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Annual Report of Energoprojekt Holding Plc. for the Year 2020

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Annual Report of Energoprojekt Holding Plc. for the Year 2020 Annual Report of Energoprojekt Holding Plc. for the year 2020 Belgrade, April 2021 Pursuant to Articles 50 and 51 of the Law on Capital Market (RS Official Gazette, No. 31/2011, 112/2015, 108/2016, 9/2020 and 153/2020) and pursuant to Article 3 of the Rulebook on Contents, Form and Method of Publication of Annual, Half-Yearly and Quarterly Reports of Public Companies (RS Official Gazette, No. 14/2012, 5/2015, 24/2017 and 14/2020), Energoprojekt Holding Plc. based in Belgrade, registration No.: 07023014 hereby publishes the following: ANNUAL REPORT FOR 2020 C O N T E N T S 1. FINANCIAL STATEMENTS OF ENERGOPROJEKT HOLDING PLC. FOR 2020 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement of Changes in Equity, Notes to the Financial Statements) 2. INDEPENDENT AUDITOR’S REPORT (complete report) 3. ANNUAL BUSINESS REPORT 4. STATEMENT BY PERSONS RESPONSIBLE FOR REPORT PREPARATION 5. DECISION OF COMPETENT COMPANY BODY ON THE ADOPTION OF ANNUAL FINANCIAL STATEMENTS* (Note) 6. DECISION ON DISTRIBUTION OF PROFIT OR COVERAGE OF LOSSES* (Note) 1. FINANCIAL STATEMENTS OF ENERGOPROJEKT HOLDING Plc. FOR THE YEAR 2020 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement of Changes in Equity, Notes to the Financial Statements) Energoprojekt Holding Plc. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR 2020 Belgrade, 2021 Energoprojekt Holding Plc. C O N T E N T S 1. COMPANY BACKGROUND ......................................................................................................................................... 1 2. MANAGEMENT STRUCTURE ..................................................................................................................................... 3 3. OWNERSHIP STRUCTURE ........................................................................................................................................... 4 4. BASIS FOR THE PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS .................................. 4 5. ACCOUNTING PRINCIPLES ......................................................................................................................................... 6 6. PRIOR PERIOD ERRORS, MATERIAL ERRORS AND CORRECTION OF OPENING BALANCE ........................ 7 7. OVERVIEW OF PRINCIPAL ACCOUNTING POLICIES ............................................................................................ 8 7.1 Valuation .................................................................................................................................................................. 9 7.2 Effects of Foreign Exchange Rates and Foreign Currency Translation ................................................................... 9 7.3 Revenues ................................................................................................................................................................ 10 7.4. Expenses ................................................................................................................................................................ 15 7.5 Interest and Other Borrowing Costs ....................................................................................................................... 16 7.6 Income Tax ............................................................................................................................................................ 17 7.7 Intangible Assets .................................................................................................................................................... 19 7.8 Property, Plant and Equipment .............................................................................................................................. 19 7.9 Lease ...................................................................................................................................................................... 20 7.10 Amortisation of Intangible Assets, Property, Plant and Equipment................................................................... 21 7.11 Impairment of Intangible Assets, Property, Plant and Equipment ..................................................................... 22 7.12 Investment Property ........................................................................................................................................... 23 7.13 Inventories ......................................................................................................................................................... 24 7.14 Non-Current Assets Held for Sale ..................................................................................................................... 25 7.15 Fair Value .......................................................................................................................................................... 26 7.16 Financial Instruments ......................................................................................................................................... 28 7.17 Provisions, Contingent Liabilities and Contingent Assets ................................................................................. 36 7.18 Employee Benefit .............................................................................................................................................. 37 7.19 Information on Business Segments .................................................................................................................... 38 8. FINANCIAL RISKS ....................................................................................................................................................... 38 8.1 Credit Risk ............................................................................................................................................................. 40 8.2. Market Risk ............................................................................................................................................................ 44 8.3 Liquidity Risk ........................................................................................................................................................ 49 8.4 Capital Risk Management ...................................................................................................................................... 50 INCOME STATEMENT .................................................................................................................................................... 52 9. OPERATING INCOME ................................................................................................................................................. 52 9.1 Income from Sale of Products and Services ........................................................................................................... 52 9.2 Income from Premiums, Subsidies, Donations and Grants .................................................................................... 53 9.3 Other Operating Income ......................................................................................................................................... 53 10. MATERIAL COSTS AND FUEL AND ENERGY COSTS ................................................................................. 54 11. EMPLOYEE EXPENSES AND BENEFITS......................................................................................................... 55 12. PRODUCTION SERVICE COSTS ....................................................................................................................... 55 13. DEPRECIATION EXPENSES AND PROVISION EXPENSES .......................................................................... 56 14. INTANGIBLE EXPENSES ................................................................................................................................... 56 15. FINANCIAL INCOME AND FINANCIAL EXPENSE ....................................................................................... 57 15.1 Financial Income ............................................................................................................................................... 57 15.2 Financial Expense .............................................................................................................................................. 58 16. INCOME AND EXPENSES FROM VALUE ADJUSTMENT OF OTHER ASSETS STATED AT FAIR VALUE THROUGH PROFIT OR LOSS AND OTHER INCOME AND EXPENSES......................................................... 59 16.1 Income from Value Adjustment of Other Assets Stated at Fair Value trough Profit or Loss ............................ 59 16.2 Other Income ..................................................................................................................................................... 59 16.3 Expenses from Value Adjustment of Other Assets Stated at fair Value through Profit or Loss ........................ 60 16.4 Other Expenses .................................................................................................................................................. 61 17. NET PROFIT / LOSS FROM DISCONTINUED OPERATIONS, EFFECTS OF CHANGE IN ACCOUNTING POLICIES AND ADJUSTMENTS OF ERRORS FROM PREVIOUS YEARS.................................................................... 61 18. PROFIT / LOSS BEFORE TAX ............................................................................................................................ 62 19. NET PROFIT / (LOSS)
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