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Prospectus Download Prospectus for public offering of the shares and their admission to a regulated market (segment Prime listing) of the issuer FINTEL ENERGIJA A.D. Beograd ID number 20305266 ("Prospectus") 25 July 2018 Contents INTRODUCTION.................................................................................................................. 12 I SUMMARY PROSPECTUS (shortened prospectus) ................................................... 13 1. Data about the Company...................................................................................... 13 1.1. The basic data and the development of the Company .................................. 13 1.2. Description of business activities of the Company....................................... 14 1.3. Company’s share capital................................................................................... 15 1.4. Data about the person responsible for audit of the financial statements ..................................................................................................................................... 15 1.5. Selected financial information.......................................................................... 15 1.6. Company’s market position.............................................................................. 17 1.7. Brief description of risk factors ....................................................................... 18 2. Data about the shares that are issued and to be included in trading on Belex ........................................................................................................................... 19 2.1. Description of the type and the class of the shares ...................................... 19 2.2. Rights from the shares ...................................................................................... 19 2.3. Condition of the public offer, underwriting and the admission to Belex ..................................................................................................................................... 19 2.4. Risk factors associated to the shares ............................................................. 20 2.5. Tax and other payments related to the shares............................................... 20 3. Publication of the Prospectus ............................................................................. 21 4. Term of validity of the Prospectus...................................................................... 22 5. Company’s responsible persons ........................................................................ 22 6. Statement of the responsible persons ............................................................... 22 ANNEX II.............................................................................................................................. 23 REGISTRATION DOCUMENT FOR SHARES ("Registration Document") ................... 23 1. RESPONSIBLE PERSONS.................................................................................... 23 1.1. Responsible persons......................................................................................... 23 1.2. The Statement of responsible persons ........................................................... 23 2. PERSONS RESPONSIBLE FOR AUDITS OF FINANCIAL INFORMATION ...... 24 2.1. The name and surname or the business name of the person responsible for audits of financial statements for the Company and the Subsidiaries for the period covered by the historical financial information, including their status in the legal person .............................................................. 24 2.2. If a person responsible for audits of financial statements have resigned, been removed or not been re-appointed during the period covered by the historical financial information, provide a detailed explanation for the change ...................................................................................... 24 3. SELECTED FINANCIAL INFORMATION.............................................................. 24 2 3.1 Selected Financial Information of the Group................................................... 24 3.2. If selected financial information for the last interim period is provided, comparative data for the appropriate interim period in the prior financial years must also be provided. For the comparative overview of the balance sheet, it is sufficient to show the appropriate annual balance sheet ................. 26 4. RISK FACTORS ..................................................................................................... 26 4.1. Company’s risks relating to the regulatory environment and the Serbian power market............................................................................................... 26 4.2. Company's operational risks............................................................................ 27 4.3. Risks relating to the development of pipeline business............................... 30 4.4. Additional Group risks ...................................................................................... 31 5. INFORMATION ABOUT THE ISSUER .................................................................. 33 5.1. General information about the issuer and its development ......................... 33 5.2. Principal investments ........................................................................................ 34 5.2.1. A description (including the amount) of the issuer's principal investments for each financial year for the period covered, up to the date of the Registration Document. ................................................................................ 34 5.2.2. A description of the issuer's ongoing principal investments (including the value), including those made domestically and abroad, and the method of financing the investments (internal or external). ......................... 34 5.2.3. Information concerning the issuer's principal future investments on which its management bodies have already made firm commitments. ............. 34 6. BUSINESS OVERVIEW ......................................................................................... 35 6.1. Principal Activities ............................................................................................. 35 6.1.1. Description of the business, listing of the core activity and key activities on basis of which the issuer generates the highest income, listing the significant products it sells or the services it provides for each financial year shown in the previous period ......................................................... 35 Wind Power Generation .............................................................................................. 35 Wind Development Pipeline Overview........................................................................ 35 Operational Wind Portfolio Overview.......................................................................... 36 Deployment know-how ................................................................................................ 37 Development process ................................................................................................. 37 Regulatory Support Mechanism ................................................................................. 38 Key Strengths of the Company and the Company's business............................ 38 a) Leading independent Serbian renewable energy generator with a broad portfolio of generating plants....................................................................................... 38 b) Proven operating platform led by a highly experienced management team ........ 39 c) Attractive and sustainable dividend policy supported by high operating margins and strong, steady cash generation.............................................................. 39 d) Supportive regulatory and market environment ..................................................... 40 e) Internal growth through build out of onshore wind development pipeline at competitive cost per MW of installed power ............................................................... 40 f) Growth of the Group’s business .............................................................................. 40 3 6.1.2. Description of any significant new products or services introduced, current status of development of such product or service in the measure it is already known by the public ............................................................................ 41 6.2. Principal markets ............................................................................................... 41 6.2.1 A description of the principal markets in which the issuer competes, including a breakdown of total revenues by category of activity and geographic market for each financial year for the period covered by the historical financial information ............................................................................... 41 6.3. In the event that some extraordinary facts and circumstances had influence to the information stated in Sections 6.1. and 6.2., describe them in detail. ...................................................................................................................... 41 6.4. Summary information on patents or licenses, material agreements or new manufacturing processes that are material to the issuer’s business profitability. The level of details should be proportional to the extent to which the issuer's operation is dependent on the listed elements .................... 41 6.5. Statements
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