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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> |
94 |
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 |
111 |
1,983 m., 8% higher than last year, with 60 % of this amount coming from |
112 |
international markets. Gross profit increased by 10 % to HRK 1,324 m. in |
113 |
the first half of the year, while operating profit went up by 6 % to HRK |
114 |
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 |
168 |
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> |
175 |
</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> |
178 |
Domestic Sales<o:p> |
179 |
</o:p> |
180 |
</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 |
184 |
drugs by 5%, and liquidity problems in the Croatian health-care sector, |
185 |
PLIVA has maintained its leading position in Croatia. Sales in Croatia |
186 |
increased by 1.2%, totalling HRK 789 m. This was achieved by the |
187 |
successful introduction of new products and from increased sales volume. |
188 |
Revenues from Croatia accounted for 40% of PLIVA Groups revenue; 22% of |
189 |
PLIVA Group revenue was financed by the Croatian Health-care Fund.<o:p> |
190 |
</o:p> |
191 |
</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">International |
193 |
Revenue<o:p> |
194 |
</o:p> |
195 |
</font></span></p> |
196 |
<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> |
198 |
</o:p> |
199 |
</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% |
202 |
to international revenue. The higher revenues from North and South America |
203 |
were the result of royalty increases and increase an in Azithromycin |
204 |
export sales to the USA. <o:p> |
205 |
</o:p> |
206 |
</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 |
209 |
m., contributing 21.1% to international revenue and 12.7% of total |
210 |
revenue. PLIVA sales in Poland went up by 5.4% compared to the first six |
211 |
months of 1998. Reform of the health-care system at the beginning of the |
212 |
year caused a decline in the Polish drug market in the first quarter of |
213 |
1999 compared to the last quarter of 1998. We believe this to be a |
214 |
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> |
217 |
</font></span></p> |
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<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Sales |
219 |
in Russia were HRK 28.5 m., which represented 1.4% of PLIVA Groups |
220 |
revenue. The Russian crisis in August 1998 that resulted in a collapse of |
221 |
the drug market has continued, which explains the drop in sales in |
222 |
comparison to the same period last year. <o:p> |
223 |
</o:p> |
224 |
</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 |
227 |
and in Hungary.<o:p> |
228 |
</o:p> |
229 |
</font></span></p> |
230 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">1.2. |
231 |
Revenue by Businesses Segment<o:p> |
232 |
</o:p> |
233 |
</font></span></p> |
234 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Revenue |
235 |
from core business (Pharmaceuticals, Bulk Pharmaceuticals and |
236 |
royalties) increased 8.8% to HRK 1,615 m. or 81.5% of total revenue. |
237 |
Animal Health and Agrochemicals accounted for 6.2% of total revenue, and |
238 |
Foodstuffs and Cosmetics and Hygiene Products accounted for 11.2%<br> |
239 |
Pharmaceuticals<o:p> |
240 |
</o:p> |
241 |
</font></span></p> |
242 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Pharmaceuticals |
243 |
sales were HRK 947 m. or 2.9% lower than during the first half of last |
244 |
year. <o:p> |
245 |
</o:p> |
246 |
</font></span></p> |
247 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Domestic |
248 |
sales were HRK 522 m., an increase of 2.9% over the previous year. The |
249 |
strong domestic performance was attributed to increased marketing |
250 |
activities, the introduction of new products and increased sales volume.<o:p> |
251 |
</o:p> |
252 |
</font></span></p> |
253 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">International |
254 |
sales amounted to HRK 425 m., a 9.2% decrease on the previous year. This |
255 |
drop was primarily caused by the Russian crises and sales of Sumamed |
256 |
imitations on the unregulated Russian and Chinese markets. Due to its |
257 |
decreased international sales, Sumamed recorded HRK 116 m. of sales, a |
258 |
17.4% drop in total sales compared to the previous year.<o:p> |
259 |
</o:p> |
260 |
</font></span></p> |
261 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Bulk |
262 |
Pharmaceuticals<o:p> |
263 |
</o:p> |
264 |
</font></span></p> |
265 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
266 |
total sales of Bulk Pharmaceuticals accounted for 13.6% of total revenue |
267 |
and amounted to HRK 270 m. or 3.6% less than the previous year. |
268 |
Azithromycin revenue, which accounts for 77% of total sales of this |
269 |
business segment, reached a total of HRK 207 m. or a drop of 8.7%.<o:p> |
270 |
</o:p> |
271 |
</font></span></p> |
272 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Animal |
273 |
Health and Agrochemicals<o:p> |
274 |
</o:p> |
275 |
</font></span></p> |
276 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Animal |
277 |
Health and Agrochemicals accounted for 6.2% of PLIVAs total revenue, or |
278 |
HRK 123 m. A sales increase was recorded both in domestic (5.7%) and |
279 |
international (8.8%) markets. 35% of total sales are generated on |
280 |
international markets.<br> |
281 |
Foodstuffs and Cosmetics and Hygiene Products<o:p> |
282 |
</o:p> |
283 |
</font></span></p> |
284 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">The |
285 |
sales of Foodstuffs and Cosmetics and Hygiene Products amounted to HRK 223 |
286 |
m. or 11.2% of PLIVAs total revenue. PLIVA, as defined by the PLIVA XXI |
287 |
project, will be focussed on pharmaceuticals going forward. Consequently, |
288 |
the decision to divest the Foodstuffs and Cosmetics and Hygiene Products |
289 |
businesses was made earlier this year. The selection of relevant partners |
290 |
is underway. <o:p> |
291 |
</o:p> |
292 |
</font></span></p> |
293 |
<p class="MsoNormal"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">2. |
294 |
PROFITABILITY<o:p> |
295 |
</o:p> |
296 |
</font></span></p> |
297 |
<p class="MsoNormal" align="center"><span style="font-family:TIMES"><font face="Arial" size="2" color="#000080">Key |
298 |
Financial Indicators</font></span></p> |
299 |
<p class="MsoNormal" align="right"><span style="font-family: |
300 |
TIMES"><font face="Arial" size="2" color="#000080">HRK m<o:p> |
301 |
</o:p> |
302 |
</font></span></p> |
303 |
<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 |
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">272,397</font></span></td> |
1373 |
</tr> |
1374 |
</table> |
1375 |
<p ALIGN="JUSTIFY"><font FACE="Arial"><a href="news_clip.htm"><small>Back |
1376 |
to the news page</small></a></font></p> |
1377 |
<p ALIGN="JUSTIFY"><font face="Arial" size="2" color="#000080"> </font></td> |
1378 |
<td width="15%"></td> |
1379 |
</tr> |
1380 |
</table> |
1381 |
|
1382 |
</body> |
1383 |
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1384 |
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