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1 <p align="center"><b>PLIVA Group 1999 Full Year Results</b></p>
2 <p><b>Highlights</b></p>
3 <ul>
4 <li>Revenue growth of 16.9% to HRK 4,180.5 m. (USD 587.6 m)</li>
5 <li> International revenues increase by 28.7% to 65.5% of Group revenues</li>
6 <li> EBIT rises 27.3% to HRK 1,373.8 m. (USD 193.1 m)</li>
7 <li> Net income increases 26.2% to 869.1 m. (USD 122.2 m)</li>
8 <li> EPS growth of 27.8% to HRK 44.17 (USD 1.24 per GDR) </li>
9 <li>Dividend proposal of HRK 10.00, an increase of 36.1% </li>
10 <li>Acquisitions of Farmacom, Lachema and Mixis Genetics strengthen PLIVA's
11 position across target markets </li>
12 <li>FDA approval of new azithromycin facility</li>
13 </ul>
14 <p> <b>Summary </b></p>
15 <p>With a 26.2% growth in net income to HRK 869.1 m, PLIVA achieved strong operating
16 results in 1999, despite unfavourable conditions in the surrounding region.
17 </p>
18 <p>Total Group revenue increased by 16.9% over 1998 figures to HRK 4,180.5 m,
19 of which international markets now account for 65.5% - a substantial increase
20 of 28.7%. The main drivers of this increase include strong growth in azithromycin
21 sales of 58.2% to HRK 599.5 m, as well as a rise in royalty revenues of 66.9%
22 to HRK 945.5 m. </p>
23 <p>Throughout 1999, PLIVA made significant strides in actualising its vision to
24 be a pharmaceutical company, bringing superior and innovative solutions to customer
25 needs, by competing on the global market. 1999, was in this respect, a key transitional
26 period for PLIVA.</p>
27 <p> During the year, PLIVA successfully implemented a new organisational structure,
28 defining pharmaceuticals as PLIVA's core business. Furthermore, the redesign
29 and improvement of key processes - customer-focused Sales and Marketing processes,
30 implementation of a continuous and integrated process of Strategic Planning,
31 and strategically aligned New Product Development and HR processes - further
32 advanced the company towards the attainment of this vision.</p>
33 <p> PLIVA has actively participated in the consolidation of the CEE pharmaceuticals
34 industry. Through the acquisition of three new companies in 1999 alone, PLIVA
35 expanded onto new markets. Adding Farmacom to its portfolio, PLIVA strengthened
36 its position on the Polish market and increased its syrup production efficiency.
37 Through its investment in Mixis Genetics, PLIVA reached a new level in R&D,
38 particularly in the domain of biological diversity production. In its acquisition
39 of Lachema - one of the leading pharmaceutical companies in the Czech Republic
40 - PLIVA considerably strengthened its market position with new products, particularly
41 in the field of cytostatics. The production of cytostatics, which meets high
42 European standards, provides PLIVA with an entry vehicle into Western markets.
43 </p>
44 <p>Furthermore, as part of PLIVA's strategic plan to divest non-core operations
45 and hence focus on the core business of pharmaceuticals, PLIVA spun off its
46 Food segment into two independent business units - Cedevita d.o.o. and Kvasac
47 d.o.o. - in line with its spin off of NEVA d.o.o. in 1998. With the announcement
48 of the sale of PLIVA's yeast operations on March 1st 2000, PLIVA has reconfirmed
49 its strategy to focus on the pharmaceuticals sector.</p>
50 <p> The most important investments in fixed assets for the period included the
51 construction of a new Oral Solid Form production plant and PLIVA's New Research
52 Institute. Altogether, cash outflows from investment activities (CAPEX and acquisitions)
53 totalled HRK 993 m. in 1999.</p>
54 <p> To complement its acquisition and investment strategy, PLIVA made further
55 commitments to Research and Development (R&D). In 1999, PLIVA embarked on several
56 joint research projects, evidenced by its partnership with the international
57 companies Glaxo Wellcome and Althexis.</p>
58 <p> Zeljko Covic, PLIVA's president and CEO, whom ING Baring and the publication
59 'Emerging Markets' proclaimed 1999's CEO of the year for the 'Europe, Middle
60 East and Africa', comments: "Last year represented a successful year for PLIVA,
61 despite the numerous difficulties in the region, which only confirms PLIVA's
62 capability to overcome these negative effects and display a constant trend towards
63 growth and thus solidify its position in the CEE region. With global expansion
64 as part of our vision, our commitment to customer intimacy, and our dedication
65 to research and development, PLIVA continues to secure its leading position
66 at the forefront of the CEE pharmaceutical industry." </p>
67 <p><b>1. PLIVA Group Revenue</b></p>
68 <p> The Group's total 1999 revenue amounted to HRK 4180.5 m., a 16.9% increase
69 over 1998. Total sales amounted to HRK 3,156.6 m, rising 7.2% y-o-y, outweighing
70 the negative growth exhibited in the first half of the year. Moreover, royalty
71 income of HRK 945.5 m. represented a 66.9% increase over 1998, significantly
72 contributing to the results. </p>
73 <p>Pharmaceuticals exhibited a modest 0.7% increase to HRK 1,834.5 m., yet retained
74 the highest share of Group sales at 58.1%, further highlighting PLIVA's focus
75 on its core business of pharmaceuticals. A key reason for the mild sales increase
76 rests in the price decline of leading products on the Croatian and Slovenian
77 markets, as well as economic challenges in the domestic environment. Rather
78 than boosting sales, PLIVA consciously chose to limit its sales growth on the
79 Croatian market in an effort to control the level of receivables. PLIVA continues
80 to retain its leading position on the Croatian market.</p>
81 <p> Sumamed sales grew by 3.4% to HRK 254.7 m, partially offsetting the half-year
82 decline of 17.4%. With the introduction of protective stickers, PLIVA successfully
83 remedied its problem of copies of Sumamed appearing on the Russian and Chinese
84 markets, yet was unable to recapture the previous year's sales momentum. </p>
85 <p>The low growth of PLIVA's international pharmaceutical revenues (0.7%) was
86 also impacted by the replacement of Zyrtec with Virlix in Poland, slowing this
87 market growth to 5% or a total of HRK 492.6 m. Through the acquisition of Farmacom,
88 increased Sumamed sales and greater number of OTC products, however, PLIVA maintained
89 positive growth and ranked fifth on the Polish market at the end of 1999. </p>
90 <p>PLIVA's Fine Chemicals segment achieved the greatest sales increase ever, 46.2%,
91 reaching total sales of HRK 715.5 m. This strong growth was due to an increase
92 of 58.2% in sales of azithromycin. At HRK 599.5 m., total azithromycin sales,
93 PLIVA's leading product, contributed 19% to total PLIVA Group sales.</p>
94 <p> The segment's other four leading products also recorded an average growth
95 of more than 20%. The segments of Animal Health & Agrochemicals and Food both
96 experienced a decline of 4.2% and 6.6% to HRK 190.8 m. and 279.9 m, respectively,
97 whereas Cosmetics and Personal Hygiene maintained their 1998 level at HRK 135.9
98 m. As the sales of these segments are largely dependent on the Croatian market,
99 they were negatively impacted by the slow recovery of the domestic economy.
100 </p>
101 <p>In comparison to 1998, a greater proportion of PLIVA's revenue came from international
102 markets, increasing to 65.5% from 59.5%. The Americas, which achieved an overall
103 growth rate of 82%, yielded the highest revenue, accounting for 33.6% of the
104 total. The 18.3% drop in Russian sales to HRK 82.7 m. was significantly eased
105 by the large upswing in 2H 1999 sales.</p>
106 <p> This increase in international revenues exposed the company to respective
107 exchange rate fluctuations. Over the period, the HRK depreciated by 7.1% against
108 the EURO and legacy currencies and 11.8% against the USD (with respect to the
109 annual average exchange rate). Nevertheless, the HRK strengthened against the
110 PLN by 1.7% over the same period. In </p>
111 <p>1999, Lachema did not impact the Group Profit and Loss account, as the Czech
112 company was consolidated from 31 December 1999. </p>
113 <p><b>2. Operating costs </b></p>
114 <p>Costs of Goods Sold (COGS) increased 23.2% to HRK 1,529.8 m, predominantly
115 due to the change in allocation of costs from Selling, General and Administrative
116 costs (SG&A) to COGS. This change in cost allocation, enabled by the SAP system,
117 was implemented in order to show a more realistic segmentation of individual
118 cost groups. Excluding this change in calculation, however, COGS would have
119 experienced a mere 8.5% increase.</p>
120 <p> In light of the change in cost allocation, SG&A (excluding provisions and
121 goodwill amortisation) decreased by 10.0% compared to 1998 levels. Restating
122 1998 according to the new cost allocation, however, SG&A (excluding provisions
123 and goodwill amortisation) would have risen by 7.4%, predominantly due to the
124 increase in Marketing and Sales costs of 18.4%. The major part of Provisions,
125 which in total increased by 175% to HRK 85 m., were made for bad debts (HRK
126 57 m.) as well as jubilee, retirement and other employee bonuses (HRK 21 m.).</p>
127 <p> Increasing by 46.5% from 1998, Research and Development costs (R&D) amounted
128 to HRK 220.7 m. </p>
129 <p><b>3. Profitability</b> </p>
130 <p>In line with the positive sales results, Gross Profit climbed 13.6% to HRK
131 2,650.7 m, mostly driven by royalty income growth. The real gross profit increase,
132 after adjustment for the new cost allocation, reached 22.4%. </p>
133 <p>Earnings before interest and tax (EBIT) solidly increased 27.3% to HRK 1,373.8
134 m, leading to a growth in EBIT margin from 30.2% to 32.9%. </p>
135 <p>The 14.9% growth in Earnings before tax (EBT) of HRK 1,256.6 m. was dampened
136 by the net financial loss, arising from increased financing costs and a substantial
137 negative foreign currency translation adjustment. </p>
138 <p>Net Income rose 26.2% to reach a total of HRK 869.1 m., whilst net margins
139 increased from 19.3% to 20.8%. With the higher protective rate (tax shield)
140 on own capital in 1999, PLIVA's effective tax rate amounted to 30%, which notably
141 contributed to the stronger net income growth. </p>
142 <p><b>4. Financial Position</b> </p>
143 <p>PLIVA Group continued to retain a strong and stable financial position at the
144 1999 year-end. Although the Group witnessed a 39.1% increase in total receivables,
145 they were brought under control through the tightening of credit limits, which
146 successfully reduced the parent company's receivables by approximately 25% from
147 their half-year levels. Trade debtor receivables increased 29.8%. </p>
148 <p>With the company's aggressive investment strategy - specifically the consolidation
149 of Lachema as well as investments in the azithromycin and OSF facilities and
150 the New Research Institute - PLIVA also experienced a significant increase in
151 its fixed assets of 23%. PLIVA's debt to equity ratio increased from 20.9% to
152 24.6%, reflecting PLIVA's decision to increase the use of leverage in its capital
153 structure and tap more favourable sources of funding for financing its expansion.
154 </p>
155 <p><b>5. Research and Development</b></p>
156 <p> During 1999, PLIVA continued to intensely work on its research projects concerning
157 anti-inflammatories and anti-infectives. In particular, PLIVA signed joint research
158 agreements with the international companies Glaxo Wellcome and Althexis. Furthermore,
159 PLIVA advanced two of its pipeline projects from the stage of Discovery to Preclinical
160 Development. The first project involves a molecule with thrombopoietin-like
161 properties, which PLIVA is jointly developing with US-based Receptron, whose
162 clinical trials are expected to be conducted in the US in the second half of
163 2000, after FDA approval. The second project with which PLIVA will begin clinical
164 trials is gastroprotective peptide, whose potential therapeutic area is the
165 treatment of IBD (Inflammatory Bowel Disease). </p>
166 <p>As a result of strong R&D activities, PLIVA recorded an increase in R&D costs
167 of 46.5%, of which 60% was directed towards development projects and 40% towards
168 research activities. As a percentage of healthcare sales, R&D costs similarly
169 rose in share from 5.9% to 8.1%, further highlighting PLIVA's strong commitment
170 to research and the development of its product pipeline. </p>
171 <p><b>6. Investment Activities</b> </p>
172 <p>Total Group investments in tangible assets amounted to a total of HRK 614.8
173 m., of which HRK 520.2 m. was undertaken by PLIVA d.d. alone. The period's single
174 largest investment funded the continued construction of the Oral Solid Form
175 facility in Zagreb. Other substantial investment projects include the completion
176 of the azithromycin facility, implementation of the SAP/R3 system, as well as
177 the start of the construction of the New Research Institute. </p>
178 <p>Total investments in intangible assets amounted to HRK 378.2 m. PLIVA acquired
179 the remaining 60% stake in the Polish pharmaceuticals company Farmacom, for
180 a total 100% ownership stake, for a total of USD 4.8 m. For an amount of USD
181 3.3 m., PLIVA also acquired the biotech company MIXIS Genetics Ltd., whereby
182 it gained ownership of several advanced technology patents in the field of biological
183 diversity production. </p>
184 <p>At the end of the year, PLIVA acquired a 66.67% stake in one of the leading
185 Czech pharmaceuticals company, Lachema. The company's range of generic cytostatics,
186 as well as the new production facility for injectable cytostatics (that recently
187 passed the strict criteria of German BGA inspection), offers PLIVA new growth
188 possibilities in this lucrative niche. Subsequently, in December 1999, PLIVA
189 d.d. purchased an additional 6.17% stake in PLIVA Krakow for a total of USD
190 16 m., augmenting its net ownership to 87.67%. </p>
191 <p><b>7. Dividend</b></p>
192 <p> PLIVA's Management Board proposed a dividend of HRK 10.00 per share, representing
193 an increase of 36.1%, subject to the approval of the General Assembly.</p>
194 <p> <b>8. Share Price Performance</b></p>
195 <p> Throughout 1999, PLIVA's ownership structure experienced several changes.
196 At 31 December 1999, the stake of foreign investors rose to 56.0%, whereas the
197 Croatian Privatisation Fund reduced its stake to 0.7%, as did the Croatian Pension
198 Fund (25.6%) and the EBRD (7.7%). </p>
199 <p>Over the first quarter of 1999, PLIVA's share price experienced an upward trend,
200 twice reaching a year peak of HRK 630.00 on the Zagreb Stock Exchange (ZSE)
201 and USD 19.55 on the London Stock Exchange (LSE). A downward trend followed
202 and persisted until the end of the third quarter, due to a worsening pre-electoral
203 political and economic situation in Croatia, which led to a year-low of HRK
204 360.00 (ZSE) and USD 9.58 (LSE). However, by the end of the year, investor confidence
205 returned and PLIVA shares recovered to a year-end close of HRK 509.99 (ZSE)
206 and USD 13.03 (LSE).</p>
207 <p>Notes:<br>
208 1998 and 1999 data are based on or derived from the Audited Report prepared
209 by PriceWaterhouseCoopers.</p>
210 <p><span style='font-size:10.0pt;font-family:Arial;color:navy'>PLIVA Group</span></p>
211 <p><b><span style='font-size:10.0pt;font-family:Arial;color:navy'>Consolidated
212 Profit and Loss Account</span></b></p>
213 <table border=0 cellspacing=0 cellpadding=0 width="104%">
214 <tr>
215 <td width="31%" bgcolor="navy" class="Normal">&nbsp; </td>
216 <td width="34%" colspan=2 bgcolor="navy" class="Normal">
217 <p align=center style='text-align:center'><span lang=HR
218 style='color:white'>HRK m</span><span lang=HR></span></p>
219 </td>
220 <td width="40%" colspan=2 bgcolor="navy" class="Normal">
221 <p align=center style='text-align:center'><span lang=HR
222 style='color:white'>USD m</span><span lang=HR></span></p>
223 </td>
224 </tr>
225 <tr>
226 <td width="31%" class="Normal">&nbsp; </td>
227 <td width="14%" class="Normal">
228 <p align=center style='text-align:center'><span lang=HR
229 style='font-size:10.0pt;font-family:Arial;color:navy'>1998</span><span
230 lang=HR></span></p>
231 </td>
232 <td width="20%" class="Normal">
233 <p align=center style='text-align:center'><span lang=HR
234 style='font-size:10.0pt;font-family:Arial;color:navy'>1999</span><span
235 lang=HR></span></p>
236 </td>
237 <td width="20%" class="Normal">
238 <p align=center style='text-align:center'><span lang=HR
239 style='font-size:10.0pt;font-family:Arial;color:navy'>1998</span><span
240 lang=HR></span></p>
241 </td>
242 <td width="20%" class="Normal">
243 <p align=center style='text-align:center'><span lang=HR
244 style='font-size:10.0pt;font-family:Arial;color:navy'>1999</span><span
245 lang=HR></span></p>
246 </td>
247 </tr>
248 <tr>
249 <td width="31%" class="Normal">&nbsp; </td>
250 <td width="14%" class="Normal">&nbsp; </td>
251 <td width="20%" class="Normal">&nbsp; </td>
252 <td width="20%" class="Normal">&nbsp; </td>
253 <td width="20%" class="Normal">&nbsp; </td>
254 </tr>
255 <tr>
256 <td width="31%" class="Normal">
257 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
258 color:navy'>REVENUE</span><span lang=HR></span></p>
259 </td>
260 <td width="14%" class="Normal">
261 <p align=right style='text-align:right'><span lang=HR
262 style='font-size:10.0pt;font-family:Arial;color:navy'>3,575.7</span><span
263 lang=HR></span></p>
264 </td>
265 <td width="20%" class="Normal">
266 <p align=right style='text-align:right'><span lang=HR
267 style='font-size:10.0pt;font-family:Arial;color:navy'>4,180.5</span><span
268 lang=HR></span></p>
269 </td>
270 <td width="20%" class="Normal">
271 <p align=right style='text-align:right'><span lang=HR
272 style='font-size:10.0pt;font-family:Arial;color:navy'>562.0</span><span
273 lang=HR></span></p>
274 </td>
275 <td width="20%" class="Normal">
276 <p align=right style='text-align:right'><span lang=HR
277 style='font-size:10.0pt;font-family:Arial;color:navy'>587.6</span><span
278 lang=HR></span></p>
279 </td>
280 </tr>
281 <tr>
282 <td width="31%" class="Normal">
283 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
284 color:navy'>Sales</span><span lang=HR></span></p>
285 </td>
286 <td width="14%" class="Normal">
287 <p align=right style='text-align:right'><span lang=HR
288 style='font-size:10.0pt;font-family:Arial;color:navy'>2,945.4</span><span
289 lang=HR></span></p>
290 </td>
291 <td width="20%" class="Normal">
292 <p align=right style='text-align:right'><span lang=HR
293 style='font-size:10.0pt;font-family:Arial;color:navy'>3,156.6</span><span
294 lang=HR></span></p>
295 </td>
296 <td width="20%" class="Normal">
297 <p align=right style='text-align:right'><span lang=HR
298 style='font-size:10.0pt;font-family:Arial;color:navy'>463.0</span><span
299 lang=HR></span></p>
300 </td>
301 <td width="20%" class="Normal">
302 <p align=right style='text-align:right'><span lang=HR
303 style='font-size:10.0pt;font-family:Arial;color:navy'>443.7</span><span
304 lang=HR></span></p>
305 </td>
306 </tr>
307 <tr>
308 <td width="31%" class="Normal">
309 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
310 color:navy'>- Pharmaceuticals</span><span lang=HR></span></p>
311 </td>
312 <td width="14%" class="Normal">
313 <p align=right style='text-align:right'><span lang=HR
314 style='font-size:10.0pt;font-family:Arial;color:navy'>1,821.9</span><span
315 lang=HR></span></p>
316 </td>
317 <td width="20%" class="Normal">
318 <p align=right style='text-align:right'><span lang=HR
319 style='font-size:10.0pt;font-family:Arial;color:navy'>1,834.5</span><span
320 lang=HR></span></p>
321 </td>
322 <td width="20%" class="Normal">
323 <p align=right style='text-align:right'><span lang=HR
324 style='font-size:10.0pt;font-family:Arial;color:navy'>286.4</span><span
325 lang=HR></span></p>
326 </td>
327 <td width="20%" class="Normal">
328 <p align=right style='text-align:right'><span lang=HR
329 style='font-size:10.0pt;font-family:Arial;color:navy'>257.9</span><span
330 lang=HR></span></p>
331 </td>
332 </tr>
333 <tr>
334 <td width="31%" class="Normal">
335 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
336 color:navy'>- Bulk Pharmaceuticals</span><span lang=HR></span></p>
337 </td>
338 <td width="14%" class="Normal">
339 <p align=right style='text-align:right'><span lang=HR
340 style='font-size:10.0pt;font-family:Arial;color:navy'>489.3</span><span
341 lang=HR></span></p>
342 </td>
343 <td width="20%" class="Normal">
344 <p align=right style='text-align:right'><span lang=HR
345 style='font-size:10.0pt;font-family:Arial;color:navy'>715.5</span><span
346 lang=HR></span></p>
347 </td>
348 <td width="20%" class="Normal">
349 <p align=right style='text-align:right'><span lang=HR
350 style='font-size:10.0pt;font-family:Arial;color:navy'>76.9</span><span
351 lang=HR></span></p>
352 </td>
353 <td width="20%" class="Normal">
354 <p align=right style='text-align:right'><span lang=HR
355 style='font-size:10.0pt;font-family:Arial;color:navy'>100.6</span><span
356 lang=HR></span></p>
357 </td>
358 </tr>
359 <tr>
360 <td width="31%" class="Normal">
361 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
362 color:navy'>- Animal Health and Agrochemicals</span><span lang=HR></span></p>
363 </td>
364 <td width="14%" class="Normal">
365 <p align=right style='text-align:right'><span lang=HR
366 style='font-size:10.0pt;font-family:Arial;color:navy'>199.2</span><span
367 lang=HR></span></p>
368 </td>
369 <td width="20%" class="Normal">
370 <p align=right style='text-align:right'><span lang=HR
371 style='font-size:10.0pt;font-family:Arial;color:navy'>190.8</span><span
372 lang=HR></span></p>
373 </td>
374 <td width="20%" class="Normal">
375 <p align=right style='text-align:right'><span lang=HR
376 style='font-size:10.0pt;font-family:Arial;color:navy'>31.3</span><span
377 lang=HR></span></p>
378 </td>
379 <td width="20%" class="Normal">
380 <p align=right style='text-align:right'><span lang=HR
381 style='font-size:10.0pt;font-family:Arial;color:navy'>26.8</span><span
382 lang=HR></span></p>
383 </td>
384 </tr>
385 <tr>
386 <td width="31%" class="Normal">
387 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
388 color:navy'>- Food</span><span lang=HR></span></p>
389 </td>
390 <td width="14%" class="Normal">
391 <p align=right style='text-align:right'><span lang=HR
392 style='font-size:10.0pt;font-family:Arial;color:navy'>299.6</span><span
393 lang=HR></span></p>
394 </td>
395 <td width="20%" class="Normal">
396 <p align=right style='text-align:right'><span lang=HR
397 style='font-size:10.0pt;font-family:Arial;color:navy'>279.9</span><span
398 lang=HR></span></p>
399 </td>
400 <td width="20%" class="Normal">
401 <p align=right style='text-align:right'><span lang=HR
402 style='font-size:10.0pt;font-family:Arial;color:navy'>47.1</span><span
403 lang=HR></span></p>
404 </td>
405 <td width="20%" class="Normal">
406 <p align=right style='text-align:right'><span lang=HR
407 style='font-size:10.0pt;font-family:Arial;color:navy'>39.3</span><span
408 lang=HR></span></p>
409 </td>
410 </tr>
411 <tr>
412 <td width="31%" class="Normal">
413 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
414 color:navy'>- Cosmetics and Personal Hygiene</span><span lang=HR></span></p>
415 </td>
416 <td width="14%" class="Normal">
417 <p align=right style='text-align:right'><span lang=HR
418 style='font-size:10.0pt;font-family:Arial;color:navy'>135.4</span><span
419 lang=HR></span></p>
420 </td>
421 <td width="20%" class="Normal">
422 <p align=right style='text-align:right'><span lang=HR
423 style='font-size:10.0pt;font-family:Arial;color:navy'>135.9</span><span
424 lang=HR></span></p>
425 </td>
426 <td width="20%" class="Normal">
427 <p align=right style='text-align:right'><span lang=HR
428 style='font-size:10.0pt;font-family:Arial;color:navy'>21.3</span><span
429 lang=HR></span></p>
430 </td>
431 <td width="20%" class="Normal">
432 <p align=right style='text-align:right'><span lang=HR
433 style='font-size:10.0pt;font-family:Arial;color:navy'>19.1</span><span
434 lang=HR></span></p>
435 </td>
436 </tr>
437 <tr>
438 <td width="31%" class="Normal">
439 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
440 color:navy'>Royalties</span><span lang=HR></span></p>
441 </td>
442 <td width="14%" class="Normal">
443 <p align=right style='text-align:right'><span lang=HR
444 style='font-size:10.0pt;font-family:Arial;color:navy'>566.6</span><span
445 lang=HR></span></p>
446 </td>
447 <td width="20%" class="Normal">
448 <p align=right style='text-align:right'><span lang=HR
449 style='font-size:10.0pt;font-family:Arial;color:navy'>945.5</span><span
450 lang=HR></span></p>
451 </td>
452 <td width="20%" class="Normal">
453 <p align=right style='text-align:right'><span lang=HR
454 style='font-size:10.0pt;font-family:Arial;color:navy'>89.1</span><span
455 lang=HR></span></p>
456 </td>
457 <td width="20%" class="Normal">
458 <p align=right style='text-align:right'><span lang=HR
459 style='font-size:10.0pt;font-family:Arial;color:navy'>132.9</span><span
460 lang=HR></span></p>
461 </td>
462 </tr>
463 <tr>
464 <td width="31%" class="Normal">
465 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
466 color:navy'>Other</span><span lang=HR></span></p>
467 </td>
468 <td width="14%" class="Normal">
469 <p align=right style='text-align:right'><span lang=HR
470 style='font-size:10.0pt;font-family:Arial;color:navy'>63.7</span><span
471 lang=HR></span></p>
472 </td>
473 <td width="20%" class="Normal">
474 <p align=right style='text-align:right'><span lang=HR
475 style='font-size:10.0pt;font-family:Arial;color:navy'>78.4</span><span
476 lang=HR></span></p>
477 </td>
478 <td width="20%" class="Normal">
479 <p align=right style='text-align:right'><span lang=HR
480 style='font-size:10.0pt;font-family:Arial;color:navy'>10.0</span><span
481 lang=HR></span></p>
482 </td>
483 <td width="20%" class="Normal">
484 <p align=right style='text-align:right'><span lang=HR
485 style='font-size:10.0pt;font-family:Arial;color:navy'>11.0</span><span
486 lang=HR></span></p>
487 </td>
488 </tr>
489 <tr>
490 <td width="31%" class="Normal">
491 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
492 color:navy'>Cost of goods sold</span><span lang=HR></span></p>
493 </td>
494 <td width="14%" class="Normal">
495 <p align=right style='text-align:right'><span lang=HR
496 style='font-size:10.0pt;font-family:Arial;color:navy'>1,241.5</span><span
497 lang=HR></span></p>
498 </td>
499 <td width="20%" class="Normal">
500 <p align=right style='text-align:right'><span lang=HR
501 style='font-size:10.0pt;font-family:Arial;color:navy'>1,529.8</span><span
502 lang=HR></span></p>
503 </td>
504 <td width="20%" class="Normal">
505 <p align=right style='text-align:right'><span lang=HR
506 style='font-size:10.0pt;font-family:Arial;color:navy'>195.1</span><span
507 lang=HR></span></p>
508 </td>
509 <td width="20%" class="Normal">
510 <p align=right style='text-align:right'><span lang=HR
511 style='font-size:10.0pt;font-family:Arial;color:navy'>215.0</span><span
512 lang=HR></span></p>
513 </td>
514 </tr>
515 <tr>
516 <td width="31%" class="Normal">
517 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
518 color:navy'>Gross profit</span><span lang=HR></span></p>
519 </td>
520 <td width="14%" class="Normal">
521 <p align=right style='text-align:right'><span lang=HR
522 style='font-size:10.0pt;font-family:Arial;color:navy'>2,334.2</span><span
523 lang=HR></span></p>
524 </td>
525 <td width="20%" class="Normal">
526 <p align=right style='text-align:right'><span lang=HR
527 style='font-size:10.0pt;font-family:Arial;color:navy'>2,650.7</span><span
528 lang=HR></span></p>
529 </td>
530 <td width="20%" class="Normal">
531 <p align=right style='text-align:right'><span lang=HR
532 style='font-size:10.0pt;font-family:Arial;color:navy'>366.9</span><span
533 lang=HR></span></p>
534 </td>
535 <td width="20%" class="Normal">
536 <p align=right style='text-align:right'><span lang=HR
537 style='font-size:10.0pt;font-family:Arial;color:navy'>372.6</span><span
538 lang=HR></span></p>
539 </td>
540 </tr>
541 <tr>
542 <td width="31%" class="Normal">
543 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
544 color:navy'>Selling, general and administrative expenses</span><span lang=HR></span></p>
545 </td>
546 <td width="14%" class="Normal">
547 <p align=right style='text-align:right'><span lang=HR
548 style='font-size:10.0pt;font-family:Arial;color:navy'>1,073.1</span><span
549 lang=HR></span></p>
550 </td>
551 <td width="20%" class="Normal">
552 <p align=right style='text-align:right'><span lang=HR
553 style='font-size:10.0pt;font-family:Arial;color:navy'>1,023.0</span><span
554 lang=HR></span></p>
555 </td>
556 <td width="20%" class="Normal">
557 <p align=right style='text-align:right'><span lang=HR
558 style='font-size:10.0pt;font-family:Arial;color:navy'>168.7</span><span
559 lang=HR></span></p>
560 </td>
561 <td width="20%" class="Normal">
562 <p align=right style='text-align:right'><span lang=HR
563 style='font-size:10.0pt;font-family:Arial;color:navy'>143.8</span><span
564 lang=HR></span></p>
565 </td>
566 </tr>
567 <tr>
568 <td width="31%" class="Normal">
569 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
570 color:navy'>Research and development expenses</span><span lang=HR></span></p>
571 </td>
572 <td width="14%" class="Normal">
573 <p align=right style='text-align:right'><span lang=HR
574 style='font-size:10.0pt;font-family:Arial;color:navy'>150.6</span><span
575 lang=HR></span></p>
576 </td>
577 <td width="20%" class="Normal">
578 <p align=right style='text-align:right'><span lang=HR
579 style='font-size:10.0pt;font-family:Arial;color:navy'>220.7</span><span
580 lang=HR></span></p>
581 </td>
582 <td width="20%" class="Normal">
583 <p align=right style='text-align:right'><span lang=HR
584 style='font-size:10.0pt;font-family:Arial;color:navy'>23.7</span><span
585 lang=HR></span></p>
586 </td>
587 <td width="20%" class="Normal">
588 <p align=right style='text-align:right'><span lang=HR
589 style='font-size:10.0pt;font-family:Arial;color:navy'>31.0</span><span
590 lang=HR></span></p>
591 </td>
592 </tr>
593 <tr>
594 <td width="31%" class="Normal">
595 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
596 color:navy'>Goodwill amortisation</span><span lang=HR></span></p>
597 </td>
598 <td width="14%" class="Normal">
599 <p align=right style='text-align:right'><span lang=HR
600 style='font-size:10.0pt;font-family:Arial;color:navy'>31.1</span><span
601 lang=HR></span></p>
602 </td>
603 <td width="20%" class="Normal">
604 <p align=right style='text-align:right'><span lang=HR
605 style='font-size:10.0pt;font-family:Arial;color:navy'>33.2</span><span
606 lang=HR></span></p>
607 </td>
608 <td width="20%" class="Normal">
609 <p align=right style='text-align:right'><span lang=HR
610 style='font-size:10.0pt;font-family:Arial;color:navy'>4.9</span><span
611 lang=HR></span></p>
612 </td>
613 <td width="20%" class="Normal">
614 <p align=right style='text-align:right'><span lang=HR
615 style='font-size:10.0pt;font-family:Arial;color:navy'>4.7</span><span
616 lang=HR></span></p>
617 </td>
618 </tr>
619 <tr>
620 <td width="31%" class="Normal">
621 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
622 color:navy'>Income before interest and taxes</span><span lang=HR></span></p>
623 </td>
624 <td width="14%" class="Normal">
625 <p align=right style='text-align:right'><span lang=HR
626 style='font-size:10.0pt;font-family:Arial;color:navy'>1,079.4</span><span
627 lang=HR></span></p>
628 </td>
629 <td width="20%" class="Normal">
630 <p align=right style='text-align:right'><span lang=HR
631 style='font-size:10.0pt;font-family:Arial;color:navy'>1,373.8</span><span
632 lang=HR></span></p>
633 </td>
634 <td width="20%" class="Normal">
635 <p align=right style='text-align:right'><span lang=HR
636 style='font-size:10.0pt;font-family:Arial;color:navy'>169.7</span><span
637 lang=HR></span></p>
638 </td>
639 <td width="20%" class="Normal">
640 <p align=right style='text-align:right'><span lang=HR
641 style='font-size:10.0pt;font-family:Arial;color:navy'>193.1</span><span
642 lang=HR></span></p>
643 </td>
644 </tr>
645 <tr>
646 <td width="31%" class="Normal">
647 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
648 color:navy'>Financial income/(expenses)</span><span lang=HR></span></p>
649 </td>
650 <td width="14%" class="Normal">
651 <p align=right style='text-align:right'><span lang=HR
652 style='font-size:10.0pt;font-family:Arial;color:navy'>9.5</span><span
653 lang=HR></span></p>
654 </td>
655 <td width="20%" class="Normal">
656 <p align=right style='text-align:right'><span lang=HR
657 style='font-size:10.0pt;font-family:Arial;color:navy'>-26.9</span><span
658 lang=HR></span></p>
659 </td>
660 <td width="20%" class="Normal">
661 <p align=right style='text-align:right'><span lang=HR
662 style='font-size:10.0pt;font-family:Arial;color:navy'>1.5</span><span
663 lang=HR></span></p>
664 </td>
665 <td width="20%" class="Normal">
666 <p align=right style='text-align:right'><span lang=HR
667 style='font-size:10.0pt;font-family:Arial;color:navy'>-3.8</span><span
668 lang=HR></span></p>
669 </td>
670 </tr>
671 <tr>
672 <td width="31%" class="Normal">
673 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
674 color:navy'>Foreign currency exchange gains/(losses)</span><span lang=HR></span></p>
675 </td>
676 <td width="14%" class="Normal">
677 <p align=right style='text-align:right'><span lang=HR
678 style='font-size:10.0pt;font-family:Arial;color:navy'>4.4</span><span
679 lang=HR></span></p>
680 </td>
681 <td width="20%" class="Normal">
682 <p align=right style='text-align:right'><span lang=HR
683 style='font-size:10.0pt;font-family:Arial;color:navy'>-90.3</span><span
684 lang=HR></span></p>
685 </td>
686 <td width="20%" class="Normal">
687 <p align=right style='text-align:right'><span lang=HR
688 style='font-size:10.0pt;font-family:Arial;color:navy'>0.7</span><span
689 lang=HR></span></p>
690 </td>
691 <td width="20%" class="Normal">
692 <p align=right style='text-align:right'><span lang=HR
693 style='font-size:10.0pt;font-family:Arial;color:navy'>-12.7</span><span
694 lang=HR></span></p>
695 </td>
696 </tr>
697 <tr>
698 <td width="31%" class="Normal">
699 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
700 color:navy'>Profit before taxes and contributions</span><span lang=HR></span></p>
701 </td>
702 <td width="14%" class="Normal">
703 <p align=right style='text-align:right'><span lang=HR
704 style='font-size:10.0pt;font-family:Arial;color:navy'>1,093.3</span><span
705 lang=HR></span></p>
706 </td>
707 <td width="20%" class="Normal">
708 <p align=right style='text-align:right'><span lang=HR
709 style='font-size:10.0pt;font-family:Arial;color:navy'>1,256.6</span><span
710 lang=HR></span></p>
711 </td>
712 <td width="20%" class="Normal">
713 <p align=right style='text-align:right'><span lang=HR
714 style='font-size:10.0pt;font-family:Arial;color:navy'>171.8</span><span
715 lang=HR></span></p>
716 </td>
717 <td width="20%" class="Normal">
718 <p align=right style='text-align:right'><span lang=HR
719 style='font-size:10.0pt;font-family:Arial;color:navy'>176.6</span><span
720 lang=HR></span></p>
721 </td>
722 </tr>
723 <tr>
724 <td width="31%" class="Normal">
725 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
726 color:navy'>Taxes and contributions</span><span lang=HR></span></p>
727 </td>
728 <td width="14%" class="Normal">
729 <p align=right style='text-align:right'><span lang=HR
730 style='font-size:10.0pt;font-family:Arial;color:navy'>386.9</span><span
731 lang=HR></span></p>
732 </td>
733 <td width="20%" class="Normal">
734 <p align=right style='text-align:right'><span lang=HR
735 style='font-size:10.0pt;font-family:Arial;color:navy'>377.6</span><span
736 lang=HR></span></p>
737 </td>
738 <td width="20%" class="Normal">
739 <p align=right style='text-align:right'><span lang=HR
740 style='font-size:10.0pt;font-family:Arial;color:navy'>60.8</span><span
741 lang=HR></span></p>
742 </td>
743 <td width="20%" class="Normal">
744 <p align=right style='text-align:right'><span lang=HR
745 style='font-size:10.0pt;font-family:Arial;color:navy'>53.1</span><span
746 lang=HR></span></p>
747 </td>
748 </tr>
749 <tr>
750 <td width="31%" class="Normal">
751 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
752 color:navy'>Income after tax</span><span lang=HR></span></p>
753 </td>
754 <td width="14%" class="Normal">
755 <p align=right style='text-align:right'><span lang=HR
756 style='font-size:10.0pt;font-family:Arial;color:navy'>706.4</span><span
757 lang=HR></span></p>
758 </td>
759 <td width="20%" class="Normal">
760 <p align=right style='text-align:right'><span lang=HR
761 style='font-size:10.0pt;font-family:Arial;color:navy'>879.0</span><span
762 lang=HR></span></p>
763 </td>
764 <td width="20%" class="Normal">
765 <p align=right style='text-align:right'><span lang=HR
766 style='font-size:10.0pt;font-family:Arial;color:navy'>111.0</span><span
767 lang=HR></span></p>
768 </td>
769 <td width="20%" class="Normal">
770 <p align=right style='text-align:right'><span lang=HR
771 style='font-size:10.0pt;font-family:Arial;color:navy'>123.5</span><span
772 lang=HR></span></p>
773 </td>
774 </tr>
775 <tr>
776 <td width="31%" class="Normal">
777 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
778 color:navy'>Minority interests</span><span lang=HR></span></p>
779 </td>
780 <td width="14%" class="Normal">
781 <p align=right style='text-align:right'><span lang=HR
782 style='font-size:10.0pt;font-family:Arial;color:navy'>17.6</span><span
783 lang=HR></span></p>
784 </td>
785 <td width="20%" class="Normal">
786 <p align=right style='text-align:right'><span lang=HR
787 style='font-size:10.0pt;font-family:Arial;color:navy'>9.9</span><span
788 lang=HR></span></p>
789 </td>
790 <td width="20%" class="Normal">
791 <p align=right style='text-align:right'><span lang=HR
792 style='font-size:10.0pt;font-family:Arial;color:navy'>2.8</span><span
793 lang=HR></span></p>
794 </td>
795 <td width="20%" class="Normal">
796 <p align=right style='text-align:right'><span lang=HR
797 style='font-size:10.0pt;font-family:Arial;color:navy'>1.4</span><span
798 lang=HR></span></p>
799 </td>
800 </tr>
801 <tr>
802 <td width="31%" class="Normal">
803 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
804 color:navy'>Net income</span><span lang=HR></span></p>
805 </td>
806 <td width="14%" class="Normal">
807 <p align=right style='text-align:right'><span lang=HR
808 style='font-size:10.0pt;font-family:Arial;color:navy'>688.8</span><span
809 lang=HR></span></p>
810 </td>
811 <td width="20%" class="Normal">
812 <p align=right style='text-align:right'><span lang=HR
813 style='font-size:10.0pt;font-family:Arial;color:navy'>869.1</span><span
814 lang=HR></span></p>
815 </td>
816 <td width="20%" class="Normal">
817 <p align=right style='text-align:right'><span lang=HR
818 style='font-size:10.0pt;font-family:Arial;color:navy'>108.3</span><span
819 lang=HR></span></p>
820 </td>
821 <td width="20%" class="Normal">
822 <p align=right style='text-align:right'><span lang=HR
823 style='font-size:10.0pt;font-family:Arial;color:navy'>122.2</span><span
824 lang=HR></span></p>
825 </td>
826 </tr>
827 <tr>
828 <td width="31%" class="Normal">
829 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
830 color:navy'>*Depreciation</span><span lang=HR></span></p>
831 </td>
832 <td width="14%" class="Normal">
833 <p align=right style='text-align:right'><span lang=HR
834 style='font-size:10.0pt;font-family:Arial;color:navy'>151.3</span><span
835 lang=HR></span></p>
836 </td>
837 <td width="20%" class="Normal">
838 <p align=right style='text-align:right'><span lang=HR
839 style='font-size:10.0pt;font-family:Arial;color:navy'>158.6</span><span
840 lang=HR></span></p>
841 </td>
842 <td width="20%" class="Normal">
843 <p align=right style='text-align:right'><span lang=HR
844 style='font-size:10.0pt;font-family:Arial;color:navy'>23.8</span><span
845 lang=HR></span></p>
846 </td>
847 <td width="20%" class="Normal">
848 <p align=right style='text-align:right'><span lang=HR
849 style='font-size:10.0pt;font-family:Arial;color:navy'>22.3</span><span
850 lang=HR></span></p>
851 </td>
852 </tr>
853 </table>
854 <p><span lang=HR><br>
855 </span><b><span lang=HR style='font-size:10.0pt;font-family:Arial;"Times New Roman";color:navy;layout-grid-mode:line'>Balance
856 sheet</span></b><span
857 lang=HR></span></p>
858 <table border=0 cellspacing=0 cellpadding=0 width="104%">
859 <tr>
860 <td width="31%" bgcolor="navy" class="Normal">&nbsp; </td>
861 <td width="34%" colspan=2 bgcolor="navy" class="Normal">
862 <p align=center style='text-align:center'><span lang=HR
863 style='color:white'>HRK m</span><span lang=HR></span></p>
864 </td>
865 <td width="40%" colspan=2 bgcolor="navy" class="Normal">
866 <p align=center style='text-align:center'><span lang=HR
867 style='color:white'>USD m</span><span lang=HR></span></p>
868 </td>
869 </tr>
870 <tr>
871 <td width="31%" class="Normal">&nbsp; </td>
872 <td width="34%" colspan=2 class="Normal">
873 <p align=center style='text-align:center'><span lang=HR
874 style='font-size:10.0pt;font-family:Arial;color:navy'>31st December</span><span
875 lang=HR></span></p>
876 </td>
877 <td width="40%" colspan=2 class="Normal">
878 <p align=center style='text-align:center'><span lang=HR
879 style='font-size:10.0pt;font-family:Arial;color:navy'>31st December</span><span
880 lang=HR></span></p>
881 </td>
882 </tr>
883 <tr>
884 <td width="31%" class="Normal">&nbsp; </td>
885 <td width="14%" class="Normal">
886 <p align=center style='text-align:center'><span lang=HR
887 style='font-size:10.0pt;font-family:Arial;color:navy'>1998</span><span
888 lang=HR></span></p>
889 </td>
890 <td width="20%" class="Normal">
891 <p align=center style='text-align:center'><span lang=HR
892 style='font-size:10.0pt;font-family:Arial;color:navy'>1999</span><span
893 lang=HR></span></p>
894 </td>
895 <td width="20%" class="Normal">
896 <p align=center style='text-align:center'><span lang=HR
897 style='font-size:10.0pt;font-family:Arial;color:navy'>1998</span><span
898 lang=HR></span></p>
899 </td>
900 <td width="20%" class="Normal">
901 <p align=center style='text-align:center'><span lang=HR
902 style='font-size:10.0pt;font-family:Arial;color:navy'>1999</span><span
903 lang=HR></span></p>
904 </td>
905 </tr>
906 <tr>
907 <td width="31%" class="Normal">&nbsp; </td>
908 <td width="14%" class="Normal">&nbsp; </td>
909 <td width="20%" class="Normal">&nbsp; </td>
910 <td width="20%" class="Normal">&nbsp; </td>
911 <td width="20%" class="Normal">&nbsp; </td>
912 </tr>
913 <tr>
914 <td width="31%" class="Normal">
915 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
916 color:navy'>ASSETS</span><span lang=HR></span></p>
917 </td>
918 <td width="14%" class="Normal">&nbsp; </td>
919 <td width="20%" class="Normal">&nbsp; </td>
920 <td width="20%" class="Normal">&nbsp; </td>
921 <td width="20%" class="Normal">&nbsp; </td>
922 </tr>
923 <tr>
924 <td width="31%" class="Normal">
925 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
926 color:navy'>Fixed Assets Goodwill</span><span lang=HR></span></p>
927 </td>
928 <td width="14%" class="Normal">
929 <p align=right style='text-align:right'><span lang=HR
930 style='font-size:10.0pt;font-family:Arial;color:navy'>430.3</span><span
931 lang=HR></span></p>
932 </td>
933 <td width="20%" class="Normal">
934 <p align=right style='text-align:right'><span lang=HR
935 style='font-size:10.0pt;font-family:Arial;color:navy'>585.6</span><span
936 lang=HR></span></p>
937 </td>
938 <td width="20%" class="Normal">
939 <p align=right style='text-align:right'><span lang=HR
940 style='font-size:10.0pt;font-family:Arial;color:navy'>68.9</span><span
941 lang=HR></span></p>
942 </td>
943 <td width="20%" class="Normal">
944 <p align=right style='text-align:right'><span lang=HR
945 style='font-size:10.0pt;font-family:Arial;color:navy'>76.6</span><span
946 lang=HR></span></p>
947 </td>
948 </tr>
949 <tr>
950 <td width="31%" class="Normal">
951 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
952 color:navy'>Investments</span><span lang=HR></span></p>
953 </td>
954 <td width="14%" class="Normal">
955 <p align=right style='text-align:right'><span lang=HR
956 style='font-size:10.0pt;font-family:Arial;color:navy'>245.3</span><span
957 lang=HR></span></p>
958 </td>
959 <td width="20%" class="Normal">
960 <p align=right style='text-align:right'><span lang=HR
961 style='font-size:10.0pt;font-family:Arial;color:navy'>128.9</span><span
962 lang=HR></span></p>
963 </td>
964 <td width="20%" class="Normal">
965 <p align=right style='text-align:right'><span lang=HR
966 style='font-size:10.0pt;font-family:Arial;color:navy'>39.3</span><span
967 lang=HR></span></p>
968 </td>
969 <td width="20%" class="Normal">
970 <p align=right style='text-align:right'><span lang=HR
971 style='font-size:10.0pt;font-family:Arial;color:navy'>16.9</span><span
972 lang=HR></span></p>
973 </td>
974 </tr>
975 <tr>
976 <td width="31%" class="Normal">
977 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
978 color:navy'>Long-term receivables</span><span lang=HR></span></p>
979 </td>
980 <td width="14%" class="Normal">
981 <p align=right style='text-align:right'><span lang=HR
982 style='font-size:10.0pt;font-family:Arial;color:navy'>236.6</span><span
983 lang=HR></span></p>
984 </td>
985 <td width="20%" class="Normal">
986 <p align=right style='text-align:right'><span lang=HR
987 style='font-size:10.0pt;font-family:Arial;color:navy'>246.9</span><span
988 lang=HR></span></p>
989 </td>
990 <td width="20%" class="Normal">
991 <p align=right style='text-align:right'><span lang=HR
992 style='font-size:10.0pt;font-family:Arial;color:navy'>37.9</span><span
993 lang=HR></span></p>
994 </td>
995 <td width="20%" class="Normal">
996 <p align=right style='text-align:right'><span lang=HR
997 style='font-size:10.0pt;font-family:Arial;color:navy'>32.3</span><span
998 lang=HR></span></p>
999 </td>
1000 </tr>
1001 <tr>
1002 <td width="31%" class="Normal">
1003 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1004 color:navy'>Tangible fixed assets</span><span lang=HR></span></p>
1005 </td>
1006 <td width="14%" class="Normal">
1007 <p align=right style='text-align:right'><span lang=HR
1008 style='font-size:10.0pt;font-family:Arial;color:navy'>2,252.2</span><span
1009 lang=HR></span></p>
1010 </td>
1011 <td width="20%" class="Normal">
1012 <p align=right style='text-align:right'><span lang=HR
1013 style='font-size:10.0pt;font-family:Arial;color:navy'>2,931.6</span><span
1014 lang=HR></span></p>
1015 </td>
1016 <td width="20%" class="Normal">
1017 <p align=right style='text-align:right'><span lang=HR
1018 style='font-size:10.0pt;font-family:Arial;color:navy'>360.5</span><span
1019 lang=HR></span></p>
1020 </td>
1021 <td width="20%" class="Normal">
1022 <p align=right style='text-align:right'><span lang=HR
1023 style='font-size:10.0pt;font-family:Arial;color:navy'>383.3</span><span
1024 lang=HR></span></p>
1025 </td>
1026 </tr>
1027 <tr>
1028 <td width="31%" class="Normal">
1029 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1030 color:navy'>Total non-current assets</span><span lang=HR></span></p>
1031 </td>
1032 <td width="14%" class="Normal">
1033 <p align=right style='text-align:right'><span lang=HR
1034 style='font-size:10.0pt;font-family:Arial;color:navy'>3,164.4</span><span
1035 lang=HR></span></p>
1036 </td>
1037 <td width="20%" class="Normal">
1038 <p align=right style='text-align:right'><span lang=HR
1039 style='font-size:10.0pt;font-family:Arial;color:navy'>3,893.0</span><span
1040 lang=HR></span></p>
1041 </td>
1042 <td width="20%" class="Normal">
1043 <p align=right style='text-align:right'><span lang=HR
1044 style='font-size:10.0pt;font-family:Arial;color:navy'>506.5</span><span
1045 lang=HR></span></p>
1046 </td>
1047 <td width="20%" class="Normal">
1048 <p align=right style='text-align:right'><span lang=HR
1049 style='font-size:10.0pt;font-family:Arial;color:navy'>509.0</span><span
1050 lang=HR></span></p>
1051 </td>
1052 </tr>
1053 <tr>
1054 <td width="31%" class="Normal">
1055 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1056 color:navy'>Current assets Inventories</span><span lang=HR></span></p>
1057 </td>
1058 <td width="14%" class="Normal">
1059 <p align=right style='text-align:right'><span lang=HR
1060 style='font-size:10.0pt;font-family:Arial;color:navy'>592.0</span><span
1061 lang=HR></span></p>
1062 </td>
1063 <td width="20%" class="Normal">
1064 <p align=right style='text-align:right'><span lang=HR
1065 style='font-size:10.0pt;font-family:Arial;color:navy'>763.6</span><span
1066 lang=HR></span></p>
1067 </td>
1068 <td width="20%" class="Normal">
1069 <p align=right style='text-align:right'><span lang=HR
1070 style='font-size:10.0pt;font-family:Arial;color:navy'>94.8</span><span
1071 lang=HR></span></p>
1072 </td>
1073 <td width="20%" class="Normal">
1074 <p align=right style='text-align:right'><span lang=HR
1075 style='font-size:10.0pt;font-family:Arial;color:navy'>99.8</span><span
1076 lang=HR></span></p>
1077 </td>
1078 </tr>
1079 <tr>
1080 <td width="31%" class="Normal">
1081 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1082 color:navy'>Marketable securities</span><span lang=HR></span></p>
1083 </td>
1084 <td width="14%" class="Normal">
1085 <p align=right style='text-align:right'><span lang=HR
1086 style='font-size:10.0pt;font-family:Arial;color:navy'>196.0</span><span
1087 lang=HR></span></p>
1088 </td>
1089 <td width="20%" class="Normal">
1090 <p align=right style='text-align:right'><span lang=HR
1091 style='font-size:10.0pt;font-family:Arial;color:navy'>224.3</span><span
1092 lang=HR></span></p>
1093 </td>
1094 <td width="20%" class="Normal">
1095 <p align=right style='text-align:right'><span lang=HR
1096 style='font-size:10.0pt;font-family:Arial;color:navy'>31.4</span><span
1097 lang=HR></span></p>
1098 </td>
1099 <td width="20%" class="Normal">
1100 <p align=right style='text-align:right'><span lang=HR
1101 style='font-size:10.0pt;font-family:Arial;color:navy'>29.3</span><span
1102 lang=HR></span></p>
1103 </td>
1104 </tr>
1105 <tr>
1106 <td width="31%" class="Normal">
1107 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1108 color:navy'>Accounts receivable</span><span lang=HR></span></p>
1109 </td>
1110 <td width="14%" class="Normal">
1111 <p align=right style='text-align:right'><span lang=HR
1112 style='font-size:10.0pt;font-family:Arial;color:navy'>1,146.3</span><span
1113 lang=HR></span></p>
1114 </td>
1115 <td width="20%" class="Normal">
1116 <p align=right style='text-align:right'><span lang=HR
1117 style='font-size:10.0pt;font-family:Arial;color:navy'>1,594.5</span><span
1118 lang=HR></span></p>
1119 </td>
1120 <td width="20%" class="Normal">
1121 <p align=right style='text-align:right'><span lang=HR
1122 style='font-size:10.0pt;font-family:Arial;color:navy'>183.5</span><span
1123 lang=HR></span></p>
1124 </td>
1125 <td width="20%" class="Normal">
1126 <p align=right style='text-align:right'><span lang=HR
1127 style='font-size:10.0pt;font-family:Arial;color:navy'>208.5</span><span
1128 lang=HR></span></p>
1129 </td>
1130 </tr>
1131 <tr>
1132 <td width="31%" class="Normal">
1133 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1134 color:navy'>Short-term loans</span><span lang=HR></span></p>
1135 </td>
1136 <td width="14%" class="Normal">
1137 <p align=right style='text-align:right'><span lang=HR
1138 style='font-size:10.0pt;font-family:Arial;color:navy'>83.5</span><span
1139 lang=HR></span></p>
1140 </td>
1141 <td width="20%" class="Normal">
1142 <p align=right style='text-align:right'><span lang=HR
1143 style='font-size:10.0pt;font-family:Arial;color:navy'>145.7</span><span
1144 lang=HR></span></p>
1145 </td>
1146 <td width="20%" class="Normal">
1147 <p align=right style='text-align:right'><span lang=HR
1148 style='font-size:10.0pt;font-family:Arial;color:navy'>13.4</span><span
1149 lang=HR></span></p>
1150 </td>
1151 <td width="20%" class="Normal">
1152 <p align=right style='text-align:right'><span lang=HR
1153 style='font-size:10.0pt;font-family:Arial;color:navy'>19.1</span><span
1154 lang=HR></span></p>
1155 </td>
1156 </tr>
1157 <tr>
1158 <td width="31%" class="Normal">
1159 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1160 color:navy'>Cash and cash equivalents</span><span lang=HR></span></p>
1161 </td>
1162 <td width="14%" class="Normal">
1163 <p align=right style='text-align:right'><span lang=HR
1164 style='font-size:10.0pt;font-family:Arial;color:navy'>164.1</span><span
1165 lang=HR></span></p>
1166 </td>
1167 <td width="20%" class="Normal">
1168 <p align=right style='text-align:right'><span lang=HR
1169 style='font-size:10.0pt;font-family:Arial;color:navy'>383.4</span><span
1170 lang=HR></span></p>
1171 </td>
1172 <td width="20%" class="Normal">
1173 <p align=right style='text-align:right'><span lang=HR
1174 style='font-size:10.0pt;font-family:Arial;color:navy'>26.3</span><span
1175 lang=HR></span></p>
1176 </td>
1177 <td width="20%" class="Normal">
1178 <p align=right style='text-align:right'><span lang=HR
1179 style='font-size:10.0pt;font-family:Arial;color:navy'>50.1</span><span
1180 lang=HR></span></p>
1181 </td>
1182 </tr>
1183 <tr>
1184 <td width="31%" class="Normal">
1185 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1186 color:navy'>Total current assets</span><span lang=HR></span></p>
1187 </td>
1188 <td width="14%" class="Normal">
1189 <p align=right style='text-align:right'><span lang=HR
1190 style='font-size:10.0pt;font-family:Arial;color:navy'>2,181.9</span><span
1191 lang=HR></span></p>
1192 </td>
1193 <td width="20%" class="Normal">
1194 <p align=right style='text-align:right'><span lang=HR
1195 style='font-size:10.0pt;font-family:Arial;color:navy'>3,111.5</span><span
1196 lang=HR></span></p>
1197 </td>
1198 <td width="20%" class="Normal">
1199 <p align=right style='text-align:right'><span lang=HR
1200 style='font-size:10.0pt;font-family:Arial;color:navy'>349.2</span><span
1201 lang=HR></span></p>
1202 </td>
1203 <td width="20%" class="Normal">
1204 <p align=right style='text-align:right'><span lang=HR
1205 style='font-size:10.0pt;font-family:Arial;color:navy'>406.9</span><span
1206 lang=HR></span></p>
1207 </td>
1208 </tr>
1209 <tr>
1210 <td width="31%" class="Normal">
1211 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1212 color:navy'>Total assets</span><span lang=HR></span></p>
1213 </td>
1214 <td width="14%" class="Normal">
1215 <p align=right style='text-align:right'><span lang=HR
1216 style='font-size:10.0pt;font-family:Arial;color:navy'>5,346.3</span><span
1217 lang=HR></span></p>
1218 </td>
1219 <td width="20%" class="Normal">
1220 <p align=right style='text-align:right'><span lang=HR
1221 style='font-size:10.0pt;font-family:Arial;color:navy'>7,004.5</span><span
1222 lang=HR></span></p>
1223 </td>
1224 <td width="20%" class="Normal">
1225 <p align=right style='text-align:right'><span lang=HR
1226 style='font-size:10.0pt;font-family:Arial;color:navy'>855.8</span><span
1227 lang=HR></span></p>
1228 </td>
1229 <td width="20%" class="Normal">
1230 <p align=right style='text-align:right'><span lang=HR
1231 style='font-size:10.0pt;font-family:Arial;color:navy'>915.9</span><span
1232 lang=HR></span></p>
1233 </td>
1234 </tr>
1235 <tr>
1236 <td width="31%" class="Normal">&nbsp; </td>
1237 <td width="14%" class="Normal">&nbsp; </td>
1238 <td width="20%" class="Normal">&nbsp; </td>
1239 <td width="20%" class="Normal">&nbsp; </td>
1240 <td width="20%" class="Normal">&nbsp; </td>
1241 </tr>
1242 <tr>
1243 <td width="105%" colspan=5 class="Normal">
1244 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1245 color:navy'>LIABILITIES AND SHAREHOLDERS' EQUITY</span><span lang=HR></span></p>
1246 </td>
1247 </tr>
1248 <tr>
1249 <td width="105%" colspan=5 class="Normal">&nbsp; </td>
1250 </tr>
1251 <tr>
1252 <td width="31%" class="Normal">
1253 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1254 color:navy'>Long-term liabilities</span><span lang=HR></span></p>
1255 </td>
1256 <td width="14%" class="Normal">&nbsp; </td>
1257 <td width="20%" class="Normal">&nbsp; </td>
1258 <td width="20%" class="Normal">&nbsp; </td>
1259 <td width="20%" class="Normal">&nbsp; </td>
1260 </tr>
1261 <tr>
1262 <td width="31%" class="Normal">
1263 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1264 color:navy'>Long-term debt</span><span lang=HR></span></p>
1265 </td>
1266 <td width="14%" class="Normal">
1267 <p align=right style='text-align:right'><span lang=HR
1268 style='font-size:10.0pt;font-family:Arial;color:navy'>711.0</span><span
1269 lang=HR></span></p>
1270 </td>
1271 <td width="20%" class="Normal">
1272 <p align=right style='text-align:right'><span lang=HR
1273 style='font-size:10.0pt;font-family:Arial;color:navy'>957.6</span><span
1274 lang=HR></span></p>
1275 </td>
1276 <td width="20%" class="Normal">
1277 <p align=right style='text-align:right'><span lang=HR
1278 style='font-size:10.0pt;font-family:Arial;color:navy'>113.8</span><span
1279 lang=HR></span></p>
1280 </td>
1281 <td width="20%" class="Normal">
1282 <p align=right style='text-align:right'><span lang=HR
1283 style='font-size:10.0pt;font-family:Arial;color:navy'>125.2</span><span
1284 lang=HR></span></p>
1285 </td>
1286 </tr>
1287 <tr>
1288 <td width="31%" class="Normal">
1289 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1290 color:navy'>Long-term provisions</span><span lang=HR></span></p>
1291 </td>
1292 <td width="14%" class="Normal">
1293 <p align=right style='text-align:right'><span lang=HR
1294 style='font-size:10.0pt;font-family:Arial;color:navy'>22.3</span><span
1295 lang=HR></span></p>
1296 </td>
1297 <td width="20%" class="Normal">
1298 <p align=right style='text-align:right'><span lang=HR
1299 style='font-size:10.0pt;font-family:Arial;color:navy'>28.3</span><span
1300 lang=HR></span></p>
1301 </td>
1302 <td width="20%" class="Normal">
1303 <p align=right style='text-align:right'><span lang=HR
1304 style='font-size:10.0pt;font-family:Arial;color:navy'>3.6</span><span
1305 lang=HR></span></p>
1306 </td>
1307 <td width="20%" class="Normal">
1308 <p align=right style='text-align:right'><span lang=HR
1309 style='font-size:10.0pt;font-family:Arial;color:navy'>3.7</span><span
1310 lang=HR></span></p>
1311 </td>
1312 </tr>
1313 <tr>
1314 <td width="31%" class="Normal">
1315 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1316 color:navy'>Total long-term liabilities</span><span lang=HR></span></p>
1317 </td>
1318 <td width="14%" class="Normal">
1319 <p align=right style='text-align:right'><span lang=HR
1320 style='font-size:10.0pt;font-family:Arial;color:navy'>733.3</span><span
1321 lang=HR></span></p>
1322 </td>
1323 <td width="20%" class="Normal">
1324 <p align=right style='text-align:right'><span lang=HR
1325 style='font-size:10.0pt;font-family:Arial;color:navy'>985.9</span><span
1326 lang=HR></span></p>
1327 </td>
1328 <td width="20%" class="Normal">
1329 <p align=right style='text-align:right'><span lang=HR
1330 style='font-size:10.0pt;font-family:Arial;color:navy'>117.4</span><span
1331 lang=HR></span></p>
1332 </td>
1333 <td width="20%" class="Normal">
1334 <p align=right style='text-align:right'><span lang=HR
1335 style='font-size:10.0pt;font-family:Arial;color:navy'>128.9</span><span
1336 lang=HR></span></p>
1337 </td>
1338 </tr>
1339 <tr>
1340 <td width="31%" class="Normal">
1341 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1342 color:navy'>Current liabilities Accounts payable</span><span lang=HR></span></p>
1343 </td>
1344 <td width="14%" class="Normal">
1345 <p align=right style='text-align:right'><span lang=HR
1346 style='font-size:10.0pt;font-family:Arial;color:navy'>455.8</span><span
1347 lang=HR></span></p>
1348 </td>
1349 <td width="20%" class="Normal">
1350 <p align=right style='text-align:right'><span lang=HR
1351 style='font-size:10.0pt;font-family:Arial;color:navy'>536.5</span><span
1352 lang=HR></span></p>
1353 </td>
1354 <td width="20%" class="Normal">
1355 <p align=right style='text-align:right'><span lang=HR
1356 style='font-size:10.0pt;font-family:Arial;color:navy'>73.0</span><span
1357 lang=HR></span></p>
1358 </td>
1359 <td width="20%" class="Normal">
1360 <p align=right style='text-align:right'><span lang=HR
1361 style='font-size:10.0pt;font-family:Arial;color:navy'>70.2</span><span
1362 lang=HR></span></p>
1363 </td>
1364 </tr>
1365 <tr>
1366 <td width="31%" class="Normal">
1367 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1368 color:navy'>Bank loans</span><span lang=HR></span></p>
1369 </td>
1370 <td width="14%" class="Normal">
1371 <p align=right style='text-align:right'><span lang=HR
1372 style='font-size:10.0pt;font-family:Arial;color:navy'>250.1</span><span
1373 lang=HR></span></p>
1374 </td>
1375 <td width="20%" class="Normal">
1376 <p align=right style='text-align:right'><span lang=HR
1377 style='font-size:10.0pt;font-family:Arial;color:navy'>582.7</span><span
1378 lang=HR></span></p>
1379 </td>
1380 <td width="20%" class="Normal">
1381 <p align=right style='text-align:right'><span lang=HR
1382 style='font-size:10.0pt;font-family:Arial;color:navy'>40.0</span><span
1383 lang=HR></span></p>
1384 </td>
1385 <td width="20%" class="Normal">
1386 <p align=right style='text-align:right'><span lang=HR
1387 style='font-size:10.0pt;font-family:Arial;color:navy'>76.2</span><span
1388 lang=HR></span></p>
1389 </td>
1390 </tr>
1391 <tr>
1392 <td width="31%" class="Normal">
1393 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1394 color:navy'>Commercial papers</span><span lang=HR></span></p>
1395 </td>
1396 <td width="14%" class="Normal">
1397 <p align=right style='text-align:right'><span lang=HR
1398 style='font-size:10.0pt;font-family:Arial;color:navy'>82.0</span><span
1399 lang=HR></span></p>
1400 </td>
1401 <td width="20%" class="Normal">
1402 <p align=right style='text-align:right'><span lang=HR
1403 style='font-size:10.0pt;font-family:Arial;color:navy'>206.7</span><span
1404 lang=HR></span></p>
1405 </td>
1406 <td width="20%" class="Normal">
1407 <p align=right style='text-align:right'><span lang=HR
1408 style='font-size:10.0pt;font-family:Arial;color:navy'>13.1</span><span
1409 lang=HR></span></p>
1410 </td>
1411 <td width="20%" class="Normal">
1412 <p align=right style='text-align:right'><span lang=HR
1413 style='font-size:10.0pt;font-family:Arial;color:navy'>27.0</span><span
1414 lang=HR></span></p>
1415 </td>
1416 </tr>
1417 <tr>
1418 <td width="31%" class="Normal">
1419 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1420 color:navy'>Taxes and contributions</span><span lang=HR></span></p>
1421 </td>
1422 <td width="14%" class="Normal">
1423 <p align=right style='text-align:right'><span lang=HR
1424 style='font-size:10.0pt;font-family:Arial;color:navy'>6.4</span><span
1425 lang=HR></span></p>
1426 </td>
1427 <td width="20%" class="Normal">
1428 <p align=right style='text-align:right'><span lang=HR
1429 style='font-size:10.0pt;font-family:Arial;color:navy'>14.5</span><span
1430 lang=HR></span></p>
1431 </td>
1432 <td width="20%" class="Normal">
1433 <p align=right style='text-align:right'><span lang=HR
1434 style='font-size:10.0pt;font-family:Arial;color:navy'>1.0</span><span
1435 lang=HR></span></p>
1436 </td>
1437 <td width="20%" class="Normal">
1438 <p align=right style='text-align:right'><span lang=HR
1439 style='font-size:10.0pt;font-family:Arial;color:navy'>1.9</span><span
1440 lang=HR></span></p>
1441 </td>
1442 </tr>
1443 <tr>
1444 <td width="31%" class="Normal">
1445 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1446 color:navy'>Current portion of long-term debt</span><span lang=HR></span></p>
1447 </td>
1448 <td width="14%" class="Normal">
1449 <p align=right style='text-align:right'><span lang=HR
1450 style='font-size:10.0pt;font-family:Arial;color:navy'>51.6</span><span
1451 lang=HR></span></p>
1452 </td>
1453 <td width="20%" class="Normal">
1454 <p align=right style='text-align:right'><span lang=HR
1455 style='font-size:10.0pt;font-family:Arial;color:navy'>124.8</span><span
1456 lang=HR></span></p>
1457 </td>
1458 <td width="20%" class="Normal">
1459 <p align=right style='text-align:right'><span lang=HR
1460 style='font-size:10.0pt;font-family:Arial;color:navy'>8.3</span><span
1461 lang=HR></span></p>
1462 </td>
1463 <td width="20%" class="Normal">
1464 <p align=right style='text-align:right'><span lang=HR
1465 style='font-size:10.0pt;font-family:Arial;color:navy'>16.3</span><span
1466 lang=HR></span></p>
1467 </td>
1468 </tr>
1469 <tr>
1470 <td width="31%" class="Normal">
1471 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1472 color:navy'>Total current liabilities</span><span lang=HR></span></p>
1473 </td>
1474 <td width="14%" class="Normal">
1475 <p align=right style='text-align:right'><span lang=HR
1476 style='font-size:10.0pt;font-family:Arial;color:navy'>845.9</span><span
1477 lang=HR></span></p>
1478 </td>
1479 <td width="20%" class="Normal">
1480 <p align=right style='text-align:right'><span lang=HR
1481 style='font-size:10.0pt;font-family:Arial;color:navy'>1,465.2</span><span
1482 lang=HR></span></p>
1483 </td>
1484 <td width="20%" class="Normal">
1485 <p align=right style='text-align:right'><span lang=HR
1486 style='font-size:10.0pt;font-family:Arial;color:navy'>135.4</span><span
1487 lang=HR></span></p>
1488 </td>
1489 <td width="20%" class="Normal">
1490 <p align=right style='text-align:right'><span lang=HR
1491 style='font-size:10.0pt;font-family:Arial;color:navy'>191.6</span><span
1492 lang=HR></span></p>
1493 </td>
1494 </tr>
1495 <tr>
1496 <td width="31%" class="Normal">
1497 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1498 color:navy'>Total liabilities</span><span lang=HR></span></p>
1499 </td>
1500 <td width="14%" class="Normal">
1501 <p align=right style='text-align:right'><span lang=HR
1502 style='font-size:10.0pt;font-family:Arial;color:navy'>1,579.2</span><span
1503 lang=HR></span></p>
1504 </td>
1505 <td width="20%" class="Normal">
1506 <p align=right style='text-align:right'><span lang=HR
1507 style='font-size:10.0pt;font-family:Arial;color:navy'>2,451.1</span><span
1508 lang=HR></span></p>
1509 </td>
1510 <td width="20%" class="Normal">
1511 <p align=right style='text-align:right'><span lang=HR
1512 style='font-size:10.0pt;font-family:Arial;color:navy'>252.8</span><span
1513 lang=HR></span></p>
1514 </td>
1515 <td width="20%" class="Normal">
1516 <p align=right style='text-align:right'><span lang=HR
1517 style='font-size:10.0pt;font-family:Arial;color:navy'>320.5</span><span
1518 lang=HR></span></p>
1519 </td>
1520 </tr>
1521 <tr>
1522 <td width="31%" class="Normal">
1523 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1524 color:navy'>Shareholders' equity Share capital</span><span lang=HR></span></p>
1525 </td>
1526 <td width="14%" class="Normal">
1527 <p align=right style='text-align:right'><span lang=HR
1528 style='font-size:10.0pt;font-family:Arial;color:navy'>2,020.9</span><span
1529 lang=HR></span></p>
1530 </td>
1531 <td width="20%" class="Normal">
1532 <p align=right style='text-align:right'><span lang=HR
1533 style='font-size:10.0pt;font-family:Arial;color:navy'>2,020.9</span><span
1534 lang=HR></span></p>
1535 </td>
1536 <td width="20%" class="Normal">
1537 <p align=right style='text-align:right'><span lang=HR
1538 style='font-size:10.0pt;font-family:Arial;color:navy'>323.5</span><span
1539 lang=HR></span></p>
1540 </td>
1541 <td width="20%" class="Normal">
1542 <p align=right style='text-align:right'><span lang=HR
1543 style='font-size:10.0pt;font-family:Arial;color:navy'>264.2</span><span
1544 lang=HR></span></p>
1545 </td>
1546 </tr>
1547 <tr>
1548 <td width="31%" class="Normal">
1549 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1550 color:navy'>Capital gain</span><span lang=HR></span></p>
1551 </td>
1552 <td width="14%" class="Normal">
1553 <p align=right style='text-align:right'><span lang=HR
1554 style='font-size:10.0pt;font-family:Arial;color:navy'>23.5</span><span
1555 lang=HR></span></p>
1556 </td>
1557 <td width="20%" class="Normal">
1558 <p align=right style='text-align:right'><span lang=HR
1559 style='font-size:10.0pt;font-family:Arial;color:navy'>27.1</span><span
1560 lang=HR></span></p>
1561 </td>
1562 <td width="20%" class="Normal">
1563 <p align=right style='text-align:right'><span lang=HR
1564 style='font-size:10.0pt;font-family:Arial;color:navy'>3.8</span><span
1565 lang=HR></span></p>
1566 </td>
1567 <td width="20%" class="Normal">
1568 <p align=right style='text-align:right'><span lang=HR
1569 style='font-size:10.0pt;font-family:Arial;color:navy'>3.5</span><span
1570 lang=HR></span></p>
1571 </td>
1572 </tr>
1573 <tr>
1574 <td width="31%" class="Normal">
1575 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1576 color:navy'>Treasury shares</span><span lang=HR></span></p>
1577 </td>
1578 <td width="14%" class="Normal">
1579 <p align=right style='text-align:right'><span lang=HR
1580 style='font-size:10.0pt;font-family:Arial;color:navy'>-55.8</span><span
1581 lang=HR></span></p>
1582 </td>
1583 <td width="20%" class="Normal">
1584 <p align=right style='text-align:right'><span lang=HR
1585 style='font-size:10.0pt;font-family:Arial;color:navy'>-53.4</span><span
1586 lang=HR></span></p>
1587 </td>
1588 <td width="20%" class="Normal">
1589 <p align=right style='text-align:right'><span lang=HR
1590 style='font-size:10.0pt;font-family:Arial;color:navy'>-8.9</span><span
1591 lang=HR></span></p>
1592 </td>
1593 <td width="20%" class="Normal">
1594 <p align=right style='text-align:right'><span lang=HR
1595 style='font-size:10.0pt;font-family:Arial;color:navy'>-7.0</span><span
1596 lang=HR></span></p>
1597 </td>
1598 </tr>
1599 <tr>
1600 <td width="31%" class="Normal">
1601 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1602 color:navy'>Capital reserves</span><span lang=HR></span></p>
1603 </td>
1604 <td width="14%" class="Normal">
1605 <p align=right style='text-align:right'><span lang=HR
1606 style='font-size:10.0pt;font-family:Arial;color:navy'>60.8</span><span
1607 lang=HR></span></p>
1608 </td>
1609 <td width="20%" class="Normal">
1610 <p align=right style='text-align:right'><span lang=HR
1611 style='font-size:10.0pt;font-family:Arial;color:navy'>60.8</span><span
1612 lang=HR></span></p>
1613 </td>
1614 <td width="20%" class="Normal">
1615 <p align=right style='text-align:right'><span lang=HR
1616 style='font-size:10.0pt;font-family:Arial;color:navy'>9.7</span><span
1617 lang=HR></span></p>
1618 </td>
1619 <td width="20%" class="Normal">
1620 <p align=right style='text-align:right'><span lang=HR
1621 style='font-size:10.0pt;font-family:Arial;color:navy'>8.0</span><span
1622 lang=HR></span></p>
1623 </td>
1624 </tr>
1625 <tr>
1626 <td width="31%" class="Normal">
1627 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1628 color:navy'>Statutory reserves</span><span lang=HR></span></p>
1629 </td>
1630 <td width="14%" class="Normal">
1631 <p align=right style='text-align:right'><span lang=HR
1632 style='font-size:10.0pt;font-family:Arial;color:navy'>98.7</span><span
1633 lang=HR></span></p>
1634 </td>
1635 <td width="20%" class="Normal">
1636 <p align=right style='text-align:right'><span lang=HR
1637 style='font-size:10.0pt;font-family:Arial;color:navy'>101.1</span><span
1638 lang=HR></span></p>
1639 </td>
1640 <td width="20%" class="Normal">
1641 <p align=right style='text-align:right'><span lang=HR
1642 style='font-size:10.0pt;font-family:Arial;color:navy'>15.8</span><span
1643 lang=HR></span></p>
1644 </td>
1645 <td width="20%" class="Normal">
1646 <p align=right style='text-align:right'><span lang=HR
1647 style='font-size:10.0pt;font-family:Arial;color:navy'>13.2</span><span
1648 lang=HR></span></p>
1649 </td>
1650 </tr>
1651 <tr>
1652 <td width="31%" class="Normal">
1653 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1654 color:navy'>Retained profit</span><span lang=HR></span></p>
1655 </td>
1656 <td width="14%" class="Normal">
1657 <p align=right style='text-align:right'><span lang=HR
1658 style='font-size:10.0pt;font-family:Arial;color:navy'>1,514.6</span><span
1659 lang=HR></span></p>
1660 </td>
1661 <td width="20%" class="Normal">
1662 <p align=right style='text-align:right'><span lang=HR
1663 style='font-size:10.0pt;font-family:Arial;color:navy'>2,226.6</span><span
1664 lang=HR></span></p>
1665 </td>
1666 <td width="20%" class="Normal">
1667 <p align=right style='text-align:right'><span lang=HR
1668 style='font-size:10.0pt;font-family:Arial;color:navy'>242.4</span><span
1669 lang=HR></span></p>
1670 </td>
1671 <td width="20%" class="Normal">
1672 <p align=right style='text-align:right'><span lang=HR
1673 style='font-size:10.0pt;font-family:Arial;color:navy'>291.1</span><span
1674 lang=HR></span></p>
1675 </td>
1676 </tr>
1677 <tr>
1678 <td width="31%" class="Normal">
1679 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1680 color:navy'>Foreign currency translation differences</span><span lang=HR></span></p>
1681 </td>
1682 <td width="14%" class="Normal">
1683 <p align=right style='text-align:right'><span lang=HR
1684 style='font-size:10.0pt;font-family:Arial;color:navy'>-8.1</span><span
1685 lang=HR></span></p>
1686 </td>
1687 <td width="20%" class="Normal">
1688 <p align=right style='text-align:right'><span lang=HR
1689 style='font-size:10.0pt;font-family:Arial;color:navy'>14.1</span><span
1690 lang=HR></span></p>
1691 </td>
1692 <td width="20%" class="Normal">
1693 <p align=right style='text-align:right'><span lang=HR
1694 style='font-size:10.0pt;font-family:Arial;color:navy'>-1.3</span><span
1695 lang=HR></span></p>
1696 </td>
1697 <td width="20%" class="Normal">
1698 <p align=right style='text-align:right'><span lang=HR
1699 style='font-size:10.0pt;font-family:Arial;color:navy'>1.8</span><span
1700 lang=HR></span></p>
1701 </td>
1702 </tr>
1703 <tr>
1704 <td width="31%" class="Normal">
1705 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1706 color:navy'>Total shareholders' equity</span><span lang=HR></span></p>
1707 </td>
1708 <td width="14%" class="Normal">
1709 <p align=right style='text-align:right'><span lang=HR
1710 style='font-size:10.0pt;font-family:Arial;color:navy'>3,654.6</span><span
1711 lang=HR></span></p>
1712 </td>
1713 <td width="20%" class="Normal">
1714 <p align=right style='text-align:right'><span lang=HR
1715 style='font-size:10.0pt;font-family:Arial;color:navy'>4,397.2</span><span
1716 lang=HR></span></p>
1717 </td>
1718 <td width="20%" class="Normal">
1719 <p align=right style='text-align:right'><span lang=HR
1720 style='font-size:10.0pt;font-family:Arial;color:navy'>585.0</span><span
1721 lang=HR></span></p>
1722 </td>
1723 <td width="20%" class="Normal">
1724 <p align=right style='text-align:right'><span lang=HR
1725 style='font-size:10.0pt;font-family:Arial;color:navy'>575.0</span><span
1726 lang=HR></span></p>
1727 </td>
1728 </tr>
1729 <tr>
1730 <td width="31%" class="Normal">
1731 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1732 color:navy'>Minority interests</span><span lang=HR></span></p>
1733 </td>
1734 <td width="14%" class="Normal">
1735 <p align=right style='text-align:right'><span lang=HR
1736 style='font-size:10.0pt;font-family:Arial;color:navy'>112.5</span><span
1737 lang=HR></span></p>
1738 </td>
1739 <td width="20%" class="Normal">
1740 <p align=right style='text-align:right'><span lang=HR
1741 style='font-size:10.0pt;font-family:Arial;color:navy'>156.2</span><span
1742 lang=HR></span></p>
1743 </td>
1744 <td width="20%" class="Normal">
1745 <p align=right style='text-align:right'><span lang=HR
1746 style='font-size:10.0pt;font-family:Arial;color:navy'>18.0</span><span
1747 lang=HR></span></p>
1748 </td>
1749 <td width="20%" class="Normal">
1750 <p align=right style='text-align:right'><span lang=HR
1751 style='font-size:10.0pt;font-family:Arial;color:navy'>20.4</span><span
1752 lang=HR></span></p>
1753 </td>
1754 </tr>
1755 <tr>
1756 <td width="31%" class="Normal">
1757 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1758 color:navy'>Total liabilities and shareholder's equity</span><span lang=HR></span></p>
1759 </td>
1760 <td width="14%" class="Normal">
1761 <p align=right style='text-align:right'><span lang=HR
1762 style='font-size:10.0pt;font-family:Arial;color:navy'>5,346.3</span><span
1763 lang=HR></span></p>
1764 </td>
1765 <td width="20%" class="Normal">
1766 <p align=right style='text-align:right'><span lang=HR
1767 style='font-size:10.0pt;font-family:Arial;color:navy'>7,004.5</span><span
1768 lang=HR></span></p>
1769 </td>
1770 <td width="20%" class="Normal">
1771 <p align=right style='text-align:right'><span lang=HR
1772 style='font-size:10.0pt;font-family:Arial;color:navy'>855.8</span><span
1773 lang=HR></span></p>
1774 </td>
1775 <td width="20%" class="Normal">
1776 <p align=right style='text-align:right'><span lang=HR
1777 style='font-size:10.0pt;font-family:Arial;color:navy'>915.9</span><span
1778 lang=HR></span></p>
1779 </td>
1780 </tr>
1781 </table>
1782 <p><span lang=HR><br>
1783 </span><b><span lang=HR style='font-size:10.0pt;font-family:Arial;"Times New Roman";color:navy;layout-grid-mode:line'>Consolidated
1784 Cash Flow Statement</span></b><span lang=HR></span></p>
1785 <table border=0 cellspacing=0 cellpadding=0 width="104%">
1786 <tr>
1787 <td width="31%" bgcolor="navy" class="Normal">&nbsp; </td>
1788 <td width="34%" colspan=2 bgcolor="navy" class="Normal">
1789 <p align=center style='text-align:center'><span lang=HR
1790 style='color:white'>HRK m</span><span lang=HR></span></p>
1791 </td>
1792 <td width="40%" colspan=2 bgcolor="navy" class="Normal">
1793 <p align=center style='text-align:center'><span lang=HR
1794 style='color:white'>USD m</span><span lang=HR></span></p>
1795 </td>
1796 </tr>
1797 <tr>
1798 <td width="31%" class="Normal">&nbsp; </td>
1799 <td width="14%" class="Normal">
1800 <p align=center style='text-align:center'><span lang=HR
1801 style='font-size:10.0pt;font-family:Arial;color:navy'>1998</span><span
1802 lang=HR></span></p>
1803 </td>
1804 <td width="20%" class="Normal">
1805 <p align=center style='text-align:center'><span lang=HR
1806 style='font-size:10.0pt;font-family:Arial;color:navy'>1999</span><span
1807 lang=HR></span></p>
1808 </td>
1809 <td width="20%" class="Normal">
1810 <p align=center style='text-align:center'><span lang=HR
1811 style='font-size:10.0pt;font-family:Arial;color:navy'>1998</span><span
1812 lang=HR></span></p>
1813 </td>
1814 <td width="20%" class="Normal">
1815 <p align=center style='text-align:center'><span lang=HR
1816 style='font-size:10.0pt;font-family:Arial;color:navy'>1999</span><span
1817 lang=HR></span></p>
1818 </td>
1819 </tr>
1820 <tr>
1821 <td width="31%" class="Normal">
1822 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1823 color:navy'>CASH FLOW FROM OPERATING ACTIVITIES</span><span lang=HR></span></p>
1824 </td>
1825 <td width="14%" class="Normal">
1826 <p align=right style='text-align:right'><span lang=HR
1827 style='font-size:10.0pt;font-family:Arial;color:navy'>259.3 </span><span
1828 lang=HR></span></p>
1829 </td>
1830 <td width="20%" class="Normal">
1831 <p align=right style='text-align:right'><span lang=HR
1832 style='font-size:10.0pt;font-family:Arial;color:navy'>&nbsp;759.5</span><span
1833 lang=HR></span></p>
1834 </td>
1835 <td width="20%" class="Normal">
1836 <p align=right style='text-align:right'><span lang=HR
1837 style='font-size:10.0pt;font-family:Arial;color:navy'>&nbsp;40.8</span><span
1838 lang=HR></span></p>
1839 </td>
1840 <td width="20%" class="Normal">
1841 <p align=right style='text-align:right'><span lang=HR
1842 style='font-size:10.0pt;font-family:Arial;color:navy'>106.8</span><span
1843 lang=HR></span></p>
1844 </td>
1845 </tr>
1846 <tr>
1847 <td width="31%" class="Normal">
1848 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1849 color:navy'>Cash receipts from customers</span><span lang=HR></span></p>
1850 </td>
1851 <td width="14%" class="Normal">
1852 <p align=right style='text-align:right'><span lang=HR
1853 style='font-size:10.0pt;font-family:Arial;color:navy'>3,000.0</span><span
1854 lang=HR></span></p>
1855 </td>
1856 <td width="20%" class="Normal">
1857 <p align=right style='text-align:right'><span lang=HR
1858 style='font-size:10.0pt;font-family:Arial;color:navy'>3,688.1</span><span
1859 lang=HR></span></p>
1860 </td>
1861 <td width="20%" class="Normal">
1862 <p align=right style='text-align:right'><span lang=HR
1863 style='font-size:10.0pt;font-family:Arial;color:navy'>471.5</span><span
1864 lang=HR></span></p>
1865 </td>
1866 <td width="20%" class="Normal">
1867 <p align=right style='text-align:right'><span lang=HR
1868 style='font-size:10.0pt;font-family:Arial;color:navy'>518.4</span><span
1869 lang=HR></span></p>
1870 </td>
1871 </tr>
1872 <tr>
1873 <td width="31%" class="Normal">
1874 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1875 color:navy'>Cash paid to suppliers and employees</span><span lang=HR></span></p>
1876 </td>
1877 <td width="14%" class="Normal">
1878 <p align=right style='text-align:right'><span lang=HR
1879 style='font-size:10.0pt;font-family:Arial;color:navy'>-2,211.8</span><span
1880 lang=HR></span></p>
1881 </td>
1882 <td width="20%" class="Normal">
1883 <p align=right style='text-align:right'><span lang=HR
1884 style='font-size:10.0pt;font-family:Arial;color:navy'>-2,477.1</span><span
1885 lang=HR></span></p>
1886 </td>
1887 <td width="20%" class="Normal">
1888 <p align=right style='text-align:right'><span lang=HR
1889 style='font-size:10.0pt;font-family:Arial;color:navy'>-347.7</span><span
1890 lang=HR></span></p>
1891 </td>
1892 <td width="20%" class="Normal">
1893 <p align=right style='text-align:right'><span lang=HR
1894 style='font-size:10.0pt;font-family:Arial;color:navy'>-348.2</span><span
1895 lang=HR></span></p>
1896 </td>
1897 </tr>
1898 <tr>
1899 <td width="31%" class="Normal">
1900 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1901 color:navy'>Cash generated from operations</span><span lang=HR></span></p>
1902 </td>
1903 <td width="14%" class="Normal">
1904 <p align=right style='text-align:right'><span lang=HR
1905 style='font-size:10.0pt;font-family:Arial;color:navy'>788.2</span><span
1906 lang=HR></span></p>
1907 </td>
1908 <td width="20%" class="Normal">
1909 <p align=right style='text-align:right'><span lang=HR
1910 style='font-size:10.0pt;font-family:Arial;color:navy'>1,211.0</span><span
1911 lang=HR></span></p>
1912 </td>
1913 <td width="20%" class="Normal">
1914 <p align=right style='text-align:right'><span lang=HR
1915 style='font-size:10.0pt;font-family:Arial;color:navy'>123.9</span><span
1916 lang=HR></span></p>
1917 </td>
1918 <td width="20%" class="Normal">
1919 <p align=right style='text-align:right'><span lang=HR
1920 style='font-size:10.0pt;font-family:Arial;color:navy'>170.2</span><span
1921 lang=HR></span></p>
1922 </td>
1923 </tr>
1924 <tr>
1925 <td width="31%" class="Normal">
1926 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1927 color:navy'>Interest received</span><span lang=HR></span></p>
1928 </td>
1929 <td width="14%" class="Normal">
1930 <p align=right style='text-align:right'><span lang=HR
1931 style='font-size:10.0pt;font-family:Arial;color:navy'>33.8</span><span
1932 lang=HR></span></p>
1933 </td>
1934 <td width="20%" class="Normal">
1935 <p align=right style='text-align:right'><span lang=HR
1936 style='font-size:10.0pt;font-family:Arial;color:navy'>60.3</span><span
1937 lang=HR></span></p>
1938 </td>
1939 <td width="20%" class="Normal">
1940 <p align=right style='text-align:right'><span lang=HR
1941 style='font-size:10.0pt;font-family:Arial;color:navy'>5.3</span><span
1942 lang=HR></span></p>
1943 </td>
1944 <td width="20%" class="Normal">
1945 <p align=right style='text-align:right'><span lang=HR
1946 style='font-size:10.0pt;font-family:Arial;color:navy'>8.5</span><span
1947 lang=HR></span></p>
1948 </td>
1949 </tr>
1950 <tr>
1951 <td width="31%" class="Normal">
1952 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1953 color:navy'>Dividends received</span><span lang=HR></span></p>
1954 </td>
1955 <td width="14%" class="Normal">
1956 <p align=right style='text-align:right'><span lang=HR
1957 style='font-size:10.0pt;font-family:Arial;color:navy'>19.3</span><span
1958 lang=HR></span></p>
1959 </td>
1960 <td width="20%" class="Normal">
1961 <p align=right style='text-align:right'><span lang=HR
1962 style='font-size:10.0pt;font-family:Arial;color:navy'>8.8</span><span
1963 lang=HR></span></p>
1964 </td>
1965 <td width="20%" class="Normal">
1966 <p align=right style='text-align:right'><span lang=HR
1967 style='font-size:10.0pt;font-family:Arial;color:navy'>3.0</span><span
1968 lang=HR></span></p>
1969 </td>
1970 <td width="20%" class="Normal">
1971 <p align=right style='text-align:right'><span lang=HR
1972 style='font-size:10.0pt;font-family:Arial;color:navy'>1.2</span><span
1973 lang=HR></span></p>
1974 </td>
1975 </tr>
1976 <tr>
1977 <td width="31%" class="Normal">
1978 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
1979 color:navy'>Interest paid</span><span lang=HR></span></p>
1980 </td>
1981 <td width="14%" class="Normal">
1982 <p align=right style='text-align:right'><span lang=HR
1983 style='font-size:10.0pt;font-family:Arial;color:navy'>-41.0</span><span
1984 lang=HR></span></p>
1985 </td>
1986 <td width="20%" class="Normal">
1987 <p align=right style='text-align:right'><span lang=HR
1988 style='font-size:10.0pt;font-family:Arial;color:navy'>-90.6</span><span
1989 lang=HR></span></p>
1990 </td>
1991 <td width="20%" class="Normal">
1992 <p align=right style='text-align:right'><span lang=HR
1993 style='font-size:10.0pt;font-family:Arial;color:navy'>-6.4</span><span
1994 lang=HR></span></p>
1995 </td>
1996 <td width="20%" class="Normal">
1997 <p align=right style='text-align:right'><span lang=HR
1998 style='font-size:10.0pt;font-family:Arial;color:navy'>-12.7</span><span
1999 lang=HR></span></p>
2000 </td>
2001 </tr>
2002 <tr>
2003 <td width="31%" class="Normal">
2004 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2005 color:navy'>Taxes and contributions</span><span lang=HR></span></p>
2006 </td>
2007 <td width="14%" class="Normal">
2008 <p align=right style='text-align:right'><span lang=HR
2009 style='font-size:10.0pt;font-family:Arial;color:navy'>-541.0</span><span
2010 lang=HR></span></p>
2011 </td>
2012 <td width="20%" class="Normal">
2013 <p align=right style='text-align:right'><span lang=HR
2014 style='font-size:10.0pt;font-family:Arial;color:navy'>-430.0</span><span
2015 lang=HR></span></p>
2016 </td>
2017 <td width="20%" class="Normal">
2018 <p align=right style='text-align:right'><span lang=HR
2019 style='font-size:10.0pt;font-family:Arial;color:navy'>-85.0</span><span
2020 lang=HR></span></p>
2021 </td>
2022 <td width="20%" class="Normal">
2023 <p align=right style='text-align:right'><span lang=HR
2024 style='font-size:10.0pt;font-family:Arial;color:navy'>-60.4</span><span
2025 lang=HR></span></p>
2026 </td>
2027 </tr>
2028 <tr>
2029 <td width="31%" class="Normal">
2030 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2031 color:navy'>CASH FLOW FROM INVESTING ACTIVITIES</span><span lang=HR></span></p>
2032 </td>
2033 <td width="14%" class="Normal">
2034 <p align=right style='text-align:right'><span lang=HR
2035 style='font-size:10.0pt;font-family:Arial;color:navy'>-927.8</span><span
2036 lang=HR></span></p>
2037 </td>
2038 <td width="20%" class="Normal">
2039 <p align=right style='text-align:right'><span lang=HR
2040 style='font-size:10.0pt;font-family:Arial;color:navy'>-955.9</span><span
2041 lang=HR></span></p>
2042 </td>
2043 <td width="20%" class="Normal">
2044 <p align=right style='text-align:right'><span lang=HR
2045 style='font-size:10.0pt;font-family:Arial;color:navy'>-145.8</span><span
2046 lang=HR></span></p>
2047 </td>
2048 <td width="20%" class="Normal">
2049 <p align=right style='text-align:right'><span lang=HR
2050 style='font-size:10.0pt;font-family:Arial;color:navy'>-134.4</span><span
2051 lang=HR></span></p>
2052 </td>
2053 </tr>
2054 <tr>
2055 <td width="31%" class="Normal">
2056 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2057 color:navy'>Purchase of subsidiary</span><span lang=HR></span></p>
2058 </td>
2059 <td width="14%" class="Normal">
2060 <p align=right style='text-align:right'><span lang=HR
2061 style='font-size:10.0pt;font-family:Arial;color:navy'>-8.3</span><span
2062 lang=HR></span></p>
2063 </td>
2064 <td width="20%" class="Normal">
2065 <p align=right style='text-align:right'><span lang=HR
2066 style='font-size:10.0pt;font-family:Arial;color:navy'>-378.2</span><span
2067 lang=HR></span></p>
2068 </td>
2069 <td width="20%" class="Normal">
2070 <p align=right style='text-align:right'><span lang=HR
2071 style='font-size:10.0pt;font-family:Arial;color:navy'>-1.3</span><span
2072 lang=HR></span></p>
2073 </td>
2074 <td width="20%" class="Normal">
2075 <p align=right style='text-align:right'><span lang=HR
2076 style='font-size:10.0pt;font-family:Arial;color:navy'>-53.2</span><span
2077 lang=HR></span></p>
2078 </td>
2079 </tr>
2080 <tr>
2081 <td width="31%" class="Normal">
2082 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2083 color:navy'>Purchase of tangible assets</span><span lang=HR></span></p>
2084 </td>
2085 <td width="14%" class="Normal">
2086 <p align=right style='text-align:right'><span lang=HR
2087 style='font-size:10.0pt;font-family:Arial;color:navy'>-438.1</span><span
2088 lang=HR></span></p>
2089 </td>
2090 <td width="20%" class="Normal">
2091 <p align=right style='text-align:right'><span lang=HR
2092 style='font-size:10.0pt;font-family:Arial;color:navy'>-614.8</span><span
2093 lang=HR></span></p>
2094 </td>
2095 <td width="20%" class="Normal">
2096 <p align=right style='text-align:right'><span lang=HR
2097 style='font-size:10.0pt;font-family:Arial;color:navy'>-68.9</span><span
2098 lang=HR></span></p>
2099 </td>
2100 <td width="20%" class="Normal">
2101 <p align=right style='text-align:right'><span lang=HR
2102 style='font-size:10.0pt;font-family:Arial;color:navy'>-86.4</span><span
2103 lang=HR></span></p>
2104 </td>
2105 </tr>
2106 <tr>
2107 <td width="31%" class="Normal">
2108 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2109 color:navy'>Investments in long-term receivables</span><span lang=HR></span></p>
2110 </td>
2111 <td width="14%" class="Normal">
2112 <p align=right style='text-align:right'><span lang=HR
2113 style='font-size:10.0pt;font-family:Arial;color:navy'>-151.3</span><span
2114 lang=HR></span></p>
2115 </td>
2116 <td width="20%" class="Normal">
2117 <p align=right style='text-align:right'><span lang=HR
2118 style='font-size:10.0pt;font-family:Arial;color:navy'>19.4</span><span
2119 lang=HR></span></p>
2120 </td>
2121 <td width="20%" class="Normal">
2122 <p align=right style='text-align:right'><span lang=HR
2123 style='font-size:10.0pt;font-family:Arial;color:navy'>-23.8</span><span
2124 lang=HR></span></p>
2125 </td>
2126 <td width="20%" class="Normal">
2127 <p align=right style='text-align:right'><span lang=HR
2128 style='font-size:10.0pt;font-family:Arial;color:navy'>2.7</span><span
2129 lang=HR></span></p>
2130 </td>
2131 </tr>
2132 <tr>
2133 <td width="31%" class="Normal">
2134 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2135 color:navy'>Investments in other companies</span><span lang=HR></span></p>
2136 </td>
2137 <td width="14%" class="Normal">
2138 <p align=right style='text-align:right'><span lang=HR
2139 style='font-size:10.0pt;font-family:Arial;color:navy'>-110.3</span><span
2140 lang=HR></span></p>
2141 </td>
2142 <td width="20%" class="Normal">
2143 <p align=right style='text-align:right'><span lang=HR
2144 style='font-size:10.0pt;font-family:Arial;color:navy'>97.5</span><span
2145 lang=HR></span></p>
2146 </td>
2147 <td width="20%" class="Normal">
2148 <p align=right style='text-align:right'><span lang=HR
2149 style='font-size:10.0pt;font-family:Arial;color:navy'>-17.3</span><span
2150 lang=HR></span></p>
2151 </td>
2152 <td width="20%" class="Normal">
2153 <p align=right style='text-align:right'><span lang=HR
2154 style='font-size:10.0pt;font-family:Arial;color:navy'>13.7</span><span
2155 lang=HR></span></p>
2156 </td>
2157 </tr>
2158 <tr>
2159 <td width="31%" class="Normal">
2160 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2161 color:navy'>Purchase of marketable securities</span><span lang=HR></span></p>
2162 </td>
2163 <td width="14%" class="Normal">
2164 <p align=right style='text-align:right'><span lang=HR
2165 style='font-size:10.0pt;font-family:Arial;color:navy'>-196.0</span><span
2166 lang=HR></span></p>
2167 </td>
2168 <td width="20%" class="Normal">
2169 <p align=right style='text-align:right'><span lang=HR
2170 style='font-size:10.0pt;font-family:Arial;color:navy'>-17.6</span><span
2171 lang=HR></span></p>
2172 </td>
2173 <td width="20%" class="Normal">
2174 <p align=right style='text-align:right'><span lang=HR
2175 style='font-size:10.0pt;font-family:Arial;color:navy'>-30.8</span><span
2176 lang=HR></span></p>
2177 </td>
2178 <td width="20%" class="Normal">
2179 <p align=right style='text-align:right'><span lang=HR
2180 style='font-size:10.0pt;font-family:Arial;color:navy'>-2.5</span><span
2181 lang=HR></span></p>
2182 </td>
2183 </tr>
2184 <tr>
2185 <td width="31%" class="Normal">
2186 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2187 color:navy'>Short-term loans granted</span><span lang=HR></span></p>
2188 </td>
2189 <td width="14%" class="Normal">
2190 <p align=right style='text-align:right'><span lang=HR
2191 style='font-size:10.0pt;font-family:Arial;color:navy'>-23.8</span><span
2192 lang=HR></span></p>
2193 </td>
2194 <td width="20%" class="Normal">
2195 <p align=right style='text-align:right'><span lang=HR
2196 style='font-size:10.0pt;font-family:Arial;color:navy'>-62.2</span><span
2197 lang=HR></span></p>
2198 </td>
2199 <td width="20%" class="Normal">
2200 <p align=right style='text-align:right'><span lang=HR
2201 style='font-size:10.0pt;font-family:Arial;color:navy'>-3.7</span><span
2202 lang=HR></span></p>
2203 </td>
2204 <td width="20%" class="Normal">
2205 <p align=right style='text-align:right'><span lang=HR
2206 style='font-size:10.0pt;font-family:Arial;color:navy'>-8.7</span><span
2207 lang=HR></span></p>
2208 </td>
2209 </tr>
2210 <tr>
2211 <td width="31%" class="Normal">
2212 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2213 color:navy'>CASH FLOW FROM FINANCING ACTIVITIES</span><span lang=HR></span></p>
2214 </td>
2215 <td width="14%" class="Normal">
2216 <p align=right style='text-align:right'><span lang=HR
2217 style='font-size:10.0pt;font-family:Arial;color:navy'>656.1</span><span
2218 lang=HR></span></p>
2219 </td>
2220 <td width="20%" class="Normal">
2221 <p align=right style='text-align:right'><span lang=HR
2222 style='font-size:10.0pt;font-family:Arial;color:navy'>504.7</span><span
2223 lang=HR></span></p>
2224 </td>
2225 <td width="20%" class="Normal">
2226 <p align=right style='text-align:right'><span lang=HR
2227 style='font-size:10.0pt;font-family:Arial;color:navy'>103.1</span><span
2228 lang=HR></span></p>
2229 </td>
2230 <td width="20%" class="Normal">
2231 <p align=right style='text-align:right'><span lang=HR
2232 style='font-size:10.0pt;font-family:Arial;color:navy'>70.9</span><span
2233 lang=HR></span></p>
2234 </td>
2235 </tr>
2236 <tr>
2237 <td width="31%" class="Normal">
2238 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2239 color:navy'>Treasury shares</span><span lang=HR></span></p>
2240 </td>
2241 <td width="14%" class="Normal">
2242 <p align=right style='text-align:right'><span lang=HR
2243 style='font-size:10.0pt;font-family:Arial;color:navy'>-12.8</span><span
2244 lang=HR></span></p>
2245 </td>
2246 <td width="20%" class="Normal">
2247 <p align=right style='text-align:right'><span lang=HR
2248 style='font-size:10.0pt;font-family:Arial;color:navy'>2.3</span><span
2249 lang=HR></span></p>
2250 </td>
2251 <td width="20%" class="Normal">
2252 <p align=right style='text-align:right'><span lang=HR
2253 style='font-size:10.0pt;font-family:Arial;color:navy'>-2.0</span><span
2254 lang=HR></span></p>
2255 </td>
2256 <td width="20%" class="Normal">
2257 <p align=right style='text-align:right'><span lang=HR
2258 style='font-size:10.0pt;font-family:Arial;color:navy'>0.3</span><span
2259 lang=HR></span></p>
2260 </td>
2261 </tr>
2262 <tr>
2263 <td width="31%" class="Normal">
2264 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2265 color:navy'>Short-term loans</span><span lang=HR></span></p>
2266 </td>
2267 <td width="14%" class="Normal">
2268 <p align=right style='text-align:right'><span lang=HR
2269 style='font-size:10.0pt;font-family:Arial;color:navy'>198.3</span><span
2270 lang=HR></span></p>
2271 </td>
2272 <td width="20%" class="Normal">
2273 <p align=right style='text-align:right'><span lang=HR
2274 style='font-size:10.0pt;font-family:Arial;color:navy'>277.9</span><span
2275 lang=HR></span></p>
2276 </td>
2277 <td width="20%" class="Normal">
2278 <p align=right style='text-align:right'><span lang=HR
2279 style='font-size:10.0pt;font-family:Arial;color:navy'>31.2</span><span
2280 lang=HR></span></p>
2281 </td>
2282 <td width="20%" class="Normal">
2283 <p align=right style='text-align:right'><span lang=HR
2284 style='font-size:10.0pt;font-family:Arial;color:navy'>39.1</span><span
2285 lang=HR></span></p>
2286 </td>
2287 </tr>
2288 <tr>
2289 <td width="31%" class="Normal">
2290 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2291 color:navy'>Commercial papers</span><span lang=HR></span></p>
2292 </td>
2293 <td width="14%" class="Normal">
2294 <p align=right style='text-align:right'><span lang=HR
2295 style='font-size:10.0pt;font-family:Arial;color:navy'>79.3</span><span
2296 lang=HR></span></p>
2297 </td>
2298 <td width="20%" class="Normal">
2299 <p align=right style='text-align:right'><span lang=HR
2300 style='font-size:10.0pt;font-family:Arial;color:navy'>124.7</span><span
2301 lang=HR></span></p>
2302 </td>
2303 <td width="20%" class="Normal">
2304 <p align=right style='text-align:right'><span lang=HR
2305 style='font-size:10.0pt;font-family:Arial;color:navy'>12.5</span><span
2306 lang=HR></span></p>
2307 </td>
2308 <td width="20%" class="Normal">
2309 <p align=right style='text-align:right'><span lang=HR
2310 style='font-size:10.0pt;font-family:Arial;color:navy'>17.5</span><span
2311 lang=HR></span></p>
2312 </td>
2313 </tr>
2314 <tr>
2315 <td width="31%" class="Normal">
2316 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2317 color:navy'>Long-term loans</span><span lang=HR></span></p>
2318 </td>
2319 <td width="14%" class="Normal">
2320 <p align=right style='text-align:right'><span lang=HR
2321 style='font-size:10.0pt;font-family:Arial;color:navy'>530.6</span><span
2322 lang=HR></span></p>
2323 </td>
2324 <td width="20%" class="Normal">
2325 <p align=right style='text-align:right'><span lang=HR
2326 style='font-size:10.0pt;font-family:Arial;color:navy'>246.1</span><span
2327 lang=HR></span></p>
2328 </td>
2329 <td width="20%" class="Normal">
2330 <p align=right style='text-align:right'><span lang=HR
2331 style='font-size:10.0pt;font-family:Arial;color:navy'>83.4</span><span
2332 lang=HR></span></p>
2333 </td>
2334 <td width="20%" class="Normal">
2335 <p align=right style='text-align:right'><span lang=HR
2336 style='font-size:10.0pt;font-family:Arial;color:navy'>34.6</span><span
2337 lang=HR></span></p>
2338 </td>
2339 </tr>
2340 <tr>
2341 <td width="31%" class="Normal">
2342 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2343 color:navy'>Dividends paid</span><span lang=HR></span></p>
2344 </td>
2345 <td width="14%" class="Normal">
2346 <p align=right style='text-align:right'><span lang=HR
2347 style='font-size:10.0pt;font-family:Arial;color:navy'>-139.3</span><span
2348 lang=HR></span></p>
2349 </td>
2350 <td width="20%" class="Normal">
2351 <p align=right style='text-align:right'><span lang=HR
2352 style='font-size:10.0pt;font-family:Arial;color:navy'>-146.3</span><span
2353 lang=HR></span></p>
2354 </td>
2355 <td width="20%" class="Normal">
2356 <p align=right style='text-align:right'><span lang=HR
2357 style='font-size:10.0pt;font-family:Arial;color:navy'>-21.9</span><span
2358 lang=HR></span></p>
2359 </td>
2360 <td width="20%" class="Normal">
2361 <p align=right style='text-align:right'><span lang=HR
2362 style='font-size:10.0pt;font-family:Arial;color:navy'>-20.6</span><span
2363 lang=HR></span></p>
2364 </td>
2365 </tr>
2366 <tr>
2367 <td width="31%" class="Normal">
2368 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2369 color:navy'>Effect of exchange rate fluctuations</span><span lang=HR></span></p>
2370 </td>
2371 <td width="14%" class="Normal">
2372 <p align=right style='text-align:right'><span lang=HR
2373 style='font-size:10.0pt;font-family:Arial;color:navy'>3.3</span><span
2374 lang=HR></span></p>
2375 </td>
2376 <td width="20%" class="Normal">
2377 <p align=right style='text-align:right'><span lang=HR
2378 style='font-size:10.0pt;font-family:Arial;color:navy'>-89.0</span><span
2379 lang=HR></span></p>
2380 </td>
2381 <td width="20%" class="Normal">
2382 <p align=right style='text-align:right'><span lang=HR
2383 style='font-size:10.0pt;font-family:Arial;color:navy'>0.7</span><span
2384 lang=HR></span></p>
2385 </td>
2386 <td width="20%" class="Normal">
2387 <p align=right style='text-align:right'><span lang=HR
2388 style='font-size:10.0pt;font-family:Arial;color:navy'>-19.4</span><span
2389 lang=HR></span></p>
2390 </td>
2391 </tr>
2392 <tr>
2393 <td width="31%" class="Normal">
2394 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2395 color:navy'>NET CASH FLOW</span><span lang=HR></span></p>
2396 </td>
2397 <td width="14%" class="Normal">
2398 <p align=right style='text-align:right'><span lang=HR
2399 style='font-size:10.0pt;font-family:Arial;color:navy'>-9.1</span><span
2400 lang=HR></span></p>
2401 </td>
2402 <td width="20%" class="Normal">
2403 <p align=right style='text-align:right'><span lang=HR
2404 style='font-size:10.0pt;font-family:Arial;color:navy'>219.3</span><span
2405 lang=HR></span></p>
2406 </td>
2407 <td width="20%" class="Normal">
2408 <p align=right style='text-align:right'><span lang=HR
2409 style='font-size:10.0pt;font-family:Arial;color:navy'>-1.2</span><span
2410 lang=HR></span></p>
2411 </td>
2412 <td width="20%" class="Normal">
2413 <p align=right style='text-align:right'><span lang=HR
2414 style='font-size:10.0pt;font-family:Arial;color:navy'>23.9</span><span
2415 lang=HR></span></p>
2416 </td>
2417 </tr>
2418 <tr>
2419 <td width="31%" class="Normal">
2420 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2421 color:navy'>CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD</span><span
2422 lang=HR></span></p>
2423 </td>
2424 <td width="14%" class="Normal">
2425 <p align=right style='text-align:right'><span lang=HR
2426 style='font-size:10.0pt;font-family:Arial;color:navy'>173.2</span><span
2427 lang=HR></span></p>
2428 </td>
2429 <td width="20%" class="Normal">
2430 <p align=right style='text-align:right'><span lang=HR
2431 style='font-size:10.0pt;font-family:Arial;color:navy'>164.1</span><span
2432 lang=HR></span></p>
2433 </td>
2434 <td width="20%" class="Normal">
2435 <p align=right style='text-align:right'><span lang=HR
2436 style='font-size:10.0pt;font-family:Arial;color:navy'>27.5</span><span
2437 lang=HR></span></p>
2438 </td>
2439 <td width="20%" class="Normal">
2440 <p align=right style='text-align:right'><span lang=HR
2441 style='font-size:10.0pt;font-family:Arial;color:navy'>26.3</span><span
2442 lang=HR></span></p>
2443 </td>
2444 </tr>
2445 <tr>
2446 <td width="31%" class="Normal">
2447 <p><span lang=HR style='font-size:10.0pt;font-family:Arial;
2448 color:navy'>AT THE END OF THE PERIOD</span><span lang=HR></span></p>
2449 </td>
2450 <td width="14%" class="Normal">
2451 <p align=right style='text-align:right'><span lang=HR
2452 style='font-size:10.0pt;font-family:Arial;color:navy'>164.1</span><span
2453 lang=HR></span></p>
2454 </td>
2455 <td width="20%" class="Normal">
2456 <p align=right style='text-align:right'><span lang=HR
2457 style='font-size:10.0pt;font-family:Arial;color:navy'>383.4</span><span
2458 lang=HR></span></p>
2459 </td>
2460 <td width="20%" class="Normal">
2461 <p align=right style='text-align:right'><span lang=HR
2462 style='font-size:10.0pt;font-family:Arial;color:navy'>26.3</span><span
2463 lang=HR></span></p>
2464 </td>
2465 <td width="20%" class="Normal">
2466 <p align=right style='text-align:right'><span lang=HR
2467 style='font-size:10.0pt;font-family:Arial;color:navy'>50.1</span><span
2468 lang=HR></span></p>
2469 </td>
2470 </tr>
2471 </table>
2472 <p>For additional information, please contact:</p>
2473 <p>Erika Kaspar <br>
2474 Vice President, Communications and Corporate Affairs <br>
2475 Tel: 385 1 6120 755<br>
2476 Fax: 385 1 6114 413<br>
2477 E-mail: <a href="mailto:erika.kaspar@pliva.hr">Erika.Kaspar@pliva.hr</a></p>
2478 <p>Marija Mandic <br>
2479 Financial Analyst<br>
2480 Tel: 385 1 6160 355 <br>
2481 Fax: 385 1 6120 634<br>
2482 E-mail: <a href="mailto:marija.mandic@pliva.hr">Marija.Mandic@pliva.hr</a></p>

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