Financial Report Q2 and 1H 2010

8/22/2019 Financial Report Q2 and 1H 2010

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Report for the second quarter andthe first half of year 2010


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GENERA d.d. REPORT FOR THE SECOND QUARTER AND THE FIRST HALF OF YEAR 2010

2

CONTENTS

I. MANAGEMENT REPORT ...................................................................................................................3II. ABBREVIATED SET OF CONSOLIDATED AND INDIVIDUAL FINANCIAL STATEMENTS .................7Consolidated Balance Sheet as of 30 June 2010 ......................................................................................7Individual Balance Sheet as of 30 June 2010 ............................................................................................8Consolidated Income Statement for the period from 1 January to 30 June 2010 .................................9 Individual Income Statement for the period from 1 January to 30 June 2010 .................................... 10 Consolidated Cash Flow Statement for the period from 1 January to 30 June 2010 ......................... 11Individual Cash Flow Statement for the period from 1 January to 30 June 2010 ............................... 12Consolidated Statement of Changes in Equity for the period from 1 January to 30 June 2010 ....... 13 Individual Statement of Changes in Equity for the period from 1 January to 30 June 2010 ............. 14 III. NOTES WITH UNAUDITED INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMETNSFOR THE SECOND QUARTER AND THE FIRST HALF OF YEAR 2010 ................................................ 15IV. STATEMENT OF THE PERSONS RESPONSIBLE FOR THE PREPARATION OF THE REPORT19


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3

I. MANAGEMENT REPORT

In the period from I-VI 2010, the total profit from sales of Genera Group at the consolidated level

amounts to 96,350 million Kuna, and the operative profit amounts to 8,638 million Kuna. The grossprofit has exceeded the plan by 14% and amounts to 49,996 million Kuna, which is a clear indicator of

an increasing effectiveness in production costs management and a positive influence due to a

reduction in the costs of sold products. The net profit for the same period amounts to 5,460 million

Kuna, and the net profit after the minority interest in Genera Lijekovi, which as of 1 st May 2010

represents a constituent part of the consolidation of Genera Group, amounts to as much as 5,897

million Kuna.

Rationalised consumption measures implemented in the Group members have made a positive impact

on the general and administrative expenses, which have recorded a decrease by 6% in relation to thesame period last year.

Relatively poor results in the first half-year 2010 are an expected consequence of negative external

influences on the operation of the Company. Difficulties in the collection of claims have slowed down

the operation in this period. Besides the said cost saving measures, all activities within the past half-

year were directed to increasing the export to Russia, Iran and Egypt, modernising the production and

preparing the registration files for Croatia's accession to the EU. Systematic adjustment of all

segments of operation with the increasingly rigorous requirements of the European market, the

increase of export and high product quality are recognised by the management board of GeneraGroup as key factors for the success in the upcoming period.

Significant events of the past period

Veterina Ltd., the largest member of the Group, increased its export to foreign markets by as much as

25% in relation to the same period last year. Already in the first half-year of 2010, the production

capacities for biological vaccines have been filled up until the end of the year, and orders have been

contracted with reliable buyers. The production of biological products in the first half-year of 2010 has

increased by 80% in relation to the last year. In the first six months, 30 files for product registration

renewal have been prepared and submitted to drug agencies in the region (Croatia, Slovenia, Bosnia

and Herzegovina, Macedonia), for the production part and the analytical part of the documentation.

The documentation for the registration of seven new products has also been prepared, and nine

variants on the existing products have been applied for. Also, for the purposes of renewal of

registrations of four products in the European Union, the documentation for the preclinical and clinical

part of the file has been adjusted and advanced in line with the guidelines of EU directives. In the field

of pharmacovigilance, i.e. monitoring the side effects of drugs, 40 PSURs (Periodic Safety UpdateReports) have been drawn up in this period, for products in Croatia and on external markets, and the


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setup of the pharmacovigilance system in line with the Croatian and the EU regulations has been

completed.

At the beginning of April 2010, the Management Board of Genera Inc. gave their consent to Veterina

Kalinova Ltd., a member of Genera Group, to initiate the procedure of preparation of registration files

(EU files) for five products. This investment shall enable the said Company to be ready for Croatia's

accession to the EU, and to increase its competitiveness on other markets. The planned investment

shall be financed mostly from own funds, and partly through credit arrangements.

In June 2010, at the fourth session of the Supervisory Board, the acquisition of business shares by

Genera Inc. in Genera Istraivanja Ltd. was discussed, and the consent was granted to the

Management Board of the Company for the acquisition of business shares in Genera Istraivanja. The

consent was also granted to the Management Board to participate in the increase of share capital of

the company, once the business share is acquired. The increased share capital shall amount to a total

of four million Kuna, and all shareholders of Genera Istraivanja shall participate in the increase of

share capital pro rata to the percentage of their business shares in the company. The portfolio of

Genera Istraivanja has about 20 patents and patent applications, among which is the patent on which

the Pfizer agreement is based.

Since Genera Inc. holds 60 percent of Genera Lijekovi Ltd., as of May 2010, this company is a

component part of the consolidation of the Group. The business strategy of Genera Lijekovi is based

on a wide range of high-quality drugs that can be offered at competitive prices. The consumption of

generic drugs in world health systems is increasing, and we estimate that this trend shall keepincreasing in Croatia as well, which shall provide a firm ground for a successful realisation of this

project. In the past period, Genera Lijekovi has obtained the production licence and started to submit

registration files to HALMED, Croatian Agency for Medicinal Products and Medical Devices.

Vitamedera Ltd. is planning to place new products on the Croatian market, although the disinfection

agents still represent a relatively low share in the total profits of the Group. However, a significant

increase of consumption of disinfection agents in Croatia, and a development of this segment in the

future are expected.

On 29thJune 2010, the Shareholders' Meeting of Genera Inc. was held, and the proposed decisions

were adopted without any amendment to their proposed content.

Business events after the expiry of the first half-year

After the Balance Sheet Day, no major business events occurred which could significantly materially

affect business and position of the Company and the Group.


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Description of the most significant risks and uncertainties

The Company and the Group are primarily exposed to financial risks, such as risks of foreign

exchange rate changes, credit risks, liquidity risks and interest rates risks.

The risk of foreign exchange rate changes is a risk of change in the value of financial instruments due

to a change in foreign exchange rates. The Company and the Group are mostly exposed to risks EUR

exchange rate changes. The exchange rate changes may have positive or negative effects on the

operation of Genera Group. Since the Group is oriented to the increase of professional activities, and

since export has an increasing share in the profit of the Group, an invariable Kuna exchange rate is

not favourable for the operation and is also impairing the Group's international competitiveness.

The interest rate risk implies the risk that the interest costs for financial instruments will change during

the period. The Company and the Group have long-term and short-term liabilities under loans subject

to variable interest rates, whereby the Company and the Group are exposed to a price and cash flow

risk.

The credit risk is a risk of default of a party to the agreement, whereby financial loss is incurred to the

other party. The Company and the Group have accepted the policy of doing business exclusively with

creditworthy companies secured by guarantees, which reduces the possibility of financial losses

caused by default. The Company and the Group are not exposed to high credit risks in relation to their

partners or client groups of similar characteristics.

The Company and the Group manage the liquidity risk by providing bank loans and monitoring theanticipated and the actual cash flow, comparing it with the maturity of financial assets and liabilities.

The entire operation of Genera has been harmonised with the management of risks in the field of

health, safety and environmental protection. All activities undertaken in the field of safety at work are

directed at removing or reducing the risk, in line with the national legislation.

The Supervisory Board has approved the financial statements for the period of I-VI 2010. To the best

knowledge of the Management Board, the abbreviated set of financial statements for the second

quarter and the first half-year of 2010, including the notes, contains an accurate overview of thedevelopment, the operation results, and the status of the Company, and of all the companies involved

in the consolidation, and represents a component part hereof.

The financial statement for the period of I-VI 2010 shall be available at the Genera premises and at

the Zagreb Stock Exchange, and shall be published to the general public through HINA.

After the date of the balance sheet, no significant business events have arisen, such as might

materially affect the business and the situation of the Company and the Group.


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6

Ivan Drpi

Chairman of the Management Board

Ana Hanekoviorak

Member of the Management Board


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7

II. ABBREVIATED SET OF CONSOLIDATED AND INDIVIDUAL FINANCIALSTATEMENTS

Consolidated Balance Sheet as of 30 June 2010

as of

AOP Previous period Current period

2 3 4

001

002 98.051 107.420

003 1.834 5.698

004 95.825 92.969

005 181 8.542

006 0 0

007 211 211

008 151.463 161.076

009 53.047 49.706010 81.435 95.967

011 1.702 0

012 15.279 15.404

013 43 41

014 0 0

015 249.557 268.538

016

017 166.598 170.411

018 184.486 184.486

019 0

020 4.484 3.949

021 0

022 0 1.493

023 21.765 23.886

024 5.897025 606

026 0 -1.527

027 682 682

028 31.410 35.320

029 50.360 61.357

030 506 767

031 249.557 268.538

032

033 166.598 171.938

034 -1.527

CONSOLIDATED BALANCE SHEET30.6.2010

thousands HRK

Position

1

ASSETS

A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL

B) NON-CURRENT ASSETS

I. INTANGIBLE ASSETS

II. PROPERTY, PLANT AND EQUIPMENT

III. NON-CURRENT FINANCIAL ASSETS

IV. RECEIVABLES

V. DEFERRED TAX ASSET

C) CURRENT ASSETS

I. INVENTORIESII. RECEIVABLES

III. CURRENT FINANCIAL ASSETS

IV. CASH AND CASH EQUIVALENTS

D) PREPAYMENTS AND ACCRUED INCOME

E) LOSS ABOVE SUBSCRIBED CAPITAL

F) TOTAL ASSETS

G) OFF BALANCE SHEET ITEMS

EQUITY AND LIABILITIES

A) ISSUED CAPITAL AND RESERVES

I. SUBSCRIBED SHARE CAPITAL

II. CAPITAL RESERVES

III.LEGAL RESERVES

IV. REVALUATION RESERVES

V. RETAINED EARNINGS

VI. LOSS CARRIED FORWARD

VII. NET PROFIT FOR THE PERIODVIII. LOSS FOR THE PERIOD

IX. MINORITY INTEREST

B) PROVISIONS

C) NON-CURRENT LIABILITIES

D) CURRENT LIABILITIES

E) ACCRUED EXPENSES AND DEFERRED INCOME

F) TOTAL EQUITY AND LIABILITIES


ADDITION TO BALANCE SHEET (only for consolidated financial statements)

ISSUED CAPITAL AND RESERVES

1. Attributable to majority owners

2. Attributable to minority interest


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Individual Balance Sheet as of 30 June 2010

as of

AOP Previous period Current period

2 3 4

001

002 195.630 198.945

003 1.206 1.024

004 91.399 86.522

005 103.023 111.396

006 0 0

007 2 2

008 25.317 23.633

009 12 5

010 21.139 20.805

011 3.202 1.400

012 965 1.424

013 0 37

014 0 0

015 220.948 222.615

016

017 169.753 169.595

018 184.486 184.486

019

020 4.484 3.949

021

022

023 20.967 19.217

024 1.750 377

025

026

027 12 12

028 31.410 34.233029 19.114 18.077

030 658 697

031 220.948 222.615

032

033 169.753 169.595

034

ADDITION TO BALANCE SHEET (only for consolidated financial statements)

ISSUED CAPITAL AND RESERVES

1. Attributable to majority owners

2. Attributable to minority interest

D) CURRENT LIABILITIES

E) ACCRUED EXPENSES AND DEFERRED INCOME

F) TOTAL EQUITY AND LIABILITIES


VIII. LOSS FOR THE PERIOD

IX. MINORITY INTEREST

B) PROVISIONS

C) NON-CURRENT LIABILITIES

IV. REVALUATION RESERVES

V. RETAINED EARNINGS

VI. LOSS CARRIED FORWARD

VII. NET PROFIT FOR THE PERIOD

A) ISSUED CAPITAL AND RESERVES

I. SUBSCRIBED SHARE CAPITAL

II. CAPITAL RESERVES

III.LEGAL RESERVES

E) LOSS ABOVE SUBSCRIBED CAPITAL

F) TOTAL ASSETS


EQUITY AND LIABILITIES

II. RECEIVABLES

III. CURRENT FINANCIAL ASSETS

IV. CASH AND CASH EQUIVALENTS

D) PREPAYMENTS AND ACCRUED INCOME

IV. RECEIVABLES

V. DEFERRED TAX ASSET

C) CURRENT ASSETS

I. INVENTORIES

B) NON-CURRENT ASSETS

I. INTANGIBLE ASSETS

II. PROPERTY, PLANT AND EQUIPMENT

III. NON-CURRENT FINANCIAL ASSETS

Position

1

ASSETS

A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL

BALANCE SHEET30.6.2010

thousands HRK


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9

Consolidated Income Statement for the period from 1 January to 30 June 2010

1.1.2010 to

AOPoznaka

Cummulative Periodical Cummulative Periodical

2 3 4 5 6

035 105.669 58.156 97.874 56.944

036 103.337 57.629 96.350 56.119

037

038 2.332 527 1.524 825

039 93.764 49.894 89.227 48.451

040 3.305 4.019 4.001

041 945

042 49.526 26.992 38.214 18.173

043 24.035 11.583 24.963 12.935

044 6.726 3.364 6.517 3.312

045 3.662 659 12.170 5.467

046 47 47

047

048 6.463 3.230 8.308 4.563

049 2.350 1.051 1.048 659

050

051 2.350 1.051 1.048 659

052

053

054

055 3.628 1.622 2.314 1.264

056

057 3.628 1.622 2.314 1.264

058

059

060

061

062 108.019 59.207 98.922 57.603

063 97.392 51.516 91.541 49.715

064 10.627 7.691 7.381 7.888

065

066 2.472 1.591 1.922 1.290

067 8.155 6.100 5.459 6.598

068 0 0

069 8.155 6.100 5.897 7.035

070

071

072 437 437XVII.* LOSS ATTRIBUTABLE TO MINORITY INTEREST

ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated financial statements)

XIV.* NET PROFIT ATTRIBUTABLE TO MAJORITY OWNERS

XV.* NET PROFIT ATTRIBUTABLE TO MINORITY INTEREST

XVI.* LOSS ATTRIBUTABLE TO MAJORITY OWNERS

X. LOSS BEFORE TAXES

XI. TAXATION

XII. NET PROFIT FOR THE PERIOD

XIII. LOSS FOR THE PERIOD

VI. EXTRAORDINARY - OTHER EXPENSES

VII. TOTAL INCOME

VIII. TOTAL EXPENSES

IX. PROFIT BEFORE TAXES

2. Interest, foreign exchange differences and similar expenses from third parties 3. Unrealised losses (expenses) from financial assets 4. Other financial expensesV. EXTRAORDINARY - OTHER INCOME

4. Unrealised gains (income) 5. Other financial incomeIV. FINANCIAL EXPENSES

1. Interest, foreign exchange differences and similar expenses from subsidiaries

III. FINANCIAL INCOME

1. Interest, foreign exchange differences, dividens and similar income from subsidiaries 2. Interest, foreign exchange differences, dividens and similar income from third parties 3. Income form investments in associates and joint ventures

6. Other expenses 7. Write down of assets 8. Provisions 9. Other operating costs

2. Increase of work in progress and merchandise 3. Material expenses 4. Employee benefits expenses 5. Depreciation and amortisation

2. Income from usage of own products, merchandise and services 3. Other operating incomeII. OPERATING COSTS

1. Decrease of work in progress and merchandise

1

I. OPERATING INCOME

1. Rendering of services

Position Previous period Current period

CONSOLIDATED PROFIT AND LOSS STATEMENT

for peroid 30.6.2010thousands HRK


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Individual Income Statement for the period from 1 January to 30 June 2010

1.1.2010 to

AOPoznaka

Cummulative Periodical Cummulative Periodical

2 3 4 5 6

035 20.963 8.901 16.925 8.140

036 15.205 7.435 16.915 8.134

037

038 5.758 1.466 10 6

039 20.714 8.637 16.029 7.829

040

041

042 5.113 1.381 3.053 1.229

043 5.548 1.795 4.145 2.296

044 6.702 3.355 6.360 3.159

045 3.340 2.106 2.434 1.146

046

047

048 11 37

049 1.631 803 724 419

050 4 3

051 1.631 803 721 416

052

053

054

055 3.607 2.007 1.243 640

056 1

057 2.697 1.097 1.242 640

058 910 910

059

060

061

062 22.594 9.704 17.649 8.559

063 24.321 10.644 17.272 8.469

064 377 90

065 1.727 940

066

067 377 90

068 1.727 940

069 377 90

070

071 1.727 940

072XVII.* LOSS ATTRIBUTABLE TO MINORITY INTEREST

ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated financial statements)

XIV.* NET PROFIT ATTRIBUTABLE TO MAJORITY OWNERS

XV.* NET PROFIT ATTRIBUTABLE TO MINORITY INTEREST

XVI.* LOSS ATTRIBUTABLE TO MAJORITY OWNERS

X. LOSS BEFORE TAXES

XI. TAXATION

XII. NET PROFIT FOR THE PERIOD

XIII. LOSS FOR THE PERIOD

VI. EXTRAORDINARY - OTHER EXPENSES

VII. TOTAL INCOME

VIII. TOTAL EXPENSES

IX. PROFIT BEFORE TAXES

2. Interest, foreign exchange differences and similar expenses from third parties 3. Unrealised losses (expenses) from financial assets 4. Other financial expensesV. EXTRAORDINARY - OTHER INCOME

4. Unrealised gains (income) 5. Other financial incomeIV. FINANCIAL EXPENSES

1. Interest, foreign exchange differences and similar expenses from subsidiaries

III. FINANCIAL INCOME

1. Interest, foreign exchange differences, dividens and similar income from subsidiaries 2. Interest, foreign exchange differences, dividens and similar income from third parties 3. Income form investments in associates and joint ventures

6. Other expenses 7. Write down of assets 8. Provisions 9. Other operating costs

2. Increase of work in progress and merchandise 3. Material expenses 4. Employee benefits expenses 5. Depreciation and amortisation

2. Income from usage of own products, merchandise and services 3. Other operating incomeII. OPERATING COSTS

1. Decrease of work in progress and merchandise

1

I. OPERATING INCOME

1. Rendering of services

Position Previous period Current period

PROFIT AND LOSS STATEMENT

for period 30.6.2010thousands HRK


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Consolidated Cash Flow Statement for the period from 1 January to 30 June 2010

1.1.2010 to

AOPoznaka

Previous period Current period

2 3 4

073 10.627 7.381

074 6.726 6.515

075

076

077 6.839 3.341

078 263

079 24.192 17.500

080 21.211 592

081 17.446 14.531082

083

084 38.657 15.123

085 2.377

086 14.465

087 4

088

089 30 20

090

091 316

092 30 340

093 2.142 6.055

094 8.000

095 1.866096 2.142 15.922

097

098 2.112 15.582

099

100 23.995 31.271

101

102 23.995 31.271

103 4.975 16.294

104

105

106 300 535

107 1.111

108 5.275 17.940

109 18.720 13.331

110

111 2.143 125

112

113 12.912 15.279

114 2.143 125

115

116 15.055 15.404

CONSOLIDATED CASH FLOW STATEMENT - Indirect method

period 30.6.2010thousands HRK

Position

1

CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 2. Depreciation and amortisation 3. Increase of current liabilities 4. Decrease of current receivables 5.Decrease of inventories 6. Other cash flow increasesI. Total increase of cash flow from operating activities

1. Decrease of current liabilities

2. Increase of current receivables 3. Increase of inventories 4. Other cash flow decreasesII. Total decrease of cash flow from operating activities

A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES

A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES

1. Proceeds from sale of non-current assets 2. Proceeds from sale of non-current financial assets 3. Interest received 4. Dividend received 5. Other proceeds from investing activitiesIII. Total cash inflows from investing activities

1. Purchase of non-current assets 2. Purchase of non-current financial assets

3. Other cash outflows from investing activitiesIV. Total cash outflows from investing activities

B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES

B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

1. Proceeds from issue of equity securities and debt securities 2. Proceeds from loans and borrowings 3. Other proceeds from financing activitiesV. Total cash inflows from financing activities

1. Repayment of loans and bonds 2. Dividends paid 3. Repayment of finance lease 4. Purchase of treasury shares 5. Other cash outflows from financing activitiesVI. Total cash outflows from financing activities

C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES

C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES

Decrease of cash and cash equivalentsCash and cash equivalents at the end of period

Total increases of cash flowsTotal decreases of cash flowsCash and cash equivalents at the beginning of periodIncrease of cash and cash equivalents


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Individual Cash Flow Statement for the period from 1 January to 30 June 2010

1.1.2010 to

AOPoznaka

Previous period Current period

2 3 4

073 -1.727 377

074 6.702 6.360

075

076 58.162 334

077 52.251 7

078 2

079 115.388 7.079

080 42.546 1.219

081082

083

084 42.546 1.219

085 72.842 5.860

086

087 4

088

089 45 5

090

091 115 2.122

092 160 2.131

093 1.656 1.629

094 101.738 8.000

095 373096 103.394 10.002

097

098 103.234 7.871

099

100 23.995 9.875

101

102 23.995 9.875

103 4.975 6.870

104

105

106 300 535

107

108 5.275 7.405

109 18.720 2.470

110

111 459

112 11.672

113 12.641 965

114 459

115 11.672

116 969 1.424

Decrease of cash and cash equivalentsCash and cash equivalents at the end of period

Total increases of cash flowsTotal decreases of cash flowsCash and cash equivalents at the beginning of periodIncrease of cash and cash equivalents

5. Other cash outflows from financing activitiesVI. Total cash outflows from financing activities

C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES

C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES

1. Repayment of loans and bonds 2. Dividends paid 3. Repayment of finance lease 4. Purchase of treasury shares

1. Proceeds from issue of equity securities and debt securities 2. Proceeds from loans and borrowings 3. Other proceeds from financing activitiesV. Total cash inflows from financing activities

IV. Total cash outflows from investing activities

B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES

B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

III. Total cash inflows from investing activities

1. Purchase of non-current assets 2. Purchase of non-current financial assets

3. Other cash outflows from investing activities

2. Proceeds from sale of non-current financial assets 3. Interest received 4. Dividend received 5. Other proceeds from investing activities

A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES

A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES

1. Proceeds from sale of non-current assets

2. Increase of current receivables 3. Increase of inventories 4. Other cash flow decreasesII. Total decrease of cash flow from operating activities

5.Decrease of inventories 6. Other cash flow increasesI. Total increase of cash flow from operating activities

1. Decrease of current liabilities

1. Profit before tax 2. Depreciation and amortisation 3. Increase of current liabilities 4. Decrease of current receivables

Position

1

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOW STATEMENT - Indirect method

period 30.6.2010thousands HRK


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13

Consolidated Statement of Changes in Equity for the period from 1 January to 30 June2010

from 1.1.2010 to 30.6.2010

AOP Previous p eriod Increase Decrease Current period

231.12. previous

year3 4

117 184.486 184.486

118 0 0

119 4.484 535 3.949

120 -21.769 1.493 2.117 -22.393

121 -606 5.897 -606 5.897

122 0

123 0

124 0

125 0

126 4 4 0

127 0

128 0

129 0

130 0

131 0 -1.527 -1.527

132 166.598 5.863 2.050 170.411

133 166.598 7.390 2.050 171.938

134 0 -1.527 -1.527

14.Change of prior period error

15.Other changes in equity

16.Total increase or decrease of equity

12. Hedging

13.Change of accounting policies

16a. Attributable to majority owners

16b. Attributable to minority interest

8. Revaluation of available for sale financial assets

9. Other revaluation

10. Foreign exchange differences from investments abroad

11. Current and deferred taxes (part)

4. Retained earnings or loss carried forward

5.Net profit (loss) for the period

6. Revaluation of property, plant and equipment

7. Revaluation of intangible assets

1. Subscribed share capital

2. Capital reserves

3. Net income reserves

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

thousands HRK

Position


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14

Individual Statement of Changes in Equity for the period from 1 January to 30June 2010

from 1.1.2010 to 30.6.2010

AOP Prev ious p eriod In crease Decrease Current period

231.12. previous

year3 4

117 184.486 184.486

118 0

119 4.484 535 3.949

120 -20.967 1.750 -19.217

121 1.750 377 1.750 377

122 0

123 0124 0

125 0

126 0

127 0

128 0

129 0

130 0

131 0

132 169.753 2.127 2.285 169.595

133 169.753 2.127 2.285 169.595

134

14.Change of prior period error

15.Other changes in equity

16.Total increase or decrease of equity

12. Hedging

13.Change of accounting policies

16a. Attributable to majority owners

16b. Attributable to minority interest

8. Revaluation of available for sale financial assets

9. Other revaluation

10. Foreign exchange differences from investments abroad

11. Current and deferred taxes (part)

4. Retained earnings or loss carried forward

5.Net profit (loss) for the period

6. Revaluation of property, plant and equipment

7. Revaluation of intangible assets

1. Subscribed share capital

2. Capital reserves

3. Net income reserves

thousands HRK

STATEMENT OF CHANGES IN EQUITY

Position


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III. NOTES WITH UNAUDITED INDIVIDUAL AND CONSOLIDATED FINANCIALSTATEMETNS FOR THE SECOND QUARTER AND THE FIRST HALF OFYEAR 2010

NOTE 1 Basic preparations

1.1. Statement of conformity

These abbreviated quarterly (second quarter) and half-year (first half-year) non-audited

individual and consolidated financial statements for the period which ended on 30thJune 2010

do not include all data which have to be disclosed in the annual financial statements, therefore

they have to be reviewed together with the audited individual and consolidated financialstatements of the Company and the Group as on and for the year which ended on 31 stMarch

2010.

1.2. Basis for the preparation of the statements

The accounting policies used by the Company and the Group when preparing these abbreviated

non-audited individual and consolidated financial statements for the period of the second quarter

which ended on 30th June 2010 are in compliance with the accounting policies used by the

Company and the Group when preparing the audited individual and consolidated financial

statements as on, and for the year which ended on, 31st December 2009. These financial

statements have been prepared under the assumption of an unlimited period of business

operations.

1.3. Affiliated companies

On 30thJune 2010, the affiliated companies are:

- Veterina Ltd., Croatia,

- Veterina Kalinova Ltd., Croatia,

- Veterina Nutricius Ltd., Croatia,

- Vitamedera Ltd., Croatia,

- Veterina Usluge Ltd., Croatia,

- Genera Lijekovi Ltd., Croatia,

-

Genera Analitika Ltd., Croatia,- Veterina Plus Ltd. , Slovenia,


16/19


16

NOTE 2 Fixed tangible and intangible assets

In the second quarter, investments into the fixed tangible and intangible assets for the Company

amount to 615 thousand Kuna, and for the Group to 2,548 thousand Kuna.

NOTE 3 Fixed financial assets investments of the Company into affiliated companies

HRK'000 31stDecember 31stJune

Investments into affiliatedcompanies

2009 2010

Veterina Plus Ltd., Ljubljana 74 74

Veterina Ltd., Kalinovica 55,459 55,459

Veterina Kalinova Ltd., Kaliovica 31,545 31,545

Veterina Nutricius Ltd., Kalinovica 12,755 12,755

Vitamedera Ltd., Kalinovica 2,969 2,969

Veterina usluge Ltd., Kalinovica 20 20

Genera Analitika Ltd., Kalinovica 20 20

Genera Lijekovi Ltd., Kalinovica 2 12

Total 102,844 102,852

NOTE 4 Current assets and short-term liabilities

In the first half-year, the consolidated claims have increased by more than 17.8%, and at the

end of the period they amount to 95,967 thousand Kuna. Additionally, the short-term liabilities at

the consolidated level have increased by more than 20%, and at the end of the period they

amount to 61,357 thousand Kuna. The collection of claims and the payment of liabilities have

been performed within the planned dynamics.


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17

NOTE 5 Capital and reserves

On 30th June 2010, the registered and paid up capital amounts to 184,486 thousand Kuna

(2009: 184,486 thousand Kuna). The share capital consists of 1,844,860 ordinary shares.

In the first half-year, the Company acquired 8,865 shares, constituting 0.48% of the Company's

share capital. On 30thJune 2010, the Company totally holds 59,277 own shares (2009: 18,121

shares).

At the regular Shareholders' Meeting of the Company, held on 29/06/2010, the decision on the

allocation of profits for 2009 was adopted. The Company's profit realised from operations in

2009, amounting to 1,750 thousand Kuna, is used for the coverage of the loss carried forward

from the preceding period.

NOTE 6 Long-term and short-term loans

On 30thJune 2010, the Company had long-term liabilities under bank loans in the total amount

of 34,233 thousand Kuna, of which the current maturity of long-term liabilities amounts to 3,221

thousand Kuna. On the same day, the Company had liabilities under short-term loans in the

amount of 17,032 thousand Kuna. The amount of long-term loans for the Group amounts to

35,320 thousand Kuna. The short-term loans for the Group amount to 30,393 thousand Kuna.

NOTE 7 Financial status of affiliated companies

The following overview contains the basic financial indicators realised in the second quarter and

the first half-year of 2010, which show the financial position of the affiliated companies. We

expect the continuance of stable business operations in the following period.


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18

The financial status of the affiliated companies for the period from 01/04/2010 to 30/06/2010

HRK'00 Veterina Kalinova Nutricius Vitamedera Plus Usluge Genera

Total income 28,804 16,558 11,110 3,056 437 3,564 2

Costs of sold

products

16,234 6,766 8,055 2,014 6 1,289 465

Gross profit 12,570 9,791 3,054 1,042 430 2,275 -463

Other business

expenditures

9,885 4,186 2,177 1,003 425 2,252 598

Operating profit 2,685 5,605 877 39 6 23 -1,061

The financial status of the affiliated companies for the period from 01/01/2010 to 30/06/2010

HRK'00 Veterina Kalinova Nutricius Vitamedera Plus Usluge Genera

Total income 45,067 26,771 21,921 6,224 639 6,976 2

Costs of sold

products

27,206 11,553 15,713 4,060 6 2,089 465

Gross profit 17,861 15,218 6,208 2,164 633 4,886 -463

Other business

expenditures

18,700 7,500 4,400 1,956 819 4,791 598

Operating profit -840 7,718 1,808 208 -186 96 -1,061


19/19


IV. STATEMENT OF THE PERSONS RESPONSIBLE FOR THE PREPARATION OFTHE REPORT

To the best of my knowledge, the management report as well as the abbreviated set of no-

audited individual and consolidated financial statements for the first quarter of 2010 have beenprepared by applying international standards for financial reporting, and gives a complete and

accurate overview of assets and liabilities, losses and profits, the financial status and business

operations of the Company and the companies included in the consolidation as a whole.

Janko tefanek

Finance and Corporate Integrations Director

Genera Inc.

Klaudija Krianec

Head of AccountingVeterina Usluge Ltd.

Financial Report Q2 and 1H 2010

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