ABCD KPMG d.o.o. Podgorica Bulevar Svetog Petra Cetinjskog 1A Podgorica Montenegro

Transcription

1 ABCD KPMG d.o.o. Bulevar Svetog Petra Cetinjskog 1A Montenegro Tel./Fax: Internet: April 2013 Centralna Depozitarna Agencija AD Novaka Miloševa To Whom It May Concern Please find enclosed a translation of the Auditor s Opinion and the excerpt of the financial statements consisting of: balance sheet, income statement, cash flow statement and statement of changes in equity, for Centralna Depozitarna Agencija AD,, for the year ended 31 December Management of the Company is responsible for the preparation of the financial statements and the notes to the financial statements, and KPMG d.o.o. is only responsible for the translation thereof. Dragana Coric Manager 2013 KPMG d.o.o., a Montenegrin limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Hipotekarna banka a.d., račun Erste Bank a.d., račun PIB PDV 30/

2 T R A N S L A T I O N E X C E R P T To the Shareholders of Centralna Depozitarna Agencija AD, Independent Auditor s Report We have audited the accompanying financial statements of Centralna Depozitarna Agencija AD, (hereinafter: the Company ), which comprise the balance sheet as at 31 December 2012, the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Management is responsible for the preparation and true and objective presentation of these financial statements in accordance with the applicable Law on Accounting and Audit of Montenegro and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Error! Reference source not found.error! Reference source not found.error! Reference source not found. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the applicable Law on Accounting and Audit of Montenegro and International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and true and objective presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

3 Opinion In our opinion, the financial statements present truly and objectively, the financial position of the Company as at 31 December 2012, and of its financial performance and its cash flows for the year then ended in accordance with the applicable Law on Accounting and Audit of Montenegro., 18 March 2013 KPMG d.o.o. (L.S.) Vojnovic Branko Certified Auditor This is a translation of the original Independent Auditors Report issued in the Montenegrin language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Montenegrin version of the document shall prevail., 18 March 2013 KPMG d.o.o. (L.S.) Vojnovic Branko Certified Auditor

4 Completed by a legal entity ID number: Activity code TRANSLATION Name EXCERPT Centralna Depozitarna Agencija Address Centralna Depozitarna Agencija AD, Class of accounts STATEMENT OF COMPERHESIVE INCOME / INCOME STATEMENT/ FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2012 Position I. OPERATING INCOME (202 to 206) , 61 1.Sales Own products used Increase in value of inventories Decrease in value of inventories , 65 5.Other operating income II. OPERATING EXPENSES (208 to 212) Cost of goods sold Cost of material Wages, salaries and other personal expenses Depreciation and provision costs , Other operating expenses A. OPERATING RESULT ( ) 213 (57.336) ( ) 66 I. FINANCIAL INCOME II. FINANCIAL EXPEENSES B. FINANCIAL RESULT ( ) , 68, 691,692 I. OTHER INCOME , 58, 591,592 II. OTHER EXPENSES C. RESULT FROM OTHER ACTIVITIES ( ) D. RESULT FROM OPERATING ACTIVITIES BEFORE TAX ( ) Note Current year In EUR Amount Previous year (26.046) (12.242) (68.532) ( ) E. NET INCOME FROM DISPOSAL OF DISCONTINUING OPERATIONS 221 F. RESULT BEFORE TAX ( ) 222 (68.532) ( ) G. OTHER ITEMS OF RESULT/ASSOCIATED WITH CAPITAL/ 223 (224 to 228) 1. Changes in revaluation reserves on financial assets available for sale 2. Changes in revaluation reserves arising from property, plant and equipment and intangible assets 3.Changes in revaluation reserves arising from equity investments in associated companies Changes in revaluation reserve on the basis of actuarial gains (or loss) with respect to defined pension plans Changes in revaluation reserves arising from cash flow hedges H. Income tax expense ( ) Current income tax Deferred tax income/expense I. NET RESULT ( ) 232 (76.357) ( ) J. EARNINGS PER SHARE (764) (1.122) 1.Basic earnings per share 233 (764) (1.122) 2. Decreased (diluted)earning per share In The person responsible for the preparation of financial statements Date 15 March 2013 Tatjana Blagojevic L.S. Vladimir Kascelan

5 Completed by a legal entity ID number: Activity code Name Centralna Depozitarna Agencija TRANSLATION EXCERPT Address Centralna Depozitarna Agencija AD, STATEMENT OF FINANCIAL POSITION /BALANCE SHEET/ AS AT 31 DECEMBER 2012 Class of account Position Note Current year In EUR Amount Previous year Assets 00 (part) A. SUBSCRIBED CAPITAL NOT PAID.001 B. LONG-TERM ASSETS ( ) I. GOODWILL (except).012 II. INTANGIBLE ASSETS , 022, 023, (part), 028 (part), , 027 (part), 028 (part) 021, 025, 027 (part), 028 (part) 030, 031(part), 032 (part), 039 (part) III. PROPERTY,PLANT,EQUIPMENT AND BIOLOGICAL ASSETS ( ) Property, Plant and Equipment Investment property Biological assets.008 IV LOMG-TERM FINANCIAL INVESTMENT ( ) Equity investments (part),032(part) 2.Equity method investments (part), 033(part)- 038,039(part) 3.Other long term financial investments C. DEFERED TAX ASSETS D. NON CURRENT ASSETS HELD FOR.04 SALE AND DISCONTINUED.014 OPERATIONS E. CURRENT ASSETS ( ) ,15 I. INVENTORIES.016 II. SHORT TERM RECEIVABLES, INVESTMENTS AND CASH ( ) 20, 21, 22 except Receivables Receivables for overpaid income tax minus Short - term financial investments Cash and cash equivalents except Value added tax and accruals F. TOTAL ASSETS ( ) EQUITY AND LIABILITIES A. CAPITAL (from 102 to 109) I. ISSUED CAPITAL II. SUBSCRIBED CAPITAL NOT PAID III. RESERVES IV. POSITIVE REVALUATION RESERVES AND UNREALIZED GAINS ON 330, 331, 333 FINANCIAL ASSETS AVAILABLE FOR SALE V. REVALUATION RESERVES AND FOREIGN UNREALIZED LOSSES ON FINANCIAL ASSETS AVAILABLE FOR SALE 34 VI. RETAINED EARNINGS VII. LOSS VIII. TREASURY SHARES AND STAKES 109 B. LONG-TERM PROVISIONS AND LONG-TERM LIABILITIES ( ) (part) I.LONG-TERM PROVISIONS II. LONG TERM LIABILITIES ( ) , Long-term loans except 414, Other long term liabilities C. DEFERRED TAX LIABILITIES D. SHORT-TERM PROVISIONS AND LIABILITIES ( ) I. SHORT TERM LIABILITIES ( ) , except Short term financial liabilities Liabilities from assets and disposal groups available for sale ,44 3.Liabilities from operations ,46,49 except Other short-term liabilities and accruals ,48 except Liabilities for value added tax and other statutory liabilities Income tax liabilities (part) II.SHORT-TERM PROVISIONS 124 E. TOTAL LIABILITIES AND EQUITY ( ) In The person responsible for the preparation of financial statements Date 15 March 2013 Tatjana Blagojevic L.S. Vladimir Kascelan

6 Completed by a legal entity ID number: TRANSLATION EXCERPT Name: Centralna Depozitarna Agencija Address: Activity Centralna codedepozitarna Agencija AD, CASH FLOW STATEMENT FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2012 In EUR POSITION Current year Previous year amount amount A. CASH FLOW FROM OPERATING ACTIVITIES I. Cash inflow from operating activities (1 to 3) 1. Cash receipts from customers and received advances Interest received from operating activities Other receipts from operating activities II. Cash outflows from operating activities (1 to 5) Cash paid to suppliers and payments in advance Gross salaries and wages Interests paid Income tax Other tax paid III.Net cash generated from operating activities (I-II) 311 (56.233) ( ) B. CASH FLOWS FROM INVESTING ACTIVITIES I. Cash inflow from investing activities (1 to 5) 1. Sales of shares and stakes (net receipts) Sales of intangible assets, property, plant, equipment and biological assets Other financial investments (net receipts) Interests received from investing activities Dividends received 317 II. Cash outflows from investing activities (1 to 3) ( ) 1.Purchase of shares and stakes (net outflows) Purchase of intangible assets, property, plant, equipment and biological assets ( ) 3. Other financial investments (net receipts) 321 III. Net cash generated from investing activities (I-II) C. CASH FLOWS FROM FINANCING ACTIVITIES I. Cash inflow from financing activities (1 to 3) 1. Increase in share capital Long term and short term loans (net receipt) Other long term and short term liabilities 326 II. Cash outflows from financing activities (1 to 4) Purchase of treasury shares and stakes Long term and short term loans and other liabilities (net outflow) Finance leasing Dividends paid III. NET CASH GENERATED FROM FINANCING ACTIVITIES (I-II) ( ) D. NET CASH FLOW ( ) 333 (12.182) E. CASH AT THE BEGINNING OF THE REPORTING PERIOD F. POSITIVE FOREIGN EXCHANGE 335 G. NEGATIVE FOREIGN EXCANGE 336 H. CASH AT THE END OF THE REPORTING PERIOD ( ) In The person responsible for the preparation of financial statements Date 15 March 2013 Tatjana Blagojevic L.S. Vladimir Kascelan

7 Completed TRANSLATION by a legal entity ID number: EXCERPT Name Address Centralna Depozitarna Agencija AD, Activity code N r. Item Stake capital Other capital Subscribed unpaid capital Share issue premium Reserves Revaluation reserves Retained earnings Loss up to the amount of capital Treasury shares purchased Balance as at (19.461) Effects of retroactive material errors and changes in accounting policies Adjusted opening balance 3 as at (1+2) Net changes in ( ) 467 (92.731) ( ) Balance as at (3+4) ( ) Effects of retroactive material errors and changes in accounting policies Adjusted opening balance as at (5+6) Net changes in ( ) (76.357) 9 Balance as at (7+8) STATEMENT ON CHANGES IN EQUITY FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER (76.357) Total In The person responsible for the preparation of financial statements Date 15 March 2013 Tatjana Blagojevic L.S. Vladimir Kascelan