$118$/5(3257 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, It is with great pleasure that I can inform you that business operations of the Energoprojekt Group have exceeded planned parameters for the year, and that in spite of negative effects of the economic crisis in the world, in Europe and especially in the Republic of Serbia, have been successful. In 2012, Energoprojekt Group realized the consolidated total revenue of 250.8 million euros beeing almost 8% beyond planed realization and representing almost 6% growth compared to the previous year. 55% of the total revenue were realized abroad and 45% were realized domestically. The most important market share in realized total revenue for 2012 was that of the region of Serbia with 45.1%, followed by the region of Africa (Uganda, Nigeria, Ghana, Zambia, Algeria, Zimbabwe, Guinea) with 24.7%, the CIS (Kazakhstan, Russia) with 14.1%, the region of Middle East (Qatar, Abu Dhabi, Oman, Dubai) with 9.3%, the region of South America (Peru) with 6.4% and the region of Europe (B&H – Republic of Srpska, Montenegro, Macedonia, Great Britain, Germany, Cyprus) with 0.4%. Energoprojekt Group has realized the consolidated gross profi ts of 8.9 million euros, which is almost 23% over the planned value, i.e. represents almost 59% growth compared to the gross profi t realized in 2011. The value of newly contracted business arrangements in 2012. is 307.3 million euros: 71.5 million euros (23%) in the country and 235.8 million euros (77%) abroad. We consider this to be a very 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 2012 are: Rehabilitation and modernization of Unit 2 of the TPP Kostolac B, Kostolac, Serbia New energy supply system of the Clinical Center Niš, Niš, Serbia Construction of two DC TL 132kV, 24 and 18km, Talaveras, Nigeria Construction & commissioning of 330/132 kV SS Erukan, Lagos, Nigeria Construction of a new sulphuric acid plant and reconstruction of the fl ash smelter in RTB Bor, Bor, Serbia Design and construction of a 5 star hotel at Aktau, Republic of Kazakhstan Construction of the hospital and procurement of medical equipment, Aktau, Kazakhstan Construction of the administrative building in Ukhta, Russian Federation

1.0 Annual Report 2012 | Letter to Shareholders In 2012, Energoprojekt Group realized the con- solidated total revenue amounting to 250.8 mil- lion euros representing 6% growth compared to the previous year. 55% of the total revenue were realized abroad and 45% were real- ized domestically.

Construction of the Schlummnberger production base in Astrakhan, Russian Federation Construction of a cash processing center of the Bank of Ghana, Accra, Ghana Construction of the tunnel Šarani in the motorway E736 (2 tunnel tubes of 883m & 887m in lenght), Serbia Rehabilitation and reconstruction of 55 km of the road Pericos – San Ignacio, Peru Consultancy services on the project of construction of the power transmission and distribution system in the northern emirates of the UAE Preliminary design, feasibility study & main design for windfarm Čibuk I, Serbia Design and construction supervision of the Ourkiss dam project, Algeria Design, technical support and construction supervision of 3 dams - Seklafa, Beni Slimane, Soubella, Algeria Design and preparation of biding documentation for 2 dams – Bouzina & Tarzout, Algeria At the end of 2012, in the Energoprojekt Group, there were 387 million euro worth contracted business operations left for realization (109 million euros in the country; 278 million euros abroad). This amount of business operations left for realization, represents a solid business potential that gives stability to business in the coming period. 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. On 31.12.2012 the market value of one share was RSD 605.00. Compared to the Energoprojekt Holding p.l.c. share value at the end of the previous year, the registered growth was +54.34%. In the same period, the registered growth of referenced Belgrade Stock Exchange indexes were signifi cantly lower (BELEX15 growth was +4,98%, while the BELEXline growth was +2,90%). According to degree of realized trading, the shares of Energoprojekt Holding plc. are in the year 2012. among the most liquid shares on the Serbian fi nancial market. 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 employees in the fi rst place, without whose loyalty, knowledge, ideas and creativity the realization of all mentioned activitiesvitiesvit and plansan wwouldouulld notno be possibleppossible.

Vladimir Milovanović Ivar BerBergerger CEO President of the Supervisory Board

Annual Report 2012 | 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, infrastruc- ture, water management and environmental protection, industry and information technologies.

Through its 62 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 subsid- iaries 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 2012 | A Brief History ENERGOPROJEKT GROUP manpower of 2,318 rep- resents 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 proj- ects 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 2012 | 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 • Nana off Shore Lebanon

3.0 Annual Report 2012 | Organization Structure 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 2012 | Organization Structure 3.1 4.0 Annual Report 2012 | 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 instal- lation; construction; commissioning; project management as well as project execu- tion 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 2012 | 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 2012 | 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 distribu- tion, 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 2012 | 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 2012 | Markets Energoprojekt Group is based in Serbia, having its Headquarters in Belgrade.

Today, through a network of subsidiaries, foreign companies, representa- tive 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 2012 | 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 cen- tres...), 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 proj- ects in the fi elds of power generation and supply (sub- stations, transmission lines ...) and building construction (parliament building, administrative and residential build- ings...).

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

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

5.2 Annual Report 2012 | Markets Due to the signifi cant capital investments in energy and in- frastructure, Middle East became a very interesting market for Energoprojekt - Entel. Consultancy services for projects in the fi eld of power generation, transmission and distri- bution 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 infra- structure 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 genera- tion 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 distribu- tion, water management and environmental protection.

Annual Report 2012 | 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 mar- ket requirements. Following the principles of responsible and sustainable business, Energoprojekt off ers quality for its cli- ents, as well as for all other stakeholders – its employees, associates, partners, communities and the environment in which it operates.

6.0 Annual Report 2012 | 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 hy- dro 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 2012 | Power 6.1 HPP Projects & 2012 Power 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 SS Erukan (Oke-Aro), SG 2x300MVA; 330/132 kV; 2x60MVA; 132/33kV, Lagos Services Turn key (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 2012 | Selected References TPP Projects & 2012 Power Transmission and Distribution Projects SELECTED REFERENCES

Serbia Serbia Client EPS (Electric Power Industry of Serbia) Client Public Utility Co “Beogradske elektrane” Project TPP “Kostolac B” , Kostolac, rehabilitation Project District Heating Plant New Belgrade, Belgrade of Unit B2 with the reconstruction of Services Reconstruction electrostatic precipitators (348,5MW) Services Works execution, equipment procurement & instalation, commissioning

Nigeria Serbia Client Talaveras Group of Companies Client CCS (Clinical Centre of Serbia), Niš Project Two DC TL (132kV), 24+18km Project Cogeneration (combine heat and power Afam - Trans Amadi, Elenwo - Rukpokwu, Port Harcourt 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 2012 | 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 2012 | 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 2012 | 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 2012 | Selected References 2012 Buildings SELECTED REFERENCES

Client TOO „Oil Real Estate“ Kazakhstan Project Caspian Riviere Grand Palace (25.000m2), fi ve star hotel, Aktau, Kazakhstan Services Design 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 “Turn Key” basis

Annual Report 2012 | Buildings 6.7 Buildings

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

Client ZAO Holding-Centre, Ukhta, Russian Federation Russian Federation Project Gazprom Transgaz LLC Administrative Building, Ukhta Services Execution of structural, fi nishing and MEP works

6.8 Annual Report 2012 | Selected References 2012 Buildings 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 Bank of Ghana Ghana Project Bank of Ghana Cash Processing Centre (19.000m2 + 5.000m2), Accra Services Construction

Annual Report 2012 | Buildings 6.9 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

6.10 Annual Report 2012 | 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 2012 | Buildings 6.11 INFRASTRUCTURE

Construction of infrastructure with the implementation of the latest technical solu- tions, 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

6.12 Annual Report 2012 | Selected References 2012 Infrastructure SELECTED REFERENCES

Client Corridors of Serbia Serbia Project Tunnel Šarani, motorway E-736 Belgrade - South Adriatic Services Construction of two tunnel tubes, 883m & 887m in length

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

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 2012 | Infrastructure 6.13 2012 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 2012 | Selected References Infrastructure SELECTED REFERENCES

One track railway bridge Twin Lake Estate, phase I Road Mityana - Fort Portal, sec- Name Belgrade, Serbia Lagos, Nigeria tion Mityana - Mubende, Uganda

Road length 225 km Procurement and installation of Construction of one track railway plant and equipment and bridge (188m), construction of infrastructure reconstruction of the railway Description facilities (potable and waste water underbridge and treatment plants; generator sets; Mityana - Mubende section Jurija Gagarina street, telecommunication systems; MEP Total length 86 km New Belgrade systems)

Belgrade Land Development Public Chevrons Pension Fond and Bilfi nger Ministry of Transport and Communica- Client Agency, Serbia Berger Gmbh tions, Uganda

Belgrade bypass, section 5, Pionirski Park Underground Road Almaty-Akmola Name Belgrade, Serbia Garage, Belgrade, Serbia Section Almaty-Guishad

Underground garage with 460 Asphalted road length 166 km, Construction of tunnel Straževica Description parking places 8 m width, with 2 m shoulders, length 745m and fl yovers Total area: 13,818 m² totalling 12 m

Ministry of Transport and Communica- Public Enterprise “Roads of Serbia” and Belgrade City Hall Client tions of the Republic of Kazakhstan “Corridor 10”, Serbia Serbia Kazahstan

Two Underground Metro “Vukov Spomenik” MULTIPLE ENGINEERING Name Stations, Almaly and Abay, Alma Ata, Kazakhstan Belgrade, Serbia STRUCTURES, Underground railway station UNDERGROUND WORKS, One „Column“ type and Platform area: 2,500 m2 TUNNELS, HIGHWAYS, one „Pylon“ type metro station at the depth of 40 m Description Depth between 30 – 70 m; oblique tunnels with 3 escalators ROADS, RAILWAY & 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 2012 | Infrastructure 6.15 WATER ENVIRONMENTAL PROTECTION

One of the core business activities of Energoprojekt Group with the longest experi- ence 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

6.16 Annual Report 2012 | Selected References 2012 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 2012 | Water - Environmental Protection 6.17 2012 Water - Environmental Protection SELECTED REFERENCES

Ministry of water resources / Client National agency for dams and transfers Algeria Project Tarzout earth-fi ll dam, h=60m; Bouzina RCD type dam, h=63 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 2012 | 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 2012 | Water - Environmental Protection 6.19 INDUSTRY

During 62 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

6.20 Annual Report 2012 | Selected References 2012 Industry SELECTED REFERENCES

Serbia Serbia Client SNC Lavalin Client Outotec Projects Construction of the new sulfhuric acid plant, Projects Reconstruction of a fl ash smelter plant, CMSC Bor, Bor CMSC Bor, Bor Services Construction; Services Construction works and erection of electrical & Design, procurement and execution of MEP works mechanical equipment and installations and equipment

Kazakhstan Qatar Client Schlumberger Logelco Inc. Client Ministry of energy and water of Qatar Project Schlumberger Oilfi eld Services Facility, Aktau Project Ras Abu Fontas (RA F) C, Services Construction Desalination plant and gas power plant Services Consultancy services

Annual Report 2012 | Industry 6.21 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

6.22 Annual Report 2012 | 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 2012 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 2012 | Information Technology 6.23 Financial Highlights

ENERGOPROJEKT GROUP  TOTAL REVENUE FOR THE YEARS 2008  2012

250

2000

TOTAL REVENUE

Graphical presentation of total EP’s revenue from 2008 to 2012.

ENERGOPROJEKT GROUP  PROFIT BEFORE TAXES FOR THE YEARS 2008  2012

898.99474

130130

20082008

PROFIT BEFORE TAXES

Graphical presentation of EP Group Profi t before Taxes for the years 2008 to 2012

7.0 Annual Report 2012 | Financial Highlights Financial Highlights SALES BY INDUSTRIES, 2012

2%

40% POWER,

58%

SALES BY REGIONS, 2012 1% 6%6% EUEUROR PEE SOUTH AMMERICA

9%

MIDDDLEL EAST 45% 14% AFRICA

25%

Annual Report 2012 | Financial Highlights 7.1 Financial Highlights

ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP TTOTALOTAL REVENREVENUEUE TOTALTOTAL EXPENCES FOFORR THE YEAR 22012:012: 250,808,000250,808,000 € FORFOR THE YEAR 22012:012: 241,861,000241,861,000 €

BUSINESSBUSIN REVENUE BUSINESSS EXEXPENCESENCES

FINANCIALF NANCIAL REVENUE

OTHEROTHE REVENUE

ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP ENERGOPROJEKTENERGOPROJEKT GRGROUPOUP FORFOR THETH YEAR 2012:

CURRENTCURR ASSETS

FIXEDF XED ASSETS

LONG TERM PROVISIONS AND LIABILITIES

7.27.2 Annual Report 2012 | Financial HighlightsHighlights Financial Highlights

ENERGOPROJEKT GROUP  CAPITAL / TOTAL EQUITY AND LIABILITIES FOR THE YEARS 2008  2012

4646.46.557%7%% 4343.30%%

3333.80%

200920009

CAPITAL / TOTAL EQUITY AND LIABILITIES

ENERGOPROJEKT GROUP  LIQUIDITY RATIOS FOR THE YEARS 2008  2012

1.54 1.55

1.5

1.45 1.38 1.4 1.35 CURRRENT RATIO 1.35

1.3 1.28 1.25 1.25

1.2 2008 2009 2010 2011 2012

1.5 1.27 1.01 1.04 0.74 0.78 QUICK RATIO 1

0.5

0 2008 2009 2010 2011 2012

6,000,000 6,051,061 5,000,000 4,954,848 4,000,000 4,260,446 3,997,215 3,000,000 3,118,515 NET WORKRKONG CAPITAL 2,000,000

1,000,000

0 2008 2009 2010 2011 2012

Annual Report 2012 | Financial Highlights 7.3 2012 Financial Report AUDITOR’ S REPORT

8.0 Annual Report 2012 | Financial Report 2012 AUDITOR’ S REPORT

Annual Report 2012 | Auditor’ s Report 8.1 2012 Financial Report BALANCE SHEET

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED BALANCE SHEET As of 31 December 2012 (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 10.055.237 8.914.837 00 I. UNPAID SUBSCRIBED CAPITAL 002 - - 012 II. GOODWILL 003 - - 01 w/out 012 III. INTANGIBLE ASSETS 004 20 70.479 82.635 IV. PROPERTY, PLANT, EQUIPMENT AND BIOLOGICAL ASSETS (006+007+008) 005 8.419.585 7.647.487 020,022,023, 026,027(part), 028(part) ,029 1. Property, plant and equipment 006 21 6.410.029 6.067.870

024,027(part) 028(part) 2. Investment property 007 21 2.009.556 1.579.617 021,025,027 (part) and 028(part) 3. Biological assets 008 - -

V. LONG-TERM FINANCIAL INVESTMENTS (010+011) 009 1.565.173 1.184.715 030 to 032, 039(part) 1. Equity share 010 22 667.669 610.046 033 to 038, 039(part) less 037 2. Other long-term financial investments 011 23 897.504 574.669 B. CURRENT ASSETS (013+014+015) 012 17.267.092 18.139.950 10 to 13,15 I. INVENTORIES 013 24 3.056.162 4.465.017 II. NON-CURRENT ASSETS HELD FOR SALE AND ASSETS 14 OF DISCONTINUED OPERATIONS 014 25 64.156 8.083 III. SHORT-TERM RECEIVABLES, INVESTMENTS AND CASH (016+017+018+019+020) 015 14.146.774 13.666.850 20, 21 and 22, except 223 1.Receivables 016 26 7.116.005 7.482.739 223 2.Receivables for overpaid income tax 017 - - 23 less 237 3.Short-term financial investments 018 27 2.370.296 2.525.196 24 5.Cash equivalents and cash 019 28 3.355.485 2.941.524 27 and 28 except 288 4.VAT and accruals 020 29 1.304.988 717.391 288 C. DEFERRED TAX ASSETS 021 - - D. OPERATING ASSETS (001+012+021) 022 27.322.329 27.054.787 29 E. LOSS OVER CAPITAL 023 - - F. TOTAL ASSETS (022+023) 024 27.322.329 27.054.787 88 G. OFF-BALANCE SHEET ITEMS 025 42 14.076.978 10.287.693

8.2 Annual Report 2012 | Financial Report 2012 BALANCE SHEET

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED BALANCE SHEET - continued As of 31 December 2012 (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 12.723.261 11.715.908 30 I. ISSUED AND OTHER CAPITAL 102 30 5.511.964 5.223.103 31 II. UNPAID SUBSCRIBED CAPITAL 103 - - 32 III. RESERVES 104 31 899.217 897.913 330 i 331 IV. REVALUATION RESERVES 105 32 1.748.834 1.625.478 V. UNREALIZED GAINS BASED ON SECURITIES 332 AVALIABLE FOR SALE 106 32 14.599 16.022 V. UNREALIZED LOSSES BASED ON SECURITIES 333 AVAILABLE FOR SALE 107 32 25.798 22.071 34 VII. RETAINED EARNINGS 108 33 4.574.445 3.975.463 35 VIII. LOSS 109 - - 037 and 237 IX. REDEEMED OWN SHARES 110 - - B. NON-CURRENT PROVISIONS AND LIABILITIES (112+113+116) 111 14.511.935 15.305.562 40 I. NON-CURRENT PROVISIONS 112 34 1.388.665 1.334.845 41 II. NON-CURRENT LIABILITIES (114+115) 113 1.907.239 785.615 414, 415 1. Long-term credits 114 35 943.240 732.424

41 w/out 414 and 415 2. Other non-current liabilities 115 36 963.999 53.191

III. CURRENT LIABILITIES (117+118+119+120+121+122) 116 11.216.031 13.185.102 42, except 427 1. Short-term financial liabilities 117 37 2.749.962 2.564.443 2. Liabilities from assets held for sale and assets from 427 discontinued operations 118 - - 43 and 44 3. Liabilities from business operations 119 38 6.143.839 7.610.143 45 i 46 4. Other short-term liabilities 120 39 1.134.937 1.051.249 47, 48 except 481 and 49 except 498 5. VAT and other public liabilities and accruals 121 40 702.413 1.431.711 481 6. Income tax liabilities 122 484.880 527.556 498 C. DEFERRED TAX LIABILITIES 123 87.133 33.317 D. TOTAL CAPITAL AND LIABILITIES (101+111+123) 124 27.322.329 27.054.787 89 E. OFF-BALANCE SHEET ITEMS 125 42 14.076.978 10.287.693 NON-CONTROLLING INTEREST 1.337.239 1.203.771

Annual Report 2012 | Balance Sheet 8.3 2012 Financial Reportp INCOME STATEMENT

SYSTEM ENERGOPROJEKT BELGRADE

CONSOLIDATED INCOME STATEMENT For the Period from 01 January to 31 December 2012 (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 26.375.339 20.846.517 60 and 61 1. Sale revenue 202 8 25.634.951 21.193.645 62 2. Revenue from undertaking of outputs and goods for own purposes 203 58.673 57.549 630 3. Increase of inventories 204 9 612.474 30.574 631 4. Decrease of inventories 205 9 219.082 564.699 64 and 65 5. Other business revenue 206 10 288.323 129.448 II. BUSINESS EXPENSES (208 to 212) 207 25.646.895 20.599.641 50 1. Cost value of sold goods 208 11 345.095 99.355 51 2. Cost of material 209 12 9.256.476 5.428.574 52 3. Staff costs 210 13 7.057.296 6.868.019 54 4. Depreciation and provisions costs 211 14 516.510 1.177.245 53 and 55 5. Other business expenses 212 15 8.471.518 7.026.448 III. PROFIT FROM OPERATIONS (201 - 207) 213 728.444 246.876 IV. LOSS FROM OPERATIONS (207 - 201) 214 - - 66 V. FINANCIAL REVENUE 215 16 1.730.326 1.887.836 56 VI. FINANCIAL EXPENSES 216 16 1.363.668 2.160.135 67, 68 VII. OTHER REVENUE 217 17 267.630 1.301.027 57, 58 VIII. OTHER EXPENSES 218 17 313.376 682.876 IX. PROFIT FROM OPERATIONS BEFORE TAX (213-214+215-216+217-218) 219 1.049.356 592.728 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 37.156 17.664 B. PROFIT BEFORE TAX (219-220+221-222) 223 1.012.200 575.064 V. LOSS BEFORE TAX (220-219+222-221) 224 - - G. INCOME TAX - - 721 1. Tax expenses for the period 225 89.446 87.862 722 2. Deferred tax expenses for the period 226 25.810 - 722 3. Deferred tax revenues for the period 227 - 8.683 723 D. EMPLOYER`S EARNINGS PAID 228 - - Ĉ. NET PROFIT (223-224-225-226+227-228) 229 896.944 495.885 E. NET LOSS (224-223+225+226-227+228) 230 - - Ž. NET PROFIT BELONGING TO MINORITY INVESTORS 231 191.749 127.079 Z. NET PROFIT BELONGING TO EQUITY HOLDERS OF THE PARENT COMPANY 232 705.195 368.806 I. EARNINGS PER SHARE - - 1. Basic earnings per share 233 - - 2. Deacreased (diluted) earnings per share 234 - -

8.4 Annual Report 2012 | Income Statement Energoprojekt Annual Report

Published by Energoprojekt Holding plc

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