovac, May 5, 2013 Person Responsable for Preparation of the Statement Person Representing the Company stamp 31
27 2. QUARTERLY REPORT FOR THE FIRST QUARTER OF THE YEAR 2013 I General Information 1. Company Name: METALAC Share Company City and Address: Gornji Milanovac, Kneza Aleksandra 212 Company Code Number: VAT Number: Web site and address: metalac@metalac.com 3. Registration Number and Date: BD 5372/ Activity (code and denomination): 6420 Holding company activity 5. Number of Shareholders as of : Capital Value rsd 7. Number of Shares ISIN RSMETAE71629 CFI ESVUFR 18. Name of the Market Organization Belgrade Stock Exchange jsc, Belgrade Standard Listing II BUSINESS INFORMATION 1. Report of the Management on Relization of the Approved Business Policy Operations of the parent company and the subsidiaries are in conformity with the approved business policy. 2. Operation Analysis in 000 rsd Total income Total expences Profit before tac Operating income Sales income - EBIT EBITDA Operating profitability (% gross margin) 13,18 % ROI 0,54 % ROE 1,00 Leverage ratio 0,11 Indebtedness factor (year) 1,85 Liquidity level I 1,43 Liquidity level II 4,32 Breakeven point Change of Balance Values in 000 rsd Assets Liabilities (2.778) Net Profit
28 III Most important activities with subsidiaries The company Metalac a.d. is a controlling company being the parent of 15 subsidiaries, 10 of them in Serbia and 5 abroad. Production subsidiaries: Metalac posudje d.o.o., Metalac inko d.o.o., Metalac print d.o.o., Metalac bojler d.o.o. in Gornji Milanovac Trading subsidiaries in Serbia: Metalac market d.o.o., Metalac trade d.o.o., Metalac Proleter a.d. (in Gornji Milanovac), Metalac Metalurgija a.d. in Novi Sad and Metpor d.o.o. in Belgrade Trading subsidiaries aborad: Metrot d.o.o. Moscow, Metalac market Podgorica d.o.o. Podgorica, Promometal-Metal d.o.o. Zagreb, Metalac Group USA Inc, Milwaukee, Metalac Ukraine, Kiev. IV The company has published the Code of Corporate Governance and the Code of Business Ethics, on the web-site There has not been any deviation in implementation of the Codes of Corporate Governance and of Business Ethics. V Data on acquisition of own shares The Company does now own or has acquired its own shares. VI R&D Activities: in 000 rsd Investments into courses for employees 333 Development investments The business policy of the Company includes investments into development, production capacities of the subsidiaries and equipment upgrade/replacement, inovations, wider retail chain by opening new shops,strategic adjustments, penetrate new export markets and increase turnover with the present markets. VII Important operations after the balance sheet date From the balance sheet date till the date of publication of this report, thre has been no important business events to affect the accuracy of the financial statements or Company's operations. VIII Risks and uncertanties By the estimate of the management, there are no risks and uncertanties to affect significantly to the financial position of the Company. 33
29 INCOME STATEMENT - METALAC GROUP FOR THE PERIOD JANUARY - MARCH 2013 (domestic) in thousands RSD METALAC METALURGIJA PROLETER POSUĐE INKO PRINT BOJLER MARKET TRADE METPOR a.d. a.d. a.d OPERATING INCOME Sales revenues Sales revenues domestic market Sales revenues foreign market Own-work capitalized Increase in inventories Decrease in inventories 0 (5.640) (2.352) (88) Other operating income OPERATING EXPENSES Cost of goods sold Materials, fuel and energy Staff costs Depreciation, amortization and provisions Other operating expenses OPERATING PROFIT / LOSS (6.702) FINANCIAL INCOME FINANCIAL EXPENSES FINANCIAL PROFIT / LOSS (826) (3.281) (2.410) (3.753) (1.939) (1) 342 (867) OTHER INCOME OTHER EXPENSES OTHER PROFIT / LOSS (9.061) (84) 110 (84) 151 (2.134) (210) 0 (930) PROFIT / LOSS BEFORE TAXATION (1.939) (287)
30 INCOME STATEMENT - METALAC GROUP FOR THE PERIOD JANUARY - MARCH 2013 (foreign) in EUR METROT METALAC MARKET- Podgorica PROMO- METAL METALAC UKRAINE OPERATING INCOME Sales revenues Sales revenues domestic market Sales revenues foreign market Own-work capitalized Increase in inventories Decrease in inventories Other operating income OPERATING EXPENSES Cost of goods sold Materials, fuel and energy Staff costs Depreciation, amortization and provisions Other operating expenses OPERATING PROFIT / LOSS (10.377) FINANCIAL INCOME FINANCIAL EXPENSES FINANCIAL PROFIT / LOSS (1.603) OTHER INCOME OTHER EXPENSES OTHER PROFIT / LOSS (10.341) (198) (3) 0 PROFIT / LOSS BEFORE TAXATION (11.983) METALAC GROUP - USA 35
31 BALANCE SHEET - METALAC GROUP FOR THE PERIOD JANUARY - MARCH 2013 (domestic) in thousands RSD METALAC METALURGIJA PROLETER POSUĐE INKO PRINT BOJLER MARKET TRADE METPOR a.d. a.d. a.d. ASSETS Non-current assets Intangible assets, property, plant and equipment Long-term financial placements Long-term loans to subsidiaries Current assets Inventories Accounts receivable Short-term financial placements Short-term loans to subsidiaries Оther receivables Cash and cash equivalents Deferred tax liabilities Loss over capital LIABILITIES Capital Share capital Оther capital Retained earnings Reserves Loss 0 0 (20.137) 0 (36.075) (59.627) Long-term liabilities Long-term provisions Long-term loans Long-term borrowings Current liabilities Short-term loans Short-term borrowings Accounts payable Other liabilities Deffered tax liabilities
32 BALANCE SHEET - METALAC GROUP FOR THE PERIOD JANUARY - MARCH 2013 (foreign) METROT METALAC MARKET- Podgorica PROMO- METAL METALAC UKRAJINA ASSETS Non-current assets Intangible assets, property, plant and equipment Long-term financial placements Current assets Inventories Accounts receivable Short-term financial placements Оther receivables Cash and cash equivalents Deferred tax liabilities Loss over capital LIABILITIES Capital Share capital Оther capital Retained earnings Reserves Loss 0 0 ( ) 0 Long-term liabilities Long-term provisions Long-term loans Current liabilities Short-term loans Short-term borrowings Accounts payable Other liabilities Deffered tax liabilities in EUR METALAC GROUP - USA 37
33 CASH FLOW STATEMENT - METALAC GROUP FOR THE PERIOD JANUARY - MARCH 2013 (domestic) METALAC a.d. in thousands RSD POSUĐE INKO PRINT BOJLER MARKET TRADE METPOR METALURGIJA a.d. PROLETER a.d. CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Interest received from operations Other cash receipts from operations Cash paid to suppliers ( ) ( ) (45.998) (86.433) (71.111) ( ) (77.596) (9.640) ( ) ( ) Cash paid to and on behalf of employees (52.736) ( ) (8.079) (15.324) (12.704) (29.027) (6.221) (1.744) (20.280) (26.647) Interest paid (195) (15.788) (3.199) (2.675) (2.453) (3.167) (1.683) (1.188) (2) (1.663) Income taxes paid (4.484) (8.776) (2.483) 0 (373) 0 Other public duties payable (23.456) (20) (6) (3.018) (2.306) (11.503) (4.351) (14) (7.413) (2.526) Net cash provided by/used in operating activities (64.211) (13.399) (6.015) (872) CASH FLOWS FROM INVESTING ACTIVITIES Sale of shares and equity investments (net inflows) Sale of property, plant and equipment Other financial placements (net inflows) Interest received Dividends received Purchase of shares and equity investments (net outflows) Purchase of intangible assets, property and equipment (11.878) (1.981) (66) (78) 0 (1.068) (821) 0 (2.599) (12.926) Other financial placements (net outflows) Net cash provided by/used in investing activities (1.912) (62) (75) 577 (1.057) (807) 0 (899) (11.186) CASH FLOWS FROM FINANCING ACTIVITIES Increase in core capital Long-term borrowings,net inflows/outflows (3.986) (5.111) 118 (3.009) (5.550) (1.025) Cash used to pay dividends and bonuses (1.000) 0 (74) 0 Finance lease Net cash provided by/used in financing activities (3.986) (5.111) 118 (3.009) (5.550) (2.025) 0 (74) 0 Net cash increase / decrease (11.188) 313 (1.605) (872) (7.737) Cash and cash equivalents at beginning of period Foreign exchange gains Cash and cash equivalents at end of period
34 CASH FLOW STATEMENT - METALAC GROUP FOR THE PERIOD JANUARY - MARCH 2013 (foreign) METROT METALAC MARKET- Podgorica PROMO- METAL METALAC UKRAJINA CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Interest received from operations Other cash receipts from operations Cash paid to suppliers ( ) ( ) ( ) ( ) Cash paid to and on behalf of employees ( ) (64.210) (27.968) (25.796) Interest paid Income taxes paid Other public duties payable ( ) 0 (704) (11.986) Net cash provided by/used in operating activities (32.365) (73.493) CASH FLOWS FROM INVESTING ACTIVITIES Sale of shares and equity investments (net inflows) Sale of property, plant and equipment Other financial placements (net inflows) Interest received Dividends received Purchase of shares and equity investments (net outflows) Purchase of intangible assets, property and equipment ( ) Other financial placements (net outflows) Net cash provided by/used in investing activities ( ) CASH FLOWS FROM FINANCING ACTIVITIES Increase in core capital Long-term borrowings,net inflows/outflows Cash used to pay dividends and bonuses Finance lease Net cash provided by/used in financing activities Net cash increase / decrease (32.268) (72.878) Cash and cash equivalents at beginning of period Foreign exchange gains / losses (9.382) 0 (363) 0 Cash and cash equivalents at end of period in EUR METALAC GROUP - USA 39
35 3. DECLARATION OF THE PERSONS RESPONSIBLE FOR THE PREPARATION OF THE STATEMENT According to our best knowledge, the Quarterly Financial Statements of Metalac a.d. for the first quarter of 2013, have been prepared in accordance with the international accounting regulations, showing accurate and objective information on assets, liabilities, financial position and operations, profits and losses, cash flows and equity changes of the public Company. Person Responsible for Preparation of the Statement Radmila Todosijevic, CFO Person Representing the Company Petrasin Jakovljevic General Director 4 APPROVAL OF THE STATEMENTS FOR THE FIRST QUARTER 2013 BY THE COMPANY'S MANAGEMENT Pursuant to the Art 441 of the Law on Companies and to the Art. 56 of the Company Statute of Metalac a.d. from Gornji Milanovac, and to the Art. 20 para 1 point 2 of the Rules of Procedure, the Supervisory Board on its second session held on April 26, 2013 made the following DECISION approving the financial statements of Metalac a.d. and its subsidiaries for the period from to The approved statements mendioned in the para one above make the integral part of this Decision. Gornji Milanovac, May 15, 2013 Person Responsable for Preparation of the Statement Radmila Todosijevic, CFO Person Representing the Company Petrasin Jakovljevic General Director 40
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