Annual Report 2013 2013 CONTENTS

HOLDING VISOKOGRADNJA O PREMA SNI HOLDING VISOKOGRADNJA OPREMA ENERG ODATA NISK OGRADNJA HIDROINŽENJERING INDUSTRIJA URBANIZAM I ARHITEKTURA ENTEL HIDROINŽENJERING ENERGODATA ENTEL URBANIZAMI ARHITEKTURA NISKOGRADNJA ENTEL INDUSTRIJA GARANT VISOKOGRADNJA OPREMA OHLDING ENERGODATA HIDRO URBANIZAMI ARHITEKTURA INDUSTRIJA ENTEL ENERGODATA NISKOGRADNJA HIDROINŽENJERING O PREMA INDUSTRIJA O PREMA GARANTO LDING H SOVIKOGRADNJA GARANT NISKOGRADNJA GARANT HOLDINGVISO VISOKOGRADNJA URBANIZAMI ARHITEKTURA HIDROINŽENJERING NISKOGRADNJA GARANT ENERGODATA OHLDING INDUSTRIJA ENTEL

Annual Report Annual Report 2013 2013 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 Energy – Generation, Transmission and Distribution 6.6 Building – Engineering and Construction 6.12 Infrastructure 6.16 Water – Environmental Protection 6.20 Industry 6.23 Information Technologies

7. Financial Highlights

8. Financial Report 8.1 Auditors Report 8.2 Balance Sheet 8.4 Income Statement LETTER TO SHAREHOLDERS

Dear shareholders of Energoprojekt Holding plc, The year of 2013. was very diffi cult for business operations and burdened by market challenges, both abroad and in the country. However, the management of Energoprojekt Group managed to limit the eff ects on those negative trends on business results the system achieved on certain markets, by making adequate decisions and applying timely corrective measures in business segments where it was needed. In the time of crisis, it is of crucial importance to provide adequate conditions for sustainable business operation, to enable long-term growth and justify the trust of our shareholders. Our legacy, 63 years of long and successful business history, teaches us to recognize the direction our business is taking as well as the forms of adapting it to more intensive changes occurring in global business. It also teaches us to improve ourselves and our overall business capacity, at mutual satisfaction of the shareholders and employees, by investing in our staff and other business resources, monitoring and implementing modern technologies, following the principles of sustainable development, environmental protection and social responsibility. Not only were the domestic investment activities signifi cantly reduced, but the foreseen realization of large projects was also disturbed by the lack of fi nancial funds and changed requirements of our employers. Under the current circumstances, and by taking short-term measures, the achieved results of Energoprojekt Group, though not quite as planned, may be considered satisfactory, especially because Energoprojekt Group is in the position which enables it to use all possibilities following the increased investment activities on all markets and signifi cantly increase the value of contracted projects and growth of overall income and profi t, foreseen in the following cycle of investments into Serbian infrastructure, commercial and public facilities and foreign markets. The consolidated total revenue of EUR 213.1 million has been generated, which represents 90% of foreseen revenue, while the consolidated gross profi t of EUR 5.3 million represents 70% of total foreseen profi t. Two thirds of the revenue result from the realization of the foreign projects, and one third from the domestic projects. The region of Serbia, with 32.9%, had the largest market share in total revenue for the year 2013, followed by the region of Africa (Uganda, Nigeria, Ghana, Zambia, Algeria, Zimbabwe, Guinea) with 27.9%, the region of CIS (Kazakhstan, Russia) with 12.4%, the Middle East (Qatar, Abu Dhabi, Oman, Jordan) with 12.3%, the region of South America (Peru) with 13.6% and the region of Europe (B&H – Republic of Srpska, Montenegro, FYR Macedonia, the United Kingdom, Germany, Cyprus) with 0.9%. The most important contracts, realized either completely or partially, during the year of 2013 are the following: Consulting and designing Consulting services on the project of improvement of potable water reserves “Water Security Mega Reservoirs” in Qatar, Qatar Consulting services on the project of construction of electric power transmission and distribution system in the Northern Emirates, UAE Designing, technical support, supervision on the construction of three dams - Seklafa, Beni Slimane, Soubella, Algeria Designing and tender documentation preparation for the Tarzout dam, Algeria Preparation of investment-technical documentation and consulting services required for the project of revitalization and modernization of 15 small hydroelectric power plants, Serbia Engineering, project management and execution of works Rehabilitation of unit 2 and reconstruction of electrostatic precipitators of the thermal power plant Kostolac B, Serbia Construction of two doublecircuit 132kV transmission lines, 24km and 18km long, near Port Harcourt, Nigeria Construction of a doublecircuit 330kV transmission line, 160km long, Erukan-Omotosho, Nigeria Design, equipment procurement, construction and commissioning of the transformer substation Oke-Aro (Erukan); SG 2x300MVA 330/132kV; 2x60MVA 132/33 kV, Lagos, Nigeria Project on turn-key basis for the International congress center with the 5* hotel »Hyatt Regency Rostov Don – Plaza«, Rostov on Don, Russian Federation

1.0 Annual Report 2013 | Letter to Shareholders In 2013 the consolidated total revenue of EUR 213.1 million has been generated. Two thirds of the revenue result from the realization of the foreign projects, and one third from the domestic projects.

Design, construction and procurementnt of medicalmedica equipmentipment for the medicalm center Sofi e Medgroup, Aktau, Kazakhstan Construction of administrative building of thee companycompany »Gasprom«, »Gaspr Ukhta, Russian Federation Construction of the production base »Schlumberger«, Astrakhan, Russian Federation Construction of cash processing center of the Bank of Ghana, Accra, Ghana Construction of a new sulfuric acid plant and reconstruction of the fl ash smelter within MSB Bor, Bor, Serbia Construction of the tunnel Šarani, highway E 763 (two tunnel tubes, 883m and 887m long), Serbia Perikos-San Ignacio road reconstruction and rehabilitation, 55 km long, Peru Mpigi-Kanoni road reconstruction, 64km long, Uganda Asphalt placement on the Kawempe-Kafu road, 166km long, Uganda The value of the projects contracted during 2013 amounted to EUR 160.7 million, i.e. 60% of the foreseen amount. The value of the projects contracted in the country amounts to EUR 11.4 (7%) while the value of the foreign projects amounts to EUR 149.4 million (93%). At the end of 2013, the amount of EUR 364.6 million of contracted projects remained to be completed by the Energoprojekt Group (EUR 70.5 million in the country and EUR 294.1 million abroad), which represents a signifi cant business potential which provides future business stability. Uneven distribution of the remaining part of works among the joint-stock companies within the Energoprojekt Group may represent a potential problem. On the December 31st, 2013, Energoprojekt Holding plc recorded the annual growth in the price of its shares of +19.01%, compared to the end of the previous year. During the same period, the registered increase of the reference index BELEX15 was signifi cantly lower and it amounted to +6.51%, while the increase of the index BELEXline amounted to 9.88%. Achieved trade price (on the last day of the reporting period – December 31st, 2013) was RSD 720 per share, while during the year 2013, the price of shares ranged from RSD 531 to RSD 794 per share. The ratio of market-to-book (accounting) rates (P/B) was 1.03, indicating that increasing the investments in the Republic of Serbia and greater involvement of Energoprojekt in domestic and foreign markets, the value of the share capital of the Energoprojekt Group has s signifi cant growthrowthh ppotential.ootential.te tial. ThThehe ovoverallvereralall realizedrealr zed turtturnovern of the shares of Energoprojekt Holding plc in the year of 2013 amountedmounounteeddto too RSRSDR D 88288882,276,30982,276,,276,30976,306,309 ((whichwhichw makesmaakekes thethe sharesshasharehares of ENHL the 5th in rank of the most traded shares on thee BeBelgBBelgradelgradede SStocktockk ExcExchangexchhaangenngge ini 2012013).) Consolidatedolididateddateded fi nancnannancialncialc al statements,sta tet meentnts,s presentedprpresennted witwithinthinth ththisis AnnAnnualn ualal RepoReport,rt,r in all mmaterialate respects, are a true and objectiveectiveve presentationpresentapresep sentaatitionon off thethe fi nnancialn ialal situatsituationtuation withinhin ththehe EEnergopEnergoprojektro kt GrouGroup.up Allll rreports were prepared in accaccordanceccordancordancec w withithh thee currentcurrenurre t aaccounaccountingo tin regularegregulationsg ons anand popolpolicies,icies,s, appliapplicaapplicableb in the RRepublicepe u c oof Serbia, respecting the prprinciplprinciplesncip es off transparency,transparencyarenncy, independence,indepe ini p ndenen accuracyccuracycu aandnd complcoccompleteness.eteness. TThesehese reportss providevidee tot all interested parties ((sh(shareholders,oldeers, clients,ient businessbuusisiness partners,ppartners,rs etc.)e complete,comcomplecomplete, accurateaccuratcura e anandd oobjectiveive ddataa on all achievedhhiiev d results. In thehe eendend,, wee wwouwouldould likeke to thathanknk all our businbbusinesss partpartnepartners,rs, clients,s bubbut above all, ourur sstaff , who, withw theirtheei commitment, knknowledge,noowledge,e, idideas, creacreativityeativity andnd sacsacrifirifi cece,e, madema the realizationrearealization oof thehe ababove mentionedent d acactivitiesti andd pplans possible.

Vladimirmi Milovanovićvi Draganragggan VVeljić,ele jić, M. Sc.. LLaw GGeneralenerne al ManManagerager Presidenteside t of the Supervisoryerv y BBoardar

Annual Report 2013 | 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 (hydro and thermal power plants, 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 63 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 EUR 240 million and annual contracts exceeding EUR 380 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 maga- zine “Engineering News Record“ lists: “The Top 225 International Design Firms” and “The Top 250 International Contractors”.

2.0 Annual Report 2013 | A Brief History ENERGOPROJEKT GROUP manpower of 2,280 represents its basic creative force. The renowned pro- fessionalism of its 800 fully qualiﬁ ed, skilled and ex- perienced engineers and other highly specialized ex- perts, enable ENERGO-PRO- JEKT GROUP to retain its position as one of the most prominent and trusted groups around the world.

During 63 years, ENERGOPROJEKT GROUP designed and developed complex projects in more than 70 countries worldwide. The following list is a brief summary of relevant projects.

50 hydro power plants of various types and capacities; 34 thermal power plants (oil, gas or lignite fi red) of various types and capacities (with a unit capacity up to 600 MW); 15 industrial power plants; 20 heating plants and 34 district heating systems; Over 200 power transformation stations (voltage levels up to 400 kV); Several thousand kilometers of overhead transmission and cable lines (voltage levels up to 400 kV); Over 50 projects of rural electrifi cation; 50 water processing plants; 40 complex land improvement systems; Over 30 water management and river fl ood control projects; About 50 municipal and industrial water supply and sewage systems; Multiple infrastructure projects (underground facilities, tunnels, highways, regional roads, runways, rail- roads and metro stations); Over 1,300 complex projects in diff erent industrial fi elds (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.); 100 public buildings; 10 conference centers; 1,000,000 m2 commercial premises, over 750,000 m2 residential buildings, great number of hospitals, health centres, schools, administrative buildings, tourist and sport 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 2013 | 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 Consulting, Engineering ownership & Trading Germany Energoprojekt • I.N.E.C. ENGINEERING COMPANY Energopet Hidroinženjering LIMITED United Kingdom • ZAHINOS LIMITED Energoprojekt Cyprus Urbanizam i arhitektura Enjub • D.O.O. ENERGOPROJEKT-MOTENEGRO– HERCEG NOVI Montenegro Energoprojekt • ENERGOPROJEKT ENERGODATA MONTENEGRO D.O.O. Entel Montenegro • D.O.O. ENERGOPROJEKT OPREMA CRNA GORA Energoprojekt Montenegro Industrija • ENHISA S.A. Peru Energoprojekt • ENLISA S.A. Peru Visokogradnja • Energoprojekt ENTEL LLC Oman Energoprojekt • Energoprojekt Entel LTD (Oﬃ ce) Qatar Niskogradnja • Energo Consult LLC Abu Dhabi Energoprojekt • ECO MEP TECHNOLOGY (L.L.C.) Dubai Oprema • ENERGO (NIGERIA) LIMITED Nigeria Energoprojekt • ZAMBIA ENGINEERING AND CONTRACTING COMPANY LIMITED Energodata Zambia • ENERGO (UGANDA) COMPANY LIMITED Energoprojekt Uganda • ENERGOPROJEKT HOLDING GUINEE S.A. Garant Guinea • ENERGO (PRIVATE) LIMITED Energoprojekt Zimbabwe • ENERGOPROJEKT GHANA LIMITED Energoplast Ghana • NANA OFF SHORE S.A.L. Lebanon

3.0 Annual Report 2013 | Organization Structure SUPERVISORY BOARD

M. Sc. Dragan Veljić Milun Trivunac M. Sc. Dragan Aleksić President Independent Member Member

D. Sc. Branislav Ivković Slobodan Jovanović M. Sc. 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 2013 | Organization Structure 3.1 4.0 Annual Report 2013 | Main Business Activities MAIN BUSINESS ACTIVITIES

In 63 years, 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 2013 | 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 2013 | 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 solutions; graphic engineering; Energodata mentation, commissioning and maintenance video production

Energoprojekt Insurance All lines of property and casualty insurance Garant

Annual Report 2013 | 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 2013 | 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, Algeria, 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 2013 | 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 En- ergoprojekt Industrija, are especially active in this country.

Energoprojekt Group has numerous references on the Russian market, obtained through the activity of Energo- projekt 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 (sub-stations, transmission lines…) and building construction (parlia- ment 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 2013 | 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 2013 | Markets 5.3 SELECTED References

During 63 years of business activities, Energoprojekt, as an international company, obtained a leading position in the ﬁ elds of:

Energy generation, transmission and distribution Building engineering and construction Infrastructure Water management - 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 2013 | Selected References ENERGY 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 2013 | Energy 6.1 HPP Projects & 2013 Energy Transmission and Distribution Projects SELECTED REFERENCES

Client Niger Delta PHCN Nigeria Project Two DC TL (330kV), 2x240km & pertaining SS, Enugu - Ikot - Ekpene Services Construction , equipment procurement, plant and equipment installation

Client Niger Delta PHCN Nigeria Project TS Oke-Aro (Erukan), SG 2x300MVA; 330/132 kV; 2x60MVA; 132/33kV, Lagos Services Turnkey (design, equipment proqurement, construction and commissioning)

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 Phase II, stage II Services Consultancy services

6.2 Annual Report 2013 | Selected References TPP Projects & 2013 Energy Transmission and Distribution Projects SELECTED REFERENCES

Serbia Nigeria Client EPS (Electric Power Industry of Serbia) Client Niger Delta PHCN & Federal Ministry of Power and Steel Project TPP “Kostolac B” , Kostolac, rehabilitation of Unit B2 with the reconstruction of Project TS Ugwuaji 1x150MVA; 330/132kV; 1x160MVA; electrostatic precipitators (348,5MW) 132/33kV, Enugu Services Works execution, equipment procurement & Services Turnkey (design, equipment procurement, instalation, commissioning construction & commissioning)

Nigeria Nigeria Client Talaveras Group of Companies Client Power Holding Corporation Nigeria

Project Two DC TL (132kV), 24+18km Project 132kV DC TL and underground cable Afam - Trans Amadi, Elenwo - Rukpokwu, Port Harcourt SS Katampe – Stadium, Abuja Services Construction , equipment procurement, plant and equipment installation Services Turnkey

GT PRO 20.0 C- 409 Net Power 3055232 kW 12,24 m LHV Heat Rate 7029 kJ/kWh 1,01 p 50 T 1X Mtsb 701 F 2323,4 m 8 X GT 71,33 %N2 11,44 %O2 35 %RH ( Physi cal Model ) 1,04 p 2254,9 m 3,924 %CO2 Multi-Stage Flash Desalination Circuit - Each of 5 Units 16,39 p 15,73 p 625 T 12,45 %H2O 0 m el ev. 268982 kW 435 T 1398 T 18587 M 0,8571 %Ar 2,047p 0,99 p Steam to Vacuum System 15p 3039h 45,01T Seawater Discharge 37 T 300T 7,603m 2267,1 m 4 X ST = 177,3h 1,013p Steam in To Heater HGS Inlet 19497m Recirc. 45,01T 1023178 kW 2,469p 1,645p 2,483p 6,496p 4,47w 0m 177,3h 153,4T 119,2T 103T To DA 45,28T 1B_Qatar 56,25 m 7,919m 11667m LHV= 709718 kWth 100 p 2770,9h 2706,3h 399,6h 174,5h 4,47w 15 p From Pegging 79 T 40T 357 T 604 T 316,8m 326m 26556m 26556m Makeup 3736 M 300 T 1,13 M 3338 M stage 12 7,919m Wat er 0 m 38,02 M 6,17w 6,17w 7831m 15 p 300 T 0 M Desal vac. V5 Seawater Supply 121 T 2,8 p 0,1502 p SRP 131 T 54 T 1,013p 2075,9 M 0 kW 166,3 M 166,3 M 73,33 M 3643 35T 1492,4 M 0,23 M Saturation 137,6h 267,2 M 2,369p 2,667 p 152 2,667 T 1,645p SSP 10,3 p 320 T 10,3 35,04T 19497m 114,2T 137,9h 1566 kW 4,47w

102 p 606 T 606 102 p Desup 19497m 9,189m 4,47w Desalinated Water 54 T BHCP 2p 43 kW Heat Recovery Heat Rejection DP 43,21T Section (HGS) Section (HRS) DA 345 kW 181,1h Condensate 326m (17 Stages) (2 Stages) 2719,9m 1,13 M 3,447p 14,4 MIGD Desalination FW 114,2T 65464 m^3/day 2,469 p 479,4h 52,4T 72 MIGD (plant total) 1584 M Hot Brine 316,8m From stage 7Last Stage Brine 6906 kW 327319 m^3/day (plant total) 2,248p 0,0884p BRP 110T HPDP Brine Blowdown 45T LTE LPB IPE2 IPB LPS HPE2 IPS1 HPE3 HPB1 IPS2 HPS3 426,9h 15 kW 1,013p High Purity Water 171h 26556m 45,05T 109 T 624 T Performance ratio (kg/2325.9kJ) = 8,796 4,137p 23802m 18610 M 18587 M 6,17w BDP 171,4h Gain output ratio (desal water / steam flow) = 8,668 84T 6,884w 5085m 1,121 m^3/kg 2,8 p 2,8 p 11,14 p 11,14 p 2,667 p 107,2 p 10,93 p 105,6 p 105,6 p 10,71 p 102 p 2,564 m^3/kg 352,1h 571 kW 5796 m^3/s 121 T 131 T 182 T 185 T 208 T 269 T 253 T 312 T 315 T 321 T 606 T 13240 m^3/s p[bar] T[C] m[t/h] h[kJ/kg] w[%] 6,884w 3736 M 164,6 M 3643 M 267,2 M 91,31 M 3372 M 267,2 M 3372 M 3338 M 267,2 M 3338 M 26m 141 141 159 159 198 224 225 288 290 328 328 529 529 531 667 p[bar], T[C], M[t/h], Steam Properties: Thermoflow - STQUIK Incl udes DB 1B_Qatar 22,83M LHV 288000 kWth

Process Flow and Heat & Mass Balance Diagram of the Power Plant Process Flow and Heat & Mass Balance Diagram of the MSF Plant Client KAHRAMAA (Qatar General Electricity and Water Corporation) Qatar Project „Facility D“ Power & Water Production Plant (2 400 MW & 590 000 m3/day potable water) Services Consultancy services

Annual Report 2013 | Energy 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=55 m h=32-35 m h=90 m Installed Capacity 12 x 175 MW 16 x 27 MW 348 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=50m 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=44 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 2013 | Selected References SELECTED REFERENCES

Thermal power plants and energy 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

10,000 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 OVER 50 PROJECTS OF RURAL ELECTRIFICATION IN THE LENGTH OF SEVERAL THOUSANDS OF KILOMETERS

Annual Report 2013 | Energy 6.5 BUILDING ENGINEERING AND CONSTRUCTION

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 2013 | Selected References 2013 Building Engineering and Construction SELECTED REFERENCES

Client OOO „MKC-RosEvroDevelopment“, Russian Federation Russian Federation Project International Conference Centre and ﬁ ve star hotel ”Hyatt Regency Rostov Don-Plaza”, Rostov on Don Services Design, construction and ﬁ t-out

Client OOO Strojgaskonsalting, Moscow, for client ОAО Gazprom Russian Federation Project Gazprom Transgaz Administrative Building, Ukhta Services Execution of structural, ﬁ nishing and MEP works

Annual Report 2013 | Building 6.7 Building Engineering and Construction

Client Sofi e Medgroup Kazakhstan Project Medical Center Sofi e Medgroup, Aktau Services Execution of civil, MEP and fi nishing works, and procurement of medical equipment on “turnkey” basis

Client Ghana Airport Cargo Centar Ghana Project Ghana Airport Cargo Centar, Kotoka International Airport, (18,750 m²) Services Design and expert supervision

6.8 Annual Report 2013 | Selected References 2013 Building Engineering and Construction SELECTED REFERENCES

Client Ministry of Foreign Aﬀ airs, Republic of Serbia and Energo Nigeria Ltd Nigeria Project Serbian Embassy Complex, Abuja Services Architectural concept, preparation of full project documentation (all design stages and disciplines) and construction

Client National Communications Authority Ghana Project Communications Tower (18.000 m2, 9 ﬂ oors), Accra Services Construction

Annual Report 2013 | Building 6.9 SELECTED REFERENCES

Building Engineering and Construction

Caspian Riviere Grand Palace, Hotel Hyatt Regency, Sheraton Hotel and Conference Name Aktau, Kazakhstan Belgrade, Serbia Centre, Harare, Zimbabwe

Five star hotel Conference centre area: 30,145 m² Description Hotel area: 37,500 m² Hotel area: 25.000m2 Hotel area: 30,648 m²

BMP Consortium Government of Zimbabwe Client TOO „Oil Real Estate“ Serbia Zimbabwe

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

Universal sports hall, area 48,000 m², Area: 270,000 m² Description Capacity: 20,000 spectators Capacity: 80,000 spectators Area: 15,000 m²

City of Belgrade, Government of Selangor State Bank Association of Uzbekistan Client Serbia Malaysia Uzbekistan

White House, Presidential Palace, International Trade Fair Ministry Complex Name Tashkent, Uzbekistan Lagos, Nigeria Kuwait

2 Exhibition area: 80,000 m² Description Total area: 5,746 m Area: 270,000 m² Complex area: 300ha

Government of Uzbekistan Government of Nigeria Government of Kuwait Client Uzbekistan Nigeria Kuwait

6.10 Annual Report 2013 | Selected References SELECTED REFERENCES

Building Engineering and Construction

Mazaya Oﬃ ce & Apartment Com- NIS Naftagas Conference Centre, Name plex, Dubai, UAE Novi Sad, Serbia Accra, Ghana

2 Description Total area: 63,000 m2 Oﬃ ce area: 60,000 m² Total area: 15,000 m

HH Sheikha Aliya Bint Sheikh Kalifa Nis Naftagas, Government of the Republic of Ghana Client Saeed Al Maktoum Serbia Ghana

Residential Block 29, YU Business Centre - Building G, AL KHULAFA Oﬃ ce & Apartment Name New Belgrade, Serbia Belgrade, Serbia Complex

2 Description Total area: 13,500 m2 Area: 27,500 m² Total area: 86,000 m

Energoprojekt Visokogradnja plc. Energoprojekt, Belgrade Baghdad City Council, Client as developer for the market Serbia Iraq Serbia

10 CONFERENCE CENTERS DOZENS OF HOTELS 1,000,000 m2 COMMERCIAL PREMISES OVER 750,000 m2 RESIDENTIAL BUILDINGS GREAT NUMBER OF HOSPITALS, HEALTH CENTRES, SCHOOLS, ADMINISTRATIVE BUILDINGS, TOURIST AND SPORT FACILITIES

Annual Report 2013 | Building 6.11 INFRASTRUCTURE

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

In 63 years of experience Energoprojekt Group executed various projects including:

Underground facilities Tunnels Railway and metro stations Highways and regional roads Airports Waste management and pollution control

6.12 Annual Report 2013 | Selected References 2013 Infrastructure SELECTED REFERENCES

Client Corridors of Serbia Serbia Project Tunnel Šarani, motorway E-763 Belgrade - South Adriatic Services Construction of two tunnel tubes, 883m & 887m in length

Client Provias Nacional of the Ministry of Traﬃ c and Communications Peru Project Rehabilitation of the road Chonoyape-Cochabamba-Cajamarca, section Cochabamba-Chota, total length 13 (32)km Services Road rehabilitation

Client Ministry of Communication and Transport – MTC Peru Project Reconstruction and rehabilitation of 55 km of road Pericos - San Ignacios Services Reconstruction and rehabilitation

Annual Report 2013 | Infrastructure 6.13 2013 Infrastructure SELECTED REFERENCES

Client Municipality of District Colan, Piura Peru Project Improvement of irrigation canal – Ramal Nuevo - El Arenal, Colan Services Reconstruction

Client Ministry of Housing and Urban Renewal, Nigeria/Julius Berger plc Nigeria Project UST Ibom Sports Complex, Uyo, Aqua Ibom State Services Execution of MEP works and equipment procurement

Client Ministry of Works and Transport, Uganda National Roads Authority Uganda Project Rehabilitation of road Kawempe - Kafu, Uganda Services Road resealing, 166 km

6.14 Annual Report 2013 | Selected References Infrastructure SELECTED REFERENCES

Motorway E75, M22, section One track railway bridge Belgrade bypass, section 5, Name Novi Sad - Belgrade, Serbia Belgrade, Serbia Belgrade, Serbia

Construction of one track railway bridge (188m), reconstruction of the railway Construction of tunnel Straževica Description Construction underbridge and length 745m and ﬂ yovers Jurija Gagarina street, New Belgrade

Belgrade Land Development Public Public Enterprise “Roads of Serbia” and Client Public Enterprise “Roads of Serbia” Agency, Serbia “Corridor 10”, Serbia

Pionirski Park Underground Road Mityana - Fort Portal, sec- Road Almaty-Akmola Name Garage, Belgrade, Serbia tion Mityana - Mubende, Uganda Section Almaty-Guishad

Underground garage with 460 Road length 225 km Asphalted road length 166 km, Description parking places Mityana - Mubende section 8 m width, with 2 m shoulders, Total area: 13,818 m² Total length 86 km totalling 12 m

Ministry of Transport and Communica- Belgrade City Hall Ministry of Transport and Communica- Client tions of the Republic of Kazakhstan Serbia tions, Uganda Kazahstan

Two Underground Metro “Vukov Spomenik” MULTIPLE UNDER Name Stations, Almaly and Abay, Alma Ata, Kazakhstan Belgrade, Serbia GROUND FACILITIES, Underground railway station TUNNELS, HIGHWAYS, One „Column“ type and Platform area: 2,500 m2 REGIONAL ROADS, one „Pylon“ type metro station at the depth of 40 m Description Depth between 30 – 70 m; oblique tunnels with 3 escalators RUNWAYS, RAILWAY AND Construction of 3 tunnel tubes each diameter: 7.5 m and METRO STATIONS (diameter 90 - 100 m²) length of 65 m angle: 30 degree Belgrade Railway Traﬃ c Co. Client AO Almatimetrokurilis Kazahstan Serbia

Annual Report 2013 | Infrastructure 6.15 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 63 years of business operations, Energoprojekt designed, constructed and commissioned numerous projects including:

Dams and reservoirs Irrigation and hydro melioration systems Potable and waste water processing plants Water supply systems Sewage systems

6.16 Annual Report 2013 | Selected References 2013 Water - Environmental Protection SELECTED REFERENCES

Client National Agency for Dams and Transfers (ANBT) Algeria Project Seklafa Dam, concrete dam, h=47 m; Beni Slimane Dam, embankment dam h=66 m Services Detail design, technical assistance and construction supervision

PRIMARY RESERVOIRS LEGEND: & PUMPING STATION (PRPS) SITES QATAR UTILITY CORRIDOR

CORRIDOR MAIN PIPELINES TRANSMISSION PIPELINES QEZ PIPELINES

Client KAHRAMAA (Qatar General Electricity and Water Corporation) Qatar Project Water Security Mega Reservoirs (1st phase includes 24 concrete reservoirs with total capacity of approx. 10 million m3, 280 km (DN 1200-1600) corridor mains and 200 km (DN 900-1600) transmission pipelines) Services Project management consultancy services

Annual Report 2013 | Water - Environmental Protection 6.17 2013 Water - Environmental Protection SELECTED REFERENCES

3,00 40,00 C 35,00

6,05 15,00

1:1,8 1:1,8 BASSIN DE DISSIPATION 11,00 44,00 TOUR DE PRISE D'EAU ET 1:1,8 VIDANGE DE FOND 65,00 6,00 1:1,65 309,66 8,00 PRISE DE LA VIDANGE 86,00 DE FOND 37,00

141,16

LCRETE=460,27 m 1:2

35,00 86,00

18,00 0 4,50 3,00 72,3535 BATARDEAU AMONT DEVERSOIR

150,61 B Ministry of water resources / Client National agency for dams and transfers Algeria Project Tarzout earth-ﬁ ll dam, h=60m Services Preliminary design and tender documentation

Client Jordan ministry of water and irrigation Jordan Project Kufranja CFRD, h=80m Services Construction supervision and consultancy services

Ministry for Agriculture, Trade, Forestry and Water Management, Client Directorate for Water Serbia Project Works on reinforcement and super-elevation of the embankment at the Tisa River left bank, 18 km in length, Serbia Services Civil works execution

6.18 Annual Report 2013 | 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

40 COMPLEX LAND IMPROVEMENT SYSTEMS 50 WATER TREATMENT PLANTS OVER 30 WATER MANAGEMENT AND RIVER FLOOD CONTROL PROJECTS 50 MUNICIPAL AND INDUSTRIAL WATER SUPPLY AND SEWAGE SYSTEMS

Annual Report 2013 | Water - Environmental Protection 6.19 INDUSTRY

During 63 years, Energoprojekt executed a variety of complex, large-scale industrial projects. The company renders services of design, consulting, construction, equipment procurement, training of personnel for work on plants and systems, commissioning and maintenance. Energoprojekt has designed and/or constructed over 1,300 complex projects in diﬀ erent industrial ﬁ elds such as:

Food processing industry Pharmaceutical industry Basic and processing chemical industries Transportation and storage of oil and gas Wood processing, cellulose and paper production industries Metal-processing industry Ore and metal processing industries and transportation systems Non-metal and construction materials industries Tobacco processing and cigarette production industries Industrial power plants, heating plants and boiler plants Gas distribution

6.20 Annual Report 2013 | Selected References 2013 Industry SELECTED REFERENCES

Serbia Russian Federation Client SNC Lavalin; Outotec Client Schlumberger Logelco Inc. Projects Construction of the new sulfhuric acid plant, CMSC Bor, Bor; Project Schlumberger production base (15.000m2) Reconstruction of a ﬂ ash smelter plant, CMSC Bor, Bor Services Construction works and erection of electrical & mechanical Services Construction equipment and installations; Construction; Design, procurement and execution of MEP works and equipment

Kazakhstan Kazakhstan Client Engineering & Procurement Services LLP Client JSC Transnational company Kazhrom Project Water Recycling Blocks at the Atyrau oil reﬁ nery Project Ferrochrome slag crushing and sorting complex (800.000t/year) (2х4500 m3/h i 1x1000m3/h) Services Detailed design; supervision of works execution and Services Preparation of the complete detailed design process equipment installation; testing and proving of designed parameters, personnel training

Annual Report 2013 | Industry 6.21 Industry SELECTED REFERENCES

Schlumberger Oilﬁ eld Services Agricultural-Industrial Complex Pharmaceutical Factory, Name Facility, Aktau, Kazakhstan Kuban, Russian Federation Tyumen, Russian Federation 5 factories: dairy products factory, Construction factory of conditor products, ice cream Description Pharmaceutical Factory 10,000 m2 production factory, fruit & vegetable freezing factory, pack factory

AIK Kuban, Tyumen Administration Client Schlumberger Logelco Inc. Russian Federation Russian Federation

Pharmaceutical Plant Detergent Factory Lab-Labs, Mineral Water Bottling Plant Name Hemofarm, Serbia Russian Federation 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 Russian Federation 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 1,300 DESIGNED AND/OR CONSTRUCTED COMPLEX PROJECTS IN DIFFERENT INUDSTRIAL FIELDS

6.22 Annual Report 2013 | 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 2013 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, Credit Agricole,Serbia Serbia Uniqa osiguranje, Serbia

Description Backup and Recovery Management Software development Mainframe of ATM

Annual Report 2013 | Information Technology 6.23 Financial Highlights

ENERGOPROJEKT GROUP  TOTAL REVENUE FOR THE YEARS 2009  2013

250

2000

TOTAL REVENUE

Graphical presentation of total EP’s revenue from 2009 to 2013.

ENERGOPROJEKT GROUP  PROFIT BEFORE TAXES FOR THE YEARS 2009  2013

2009

PROFIT BEFORE TAXES

Graphical presentation of EP Group Proﬁ t before Taxes for the years 2009 to 2013

7.0 Annual Report 2013 | Financial Highlights Financial Highlights SALES BY INDUSTRIES, 2013

40% ENERGY,

58%

SALES BY REGIONS, 2013

11%% 14% EUEUROR PEE SOUTH AMMERICA

112%2% 333%3% MIDDDLE EAST

228%8% 112%2% AFFRIR CA

Annual Report 2013 | Financial Highlights 7.1 Financial Highlights

ENERGOPROJEKT GROUP ENERGOPROJEKT GROUP TOTAL REVENUE TOTAL EXPENCES FOR THE YEAR 2013: 213,054,000 € FOR THE YEAR 2013: 207,757,000 €

3.87% 3.92% FINANCIAL REVENUE 3.12% FINANCIAL EXPENCES 1.91% OTHER REVENUE OTHER EXPENCES

93.01% 94.17% BUSINESS REVENUE BUSINESS EXPENCES

OTHEROTHE REVENUE

ENERGOPROJEKT GROUP ENERGOPROJEKT GROUP TOTAL ASSETS TOTAL EQUITY & LIABILITIES FOR THE YEAR 2013: 251,841,000 € FOR THE YEAR 2013: 251,841,000 €

46.56% EQUITY 39.87% 60.13% FIXED ASSETS CURRENT ASSETS 44.14% SHORT TERM 9.30% LIABILITIES LONG TERM PROVISIONS AND LIABILITIES

CURRENTCURR ASSETS

FIXEDF XED ASSETS SHOHORTORT TTERMERM LIABLIABILITIESLITIES

LONG TERM PROVISIONS AND LIABILITIES

7.2 Annual Report 2013 | Financial Highlights Financial Highlights

ENERGOPROJEKT GROUP  CAPITAL / TOTAL EQUITY AND LIABILITIES FOR THE YEARS 2009  2013

CAPITAL / TOTAL EQUITY AND LIABILITIES

ENERGOPROJEKT GROUP  LIQUIDITY RATIOS FOR THE YEARS 2009  2013

1.54 1.55

1.5

1.45 1.38 1.4 1.36 1.35 CURRRENT RATIO 1.35

1.3 1.28

1.25

1.2 2009 2010 2011 2012 2013

1.5 1.27 1.04 1.07 0.78 1.01 QUICK RATIO 1

0.5

0 2009 2010 2011 2012 2013

6,000,000 6,051,061 5,000,000 4,954,848 4,617,743 4,000,000 4,260,446 3,997,215 3,000,000

NET WORKRKONG CAPITAL 2,000,000

1,000,000

0 2009 2010 2011 2012 2013

Annual Report 2013 | Financial Highlights 7.3 2013 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 2013, 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 Consolidated 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 (“Official Gazette of RS“, no. 62/2013), 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.

8.0 Annual Report 2013 | Financial Report 2013 AUDITOR’ S REPORT

INDEPENDENT AUDITOR’S REPORT

To the Shareholders of the Company “Energoprojekt Holding” a.d. Beograd (Continued)

Opinion In our opinion the consolidated financial statements present fairly, in all material respects, the financial position of Sistem Energoprojekt as of 31 December 2013 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.

Belgrade, 25 April 2014

Igor Radmanović Certified Auditor

Annual Report 2013 | Auditor’ s Report 8.1 2013 Financial Report BALANCE SHEET

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED BALANCE SHEET As of 31 December 2013

in 000 EUR Amount Group accounts POSITION EDP Note Current Previous account no. year year 12345786

A. NON-CURRENT ASSETS (002+003+004+005+009) 001 100.400 88.422 00 I. UNPAID SUBSCRIBED CAPITAL 002 012 II. GOODWILL 003 01 w/out 012 III. INTANGIBLE ASSETS 004 24 529 620 IV. PROPERTY, PLANT, EQUIPMENT AND BIOLOGICAL ASSETS (006+007+008) 005 86.318 74.039 020,022,023, 026,027(part), 028(part) ,029 1. Property, plant and equipment 006 25 64.177 56.368

024,027(part) 028(part) 2. Investment property 007 25 22.141 17.671 021,025,027 (part) and 028(part) 3. Biological assets 008

V. LONG-TERM FINANCIAL INVESTMENTS (010+011) 009 13.553 13.763 030 to 032, 039(part) 1. Equity share 010 26 6.477 5.871 033 to 038, 039(part) less 037 2. Other long-term financial investments 011 27 7.076 7.892 B. CURRENT ASSETS (013+014+015) 012 151.441 151.841 10 to 13,15 I. INVENTORIES 013 28 32.159 26.875 II. NON-CURRENT ASSETS HELD FOR SALE AND ASSETS 14 OF DISCONTINUED OPERATIONS 014 29 549 564 III. SHORT-TERM RECEIVABLES, INVESTMENTS AND CASH (016+017+018+019+020) 015 118.733 124.402 20, 21 and 22, except 223 1.Receivables 016 30 60.516 62.576 223 2.Receivables for overpaid income tax 017 745 23 less 237 3.Short-term financial investments 018 31 15.979 20.844 24 5.Cash equivalents and cash 019 32 26.918 29.506 27 and 28 except 288 4.VAT and accruals 020 33 14.575 11.476 288 C. DEFERRED TAX ASSETS 021 D. OPERATING ASSETS (001+012+021) 022 251.841 240.263 29 E. LOSS OVER CAPITAL 023 F. TOTAL ASSETS (022+023) 024 251.841 240.263 88 G. OFF-BALANCE SHEET ITEMS 025 46 127.882 123.788

8.2 Annual Report 2013 | Financial Report 2013 BALANCE SHEET

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED BALANCE SHEET - continued As of 31 December 2013

in 000 EUR Amount Group accounts, POSITION EDP Note Current Previous account no. year year 1234785 6

CAPITAL AND LIABILITIES A. CAPITAL (102+103+104+105+106-107+108-109-110) 101 117.249 111.884 30 I. ISSUED AND OTHER CAPITAL 102 34 51.811 48.470 31 II. UNPAID SUBSCRIBED CAPITAL 103 32 III. RESERVES 104 35 5.332 7.907 330 i 331 IV. REVALUATION RESERVES 105 36 19.825 15.379 V. UNREALIZED GAINS BASED ON SECURITIES 332 AVALIABLE FOR SALE 106 36 62 128 V. UNREALIZED LOSSES BASED ON SECURITIES 333 AVAILABLE FOR SALE 107 36 336 227 34 VII. RETAINED EARNINGS 108 37 40.555 40.227 35 VIII. LOSS 109 037 and 237 IX. REDEEMED OWN SHARES 110 B. NON-CURRENT PROVISIONS AND LIABILITIES (112+113+116) 111 133.416 127.613 40 I. NON-CURRENT PROVISIONS 112 38 10.984 12.211 41 II. NON-CURRENT LIABILITIES (114+115) 113 11.272 16.772 414, 415 1. Long-term credits 114 39 3.992 8.295

41 w/out 414 and 415 2. Other non-current liabilities 115 40 7.280 8.477

III. CURRENT LIABILITIES (117+118+119+120+121+122) 116 111.160 98.630 42, except 427 1. Short-term financial liabilities 117 41 31.165 24.182 2. Liabilities from assets held for sale and assets from 427 discontinued operations 118 43 and 44 3. Liabilities from business operations 119 42 55.049 54.027 45 i 46 4. Other short-term liabilities 120 43 12.213 9.980 47, 48 except 481 and 49 except 498 5. VAT and other public liabilities and accruals 121 44 8.369 6.177 481 6. Income tax liabilities 122 4.364 4.264 498 C. DEFERRED TAX LIABILITIES 123 1.176 766 D. TOTAL CAPITAL AND LIABILITIES (101+111+123) 124 251.841 240.263 89 E. OFF-BALANCE SHEET ITEMS 125 46 127.882 123.788 NON-CONTROLLING INTEREST 9.800 11.759

Annual Report 2013 | Balance Sheet 8.3 2013 Financial Reportp INCOME STATEMENT

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED INCOME STATEMENT For the Period from 01 January to 31 December 2013

in 000 EUR Group Amount accounts, P O S I T I O N EDP Note Current Previous account no. year year 1234785 6 A. BUSINESS REVENUE AND EXPENSES I. BUSINESS REVENUE (202+203+204-205+206) 201 198.152 233.147 60 and 61 1. Sale revenue 202 11 194.060 226.602 62 2. Revenue from undertaking of outputs and goods for own purposes 203 632 519 630 3. Increase of inventories 204 12 1.437 5.414 631 4. Decrease of inventories 205 12 637 1.937 64 and 65 5. Other business revenue 206 13 2.660 2.549 II. BUSINESS EXPENSES (208 to 212) 207 195.642 226.709 50 1. Cost value of sold goods 208 14 2.242 3.051 51 2. Cost of material 209 15 57.454 81.823 52 3. Staff costs 210 16 69.722 62.384 54 4. Depreciation and provisions costs 211 17 5.336 4.566 53 and 55 5. Other business expenses 212 18 60.888 74.885 III. PROFIT FROM OPERATIONS (201 - 207) 213 2.510 6.438 IV. LOSS FROM OPERATIONS (207 - 201) 214 66 V. FINANCIAL REVENUE 215 19 8.248 15.295 56 VI. FINANCIAL EXPENSES 216 19 8.139 12.054 67, 68 VII. OTHER REVENUE 217 20 6.654 2.366 57, 58 VIII. OTHER EXPENSES 218 20 3.856 2.770 IX. PROFIT FROM OPERATIONS BEFORE TAX (213-214+215-216+217-218) 219 5.417 9.275 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 21 120 328 B. PROFIT BEFORE TAX (219-220+221-222) 223 22 5.297 8.947 V. LOSS BEFORE TAX (220-219+222-221) 224 G. INCOME TAX 721 1. Tax expenses for the period 225 921 791 722 2. Deferred tax expenses for the period 226 308 228 722 3. Deferred tax revenues for the period 227 723 D. EMPLOYER`S EARNINGS PAID 228 Ĉ. NET PROFIT (223-224-225-226+227-228) 229 4.068 7.928 E. NET LOSS (224-223+225+226-227+228) 230 Ž. NET PROFIT BELONGING TO MINORITY INVESTORS 231 764 1.695 Z. NET PROFIT BELONGING TO EQUITY HOLDERS OF THE PARENT COMPANY 232 3.304 6.233 I. EARNINGS PER SHARE 1. Basic earnings per share 233 23 2. Deacreased (diluted) earnings per share 234 TOTAL1. Basic earningsREVENUE per share 233 23 213.054 250.808 TOTAL2. Deacreased EXPENSES (diluted) earnings per share 234 207.757 241.861

8.4 Annual Report 2013 | Income Statement Energoprojekt Annual Report

Published by Energoprojekt Holding plc

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