Interim Consolidated Financial Statements

ИНДУСТРИАЛЕН ХОЛДИНГ БЪЛГАРИЯ АД

Съдържание

Industrial Holding Bulgaria Plc

Interim Consolidated Financial Statements

For the period ended 31 March 2014

ИНДУСТРИАЛЕН ХОЛДИНГ БЪЛГАРИЯ АД

Съдържание

Managing Board

Daneta Angelova Zheleva

Bozhidar Vasilev Danev

Boyko Nikolov Noev

Borislav Emilov Gavrilov

Emilian Emilov Abadzhiev

Supervisory Board

Konstantin Kuzmov Zografov

DZH AD, represented by Elena Petkova Kircheva

Snezhana Ilieva Hristova

Auditor

Ernst & Young Audit OOD

Polygraphia Office Centre

47 A, Tsarigradsko shosе Blvd., fl.4

1124 Sofia

Bulgaria

INDUSTRIAL HOLDING BULGARIA AD

CONSOLIDATED INCOME STATEMENT

For the year ended 31 March 2014

In BGN thousand / Note / 31 March 2014 / 31 March 2013
Continuing operations
Revenue / 8 / 19,993 / 22,541
Other operating revenue / 9 / 416 / 1,830
Obligations written off on rights sold to shareholders / 9а / - / 18,260
Changes in inventories of work in progress and finished goods / 10 / 1,796 / 1,367
Own work capitalised / 11 / 1 / 3
Expenses for materials / 12 / (8,204) / (8,644)
Expenses for hired services / 13 / (4,012) / (4,983)
Depreciation and amortization / 18,19 / (3,359) / (3,208)
Personnel expenses / 14 / (5,382) / (5,474)
Other operating expenses / 15 / (825) / (3,443)
Profit from operations / 424 / 18,249
Financial income / 16 / 15 / 83
Financial expenses / 16 / (1,772) / (3,687)
Profit of associates / 20 / 22 / 12
Profit/loss before tax from continuing operations / (1,311) / 14,657
Income tax (expense) / gain / 17 / (97) / (2,101)
Profit/loss for the year from continuing operations / (1,408) / 12,556
Discontinued operations
Profit for the year from discontinued operations, net of taxes / 7 / (67) / (58)
Profit / (loss) for the year / (1,475) / 12,498
Attributable to:
Equity holders of the parent / (919) / 13,565
Non-controlling interests / (556) / (1,067)
(1,475) / 12,498

The notes on pages 10 to 49 form an integral part of these consolidated financial statements. The consolidated financial statements were authorised for issue with a resolution of the Management Board and Supervisory Board dated 30 May2014.

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

(Continued)

Note / 31.03.2014 / 31.03.2013
Net earnings per share
Basic earnings per share attributable to ordinary equity holders of the parent (BGN) / 28 / (0,014) / 0,200
Net earnings per share
Basic earnings per share attributable to ordinary equity holders of the parent (BGN) / 28 / (0,013) / 0,201

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

INDUSTRIAL HOLDING BULGARIA AD

CONSOLIDATED INCOME STATEMENT

For the year ended 31 March 2014

In BGN thousand / Note / 31 March 2014 / 31 March 2013
Profit / (Loss) for the period / (1,475) / 12,498
Other comprehensive income
Other comprehensive income subject to reclassification to profit or loss in subsequent periods
Exchange differences on translation of foreign operations / 8 / -
Tax effect on income / - / -
8 / -
Net movement on cash flow hedges / 33 / 48 / 51
Tax effect on income / 17 / (4) / (5)
44 / 46
Other comprehensive income subject to reclassification to profit or loss in subsequent periods, net of taxes / 52 / 46
Other comprehensive not income subject to reclassification to profit or loss in subsequent periods, net of taxes
-
Other movements / 7 / 3
Other comprehensive not income subject to reclassification to profit or loss in subsequent periods, net of taxes / 7 / 3
Other comprehensive income for the year, net of tax / 59 / 49
Total comprehensive income for the year, net of tax / (1,416) / 12,547
Attributable to:
Equity holders of the company / (862) / 13,614
Non-controlling interests / (554) / (1,067)
(1,416) / 12,547

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

ИНДУСТРИАЛЕН ХОЛДИНГ БЪЛГАРИЯ АД

КОНСОЛИДИРАН ОТЧЕТ ЗА ДОХОДИТЕ

За годината, приключваща на 31 декември 2012 г.

In BGN thousand / Notes / 31 March 2014 / 2013
Assets
Non – current assets
Property, plant and equipment / 18 / 374,461 / 376,258
Investment properties / 19 / 4,912 / 5,261
Other intangible assets / 21 / 4,719 / 4,719
Goodwill / 19 / 4,048 / 4,048
Investments in associates / 20 / 1,915 / 1,893
Investments held for sale / 22 / 4 / 4
Non-current receivables / 23 / 1,218 / 1,218
Deferred tax assets / 17 / 51 / 56
Total non-current assets / 391,328 / 393,457
Current assets
Inventories / 24 / 18,890 / 18,903
Trade and other receivables / 25 / 6,254 / 5,658
Receivables from related parties / 35.2 / 233
Income tax receivable / 124 / 201
Cash and cash equivalents / 26 / 1,870 / 5,210
Total current assets / 27,138 / 30,205
Assets classified as held for sale / 7 / 2,160 / 1,426
TOTAL ASSETS / 420,626 / 425,088

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

ИНДУСТРИАЛЕН ХОЛДИНГ БЪЛГАРИЯ АД

КОНСОЛИДИРАН ОТЧЕТ ЗА ДОХОДИТЕ

За годината, приключваща на 31 декември 2012 г.

(Continued)

In BGN thousand / Notes / 2013 / 2013
Equity
Share capital / 27 / 67,978 / 67,978
Share premium / 27 / 30,604 / 30,604
Shares buyback / 27 / (777) / (771)
Other reserves / 27 / 68,641 / 68,571
Retained earnings / 86,861 / 87,793
253,307 / 254,175
Non-controlling interests / 18,424 / 19,308
Total equity / 271,731 / 273,483
Liabilities
Non – current liabilities
Interest-bearing loans and borrowings / 29 / 33,140 / 36,060
Debenture loan / 29 / 29,929 / 29,912
Payables to related parties / 35.2 / 7,580 / 7,583
Grants / 30 / 1,753 / 676
Provisions / 31 / 29 / 29
Retirement benefit liability / 32 / 342 / 367
Deferred tax liabilities / 17 / 7,323 / 7,405
Total non-current liabilities / 176 / 309
Liabilities / 80,272 / 82,341
Current liabilities
Interest-bearing loans and borrowings / 29 / 57,308 / 58,262
Debenture loan / 29 / 882 / 401
Payables to related parties / 35.2 / 101 / 68
Trade and other payables / 33 / 9,766 / 9,501
Provisions / 31 / 226 / 207
Grants / 30 / 71 / 98
Income tax payable / 232 / 687
Total current liabilities / 68,586 / 69,224
Liabilities directly associated with the assets classified as held for sale / 7 / 37 / 40
Total liabilities / 148,895 / 151,605
TOTAL EQUITY AND LIABILITIES / 420,626 / 425,088

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

ИНДУСТРИАЛЕН ХОЛДИНГ БЪЛГАРИЯ АД

КОНСОЛИДИРАН ОТЧЕТ ЗА ДОХОДИТЕ

За годината, приключваща на 31 декември 2012 г.

In BGN thousand / Note / 31 March 2014 / 31 March 2013
Operating activities
Receipts from customers / 20,090 / 26,062
Payments to suppliers / (11,635) / (17,543)
Personnel and social security payments / (5,216) / (5,181)
Income tax paid / (580) / (1,189)
Exchange rate differences / (-32) / 22
Other proceeds / 79 / (537)
Cash flows from operating activities, net / 2,645 / 1,634
Investing activities
Proceeds from sale of property, plant and equipment / 68 / 1,397
Purchase and construction of property, plant and equipment / (1,156) / (586)
Proceeds from repaid loans and interests / - / 587
Loans granted / - / (223)
Payments for transactions with financial assets / - / -
Dividends received from investments / - / -
Proceeds from sales of investments / - / -
Interests received from loans granted, deposits and current bank accounts / 20 / 68
Other proceeds / 1,059 / 7
Cash flows used in investing activities, net / (9) / 1,250
Financial activities
Proceeds from issuance of securities / - / -
Debenture loan / - / -
Payments in bay-back of securities / 27 / (5) / (105)
Interest-bearing loans and borrowings received / 275 / 83
Debenture loan repaid / - / -
Repayment of interest-bearing loans and borrowings / (4,247) / (3,953)
Dividends paid / (71) / (376)
Payments of interests, fees and commissions regarding loans / (1,029) / (1,373)
Other payments / (371) / (43)
Cash flows (used in) / from financing activities, net / (5,448) / (5,767)
Net decrease in cash and cash equivalents / (2,812) / (2,883)
Cash and cash equivalents at 1 January / 26 / 5,249 / 8,989
Cash and cash equivalents as at the end of the period / 26 / 2,437 / 6,106

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

INDUSTRIAL HOLDING BULGARIA AD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2014

Attributable to equity holders of the parent
In BGN thousand / Share capital / Share premium / Additional and legal reserves / Hedging reserve / Revaluation reserves / Retained earnings / Total / Non-controlling interest / Total equity / Share capital
As at 1 January 2014 / 67,978 / 30,604 / (771) / 4,920 / (293) / 63,944 / 87,793 / 254,175 / 19,308 / 273,483
Total comprehensive income for the year
Profit/Loss for the year / - / - / - / - / - / - / (919) / (919) / (556) / (1,475)
Other comprehensive income (Note 27) / - / - / - / - / 44 / - / 13 / 57 / 2 / 59
Total comprehensive income for the year / - / - / - / - / 44 / - / (906) / (862) / (554) / (1,416)
Transactions with owners of the Group, recognized directly in equity
Transfer between reserves / - / - / - / 28 / - / - / (28) / - / - / -
Distributed dividends / - / - / - / - / - / - / - / - / (330) / (330)
Capital contribution / - / - / - / - / - / - / - / - / - / -
Shares buyback / - / - / (6) / - / - / - / - / (6) / - / -
Total transactions with shareholders / - / - / (6) / 28 / - / - / (28) / (6) / (330) / (336)
Transfer of revaluation reserve on assets sold and transfer of held for sale assets to retained earnings / - / - / - / - / - / (2) / 2 / - / - / -
As at 31 March 2014 / 67,978 / 30,604 / (777) / 4,948 / (249) / 63,942 / 86,861 / 253,307 / 18,424 / 271,731

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant

INDUSTRIAL HOLDING BULGARIA AD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2014

(Continued) / Attributable to equity holders of the parent
In BGN thousand / Share capital / Share premium / Additional and legal reserves / Hedging reserve / Revaluation reserves / Retained earnings / Total / Non-controlling interest / Total equity
As at 1 January 2013 / 67,978 / 30,604 / 4,806 / (539) / 53,291 / 66,762 / 222,902 / 16,094 / 238,996
Total comprehensive income for the year
Profit/Loss for the year / - / - / - / - / - / 13,565 / 13,565 / (1,067) / 12,498
Other comprehensive income (Note 27) / - / - / - / 46 / - / 3 / 49 / - / 49
Total comprehensive income for the year / - / - / - / 46 / - / 13,568 / 13,614 / (1,067) / 12,547
Transactions with owners of the Group, recognized directly in equity
Transfer between reserves / - / - / (153) / - / - / 153 / - / - / -
Distributed dividends / - / - / - / - / - / - / - / (382) / (382)
Capital contribution / - / - / - / - / - / - / - / - / -
Shares buyback / - / - / (153) / - / - / 153 / - / (382) / (382)
Transfer of revaluation reserve on assets sold to retained earnings / - / - / - / - / (819) / 819 / - / - / -
As at 31 March 2014 / 67,978 / 30,604 / 4,653 / (493) / 52,472 / 81,302 / 235,516 / 14,645 / 251,161

Daneta Zheleva
Chief Executive Director / Toshka Vassileva
Chief accountant