n«zcL zuERGtJA AD
ANNUAL REPORT OF FINTEL ENERGIJA A.D. FOR THE YEAR 2024
Belgrade, April 202S.
In accordance with Article 71 of the Capital Markef l aw ("Official Gazette of tile Republic of Serbia", No 129/2D2 1), the Rulebook on Reporting by Publir Companies ("Offici•I Gazette of the Republic nf Serbia", No. 77/2022), and the relevant provisions of the Accounting Law ("Offici I Gazette of the Republic of Serbia", Nos. 73/7019 and 44/2021 - other law), Fintel Energija a.d. frnm Belgrade (Company ID number: 20305266) hereby announces:
I I
ANNUAL REPDRT OF FINTEL ENERGIJA A.D. FOR THE YEAR 2024
Content
1. FINANCIAL STATEMENTS OF THE GlNTEL ENERGIJA A.D, for 2024 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement of Changes in Equity, Notes to Financial Statements)
3. INDEPENDENT AUDITOR'S REPORT (complete report)
3. ANNUAL BUSINESS REPORT (Note: Annual Business Report and Consolidated Annual Business Report are presented as a single report and these contain information of significance for the economic entity)
DECISION OF COMPETENT COMPANY BODY ON THE ADOPTION OF ANNUAL FINANCIAL STATEMENTS *
iNot°l
DECISION ON DISTRIBUTION OF PROFIT OR COVERAGE OF LOSSES " (Note)
- in 000 dinars -
Account group, account | ITEM | EDP | Note | Amount C.«ent year End balance 31.11.2023. | ||
1 | 2 | 3 | 4 | 6 | ||
ASSETg | 0001 ooo2 0003 0004 0005 0006 0007 0008 0000 0010 0011 0012 »13 0014 0015 1 0017 0018 0010 0020 0021 0022 0323 «24 «› 0028 0027 0028 0029 | |||||
00 A. SUBSCRIBED AND UNPAID CAPITAL | ||||||
B. FIXED A8BETB (0003 + 0009 0017 001/ 0028) | 1.498.038 | |||||
01 I. INTANGIBLE ASSETG (0004 * 0005 + 0008* | ||||||
0007 * 0008 ) | ||||||
1. Investments In development | ||||||
011, 012 and 014 2. Concessions, patents, licensee, trademarks and | ||||||
service marks, software and other intangible assats | ||||||
013 3. Goodwill | ||||||
015 and 016 4. Intanglbla assels leased and intangible assets 'n | ||||||
preparation | ||||||
017 5. Advances for intangible aseeta | ||||||
02 II. REAL ESTATE, PLANT AND EQUIPMENT | ||||||
(0010+0011 + 0012 + 0013 + 0014 * 0015 + 0018 ) | ||||||
020, 021 and 0Z2 1. Land and construction facilities | ||||||
023 2. Plane and aqu§ nent | ||||||
024 3. Investment real estate | ||||||
025 and 027 4. Real estate, plant and equipment leased and real estate, plant and equipment under preparation | - | |||||
5. Other real estate, plants and equipment and | ||||||
028 and 028 investment in other people'e read estate, plants and | ||||||
equipment | ||||||
029 (part) 6. Advances for real e8tate, plant and equipmant | ||||||
the country | ||||||
028(paQ 7. Advances for roal estate, plants and equipment | ||||||
abroad | ||||||
03 III. BIOLOGICAL RESOURCES | ||||||
IV. LONG-TERM FINANCIAL PLACEMENTS AND | ||||||
04 and 05 LONG•TERM RECEIVABLES (0019+0020+0021+0022+0023+0024+0025 * 0026 + | 1.848.537 | 1AS6.034 | ||||
0027) | ||||||
040 ( part), 04s ( part) and 1. Share in the equity of legal entities (except for | ||||||
042 ( part) equity shara that are valued using the participation | 8 | 16.014 | 16.014 | |||
method) | ||||||
040 ( part), 041 ( part) and 2. Equity shares valued using the share method | ||||||
042 ( part) | ||||||
3. Long-tern placements to parent, dependent and | ||||||
043, 050 (part) and 051 (part) otf+er related parties and long-tern receivables from those parties In the counby | 0 | 1.832.523 | 1.680.020 | |||
4. Long-tarn placements to parent, dependant and | ||||||
044, 050 (part) and 051 (part) other related parties and long-term receivables from | ||||||
those parties arxl abtoad | ||||||
045 (part) and 053 (part) 5. Long•term placements (credits and loans given) | ||||||
the country | ||||||
045 (part) and 053 (part) 8. Long-term placements (credits and loans given) | ||||||
4broad | ||||||
046 7. Long-term financial Investments (securities valued | ||||||
at depreciated value) | ||||||
047 8. Pwchasad own shares and purchsaed own shares | ||||||
048, 052, 054, 055 and 056 9. Other long-term financial investments and other | ||||||
long-term receivables | ||||||
28 (part) excapt 288 V. LONG-TERM ACCRUED RECEIVABLES | ||||||
288 V. DEFERRED TAX A8SETB | ||||||
- in 000 dinars -
Account group, account | ITEM | EDP | Note | Current year | Previous End | |||||
G. CURRENT A88ETb (003t*0037+003B+00d4+0048*0057+0058) Claas 1, except account group I. SUPPLIES ( 0032+0033+0034+0035+0038) 14
20 III. RECEIVABLES BASED ON SALES (0039+0040+0041+0042+0043)
206 5. Other receivables based on sales 21, 22 and 27 IV. OTHER SHORT-TERM RECEIVABLES ‹0045+0040+0047) 21, 22 except 223 and 224 t. Other receivables and 27 223 2. Receivables for overpaid profit tax 224 3. Receivables basad on overpaid other taxes contributions 23 V. SHORT-TERM FINANCIAL PLACEMENTS (0049+0050+0051*0052+0053+0054+00M+0056)
232, 234 (part) 3. Shert-tern credits, loens gnd piacernents In the counW 233, 234 (part) 4. Short-tom credits, loans and placements abload 235 5. Securities valued at depreciated value 6. FinanctBl a8aets valued al fafr value through the Income Statement 237 7. Repurchased own sharas and repurchased " st:akes 236 (part), 238 and 238 B.Chhe ehoR-termfnanNolplocemente 24 VI. CASH AND CASH EQUIVALENTS 28 (part) except 288 VII. SHORT-TERM ACCRUED RECEIVABLES D. TOTAL ASSETS = BUSINESS ASSETS (0001 * 0002 + 0020+0030) | OOSO | 517.229 | MO.926 | |||||||
0031 | 581 | 13.455 | ||||||||
0032 | ||||||||||
0033 | ||||||||||
0034 | ||||||||||
oops | 507 | 1.375 | ||||||||
0036 | 12.080 | |||||||||
0037 | ||||||||||
0D38 | 10 | 51.427 | J54 | |||||||
0039 | IO | 6.981 | ||||||||
0040 | ||||||||||
o›41 | ||||||||||
0042 | ||||||||||
0043 | ||||||||||
0044 | 12 | 1B.882 | ||||||||
0045 | 12 | 280.7g6 | ||||||||
0046 | 12 | 4.224 | ||||||||
t4 | 14 | |||||||||
0049 | ||||||||||
51 | ||||||||||
0052 | ||||||||||
0053 | ||||||||||
x54 | ||||||||||
0055 | ||||||||||
ooss | 14 | 14 | ||||||||
0057 | 14 | 110.695 | &220 | |||||||
OOH | 13 | 325.620 | M3.783 | |||||||
0059 | 2.365.780 | 2.04&980 | ||||||||
88 | DJ. OFF•BALANCE S¥IEET ASSETS | 0080 | ||||||||
- in 000 dinar6 -
ITEM EDP | Notg | Amount Currem year End 31.12.2023. | ||||
PASSIVE | ||||||
A. CAPITAL (0402 + 0403+0404*0405+0406- 0401 0407+0408+0411-0412) z 0 | t4 | 963.9t9 | 689.282 | |||
30 except 306 | t. SHARE CAPITAL 0402 | 14 | 4.057 | 4.057 | ||
31 | II. SUBSCRIBED AND UNPAID CAPITAL 0403 | |||||
306 | III. ISSUE PRENtIUM 0404 | 14 | 6B1.Z37 | 681.237 | ||
32 | IV. RESERVES 0405 | |||||
330 and credl balance for accounts 331, 332, 333, 334, 335 336 and 337 | V. POSITIVE REVALUATION RESERVES AHD UNREALIZED GAINS BASED ON FINANCIAL 0408 ASSETS AND OTHER COMPONENTS OF OTHER COMPREHENSIVE INCOME | |||||
debt baiance calculated | VI. UNREALIZED LOSSES BASED ON FINANCIAL | |||||
331,332,333,334, 335,336 | ASSETS AND OTHER COMPONENTS OF OTHER 0407 | |||||
and 337 | COMPREHENSIVE INCOME | |||||
34 | VII. RETAINED EARNINGS (040B+0410) 0408 | 287.815 | 249.981 | |||
1. Retained namings of previous years 0409 | 14 | 13.179 | ||||
341 | 2. Undistributed profit of the current year 0410 | 14 | 2766g6 | 249.981 | ||
VIII. SHARE WITHOUT THE RIGHT OF CONTROL 0411 | ||||||
35 | IX. LOSS ( 0413+0414 ) 0412 | 9.t90 | 24&993 | |||
350 | 1. Loss of previous years 0413 | 14 | 9.190 | 2M.993 | ||
351 | 2. Loss of the current year 0414 | |||||
B. LONG-TERM PROVISIONS AND LtABILiTIES 1 (0416*0420+0428) | 1.072.178 | 1.073.633 | ||||
40 | I. LONG•TERM RESERVATIONS 0416 (0417+*0418*049) | |||||
1. Provisions for compensation and other employee 04›7 | ||||||
benefits | ||||||
400 | 2. Provisions of costs in the warranty period 0418 | |||||
40 except 400 and 404 | 3. Other long-tafm provlsions 0419 | |||||
41 | II. LONG-TERM LIABILITIES (0421 + 0422 * 0423 * 0410 0424 + 0425 + 0420 + 0427) | 1.072.178 | 1.079.633 | |||
410 | 1. Liabilities that can be converted into equity 0421 | |||||
2. Long-jerm loans and other long-term liabilities to | ||||||
411 (part) and 412 (pert) | parent, dependem and other related persons in the 0422 | |||||
country | ||||||
4t1 (part) and 412 (part) | 3. Long-term loans and other long-tern liabilities to 0423 parent, dependent and other related partles abraad | 15 | 1.072.178 | 1.073.633 | ||
414 and 418 (pert) | 4. Long-term credits, laans and obligations basad on 0424 leasing in the country | |||||
415 and 416 (part) | 5. Long-tern credits, loans and obligations based "' 0425 leasing abroad | |||||
413 | 6. Obligations for issued secuñties 0426 | |||||
4t9 | 7. Other long-tern liabilities 0427 | |||||
J9 (part), except 496 and 405 {part} | III. LONG-TERM ACCRUED COSTS 0428 | |||||
- in 000 dinar6 -
Account group, account | lTEM EDP | N | Amount t Previous year Current year End balance 31.12.2023. | ||||||||||
88 485( d} 467 42 except 427 420 (part) and 421 (part) 420 (part) and 421 (part) 422 (part), 424 (part), 425 (part) and 429 (part) 422 (paft), 424 (part), 425 (part) and 42B (part) 423, 424 (part), 425 (part) and 42B (part) 428 428 430 43 excopt 43Q 431 and 433 432 and 434 435 436 438 (part) 438 (part) w. ‹s, zg «cept 467, 47 and 48 44, 45 and 48 except 467 47, 48 except 481 481 427 49 axcept 408 | /. DEFERRED TAX LIABILITIES 0429 G. LONG•TERM DEFERRED INCOME AND 0400 DONATIONS RECEIVED D. SHORT-TERM PROVISIONS AND SHORT-TERM LIABILITIES 0431 (0432+0433+0441+0442+0449+0453+0454)
8. Liabilities for short-tern securities 0439 7. Liabilities based on financial derivatives 0440 III. ADVANCES DEPOSITS AND BAILS RECEIVED 0441 IV. BUSINESS LIABILITIES 0442 (0443+0444+0445+0448+0447+0448)
V. OTHER SHORT-TERM LIABILITIES 0449 (0450+0451+0452) 1, Other short-tern liabilities 0450
VI. LIABILITIES BASED ON ASSETS INTENDED FOR SALES AND ASSETS OF A OPERATIONS 0453 THAT HAVE BEEN SUSPENDED BUSINESS VII. SHORT-TERM ACCRUED COSTS AND 0454 DEFERRED REVENUES DJ. LOSS ABOVE CAPITAL AMOUNT (0415+ 0420+0430+0431-0058) * 0 = (0407+0412-0402- 04M 0403-0404-0405-040b-040B-0411) z 0 E. TOTAL MABILfTY (0401+0415+0420+0430+0431- 0456 | 15 46 16 t6 't7 18 | 32B.669 13.Y45 t3.745 34.110 32902 1.217 3.240 3.078 278.585 | 284.0¥5 13.759 13.759 32.g50 1.261 20 236.055 | |||||||||
89 iz. OFF BALANCE SHEET LIABILITIES 0457 | |||||||||||||
In Belgra& , 30.04.2025.
eveIe n
- in 000 dinars - | |||||
Accoum group, ITEM | EDP | Note | Amount Current year Previous year | ||
1 2 | 1001 1002 1003 1004 1005 1oog 1007 1008 1009 1010 1011 1012 1013 1014 1015 1018 1017 1018 1010 1020 1021 1022 1023 1024 1025 1028 | 4 | 5 | 6 | |
A. BU9INE9S INCOME (1002 + 10054100841009• 1010+1011-r1012) | 13.938 1.7B8 | ||||
60 I. INCOME FROM THE SALE OF GOODS (1003 + | |||||
1004 ) | |||||
600, 002 and 604 1. Income from the sale of goods on the domestic | |||||
market | |||||
601, 603 and 805 2. Income from the sale of goods on the foreign | |||||
market | |||||
g1 II. INCOME FROM THE SALE OF PRODUCTS AND SERVICES (1008+1007) | t3.938 1.786 | ||||
ego, g1z and 814 1. Income Porn the sale of products and services on the domestic market | 19 | 13.'g38 1.7ss | |||
611, 613 and 615 2. Income from the sale of products and services | |||||
on the foreign market | |||||
62 III. INCOME FROM ACTIVATION OF GOODS AND | |||||
EFFECTS | |||||
630 IV. INCREASE OF VALUE OF INVENTORIES OF | |||||
UNFINISHED AND FINISHED PRODUCTS | |||||
631 V. DECREASE IN THE VALUE OF INVENTORIES | |||||
OF UNFINISHED AND FINISHED PRODUCTS | |||||
64 and 65 VI. OTHER OPERATING INCOME | |||||
6B, except for 883, VII. INCOME FROM ADJUSTMENT OF | |||||
885 and 888 PROPERTY VALUE (EXCEPT FINANCIAL) | |||||
B. BUSINES9 EXPEN9ES (1014+1015+1016+1020+1021410Z2+10Z3+1024) | 31.336 49.677 | ||||
I. PURCHASE VALUE OF SOLD GOODS | |||||
51 II. COSTS OF MATERIALS. FUEL AND ENERGY | 30 | ||||
III. SALARY EXPENSES, SALARY 52 COMPENSATION AND OTHER PERSONAL | 20 | 8.600 | |||
EXPENSES (1017+1018+1019) | |||||
5Z0 1. Salary expenses and salary compensation | 8.608 6.603 | ||||
521 2. Costs of axes and contributions on wages and salary benefits | 1.304 1.001 | ||||
52 except 520 and 3. Other personal expenses and compensation 521 | 1.350 996 | ||||
540 IV. DEPRECIATION COSTS | |||||
58 except 583, 585 V. COSTS FROM ADJUSTMENT OF PROPERTY | |||||
and 586 VALUE (EXCEPT FINANCIAL) | |||||
53 VI. COSTS OF PRODUCTION SERVICES | 488 | ||||
54 except 540 VII. RESERVATION COSTS | |||||
55 VIII. IMMATERIAL COSTS | 21 | 19.542 40.412 | |||
V. BUSINESS PROFIT (1001 - 1013) ¥ 0 | |||||
G. BU9INES9 LOSS (1013 - 1001) ¥ 0 | 17.39a I 47.881 | ||||
- in 000 dinars -
Account group, ITEM account | EDP | Note | Amount Current year Prevlous year | |||
D. FINANCIAL INCOME (1028*1029*1030*1031) I. FINANCIAL INCOME FROM RELATIONS WITH 860 and 861 PARENT, DEPENDENT AND OTHER RELATED PARTIES 662 II. INTEREST INCOME III. POSITIVE EXCHANGE DIFFERENCES AND g63 and fi64 POSITIVE EFFECTS OF THE CURRENCY CLAUSE 665 and 669 IV. OTHER FINANCIAL INCOME O. FINANCIAL EXPENSES (1033+1034+103S*1036) I. FINANCIAL EXPENSES FROM RELATIONS 580 and 561 WITH PARENT, SUBSIDIARY AND OTHER RELATED PARTIES 502 il. INTEREST EXPENSE III. NEGATIVE EXCHANGE DIFFERENCES AND sg3 and 564 NEGATIVE EFFECTS OF THE CURRENCY CLAUSE 566 and 569 IV. Other financial expanses E. PROFIT FROIYI FINANCING (1027 - 1092) * 0 Z. LOSS FROI¥I FINANCING (1032 - 1027) * 0 2' INCOME FROM ADJUSTMENT OF THE VALUE 683, 685 and 686 Or FINANCIAL ASSETS REPORTED AT FAIR VALUE THROUGH THE INCOME STATEMEKT I. COSTS FROM THE A0dUSTI¥IENT OF THE 583, 565 and 588 VALUE OF FIKANCIAL ASSET9 REPORTED AT FAIR VALUE THROUGH THE INCOME STATEMENT 67 J. OTt4ER INCOME 57 K. OTHER EXPENSES L. TOTAL INCOME ( 1001*1027*1039+1041) LJ. TOTAL EXPENSES ( 1013*1032*1040*1042 ) M. PROFIT FROM REGULAR OPERATIONS BEFORE TAXATION (1043-1044)Z 0 N. LOSS FROM REGULAR OPERATIONS BEFORE TAXATION (1044-1043) 8 0 MJ. POSITIVE NET EFFECT ON THE RESULT BASED ON PROFIT OF DISCONTINUED 60-59 OPERATION8, CMANGE IN ACCOUNTING POLICIES AND CORRECTIONS OF ERRORS FROM EARLIER PEftJODS | 1027 1028 1020 1030 1031 1032 1033 1034 1035 1036 1037 1038 1039 1040 1041 1042 1043 1044 1045 1046 1047 | 23 | 331.700 351.180 | |||
330.M1 351.141 | ||||||
1.148 39 | ||||||
44.121 44.477 | ||||||
43.930 44.217 | ||||||
87 114 | ||||||
146 | ||||||
102 | ||||||
287.079 306.703 | ||||||
7.140 | ||||||
5 | ||||||
12 | ||||||
845843 352.066 | ||||||
75WB 101.303 | ||||||
270.174 251.ssa | ||||||
4.M2 | ||||||
A. NEGATIVE NET EFFECT ON THE RESULT DUE TO LOSS OF BU9INES3 THAT IS 50-89 SUSPENDED, CHANGE IN ACCOUNTING POLICIE8 AND CORRECTIONS OF ERRORS FROMEARLIER PERIODS P. PROFIT BEFORE TAXATION (1 5 - 1a4s + 1047 - 10d8) z 0 R. LO9S BEFORE TAXATION (1046- 1045 * 1048 - t047) * 0 S. INCOME TAX 721 I. TAX EXPENSE OF THE PERIOD 722 debt. Balance II. DEFERRED TAX EXPENSES OF THE PERIOD 722 pot. Balance III. DEFERRED TAX REVENUE OF THE PERIOD 723 T. PAID PERSONAL INCOME OF THE EMPLOYER 0. NET PROFIT (1049-1060-1051-10g2*1063- 1054) ¥ 0 | 1048 1049 1050 1051 1052 1053 1054 1055 | 2Y4.636 274.636 | 1.681 349.982 249.982 | |||
U.NET LOSS (1050-1049+1051+1052-1053+1054) 1056
20
In Belgrade , 30.04.2025.
NET PROFIT ATTRIBUTABLE TO NON-CONTROLING INTERESTS
NET PROFIT ATTRIBUTABLE TO THE PARENT LEGAL ENTITY
NET LOSS ATTRIBUTABLE TO NON-CONTROLING INTERESTS
NET LOSS ATTRIBUTABLE TO THE PARENT LEGAL ENTITY
EARNINGS PER SHARE
Basic earnings per share
Decreased (diluted) earnlngs per share
1057
1058
1059
1060
1061
1082
Seal
10 9
10 I
REPORT ON OTHER COMPREHENSIVE INCOME
for the period from 01.01. until 31.12.2024.
- in 0C0 dinars -
group, ITEM account | EDP | Note | Amcunt Current year Pfavicus yaar | ||||
1 2 | 4 | 5 | 6 | ||||
A. NET RESULT FROM OPERATIONS | |||||||
I. NET PROFIT (EDP '.055) | 201 | 274.836 | 249.9g2 | ||||
II. NET LOSS (EDP 1056) | 002 | ||||||
B. OTHER COMPREHENSIVE PROFIT OR LOSS | |||||||
a) Items that will not be reclesal0ed in the Income Statement In futura periods | |||||||
330 1. Changes in revaluation of intangible assets, real estete, 9iant and equ'tpmenl | |||||||
a) lncreaa6 in revaluation nssen/es | 2003 | ||||||
b) decrease of revaIua!ion reserves | 2004 | ||||||
331 2. Actuar1al geins or iosses under de0ned benefit plans | |||||||
_ profits | 2005 | ||||||
'b loesos | 2006 | ||||||
333 3. Proits or losses based on shares in other comprehensive income or loss of associated | |||||||
companies | |||||||
a) gains | 2007 | ||||||
b) lcsses | 2008 | ||||||
b) Items that may subsequently be reclassified to the Incoma Statement in future perlods | |||||||
332 1. Proits or losses basad on investments in equity instruments | |||||||
a) profits | 2009 | ||||||
b) loases | 2010 | ||||||
334 1. Proits or losses based on the recalculation of financial statements of foreign operations | |||||||
a) profits | 2011 | ||||||
b) lossas | 2012 | ||||||
335 2. Proits or losses from hedging Instruments for net investment in foreign operations | |||||||
a) orofits | 2013 | ||||||
b) losees | 2014 | ||||||
336 3. Proits or losses based on cash flpw risk protection (hedging) instruments | |||||||
a) pMts | 2015 | ||||||
b) lossas | 2016 | ||||||
337 4, Proit6 or losses based on HOV that are velued et fair value through other comprehensive | |||||||
incomp | |||||||
a) profits | 2017 | ||||||
b) losses | 2018 | ||||||
I. OTHER GROSS COMPREHENSIVE INCOME (2003 + 2005 + 2007 + 2009 * 2011 + 2013 + | yg | ||||||
2015 + 2017) - (2004 + 2G06 + 2008 + 2010 + 2012 * 2014 + 2016 * 2018) ^ 0 | |||||||
II. OTHER GROSS COMPREHENSIVE LOSS (2004 * 2006 + 2008 + 2010 + 2012 + 2914 * 2016 + 2018) - (2003 + 2005 + 2007 + 2009 + 2011 + 2013 + 2015 + 2017) z 0 | 2020 | ||||||
III. DEFERRED TAX EXPENSE ON OTHER COMPREHENSIVE INCOI4E OR LOSS FOR THE PERIOD | 2021 | ||||||
IV. DEFERRED TAX INCOME ON OTHER COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD | 2022 | ||||||
IV. NET OY1dER COMPREHENSIVE INCOME (2019 - 2020 - 2021+2022) z 0 | 2023 | ||||||
V. NET OTHER COMPREHENSIVE LOSS (2020 - 2D19 + 2021-2022) L 0 | 2024 | ||||||
C. TOTAL NET COMPREHENSIVE INCOIIE FOR THE PERIOD | |||||||
1. TOTAL NET COMPREHEHSIVE PROFIT (2001 • 20C2 + 2023 - 2024) ¥ 0 | 2025 | ||||||
II. TOTAL NET COMPREHENSIVE LOSS (2002 - 2001 + 2024 - 2023} ¥ 0 | 2028 | ||||||
D. TOTAL NET COMPREHENSIVE INCOfgE OR LOSS (2028 * 2020) = EDP 2025 2 0 or EDP 2028 > 0 | 2027 | ||||||
".. Adñbuted to the paront legal entity | 2028 | ||||||
2. Agributed to non-sontrollino in'erasts | 2028 | ||||||
In Belgrade . 30.04.2024.
Leyfa! r«r.re›entative
Item | Description | EDP | Share capitai (group 30 excluding 308 and 308) | EDP | Other share capital (m 309) | EDP | Subscribed and unpaid capital ( group 31 ) | EDP | Issue premium and reserves (aoc 306 and group 32 ) | EDP | Rev. ras. and undintr profit and loss (group 33) | |||
1 | 2 | 3 | ||||||||||||
Balance as of 01.01J023. | 4001 | 4.057 | 4010 | 4019 | 4028 | G81.237 | 4037 | |||||||
2 | Effect and retroactive oorrections of material errors and changes in accounting policies | 4002 | 4011 | 4020 | 4029 | 4038 | ||||||||
Corrected inktal balance as of 01.01.2023 (s. no. 1+2) | 4003 | 4.057 | 4012 | 4021 | 4030 | 681.237 | 4039 | |||||||
4 | Net changes in 2023 | 4004 | 4013 | 4022 | 4031 | 4040 | ||||||||
Balance as of 12/31/2023. (s. no. 3+4) | 4005 | 4.057 | 4014 | 4023 | 4032 | 681.237 | 4041 | |||||||
Effects and ratroactive corrections of material errors and chang° In accounting policies | 4006 | 4015 | 4024 | 4033 | 4042 | |||||||||
7 | Corrected initial balanoe as of 01.01.2024 (years 5+6) | 4007 | 4.057 | 4018 | 4025 | 4034 | 681.237 | 4043 | ||||||
8 | Net changes in 2024 | 4008 | 4017 | 4026 | 4035 | 4044 | ||||||||
6 | Balance as of 31.12.2024. (s. ne. 7+8) | 4009 | 4.057 | 4018 | 4027 | 4036 | 681.237 | 4045 |
- in 000 dinars -
Item
Description
EDP
Retained profit (group 34)
EOP
Loss (Croup
35)
Participation
EDP without the rlght of
control
Total (oorrespond s to position
EDP EDP 0401) (col.2+3+4+ 5+6+7-8+9)
0
Loss obovo the capital limit (oorrespon
EDP ds to posltlon
ED(P 0455)
2+3+4+5+
8+7-8+8)‹0
1
7
8
255.277
2
4046
4047
4048
4049
4050
40›1
4052
4053
4054
9.285
-
92B5
24ozss
249.981
4055
4056
4057
1o
4056
4060
4061
4062
4083
255.2z7
9.284
245.993
8
7
246.881
37.834
287.815
245.993
238.803
9.100
4084
4065
4oeg 4087
4068
4069
4070
4071
4072
4073
4074
4075
4076
4077
4078
4078
4080
4081
10
439.302 t
-
438.302 |
t
688.282
-
686.282 |
] 983.919|
11
Balance as of 01.01J023.
EPect and retroactñ/e oorrections of material errors and changes in acoounting policies
Corrected Inidal balance as of 01.01.2023 (s. no. 1+2) Net changes in 2023
Balance as of 12/31/2023. (s. no. 3+4)
EPects and reboactive corrections of material errors and changee
in aocounting policies
Corrected Initial balance ae of 01.01C024 (years 5+g) Net changes In 2024
Balance as of 31.12.2024. (s. no. 7*8)
4082
4083
4084
4085
4086
4087
4088
4088
4000
-
In Belgrade . 30.04.2025.
CASH FLOW STATEMENT
for the period from 01.01. until 31.J2.2OM.
- ci 000 of dinars
PO64TlOt4 , EDP I Current year ! Previous year
1
A. CASH FLOWS FRON OPERATING ACTIVITIES
Cash inflow In-en ogerai ig actlvklas 'I-d)
2 3 4
2s.7T6
SS.Z74
Sales and received advaloes Ir Ihe cormtry
Seles •nd adva receñ ed a6roed
Receiver intered °rom oBergting 8cti'ities
Othw h*w from regular operabonc
Cash ou•'› s from oceratlng sclMSas (1 to 8)
Kents to 8upptier8 and advances naide w caunlry
z. gents esupptLxs and advarcce rrade abn›ad
1 Eunings salary cc•mpensation aid other penal expenses
4. Irlarest pei4 in the country
*. went paid abroad
Inc tax
Ou owe baced on of pubéc revenues
s. ether outlaws from operating scti :
f'iat caBh inflow Tom operating Yes(I - II,
Net cas*. aJtibw 8m, operaéng aaivf6es fll - lj _
CASH PLOWS FRO£J IIdVECJING ACTIVITIE6 I. Gaeh :nfIova finn investing actIvi%s (1 to 5}
Sale of shares aid stakes
5eIe of!ntang*ble sssets, real estate, plants, equ'gment and biolog-'cai rescrJrces
Reoelved kitetesj from investment ectivfiies
D:vdends received
case ouro•.s rorn liwesting 8«ñ/i1%s(1 u 3)
Purchase of sharas and staves
Purchege of legible e66els, real sells, plants, equ@ment and ok›Iog'cal rescrJrces
other nancia pavements
III. I4et caah h!osv to.m investing activ8les (I - II)
iv. Net ñ oui0or.'Tom lves5ng ac1h'I«es ‹ii - ij
C. CASH FLDWS FROM FiNAXICING ACTMTtE6 I. Cas USñG f?Xt III8DdRg 8CtIViII09 (I tO 7)
1. tt'creaee of Ee share cag)IaI
|2. Long-temi loens n the country
3. Long-tern loans alroad
4. Sñort•lem bans In the a>JnIry
li. Cash cutfbvs fro‹n Glancing activitles (1 to 8)
3d02
3003
3004
s006 Sg06 3007
3008
3009
3010 3011
3012
3013
3014
3S15
3016
3017
3018
3019
3021
3022
3023
3024
30*0
3027
ZO29
3037
1.MS
21.622
211
46dd6
6.408
17.48D
4.820
22.886
21JI6g
600J91
101.0S3
488."88
46$a47
4SS647
13Sa44
•
1,8%
53.318
7.387
34.259
4V4
95.590
35.305
36940
35.390
82.MS
94.175
Pumhese ofa•n dares and st6kes
Lor3-tom ioara in th6 oounb-y
S. Lsrg-temi loans abmad
‹. S!›ort-tern bans in Its coun'
Divdends pald
III. f4et cash nfIow frcm 4nandng activJiies (I - II
IV. Ne: cash ou0Xnv fiom fmancng acfivilies tN - I}
D. TOTAL CA6H INFLOw{3001 * 3017* 3sZB)
ZOS8 -
3040
3041
04.175
3042
3045
3045
3047
164.168
P. NEf CASH lNFLOw (3046 • 30¥e) £ 0
A IT CA6H OIJ1TL0¥¥ {3049 - 30d6) e 0
N. CASN AT THE BEOINNMG OF THE ACCOU+fTING PERiOO
L POSITIVE EXCHMGE RATE WFSRENCE8 BASSD ON CA6H CONYER6ION
J.NEDAWVE EXCHANGE RATE 0tFFERENCE8 BA8ED ON CASN CONVERSION
3051
4.723
IO
IU'
8.220
e
108
K. CASH AT THE END DETNEACCOUHTING PERIOO (3060-3051*30M+3003-30S4)
NOTES TC THE FINANCIAL STATEMENTS DECEMBER 31, 2024
_ Generl inform ation
Fintel Energija AD (hereinafter referred to as the "€.on ›a i '" ‹›/ "F iiilel Energija") is the leading independent producer cf electricity fiam renewable sources in Ihe Republic uf SL'i l›ia. lii Tel Energija's subsidiaries are pioneers in the fielrl of electricity production from renewable sources, heing the lirst companies lo complete the construction and operate wind farms in Serbia.
The Company was founded on June 27, 2007 as a rIo5*d uint stct k company under the name "Privredno drus"tvo za proizvodnju elektricne energije Fintel Energija a.d. ReopiaJ" ("I.Iectricity Production Company Fintel Energija ad Uulgrade"), by "F intel Energia Group SPA" (‹‹'B+‹ •*!!+* ^'** l›ui 0J6S8620402) which is also the sDIe sl›arel Older ul II C Company ("Owner"). "Fintel Encrgia Gio ›p SPA" i' bt.*2' nwned by Hopafi Sri ("Ultimate Owner").
The headoffice of "Fintel Energija" is located at Mata rikcva Street No. S, Belgrade, Serbia,
As of December 31, 2024, the Company I aS !›Uhsciihed anci paid-in share capital in the amount of RSD 4,057 thousand, consisting of 26,510,506 ordinary shares with an individual nominal value of RSD 0.153.
The Company's shares are traded on an organized market - the Belgrade Stock Exchange. The stock symbol i3 FIN7, and the ISIN numher is RSFINEE60549. The Company's market capitalization as of December 31, 2024 is RSD 17,762,039 thousand (unit price per share is RSD 670).
Fintel Energia Group SPA, the majority shareholder of the Company, is a joint-stock company established in accordance with the law in force in the Republic of Italy, and is a vertically integrated operator in the energy supply chain, whose business is the sale of electricity and natural gas in Italy, as well as the development and exploitation of renewable energy sources (soiar energy and wind energy) in Italy and Serbia.
The submitted separate financial statements for the period ended December 31, 2024 were approved for issue by the Company's directors on April 28, 2024.
On December 31, 2024, the Company had 14 employees (2023: 14 employees).
z. Overview of significant accounting policies
The principal accDunting policies a|apIie‹J ii the rliafting of these financial statements are presented hr'lr '. 1l1c'‹ policies have been consistently apt›Iie‹l I.u all {u esented years, unless otherwise indicated.
Basis for drafting and presentation of individual financial statements
The Company kreps records nnd prepai+x financial statements in accordance with the Accounting La\' of the Republic of Serbia "OfficiaI Gazette of the Republic of Serbia", No. 73/2019 I 44/2021) and ether appicabIr• I •taI regulalions in the Republic of Serbia.
Pursuant to the Accounting Act, large legal entities, Iegal entities that have the obligation to pre›are ronsalid1lcd financial statements (parent legal entities), public companies, i.e. companies that are preparing to become ›ril›Iic pursuant to the Capital Market Act of the Republic of Serbia, regardless of size, for the recognition, valuation, presentation and disclosure of positions in financial reports, they apply the International Financial Reporting Standards (IFRS), whose translatiDn into Serbian was published by the Ministry in charge of financial affairs.
International Financial Repoi ting Standai ds published in Serbian by the Ministry of Finance inclutJe the Conceptual Framework for Financial Reporting, International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, as well as interpretations of standards issued by the Accounting Standards Interpretations Committee, but do not include bases for conclusions, illustrative examples, application guidance, commentaries, dissenting opinions, or other supporting materials except in cases where they are explicitly included as an integral part of the standard or interpretation.
IAS, IFRS and interpretations published by the Board for International Accounting Standards and the Committee for Interpretations of Accounting Standards were officially translated by the decision of the Ministry of Finance of the Republic of Serbia on determining the translation of International Financial Reporting Standards (Decision number 401-00-4980/2019-16) and published in Official Gazette of the Republic of Serbia No. 92 of November 31, 2019 and are appiied when preparing consolidated financial statements for annual periods ending on December 31, 2020 or after that date.
New or amended IFRS and interpretations adopted by the decision of the Ministry a[ Finance of the Republic of Serbia on determining the translation of International Financial Reporting Standards published in fhe Official Gazette of the Republic of Serbia No. 123/2020 on October 13, 2021 are applied when preparing financial statements for annual periods ending on or after December 31, 2021.
In addition, the attached financial statements have been prepared in accordance with the requirements of the Rules on the Chart of Accounts and the Content of Accounts in the Chart of Accounts for Companies, Cooperatives and Entrepreneurs (Official Gazette of the Republic of Serbia No. 89/2020) and the Rules on the Content and FOFfTI Df Financial Statement Forms ror Companies, Cooperatives and Entrepreneurs(Official Gazette of the Republic of Serbia No. 89/2020).
The aforementioned regulations governing the presentation of financial statements have precedence over the requirements defined in this regard by IFRS, which are published by the Ministry of Finance.
Due to the above deviations, these financial statements are not in accordance with IFRS.
2. Overview of significant accounting policies (continued)
Basis for drafting and presentation of individual financial statements (continued)
The accompanying financial statements represent individual hnancial Sfa cements that include receivables, liabilities, opPrnting results, changes in other comprehensive income, changes in equity and cash flows of the Company. The Company has prepared these individual financial statements in act otdance with the deadlines prescribed by the Arcounting Law of the Republic of Serbia. The Company 4I6o prepares consolidated financial statements for the Company and its related parties (the Group) with the presci ibecl r1 :‹dline for issuance by April 30, 2025. Users of Ilix sc financial statements shoul4 view them togctlJur wif) II rz c • i' ‹›Ii‹talcd financial statements of the Group as at mml for the year ended December 31, 20Z4, for the urposo ol mill awning complete information about the financial g‹›M lion, operating results and changes in the finanr.iaI tJosilton of iI u Group as a whole. The method of recognition of investments in equity of subsidiaries is disclosed in note 3, aurl data 4s of investments in subsidiaries Ore disclosed in note 8.
The preparation of financial statements pursuant to the AECounting Law of the Republic of Serbia requires the application of certain critical accounting estimates. II also requires management to exercise its judgment in app/yinB the Company's accounting policies. Areas that require a higher degree oL judgment or greater complexity, or areas where assumptions and estimates are material to fhe financial statements, are disclosed in Note 3.
Accounting basis
These financial statements have been prepared under the historical cost principle, unless the application of fair value is specifically stated. The financial statements are presented in of the Republic of Serbia ("RSD"), which Is also the functional currency of the Company, and all reported numerical values are expressed in thousands of dinars (RSD'000), unless otherwise stated. The principal accounting policies applied in the preparation of these financial statements are disclosed in Note 2.4.
Comparative data are presented in the financial statements for the year ended December 31, 2023.
The financia! statements have been prepared in accordance of the going concern Concept, which implies that the Company shall continue to operate indefinitely period of time for the foreseeable future. In order to determine the validity of this assumption, management analyzes future cash flow projections. Based on the aforementioned analysis, management believes that the Company is capable to continue its business activities in accordance with the going toncern principle and that this principle should be applied in the preparation of these financial statements.
Foreign currency conversion
Functional and display currency
items included in the Group's financial statements are measured and presented in thousand of dinars (RSD). The dinar is the official reporting currency in the Republic of Serbia.
2. Overview of Significant Accounting Policies (Continued)
Z.3. Foreign Currency Conversion (Contl‹1ued) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates ruling at the date of the transaction or at the date of the valuation it the items have been remeasured. Exchange gains and losses arising from the settlement of such transacIiD‹ r al›cf from the translation of monetary assets and liabilities denominated in foreign current:ies at I lie yc ar .url ai‹ ‹ ccog Jised In the income statement, exccpl when lhey ‹.ir' deferred in equity as cash flow hedgt's and Mr›i iiivesfmen I hedges.
Significant accounting policies
Rem estate, plant and equipment
Property, plant and equipment are stated at purchase cost less accumulated depreciation. The purchase price Includes all expenses necessary to put the assef Jo its intended use. This value is increased by the present value oT the estimated cost of land reclamation when there is a Iegal or construction obligation to remove the asset. The related Ilabillty is recognized as a provision for the costs of removing the asset. The accounting treatment of revised estimates of these costs, the time value of money and the discount rates are highlighted in the section on provisions for these costs.
Borrowing costs that are directly attributable to the acquisition or construction of an asset that qualifies for the attribution of borrowing costs are included in the purchase value of the mention assest that qualifies, i.e., one that takes a substantial period of time to prepare for planned use or sale.
Costs incurred for regular and/or periodic repairs and maintenance are recognized directly in the income statement. Costs incurred for the expansion, modernization or improvement of structural elements owned by the Company or used by third parties are capitalized io the level when they meet the conditions to be recognized as a separate asset or part of an asset.
Depreciation is Calculated using the straight-line method using rates that allow the assets to be depreciated over their estimated useful life. When an asset cDnSists of several individually identifiable assets with estimated useful lives that are significantly different from the others, depreciation of those assets is calculated separately.
Overview of Significant Accounting Policies,(Continued)
2.4. Significant Accounting Policies (Continued)
Property, Plant and Equipment (Continued)
E>tim‹ ted r seful life for each category of property, plant and equipm+nt:
Number of years
On the date of preparation of the financial statements, an assessment is \1ade of the existence of any indications of impairment of tangible assets. The Company's assets are stated al a value Ihar does not exceed their recoverable amuunt. If there is an indication that, for the said asset, theru is an imt›airn1ent, the recoverable amount of that asset is estimated in order to determine the amount of the impairment. The carrying amount is reduced to the recoverable amount, and fhe difference is recognized as an expense (loss on impairment of assets) charged to the income statement in the period in which the impairment occurred. The tmpairment loss is reversed if the circumstances that affected the impairment have changed.
Leasing
IFRS 16 defines new or revised requirements for lease accounting, introducing significant changes to the accounting of the lessee by removing the distinction between finance and operating leases and requiring the recognition of an asset representingthe right to use the leased asset and a lease liability at the commencement date for all leases, except for short-term leases and those leases where the lease value is small.
When applying IFRS 16 to leases, the Company recognizes assets representing the right-of-use and lease liabilities in the balancesheet, which are initially measured at the present value of future lease payments, and recognizes depreciation expense on the right-of-use assets and interest expense on the lease liability in the income statement.
Lease previously classified as a finance lease - For lease agreements that are classified as a finance lease in accordance with IAS 17, the carrying amounts of the leased asset on the one hand and the finance lease liabilities on the other hand, determined by applying IAS 17 immediately before the date of initial application of the new standard, are reclassified to the value of the right-of-use assets and the value of the lease liabilities without any adjustments.
2. Overview of significant accounting policies {continued}
2.4. Significant Accounting Policies (continued)
leasing (cantinuedJThe lease liability is initially measured at the nPt present valuP of all future lease payments discounted at the intei est rate included in the lease (the implicit intei est rate ). iI it ‹•umol be readily determined, fhe Company rices its incremental borrowing rate.
Future lease payments, which after discounting are incT‹icI‹°d in the value of the lease liability, Include:
fixed payments (including variable payment s that are essentially fixed) less any lease incentives received variable lease payments, i.e., payments that depend on market indices or rates, which are initially valued on the lease commencement date, using the market index or rate
cost price of the call option if it is reasonably certain that the optio.n will be exercised
penalties for termination of the contract, if it is reasonably likely that the termination option will be exercised.
After initial recognition, the lease liability is increased by accrued interest (using the effective interest rate) and decreased by lease payments made.
Pight-of-use assets are initially measured at cost, which initially consists of the value of the lease liability initially recognized, the amount of prepaid lease payments and deposits given before the lease commencement date, less any lease incentives received from the lessor and less.anyinitial direct costs. The right-of-use asset is subsequently measured at cost less any accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter of the lease term or the useful economic life of the leased asset.
Variable payments that are not index- or rate-linked are not included in the measurement ot the lease liability or right-of-use asset. Such payments are recognized as an expense in the period in which they are incurred.
Company as a lessor
The Company applies a uniform recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for lease payments and the right-of-use, vrhich represents the right to use fixed assets.
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