Annual Report 2011

CONTENTS

1. Letter to Shareholders

2. Brief History

3. Organization Structure 3.1 Organization Structure - Energoprojekt Group 3.2 Organization Structure - Energoprojekt Holding

4. Main Business Activities

5. Markets

6. Selected References 6.1 Power 6.2 Buildings 6.3 Infrastructure 6.4 Water - ecology 6.5 Industry 6.6 Information Technologies

7. Financial Highlights

8. Financial Report 8.1 Auditors Report 8.2 Balance Sheet 8.3 Income Statement LETTER TO SHAREHOLDERS Dear Sirs/Madams, Business operations of the Energoprojekt Group have been successful in spite of diffi culties - negative effects of the economic crisis in the world, in Europe and especially in the Republic of Serbia. In 2011, Energoprojekt Group realized the consolidated total revenue amounting to 235.8 million euros representing 99% plan realization and 3.1% growth compared to the previous year. 62% of the total revenue were realized abroad and 38% were realized domestically. The most important market share in realized total revenue for 2011 was that of the region of Serbia with 38%, followed by the CIS (Kazakhstan, Russia) with 23%, the region of Africe (Uganda, Nigeria, Ghana, Zambia, Algeria, Zimbabwe, Guinea) with 16%, the region of Middle East (Qatar, Abu Dhabi, Oman, Dubai) with 13%, the region of South America (Peru) with 9% and the region of Europe (B&H – Republic of Srpska, Montenegro, Macedonia, Grat Britain, Germany, Cyprus) with 1%. Energoprojekt Group has realized the consolidated gross profi ts of 5.6 million euros. The value of newly contracted business arrangements is 236.9 million euros: 107.6 million euros (45%) in the country and 129,3 million euros (55%) abroad. We consider this to be a good result in the existing conditions of business operations and performed fi nancial consolidation of the system. The most important contracts that have been fully or partially realized in the course of 2011 are: Rehabililtation and modernization of Unit B2 of the TPP Kostolac B, Kostolac, Serbia New energy supply system of the Clinical Center Niš, Niš, Serbia Construction of two DC TL 330kV, 2x240km, Nigeria Construction of a new sulphuric acid plant and reconstruction of the fl ash smelter in CMSC (Copper Mining & Smelting Complex) Bor, Bor, Serbia

1.0 Annual Report 2011 | Letter to Shareholders In 2011, Energoprojekt Group realized the consolidated total revenue amounting to 235.8 million euros representing 99% plan realization and 3.1% growth compared to the previous year. 62% of the total revenue were realized abroad and 38% were realized domestically.

Design and construction of a wine producing plant and villas, Saryagash, Kazakhstan Design and construction of a hotel at Aktau, Republic of Kazakhstan Construction of a cash processing center of the Bank of Ghana, Accra, Ghana Rehabilitation and reconstruction of 51 km of the road in the region of Alto Peru, Peru Consultancy services on the project of construction of the power transmission and distribution system in the northern emirates of the UAE Design and construction supervision of the Ourkiss dam project, Algeria Consultancy services and supervision of the fi rst phase of the irrigation and hydroelectric project Alto Piura, Peru At the end of 2011, in the Energoprojekt Group, there were 319 million euro worth contracted business operations left for realization (120 million euros in the country; 199 million euros abroad). Realized results make the market position of the Energoprojekt Group stable and along with organizational changes in compliance with the new Law on Companies and weakening of the global crisis, give the potential for the income and profi ts growth in the future. Energoprojekt Holding plc. is a joint stock company whose shares have been on the A list of the Belgrade Stock Exchange since July 2007, together with only four more companies. According to degree of realized trading, the shares of Energoprojekt Holding plc. are among the most liquid shares on the Serbian fi nancial market. On 31.12.2011 the market value of one share was RSD 392.00, which is a signifi cant fall if compared with the beginning of 2011. The reasons for the fall lie in the eff ects of the economic crisis in the euro zone and the deepening crisis in the Republic of Serbia as the business results of Energoprojekt at the end of 2011 and in the course of the year were in accordance with the plan and in certain important segments they were even better than planned. Consolidated fi nancial reports presented in this Annual Report truly and objectively show the fi nancial state of the Energoprojekt Group in all important material points. All reports are made in compliance with current accounting regulations and policies in the Republic of Serbia. Respecting the principles of transparency, independence, accuracy and completeness, these reports give complete, accurate and sincere details to all interested parties (shareholders, clients, business partners and others). Finally, we would like to thank all our business partners, clients and emplyees in the fi rst place, without whose loyalty, knowledge, ideas and creativity the realization of all mentioned activities and plans would not be possible.

Vladimir Milovanović Ivar Bergerg CEO President of the Supervisory Board

Annual Report 2011 | Letter to Shareholders 1.1 A Brief History Energoprojekt was founded in 1951 in Belgrade, the capital of former SFRY, as a state owned company to provide design and consultancy services within hydro and thermal power generation and water management (irrigation, land reclamation, water processing etc.).

During its long and successful history, Energoprojekt extended its business activities to the ﬁ elds of: power generation, transmission and distribution, urban planning, buildings construction, infrastructure, water management and environmental protection, industry and information technologies.

Through its 61 years of business operations, Energoprojekt has evolved into a complex business entity, integrating today 10 internationally active and sophisticated companies in Serbia and over 20 subsidiaries and joint venture companies worldwide, oﬀ ering a wide range of consulting, engineering and contracting services.

ENERGOPROJEKT GROUP is presently operating in more then 20 countries around the world, with an average annual turnover of around USD 300 million and annual contracts exceeding USD 500 million.

Today ENERGOPROJEKT GROUP is the largest Serbian contractor capable of executing complex projects. Energoprojekt is the only company in the region listed in the renowned American magazine “Engineering News Record“ lists: “The Top 200 International Design Firms” and “The Top 225 International Contractors”.

2.0 Annual Report 2011 | A Brief History ENERGOPROJEKT GROUP manpower of 2,318 represents its basic creative force. The renowned pro- fessionalism of its 1,000 fully qualiﬁ ed, skilled and experienced engineers and other highly specialized experts, enable ENERGO- PROJEKT GROUP to retain its position as one of the most prominent and trusted groups around the world.

During six decades, ENERGOPROJEKT GROUP designed and developed complex projects in more than 70 countries worldwide. The following list is a brief summary of relevant projects.

Fifty hydro power plants of various types and capacities; Thirty-four thermal power plants (oil, gas or lignite fi red) of various types and capacities (with a unit capacity up to 600 MW); Fifteen industrial power plants; Twenty heating plants and thirty-four district heating systems; Over two hundred power transmission and distribution substations (voltage levels up to 400 kV); Several thousand kilometers of overhead transmission and cable lines (voltage levels up to 400 kV); Over fi fty projects of rural and urban electrifi cation; Fifteen water management plants and basin developments; Forty complex land improvement systems; Over thirty water management and river fl ood control projects; About fi fty municipal and industrial water supply and sewage systems; Multiple infrastructure projects (underground structures, tunnels, roads, runways etc.); Over 200 designed and nearly 70 constructed industrial plants (oil and coal processing, ferrous and non-ferrous metallurgy, metalwork’s, chemical and pharmaceutical industry, building materials, textile and leather, wood and paper, food etc.); One hundred public buildings; Ten conference centers; Several hundreds of housing projects, hospitals, health centers, tourist and sports facilities; Heating, cooling and air-conditioning installations for a/m projects; Interior design and furnishing for a/m projects; Information systems and technologies for a/m projects.

Annual Report 2011 | A Brief History 2.1 Energoprojekt Group Structure

ENERGOPROJEKT GROUP

ENERGOPROJEKT HOLDING

Subsidiaries in which Companies in which COMPANIES, REPRESENTATIVE & Energoprojekt Holding Companies from BRANCH OFFICES IN THE WORLD has majority ownership Energoprojekt Group have signifi cant • Encom GmbH ownership Germany • INEC Engineering Co. Ltd. Energoprojekt Energoplast United Kingdom Hidroinženjering • ZAHINOS Ltd. Cyprus • Energoprojekt Representative Offi ce Energoprojekt Energopet Russia Urbanizam i arhitektura • Energoprojekt Representative Offi ce Kazakhstan • Energoprojekt - Montenegro d.o.o. Energoprojekt Enjub Montenegro Entel • Energodata - Montenegro d.o.o. Montenegro • ENHISA S.A. Energoprojekt Peru Industrija • ENLISA S.A. Peru • Energoprojekt Entel Oman L.L.C. Energoprojekt Oman Visokogradnja • Energoprojekt Entel L.L.C. Qatar • Energo Consult L.L.C. Energoprojekt Abu Dhabi Niskogradnja • ECO MEP Technology Dubai • Energo Nigeria Ltd. Energoprojekt Nigeria Oprema • ZECCO Ltd. Zambia • Energo Uganda Co. Ltd. Energoprojekt Uganda Energodata • Energoprojekt Holding Guinee SA Guinea • Energo Private Ltd. Energoprojekt Zimbabwe Garant • Energoprojekt Ghana Ltd. Ghana • United Consulting Co. Botswana • Nana off Shore 3.0 Annual Report 2011 | Organization Structure Lebanon SUPERVISORY BOARD

Ivar Berger Milun Trivunac Dragan Aleksić President Independent Member Member

Jovan Šerbanović Slobodan Jovanović Aleksandar Glišić Vladimir Sekulić Member Member Member Member

Energoprojekt Holding Organization structure

SHAREHOLDERS ASSEMBLY

SUPERVISORY BOARD AUDITING COMMISSION SECRETARY Energoprojekt Holding plc. INNER SUPERVISION

ADVISORS TO CEO CEO BOARD FOR MANAGEMENT SYSTEMS Executive Board of EP HOLDING

DIRECTORS’ EXECUTIVE BOARD OF EP GROUP COLEGIUM CEO, ED of EP Holding plc. CEO and Directors and Directors of Subsidiaries of Subsidiaries

SUBSIDIARIES

EXECUTIVE EXECUTIVE EXECUTIVE EXECUTIVE REGIONS DIRECTOR DIRECTOR DIRECTOR DIRECTOR Foreign Compa- REGIONS Finance Legal Aff airs Real Estate Corporate Projects nies, Represen- Foreign Companies, Accounting Development tative Offices, Representative Offi ces, & Planning & Quality Branch Offices Branch Offi ces

Line of management Line of communication

Annual Report 2011 | Organization Structure 3.1 4.0 Annual Report 2011 | Main Business Activities MAIN BUSINESS ACTIVITIES

In six decades, Energoprojekt developed and extended its basic business activities to include today: preparation of studies and analyses; research and development; consulting and engineering; design; plant and equipment procurement and installation; construction; commissioning; project management as well as project execution on “turnkey“ basis.

As a reliable, eﬃ cient and creative partner, ENERGOPROJEKT combines an extensive understanding of speciﬁ c technologies and local conditions with international operational experience. This makes a strong base for a comprehensive set of consultancy and engineering services to be provided to our clients.

Annual Report 2011 | Main Business Activities 4.1 *

Energorpojekt Group Services by Field of Activity Energoprojekt Group main business activities are as follow:

Name Services Field of Activity

Subsidiaries: 4 design companies (Hidroinzenjering, Urban- Energoprojekt Corporate legal, ﬁ nance, development, mar- izam i arhitektura, Entel and Industrija) 3 construction compa- Holding keting and internal auditing services. nies (Visokogradnja, Niskogradnja and Oprema), Energodata and Garant.

Power: Hydro - power generation Energoprojekt Design, consulting, engineering, project Water - environmental protection: water management, ir- Hidroinženjering development and project management rigation, land reclamation, drainage, potable and waste water processing and water supply and sewage systems

Energoprojekt Buildings design: public, administrative and commercial- Design, consulting, engineering, project Urbanizam i buildings, conference centers, hospitals and health centers, development and project management arhitektura tourist and sport centers and facilities, residential buildings

Energoprojekt Design, consulting, engineering, project Power, Thermal power generation, transmission and distribu- Entel development and project management tion, telecommunication facilities and systems

Industry: Industrial plants and facilities (chemical, petro- Energoprojekt Design, consulting and engineering, project chemical, pharmaceutical, tobacco, wood, food etc.), indus- Industrija development and project management trial power plants, industrial and thermal technologies, gas transport and handling.

4.2 Annual Report 2011 | Main Business Activities Name Services Field of Activity

Buildings construction: administrative, commercial and resi- Energoprojekt Engineering, construction, equipment pro- dential buildings; conference centers, hospitals and health cen- Visokogradnja curement and installation, commissioning ters, tourist and sport centers; industrial, thermal-power and special purpose facilities

Infrastructure: dams, aquaducts, water tunnels, irrigation sys- Geological research, engineering, construc- Energoprojekt tems, water supply and sewage systems, highways and roads, tion, equipment and plant procurement and Niskogradnja tunnels, railway and metro stations, public utilities, industrial installation, commissioning and hydro-technical equipment and plant

Power: thermal power generation, transmission and distribution, Engineering, construction, equipment and Energoprojekt Water - environmental protection: potable and waste water plant procurement and installation, commis- Oprema processing, water and sewage systems, sioning, project management Industry: industrial facilities and plants, MEP services and BMS for various types of buildings

Information technologies: multidisciplinary information sys- Energoprojekt Development, design, engineering, imple- tems, software and hardware solutionsGraphic engineering; Energodata mentation, commissioning and maintenance video production

Energoprojekt Insurance All lines of property and casualty insurance Garant

Annual Report 2011 | Main Business Activities 4.3 MARKETS CURRENT & PASSED

RUSSIA UZBEKISTAN KAZAKHSTAN

ICELAND

ENGLAND IRELAND

GERMANY

MONTENEGRO

CYPRUS

ALGERIA

LIBYA BAHRAIN GUINEA OMAN GHANA DUBAI NIGERIA ABU DHABI IRAQ QATAR IRAN JORDAN ETHIOPIA PERU UGANDA

ZAMBIA ZIMBABWE BOTSWANA

LEGEND ARGENTINA - COMPANIES ABROAD - PROJECTS - REPRESENTATIVE OFFICES - BRANCH OFFICES

SUBSIDIARIES IN SERBIA; FOREIGN COMPANIES, REPRESENTATIVE AND BRANCH OFFICES WORLDWIDE

5.0 Annual Report 2011 | Markets Energoprojekt Group is based in Serbia, having its Headquarters in Belgrade.

Today, through a network of subsidiaries, foreign companies, representative and branch offices, the Group is operating on four continents, covering more than twenty countries.

Currently, Energoprojekt Group is present and active in more then 20 countries across four continents. By generated revenues, apart from the local market, the most important markets are Nigeria, Uganda, Al-geria, Ghana, Ethiopia, Zambia (Africa), Kazakhstan (Asia), Russia (Europe), followed by Qatar, UAE, Oman, Jordan (Middle East) and Peru (South America).

The synergy of know-how, business competency and experience supported by an impressive reference list of executed projects and clients in the country and abroad, is Energoprojekt Group competitive advantage and the key to its success in an ever-growing market competition.

Annual Report 2011 | Markets 5.1 SELECTED MARKETS

Kazakhstan, a rapidly developing country, represents an important market for Energoprojekt Group. Energoprojekt - Niskogradnja in the fi eld of infrastructure (roads, metro stations etc.), Energoprojekt - Visokogradnja and Energoprojekt - Urbanizam i arhitektura in the fi eld of building construction (public buildings, shopping centres...), as well as in the fi eld of industry, together with Ener- goprojekt - Industrija, are especially active in this country.

Energoprojekt Group has numerous references on the Russian market, obtained through the activity of Ener- goprojekt - Visokogradnja, Energoprojekt - Urbanizam i arhitektura, Energoprojekt - Industrija and Energoprojekt - Oprema, in domains of building construction and industry (public and oﬃ ce buildings, industrial complexes ...).

Africa is a traditional market of Energoprojekt Group.

In Nigeria, Energoprojekt - Oprema realizes capital projects in the ﬁ elds of power generation and supply (substations, transmission lines ...) and building construction (parliament building, administrative and residential buildings...).

In Ghana, Energoprojekt - Visokogradnja is constructing various types of high-rise buildings (congress centre, public and residential buildings...).

On the dynamic Algerian market, a fast growing market, Energoprojekt - Hidroinženjering is a consultant on the execution of numerous water management projects.

5.2 Annual Report 2011 | Markets Due to the signiﬁ cant capital investments in energy and infrastructure, Middle East became a very interesting market for Energoprojekt - Entel. Consultancy services for projects in the ﬁ eld of power generation, transmission and distribution are contracted and carried out in Qatar, Oman, Abu Dhabi and Dubai.

In South America (Peru) - Niskogradnja and Energoprojekt - Hidroinženjering are present for more than four decades. Due to good reputation and solid references in the ﬁ elds of infrastructure and water management, they have a strong market position.

In South East Europe, Energoprojekt Group is providing services mainly in the civil engineering and power generation and transmission sector in the neighbouring countries (Montenegro, Macedonia and Bosnia and Herzegovina).

Within Serbia, Energoprojekt is a key driver of Serbian econ- omy and a growth generator in all core business areas, start- ing with building construction, followed by infrastructure and industry to power generation, transmission and distribution, water management and environmental protection.

Annual Report 2011 | Markets 5.3 SELECTED References

During six decades of business activities, Energoprojekt, as an international company, obtained a leading position in the ﬁ elds of:

Power generation, transmission and distribution Buildings construction Infrastructure Water - environmental protection Industry Information technologies

Energoprojekt Group is a reliable partner with international experience, easily adaptable to various market requirements. Following the principles of responsible and sustainable business, Energoprojekt oﬀ ers quality for its clients, as well as for all other stakeholders – its employees, associates, partners, communities and the environment in which it operates.

6.0 Annual Report 2011 | Selected References POWER GENERATION, TRANSMISSION AND DISTRIBUTION

Energoprojekt has participated in the design, consulting, engineering, construction, plant and equipment procurement, installation and commissioning of all major hydro and thermal power projects in almost all countries of the former Yugoslavia and in all continents except for Australia. Energoprojekt also designed and built a signiﬁ cant number of electric power facilities, thousands of kilometers of transmission and distribution systems in Serbia, Montenegro and many other countries in the Middle East and Africa.

Plants, Facilities, Systems, Energoprojekt deliver its services for, include:

Hydro-electric power plants and systems Thermal-electric power plants Power transmission and distribution lines and substations District heating systems Management of electric energy systems and systems for transmission of thermal energy Telecommunication networks and systems Power control centers and SCADA systems

Annual Report 2011 | Power 6.1 2011 HPP Projects SELECTED REFERENCES

Client EEPC (Etiopian Electric Power Corporation) Ethiopia Project HPP Tekeze, 4x75 MW and Dam h=185m Services Design, supervision

Client Riko Macedonia Project HPP Sveta Petka 2x22.5 MW and Dam h=69m Services Design, supervision

Client EGEMSA (Emrpesa de Gueracion Electrica Machupicchu SA) Peru Project Reconstruction of HPP Machu Picchu, 101.4 MW with water intake of 68 m³/s capacity Services Consultancy services

6.2 Annual Report 2011 | Selected References TPP Projects & 2011 Power Transmission and Distribution Projects SELECTED REFERENCES

Serbia Serbia Client EPS (Electric Power Industry of Serbia) Client EMS and Instalaciones Inabensa S.A. Project TPP “Kostolac B” , Kostolac, rehabilitation Project TL (400 kV), 100km of Unit B2 with the reconstruction of SS Leskovac II - FYR Macedonia border electrostatic precipitators (348,5MW) Services Construction Services Works execution, equipment procurement & instalation, commissioning

Nigeria Serbia Client Niger Delta PHCN Client CCS (Clinical Centre of Serbia) Project Two DC TL (330kV), 2x240km Project Cogeneration (combine heat and power Enugu - Ikot - Ekpene plant) - new energy supply system of CCS Services Construction , equipment procurement, plant and Services Design, construction, equipment proqurement, equipment installation maintenance

Qatar Client KAHRAMAA (Qatar General Electricity and Water Corporation) Project Qatar system for electrical energy transmission and distribution, phase VII, VIII & IX Services Consultancy services

Annual Report 2011 | Power 6.3 SELECTED REFERENCES

Hydro power plants

HPP Đerdap I, HPP Đerdap II, HPP Bajina Bašta, Name Serbia Serbia Serbia Concrete dam on the Danube river, Description Concrete dam on the Danube river, Concrete dam on the Drina river, h=59 m h=59 m h=90 m Installed Capacity 12 x 175 MW 16 x 270 MW 360 MW Electric Power Industry of Serbia Client Electric Power Industry of Serbia Electric Power Industry of Serbia Serbia Serbia Serbia

HPP Perućica, HPP Mratinje, HPP Kafue Gorge, Name Montenegro Montenegro Zambia Earth-ﬁ ll dams on the Zeta river, Concrete arch dam on the Earth-ﬁ ll dam on the Description h=11, 15, 16, 22 m Piva river, h=220 m Kafue river, h=44m Installed Capacity 364 MW 3 x 114 MW 900 MW Electric Power Industry of Montenegro Electric Power Industry of Montenegro Ministry of Electricity of Zambia Client Montenegro Montenegro Zambia

HPP Bayano, HPP Bekhme, Name Panama Iraq Concrete dam on the Bayano river, Earth-ﬁ ll dam on the Description h=72 m Greater Zaab river, h=230 m

Installed Capacity 300 MW 1,590 MW

Institute for State Commission for Water Client Water Resources and Electricity, Management Projects of Iraq Panama Iraq

6.4 Annual Report 2011 | Selected References SELECTED REFERENCES

Thermal power plants and power transmission and distribution

TPP Nikola Tesla A, Ras Abu Fontas (RAF) C, TPP Nikola Tesla A1 and A4, Name Obrenovac, Serbia Qatar Obrenovac, Serbia Electrostatic precipitators Description Thermal power plant CC with desalination Plant at units A1 & A4 GT - 4x125 MW, ST-2x210 MW, MFE Installed Capacity 1,650.5 MW 220 MW & 308.5 MW 4x30,000 m3 per day Electric Power Industry of Serbia Ministry of Electricity and Water, Qatar Electric Power Industry of Serbia Client Serbia Qatar Serbia

Qatar Transmission System, TPP Nikola Tesla A1 & A2, Name TPP Kolubara A, Lazarevac, Serbia Phases IV, VI, VII, VIII Obrenovac, Serbia National control centre and distribu- Description Environmental impact assessment Ash removal system tion centre

Power control and SCADA system, 45 t/h of ash Installed Capacity substations, OHL, power cables, tele- 2x220 MW 3 km distance communications

Ministry of Electricity and Water, Qatar Electric Power Industry of Serbia Electric Power Industry of Serbia Client Qatar Serbia Serbia

OVER 25,000 MW INSTALLED CAPACITY OF HYDRO POWER PLANTS OVER 20,000 MW INSTALLED CAPACITY OF THERMAL POWER PLANTS OVER 10,000 KM OF TRANSMISSION LINES OVER TWO HUNDRED POWER SUBSTATIONS

Annual Report 2011 | Power 6.5 BUILDINGS Energoprojekt has designed and built exceptional architectural structures in Serbia and world wide.

Our projects were designed on the principle of bringing together science and art to complement function and form. Energoprojekt Group designed, constructed and equipped various structures such as:

Commercial /oﬃ ce-space buildings Parliaments Congress centers Banks Hospitals and health centers Hotels, tourist complexes, sports centers Residential buildings and villas

6.6 Annual Report 2011 | Selected References 2011 Buildings SELECTED REFERENCES

Client TOO „Oil Real Estate“ Kazakhstan Project Hotel (25.000m2), 4. Microdistrict, Alma Ata, Kazakhstan Services Design and Construction

Client Bank of Ghana Ghana Project Bank of Ghana Cash Processing Centre (18.000m2), Accra Services Construction

Annual Report 2011 | Buildings 6.7 SELECTED REFERENCES

Buildings

Belgrade Arena, Sheraton Hotel and Conference Name NIS Naftagas Belgrade, Serbia Centre, Harare, Zimbabwe Novi Sad, Serbia

Universal sports hall, area 48,000 m², Conference centre area: 30,145 m² Description Oﬃ ce area: 60,000 m² Capacity: 20,000 spectators Hotel area: 30,648 m²

City of Belgrade, Government of Zimbabwe Nis Naftagas, Client Serbia Zimbabwe Serbia

Hotel Hyatt Regency, Shah Alam Sports Stadium Name Bank Association of Uzbekistan, Belgrade, Serbia Kuala Lumpur, Malaysia Tashkent, Uzbekistan

Area: 270,000 m² Description Hotel area: 37,500 m² Capacity: 80,000 spectators Area: 15,000 m²

BMP Consortium Government of Selangor State Bank Association of Uzbekistan Client Serbia Malaysia Uzbekistan

International Trade Fair Ministry Complex YU Business Centre - Building G, Name Lagos, Nigeria Kuwait Belgrade, Serbia

Exhibition area: 80,000 m² Description Area: 270,000 m² Area: 27,500 m² Complex area: 300ha

Government of Nigeria Government of Kuwait Energoprojekt, Belgrade Client Nigeria Kuwait Serbia

6.8 Annual Report 2011 | Selected References SELECTED REFERENCES

Buildings

Mazaya Oﬃ ce & Apartment Com- AL KHULAFA Oﬃ ce & Apartment Hotel Complex Lazurnaya Name plex, Dubai, UAE Complex Sochi, Russia

Total area of the complex: 2.66 ha 2 Total area: 86,000 m2 Description Total area: 63,000 m Total area of the hotel: 9,600 m2

HH Sheikha Aliya Bint Sheikh Kalifa Baghdad City Council, Gasexport Client Saeed Al Maktoum Iraq Russia

Residential Block 29, White House, Presidential Palace, Conference Centre, Name New Belgrade, Serbia Tashkent, Uzbekistan Accra, Ghana

Description Total area: 13,500 m2 Total area: 5,746 m2 Total area: 15,000 m2

Energoprojekt Visokogradnja plc. Government of Uzbekistan Government of the Republic of Ghana Client as developer for the market Uzbekistan Ghana Serbia

ONE HUNDRED PUBLIC BUILDINGS TEN CONFERENCE CENTERS SEVERAL HUNDREDS OF HOUSING PROJECTS, HOSPITALS, HEALTH CENTERS, TOURIST AND SPORTS FACILITIES

Annual Report 2011 | Buildings 6.9 INFRASTRUCTURE

Construction of infrastructure with the implementation of the latest technical solutions, ranks among the most signiﬁcant achievements of Energoprojekt’s engineers.

In six decades of experience Energoprojekt Group executed various projects including:

Underground structures Tunnels Railway and metro stations Highways and roads Airports Oil and gas processing and transport Pollution control and solid waste disposals

6.10 Annual Report 2011 | Selected References 2011 Infrastructure SELECTED REFERENCES

Client Public Enterprise “Roads of Serbia” and “Corridor 10” Serbia Project Belgrade bypass, section 5, Belgrade Services Construction of tunnel Straževica length 745m and ﬂ yovers

Client Public Enterprise “Roads of Serbia” Serbia Project Motorway E75, M22, section Novi Sad - Belgrade Services Construction

Client Serbian Railways, Belgrade Railway Traﬃ c Co. Serbia Project “Beograd Centar” Railway Station, 5th and 6th terminal and railway traks, Belgrade Services Reconstruction

Annual Report 2011 | Infrastructure 6.11 2011 Infrastructure SELECTED REFERENCES

Client Belgrade Land Development Public Agency Serbia Project Construction of one track railway bridge (188m), reconstruction of the railway underbridge and Jurija Gagarina street, New Belgrade Services Construction and reconstruction

Client Ministry of Works and Transport, Uganda National Roads Authority Uganda Project Rehabilitation of two roads - Luwero - Kafu and Kawempe - Luwero Uganda Services Construction works on 106km and 58.6km long sections of a very important regional roads

Client Chevrons Pension Fond and Bilﬁ nger Berger Gmbh Nigeria Project Twin Lake Estate, phase I, Lagos Services Procurement and installation of plant and equipment and construction of infrastructure facilities (potable and waste water treatment plants; generator sets; telecommunication systems; MEP systems)

6.12 Annual Report 2011 | Selected References Infrastructure SELECTED REFERENCES

“Vukov Spomenik” “Vukov Spomenik” Road Mityana - Fort Portal, sec- Name Belgrade, Serbia Belgrade, Serbia tion Mityana - Mubende, Uganda Underground railway Underground Railway Road length 225 km station Station

Platform area: 2,500 m2 Entrance hall at 3 levels - total area Description at the depth of 40 m 4.735m² oblique tunnels with 3 escalators Passenger Vestibules at 3 levels, Mityana - Mubende section diameter: 7.5 m and 2.600 m² Total length 86 km length of 65 m 5 Tunnel Emergency exits; angle: 30 degree total length 436m

Belgrade Railway Traﬃ c Co. Belgrade Railway Traﬃ c Co. Ministry of Transport and Communica- Client Serbia Serbia tions, Uganda

Vračar Tunnel Pionirski Park Underground Road Almaty-Akmola Name Belgrade, Serbia Garage, Belgrade, Serbia Section Almaty-Guishad

Two railway tunnels Underground garage with 460 Asphalted road length 166 km, Description Total length: 2x3,225m parking places 8 m width, with 2 m shoulders, Inner radius: 6.7m Total area: 13,818 m² totalling 12 m

Ministry of Transport and Communica- Belgrade Railway Traﬃ c Co Belgrade City Hall Client tions of the Republic of Kazakhstan Serbia Serbia Kazahstan

Almaly Underground Metro Sta- Abay Underground Metro Sta- MULTIPLE ENGINEERING Name tion, Alma Ata, Kazakhstan tion, Alma Ata, Kazakhstan STRUCTURES, UNDERGROUND WORKS, „Column“ type metro station „Pylon“ type metro station TUNNELS, HIGHWAYS, Depth between 30 – 70 m; Depth between 30 – 70 m; ROADS, RAILWAY & Description Construction of 3 tunnel tubes Construction of 3 tunnel tubes (diameter 90 - 100 m²) (diameter 90 - 100 m²) METRO STATIONS

AO Almatimetrokurilis AO Almatymetrokurilis Client Investitor SerbianKazahstan Railways, Belgrade Railway Traﬃ c Co. Kazakhstan Projekat Belgrade Centar Railway Station, reconstruction of 5th and 6th terminal, Belgrade Usluga Reconstruction

Annual Report 2011 | Infrastructure 6.13 WATER ENVIRONMENTAL PROTECTION

One of the core business activities of Energoprojekt Group with the longest experience is design, engineering and construction of water – environmental protection projects. In 61 years of business operations, Energoprojekt designed, constructed and commissioned numerous projects including:

Dams and reservoirs Irrigation, land reclamation and drainage systems Potable and waste water processing facilities Water supply networks Sewage networks

6.14 Annual Report 2011 | Selected References 2011 Water - Environmental Protection SELECTED REFERENCES

Client National Agency for Dams and Transfers Algeria Project Ourkiss Dam, h=40m, length=380m Services Design and supervision

Client RAECO (Rural Areas Electricity Company) Oman Project Desalination plant and power plant In Duqm, 6,000m3/day drinking water; M65MW Services Consultancy services

Annual Report 2011 | Water - Environmental Protection 6.15 2011 Water - Environmental Protection SELECTED REFERENCES

Client Government of La Libertad Region Peru Project Irrigation system Chavimochic Services Reconstruction of derivation dam - water intake, return channel and water cushion

Client Ministry of Agriculture (Peru) Peru Project Construction of the embankment, stabilization and improvement of the Zarumilla river Services Construction

6.16 Annual Report 2011 | Selected References SELECTED REFERENCES

Water - Environmental Protection

Chira - Piura Irrigation System, Jebel Ali Desalination and Power Mokroluški Main Drain, Name Phases I/II/III, Peru Plant, UAE Belgrade, Serbia

Reinforced concrete main drain for rainwater services Regulation of irrigation, clay-ﬁ lled dam Station M – 400 kV s/s and Drainage: length - 800 m; 4 overﬂ ow h= 48 m, associated 400 kV OHL Description structures; crest length 9.5 km 400 kV GIS 505 MVA 400/132 kV 6 3 concrete diaphragm on both sides Accumulation capacity 1,000x10 m Transformers along the whole length of the 10.5 m deep canal

Dubai Electricity and Water Authority Belgrade Land Development Agency, Client Ministry of Agriculture, Peru (DEWA), UAE Serbia

Pećina Potable Water Treatment Potable Water Treatment Plant, Dam Rovni, Name Plant, Valjevo, Serbia Limassol Cyprus Serbia

Potable water treatment plant Water Treatment Plant Earth-ﬁ ll dam, h=75 m, 2 Description Q= 600 l/s Q= 3,500 m3/h Accumulation area: 2.4 km

Water Supply System Kolubara, Rovni, Directorate for Water Supply and Client City Council of Limassol, Cyprus Serbia Sewage, Serbia

FIFTEEN WATER MANAGEMENT PLANTS AND BASIN DEVELOPMENTS FORTY COMPLEX LAND IMPROVEMENT SYSTEMS OVER THIRTY WATER MANAGEMENT AND RIVER FLOOD CONTROL PROJECTS FIFTY MUNICIPAL AND INDUSTRIAL WATER SUPPLY AND SEWAGE SYSTEMS

Annual Report 2011 | Water - Environmental Protection 6.17 INDUSTRY

During 61 years, Energoprojekt executed a variety of complex, large-scale industrial projects. The company provides design, consulting services as well as construction, equipment procurement, installation and commissioning, knowledge transfer and state of the art technologies. Employing more than 200 000 people, Energoprojekt designed more than 200 and constructed more than 70 factories in the domain of:

Food industry Pharmaceutical industry Chemical and petrochemical industries Ore processing and transport systems Metalworking and electric equipment industries Wood-processing, cellulose and paper industries Non-metal and building materials industries Tobacco and cigarette production industry Industrial power plants, heating stations and boiler plants

6.18 Annual Report 2011 | Selected References 2011 Industry SELECTED REFERENCES

Serbia Kazakhstan Client SNC Lavalin; Outotec Client TOO Helios Projects Construction of the new sulfhuric acid plant, CMSC Bor, Bor Project Oilﬁ eld Services Base with Tanks capacity Reconstruction of a ﬂ ash smelter plant, CMSC Bor, Bor 50,000 tons, Pavlodar Services Construction; Services Construction works Design, equipment procurement and construction

Kazakhstan Republika Srpska Client TOO Caspian Food Client Salford Group Project Wine producing plant and villas JUKO, Project Diary Laktaši, capacity 50,000 lit / day Saryagash, Kazakhstan Banja Luka Services Design and construction Services Design and construction

Annual Report 2011 | Industry 6.19 Industry SELECTED REFERENCES

Agricultural-Industrial Complex Pharmaceutical Factory, Name Kuban, Russia Tyumen, Russia 5 factories: dairy products factory, factory of conditor products, ice cream Description Pharmaceutical Factory production factory, fruit & vegetable freezing factory, pack factory

AIK Kuban, Tyumen Administration Client Russia Russia

Pharmaceutical Plant Detergent Factory Lab-Labs, Mineral Water Bottling Plant Name Hemofarm, Serbia Russia Vrujici, Serbia

Pharmaceutical plant for sterile drugs Detergent active components factory Description Water bottling plant in ampoules and in lyophilized form Capacity: 50,000 t and 60,000 t/year

Hemofarm, Vršac Kirishinjeftorgsintez Si & Si Company, Client Serbia Russia Subotica, Serbia

Tobacco Factory, Dairy industry, Belgrade Metro Cash & Carry Trade Centres Name Ibadan, Nigeria Dairy Imlek, Serbia Belgrade, Serbia

Tobacco manufacturing and Trade centre, Krnjača 14,000m² Description cigarette production factory Dairy capacity: 500,000 l/day Trade centre, Zemun 16,500m²

British American Tobacco Imlek Metro Cash & Carry, Beograd Client Nigeria Serbia Serbia

OVER 200 DESIGNED AND 70 CONSTRUCTED INDUSTRIAL PLANTS

6.20 Annual Report 2011 | Selected References INFORMATION TECHNOLOGY

Energoprojekt was one of the pioneers in the ﬁeld of Information Technologies in the region. For more than ﬁve decades, Energoprojekt has been involved in design, engineering and implementation of customized software and hardware solutions.

A long-term partnership with world leading software manufacturers (CA Technologies, Oracle, Micro- soft, SAP Business Objects, Novell, Imperva etc), enables Energoprojekt to design, develop and imple- ment IT solutions such as:

Business Intelligence and Data Warehousing Project Management Security Management Service Management Infrastructure Management Backup and Recovery Management Software development for speciﬁ c use 2011 Installation and maintenance of ATM machines SELECTED REFERENCES

DDOR Novi Sad, Agrobanka, DDOR Novi Sad, Client Serbia Serbia Serbia

Description Security Management Infrastructure Management Service

Dunav osiguranje, Narodna Post of Montenegro, Montenegro Komercijalna banka Client Banka Srbije, Telekom Srbija, Serbia Credit Agricole,Serbia Serbia

Description Backup and Recovery Management Software development Mainframe of ATM

Annual Report 2011 | Information Technology 6.21 Financial Highlights

ENERGOPROJEKT GROUP  TOTAL REVENUE FOR THE YEARS 2007  2011

26126611,05,0,055 238,006238,006 248,714248,714 235,7562335,7566 25025 2282 ,71,7713

2002 0

) 1501500 000 ( n EUR i 1001000

5050

0 200720077 20008 2009200 2201020010 20120 1

TOTAL REVENUE

Graphical presentation of total EP’s revenue from 2007 to 2011.

ENERGOPROJEKT GROUP  PROFIT BEFORE TAXES FOR THE YEARS 2007  2011

1515

12,122,,025025 12,12 39239 1212 10,1 2799

8,688,,6565555 9 000) R(0

EU 5,65,6441 in EUR (000) 6

3 130130

0 20072007 20008 200922000909 20102010 2010 1

PROFIT BEFORE TAXES

Graphical presentation of EP Group Proﬁ t before Taxes for the years 2007 to 2011

7.0 Annual Report 2011 | Financial Highlights Financial Highlights SALES BY INDUSTRIES, 2011

2% ITIT & INSN URANNCCEE

32% POWER, WATER MAMANANAGEG MEMENTNT ANND ENNVIVIROONMNMEN TAAL PRPROTOTECECTIT ONON 66% COC NSSTRRUCU TION, INNFRF ASA TRUCTUREE ANA D INDUSTRY

SALES BY REGIONS, 2011

9%9% SOUTH AMMERICA

13%

MIDDDLELE EASST 39% EUUROOPEPE 16% AFRICA

23% CIS RUSSIA AND KAZAZ KHSTAN

Annual Report 2011 | Financial Highlightsi 7.1 Financial Highlights

ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP TOTALTOTAL RREVENUEEVENUE TOTALTOTAL EEXPENCESXPENCES FFOROR THETHE YYEAREAR 22011:011: 23235,756,0005,756,000 € FORFOR THETHE YEARYEAR 22011:011: 230,115,000230,115,000 €

BUSIBUSINNESS REVENUE BUSIBU NESSNE SEX EXPENCEENCESS

FINANCIALF NANCIAL REVENUE FINNANCIALANCIAL EXEXPENCXPENCES

OTHEROTHE REVENUE OTHEROTHER EEXPENCXPENCES

ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP TOTALTTOTAL ASSETSASSEETSS TOTALTOTTAL EQUITYEQUITTY & LILIABILITIESABBILIT ESS FORFOR THETHE YYEAREAR 22011:011: 258,549,000258 54990000 € FORFFOOR THETTHE YEARYEY ARR2R 22011:011: 258,549,0002558,545449,00000 €

CURRENTCURR ASSETS EQUIEQUITY

FIXEDF XED ASSETS SHOHORTORT TERMTERM LLIABILITIESIAB LITIES

LONG TERM PROVISIONS AND LIABILITIES

7.2 Annual Report 2011 | Financial HighlightsHighlights Financial Highlights

ENERGOPROJEKT GROUP  CAPITAL / TOTAL EQUITY AND LIABILITIES FOR THE YEARS 2008  2011

43433.30%30%% 40400.27%27%% 4040 3535.355.53%53%% 3333.333.80%80%%

3030

2020

1010

0 2008202 08 200922009 201022010 2011220111

CAPITAL / TOTAL EQUITY AND LIABILITIES

ENERGOPROJEKT GROUP  LIQUIDITY RATIOS FOR THE YEARS 2008  2011

1.38 1.4

1.35 1.35

1.28 CURRENT RATIO 1.3

1.25 1.25

1.2 2008 2009 2010 2011

1.5

1.01 1.04 0.74 0.78 QUICK RATIO 1

0.5

0 2008 2009 2010 2011

5,000,000 4,954,848 4,000,000 4,260,446 3,997,215 3,000,000 3,118,515

NET WORKONG CAPITAL 2,000,000

1,000,000

0 2008 2009 2010 2011

Annual Report 2011 | Financial Highlights 7.3 2011 Financial Report AUDITOR’ S REPORT

This is an English translation of Independent Auditor’s Report originally issued in Serbian language

INDEPENDENT AUDITOR’S REPORT

To the Shareholders of the Company “Energoprojekt Holding” a.d., Beograd,

We have audited the accompanying consolidated financial statements of the Company “Energoprojekt Holding” a.d., Beograd and its consolidated subsidiaries (hereinafter referred to together as “Sistem Energoprojekt“), which comprise the consolidated balance sheet as of 31 December 2011, and the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. The consolidated statistical annex is an integral part of the accompanying consolidated financial statements.

Management’s Responsibility for the Financial Statements Management of Sistem Energoprojekt is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the accounting regulations prevailing in the Republic of Serbia, based on the Law on Accounting and Audit (“Official Gazette of RS“, no. 46/2006, 111/2009 and 99/2011), and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion the consolidated financial statements present fairly, in all material respects, the financial position of Sistem Energoprojekt as of 31 December 2011 and its financial performance and its cash flows for the year then ended, in accordance with the accounting regulations prevailing in the Republic of Serbia.

8.0 Annual Report 2011 | Financial Report 2011 AUDITOR’ S REPORT

INDEPENDENT AUDITOR’S REPORT (Continued)

To the Shareholders of the Company “Energoprojekt Holding” a.d., Beograd,

Other Matter The consolidated financial statements of Sistem Energoprojekt for the year ended 31 December 2010 were audited by another Auditor, which, in its report dated 6 May 2011, expressed a qualified opinion on these financial statements, due to failure to record the allowance for impairment of accounts receivable, with an emphasis of matter with respect to the Protocol signed with JP Železnice Srbije and the merger of the company Energomenagement Group d.o.o., Beograd.

Belgrade, 26 April 2012

Igor Radmanovi Certified Auditor

Annual Report 2011 | Auditor’ s Report 8.1 2011 Financial Report BALANCE SHEET

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED BALANCE SHEET As of 31 December 2011 (In RSD thousand)

Amount Group accounts POSITION EDP Note Current Previous account no. year year 123456

A. NON-CURRENT ASSETS (002+003+004+005+009) 001 8.914.837 8.738.277 00 I. UNPAID SUBSCRIBED CAPITAL 002 - - 012 II. GOODWILL 003 - - 01 w/out 012 III. INTANGIBLE ASSETS 004 82.635 90.806 IV. PROPERTY, PLANT, EQUIPMENT AND BIOLOGICAL ASSETS (006+007+008) 005 7.647.487 6.657.852 020,022,023, 026,027(part), 028(part) ,029 1. Property, plant and equipment 006 21 6.067.870 6.206.409

024,027(part) 028(part) 2. Investment property 007 21 1.579.617 451.443 021,025,027 (part) and 028(part) 3. Biological assets 008 - -

V. LONG-TERM FINANCIAL INVESTMENTS (010+011) 009 1.184.715 1.989.619 030 to 032, 039(part) 1. Equity share 010 22 610.046 643.424 033 to 038, 039(part) less 037 2. Other long-term financial investments 011 23 574.669 1.346.195 B. CURRENT ASSETS (013+014+015) 012 18.139.950 16.561.046 10 to 13,15 I. INVENTORIES 013 24 4.465.017 4.278.900 II. NON-CURRENT ASSETS HELD FOR SALE AND ASSETS 14 OF DISCONTINUED OPERATIONS 014 8.083 8.942 III. SHORT-TERM RECEIVABLES, INVESTMENTS AND CASH (016+017+018+019+020) 015 13.666.850 12.273.204 20, 21 and 22, except 223 1.Receivables 016 25 7.482.739 6.553.506 223 2.Receivables for overpaid income tax 017 - 110.120 23 less 237 3.Short-term financial investments 018 26 2.525.196 1.987.170 24 5.Cash equivalents and cash 019 27 2.941.524 2.877.078 27 and 28 except 288 4.VAT and accruals 020 28 717.391 745.330 288 C. DEFERRED TAX ASSETS 021 - - D. OPERATING ASSETS (001+012+021) 022 27.054.787 25.299.323 29 E. LOSS OVER CAPITAL 023 - - F. TOTAL ASSETS (022+023) 024 27.054.787 25.299.323 88 G. OFF-BALANCE SHEET ITEMS 025 41 10.287.693 8.006.030

8.2 Annual Report 2011 | Financial Report 2011 BALANCE SHEET

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED BALANCE SHEET - continued As of 31 December 2011 (In RSD thousand)

Amount Group accounts, POSITION EDP Note Current Previous account no. year year 123456

CAPITAL AND LIABILITIES A. CAPITAL (102+103+104+105+106-107+108-109-110) 101 11.715.908 10.151.560 30 I. ISSUED AND OTHER CAPITAL 102 29 5.223.103 4.566.356 31 II. UNPAID SUBSCRIBED CAPITAL 103 - - 32 III. RESERVES 104 30 897.913 578.431 330 i 331 IV. REVALUATION RESERVES 105 31 1.625.478 958.158 V. UNREALIZED GAINS BASED ON SECURITIES 332 AVALIABLE FOR SALE 106 16.022 60.049 V. UNREALIZED LOSSES BASED ON SECURITIES 333 AVAILABLE FOR SALE 107 22.071 19.865 34 VII. RETAINED EARNINGS 108 32 3.975.463 4.008.772 35 VIII. LOSS 109 0 - - 037 and 237 IX. REDEEMED OWN SHARES 110 - 341 B. NON-CURRENT PROVISIONS AND LIABILITIES (112+113+116) 111 15.305.562 15.106.502 40 I. NON-CURRENT PROVISIONS 112 33 1.334.845 867.380 41 II. NON-CURRENT LIABILITIES (114+115) 113 785.615 2.039.114 414, 415 1. Long-term credits 114 34 732.424 1.611.397

41 w/out 414 and 415 2. Other non-current liabilities 115 35 53.191 427.717

III. CURRENT LIABILITIES (117+118+119+120+121+122) 116 13.185.102 12.200.008 42, except 427 1. Short-term financial liabilities 117 36 2.564.443 3.176.582 2. Liabilities from assets held for sale and assets from 427 discontinued operations 118 - - 43 and 44 3. Liabilities from business operations 119 37 7.610.143 6.711.561 45 i 46 4. Other short-term liabilities 120 38 1.051.249 817.519 47, 48 except 481 and 49 except 498 5. VAT and other public liabilities and accruals 121 39 1.431.711 1.494.346 481 6. Income tax liabilities 122 527.556 - 498 C. DEFERRED TAX LIABILITIES 123 33.317 41.261 D. TOTAL CAPITAL AND LIABILITIES (101+111+123) 124 27.054.787 25.299.323 89 E. OFF-BALANCE SHEET ITEMS 125 41 10.287.693 8.006.030 NON-CONTROLLING INTEREST 1.203.771 1.079.257

Annual Report 2011 | Balance Sheet 8.3 2011 Financial Reportp INCOME STATEMENT

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED INCOME STATEMENT For the Period from 01 January to 31 December 2011 (In RSD thousand)

Group Amount accounts, P O S I T I O N EDP Note Current Previous account no. year year 123456 A. BUSINESS REVENUE AND EXPENSES I. BUSINESS REVENUE (202+203+204-205+206) 201 20.846.517 20.234.478 60 and 61 1. Sale revenue 202 8 21.193.645 24.198.178 62 2. Revenue from undertaking of outputs and goods for own purposes 203 57.549 37.589 630 3. Increase of inventories 204 9 30.574 693.282 631 4. Decrease of inventories 205 9 564.699 4.884.400 64 and 65 5. Other business revenue 206 10 129.448 189.829 II. BUSINESS EXPENSES (208 to 212) 207 20.599.641 19.641.614 50 1. Cost value of sold goods 208 11 99.355 203.512 51 2. Cost of material 209 12 5.428.574 5.297.782 52 3. Staff costs 210 13 6.868.019 5.997.996 54 4. Depreciation and provisions costs 211 14 1.177.245 802.299 53 and 55 5. Other business expenses 212 15 7.026.448 7.340.025 III. PROFIT FROM OPERATIONS (201 - 207) 213 246.876 592.864 IV. LOSS FROM OPERATIONS (207 - 201) 214 - - 66 V. FINANCIAL REVENUE 215 16 1.887.836 2.670.287 56 VI. FINANCIAL EXPENSES 216 16 2.160.135 2.346.352 67, 68 VII. OTHER REVENUE 217 17 1.301.027 662.526 57, 58 VIII. OTHER EXPENSES 218 17 682.876 684.481 IX. PROFIT FROM OPERATIONS BEFORE TAX (213-214+215-216+217-218) 219 592.728 894.844 X. LOSS FROM OPERATIONS BEFORE TAX (214-213-215+216-217+218) 220 - - 69-59 XI. NET PROFIT FROM DISCONTINUED OPERATIONS 221 - - 59-69 XII. NET LOSS FROM DISCONTINUED OPERATIONS 222 18 17.664 2.884 B. PROFIT BEFORE TAX (219-220+221-222) 223 575.064 891.960 V. LOSS BEFORE TAX (220-219+222-221) 224 - - G. INCOME TAX - - 721 1. Tax expenses for the period 225 87.862 145.048 722 2. Deferred tax expenses for the period 226 - 14.374 722 3. Deferred tax revenues for the period 227 8.683 - 723 D. EMPLOYER`S EARNINGS PAID 228 - - . NET PROFIT (223-224-225-226+227-228) 229 495.885 732.538 E. NET LOSS (224-223+225+226-227+228) 230 - - Ž. NET PROFIT BELONGING TO MINORITY INVESTORS 231 127.079 104.557 Z. NET PROFIT BELONGING TO EQUITY HOLDERS OF THE PARENT COMPANY 232 368.806 627.981 I. EARNINGS PER SHARE - - 1. Basic earnings per share 233 - - 2. Deacreased (diluted) earnings per share 234 - -

8.4 Annual Report 2011 | Income Statement 8.5 Energoprojekt Annual Report

Published by Energoprojekt Holding plc

Bulevar Mihaila Pupina 12 11070, Belgrade, Serbia Phone: + (381) (11) 310-1017 Fax: + (381) (11) 311-4200