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<p><br> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><b>For |
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immediate release<o:p> |
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</o:p> |
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<br> |
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16 September, 1999</b><br> |
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<br> |
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<b>PLIVA Group Results for H1 1999<o:p> |
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</o:p> |
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<br> |
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PLIVAs Vision:</b><o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">To |
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be a pharmaceutical company creating superior and innovative solutions to |
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customer needs, by competing in the global market.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">HIGHLIGHTS:<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"> |
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Overall revenue growth of 8% to HRK 1,983m<br> |
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International revenue growth of 13% to HRK 1,194m<br> |
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Strong increase in royalty revenue of 74%<br> |
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Operating profit rose by 6% to HRK 652m<br> |
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R&D expenditure increased by 43% (7.4% of Healthcare sales)<br> |
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Net income decreased by 7% to HRK 377m<br> |
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Strong financial position<br> |
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Focus on Pharmaceuticals<br> |
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Divestment of Foodstuffs and Cosmetics businesses in progress<br> |
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Two acquisitions in Pharmaceuticals area - Farmacom and Mixis<br> |
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Two research agreements signed - with Glaxo Wellcome and Althexis<br> |
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Strong investment activities continue<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Despite |
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challenges in the operating environment (Kosovo crisis, the introduction |
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of<span style="mso-spacerun: yes"> </span>a reference price system |
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and illiquidity in the Croatian health-care sector, introduction of a new |
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health-care system in Poland and the continuation of the Russian crisis), |
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PLIVA achieved good results in the first six months. Turnover rose to HRK |
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1,983 m., 8% higher than last year, with 60 % of this amount coming from |
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international markets. Gross profit increased by 10 % to HRK 1,324 m. in |
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the first half of the year, while operating profit went up by 6 % to HRK |
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652 m. However, net profit fell by 7% to HRK 377 m. due to financing costs |
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and negative exchange rate differentials which were significantly higher |
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than last year, and also significant costs related to restructuring |
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processes.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">PLIVAs |
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restructuring activities continued during the first half of 1999. Going |
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forward, PLIVA will be focused on pharmaceutical business. The PLIVA XXI |
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project has resulted in the development of a new organisational structure, |
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systems and processes that will support PLIVAs strategy to achieve |
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competitive advantages in the global pharmaceutical market. As part of the |
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restructuring processes, some services were separated into a company |
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called Adria servis d.o.o. This company, with 172 employees transferred |
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from the parent company, will offer its services to PLIVA, but also to |
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other companies. During the first half of the year Foodstuffs has been |
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reorganised towards becoming an independent company.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">PLIVA |
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is continuously confirming its focus on research and development, and has |
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accordingly increased its expenditures in this area by 43% in comparison |
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to the same period last year.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
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main research events during the first half of 1999 were the signing of |
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collaboration agreements in the research and development of new broad |
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spectrum antibiotics with Glaxo Wellcome and Althexis, as well as the |
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acquisition of the biotech company MIXIS Genetics which has cutting-edge |
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proprietary technology in biodiversity.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Commenting |
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on the business results, Mr. Æeljko »oviÊ, President of the |
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Management Board said:<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">We |
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expect continual consolidation in our key markets and believe this will |
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contribute to the continuous growth of PLIVA in the future. In addition, |
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the PLIVA XXI project has defined the strategic guidelines of the |
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companys future expansion and development. PLIVA is focused on |
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pharmaceuticals and on continuing to offer superior and innovative |
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solutions to its customers in the global marketplace to ensure long-term |
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value creation for shareholders.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1. |
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REVENUE<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">In |
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the first half of 1999, PLIVAs revenue increased by 7.9% over the same |
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period last year to HRK 1,983 m. <o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Royalty |
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revenue increased by 73.7 % and ammounted to HRK 398 m., or 20.0% of total |
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PLIVAGroup revenue.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.1. |
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Revenue by Region<br> |
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Domestic Sales<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Despite |
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the introduction of a reference price system in the Croatian market at the |
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beginning of the year, which on average reduced the price of PLIVAs |
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drugs by 5%, and liquidity problems in the Croatian health-care sector, |
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PLIVA has maintained its leading position in Croatia. Sales in Croatia |
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increased by 1.2%, totalling HRK 789 m. This was achieved by the |
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successful introduction of new products and from increased sales volume. |
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Revenues from Croatia accounted for 40% of PLIVA Groups revenue; 22% of |
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PLIVA Group revenue was financed by the Croatian Health-care Fund.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">International |
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Revenue<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Revenues |
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from international markets increased by 12.8% to HRK 1,194 m.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Revenues |
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in the Americas and Western Europe totalled HRK 668 m. and contributed 56% |
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to international revenue. The higher revenues from North and South America |
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were the result of royalty increases and increase an in Azithromycin |
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export sales to the USA. <o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Sales |
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in Poland, our single largest international market, amounted to HRK 252 |
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m., contributing 21.1% to international revenue and 12.7% of total |
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revenue. PLIVA sales in Poland went up by 5.4% compared to the first six |
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months of 1998. Reform of the health-care system at the beginning of the |
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year caused a decline in the Polish drug market in the first quarter of |
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1999 compared to the last quarter of 1998. We believe this to be a |
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short-term effect and the Polish market is still the most attractive |
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market in the region. <o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Sales |
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in Russia were HRK 28.5 m., which represented 1.4% of PLIVA Groups |
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revenue. The Russian crisis in August 1998 that resulted in a collapse of |
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the drug market has continued, which explains the drop in sales in |
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comparison to the same period last year. <o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Particularly |
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positive sales results were achieved in Bosnia and Herzegovina, Macedonia |
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and in Hungary.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.2. |
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Revenue by Businesses Segment<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Revenue |
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from core business (Pharmaceuticals, Bulk Pharmaceuticals and |
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royalties) increased 8.8% to HRK 1,615 m. or 81.5% of total revenue. |
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Animal Health and Agrochemicals accounted for 6.2% of total revenue, and |
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Foodstuffs and Cosmetics and Hygiene Products accounted for 11.2%<br> |
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Pharmaceuticals<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Pharmaceuticals |
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sales were HRK 947 m. or 2.9% lower than during the first half of last |
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year. <o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Domestic |
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sales were HRK 522 m., an increase of 2.9% over the previous year. The |
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strong domestic performance was attributed to increased marketing |
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activities, the introduction of new products and increased sales volume.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">International |
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sales amounted to HRK 425 m., a 9.2% decrease on the previous year. This |
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drop was primarily caused by the Russian crises and sales of Sumamed |
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imitations on the unregulated Russian and Chinese markets. Due to its |
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decreased international sales, Sumamed recorded HRK 116 m. of sales, a |
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17.4% drop in total sales compared to the previous year.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Bulk |
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Pharmaceuticals<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
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total sales of Bulk Pharmaceuticals accounted for 13.6% of total revenue |
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and amounted to HRK 270 m. or 3.6% less than the previous year. |
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Azithromycin revenue, which accounts for 77% of total sales of this |
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business segment, reached a total of HRK 207 m. or a drop of 8.7%.<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Animal |
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Health and Agrochemicals<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Animal |
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Health and Agrochemicals accounted for 6.2% of PLIVAs total revenue, or |
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HRK 123 m. A sales increase was recorded both in domestic (5.7%) and |
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international (8.8%) markets. 35% of total sales are generated on |
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international markets.<br> |
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Foodstuffs and Cosmetics and Hygiene Products<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
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sales of Foodstuffs and Cosmetics and Hygiene Products amounted to HRK 223 |
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m. or 11.2% of PLIVAs total revenue. PLIVA, as defined by the PLIVA XXI |
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project, will be focussed on pharmaceuticals going forward. Consequently, |
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the decision to divest the Foodstuffs and Cosmetics and Hygiene Products |
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businesses was made earlier this year. The selection of relevant partners |
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is underway. <o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2. |
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PROFITABILITY<o:p> |
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</o:p> |
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</font></span></p> |
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<p class="MsoNormal" align="center"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Key |
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Financial Indicators</font></span></p> |
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<p class="MsoNormal" align="right"><span style="font-family: |
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TIMES"><font face="Arial" size="2" color="#000080">HRK m<o:p> |
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</o:p> |
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</font></span></p> |
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<table border="0" width="100%" cellpadding="0" cellspacing="0"> |
| 304 |
|
|
<tr> |
| 305 |
|
|
<td width="176"></td> |
| 306 |
|
|
<td width="67" align="center"> |
| 307 |
|
|
<p align="left"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">I-VI |
| 308 |
|
|
98<span style="mso-tab-count:1"> </span></font></span></td> |
| 309 |
|
|
<td width="65" align="center"> |
| 310 |
|
|
<p align="left"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>I-VI |
| 311 |
|
|
99</font><span style="mso-tab-count:1"></span></span></td> |
| 312 |
|
|
<td width="82" align="center"> |
| 313 |
|
|
<p align="left"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Change<span style="font-family: TIMES"> |
| 314 |
|
|
%</span></font></span></td> |
| 315 |
|
|
<td width="214" colspan="3"> |
| 316 |
|
|
<p align="center"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Rate</font></span></td> |
| 317 |
|
|
</tr> |
| 318 |
|
|
<tr> |
| 319 |
|
|
<td width="176"></td> |
| 320 |
|
|
<td width="67"></td> |
| 321 |
|
|
<td width="65"></td> |
| 322 |
|
|
<td width="82"></td> |
| 323 |
|
|
<td align="center" width="65"> |
| 324 |
|
|
<p align="left"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>I-VI |
| 325 |
|
|
98</font></span></td> |
| 326 |
|
|
<td align="center" width="68"> |
| 327 |
|
|
<p align="left"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">I-XII |
| 328 |
|
|
98</font><span style="mso-tab-count:1"></span></span></td> |
| 329 |
|
|
<td align="center" width="77"> |
| 330 |
|
|
<p align="left"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">I-VI |
| 331 |
|
|
99</font></span></td> |
| 332 |
|
|
</tr> |
| 333 |
|
|
<tr> |
| 334 |
|
|
<td width="176"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">GROSS |
| 335 |
|
|
PROFIT</font></span></td> |
| 336 |
|
|
<td width="67"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.199<span style="mso-tab-count:1"> |
| 337 |
|
|
</span></font></span></td> |
| 338 |
|
|
<td width="65"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.324</font><span style="mso-tab-count: |
| 339 |
|
|
1"></span></span></td> |
| 340 |
|
|
<td width="82"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 341 |
|
|
1"></span><font face="Arial" size="2" color="#000080">+10.4</font><span style="mso-tab-count:1"></span></span></td> |
| 342 |
|
|
<td width="65"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">65.3</font></span></td> |
| 343 |
|
|
<td width="68"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">65.3<span style="mso-tab-count: |
| 344 |
|
|
1"> </span></font></span></td> |
| 345 |
|
|
<td width="77"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">66.8</font></span></td> |
| 346 |
|
|
</tr> |
| 347 |
|
|
<tr> |
| 348 |
|
|
<td width="176"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">EBIT</font><span style="mso-tab-count:1"></span></span></td> |
| 349 |
|
|
<td width="67"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">615<span style="mso-tab-count:1"> |
| 350 |
|
|
</span></font></span></td> |
| 351 |
|
|
<td width="65"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">652<span style="mso-tab-count: |
| 352 |
|
|
1"> </span></font></span></td> |
| 353 |
|
|
<td width="82"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">+6.0<span style="mso-tab-count:1"> |
| 354 |
|
|
</span></font></span></td> |
| 355 |
|
|
<td width="65"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">33.5<span style="mso-tab-count:1"> |
| 356 |
|
|
</span></font></span></td> |
| 357 |
|
|
<td width="68"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">30.2</font></span></td> |
| 358 |
|
|
<td width="77"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">32.9</font></span></td> |
| 359 |
|
|
</tr> |
| 360 |
|
|
<tr> |
| 361 |
|
|
<td width="176"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">FIN. |
| 362 |
|
|
EXP. & FOR.GAINS/LOSSES</font><span style="mso-tab-count:1"></span></span></td> |
| 363 |
|
|
<td width="67" valign="bottom"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">29</font></span></td> |
| 364 |
|
|
<td width="65" valign="bottom"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-81</font></span></td> |
| 365 |
|
|
<td width="82" valign="bottom"><font face="Arial" size="2" color="#000080">-</font></td> |
| 366 |
|
|
<td width="65" valign="bottom"><font face="Arial" size="2" color="#000080">-</font></td> |
| 367 |
|
|
<td width="68" valign="bottom"><font face="Arial" size="2" color="#000080">-</font></td> |
| 368 |
|
|
<td width="77" valign="bottom"><font face="Arial" size="2" color="#000080">-</font></td> |
| 369 |
|
|
</tr> |
| 370 |
|
|
<tr> |
| 371 |
|
|
<td width="176"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">NET |
| 372 |
|
|
PROFIT<span style="mso-tab-count:1"> </span></font></span></td> |
| 373 |
|
|
<td width="67"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">408</font><span style="mso-tab-count:1"></span></span></td> |
| 374 |
|
|
<td width="65"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">37</font></span></td> |
| 375 |
|
|
<td width="82"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 376 |
|
|
1"></span><font face="Arial" size="2" color="#000080">-7.4</font></span></td> |
| 377 |
|
|
<td width="65"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">22.2</font><span style="mso-tab-count:1"></span></span></td> |
| 378 |
|
|
<td width="68"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">19.3</font><span style="mso-tab-count: |
| 379 |
|
|
1"></span></span></td> |
| 380 |
|
|
<td width="77"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">19.0</font></span></td> |
| 381 |
|
|
</tr> |
| 382 |
|
|
</table> |
| 383 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Gross |
| 384 |
|
|
profit<o:p> |
| 385 |
|
|
</o:p> |
| 386 |
|
|
</font></span></p> |
| 387 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">HRK |
| 388 |
|
|
1,324.3 m. of gross profit was recorded in the first half of 1999, with a |
| 389 |
|
|
higher profit margin of 66.8%, primarily attributed to the faster growth |
| 390 |
|
|
of royalties. Costs of goods sold grew by 3.1%, primarily as a result of |
| 391 |
|
|
higher expenses for depreciation and salaries.<o:p> |
| 392 |
|
|
</o:p> |
| 393 |
|
|
</font></span></p> |
| 394 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Earnings |
| 395 |
|
|
before interest and taxes (EBIT)<o:p> |
| 396 |
|
|
</o:p> |
| 397 |
|
|
</font></span></p> |
| 398 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Earnings |
| 399 |
|
|
before interest and taxes (EBIT) amounted to HRK 652.4 m., which is 6% |
| 400 |
|
|
higher than last year. PLIVAs EBIT margin of 32.9% represented a |
| 401 |
|
|
decrease compared to the same period last year (33.5%), but was higher |
| 402 |
|
|
than that recorded for the whole year in 1998 (30.2%). The EBIT margin has |
| 403 |
|
|
fallen due to the faster growth in selling, general and administrative |
| 404 |
|
|
expenses (11.5%), and in research and development expenses (43%, or 7.4% |
| 405 |
|
|
of total health-care sales) in comparison to growth in revenue. Selling, |
| 406 |
|
|
general and administrative costs increased mainly because of depreciation, |
| 407 |
|
|
salaries, as well as larger investments in marketing activities in Poland.<o:p> |
| 408 |
|
|
</o:p> |
| 409 |
|
|
</font></span></p> |
| 410 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Earnings |
| 411 |
|
|
before taxes (EBT)<o:p> |
| 412 |
|
|
</o:p> |
| 413 |
|
|
</font></span></p> |
| 414 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Earnings |
| 415 |
|
|
before taxes (EBT) amounted to HRK 571.4 m., an 11.4% decrease compared to |
| 416 |
|
|
the first six months last year, largely as a result of foreign exchange |
| 417 |
|
|
losses and interest expenses, amounting to a total of HRK 81 m, while in |
| 418 |
|
|
the same period last year HRK 29 m. gains were recorded.<o:p> |
| 419 |
|
|
</o:p> |
| 420 |
|
|
</font></span></p> |
| 421 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Apart |
| 422 |
|
|
from depreciation costs, the strong investment cycle generated interest |
| 423 |
|
|
expenses against loans used for financing investments. Also, PLIVA |
| 424 |
|
|
Groups foreign currency exchange loss of HRK 62.1 m. was due mainly to |
| 425 |
|
|
PLIVAs long-term loans which have currency clause or are received in |
| 426 |
|
|
foreign currencies.<o:p> |
| 427 |
|
|
</o:p> |
| 428 |
|
|
</font></span></p> |
| 429 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Net |
| 430 |
|
|
profit<o:p> |
| 431 |
|
|
</o:p> |
| 432 |
|
|
</font></span></p> |
| 433 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Net |
| 434 |
|
|
profit of PLIVA Group in the first half of 1999 amounted to HRK 377.3 m., |
| 435 |
|
|
7.4% lower than the same period in 1998. Net profit margin went down from |
| 436 |
|
|
22.2% in the first six months of 1998 and 19.3% for the whole year to |
| 437 |
|
|
19.0% for the first half of 1999.<o:p> |
| 438 |
|
|
</o:p> |
| 439 |
|
|
</font></span></p> |
| 440 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3. |
| 441 |
|
|
FINANCIAL POSITION<o:p> |
| 442 |
|
|
</o:p> |
| 443 |
|
|
</font></span></p> |
| 444 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">PLIVA |
| 445 |
|
|
maintained a very strong financial position, despite numerous difficulties |
| 446 |
|
|
in our operating environment. Continued deferred payments in Croatia |
| 447 |
|
|
decreased PLIVAs cash in-flow and increased our need for external |
| 448 |
|
|
financing. PLIVA satisfied this through short-term sources such as |
| 449 |
|
|
commercial paper programmes, both on the European and Croatian market.<o:p> |
| 450 |
|
|
</o:p> |
| 451 |
|
|
</font></span></p> |
| 452 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
| 453 |
|
|
29.3% growth in short-term receivables caused a growth in short-term debts |
| 454 |
|
|
by 37.8%.<o:p> |
| 455 |
|
|
</o:p> |
| 456 |
|
|
</font></span></p> |
| 457 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Net |
| 458 |
|
|
working capital increased by 16.4% and amounted to HRK 1.61 billion. |
| 459 |
|
|
Current liquidity ratio went down from 2.74 to 2.47.<o:p> |
| 460 |
|
|
</o:p> |
| 461 |
|
|
</font></span></p> |
| 462 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">PLIVA |
| 463 |
|
|
Group assets were HRK 6.14 billion, representing a 14.8% increase in |
| 464 |
|
|
comparison to the beginning of the year.<o:p> |
| 465 |
|
|
</o:p> |
| 466 |
|
|
</font></span></p> |
| 467 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
| 468 |
|
|
66.5% contribution of the Groups own funds continue to account for a |
| 469 |
|
|
high percentage of total resources.<o:p> |
| 470 |
|
|
</o:p> |
| 471 |
|
|
</font></span></p> |
| 472 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4. |
| 473 |
|
|
INVESTMENTS<o:p> |
| 474 |
|
|
</o:p> |
| 475 |
|
|
</font></span></p> |
| 476 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 477 |
|
|
investments of PLIVA Group amounted to HRK 367.8 m., of which tangible |
| 478 |
|
|
assets accounted for HRK 307.8 m. or 84%.<br> |
| 479 |
|
|
The largest individual investment was the investment in the construction |
| 480 |
|
|
of a plant for solid oral dosage forms in Zagreb which totalled HRK 90.5 |
| 481 |
|
|
m. The completion of the plant is anticipated for next year. This |
| 482 |
|
|
state-of-the-art plant will enable PLIVA to launch its products in even |
| 483 |
|
|
the most demanding markets. Total investments in tangible assets of PLIVA |
| 484 |
|
|
Krakow amounted to HRK 25 m. The introduction of SAP R/3 in the first half |
| 485 |
|
|
of 1999 required an investment of HRK 22.9 m.<o:p> |
| 486 |
|
|
</o:p> |
| 487 |
|
|
</font></span></p> |
| 488 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">HRK |
| 489 |
|
|
7.3 m. was invested in the construction of a modern Research Institute |
| 490 |
|
|
which is a large strategic investment for PLIVA.<o:p> |
| 491 |
|
|
</o:p> |
| 492 |
|
|
</font></span></p> |
| 493 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">This |
| 494 |
|
|
year, PLIVA has also made two capital investments to further develop the |
| 495 |
|
|
pharmaceuticals business: Farmacom in Krakow (amounted to HRK 35.8m) in |
| 496 |
|
|
order to strengthen PLIVAs production of syrups, and Mixis Genetics |
| 497 |
|
|
(amounted to HRK 24.2 m), which made PLIVA the owner of several patents in |
| 498 |
|
|
the field of biodiversity.<o:p> |
| 499 |
|
|
</o:p> |
| 500 |
|
|
</font></span></p> |
| 501 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">5. |
| 502 |
|
|
IT TECHNOLOGY<o:p> |
| 503 |
|
|
</o:p> |
| 504 |
|
|
</font></span></p> |
| 505 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">New |
| 506 |
|
|
IT system (SAP R/3)<o:p> |
| 507 |
|
|
</o:p> |
| 508 |
|
|
</font></span></p> |
| 509 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Since |
| 510 |
|
|
July 1999, PLIVA d.d. has implemented 8 functional modules of the SAP R/3 |
| 511 |
|
|
system. With the implementation of SAP R/3 the company has advanced its |
| 512 |
|
|
efforts in response to the Y2K issue, and will ensure an overall stability |
| 513 |
|
|
of its operations during transition to the year 2000.<o:p> |
| 514 |
|
|
</o:p> |
| 515 |
|
|
</font></span></p> |
| 516 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Y2K |
| 517 |
|
|
Project<o:p> |
| 518 |
|
|
</o:p> |
| 519 |
|
|
</font></span></p> |
| 520 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Upgrading |
| 521 |
|
|
incompatible systems is underway and systems that have been upgraded and |
| 522 |
|
|
adjusted are being tested. 95% system compatibility is expected by the end |
| 523 |
|
|
of September, and the rest will be adjusted in time as well.<o:p> |
| 524 |
|
|
</o:p> |
| 525 |
|
|
</font></span></p> |
| 526 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">To |
| 527 |
|
|
avoid the negative impact of external factors (compatibility of PLIVAs |
| 528 |
|
|
business partners) a back-up plan has commenced for solving the Y2K |
| 529 |
|
|
problem which will ensure the uninterrupted flow of PLIVAs business |
| 530 |
|
|
operations in the year 2000.<o:p> |
| 531 |
|
|
</o:p> |
| 532 |
|
|
</font></span></p> |
| 533 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">6. |
| 534 |
|
|
OWNERSHIP STRUCTURE AND SHARE PRICE MOVEMENT<o:p> |
| 535 |
|
|
</o:p> |
| 536 |
|
|
</font></span></p> |
| 537 |
|
|
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">At |
| 538 |
|
|
the beginning of 1999 the PLIVA d.d. share price on the Zagreb Stock |
| 539 |
|
|
Exchange was HRK 522 while on the London Stock Exchange it amounted to USD |
| 540 |
|
|
16.12 per GDR. At the end of January, the price in Zagreb was HRK 603 per |
| 541 |
|
|
share, while in London it was USD 18.78 per GDR (+16.5% over the beginning |
| 542 |
|
|
of the month). This was followed by a price correction at the end of |
| 543 |
|
|
February to HRK 565 (USD 16.85 per GDR), and in mid March the share price |
| 544 |
|
|
recovered to HRK 630 (USD 18.75 per GDR). The end of June saw a share |
| 545 |
|
|
price of HRK 550 in Zagreb and USD 15.15 per GDR in London. <o:p> |
| 546 |
|
|
</o:p> |
| 547 |
|
|
</font></span></p> |
| 548 |
|
|
<table border="0" cellpadding="0" cellspacing="0" width="100%"> |
| 549 |
|
|
<tr> |
| 550 |
|
|
<td width="50%"><span style="font-family: |
| 551 |
|
|
TIMES"><font face="Arial" size="2" color="#000080">PLIVA Group</font><span style="mso-tab-count:1"></span></span></td> |
| 552 |
|
|
<td width="50%"> |
| 553 |
|
|
<p align="right"><span style="font-family: |
| 554 |
|
|
TIMES"><font face="Arial" size="2" color="#000080">(Unaudited)</font></span></td> |
| 555 |
|
|
</tr> |
| 556 |
|
|
</table> |
| 557 |
|
|
<p class="MsoNormal" align="center" style="text-align:center;tab-stops:right 283.5pt 326.05pt 389.85pt 425.25pt"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">BALANCE |
| 558 |
|
|
SHEET (IAS)<o:p> |
| 559 |
|
|
</o:p> |
| 560 |
|
|
</font></span></p> |
| 561 |
|
|
<table border="0" cellpadding="0" cellspacing="0" width="100%"> |
| 562 |
|
|
<tr> |
| 563 |
|
|
<td width="49%"></td> |
| 564 |
|
|
<td width="29%" colspan="2"> |
| 565 |
|
|
<p align="center"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">31 |
| 566 |
|
|
December 1998</font><span style="mso-tab-count:1"></span></span></td> |
| 567 |
|
|
<td width="40%" colspan="2"> |
| 568 |
|
|
<p align="center"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">30 |
| 569 |
|
|
June 1999</font></span></td> |
| 570 |
|
|
</tr> |
| 571 |
|
|
<tr> |
| 572 |
|
|
<td width="49%"></td> |
| 573 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">000 |
| 574 |
|
|
HRK</font></span></td> |
| 575 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">%</font></span></td> |
| 576 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">000 |
| 577 |
|
|
HRK</font></span></td> |
| 578 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">%</font></span></td> |
| 579 |
|
|
</tr> |
| 580 |
|
|
<tr> |
| 581 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">ASSETS</font></span></td> |
| 582 |
|
|
<td width="14%"></td> |
| 583 |
|
|
<td width="15%"></td> |
| 584 |
|
|
<td width="14%"></td> |
| 585 |
|
|
<td width="26%"></td> |
| 586 |
|
|
</tr> |
| 587 |
|
|
<tr> |
| 588 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Non-Current |
| 589 |
|
|
Assets</font></span></td> |
| 590 |
|
|
<td width="14%"></td> |
| 591 |
|
|
<td width="15%"></td> |
| 592 |
|
|
<td width="14%"></td> |
| 593 |
|
|
<td width="26%"></td> |
| 594 |
|
|
</tr> |
| 595 |
|
|
<tr> |
| 596 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Goodwill<span style="mso-tab-count:1"> |
| 597 |
|
|
</span></font></span></td> |
| 598 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">430,277</font><span style="mso-tab-count:1"></span></span></td> |
| 599 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">8.0</font><span style="mso-tab-count: |
| 600 |
|
|
1"></span></span></td> |
| 601 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">426,048</font></span></td> |
| 602 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>6.9</font></span></td> |
| 603 |
|
|
</tr> |
| 604 |
|
|
<tr> |
| 605 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Investments</font></span></td> |
| 606 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">245,299</font></span></td> |
| 607 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4.6</font></span></td> |
| 608 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">256,874</font><span style="mso-tab-count:1"></span></span></td> |
| 609 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4.2</font></span></td> |
| 610 |
|
|
</tr> |
| 611 |
|
|
<tr> |
| 612 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Long-term |
| 613 |
|
|
receivables</font><span style="mso-tab-count:1"></span></span></td> |
| 614 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">236,615</font><span style="mso-tab-count:1"></span></span></td> |
| 615 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">4.4</font><span style="mso-tab-count: |
| 616 |
|
|
1"></span></span></td> |
| 617 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">243,189</font></span></td> |
| 618 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4.0</font></span></td> |
| 619 |
|
|
</tr> |
| 620 |
|
|
<tr> |
| 621 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Tangible |
| 622 |
|
|
fixed assets</font><span style="mso-tab-count:1"></span></span></td> |
| 623 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2,252,226</font></span></td> |
| 624 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">42.1</font></span></td> |
| 625 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2,500,954</font></span></td> |
| 626 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">40.8</font></span></td> |
| 627 |
|
|
</tr> |
| 628 |
|
|
<tr> |
| 629 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 630 |
|
|
non-current assets</font><span style="mso-tab-count: |
| 631 |
|
|
1"></span></span></td> |
| 632 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3,164,417<span style="mso-tab-count:1"> |
| 633 |
|
|
</span></font></span></td> |
| 634 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">59.2</font><span style="mso-tab-count:1"></span></span></td> |
| 635 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3,427,065</font><span style="mso-tab-count: |
| 636 |
|
|
1"></span></span></td> |
| 637 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">55.8</font></span></td> |
| 638 |
|
|
</tr> |
| 639 |
|
|
<tr> |
| 640 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Current |
| 641 |
|
|
assets</font></span></td> |
| 642 |
|
|
<td width="14%"></td> |
| 643 |
|
|
<td width="15%"></td> |
| 644 |
|
|
<td width="14%"></td> |
| 645 |
|
|
<td width="26%"></td> |
| 646 |
|
|
</tr> |
| 647 |
|
|
<tr> |
| 648 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Inventories</font><span style="mso-tab-count:1"></span></span></td> |
| 649 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">592,045</font></span></td> |
| 650 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">11.1<span style="mso-tab-count: |
| 651 |
|
|
1"> </span></font></span></td> |
| 652 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">650,019</font></span></td> |
| 653 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">10.6</font></span></td> |
| 654 |
|
|
</tr> |
| 655 |
|
|
<tr> |
| 656 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Marketable |
| 657 |
|
|
securities</font></span></td> |
| 658 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">195,974</font><span style="mso-tab-count:1"></span></span></td> |
| 659 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3.7</font></span></td> |
| 660 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 661 |
|
|
1"></span><font face="Arial" size="2" color="#000080">158,931</font></span></td> |
| 662 |
|
|
<td width="26%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">2.6</font></span></td> |
| 663 |
|
|
</tr> |
| 664 |
|
|
<tr> |
| 665 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Acccounts |
| 666 |
|
|
receivable</font><span style="mso-tab-count:1"></span></span></td> |
| 667 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,146,328</font><span style="mso-tab-count:1"></span></span></td> |
| 668 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">21.4</font></span></td> |
| 669 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,481,979</font><span style="mso-tab-count:1"></span></span></td> |
| 670 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">24.1</font></span></td> |
| 671 |
|
|
</tr> |
| 672 |
|
|
<tr> |
| 673 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Short-term |
| 674 |
|
|
loans</font><span style="mso-tab-count:1"></span></span></td> |
| 675 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">83,456</font></span></td> |
| 676 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">1.6</font><span style="mso-tab-count: |
| 677 |
|
|
1"></span></span></td> |
| 678 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">146,784<span style="mso-tab-count:1"> |
| 679 |
|
|
</span></font></span></td> |
| 680 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2.4</font></span></td> |
| 681 |
|
|
</tr> |
| 682 |
|
|
<tr> |
| 683 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Cash |
| 684 |
|
|
and cash equivalents</font></span></td> |
| 685 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">164,054<span style="mso-tab-count:1"> |
| 686 |
|
|
</span></font></span></td> |
| 687 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3.1<span style="mso-tab-count:1"> |
| 688 |
|
|
</span></font></span></td> |
| 689 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">272,397</font></span></td> |
| 690 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4.4</font></span></td> |
| 691 |
|
|
</tr> |
| 692 |
|
|
<tr> |
| 693 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 694 |
|
|
current assets</font><span style="mso-tab-count:1"></span></span></td> |
| 695 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2,181,857<span style="mso-tab-count:1"> |
| 696 |
|
|
</span></font></span></td> |
| 697 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">40.8<span style="mso-tab-count: |
| 698 |
|
|
1"> </span></font></span></td> |
| 699 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2,710,110<span style="mso-tab-count:1"> |
| 700 |
|
|
</span></font></span></td> |
| 701 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">44.2</font></span></td> |
| 702 |
|
|
</tr> |
| 703 |
|
|
<tr> |
| 704 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 705 |
|
|
assets<span style="mso-tab-count:1"> </span></font></span></td> |
| 706 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">5,346,274<span style="mso-tab-count:1"> |
| 707 |
|
|
</span></font></span></td> |
| 708 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">100.0</font><span style="mso-tab-count: |
| 709 |
|
|
1"></span></span></td> |
| 710 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">6,137,175<span style="mso-tab-count:1"> |
| 711 |
|
|
</span></font></span></td> |
| 712 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">100.0</font></span></td> |
| 713 |
|
|
</tr> |
| 714 |
|
|
<tr> |
| 715 |
|
|
<td width="100%" colspan="5"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">LIABILITIES |
| 716 |
|
|
AND SHAREHOLDERS EQUITY</font></span></td> |
| 717 |
|
|
</tr> |
| 718 |
|
|
<tr> |
| 719 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Long-term |
| 720 |
|
|
liabilities</font></span></td> |
| 721 |
|
|
<td width="14%"></td> |
| 722 |
|
|
<td width="15%"></td> |
| 723 |
|
|
<td width="14%"></td> |
| 724 |
|
|
<td width="26%"></td> |
| 725 |
|
|
</tr> |
| 726 |
|
|
<tr> |
| 727 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Long-term |
| 728 |
|
|
debt<span style="mso-tab-count:1"> </span></font></span></td> |
| 729 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">760,800<span style="mso-tab-count:1"> |
| 730 |
|
|
</span></font></span></td> |
| 731 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">14.2<span style="mso-tab-count: |
| 732 |
|
|
1"> </span></font></span></td> |
| 733 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">813,989</font></span></td> |
| 734 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">13.3</font></span></td> |
| 735 |
|
|
</tr> |
| 736 |
|
|
<tr> |
| 737 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Long-term |
| 738 |
|
|
provisions</font><span style="mso-tab-count:1"></span></span></td> |
| 739 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">22,253<span style="mso-tab-count:1"> |
| 740 |
|
|
</span></font></span></td> |
| 741 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.4<span style="mso-tab-count: |
| 742 |
|
|
1"> </span></font></span></td> |
| 743 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">22,506</font><span style="mso-tab-count:1"></span></span></td> |
| 744 |
|
|
<td width="26%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">0.4</font></span></td> |
| 745 |
|
|
</tr> |
| 746 |
|
|
<tr> |
| 747 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 748 |
|
|
long-term liabilities<span style="mso-tab-count: |
| 749 |
|
|
1"> </span></font></span></td> |
| 750 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">783,053</font></span></td> |
| 751 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">14.6</font></span></td> |
| 752 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">836,495<span style="mso-tab-count: |
| 753 |
|
|
1"> </span></font></span></td> |
| 754 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">13.6</font></span></td> |
| 755 |
|
|
</tr> |
| 756 |
|
|
<tr> |
| 757 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Current |
| 758 |
|
|
liabilities</font></span></td> |
| 759 |
|
|
<td width="14%"></td> |
| 760 |
|
|
<td width="15%"></td> |
| 761 |
|
|
<td width="14%"></td> |
| 762 |
|
|
<td width="26%"></td> |
| 763 |
|
|
</tr> |
| 764 |
|
|
<tr> |
| 765 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Accounts |
| 766 |
|
|
payable</font></span></td> |
| 767 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">455,771</font><span style="mso-tab-count:1"></span></span></td> |
| 768 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>8.5<span style="mso-tab-count: |
| 769 |
|
|
1"> </span></font></span></td> |
| 770 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">477,373</font><span style="mso-tab-count:1"></span></span></td> |
| 771 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">7.8</font></span></td> |
| 772 |
|
|
</tr> |
| 773 |
|
|
<tr> |
| 774 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Bank |
| 775 |
|
|
loans</font><span style="mso-tab-count:1"></span></span></td> |
| 776 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">200,335<span style="mso-tab-count:1"> |
| 777 |
|
|
</span></font></span></td> |
| 778 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3.7<span style="mso-tab-count: |
| 779 |
|
|
1"> </span></font></span></td> |
| 780 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">268,985</font></span></td> |
| 781 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4.4</font></span></td> |
| 782 |
|
|
</tr> |
| 783 |
|
|
<tr> |
| 784 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Commercial |
| 785 |
|
|
papers</font><span style="mso-tab-count:1"></span></span></td> |
| 786 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">81,988</font></span></td> |
| 787 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.5<span style="mso-tab-count: |
| 788 |
|
|
1"> </span></font></span></td> |
| 789 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 790 |
|
|
1"></span><font face="Arial" size="2" color="#000080">135,064<span style="mso-tab-count:1"> |
| 791 |
|
|
</span></font></span></td> |
| 792 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2.2</font></span></td> |
| 793 |
|
|
</tr> |
| 794 |
|
|
<tr> |
| 795 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Taxes |
| 796 |
|
|
and contributions</font></span></td> |
| 797 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">6,448</font><span style="mso-tab-count:1"></span></span></td> |
| 798 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>0.1</font></span></td> |
| 799 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">11,801</font></span></td> |
| 800 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.2</font></span></td> |
| 801 |
|
|
</tr> |
| 802 |
|
|
<tr> |
| 803 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Dividends |
| 804 |
|
|
payable</font><span style="mso-tab-count:1"></span></span></td> |
| 805 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">16</font></span></td> |
| 806 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.0<span style="mso-tab-count: |
| 807 |
|
|
1"> </span></font></span></td> |
| 808 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">144,451</font></span></td> |
| 809 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2.4</font></span></td> |
| 810 |
|
|
</tr> |
| 811 |
|
|
<tr> |
| 812 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Current |
| 813 |
|
|
portion of long-term debt</font></span></td> |
| 814 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">51,612</font></span></td> |
| 815 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.0<span style="mso-tab-count:1"> |
| 816 |
|
|
</span></font></span></td> |
| 817 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">59,255</font></span></td> |
| 818 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.0</font></span></td> |
| 819 |
|
|
</tr> |
| 820 |
|
|
<tr> |
| 821 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 822 |
|
|
current liabilities<span style="mso-tab-count: |
| 823 |
|
|
1"> </span></font></span></td> |
| 824 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 825 |
|
|
1"></span><font face="Arial" size="2" color="#000080">796,170</font><span style="mso-tab-count:1"></span></span></td> |
| 826 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">14.9</font><span style="mso-tab-count:1"></span></span></td> |
| 827 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,096,929<span style="mso-tab-count: |
| 828 |
|
|
1"> </span></font></span></td> |
| 829 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">17.9</font></span></td> |
| 830 |
|
|
</tr> |
| 831 |
|
|
<tr> |
| 832 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 833 |
|
|
liabilities</font><span style="mso-tab-count:1"></span></span></td> |
| 834 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,579,223</font></span></td> |
| 835 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">29.5<span style="mso-tab-count: |
| 836 |
|
|
1"> </span></font></span></td> |
| 837 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,933,424</font><span style="mso-tab-count:1"></span></span></td> |
| 838 |
|
|
<td width="26%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">31.5</font></span></td> |
| 839 |
|
|
</tr> |
| 840 |
|
|
<tr> |
| 841 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Shareholders |
| 842 |
|
|
e<o:p> |
| 843 |
|
|
quity</font></span></td> |
| 844 |
|
|
<td width="14%"></td> |
| 845 |
|
|
<td width="15%"></td> |
| 846 |
|
|
<td width="14%"></td> |
| 847 |
|
|
<td width="26%"></td> |
| 848 |
|
|
</tr> |
| 849 |
|
|
<tr> |
| 850 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Share |
| 851 |
|
|
capital</font><span style="mso-tab-count:1"></span></span></td> |
| 852 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2,020,940<span style="mso-tab-count:1"> |
| 853 |
|
|
</span></font></span></td> |
| 854 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">37.8</font></span></td> |
| 855 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2,020,940</font><span style="mso-tab-count:1"></span></span></td> |
| 856 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">32.9</font></span></td> |
| 857 |
|
|
</tr> |
| 858 |
|
|
<tr> |
| 859 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Capital |
| 860 |
|
|
gain<span style="mso-tab-count:1"> </span></font></span></td> |
| 861 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">23,516</font></span></td> |
| 862 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.4</font></span></td> |
| 863 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">163,525</font><span style="mso-tab-count:1"></span></span></td> |
| 864 |
|
|
<td width="26%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">2.7</font></span></td> |
| 865 |
|
|
</tr> |
| 866 |
|
|
<tr> |
| 867 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Treasury |
| 868 |
|
|
shares</font></span></td> |
| 869 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">-55,839</font></span></td> |
| 870 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">1.0<span style="mso-tab-count: |
| 871 |
|
|
1"> </span></font></span></td> |
| 872 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-29,641</font></span></td> |
| 873 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.5</font></span></td> |
| 874 |
|
|
</tr> |
| 875 |
|
|
<tr> |
| 876 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Capital |
| 877 |
|
|
reserves<span style="mso-tab-count:1"> </span>60,762</font><span style="mso-tab-count:1"></span></span></td> |
| 878 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">60,762<span style="mso-tab-count:1"> |
| 879 |
|
|
</span></font></span></td> |
| 880 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">1.1</font><span style="mso-tab-count: |
| 881 |
|
|
1"></span></span></td> |
| 882 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 883 |
|
|
1"></span><font face="Arial" size="2" color="#000080">60,762</font></span></td> |
| 884 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.0</font></span></td> |
| 885 |
|
|
</tr> |
| 886 |
|
|
<tr> |
| 887 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Statutory |
| 888 |
|
|
reserves<span style="mso-tab-count:1"> </span></font></span></td> |
| 889 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">98,722</font><span style="mso-tab-count:1"></span></span></td> |
| 890 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.8</font><span style="mso-tab-count: |
| 891 |
|
|
1"></span></span></td> |
| 892 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">98,722<span style="mso-tab-count:1"> |
| 893 |
|
|
</span></font></span></td> |
| 894 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.6</font></span></td> |
| 895 |
|
|
</tr> |
| 896 |
|
|
<tr> |
| 897 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Retained |
| 898 |
|
|
profit</font><span style="mso-tab-count:1"></span></span></td> |
| 899 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">1,514,638</font><span style="mso-tab-count:1"></span></span></td> |
| 900 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">28.3</font><span style="mso-tab-count: |
| 901 |
|
|
1"></span></span></td> |
| 902 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,370,187<span style="mso-tab-count:1"> |
| 903 |
|
|
</span></font></span></td> |
| 904 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">22.3</font></span></td> |
| 905 |
|
|
</tr> |
| 906 |
|
|
<tr> |
| 907 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Profit |
| 908 |
|
|
of the current year</font></span></td> |
| 909 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 910 |
|
|
1"></span><font face="Arial" size="2" color="#000080">0</font><span style="mso-tab-count:1"></span></span></td> |
| 911 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">0.0</font><span style="mso-tab-count:1"></span></span></td> |
| 912 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">377,330</font><span style="mso-tab-count: |
| 913 |
|
|
1"></span></span></td> |
| 914 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">6.1</font></span></td> |
| 915 |
|
|
</tr> |
| 916 |
|
|
<tr> |
| 917 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Foreign |
| 918 |
|
|
currency translation differences</font></span></td> |
| 919 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-8,128<span style="mso-tab-count:1"> |
| 920 |
|
|
</span></font></span></td> |
| 921 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.2</font></span></td> |
| 922 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">17,832</font><span style="mso-tab-count: |
| 923 |
|
|
1"></span></span></td> |
| 924 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-0.3</font></span></td> |
| 925 |
|
|
</tr> |
| 926 |
|
|
<tr> |
| 927 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 928 |
|
|
shareholders equity</font></span></td> |
| 929 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3,654,611</font></span></td> |
| 930 |
|
|
<td width="15%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">68.4</font></span></td> |
| 931 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">4,079,657<span style="mso-tab-count: |
| 932 |
|
|
1"> </span></font></span></td> |
| 933 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">66.5</font></span></td> |
| 934 |
|
|
</tr> |
| 935 |
|
|
<tr> |
| 936 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Minority |
| 937 |
|
|
interests</font></span></td> |
| 938 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">112,440</font></span></td> |
| 939 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2.1</font><span style="mso-tab-count: |
| 940 |
|
|
1"></span></span></td> |
| 941 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">124,094<span style="mso-tab-count:1"> |
| 942 |
|
|
</span></font></span></td> |
| 943 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>2.0</font></span></td> |
| 944 |
|
|
</tr> |
| 945 |
|
|
<tr> |
| 946 |
|
|
<td width="49%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Total |
| 947 |
|
|
liabilities and shareholders equity</font><span style="mso-tab-count:1"></span></span></td> |
| 948 |
|
|
<td width="14%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">5,346,274</font></span></td> |
| 949 |
|
|
<td width="15%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">100.0</font><span style="mso-tab-count:1"></span></span></td> |
| 950 |
|
|
<td width="14%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">6,137,175</font><span style="mso-tab-count:1"></span></span></td> |
| 951 |
|
|
<td width="26%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">100.0</font></span></td> |
| 952 |
|
|
</tr> |
| 953 |
|
|
</table> |
| 954 |
|
|
<p class="MsoNormal" style="tab-stops:right 425.25pt"> </p> |
| 955 |
|
|
<table border="0" cellpadding="0" cellspacing="0" width="100%"> |
| 956 |
|
|
<tr> |
| 957 |
|
|
<td width="50%"><span style="font-family: |
| 958 |
|
|
TIMES"><font face="Arial" size="2" color="#000080">PLIVA Group</font><span style="mso-tab-count:1"></span></span></td> |
| 959 |
|
|
<td width="50%"> |
| 960 |
|
|
<p align="right"><span style="font-family: |
| 961 |
|
|
TIMES"><font face="Arial" size="2" color="#000080">(Unaudited)</font></span></td> |
| 962 |
|
|
</tr> |
| 963 |
|
|
</table> |
| 964 |
|
|
<p class="MsoNormal" align="center" style="text-align:center;tab-stops:right 283.5pt 326.05pt 389.85pt 425.25pt"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">PROFIT |
| 965 |
|
|
AND LOSS ACCOUNT<o:p> |
| 966 |
|
|
</o:p> |
| 967 |
|
|
</font></span></p> |
| 968 |
|
|
<table border="0" cellpadding="0" cellspacing="0" width="100%"> |
| 969 |
|
|
<tr> |
| 970 |
|
|
<td width="45%"></td> |
| 971 |
|
|
<td colspan="2" width="11%" valign="top"> |
| 972 |
|
|
<p align="left"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Jan.-June |
| 973 |
|
|
1998</font></span></td> |
| 974 |
|
|
<td colspan="2" width="11%" valign="top"> |
| 975 |
|
|
<p align="left"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Jan.-June |
| 976 |
|
|
1999.</font></span></td> |
| 977 |
|
|
<td width="11%" valign="top"> |
| 978 |
|
|
<p align="left"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">% |
| 979 |
|
|
change</font></span></td> |
| 980 |
|
|
</tr> |
| 981 |
|
|
<tr> |
| 982 |
|
|
<td width="45%"></td> |
| 983 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">000 |
| 984 |
|
|
HRK</font></span></td> |
| 985 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">%</font></span></td> |
| 986 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">000 |
| 987 |
|
|
HRK</font></span></td> |
| 988 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">%</font></span></td> |
| 989 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">99/98</font></span></td> |
| 990 |
|
|
</tr> |
| 991 |
|
|
<tr> |
| 992 |
|
|
<td width="45%"><br> |
| 993 |
|
|
</td> |
| 994 |
|
|
<td width="12%"></td> |
| 995 |
|
|
<td width="10%"></td> |
| 996 |
|
|
<td width="12%"></td> |
| 997 |
|
|
<td width="10%"></td> |
| 998 |
|
|
<td width="11%"></td> |
| 999 |
|
|
</tr> |
| 1000 |
|
|
<tr> |
| 1001 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Turnover</font><span style="mso-tab-count:1"></span></span></td> |
| 1002 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,838,052<span style="mso-tab-count:1"> |
| 1003 |
|
|
</span></font></span></td> |
| 1004 |
|
|
<td width="10%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">100.0<span style="mso-tab-count: |
| 1005 |
|
|
1"> </span></font></span></td> |
| 1006 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,982,762</font></span></td> |
| 1007 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">100.0</font><span style="mso-tab-count:1"></span></span></td> |
| 1008 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">7.9</font></span></td> |
| 1009 |
|
|
</tr> |
| 1010 |
|
|
<tr> |
| 1011 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Costs |
| 1012 |
|
|
of goods sold<span style="mso-tab-count:1"> </span></font></span></td> |
| 1013 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">638,677</font></span></td> |
| 1014 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">34.7<span style="mso-tab-count: |
| 1015 |
|
|
1"> </span></font></span></td> |
| 1016 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">658,477</font><span style="mso-tab-count:1"></span></span></td> |
| 1017 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">33.2</font><span style="mso-tab-count:1"></span></span></td> |
| 1018 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3<o:p> |
| 1019 |
|
|
.1</font></span></td> |
| 1020 |
|
|
</tr> |
| 1021 |
|
|
<tr> |
| 1022 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Gross |
| 1023 |
|
|
profit</font><span style="mso-tab-count:1"></span></span></td> |
| 1024 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,199,375</font><span style="mso-tab-count:1"></span></span></td> |
| 1025 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">65.3</font><span style="mso-tab-count: |
| 1026 |
|
|
1"></span></span></td> |
| 1027 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,324,285</font></span></td> |
| 1028 |
|
|
<td width="10%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">66.8</font></span></td> |
| 1029 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">10.4</font></span></td> |
| 1030 |
|
|
</tr> |
| 1031 |
|
|
<tr> |
| 1032 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Selling, |
| 1033 |
|
|
general and administrative expenses</font></span></td> |
| 1034 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">499,841</font></span></td> |
| 1035 |
|
|
<td width="10%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 1036 |
|
|
1"></span><font face="Arial" size="2" color="#000080">27.2</font><span style="mso-tab-count:1"></span></span></td> |
| 1037 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">557,258</font><span style="mso-tab-count:1"></span></span></td> |
| 1038 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">28.1</font></span></td> |
| 1039 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">11.5</font></span></td> |
| 1040 |
|
|
</tr> |
| 1041 |
|
|
<tr> |
| 1042 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Research |
| 1043 |
|
|
and development expenses</font><span style="mso-tab-count:1"></span></span></td> |
| 1044 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">69,062</font></span></td> |
| 1045 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3.8</font><span style="mso-tab-count:1"></span></span></td> |
| 1046 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">99,043<span style="mso-tab-count:1"> |
| 1047 |
|
|
</span></font></span></td> |
| 1048 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">5.0</font><span style="mso-tab-count: |
| 1049 |
|
|
1"></span></span></td> |
| 1050 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">43.4</font></span></td> |
| 1051 |
|
|
</tr> |
| 1052 |
|
|
<tr> |
| 1053 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Exceptional |
| 1054 |
|
|
provisions</font><span style="mso-tab-count: |
| 1055 |
|
|
1"></span></span></td> |
| 1056 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 1057 |
|
|
1"></span><font face="Arial" size="2" color="#000080">0<span style="mso-tab-count:1"> |
| 1058 |
|
|
</span></font></span></td> |
| 1059 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.0</font></span></td> |
| 1060 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>0</font><span style="mso-tab-count: |
| 1061 |
|
|
1"></span></span></td> |
| 1062 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.0</font></span></td> |
| 1063 |
|
|
<td width="11%"><span style="font-family: TIMES"><font face="Arial" size="2" color="#000080">-</font></span></td> |
| 1064 |
|
|
</tr> |
| 1065 |
|
|
<tr> |
| 1066 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Goodwill |
| 1067 |
|
|
amortisation</font><span style="mso-tab-count:1"></span></span></td> |
| 1068 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">15,086</font></span></td> |
| 1069 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.8</font></span></td> |
| 1070 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 1071 |
|
|
1"></span><font face="Arial" size="2" color="#000080">15,546</font></span></td> |
| 1072 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.8</font></span></td> |
| 1073 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3.0</font></span></td> |
| 1074 |
|
|
</tr> |
| 1075 |
|
|
<tr> |
| 1076 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Earnings |
| 1077 |
|
|
before interest and taxes</font></span></td> |
| 1078 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">615,386</font></span></td> |
| 1079 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">33.5</font></span></td> |
| 1080 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">652,438</font></span></td> |
| 1081 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">32.9</font><span style="mso-tab-count:1"></span></span></td> |
| 1082 |
|
|
<td width="11%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">6.0</font></span></td> |
| 1083 |
|
|
</tr> |
| 1084 |
|
|
<tr> |
| 1085 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Financial |
| 1086 |
|
|
income/expenses<span style="mso-tab-count: |
| 1087 |
|
|
1"> </span></font></span></td> |
| 1088 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-1,681</font></span></td> |
| 1089 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-0.1</font></span></td> |
| 1090 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-18,965</font></span></td> |
| 1091 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.0</font></span></td> |
| 1092 |
|
|
<td width="11%"><span style="font-family: TIMES"><font face="Arial" size="2" color="#000080">-</font></span></td> |
| 1093 |
|
|
</tr> |
| 1094 |
|
|
<tr> |
| 1095 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Foreign |
| 1096 |
|
|
currency exchange gains/losses</font></span></td> |
| 1097 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">30,964</font></span></td> |
| 1098 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.7</font></span></td> |
| 1099 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-62,123</font></span></td> |
| 1100 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-3.1</font><span style="mso-tab-count: |
| 1101 |
|
|
1"></span></span></td> |
| 1102 |
|
|
<td width="11%"><span style="font-family: TIMES"><font face="Arial" size="2" color="#000080">-</font></span></td> |
| 1103 |
|
|
</tr> |
| 1104 |
|
|
<tr> |
| 1105 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Profit |
| 1106 |
|
|
before taxes and contributions</font><span style="mso-tab-count:1"></span></span></td> |
| 1107 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">644,669</font></span></td> |
| 1108 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">35.1</font><span style="mso-tab-count:1"></span></span></td> |
| 1109 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">571,350</font><span style="mso-tab-count:1"></span></span></td> |
| 1110 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">28.8</font><span style="mso-tab-count: |
| 1111 |
|
|
1"></span></span></td> |
| 1112 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-11.4</font></span></td> |
| 1113 |
|
|
</tr> |
| 1114 |
|
|
<tr> |
| 1115 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Taxes |
| 1116 |
|
|
and contributions</font></span></td> |
| 1117 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 1118 |
|
|
1"></span><font face="Arial" size="2" color="#000080">228,505</font><span style="mso-tab-count:1"></span></span></td> |
| 1119 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">12.4</font></span></td> |
| 1120 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">187,770</font><span style="mso-tab-count: |
| 1121 |
|
|
1"></span></span></td> |
| 1122 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">9.5</font></span></td> |
| 1123 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-17</o:p> |
| 1124 |
|
|
.<o:p> |
| 1125 |
|
|
8</font></span></td> |
| 1126 |
|
|
</tr> |
| 1127 |
|
|
<tr> |
| 1128 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Profit |
| 1129 |
|
|
after tax</font><span style="mso-tab-count:1"></span></span></td> |
| 1130 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">416,164</font></span></td> |
| 1131 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">22.6</font></span></td> |
| 1132 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">383,580</font></span></td> |
| 1133 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">19.3</font><span style="mso-tab-count:1"></span></span></td> |
| 1134 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-7.8</font></span></td> |
| 1135 |
|
|
</tr> |
| 1136 |
|
|
<tr> |
| 1137 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Minority |
| 1138 |
|
|
interests</font></span></td> |
| 1139 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>8,486</font></span></td> |
| 1140 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.5</font></span></td> |
| 1141 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 1142 |
|
|
1"></span><font face="Arial" size="2" color="#000080">6,251</font></span></td> |
| 1143 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0.3</font><span style="mso-tab-count:1"></span></span></td> |
| 1144 |
|
|
<td width="11%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-26.3</font></span></td> |
| 1145 |
|
|
</tr> |
| 1146 |
|
|
<tr> |
| 1147 |
|
|
<td width="45%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Net |
| 1148 |
|
|
profit<span style="mso-tab-count:1"> </span></font></span></td> |
| 1149 |
|
|
<td width="12%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">407,678</font></span></td> |
| 1150 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">22.2</font><span style="mso-tab-count: |
| 1151 |
|
|
1"></span></span></td> |
| 1152 |
|
|
<td width="12%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">377,329</font></span></td> |
| 1153 |
|
|
<td width="10%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">19.0</font></span></td> |
| 1154 |
|
|
<td width="11%"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">-7.4</font></span></td> |
| 1155 |
|
|
</tr> |
| 1156 |
|
|
</table> |
| 1157 |
|
|
<p class="MsoNormal" style="tab-stops: right 425.25pt"> </p> |
| 1158 |
|
|
<table border="0" cellpadding="0" cellspacing="0" width="100%"> |
| 1159 |
|
|
<tr> |
| 1160 |
|
|
<td width="50%"><span style="font-family: |
| 1161 |
|
|
TIMES"><font face="Arial" size="2" color="#000080">PLIVA Group</font></span></td> |
| 1162 |
|
|
<td width="50%"> |
| 1163 |
|
|
<p align="right"><span style="font-family: |
| 1164 |
|
|
TIMES"><font face="Arial" size="2" color="#000080">(Unaudited)</font></span></td> |
| 1165 |
|
|
</tr> |
| 1166 |
|
|
</table> |
| 1167 |
|
|
<p class="MsoNormal" align="center" style="text-align:center;tab-stops:right 283.5pt 326.05pt 389.85pt 425.25pt"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">CASH |
| 1168 |
|
|
FLOW STATEMENT</font></span></p> |
| 1169 |
|
|
<table border="0" cellpadding="0" cellspacing="0" width="100%"> |
| 1170 |
|
|
<tr> |
| 1171 |
|
|
<td width="50%"></td> |
| 1172 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Jan.-June |
| 1173 |
|
|
1998</font></span></td> |
| 1174 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Jan.-June |
| 1175 |
|
|
1999</font></span></td> |
| 1176 |
|
|
</tr> |
| 1177 |
|
|
<tr> |
| 1178 |
|
|
<td width="50%"></td> |
| 1179 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">000 |
| 1180 |
|
|
HRK<span style="mso-tab-count:1"> </span></font></span></td> |
| 1181 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">000 |
| 1182 |
|
|
HRK<span style="mso-tab-count:1"> </span></font></span></td> |
| 1183 |
|
|
</tr> |
| 1184 |
|
|
<tr> |
| 1185 |
|
|
<td width="50%" colspan="3"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><br> |
| 1186 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES<br> |
| 1187 |
|
|
</font></span></td> |
| 1188 |
|
|
</tr> |
| 1189 |
|
|
<tr> |
| 1190 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Cash |
| 1191 |
|
|
receipts from customers</font><span style="mso-tab-count: |
| 1192 |
|
|
1"></span></span></td> |
| 1193 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,573,011<span style="mso-tab-count:1"> |
| 1194 |
|
|
</span></font></span></td> |
| 1195 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,704,136</font></span></td> |
| 1196 |
|
|
</tr> |
| 1197 |
|
|
<tr> |
| 1198 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Cash |
| 1199 |
|
|
paid to suppliers and employees</font></span></td> |
| 1200 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><span style="mso-tab-count: |
| 1201 |
|
|
1"></span><font face="Arial" size="2" color="#000080">1,573,011</font><span style="mso-tab-count:1"></span></span></td> |
| 1202 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,704,136</font></span></td> |
| 1203 |
|
|
</tr> |
| 1204 |
|
|
<tr> |
| 1205 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Cash |
| 1206 |
|
|
paid to suppliers and employees</font></span></td> |
| 1207 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-1,183,050</font></span></td> |
| 1208 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,279,385</font></span></td> |
| 1209 |
|
|
</tr> |
| 1210 |
|
|
<tr> |
| 1211 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Cash |
| 1212 |
|
|
generated from operations</font></span></td> |
| 1213 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">389,961</font></span></td> |
| 1214 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">424,751</font></span></td> |
| 1215 |
|
|
</tr> |
| 1216 |
|
|
<tr> |
| 1217 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">nterest |
| 1218 |
|
|
received</font></span></td> |
| 1219 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">14,071</font><span style="mso-tab-count:1"></span></span></td> |
| 1220 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">17,018 |
| 1221 |
|
|
</font></span></td> |
| 1222 |
|
|
</tr> |
| 1223 |
|
|
<tr> |
| 1224 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Dividends |
| 1225 |
|
|
received</font></span></td> |
| 1226 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,289</font><span style="mso-tab-count:1"></span></span></td> |
| 1227 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">3,452 |
| 1228 |
|
|
</font></span></td> |
| 1229 |
|
|
</tr> |
| 1230 |
|
|
<tr> |
| 1231 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Interest |
| 1232 |
|
|
paid</font><span style="mso-tab-count:1"></span></span></td> |
| 1233 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">-19,839</font></span></td> |
| 1234 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-39,435</font></span></td> |
| 1235 |
|
|
</tr> |
| 1236 |
|
|
<tr> |
| 1237 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Taxes |
| 1238 |
|
|
and contributions</font></span></td> |
| 1239 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-153,985</font></span></td> |
| 1240 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-239,442 |
| 1241 |
|
|
</font></span></td> |
| 1242 |
|
|
</tr> |
| 1243 |
|
|
<tr> |
| 1244 |
|
|
<td width="50%"></td> |
| 1245 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">231,497</font></span></td> |
| 1246 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><span style="mso-tab-count:1"> </span>166,344</font></span></td> |
| 1247 |
|
|
</tr> |
| 1248 |
|
|
<tr> |
| 1249 |
|
|
<td width="50%" colspan="3"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080"><br> |
| 1250 |
|
|
CASH FLOW FROM INVESTING ACTIVITIES<br> |
| 1251 |
|
|
</font></span></td> |
| 1252 |
|
|
</tr> |
| 1253 |
|
|
<tr> |
| 1254 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Purchase |
| 1255 |
|
|
of tangible assets</font></span></td> |
| 1256 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-202,994</font></span></td> |
| 1257 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-320,493</font></span></td> |
| 1258 |
|
|
</tr> |
| 1259 |
|
|
<tr> |
| 1260 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Proceeds |
| 1261 |
|
|
from sale of equipment<span style="mso-tab-count:1"> </span></font></span></td> |
| 1262 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">5,030</font><span style="mso-tab-count: |
| 1263 |
|
|
1"></span></span></td> |
| 1264 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">232</font></span></td> |
| 1265 |
|
|
</tr> |
| 1266 |
|
|
<tr> |
| 1267 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Investments |
| 1268 |
|
|
in long-term receivables</font><span style="mso-tab-count:1"></span></span></td> |
| 1269 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-12,394</font></span></td> |
| 1270 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-6,574 |
| 1271 |
|
|
</font></span></td> |
| 1272 |
|
|
</tr> |
| 1273 |
|
|
<tr> |
| 1274 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Investments |
| 1275 |
|
|
in subsidiaries and other companies</font></span></td> |
| 1276 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-48,933</font></span></td> |
| 1277 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-11,575</font></span></td> |
| 1278 |
|
|
</tr> |
| 1279 |
|
|
<tr> |
| 1280 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Acquisition/sales |
| 1281 |
|
|
of marketable securities</font><span style="mso-tab-count:1"></span></span></td> |
| 1282 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-140,847</font></span></td> |
| 1283 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">37,043</font></span></td> |
| 1284 |
|
|
</tr> |
| 1285 |
|
|
<tr> |
| 1286 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Short-term |
| 1287 |
|
|
loans</font></span></td> |
| 1288 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1,382</font></span></td> |
| 1289 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">-63,328</font></span></td> |
| 1290 |
|
|
</tr> |
| 1291 |
|
|
<tr> |
| 1292 |
|
|
<td width="50%"></td> |
| 1293 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-398,756</font></span></td> |
| 1294 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-364,695</font></span></td> |
| 1295 |
|
|
</tr> |
| 1296 |
|
|
<tr> |
| 1297 |
|
|
<td width="50%" colspan="3"><font face="Arial" size="2" color="#000080"><br> |
| 1298 |
|
|
<span style="font-family:TIMES">CASH FLOW FROM FINANCING ACTIVITIES<br> |
| 1299 |
|
|
</span></font></td> |
| 1300 |
|
|
</tr> |
| 1301 |
|
|
<tr> |
| 1302 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Long-term |
| 1303 |
|
|
loans</font></span></td> |
| 1304 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">404,969<span style="mso-tab-count:1"> |
| 1305 |
|
|
</span></font></span></td> |
| 1306 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">61,085 |
| 1307 |
|
|
</font></span></td> |
| 1308 |
|
|
</tr> |
| 1309 |
|
|
<tr> |
| 1310 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Short-term |
| 1311 |
|
|
loans / Commercial papers</font><span style="mso-tab-count:1"></span></span></td> |
| 1312 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">30,000</font></span></td> |
| 1313 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">121,726</font></span></td> |
| 1314 |
|
|
</tr> |
| 1315 |
|
|
<tr> |
| 1316 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Treasury |
| 1317 |
|
|
shares</font><span style="mso-tab-count:1"></span></span></td> |
| 1318 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-71,954</font><span style="mso-tab-count:1"></span></span></td> |
| 1319 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">166,207</font></span></td> |
| 1320 |
|
|
</tr> |
| 1321 |
|
|
<tr> |
| 1322 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Dividends |
| 1323 |
|
|
paid</font></span></td> |
| 1324 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-63,434</font><span style="mso-tab-count:1"></span></span></td> |
| 1325 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">0</font></span></td> |
| 1326 |
|
|
</tr> |
| 1327 |
|
|
<tr> |
| 1328 |
|
|
<td width="50%"></td> |
| 1329 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">299,581</font></span></td> |
| 1330 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">349,018</font></span></td> |
| 1331 |
|
|
</tr> |
| 1332 |
|
|
<tr> |
| 1333 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Effect |
| 1334 |
|
|
of exchange rate fluctuations</font></span></td> |
| 1335 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">35,646</font></span></td> |
| 1336 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">-42,324 |
| 1337 |
|
|
</font></span></td> |
| 1338 |
|
|
</tr> |
| 1339 |
|
|
<tr> |
| 1340 |
|
|
<td width="50%"></td> |
| 1341 |
|
|
<td width="25%" align="right"></td> |
| 1342 |
|
|
<td width="25%" align="right"></td> |
| 1343 |
|
|
</tr> |
| 1344 |
|
|
<tr> |
| 1345 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">NET |
| 1346 |
|
|
CASH FLOW</font><span style="mso-tab-count:1"></span></span></td> |
| 1347 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">167,968</font></span></td> |
| 1348 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">108,343</font></span></td> |
| 1349 |
|
|
</tr> |
| 1350 |
|
|
<tr> |
| 1351 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">CASH |
| 1352 |
|
|
AND CASH EQUIVALENTS</font></span></td> |
| 1353 |
|
|
<td width="25%" align="right"></td> |
| 1354 |
|
|
<td width="25%" align="right"></td> |
| 1355 |
|
|
</tr> |
| 1356 |
|
|
<tr> |
| 1357 |
|
|
<td width="50%"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">AT |
| 1358 |
|
|
THE BEGINNING OF THE PERIOD</font></span></td> |
| 1359 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">145,534</font></span></td> |
| 1360 |
|
|
<td width="25%" align="right"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">164,054</font></span></td> |
| 1361 |
|
|
</tr> |
| 1362 |
|
|
<tr> |
| 1363 |
|
|
<td width="50%"><span style="font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:TIMES; |
| 1364 |
|
|
mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman"; |
| 1365 |
|
|
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><font face="Arial" size="2" color="#000080">AT |
| 1366 |
|
|
THE END OF THE PERIOD</font><span style="mso-tab-count:1"></span></span></td> |
| 1367 |
|
|
<td width="25%" align="right"><span style="font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:TIMES; |
| 1368 |
|
|
mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman"; |
| 1369 |
|
|
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA"><span style="mso-tab-count:1"></span><font face="Arial" size="2" color="#000080">313,502</font></span></td> |
| 1370 |
|
|
<td width="25%" align="right"><span style="font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:TIMES; |
| 1371 |
|
|
mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman"; |
| 1372 |
|
|
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