ATLANTIC GRUPA

Company of Added Value

BSE Investors Conference, 19 November 2013, Belgrade

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN 2012 AND 9M 2013

STRATEGIC GUIDANCE

APPENDIX

2

ONE OF THE LARGEST FOOD AND BEVERAGES COMPANIES IN THE REGION

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...)

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

The region includes: Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, Macedonia and Kosovo

3

4

DEVELOPMENT CYCLE: EXTENSIVE M&A TRACK RECORD

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

2010

2010

2008/9

2007

2007

2006

2005

Acquisition of Melem

Atlantic Slovenia

Atlantic Macedonia

Acquisition of Neva

Acquisition of CEDEVITA

Atlantic Serbia

Representative office B&H

2004

2004

2003

2003

2001

2001

2001

Cooperation Johnson & Johnson

Cooperation Duracell

Distribution center Rijeka

Distribution center Osijek

Distribution center Split

Cooperation Wrigley

1999

1996

1994

1994

1992

1991

DIS

TR

IBU

TIO

N

DIS

TR

IBU

TIO

N &

PR

OD

UC

TIO

N

VE

RT

ICA

L I

NT

EG

RA

TIO

N

2010*: Pro-forma consolidated with Droga Kolinska

European company

National company

Regional company

8 43 88 129 202 250 273 313 460 611 675 7621,085

1,3941,670

2,0032,199 2,269

4,5134,728

4,930

0

1,000

2,000

3,000

4,000

5,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010* 2011 2012

Sales, HRKm

CAGR 1993-2012:

+40.2%

ATLANTIC GRUPA’S BUSINESS MODEL TODAY

SBU

COFFEE

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

SBU

BEVERAGES

SBU

SPORTS AND

FUNCTIONAL

FOOD

SBU

PHARMA AND

PERSONAL

CARE

SBU

SAVOURY

SPREADS

SBU

SNACKS

SDU

Croatia

SDU

Slovenia,

Serbia and

Macedonia

SDU

HoReCa

Hotels,

Restaurants, Cafes

RUSSIAN

MARKET

Baby food,

All products in

Russia and CIS

SDU

International

Markets

All markets outside

the region*, Russia

and CIS

5

*The region includes: Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro and Macedonia

PRODUCT/DISTRIBUTION PORTFOLIO OVERVIEW

6

Co

ffe

e Turkish Coffee

Espresso coffee

Instant coffee

Sa

vo

ury

sp

rea

ds Meat spreads

Fish spreads

Sandwiches

Sn

acks Savoury snacks

Chocolate tablets

Wafers & Biscuits

Bars

Sp

ort

s a

nd

fun

ctio

na

l fo

od

Sports food

Weight management range

Energy range

Body building range

Dis

trib

ution

Own brands

International brands

Be

ve

rag

es Carbonated soft drinks

Vitamin instant drinks

Functional waters

Waters

Tea and Functional tea

Pe

rso

na

lca

re

Body care

Face care

Lip care

Tooth care

Ph

arm

a Food supplements

OTC products

Pharmacy chain

Ba

by f

oo

d

Baby cereals

Milk formula

Tea

Water

Biscuits

ATLANTIC GRUPA’S GREATEST ASSETS

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

Croatia

Serbia

Slovenia

Bosnia and

Herzegovina

Macedonia

Germany

Italy

United

Kingdom

Austria

Switzerland

Ukraine

SALES PROFILE & PRODUCTION FACILITIES

8

Sales by segments Baby food 3%

Principal brands 16%

Sports and

Functional

Food 14%

Pharma &

Personal

care 10%Coffee 22%

Sweet and salted

snacks 12%

Savoury

spreads 9%

Beverages 14%

Sales by countries

Croatia

26.6%

Serbia

24.9%

Slovenia

13.2%Bosnia and Herzegovina 7.6%

Other regional markets* 6.4%

Western Europe** 7.3%

Russia and CIS 5.0%

Other markets

8.9%

Own brands72.0%

Farmacia 6.1%

Sales by brands

Private label 6.0%

Principal brands 15.9%

Sales profile in 2012; *Other regional markets: Macedonia, Montenegro, Kosovo; **Western Europe: Germany, United Kingdom, Italy

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia+ production facility

in Germany

Overview of production facilities

(HRKm) FY10 FY10 pro-forma FY11 FY12CAGR FY10

pro-forma - FY12FY12/FY11

Revenues 2,296 4,569 4,774 4,985 4.4% 4.4%

Sales 2,269 4,513 4,728 4,930 4.5% 4.3%

EBITDA 202 526 517 559 3.0% 8.0%

EBIT 147 276 351 399 20.3% 13.6%

Net profit 86 126 70 112 (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%

FINANCIAL OVERVIEW: 2010 – 2012

9

P&L figures normalized; *Gearing ratio calculated as Net debt/(Total equity+Net debt)

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

STABLE MANAGEMENT TEAM AND OWNERSHIP STRUCTURE

Management Ownership structure on 30/09/2013

Supervisory board

Supervisory Board

Audit CommitteeNomination and Remuneration

Committee

Corporate Governance Committee

Mladen VeberSenior Group Vice President

Business Operations

Zoran StankovićGroup Vice President

Finance

Neven VrankovićGroup Vice President

Corporate Affairs

Emil TedeschiPresident of the

Management Board

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.

10

Emil Tedeschi

50.2%

Pension funds

18.1%

EBRD 8.5%

DEG 8.5%

Lada Tedeschi

Fiorio 5.8%

Management

1.2%

Other

7.7%

Zdenko

Adrović

Lada

Tedeschi

Fiorio

Siniša

Petrović

Željko

Perić

Franz

Josef

Flosbach

Aleksandar

Pekeč

Vedrana

Jelušić

Kašić

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

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN 2012 AND 9M 2013

STRATEGIC GUIDANCE

APPENDIX

11

KEY DEVELOPMENTS

12

New organization structure and Management Board

Second integration phase of Droga Kolinska and

Atlantic Grupa

Consolidation of production plants

Consolidation of information technology

Refinancing

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

Preparation for the new energy bars factory in Nova

Gradiška

Production expected to start in Q1 2015

Capex of HRK 120m

Transfer of production from outsourced

producer to in-house production

20129M 2013

REFINANCING

Refinancing structure

EBRD arranged loan

EUR 232m

EBRD

EUR 60m

Raiffeisen Bank,

Unicredit Bank,

Sberbank,

Erste Bank

EUR 172m

Bilateral loan

EUR 75m

IFC

EUR 50m

Raiffeisenbank Austria Zagreb,

Zagrebačka banka

EUR 25m

Refinancing amount

EUR 307m

Reasoning for refinancing

More favourable loan conditions

Average interest rate of 4.71% at the time of refinancing

Prolonged maturity

Purpose

Balance sheet restructuring → EUR 272m

Energy efficiency improvement → EUR 10m

Working capital financing → EUR 25m

13

Timing

November 2012

Energy efficiency

3%

Revolving facility

8%

EBRD17% Commercial

banks56%

IFC16%

Other89%

RESULTS IN 2012 IN LINE WITH THE GUIDANCE

2012 and 2011 results normalized

(HRKm)2012A/2011E: 99.3

2012A/2011A: 104.3

2012A/2011E: 101.6

2012A/2011A: 108.0

2012A/2011E: 103.7

2012A/2011A: 113.6

14

4,400

4,600

4,800

5,000

Sales

4,9304,964

4,728

2012A

2012E

2011A

0

200

400

600

EBITDA EBIT

559

399

550

385

517

351

2012A

2012E

2011A

PERFORMANCE BY SBUs AND SDUs IN 2012

* 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

(Sales, HRKm) 2012 2011 2012/2011

SBU Beverages

SBU Coffee

SBU (Sweet and Salted) Snacks

SBU Savoury Spreads

SBU Sports and Functional Food

SBU Pharma and Personal Care

671.9

1,090.7

600.5

463.7

680.0

481.3

670.4

1,001.7

578.8

431.0

648.1

446.3

0.2%

8.9%

3.7%

7.6%

4.9%

7.8%

SDU Croatia

SDU Slovenia, Serbia, Macedonia

Other segments*

876.8

1,930.4

373.2

888.1

1,875.5

327.6

(1.3%)

2.9%

13.9%

Reconciliation** (2,238.0) (2,139.6) n/a

Sales 4,930.4 4,727.8 4.3%

(EBIT, HRKm) 2012

SBU Beverages

SBU Coffee

SBU (Sweet and Salted) Snacks

SBU Savoury Spreads

SBU Sports and Functional Food

SBU Pharma and Personal Care

106.1

141.2

96.3

110.0

4.8

50.0

SDU Croatia

SDU Slovenia, Serbia, Macedonia

Other segments*

(4.7)

75.3

(183.9)

Group EBIT 395.1

NET PROFIT IN 2012

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

16

0

50

100

150

2012 2011

6655

112

70

(HRKm) Net incomeNormalized net income

(HRK000) 2012 % of sales 2011 % of sales 2012/2011

EBIT 395,058 8.0% 334,843 7.1% 18.0%

Interest expenses

FX (gains)/losses - net

257,546

63,935

5.2%

1.3%

221,167

34,839

4.7%

0.7%

16.6%

81.9%

EBT 73,577 1.5% 78,837 1.7% (6.7%)

Current tax

Deferred tax

25,975

(18,511)

0.5%

(0.4%)

23,565

380

0.5%

0.0%

10.2%

n/a

Net income 66,112 1.3% 54,892 1.2% 20.4%

Minority interest 10,882 0.2% 8,291 0.2% 31.3%

Net income II 55,230 1.1% 46,601 1.0% 18.5%

FINANCIAL INDICATORS IN 2012

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

Short term financial debt 6.8%

Bond 2.2%

Trade and other

payables 15.4%

Other liabilities 6.6%

Long term

financial debt

40.5%

Capital and

reserves 28.4%

Equity and liabilities structure as at 31 December 2012(HRKm) 2012 2011

Net debt

Total assets

Equity

Current ratio

Gearing ratio

Net debt/EBITDA*

Interest coverage ratio*

Capex

Cash flow from operating activities

2,353.1

5,149.5

1,461.4

1.8

61.7%

4.2

2.6

78.8

296.0

2,494.0

5,355.2

1,512.3

1.8

62.3%

4.8

2.3

96.5

159.3

FINANCIAL OVERVIEW IN 9M 2013

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

Key highlights (HRKm) 9M 2013 9M 2012 9M 2013 / 9M 2012

Revenues 3,754.2 3,672.4 2.2%

Sales 3,725.5 3,631.7 2.6%

EBITDA 479.7 447.6 7.2%

EBIT 375.9 334.2 12.5%

Net profit 199.1 84.5 135.7%

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

SALES RESULTS IN 9M 2013

19

*Please refer to slide 15; **Other regional markets: Macedonia, Montenegro, Kosovo; ***Key European markets: Germany, United Kingdom, Italy, Switzerland, Austria, Sweden, Spain

Sales by segments Baby food 3.9%Principal brands 14.8%

Sports and

Functional

Food 16.3%

Pharma &

Personal

care 9.5%

Coffee 20.9%

Sweet and

salted snacks

11.7%

Savoury

spreads 9.0%

Beverages 13.8%

Croatia25.4%

Serbia23.6%

Slovenia12.9%Bosnia and Herzegovina 7.5%

Other regional markets** 6.3%

Key European markets*** 12.2%

Russia and CIS 5.6%

Other markets 6.6%

Sales by countries

Own brands72.4%

Farmacia6.1%

Sales by brands

Private label

6.7%

Principal brands

14.8%

(HRKm) 9M 2013 9M 20129M 2013/

9M 2012

SBU Beverages

SBU Coffee

SBU (Sweet and Salted) Snacks

SBU Savoury Spreads

SBU Sports and Functional Food

SBU Pharma and Personal Care

514.0

778.2

437.3

336.4

609.1

373.5

526.8

774.2

414.9

356.5

535.6

355.0

(2.4%)

0.5%

5.4%

(5.7%)

13.7%

5.2%

SDU Croatia

SDU Slovenia, Serbia, Macedonia

Other segments*

602.5

1,383.9

314.3

662.0

1,352.6

275.3

(9.0%)

2.3%

14.2%

Reconciliation* (1,623.7) (1,621.3) 0.1%

Sales 3,725.5 3,631.7 2.6%

NET PROFIT IN 9M 2013

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 long-

term borrowings completed at the end of 2012. 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.

20

(HRK000) 9M 2013 % of sales 9M 2012 % of sales9M 2013/

9M 2012

EBIT 375,897 10.1% 332,565 9.2% 13.0%

Interest expenses

FX (gains)/losses - net

122,453

9,017

3.3%

0.2%

173,588

49,129

4.8%

1.4%

(29.5%)

(81.6%)

EBT 244,427 6.6% 109,848 3.0% 122.5%

Current tax

Deferred tax

30,451

15,861

0.8%

0.4%

25,358

1,665

0.7%

0.0%

20.1%

852.7%

Net income 198,115 5.3% 82,825 2.3% 139.2%

Minority interest 4,786 0.1% 11,647 0.3% (58.9%)

Net income II 193,329 5.2% 71,178 2.0% 171.6%

0

50

100

150

200

250

9M 2013 9M2012

198

83

199

84

(HRKm) Net incomeNormalized net income

FINANCIAL INDICATORS IN 9M 2013

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

Short term borrowings 7.6%

Bond 2.2%

Trade and other

payables 14.6%

Other liabilities 6.1%

Long term

borrowings

37.1%

Total Equity

32.3%

Equity and liabilities structure as at 30 September 2013(HRKm) 9M 2013 2012

Net debt

Total assets

Total Equity

Current ratio

Gearing ratio

Net debt/EBITDA*

2,106.6

5,136.4

1,661.4

1.8

55.9%

3.6

2,353.1

5,149.5

1,461.4

1.8

61.7%

4.2

9M 2013 9M 2012

Interest coverage ratio**

Capital expenditure

Cash flow from operating activities

4.0

67.1

329.7

2.6

56.3

180.8

ATLANTIC GRUPA’S VALUATION AND SHARE PRICE DEVELOPMENT

22

0

200

400

600

800

1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

ATGR-R-A vs CROBEXCROBEXATGR-R-A

points HRK

*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 13/11/2013

At 30/09/2013 Atlantic Grupa’s stock was the 8th largest

stock based on market capitalization on the Zagreb Stock

Exchange

Performance*** 2008 2009 2010 2011 2012 2013

ATGR-R-A

CROBEX

(47.6%)

(67.1%)

46.8%

14.6%

18.2%

5.5%

(37.7%)

(18.3%)

9.6%

(0.1%)

23.1%

(0.0%)

Valuation 9M 2013 2012

Last price in reporting period

Market capitalization* (HRKm)

Average daily turnover (HRK)

EV (HRKm)

EV/TTM EBITDA**

EV/TTM EBIT**

EV/TTM sales**

TTM EPS** (HRK)

P/E**

650.0

2,167.3

251,595.8

4,325.8

7.3

9.8

0.9

66.9

9.7

536.0

1,787.2

201,012.7

4,187.5

7.5

10.5

0.8

30.5

17.6

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN 2012 AND 9M 2013

STRATEGIC GUIDANCE

APPENDIX

23

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

ATLANTIC GRUPA’S STRATEGIC MANAGEMENT GUIDANCE FOR 2013

24

(HRKm) 2013 Guidance (normalized) 2012 Normalized 2013/2012

Sales 5,130 4,930 4.0%

EBITDA 585 559 4.7%

EBIT 420 399 5.3%

Interest expense 185 215 (14.1%)

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN 2012 AND 9M 2013

STRATEGIC GUIDANCE

APPENDIX

25

CONSOLIDATED INCOME STATEMENT FOR THE 9M 2013

26

(HRK000) 9M 2013 % of sales 9M 2012 % of sales9M 2013/

9M 2012

Turnover 3,754,152 100.8% 3,672,404 101.1% 2.2%

Sales revenues

Other revenues

3,725,469

28,683

100.0%

0.8%

3,631,668

40,736

100.0%

1.1%

2.6%

(29.6%)

Operating expenses 3,274,415 87.9% 3,226,450 88.8% 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)

1,303,442

242,903

495,662

240,709

125,935

11,253

23.7%

(0.7%)

35.0%

6.5%

13.3%

6.5%

3.4%

0.3%

803,814

(32,663)

1,392,764

232,664

472,753

234,988

131,651

(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 479,737 12.9% 445,954 12.3% 7.6%

Amortization and depreciation 103,840 2.8% 113,389 3.1% (8.4%)

EBIT 375,897 10.1% 332,565 9.2% 13.0%

Financial income

Financial expenses

FX (gains)/losses - net

5

122,453

9,022

0.0%

3.3%

0.2%

5

173,588

49,135

0.0%

4.8%

1.4%

(6.5%)

(29.5%)

(81.6%)

EBT 244,427 6.6% 109,848 3.0% 122.5%

Current tax

Deferred tax

30,451

15,861

0.8%

0.4%

25,358

1,665

0.7%

0.0%

20.1%

852.7%

Net income 198,115 5.3% 82,825 2.3% 139.2%

Minority interest 4,786 0.1% 11,647 0.3% (58.9%)

Net income II 193,329 5.2% 71,178 2.0% 171.6%

CONSOLIDATED NORMALIZED INCOME STATEMENT FOR THE 9M 2013

27

(HRK000) 9M 2013 % of sales 9M 2012 % of sales9M 2013/

9M 2012

Turnover 3,754,152 100.8% 3,672,404 101.1% 2.2%

Sales revenues

Other revenues

3,725,469

28,683

100.0%

0.8%

3,631,668

40,736

100.0%

1.1%

2.6%

(29.6%)

Operating expenses 3,274,415 87.9% 3,224,784 88.8% 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)

1,303,442

242,903

495,662

240,709

125,935

11,253

23.7%

(0.7%)

35.0%

6.5%

13.3%

6.5%

3.4%

0.3%

803,814

(32,663)

1,392,764

231,859

472,753

234,988

130,788

(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 479,737 12.9% 447,620 12.3% 7.2%

Amortization and depreciation 103,840 2.8% 113,389 3.1% (8.4%)

EBIT 375,897 10.1% 334,231 9.2% 12.5%

Financial income

Financial expenses

FX (gains)/losses - net

5

121,445

9,022

0.0%

3.3%

0.2%

5

173,588

49,135

0.0%

4.8%

1.4%

(6.5%)

(30.0%)

(81.6%)

EBT 245,435 6.6% 111,513 3.1% 120.1%

Current tax

Deferred tax

30,451

15,861

0.8%

0.4%

25,358

1,665

0.7%

0.0%

20.1%

852.7%

Net income 199,123 5.3% 84,491 2.3% 135.7%

Minority interest 4,786 0.1% 11,647 0.3% (58.9%)

Net income II 194,337 5.2% 72,844 2.0% 166.8%

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2013

28

(HRK000) 30 September 2013 % of total assets 31 December 2012 % of total assets

Property, plant and equipment 1,063,017 20.7% 1,093,108 21.2%

Investment property 1,681 0.0% 1,707 0.0%

Intangible assets 1,872,938 36.5% 1,870,965 36.3%

Available-for-sale financial assets 1,009 0.0% 1,300 0.0%

Trade and other receivables 9,254 0.2% 9,584 0.2%

Deferred tax assets 48,166 0.9% 72,182 1.4%

Non-current assets 2,996,065 58.3% 3,048,846 59.2%

Inventories 564,022 11.0% 543,317 10.6%

Trade and other receivables 1,106,478 21.5% 1,148,770 22.3%

Non-current assets held for sale 98,227 1.9% 113,868 2.2%

Prepaid income tax 30,251 0.6% 23,703 0.5%

Deposits given 14,066 0.3% 20,142 0.4%

Cash and cash equivalents 327,253 6.4% 250,865 4.9%

Current assets 2,140,297 41.7% 2,100,665 40.8%

Total assets 5,136,362 100.0% 5,149,511 100.0%

Capital and reserves attributable to owners of the Company 1,609,511 31.3% 1,414,230 27.5%

Non-controlling interest 51,897 1.0% 47,136 0.9%

Borrowings 2,019,684 39.3% 2,198,901 42.7%

Deferred tax liabilities 184,858 3.6% 186,955 3.6%

Derivative financial instruments 10,963 0.2% 50,224 1.0%

Other non-current liabilities 166 0.0% 191 0.0%

Provisions 56,951 1.1% 56,477 1.1%

Non-current liabilities 2,272,622 44.2% 2,492,748 48.4%

Trade and other payables 749,059 14.6% 793,596 15.4%

Borrowings 392,055 7.6% 354,101 6.9%

Current income tax liabilities 17,382 0.3% 3,575 0.1%

Derivative financial instruments 25,215 0.5% 20,911 0.4%

Provisions 18,621 0.4% 23,214 0.5%

Current liabilities 1,202,332 23.4% 1,195,397 23.2%

Total liabilities 3,474,954 67.7% 3,688,145 71.6%

Total equity and liabilities 5,136,362 100.0% 5,149,511 100.0%

CONSOLIDATED CASH FLOW STATEMENT FOR THE 9M 2013

29

(HRK000) Jan - Sep 2013 Jan - Sep 2012

Cash flows from operating activities

Net cash flow from operating activities before interest and income tax paid 463,705 351,259

Interest paid (109,598) (139,334)

Income tax paid (24,416) (31,171)

Net cash flow from operating activities 329,691 180,754

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 70,129 101,711

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 250,865 247,596

Cash and cash equivalents at end of period 327,253 273,954

CONTACT

30

Atlantic Grupa d.d.

Miramarska 23

10 000 Zagreb

Croatia

Tel. +385 1 2413 908

E-mail: ir@atlanticgrupa.com