Dalekovod announces unaudited operating results for 2012

In 2012 Dalekovod d.d. realized income of HRK 887.8 million and declared net loss of the period of HRK 383.1 million. For the same period Dalekovod Group realized income of HRK 1.255 million and declared loss of HRK 350,084 million. The Group’s total financial debt reduced for HRK 67 million in relation to the previous period.
Pursuant to the International Accounting Standards, 2012 income and expenditure adjustments and corrections were made, which resulted in modified operating results of the previous periods in relation to the ones published before. The new Company’s Management Board headed by the President Matjaž Gorjup decided to see the big picture of the company’s real condition and “clear” the Balance Sheet of all accounting items not reflecting the financial reality.

“In order to be able to conduct efficient company restructuring and create conditions for the successful operation on domestic and foreign market, we had to make a real stock-taking of the operations. This was not only supported but also requested by the Supervisory Board and all our shareholders, and we wanted to provide the financial and business public with the real indicators for the “clean start”, - stated the Management Board President of Dalekovod d.d. Matjaž Gorjup and added:

“With this we are creating the conditions that the company may very soon reach the annual turnover of about EUR 300 million, of which more than two thirds on foreign markets. The first court hearing was held in the Administrative proceedings for Dalekovod d.d., which was exceptionally important for identification of all claims of our creditors, but has also shown our creditors believe in our future that despite the problems Dalekovod is facing. Dalekovod is an internationally recognized company that exports the majority of its products and services outside Croatia, which is also proven by a recently finished project in Slovenia that was finished half a year prior to the estimated deadline. All operations abroad and within the Republic of Croatia that have been finished by now or are underway prove that Dalekovod is up to get over the current situation. Despite the unfavorable 2012, Dalekovod has remained competitive on both foreign and domestic market, which was substantiated by contracting of new projects on the Company’s level in the total amount of HRK 400 million in 2012, and it continues to constantly participate in domestic and foreign tenders.” - pointed out Gorjup.

Optimism for Dalekovod’s good prospects is also founded on the fact that within the stated period positive cash flows were realized from the current operations.

Public Relations Department

Dalekovod d.d.
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