ATLANTIC GRUPA Company of Added Value

Transcription

1 ATLANTIC GRUPA Company of Added Value BSE Investors Conference, 19 November 2013, Belgrade

2 CONTENT OVERVIEW OF ATLANTIC GRUPA FINANCIAL OVERVIEW IN 2012 AND 9M 2013 STRATEGIC GUIDANCE APPENDIX 2

3 ONE OF THE LARGEST FOOD AND BEVERAGES COMPANIES IN THE REGION Business Fast Moving Consumer Goods Headquarters Zagreb, Croatia (Europe) Foundation 1991 No of employees 4,247 FY12 sales HRK 4,930 millions Key Markets CEE region, Western Europe, Russia presence on over 40 markets Production locations 14 production locations in Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Macedonia and Germany Key business segments: Key brands: The leading coffee producer in the region GRAND KAFA, BARCAFFE Prominent European company in the sports nutrition MULTIPOWER Among the leading soft drinks producers in the region CEDEVITA, COCKTA, DONAT Mg Among the leading confectionary & snacks producers in the region SMOKI, NAJLEPŠE ŽELJE, BANANICA Among the leading savoury spreads producers in the region ARGETA Producer of the No1 Croatian brand in the VMS segment DIETPHARM The leading private pharmacy chain in Croatia FARMACIA The leading FMCG distributer in the SEE region International Brands (Ferrero, Wrigley...) The region includes: Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, Macedonia and Kosovo 3

4 DISTRIBUTION DISTRIBUTION & PRODUCTION VERTICAL INTEGRATION DEVELOPMENT CYCLE: EXTENSIVE M&A TRACK RECORD European company National company Cooperation Johnson & Johnson Cooperation Duracell Distribution center Rijeka Distribution center Osijek Distribution center Split Cooperation Wrigley Regional company Acquisition of Melem Atlantic Slovenia Atlantic Macedonia Acquisition of Neva Acquisition of CEDEVITA Atlantic Serbia Representative office B&H / Acquisition of Kalničke vode Bionatura Acquisition of DROGA KOLINSKA Acquisition of pharmacies Farmacia IPO Acquisition of Fidifarm & Multivita Representative office Moscow Acquisition of Haleko & Power Gym: MULTIPOWER 5,000 Sales, HRKm CAGR : +40.2% 4,513 4,728 4,930 4,000 3,000 2,000 1, ,085 1,394 2,199 2,269 2,003 1, * *: Pro-forma consolidated with Droga Kolinska 4

5 ATLANTIC GRUPA S BUSINESS MODEL TODAY SBU SBU SBU SBU SBU SBU COFFEE BEVERAGES SPORTS AND FUNCTIONAL FOOD PHARMA AND PERSONAL CARE SAVOURY SPREADS SNACKS SDU SDU SDU SDU RUSSIAN MARKET Croatia Slovenia, Serbia and Macedonia HoReCa Hotels, Restaurants, Cafes International Markets All markets outside the region*, Russia and CIS Baby food, All products in Russia and CIS Reorganization in 2012 with an aim to manage business segments and distribution markets in a more efficient manner The new business organisation includes six Strategic Business Units (SBU), four Strategic Distribution Units (SDU) and Russian market *The region includes: Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro and Macedonia 5

6 Distribution Sports and functional food Baby food Snacks Pharma Savoury spreads Personal care Coffee Beverages PRODUCT/DISTRIBUTION PORTFOLIO OVERVIEW Turkish Coffee Espresso coffee Instant coffee Carbonated soft drinks Vitamin instant drinks Functional waters Waters Tea and Functional tea Meat spreads Fish spreads Sandwiches Body care Face care Lip care Tooth care Savoury snacks Chocolate tablets Wafers & Biscuits Bars Food supplements OTC products Pharmacy chain Sports food Weight management range Energy range Body building range Baby cereals Milk formula Tea Water Biscuits Own brands International brands 6

7 ATLANTIC GRUPA S GREATEST ASSETS Croatia Serbia Slovenia Bosnia and Herzegovina Macedonia Germany Italy United Kingdom Austria Switzerland Ukraine Brands with key market positions - among the top 3 in their category based on latest available data. Market position ranking based on volume (items) market share. Data source: Nielsen Retail Panel, PharMIS and company data 7

8 SALES PROFILE & PRODUCTION FACILITIES Sales by segments Baby food 3% Beverages 14% Savoury spreads 9% Principal brands 16% Sports and Functional Food 14% Sales by countries Russia and CIS 5.0% Western Europe** 7.3% Other markets 8.9% Croatia 26.6% Sweet and salted snacks 12% Coffee 22% Pharma & Personal care 10% Other regional markets* 6.4% Bosnia and Herzegovina 7.6% Slovenia 13.2% Serbia 24.9% Sales by brands Principal brands 15.9% Slovenia Croatia Overview of production facilities Own brands 72.0% Private label 6.0% Bosnia and Herzegovina Serbia Farmacia 6.1% + production facility in Germany Macedonia Sales profile in 2012; *Other regional markets: Macedonia, Montenegro, Kosovo; **Western Europe: Germany, United Kingdom, Italy 8

9 FINANCIAL OVERVIEW: (HRKm) FY10 FY10 pro-forma FY11 FY12 CAGR FY10 pro-forma - FY12 FY12/FY11 Revenues 2,296 4,569 4,774 4, % 4.4% Sales 2,269 4,513 4,728 4, % 4.3% EBITDA % 8.0% EBIT % 13.6% Net profit (5.4%) 60.1% EBITDA margin 8.9% 11.7% 10.9% 11.3% -33bp +39bp EBIT margin 6.5% 6.1% 7.4% 8.1% +198bp +66bp Net profit margin 3.8% 2.8% 1.5% 2.3% -50bp +79bp Net debt 2,496 2,496 2,494 2,353 Total assets 5,259 5,259 5,355 5,150 Equity 1,456 1,456 1,512 1,461 Gearing ratio* 63.2% 63.2% 62.3% 61.7% Growth in challenging macro milieu thanks to innovation Balance sheet as of YE10 reflected consolidation of Droga Kolinska, but P&L accounts were not consolidated in FY10 (consolidation started as of 01/01/2011), thus pro-forma shown P&L figures normalized; *Gearing ratio calculated as Net debt/(total equity+net debt) 9

10 STABLE MANAGEMENT TEAM AND OWNERSHIP STRUCTURE Management Ownership structure on 30/09/2013 Emil Tedeschi President of the Management Board Pension funds 18.1% EBRD 8.5% Mladen Veber Senior Group Vice President Business Operations Zoran Stanković Group Vice President Finance Neven Vranković Group Vice President Corporate Affairs Emil Tedeschi 50.2% DEG 8.5% Strategic Management Council Deals with vital strategic and operational corporate issues. Consists of: Board Members, Vice Presidents and General Managers of each SBU and SDU, Senior Executive Director for Regional KAM and Sales Croatia, the Secretary General, Executive Directors of Corporate Controlling, IT, Central Purchasing and Human Resources, and the Head of the Investment Committee. Supervisory board Other 7.7% Lada Tedeschi Fiorio 5.8% Management 1.2% Zdenko Adrović Lada Tedeschi Fiorio Siniša Petrović Željko Perić Franz Josef Flosbach Aleksandar Pekeč Vedrana Jelušić Kašić Supervisory Board President of the Supervisory Board Vice President of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Audit Committee Nomination and Remuneration Committee Corporate Governance Committee 10

11 CONTENT OVERVIEW OF ATLANTIC GRUPA FINANCIAL OVERVIEW IN 2012 AND 9M 2013 STRATEGIC GUIDANCE APPENDIX 11

12 KEY DEVELOPMENTS 9M Implementation of new commercial terms and conditions in the Croatian market within the distribution segment Further integration of information technologies Regional data centre in Zagreb implemented New technologies in distribution business in Croatia implemented New organization structure and Management Board Second integration phase of Droga Kolinska and Atlantic Grupa Consolidation of production plants Consolidation of information technology Refinancing Preparation for the new energy bars factory in Nova Gradiška Production expected to start in Q Capex of HRK 120m Transfer of production from outsourced producer to in-house production 12

13 REFINANCING Timing Refinancing structure November 2012 Refinancing amount EUR 307m Reasoning for refinancing EBRD arranged loan EUR 232m EBRD EUR 60m Raiffeisen Bank, Unicredit Bank, Sberbank, Erste Bank EUR 172m IFC EUR 50m Bilateral loan EUR 75m Raiffeisenbank Austria Zagreb, Zagrebačka banka EUR 25m More favourable loan conditions Average interest rate of 4.71% at the time of refinancing Prolonged maturity Purpose Revolving facility 8% Other 89% EBRD 17% Commercial banks 56% Balance sheet restructuring EUR 272m Energy efficiency improvement EUR 10m Energy efficiency 3% IFC 16% Working capital financing EUR 25m 13

14 RESULTS IN 2012 IN LINE WITH THE GUIDANCE (HRKm) 2012A/2011E: A/2011E: A/2011E: A/2011A: A/2011A: A/2011A: ,000 4,930 4, A 2012E 2011A A 2012E 2011A 4,800 4, , ,400 Sales 0 EBITDA EBIT 2012 and 2011 results normalized 14

15 PERFORMANCE BY SBUs AND SDUs IN 2012 (Sales, HRKm) /2011 (EBIT, HRKm) 2012 SBU Beverages % SBU Beverages SBU Coffee 1, , % SBU Coffee SBU (Sweet and Salted) Snacks % SBU (Sweet and Salted) Snacks 96.3 SBU Savoury Spreads % SBU Savoury Spreads SBU Sports and Functional Food % SBU Sports and Functional Food 4.8 SBU Pharma and Personal Care % SBU Pharma and Personal Care 50.0 SDU Croatia (1.3%) SDU Croatia (4.7) SDU Slovenia, Serbia, Macedonia 1, , % SDU Slovenia, Serbia, Macedonia 75.3 Other segments* % Other segments* (183.9) Reconciliation** (2,238.0) (2,139.6) n/a Sales 4, , % Group EBIT * Other segments include SDU HoReCa, Russian market and non-allocable business activities (headquarters and support functions in Serbia, Slovenia and Macedonia) which are excluded from the reportable operating segments. For the time being, SDU International Markets will not be separated, but its sales and profitability will be presented within SBU to which they relate. For the time being, the Russian market will include only the baby food product range sales under the Bebi brand. ** Line item Reconciliation relates to the sale of own brands which is included in the appropriate SBU and in SDUs through which the products were distributed. 15

16 NET PROFIT IN 2012 (HRKm) Net income Normalized net income Net profit grew despite net foreign exchange losses in the amount of HRK 64.0 million, which were primarily a result of a significant change in the exchange rate between RSD and EUR. The stated foreign exchange differences are solely a consequence of applying the accounting policy according to which non-financial assets are recorded at historical cost in the local currency, without revaluation, while financial liabilities are translated to their EUR value The growth in net profit was also influenced by a significant decrease in the effective tax rate due to recognising deferred tax asset on the basis of tax losses carried forward that will be used in the following periods (HRK000) 2012 % of sales 2011 % of sales 2012/2011 EBIT 395, % 334, % 18.0% Interest expenses FX (gains)/losses - net 257,546 63, % 1.3% 221,167 34,839 EBT 73, % 78, % (6.7%) Current tax Deferred tax 25,975 (18,511) 0.5% (0.4%) 23, Net income 66, % 54, % 20.4% Minority interest 10, % 8, % 31.3% 4.7% 0.7% 0.5% 0.0% 16.6% 81.9% Net income II 55, % 46, % 18.5% 10.2% n/a 16

17 FINANCIAL INDICATORS IN 2012 (HRKm) Equity and liabilities structure as at 31 December 2012 Net debt Total assets 2, , , ,355.2 Other liabilities 6.6% Capital and reserves 28.4% Equity 1, ,512.3 Current ratio Gearing ratio Net debt/ebitda* Interest coverage ratio* Capex Cash flow from operating activities % % Trade and other payables 15.4% Bond 2.2% Short term financial debt 6.8% Long term financial debt 40.5% Key capital expenditures in 2012: The construction of the Cockta bottling plant in Apatovac Investment in IT SAP licence for Slovenia, purchase of HRIS system (human resources information system) Investments related to transferring the production of Multipower beverages to Rogaška Slatina Investment in modernisation of equipment the wafers packaging machine in Soko Štark, equipping the bottling plant of Palanački Kiseljak, purchase of equipment for the production of coffee, automation of line for coffee in Izola Purchase of espresso machines for the HoReCa channel *Normalized 17

18 FINANCIAL OVERVIEW IN 9M 2013 Key highlights (HRKm) 9M M M 2013 / 9M 2012 Revenues 3, , % Sales 3, , % EBITDA % EBIT % Net profit % EBITDA margin 12.9% 12.3% +55 bp EBIT margin 10.1% 9.2% +89 bp Net profit margin 5.3% 2.3% +302 bp The most significant growth in sales was recorded by the SBU Sports and Functional Food, Other segments, primarily in the Russian market, and the SBU Snacks, which mitigated the decline in sales of the SBU Savoury Spreads and the SDU Croatia EBITDA growth was influenced by further cost optimisation, positive trends in some production materials and despite the negative impact of the temporarily suspended distribution of own and principal brands in March this year in the Croatian market which resulted in lower sales with equal fixed expenses The improved operating profitability, in addition to impacts above the EBITDA level, was also impacted by lower depreciation and amortization as a result of a more efficient management of the existing resources and accordingly the reduced need for new investments P&L figures normalized 18

19 SALES RESULTS IN 9M 2013 (HRKm) 9M M 2012 SBU Beverages SBU Coffee SBU (Sweet and Salted) Snacks SBU Savoury Spreads SBU Sports and Functional Food SBU Pharma and Personal Care SDU Croatia SDU Slovenia, Serbia, Macedonia Other segments* , , M 2013/ 9M 2012 (2.4%) 0.5% 5.4% (5.7%) 13.7% 5.2% (9.0%) 2.3% 14.2% Reconciliation* (1,623.7) (1,621.3) 0.1% Sales 3, , % Sales by segments Baby food 3.9% Principal brands 14.8% Beverages 13.8% Savoury spreads 9.0% Sweet and salted snacks 11.7% Coffee 20.9% Sports and Functional Food 16.3% Pharma & Personal care 9.5% Sales by countries Other markets 6.6% Russia and CIS 5.6% Croatia 25.4% Sales by brands Principal brands 14.8% Key European markets*** 12.2% Other regional markets** 6.3% Serbia 23.6% Own brands 72.4% Private label 6.7% Farmacia 6.1% Bosnia and Herzegovina 7.5% Slovenia 12.9% *Please refer to slide 15; **Other regional markets: Macedonia, Montenegro, Kosovo; ***Key European markets: Germany, United Kingdom, Italy, Switzerland, Austria, Sweden, Spain 19

20 NET PROFIT IN 9M 2013 (HRKm) Net income Normalized net income The increase in net profit, in addition to impacts above the EBIT level, was impacted by a significant decrease in interest expense due to a successful refinancing of longterm borrowings completed at the end of Also, the growth in net profit was impacted by the decrease in the effective tax rate as a consequence of tax optimisation measures taken and a more favourable movement in foreign exchange rates, which decreased the previous year s net foreign exchange losses arisen primarily from the depreciation of the Serbian dinar. 0 9M M2012 (HRK000) 9M 2013 % of sales 9M 2012 % of sales 9M 2013/ 9M 2012 EBIT 375, % 332, % 13.0% Interest expenses FX (gains)/losses - net 122,453 9, % 0.2% 173,588 49, % 1.4% (29.5%) (81.6%) EBT 244, % 109, % 122.5% Current tax Deferred tax 30,451 15, % 0.4% 25,358 1, % 0.0% 20.1% 852.7% Net income 198, % 82, % 139.2% Minority interest 4, % 11, % (58.9%) Net income II 193, % 71, % 171.6% 20

21 FINANCIAL INDICATORS IN 9M 2013 (HRKm) 9M Equity and liabilities structure as at 30 September 2013 Net debt Total assets Total Equity Current ratio Gearing ratio 2, , , % 2, , , % Other liabilities 6.1% Trade and other payables 14.6% Total Equity 32.3% Net debt/ebitda* Interest coverage ratio** Capital expenditure 9M M Bond 2.2% Short term borrowings 7.6% Long term borrowings 37.1% Cash flow from operating activities Key capital expenditures in 9M 2013: Automation of the line for coffee in Izola and purchase of espresso and Coffee 2 Go machines Investment in the flips packaging machine in Soko Štark and in the line for packaging multi-packs of Donat Mg Investments related to the HRIS system (human resources information system) Investments related to the project of developing, implementing and relocating the regional data centre in Zagreb Refurbishment of pharmacies and specialised stores Investment in the equipment for the production of the Donat Mg new bottle Investment in the equipment for the production of pellets in the Strategic Business Unit Snacks *Normalized EBITDA, 12M trailing EBITDA in 9M 2013; **Normalized 21

22 ATLANTIC GRUPA S VALUATION AND SHARE PRICE DEVELOPMENT Valuation 9M points 6,000 ATGR-R-A vs CROBEX CROBEX ATGR-R-A HRK 1,000 Last price in reporting period Market capitalization* (HRKm) Average daily turnover (HRK) EV (HRKm) EV/TTM EBITDA** , , , , , , ,000 4,000 3,000 2, EV/TTM EBIT** EV/TTM sales** TTM EPS** (HRK) , P/E** At 30/09/2013 Atlantic Grupa s stock was the 8th largest stock based on market capitalization on the Zagreb Stock Exchange Performance*** ATGR-R-A (47.6%) 46.8% 18.2% (37.7%) 9.6% 23.1% CROBEX (67.1%) 14.6% 5.5% (18.3%) (0.1%) (0.0%) *Last price in reporting period times number of issued shares; **Normalized; ***Performance calculated as last price/points in a year compared with the first price/points in a year; for 2013 last price/points at 13/11/

23 CONTENT OVERVIEW OF ATLANTIC GRUPA FINANCIAL OVERVIEW IN 2012 AND 9M 2013 STRATEGIC GUIDANCE APPENDIX 23

24 ATLANTIC GRUPA S STRATEGIC MANAGEMENT GUIDANCE FOR 2013 Strategic management guidance Focus on organic business growth through active brand management with a special emphasis on strengthening the position of brands in international markets; strengthening the regional character of distribution business and further development of the HoReCa segment Focus on further business rationalisation and cost management through the CORE program and optimisation of operating processes on all operating levels, aimed to improve operating efficiency Regular settlement of existing financial liabilities with an active management of debt and finance costs Prudent liquidity management (HRKm) 2013 Guidance (normalized) 2012 Normalized 2013/2012 Sales 5,130 4, % EBITDA % EBIT % Interest expense (14.1%) 24

25 CONTENT OVERVIEW OF ATLANTIC GRUPA FINANCIAL OVERVIEW IN 2012 AND 9M 2013 STRATEGIC GUIDANCE APPENDIX 25

26 CONSOLIDATED INCOME STATEMENT FOR THE 9M 2013 (HRK000) 9M 2013 % of sales 9M 2012 % of sales 9M 2013/ 9M 2012 Turnover 3,754, % 3,672, % 2.2% Sales revenues 3,725, % 3,631, % 2.6% Other revenues 28, % 40, % (29.6%) Operating expenses 3,274, % 3,226, % 1.5% Cost of merchandise sold Change in inventories Production material and energy Services Staff costs Marketing and selling expenses Other operating expenses Other (gains)/losses - net 881,202 (26,691) 1,303, , , , ,935 11, % (0.7%) 35.0% 6.5% 13.3% 6.5% 3.4% 0.3% 803,814 (32,663) 1,392, , , , ,651 (9,521) 22.1% (0.9%) 38.4% 6.4% 13.0% 6.5% 3.6% (0.3%) 9.6% (18.3%) (6.4%) 4.4% 4.8% 2.4% (4.3%) n/a EBITDA 479, % 445, % 7.6% Amortization and depreciation 103, % 113, % (8.4%) EBIT 375, % 332, % 13.0% Financial income Financial expenses FX (gains)/losses - net 5 122,453 9, % 3.3% 0.2% 5 173,588 49, % 4.8% 1.4% (6.5%) (29.5%) (81.6%) EBT 244, % 109, % 122.5% Current tax 30, % 25, % 20.1% Deferred tax 15, % 1, % 852.7% Net income 198, % 82, % 139.2% Minority interest 4, % 11, % (58.9%) Net income II 193, % 71, % 171.6% 26

27 CONSOLIDATED NORMALIZED INCOME STATEMENT FOR THE 9M 2013 (HRK000) 9M 2013 % of sales 9M 2012 % of sales 9M 2013/ 9M 2012 Turnover 3,754, % 3,672, % 2.2% Sales revenues 3,725, % 3,631, % 2.6% Other revenues 28, % 40, % (29.6%) Operating expenses 3,274, % 3,224, % 1.5% Cost of merchandise sold Change in inventories Production material and energy Services Staff costs Marketing and selling expenses Other operating expenses Other (gains)/losses - net 881,202 (26,691) 1,303, , , , ,935 11, % (0.7%) 35.0% 6.5% 13.3% 6.5% 3.4% 0.3% 803,814 (32,663) 1,392, , , , ,788 (9,521) 22.1% (0.9%) 38.4% 6.4% 13.0% 6.5% 3.6% (0.3%) 9.6% (18.3%) (6.4%) 4.8% 4.8% 2.4% (3.7%) n/a EBITDA 479, % 447, % 7.2% Amortization and depreciation 103, % 113, % (8.4%) EBIT 375, % 334, % 12.5% Financial income Financial expenses FX (gains)/losses - net 5 121,445 9, % 3.3% 0.2% 5 173,588 49, % 4.8% 1.4% (6.5%) (30.0%) (81.6%) EBT 245, % 111, % 120.1% Current tax 30, % 25, % 20.1% Deferred tax 15, % 1, % 852.7% Net income 199, % 84, % 135.7% Minority interest 4, % 11, % (58.9%) Net income II 194, % 72, % 166.8% 27

28 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2013 (HRK000) 30 September 2013 % of total assets 31 December 2012 % of total assets Property, plant and equipment 1,063, % 1,093, % Investment property 1, % 1, % Intangible assets 1,872, % 1,870, % Available-for-sale financial assets 1, % 1, % Trade and other receivables 9, % 9, % Deferred tax assets 48, % 72, % Non-current assets 2,996, % 3,048, % Inventories 564, % 543, % Trade and other receivables 1,106, % 1,148, % Non-current assets held for sale 98, % 113, % Prepaid income tax 30, % 23, % Deposits given 14, % 20, % Cash and cash equivalents 327, % 250, % Current assets 2,140, % 2,100, % Total assets 5,136, % 5,149, % Capital and reserves attributable to owners of the Company 1,609, % 1,414, % Non-controlling interest 51, % 47, % Borrowings 2,019, % 2,198, % Deferred tax liabilities 184, % 186, % Derivative financial instruments 10, % 50, % Other non-current liabilities % % Provisions 56, % 56, % Non-current liabilities 2,272, % 2,492, % Trade and other payables 749, % 793, % Borrowings 392, % 354, % Current income tax liabilities 17, % 3, % Derivative financial instruments 25, % 20, % Provisions 18, % 23, % Current liabilities 1,202, % 1,195, % Total liabilities 3,474, % 3,688, % Total equity and liabilities 5,136, % 5,149, % 28

29 CONSOLIDATED CASH FLOW STATEMENT FOR THE 9M 2013 (HRK000) Jan - Sep 2013 Jan - Sep 2012 Cash flows from operating activities Net cash flow from operating activities before interest and income tax paid 463, ,259 Interest paid (109,598) (139,334) Income tax paid (24,416) (31,171) Net cash flow from operating activities 329, ,754 Cash flow from investing activities Purchase of tangible and intangible assets (67,071) (56,341) Proceeds from sale of property, plant and equipment 20,609 6,929 Acquisition of available-for-sale financial assets (50,005) (15,000) Proceeds from sale of assets available for sale 50,000 15,035 Loans and deposits given - net 5,622 40,913 Interest received 5,039 7,663 Net cash flow used in investing activities (35,806) (801) Cash flow from financing activities Purchase of treasury shares (4,726) (5,319) Proceeds from borrowings, net of fees paid 70, ,711 Repayment of borrowings (252,892) (232,790) Dividend paid to non-controlling interests 0 (879) Acquisition of non-controlling interest 0 (16,318) Dividend paid to shareholders (30,008) 0 Net cash flow used in financing activities (217,497) (153,595) Net increase in cash and cash equivalents 76,388 26,358 Cash and cash equivalents at beginning of period 250, ,596 Cash and cash equivalents at end of period 327, ,954 29

30 CONTACT Atlantic Grupa d.d. Miramarska Zagreb Croatia Tel ir@atlanticgrupa.com 30