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: [email protected]