Godinji izvjetaj

Annual Report

2001

Tobacco Factory Rovinj

Koncern Tvornica duhana Rovinj

Tobbaco Factory Rovinj Group

Tvornica duhana Rovinj d.d. Tvornica duhana Zagreb d.d. Ronhill d.o.o. Kanfanar Istragrafika d.d. Rovinj Virinija d.d. Virovitica Rovita d.o.o. Kutjevo Duhanprodukt d.d. Pitomaa

Adria Resorts d.o.o. Rovinj Jadran-turist d.d. Rovinj Anita d.d. Vrsar Dugraf d.o.o. Rovinj Duhan d.d. Rijeka Jadran-trgovina d.o.o. Rovinj Rovita d.o.o. Sarajevo Rovita d.o.o. Tuzla Rovita d.o.o. Ljubljana Rovita d.o.o. Vaduz Rovita d.o.o. Beograd

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| ANNUAL REPORT 2001

S a dr a j
Contents

i misija 2 Poslovanje Core Business and Mission

predsjednika Uprave dioniarima 4 Pismo Letter to the Shareholders

Rezultati poslovanja 8 Business Results

26 Consolidated Financial Statements

as at 31 December 2001

Konsolidirani financijskiizvjetaji 31. prosinca 2001.

revizora 36 Izvjee Auditors Report

Po slo va n j e i m i s i j a
Core Business and Mission

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Utemeljena davne 1872. godine kao pogon za opskrbu asnika austrougarske vojske cigarama, Tvornica duhana Rovinj razvila se s vremenom u uglednoga proizvoaa cigareta. Izrazit poslovni uspon doivjela je devedesetih godina 20. stoljea kad je postala vodei hrvatski proizvoa cigareta i jedna od glavnih predstavnica nae gospodarske zajednice.
Established in 1872, as a modest tobacco processing plant to supply the officers of the Austro-Hungarian army with cigars, Tobacco Factory Rovinj has developed into a prominent cigarette manufacturer. Great success has been achieved in the nineties of the 20th century, as it has become the leading Croatian cigarette manufacturer and one of the main representatives of our economic community. Today, its business operations have been vertically integrated: from production of retail-type package and tobacco to cigarette production and retail. In 2001 the company diversified its activities into the sector of hotel hospitality services. The business mission of Tobacco Factory Rovinj is to satisfy consumer needs. Goals we strive after are:
I maintaining the leading and stable position

Danas je njezino poslovanje okomito integrirano: od proizvodnje komercijalne ambalae i duhana do proizvodnje cigareta i maloprodaje. Godine 2001. tvrtka je diverzificirala svoje poslovanje u sektor hotelijerstva i turizma. Poslovna je zadaa Tvornice duhana Rovinj zadovoljiti potrebe potroaa, a ciljevi koje pritom eli postii jesu:
I odrati vodeu i to stabilniju poziciju proizvoaa cigareta na

hrvatskome tritu
I jaati izvoznu orijentaciju k europskim i drugim tritima.

Poslovna strategija kojom tvrtka ostvaruje postavljene ciljeve strategija je inovacija i diferencirane ponude. Njezine usporedne prednosti su sljedee:
I suvremena tehnologija I visokostruan management I dinamina politika razvoja novih proizvoda, uz stalnu prilagodbu

on the Croatian cigarette market

I strengthening the export endeavours to-

wards European and other markets. By the strategy of innovation and differential supply TFR has achieved the set goals. Its comparative advantages are: I the latest technology I highly experienced management I dynamic policy of new product development along with constant adjustments to consumer demands for cigarettes with reduced tar and nicotine contents I modern forms of promotional communication. Majority owners of Tobacco Factory Rovinj are small shareholders. Tobacco Factory Zagreb, Istragrafika d.d. Rovinj, Duhan d.d. Rijeka, Jadran-turist d.d. Rovinj, Anita d.d. Vrsar, and leaf tobacco production and processing companies in Slavonia and Podravina are either wholly owned by TFR or affiliated companies of it.

zahtjevima potroaa za cigaretama smanjene koliine tara i nikotina

I moderni oblici promotivne komunikacije.

Preteiti vlasnici Tvornice duhana Rovinj mali su dioniari, a Drutvo u stopostotnom ili preteitom vlasnitvu ima Tvornicu duhana Zagreb d.d., Istragrafiku d.d. Rovinj, Duhan d.d. Rijeka, Jadran-turist d.d. Rovinj, Anitu d.d. Vrsar, te tvrtke za primarnu proizvodnju i obradu duhana u Slavoniji i Podravini.

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Potovani dioniari!

Poslovni rezultati za 2001. g. vrlo su dobri. U svojoj dosadanjoj povijesti

Ante Vlahovi, M. Sc. predsjednik Uprave Tvornice duhana Rovinj President of the Management Board of Tobacco Factory Rovinj

Tvornica duhana Rovinj ostvarila je najbolje rezultate, a sva pridruena drutva poslovala su s dobitkom.

Opi gospodarski uvjeti poslovanja u protekloj godini nisu se korjenito mijenjali, iako su, objektivno gledajui, svake godine sve tei i sve sloeniji.
Dear shareholders, Our 2001 business results are very good. Tobacco Factory Rovinj has achieved its best results ever. All affiliated companies operated with positive results. Last years general economic conditions did not change radically, although, objectively viewed, they are becoming more difficult and complex every year. In consistence with adopted obligations and agreements with the World Trade Organisation (WTO) and European Union (EU), and complying with bilateral cooperation - with several countries, effects of the Croatian market protection policy are reducing every year. Global competition is getting stronger, especially on our main and target export markets. Cost of labour and increase in direct production expenses have maintained the upward trend. However, the results presented in this report show that we managed to offset the mentioned and other negative effects. This is driven from the growth in productivity and internal rationalization of costs, as well as from increased sales. Prices of our products have not increased for a number of years, which is, in all likelihood, a unique case on our market.

Sukladno preuzetim obvezama i sporazumima sa Svjetskom trgovinskom organizacijom (WTO) i Europskom unijom (EU) te bilateralnoj suradnji s vie zemalja, hrvatsko je trite svake godine sve manje zatieno. Globalna je konkurencija snana i sve prisutnija, osobito na naim glavnim i ciljnim izvoznim tritima. Nastavlja se i stalan rast trokova rada, kao i rast cijena drugih imbenika proizvodnje. Unato tomu, predoeni rezultati u ovom izvjeu pokazuju da smo navedene i druge negativne utjecaje uspjeli vie nego amortizirati, prvenstveno rastom proizvodnosti i unutarnjom racionalizacijom trokova te poveanjem prodaje. Cijene naih proizvoda pritom nisu rasle ve godinama, to je na domaem tritu, vjerojatno, jedinstven sluaj.

U 2001. godini prodali smo gotovo 15 milijardi cigareta. U odnosu na prethodnu izvjetajnu godinu, izvoz je vei za 20,5 posto i ini vie od

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55 posto ukupne prodaje. Unato negativnim trendovima na domaem tritu, poveanje prodaje TDR grupe od 6,7 posto i TDR-a za gotovo 10 posto u odnosu na prolu godinu vrlo je znaajno. Zamjetan je i rast proizvodnosti koja je, primjerice, u proteklih pet godina poveana za ak 66 posto. Prosjena isplaena plaa u Drutvu u 2001. godini osjetno je vea od prosjene plae u Republici Hrvatskoj. Tijekom 2001. nastavili smo proces naglaenog investiranja. Uloili smo vie od 530 milijuna kuna, od ega 450 milijuna kuna u vlasnike udjele u turistikim tvrtkama, a 80 milijuna kuna u opremu. Time potvrujemo viegodinje pravilo da gotovo svu ostvarenu dobit ulaemo, ime, u neizvjesnoj socijalnoj okolini i globaliziranom tritu, osiguravamo budunost naem poslovnom sustavu. Jer oito je pred nama razdoblje kada e, zbog opega gospodarskog stanja i predstojee ubrzane globalizacije u regiji, poduzetnike prilike biti sve rjee, a mogunosti smanjene. Istodobno, TDR-ovu glavnom poslovanju sve se naglaenije sprjeava sustavan trini i poslovni nastup te nam se uskrauju osnovna gospodarska prava objektivnog i sveobuhvatnog obavjetavanja potroaa, emu smo svjedoci - osobito u posljednje vrijeme.
In 2001 we sold almost 15 billion cigarettes. Compared to the previous years results, export increased by 20,5%. Its contribution to total sales exceeds 55%. Despite negative trends on the local market, sales of TFR Group increased by 6,7% and of TFR alone by almost 10% relative to the last year, which is quite significant. Growth in productivity is noticeable as well - for instance, in the last five-year period, productivity raised by no less than 66%. The 2001 average monthly wage in the Company is considerably higher than the average monthly wage in the Republic of Croatia. During 2001 we proceeded with the process of intensive investments. We invested more than 530 million kunas, 450 million kunas of which in shares of hospitality industry companies, and 80 million kunas in equipment. This confirms our longtime principle of reinvesting most of our earnings, to ensure the future of our business system in an uncertain social environment and globalised market. It is obvious that in the period before us, entrepreneurial opportunities will become increasingly rare due to economic situation in general and the forthcoming accelerated globalisation in the region. At the same time, TFRs core business must confront the obstacles which prevent its systematic appearance and operations on the market, depriving us of our basic economic right to communicate objective and comprehensive information to consumers, which is especially obvious in recent times.

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Plinio Cuccurin potpredsjednik Uprave Tvornice duhana Rovinj Vice-President of the Management Board of Tobacco Factory Rovinj

Tomislav Budin, D. Sc. lan Uprave Tvornice duhana Rovinj Member of the Management Board of Tobacco Factory Rovinj

U naim glavnim djelatnostima takmaca je sve vie. Oni su sve bolji i moniji, to zahtijeva da, u godini najboljih rezultata, korjenito promijenimo postojeu strukturu naeg poslovnog sustava, kao i dosadanje pristupe i metode racionalizacije. Navedene okolnosti pred Upravu i dioniare postavljaju zahtjeve za odlukama i odgovorima na odluna i najvanija pitanja kako bismo i ubudue osigurali odriv poslovni razvoj i rast dionikog kapitala, pritom na optimalan nain koristei naraslu unutarnju gospodarsku snagu TDRova sustava.
Within our core business, competition is becoming more and more intensive. Over time, our competitors are getting better and more powerful. The situation requires that, in the year of our best results, we should radically change the existing business system structure and our previous approaches and methods of rationalization. The mentioned circumstances require from the Board and the shareholders to make decisions on and give answers to decisive and key issues. In doing so, we can ensure further sustainable business development and increase in equity, optimising growing internal economic power of the TFRs system. Branko Zec lan Uprave Tvornice duhana Rovinj Member of the Management Board of Tobacco Factory Rovinj

Mr. Ante Vlahovi, predsjednik Uprave TDR-a

Ante Vlahovi, M. Sc. President of the Management Board of Tobacco Factory Rovinj

Rez ul ta ti po s l o v a nj a
Business Results

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Pregled poslovanja TDR grupe

Review of TFRs Operations

Navedeni pokazatelji predstavljaju konsolidirane podatke na razini TDR grupe. U nastavku su odvojeno iskazani i objanjeni podaci za nove
The given indicators represent consolidated figures at the TFR Groups level. The following includes results of the new member-companies acquired during 2001 which are presented and explained separately, as well as their effects on operations of the whole Group.

lanice, steene u 2001. godini, kao i njihov utjecaj na poslovanje cijele Grupe.

Konsolidirani rezultati poslovanja | Consolidated business results

1999.
Poslovni prihodi | Operating revenues Prodaja u zemlji | Domestic sales Prodaja u inozemstvu | Foreign sales Ostali poslovni prihodi | Other operating revenues Ukupni poslovni prihodi | Total operating revenues Ukupno poslovni prihodi | Total operating revenues Ukupno poslovni rashodi | Total operating expenses Dobit iz poslovanja | Operating profit Financijski rezultat | Net financial income (expense) Porez na dobit | Income tax expense Manjinski udio | Minority interest Neto dobit | Net profit 1.133.066 297.325 90.463 1.520.854 1.520.854 1.210.304 310.550 (45.680) (96.005) 289 169.154

2000.
1.029.312 630.127 48.793 1.708.232 1.708.232 1.229.505 478.727 26.425 (163.097) (6.541) 335.514

2001.
1.191.742 949.233 100.040 2.241.015 2.241.015 1.613.179 627.836 12.456 (115.386) (16.837) 508.069

u 000 kn | in HRK 000s

Stavke koje utjeu na usporedivost podataka

Nie navedeni dogaaji utjeu na usporedivost podataka iskazanih u
Items affecting comparability of figures: The events indicated below affect comparability of figures disclosed in income statements for the years 1999, 2000 and 2001. The impact of these events on consolidated figures is quantified as follows:

raunima dobiti i gubitka za razdoblja 1999., 2000. i 2001. godine. U daljnjem tekstu kvantificiran je njihov uinak na konsolidirane podatke, kako slijedi:

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10

Preuzimanje Jadran-turista d.d.

Krajem oujka 2001. godine Drutvo je preuzelo 77,94 posto dionica Jadran-turista d.d., hotelijerskog poduzea koje u svom cjelovitom vlasnitvu posjeduje i Jadran-trgovinu d.o.o., poduzee za trgovinu na malo i veleprodaju. Transakcijom je preuzeto 615.135 tisua kuna dugotrajne imovine, veinom materijalne, 38.914 tisua kratkotrajne imovine te 1.553 tisue kuna novca i novanih sredstava. S druge strane, kupnjom su preuzete i ukupne obveze u visini od 239.117 tisua kuna. Bilanca preuzetog Drutva konsolidirana je na dan 31. prosinca 2001., a rezultati poslovanja ukljueni su u ukupne poslovne prihode Drutva od 30. oujka 2001. Svi vezani trokovi preuzimanja iskazani su u rezultatima poslovanja za razdoblje koje zavrava 31. prosinca 2001.
Acquisition of Jadran-turist d.d.: In late March of 2001 the Company acquired 77,94% of the shares in Jadran-turist d.d., a hotel company which is a sole owner of Jadrantrgovina d.o.o., a retail and wholesale company. The value of non-current, mostly tangible, assets acquired through this transaction is 615,135 thousand kunas, of current assets 38,914 thousand kunas and the acquired 1,553 thousand kunas relate to cash and cash assets. On the other hand, the acquisition included the assumption of 239,117 thousand kunas of existing liabilities. The balance sheet of the acquired company was consolidated as at 31 December 2001, and business results are included in consolidated statements of earnings as of 30 March 2001. All related acquisition costs are shown in business results for the period ended 31 December 2001. Acquisition of Anita d.d.: In late June of 2001, the Company acquired through its wholly-owned subsidiary Adria Resorts d.o.o. - 80,65% of the shares in the hotel company Anita d.d. The value of acquired non-current, mostly tangible, assets is 368,576 thousand kunas, and the underlying value of cash assets amounts to 9,068 thousand kunas. Debt of 50,500 thousand kunas accounted through this transaction was consolidated, like the rest of assets and liabilities, as at 31 December 2001. Business results of Anita d.d. have been included in consolidated operating results of the Company as of 30 June 2001. All the related transaction costs are included in business report for the period ended 31 December 2001.

Preuzimanje Anite d.d.

Krajem lipnja 2001. godine Drutvo je putem podrunice u cjelovitom vlasnitvu, Adria Resorts d.o.o., preuzelo 80,65 posto dionica hotelijerskog poduzea Anita d.d. Transakcijom je preuzeto 368.576 tisua kuna dugotrajne imovine, veinom materijalne, te 9.068 tisua kuna novanih sredstava. U transakciji je preuzeto i 50.500 tisua kuna pozajmica, koje su konsolidirane, kao i ostatak imovine i obveza, s 31. prosinca 2001. Rezultati poslovanja Anite d.d. ukljueni su u konsolidirane rezultate poslovanja Drutva od 30. lipnja 2001., a svi vezani trokovi transakcije ukljueni su u rezultate poslovanja razdoblja koje zavrava 31. prosinca 2001.

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Change of tax policy: Pursuant to Croatian tax policy which allows tax deductible complete write-off of assets acquired during the financial period, these Groups assets were fully depreciated. Depreciation amounting to 80,371 thousand kunas relates to the value of all the assets acquired during the tax and financial period ended 31 December 2001.

Promjena porezne politike

Sukladno promjeni porezne politike u Republici Hrvatskoj, koja doputa jednokratan otpis cjelokupnih sredstava nabavljenih u tekuoj godini, Grupa je, koristei pozitivnu odluku, izvrila amortizaciju te imovine. Troak amortizacije u visini 80.371 tisua kuna odnosi se na ispravak vrijednosti cjelokupne imovine nabavljene tijekom poreznog i financijskog razdoblja koje zavrava 31. prosinca 2001.

Change of income tax expense rate: Income tax expense rate was reduced from 35%, for the years 1999 and 2000, to 20%. Protective interest on capital, which had been calculated for the previous periods, is cancelled and a number of changes had been introduced in tax base calculations.

Promjena stope poreza na dobit

Stopa poreza na dobit promijenjena je s 35 posto, za razdoblja 1999. i 2000. godinu, na 20 posto. Zatitna kamata na kapital, koja se obraunavala u tom razdoblju, ukinuta je, a dolo je do veeg broja promjena u samom obraunu porezne osnovice.

u mil. kn in millions of HRK

3.855

4.093

5.357

Promet Sales

5.000

4.000

3.000

1.521

1.708

2.241

Prihodi Revenues

2.000 2001.

Ukupni promet / poslovni prihod Sales / operating revenues

2000. 1999.

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12

Ostvareni rezultati u 2001. u odnosu na 2000. godinu

Poslovni prihodi u 2001. godini porasli su za 532.783 tisue kuna (31,19%) u odnosu na 2000. godinu. Rast je dobrim dijelom posljedica preuzimanja dvaju hotelskih poduzea, udio kojih u ukupnim prihodima iznosi 17,1 posto (382.838). Dobit iz poslovanja poveana je na 627.836 tisua kuna (31,14%). Rast dobiti ostvaren je prvenstveno zbog poveane prodaje na inozemnim tritima, kao i
Operating revenues for 2001 increased by 532,783 thousand kunas (31,19%) in comparison with the year 2000, primarily due to the two acquisitions, as their contribution to the total revenues amounts to 17,1% (382,838). Operating profit increased to 627,836 thousand kunas (31,14%) due to increased sales on the foreign markets, and from additional contributions of the hospitality companies. Currency movements (appreciation of kuna against EUR) had a negative effect in the tobacco segment. Debt based exchange gains from new acquisitions fully offset that unfavourable impact at the consolidation level. Based on currency structure of realisation (inflows) and of liabilities, exchange exposure is balanced in such a way that the exchange risk at the Groups level would stay low. Interest expenses at the Groups level amounting to 31,429 thousand kunas mainly relate to the acquisitions. The expenses are increased by 27,078 kunas in comparison with the previous period. Effective income tax expense, as explained, is reduced from 32,3 % to 18%, which leads to reduction in tax expense by 47,711 thousand kunas (29,2%). It should be noted that the acquisitions included the assumption of huge tax losses carried forward, that can be utilised in the next five-year period. The Groups net profit increased from 335,514 thousand kunas generated in 2000, to 508,069 thousand kunas (51,43%), while EPS increased from 2.115,37 kunas to 3,127.87.

RESULTS FOR 2001 COMPARED WITH 2000

dodatnim doprinosom turistikih drutava. Promjene teaja (aprecijacija kune u odnosu na EUR) negativno su djelovale u duhanskom dijelu poslovanja, ali pozitivni prijepisi teajnih razlika iz novosteenih podrunica, na osnovi obveza, u cijelosti su neutralizirali negativne promjene na razini konsolidacije. S obzirom na strukturu realizacije (priljeva) i obveza, valutna je izloenost uravnoteena tako da valutni rizik na razini Grupe nije izraen. Troak kamata u visini od 31.429 tisua kuna na razini Grupe odnosi se najveim dijelom na preuzete podrunice. Povean je za 27.078 tisua kuna u odnosu na prethodno razdoblje. Efektivni troak poreza na dobit, kako je i objanjeno, smanjen je s 32,3 posto na 18 posto, to dovodi do smanjenja troka poreza za 47.711 tisua kuna (29,2%), uz napomenu da je s novim ulaganjima preuzet i veliki porezni gubitak iz prethodnih razdoblja, koji se moe iskoristiti u sljedeem petogodinjem razdoblju. Neto dobit Grupe, od ostvarenih 335.514 u 2000. godini, narasla je na 508.069 tisua kuna (51,43%), a dobit po dionici na 3.127,87 kuna, za razliku od 2.115,37 koliko je iznosila prethodne godine.

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Poslovanje po dijelovima Grupe

Operations by the Groups Divisions

Duhanski dio

TOBACCO DIVISION This division comprises leaf tobacco production and processing companies, cigarette companies and associated trading and printing companies. Business environment: On the Croatian and on other markets, tobacco industry is exposed to essential fiscal policy impacts and imposed restrictions and limitations in communication with markets and consumers.

Ovaj dio poslovanja obuhvaa djelatnost primarne proizvodnje i prerade duhana, cigaretnu industriju te pridruena drutva trgovake i grafike djelatnosti.

Poslovno okruenje
Duhanska industrija, kako na hrvatskom tako i ostalim tritima, izloena je bitnim utjecajima fiskalne politike drava te znatnim restrikcijama i ogranienjima u komunikaciji s tritem i potroaima.

Rezultati poslovanja | Business results

1999.
Poslovni prihodi | Operating revenues Prodaja u zemlji | Domestic sales Prodaja u inozemstvu | Foreign sales Ostali poslovni prihodi | Other operating revenues Ukupni poslovni prihodi | Total operating revenues Ukupno poslovni prihodi | Total operating revenues Ukupno poslovni rashodi | Total operating expenses Dobit iz poslovanja | Operating profit Financijski rezultat | Net financial income (expense) Porez na dobit | Income tax expense Manjinski udio | Minority interest Neto dobit | Net profit 1.133.066 297.325 90.463 1.520.854 1.520.854 1.210.304 310.550 (45.680) (96.005) 289 169.154

2000.
1.029.312 630.127 48.793 1.708.232 1.708.232 1.229.505 478.727 26.425 (163.097) (6.541) 335.514

2001.
1.017.038 750.265 90.874 1.858.177 1.858.177 1.273.573 584.604 14.421 (114.951) (8.009) 476.065

u 000 kn | in HRK 000s

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Ostvareni rezultati u 2001. u odnosu na 2000. godinu

Prodaja na domaem tritu: tijekom 2001. godine poslovni prihodi od prodaje u zemlji smanjeni su za 1,2 posto. Prvenstveni je uzrok tomu smanjena prodaja (3,6%) cigareta nieg cjenovnog razreda. Vodei brand Ronhill (40,95% prodaje) tijekom 2001. godine ostao je na istoj prodajnoj razini. Izvoz: tijekom 2001. godine prihodi od prodaje u inozemstvu poveani
RESULTS FOR 2001 COMPARED WITH 2000 Domestic sales: During 2001 net domestic sales were reduced by 1,2% which is primarily due to declined volume of cigarettes from lower-price segment (3,6%). The leading brand Ronhill (40,95% of sales) had maintained the same level of sales throughout 2001. Foreign sales: In 2001 net foreign sales increased to 750,265 thousand kunas or by 19,06% compared to the previous period. Such increase was generated by 20,5% growth in exports realised during the last financial period. Sales on foreign markets show an increase of over 50%, while export earnings increased by more than 40%. Other revenues: Other revenues showed a growth of 42.081 thousand kunas. The major part of such revenues was realised due to release of provisions and current assets disposal.

su na 750.265 tisua kuna, ili za 19,06 posto vie u odnosu na prethodno razdoblje. To poveanje generirano je rastom prodaje u izvozu u proteklom izvjetajnom razdoblju za 20,5 posto. Udio realizacije na vanjskim tritima vei je od 50 posto, dok je udio izvozne realizacije u prihodima povean na vie od 40 posto. Ostali prihodi: ostali prihodi ostvarili su rast od 42.081 tisua kuna. Glavnina ovih prihoda ostvarena je ukidanjem rezervacija i prodajom kratkotrajne imovine.
12.666 13.777 14.695

9.292

7.601

7.331

Domae trite Domestic market

3.374

6.175

7.363

Strana trita Foreign markets

Prodaja po tritima | Sales by markets

(u milijunima cigareta | in millions of cigarettes) 1999. 2000. 2001.

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Turizam

Poslovno okruenje
Tijekom 2001. godine Grupa je uloila znaajna sredstva u turistiku djelatnost, i to za preuzimanje veinskog vlasnitva u Jadran-turistu d.d. Rovinj i vrsarskoj Aniti d.d. U narednim godinama, u okviru turistike djelatnosti, oekuje nas odabir dugorone strategije rasta i razvoja, unapreenje ponude i upravljanja, razvoj i odravanje branda koji e poveati prepoznatljivost destinacije na svjetskom tritu, ispunjavanje zahtjeva trita s ciljem izgradnje dugogodinje lojalnosti, to u konanici rezultira zahtjevom za velikim ulaganjima u smjetajne kapacitete, infrastrukturu, tehnologiju, ljudske resurse i unapreenje proizvoda.
TOURISM Business environment: During 2001 the Group made significant investments in hospitality industry and became a majority owner of Jadran-turist d.d. Rovinj and Anita d.d. Vrsar. In the years to follow, within our tourism division, we are looking into determination of a long-term strategy of growth and development, improvement of the products and management, development and maintenance of brand recognition as to destination on the international markets, meet market requirements to earn longtime loyalty. These endeavours will require large capital investments in hotel accommodation capacities, infrastructure, technology, human resources and product improvement.

Rezultati poslovanja | Business results

1999.
Poslovni prihodi | Operating revenues Prodaja u zemlji | Domestic sales Prodaja u inozemstvu | Foreign sales Ostali poslovni prihodi | Other operating revenues Ukupni poslovni prihodi | Total operating revenues Ukupno poslovni prihodi | Total operating revenues Ukupno poslovni rashodi | Total operating expenses Dobit iz poslovanja | Operating profit Financijski rezultat | Net financial income (expense) Porez na dobit | Income tax expense Neto dobit | Net profit 149.780 157.794 31.777 339.351 339.351 339.093 258 (28.406) 28.418

2000.
155.929 201.153 50.977 408.059 408.059 365.688 42.371 (18.621) 247 23.503

2001.
u 000 kn | in HRK 000s

167.232 256.406 22.890 446.528 446.528 417.940 28.588 (7.506) 435 20.647

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20

Ovi iznosi, koji se odnose na poslovanje turistikog dijela za cijelu 2001. godinu, ne razluuju ukupne rezultate na dio koji je ostvaren prije i nakon kupnje. Podaci, konsolidirani u rezultate poslovanja Grupe, iskazani su u poglavlju Pregled poslovanja TDR grupe - ostvareni rezultati u 2001. u odnosu na 2000. godinu. Podaci za 2000. i 1999. godinu nisu predmetom konsolidacije.
These amounts show operating results for the tourism division throughout 2001, but do not differentiate between results generated before and after the acquisition. The amounts that had been consolidated into operating results of the Group, are shown under Review of TFRs operations - Results for 2001 in compared with 2000. Data for the years 2000 and 1999 are not included in the Groups consolidated accounts.

Ostvareni rezultati u 2001. u odnosu na 2000. godinu

Prihodi od prodaje na domaem tritu poveani su na 167.232 tisue kuna (7,24%) tijekom 2001. godine, te predstavljaju 37,42 posto ukupnih prihoda turistikog dijela. U tim prihodima sadrani su i prihodi od prodaje trgovake robe povezanog drutva Jadran-trgovina d.o.o. u iznosu od 113.178 tisua kuna tijekom 2001., odnosno 93.395 tisua kuna tijekom 2000. godine. Prihodi od prodaje na inozemnom tritu porasli su na 256.406 tisua kuna (27,46%) tijekom 2001. godine, te sada ine 57,43 posto ukupnih prihoda turistike aktivnosti. To je znaajan rast u odnosu na 2000. kada je, primjerice, udio stranih kupaca bio manji od 50 posto.
RESULTS FOR 2001 COMPARED WITH 2000 Domestic sales increased to 167,232 thousand kunas (7,24%) during 2001, and represent 37,42% of total revenues in the tourism division. Domestic sales results include sales of merchandise realised by a subsidiary Jadrantrgovina d.o.o. to the amount of 113,178 thousand kunas for 2001 and 93,395 thousand kunas for 2000 respectively. Foreign sales increased to 256,406 thousand kunas (27,46%) in 2001, and now represent 57,43 % of total revenues for the tourism division. This is a significant growth if compared to the year 2000 when, for example, the rate of foreign customers was below 50%.

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Ukupno je ostvareno 2.933.994 noenja, to predstavlja poveanje od 10 posto u odnosu na 2000., kada je ostvareno 2.668.686 noenja. Od svih noenja, 65 posto ostvareno je u kampovima, 19 posto u apartmanskim naseljima te 16 posto u hotelima, za razliku od prole godine kada su u istim kategorijama smjetaja omjeri bili 56, 19 i 25 posto.
In the year 2001, 2.933,994 overnights were recorded which presents a 10% increase, compared with the previous years 2.668,686 overnights. The occupancy rate in campsites relative to total occupancies was 65%, in apartment complexes 19% and 16% in hotels. For the sake of comparison, the previous years rates in the same categories were 56, 19 and 25.

U prihodima od turistikih aktivnosti (ne uzimajui u obzir trgovaku djelatnost) 66,14 posto odnosi se na prihode smjetaja (2000. g. = 62,65%), 25,89 posto na hranu i pie u odnosu na 26,21 posto u 2000. godini, to je rezultat ne samo poveanog broja noenja ve i pozitivnog cjenovnog pomaka prema viim kategorijama smjetaja.

As regards operating revenues from the hospitality activities (exclusive of merchandizing activity), 66,14% is derived from accommodation (in 2000 - 62.65%), 25.89% from food and drinks, compared to the previous years 26,21%, due to a higher occupancy rate and positive price-shifts in higher categories of accommodation. Items affecting comparability: The hospitality companies realised exceptionally high operating costs which are not in correlation with the previous periods. This is due to the revenue extraordinary items for 2000, when the revenue of 29,566 thousand kunas derived from the sales of tangible assets and government subsidies. Furthermore, asset management policy harmonisation led to provisioning amounting to 15,655 thousand kunas which burdened business results of the hospitality companies. Income tax expense had not occurred in any of the companies within tourism division, due to tax losses carried forward, and it is reasonable to expect no tax payments in the next five-year period. Tax expense relates to the trading subsidiary.

Stavke koje utjeu na usporedivost podataka Turistika drutva ostvarila su neobino velike trokove poslovanja, koji nisu u korelaciji s prethodnim razdobljima. Razlog tome su izvanredne stavke prihoda iz 2000. godine, kada je 29.566 tisua kuna prihoda ostvareno od prodaje materijalne imovine i dravnih subvencija. Nadalje, u 2001. godini, zbog usklaenja politike rukovoenja imovinom, 15.655 tisua kuna izvanrednih rashoda rezerviranja teretilo je rezultat poslovanja turistikih poduzea. Porez na dobit ne plaa niti jedno od turistikih poduzea, zbog prenijetih poreznih gubitaka iz prethodnih razdoblja, te valja oekivati da nee plaati porez niti u sljedeem petogodinjem razdoblju. Troak poreza odnosi se na podrunicu koja se bavi trgovinom.

23

GODINJI IZVJETAJ

ANNUAL REPORT

Financijski pokazatelji Grupe

Financial Indicators for the Group

Novani tok iz poslovnih aktivnosti

Tijekom 2001. godine novana sredstva iz poslovanja iznosila su 659.845 tisua kuna, u usporedbi s 511.355 tisua kuna iz prethodne izvjetajne godine. Poveanje je u potpunosti izazvano veim prihodima iz redovnog poslovanja, po osnovi vee realizacije proizvoda te novanih tokova iz poslovanja novih podrunica, iji su novani tokovi konsolidirani danom preuzimanja.

Novani tok iz ulagakih aktivnosti

Tijekom 2001. godine uloeno je 547.977 tisua kuna, za razliku od 2000. godine kada su ulaganja iznosila samo 52.575 tisua kuna. Najvei dio, u vrijednosti od 447.809 tisua kuna, u 2001. godini koriten je za stjecanje veinskih udjela u Jadran-turistu d.d. i Aniti d.d. Ulaganja u materijalnu imovinu tijekom 2001. iznosila su 157.452 tisue kuna, u usporedbi s 41.682 tisue kuna u 2000. godini. Ova ulaganja izvrena su u svrhu unapreenja ponude u turizmu, obnavljanje proizvodnih kapaciteta cigaretne, grafike i industrije prerade duhana te komercijalno-distributivne mree.

Cash flow provided by operating activities: During 2001 financial resources from operating activities amounted to 659,845 thousand kunas, compared to 511,355 thousand kunas recorded in the previous business year. Such increase is fully derived from higher operating revenues, based on higher sales and cash flows from operations of the new subsidiaries, whose cash flows were consolidated as at the date of acquisition. Cash flow used in investing activities: The 2001 investment amounted to 547,977 thousand kunas as against 52,575 thousand kunas invested in 2000. The largest part, valued at 447,809 thousand kunas, was used for acquiring majority interests in Jadran-turist d.d. and Anita d.d. The 2001 capital investments amounted to 157,452 thousand kunas, compared to 41,682 thousand kunas for 2000. Such investments were aimed at improving hospitality products, renewing production capacities within cigarette, printing and leaf tobacco processing industries, as well as logistics. Cash flow used in financing activities: The amount of 134,852 thousand kunas was used for the Groups financing activities whereas for the same purpose in 2000, the sum of 427.841 thousand kunas was used. The largest part relates to reductions in non-current debts of acquired hospitality companies.

Novani tok iz financijskih aktivnosti

Godine 2001. je 134.852 tisue kuna koriteno u financijskim aktivnostima Grupe - za usporedbu 2000. godine u tu je svrhu koriteno 427.841 tisua kuna. Najvei dio odnosi se na smanjenja dugoronih dugovanja, preteito preuzetih turistikih poduzea.

GODINJI IZVJETAJ

ANNUAL REPORT

24

Pozajmljena sredstva i likvidnost

Ukupne obveze Grupe poveane su za 11 posto, prvenstveno zbog konsolidiranja obveza turistikih drutava. Usprkos visokim odljevima, po osnovi preuzimanja te preuzimanja zaduenja u novim kupnjama, svi pokazatelji likvidnosti Grupe ostaju na primjerenim vrijednostima.
Debt and liquidity: Total liabilities of the Group increased by 11%, in the first place due to consolidation of the hospitality companies liabilities. Despite high outflows, based on the acquisitions and assumption of their existing debt, all liquidity indicators remain at appropriate level. Equity and returns: In 2001 the Groups equity increased to 1.849,013 thousand kunas (51,1%) relative to 1.223,359 thousand kunas in the year before. The Groups ROE was 41,53% compared to the last periods 37,78%, whereas ROA came to 21,1% relative to 19,4% in the previous period.

Kapital i prinosi
Tijekom 2001. godine Grupa je poveala vrijednost kapitala na 1.849.013 tisua kuna (51,1%) u odnosu na 1.223.359 tisua kuna prethodne izvjetajne godine. Rezultatima poslovanja Grupa je ostvarila isti povrat na kapital (ROE) u iznosu od 41,53 posto, u odnosu na 37,78 posto proteklog razdoblja, te povrat na cjelokupnu imovinu (ROA) od 21,1 posto u odnosu na 19,4 posto u prethodnom razdoblju.

u mil. kn in millions of HRK

1.480

1.974

2.839

Imovina Assets

3.000 2.600 2.200 1.800 1.400 1.000 907 600 2001. 1.223 1.849 Kapital Equity

Ukupna imovina / kapital Total assets / equity

2000. 1999.

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GODINJI IZVJETAJ

ANNUAL REPORT

Neto dobit po dionici porasla je na 3.127,87 kuna, u odnosu na 2.115,37 u 2000. godini. Dividenda, isplaena tijekom 2001. godine u iznosu od 26.240 tisua kuna (u 2000. = 18.620), odraava porast u isplati dividende po dionici, koja je u 2001. godini odlukom Skuptine porasla sa 120 na 160 kuna. Oekuje se da e Glavna skuptina dioniara usvojiti prijedlog isplate dividende tijekom 2002. godine u iznosu od 200 kuna po dionici.
EPS increased to 3,127.87 kunas in comparison with 2,115,37 in 2000. The dividend of 26,240 thousand kunas, paid out throughout 2001 (in 2000 = 18,620), is reflected in increased dividend per share from 120 to 160 kunas in 2001, according to the decision delivered at the General Meeting. It is expected that the proposed payment of dividend throughout 2002 to the amount of 200 kunas per share will be approved at the General Meeting.

Umjesto zakljuka

Grupa je zapoela znaajnu diverzifikaciju kapitala u nove poslovne djelatnosti, prvenstveno s ciljem stvaranja polaznih osnova daljnjeg rasta i razvoja Drutva.
ON LIEU OF CONCLUSION

Budui prinosi svakako e ovisiti o nastavku uspjenog kreiranja i unapreenja naih robnih i uslunih brandova, osvajanju novih trita, tehniko-tehnolokih unapreenja i daljnje racionalizacije poslovanja Grupe u cjelini.

The Group started a very important investment diversification into new business segments, primarily in view of creating new bases for further growth and development of the Company. Future returns will surely be subject to continued successful creation of and improvement in our trade and service marks, new market penetration, technical and technological improvements and further rationalisation in operations of the Group as a whole.

Konsolidirani financijskiizvjetaji 31. prosinca 2001.

Consolidated Financial Statements as at 31 December 2001

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GODINJI IZVJETAJ

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KONSOLIDIRANA BILANCA STANJA

IMOVINA | ASSETS

CONSOLIDATED BALANCE SHEET

1999.
I. Dugotrajna imovina Non-current assets 1. Nematerijalna imovina Intangible assets 2. Materijalna imovina Tangible assets 3. Ulaganja Investments 4. Potraivanja Non-current receivables Ukupna dugotrajna imovina Total non-current assets

2000.

2001.

u 000 kn in HRK 000s na dan 31.12. As at Dec. 31

6.278 599.603 10.248 20.351 636.480

5.608 504.689 17.867 385.774 913.938

14.450 1.427.369 94.739 181.216 1.717.774

II. Tekua imovina Current assets 1. Novac i novani ekvivalenti Cash and cash equivalents 2. Potraivanja od kupaca Trade debtors 3. Zalihe Inventories 4. Ostala tekua imovina Other current assets Ukupna tekua imovina Total current assets

32.002 168.886 431.548 211.379 843.815

62.941 157.392 475.412 364.262 1.060.007

39.957 158.302 447.930 474.770 1.120.959

Ukupna imovina Total assets

1.480.295

1.973.945

2.838.733

GODINJI IZVJETAJ

ANNUAL REPORT

28

KONSOLIDIRANA BILANCA STANJA

KAPITAL I OBVEZE | EQUITY AND LIABILITIES

CONSOLIDATED BALANCE SHEET

1999.
I. Kapital i rezerve Capital and reserves Temeljni kapital Share capital Rezerve Reserves Dobit razdoblja Profit for the year Negativni goodwill Negative goodwill Ukupni kapital i rezerve Total capital and reserves 164.000 455.194 169.154 119.062 907.410

2000.

2001.

u 000 kn in HRK 000s na dan 31.12. As of Dec. 31

1. 2. 3. 4.

164.000 604.441 335.514 119.404 1.223.359

164.000 913.368 508.069 263.576 1.849.013

II.

Manjinski udjeli Minority interest

129.906

134.070

305.718

III.

Dugorona rezerviranja Non-current provisions

52.404

57.567

67.774

IV.

Dugoroni dug Non-current debt

16.388

9.567

147.402

V.

Tekue obveze Current liabilities

374.187

549.382

468.826

Ukupni kapital i obveze Total equity and liabilities

1.480.295

1.973.945

2.838.733

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GODINJI IZVJETAJ

ANNUAL REPORT

KONSOLIDIRANI RAUN DOBITI I GUBITKA

CONSOLIDATED INCOME STATEMENT

1999.
1. 2. 3. Prihodi od prodaje u zemlji Net domestic sales Prihodi od prodaje u inozemstvu Net foreign sales Ostali prihodi poslovanja Other operating revenues Ukupni poslovni prihodi Total operating revenues 4. 5. 6. 7. Trokovi materijala i usluga Cost of material and services Trokovi osoblja Employee and related costs Amortizacija Depreciation Ostali poslovni rashodi Other operating expenses Dobit iz poslovnih aktivnosti Operating profit 8. Rezultat od financijskih aktivnosti Net financial income (expense) Dobit prije oporezivanja Profit before taxation Porez na dobit Income tax expense Neto dobit za godinu Net profit for the year Manjinski udjeli Minority interest Neto dobit Net profit

2000.

2001.

u 000 kn in HRK 000s za godinu koja zavrava 31. prosinca for the year ended 31 dec

1.133.066 297.325 90.463 1.520.854 640.252 192.412 125.131 252.509 310.550 (45.680) 264.870 96.005 168.865 289 169.154

1.029.312 630.127 48.793 1.708.232 805.490 178.631 115.884 129.500 478.727 26.425 505.152 163.097 342.055 (6.541) 335.514

1.191.742 949.233 100.040 2.241.015 981.514 270.919 207.163 153.583 627.836 12.456 640.292 115.386 524.906 (16.837) 508.069

GODINJI IZVJETAJ

ANNUAL REPORT

30

RAUN DOBITI I GUBITKA - TVORNICA DUHANA ROVINJ

INCOME STATEMENT - TVORNICA DUHANA ROVINJ

1999.
1. 2. 3. Prihodi od prodaje u zemlji Net domestic sales Prihodi od prodaje u inozemstvu Net foreign sales Ostali prihodi poslovanja Other operating revenues Ukupni poslovni prihodi Total operating revenues 4. 5. 6. 7. Trokovi materijala i usluga Cost of material and services Trokovi osoblja Employee and related costs Amortizacija Depreciation Ostali poslovni rashodi Other operating expenses Dobit iz poslovanja Operating profit 8. 9. Rezultat pridruenih drutava Net income from investment in subsidiaries Rezultat od financijskih aktivnosti Net financial income (expense) Dobit prije oporezivanja Profit before taxation Porez na dobit Income tax expense

2000.

2001.

u 000 kn in HRK 000s za godinu koja zavrava 31. prosinca for the year ended 31 dec

737.827 238.950 54.438 1.031.215

739.145 489.737 61.554 1.290.436

752.026 666.591 81.512 1.500.129

538.998 78.046 47.791 141.133 225.247

692.763 60.827 34.684 99.655 402.507

794.568 74.875 95.468 105.351 429.867

68.981 (36.316) 257.912 72.595

59.326 22.858 484.691 146.682

160.965 11.700 602.532 88.543

Neto dobit
Net profit

185.317

338.009

513.989

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GODINJI IZVJETAJ

ANNUAL REPORT

KONSOLIDIRANI NOVANI TOK

CONSOLIDATED CASH FLOW STATEMENT

1999.
1. 2. 3. Novani tok iz poslovnih aktivnosti Cash flow from operating activities Novani tok iz financijskih aktivnosti Cash flow from financing activities Novani tok iz ulagakih aktivnosti Cash flow from investing activities

2000.

2001.

u 000 kn in HRK 000s za godinu koja zavrava 31. prosinca for the year ended 31 dec

446.765 (400.337) (86.362)

511.355 (427.841) (52.575)

659.845 (134.852) (547.977)

Neto (+/-)
Net (+/-)

(39.934)

30.939

(22.984)

GODINJI IZVJETAJ

ANNUAL REPORT

32

ZNAAJNIJI POKAZATELJI

KEY INDICATORS

1999.

2000.

2001.

Prosjeni broj zaposlenih Employees

1.407

1.838

2.946

u 000 kn in HRK 000s % - stopa promjene % - percentage change

Bruto realizacija Gross sales Plaeni porezi na promet Excise duty and VAT paid Ukupni poslovni prihodi Total operating revenue Prihodi od prodaje Net sales Dobit iz poslovanja Operating profit EBITDA EBITDA Cash earnings Cash earnings Neto dobit Net profit

3.855.558 19,8% 2.705.270 8,4% 1.520.854 21,3% 1.430.391 18,3% 310.550 32,8% 435.681 25,7% 336.798 23,5% 169.154 7,8%

4.093.058 6,2% 2.694.639 (0,4%) 1.708.232 12,3% 1.659.439 16,0% 478.727 54,2% 594.611 36,5% 439.679 46,6% 335.514 98,3%

5.356.826 30,9% 2.898.272 7,6% 2.241.015 31,2% 2.140.975 29,0% 627.836 31,1% 834.999 40,4% 724.486 46,8% 508.069 51,4%

33

GODINJI IZVJETAJ

ANNUAL REPORT

POKAZATELJI PROFITABILNOSTI

PROFITABILITY INDICATORS

1999.

2000.

2001.

Prinos na ukupna sredstva ROA Prinos na vlastiti kapital ROE Bruto profitna mara EBIT margin Cash-earnings mara Cash-earnings margin Neto profitna mara Net profit margin Ekonominost Cost-effectiveness

11,25%

19,43%

21,11%

24,36%

36,97%

41,53%

20,42%

28,02%

28,02%

23,55%

29,75%

33,84%

11,12%

19,64%

22,67%

126

139

139

u kn in HRK

Neto profit po dionici EPS Isplaena dividenda po dionici DPS

1.099 120

2.115 140

3.128 160

GODINJI IZVJETAJ

ANNUAL REPORT

34

POKAZATELJI LIKVIDNOSTI

LIQUIDITY INDICATORS

1999.

2000.

2001.

Koeficijent likvidnosti Current ratio Koeficijent ubrzane likvidnosti Quick ratio Stupanj financijskog pokria Level of financial coverage Koeficijent zaduenosti Debt ratio

2,26 1,10 65,20 29,93

1,93 1,06 70,82 31,23

2,39 1,44 83,22 24,10

Izvjetaj nezavisnog revizora dioniarima

Independent Auditors Report to the Shareholders

35

GODINJI IZVJETAJ

ANNUAL REPORT

1. Obavili smo reviziju konsolidirane bilance Tvornice duhana Rovinj d.d., Rovinj (u daljnjem tekstu Matica) i podrunica (u daljnjem tekstu Grupa) na dan 31. prosinca 2001. godine, konsolidiranog rauna dobiti i gubitka, konsolidiranog izvjetaja o promjenama u glavnici, te konsolidiranog izvjetaja o novanom toku za godinu koja je tada zavrila. Odgovornost za ove financijske izvjetaje snosi Uprava Drutva. Naa je odgovornost izraziti miljenje o tim financijskim izvjetajima na temelju nae revizije. 2. Reviziju smo obavili sukladno Meunarodnim revizijskim standardima. Ovi standardi zahtijevaju planiranje i provoenje revizije kako bi se s razumnom mjerom sigurnosti utvrdilo da su financijski izvjetaji bez materijalno znaajnih greaka. Revizija ukljuuje i ispitivanja, temeljem provjere podataka, koje potkrepljuju iznose i biljeke uz financijske izvjetaje. Revizija jednako tako ukljuuje i ocjenu primijenjenih raunovodstvenih politika i znaajnih procjena koje je definirala Uprava, kao i vrednovanja sveukupnog prikaza financijskih izvjetaja. Uvjereni smo da obavljena revizija daje razumnu osnovu za izraavanje naeg miljenja. 3. U 2001. godini, sukladno promjeni poreznih propisa u Republici Hrvatskoj koji nisu u suglasnosti sa zahtjevima Meunarodnih raunovodstvenih standarda glede procjene korisnog vijeka upotrebe dugotrajne materijalne i nematerijalne imovine, poveane su stope amortizacije pojedinih strojeva i opreme. Rezultat ove promjene iznosi 80.371 tisua kuna vie obraunatog troka amortizacije u raunu dobiti i gubitka za 2001. godinu za koji iznos je umanjena neto dobit tekue godine, dok su u bilanci za isti iznos podcijenjene iskazane knjigovodstvene vrijednosti dugotrajne materijalne imovine. 4. Prema naem miljenju, konsolidirani financijski izvjetaji koji su bili predmetom nae revizije, osim uinaka opisanih u odlomku 3. ovog miljenja, prikazuju u svim znaajnim aspketima, realno i objektivno financijski poloaj Grupe na dan 31. prosinca 2001. godine, rezultate poslovanja, promjene glavnice i novane tokove za godinu koja je tada zavrila, sukladno Meunarodnim raunovodstvenim standardima.
1. We have audited the accompanying consolidated balance sheet of the Tvornica duhana Rovinj, d.d. Rovinj (the "Parent Company") and its subsidiaries (together the "Group") as of 31 December 2001, and the related consolidated statements of income, changes in equity and cash flows for the year then ended. These financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on these statements based on our audit. 2. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. In 2001, the depreciation rates for certain machinery and equipment were changed in accordance with the corresponding changes in the applicable tax regulations of the Republic of Croatia, which are not in conformity with the requirements of International Accounting Standards regarding the estimation of useful life of tangible and intangible assets. As a result, the depreciation charge in the income statement for 2001 is overstated by HRK'000 80,371 and the net profit for the year was reduced by the same amount, whereas the book values of tangible fixed assets in the balance sheet were understated by the same amount 4. In our opinion, except for the effects of the matter referred to in the preceding paragraph, the consolidated financial statements audited by us present fairly, in all material respects, the financial position of the Group as at 31 December 2001 and the results of its operations, changes in equity and cash flows for the year then ended in accordance with International Accounting Standards.

PricewaterhouseCoopers d.o.o. Zagreb, 18. travnja 2002.

PricewaterhouseCoopers d.o.o. Zagreb, 18 April 2002

GODINJI IZVJETAJ

ANNUAL REPORT

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GODINJI IZVJETAJ

| ANNUAL REPORT 2001

Nakladnik | Publisher Tvornica duhana Rovinj Obala Vladimira Nazora 1 HR-52210 Rovinj tel: +385 (52) 811 099 fax: +385 (52) 813 587 e-mail: postmaster@tdr.hr www.tdr.hr Tekst | Text | Branko Zec, Tomislav Perovi Prijevod | English translation | Gordana Mekini Jaklin Urednik | Editor | Predrag D. Grubi Oblikovanje | Design | NEOMEDIA Technologies :: creative communications www.neomedia.hr Art Director: Sonja Stahor Fotografije | Photographs | Damir Fabijani, ciklus MORE Tisak | Printer | Stega-tritof