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Public Enterprise Elektroprivreda Srbije Beograd Consolidated Financial Statements for the Year Ended 31 December 2016 and Indep

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Public Enterprise Elektroprivreda Srbije Beograd Consolidated Financial Statements for the Year Ended 31 December 2016 and Indep PUBLIC ENTERPRISE ELEKTROPRIVREDA SRBIJE BEOGRAD CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 AND INDEPENDENT AUDITOR'S REPORT Independent auditor’s report To the Management of Javno preduzeće Elektroprivreda Srbije, Beograd Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Javno preduzeće Elektroprivreda Srbije, Beograd (the „Company“) and its subsidiaries (the „Group”), which comprise the consolidated balance sheet as of 31 December 2016 and the consolidated income statement, consolidated statement of other comprehensive income, consolidated statement of changes equity and consolidated cash flow statement for the year then ended and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the requirements of the Law on Accounting and accounting regulation effective in the Republic of Serbia, 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 the Law on Auditing and auditing regulation effective in the Republic of Serbia. This Regulation require require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 consolidated 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 qualified audit opinion. PricewaterhouseCoopers d.o.o., Omladinskih brigada 88a, 11070 Belgrade, Republic of Serbia T: +381 11 3302 100, F:+381 11 3302 101, www.pwc.rs This version of our report/ the accompanying documents is a translation from the original, which was prepared in Serbian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation. Report on the Consolidated Financial Statements (continued) Basis for Qualified Opinion As at 31 December 2016, assets under construction in the amount of RSD 8,681,403 thousand related to projects which are in progress for more than 3 years and for which the Group did not assess the recoverability as required by IAS 36 - Impairment of assets. Out of total amount of RSD 8,681,403 thousand, the amount of RSD 6,035,651 thousand relates to assets under construction in subsidiary Operator distributivnog sistema EPS distribucija d.o.o., Beograd while the remaining amount relates to projects in Javno preduzeće Elektroprivreda Srbije, Beograd. In the absence of information of the recoverable amount of these assets, we were unable to satisfy ourselves as to the carrying amount of those assets for 2016. The audit report for 2015 financial statements was qualified with this respect. As at 31 December 2016, the Group did not recognize a provision for decommissioning of landfills and dumps for ash and slag in Thermal Power Plants Kostolac, Kolubara, Morava,Nikola Tesla A and Nikola Tesla B, as required by IAS 37 – “Provisions, contingent liabilities and contingent assets”. In the absence of information to assess the amount of provision for decommissioning, we were unable to satisfy ourselves as to the value of provisions, related assets and expenses in the consolidated financial statements. The audit report for 2015 financial statements was qualified with this respect. Qualified Opinion In our opinion, except for the possible effects of the matters described in the basis for qualified opinion paragraphs, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2016, and of its financial performance and its cash flows for the year then ended in accordance with the requirements of the Law on Accounting and accounting regulation effective in the Republic of Serbia. Refer to the original signed Refer to the original signed Serbian version Serbian version _________________________ ______________________________ Milivoje Nešović PricewaterhouseCoopers d.o.o., Beograd Licensed Auditor Belgrade, 30 June 2017 2 This version of our report/ the accompanying documents is a translation from the original, which was prepared in Serbian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation. To be filled in by the legal entity - entrepreneur TIN – Tax Registration 2 0 0 5 3 6 5 8 Activity code 3 5 1 4 identifica 1 0 3 9 2 0 3 2 7 number tion number Company Public Enterprise Elektroprivreda Srbije Beograd Head office Belgrade, Carice Milice 2 CONSOLIDATED BALANCE SHEET As at 31 December 2016 - in thousands of Dinars - Amount Accoun Previous year t group, ITEM АОP Note no. account Current year Closing balance as at Opening balance as 31 December 2015 at 1 January 2015 1 2 3 4 5 6 7 ASSETS 00 A UNPAID SUBSCRIBED CAPITAL 0001 B FIXED ASSETS (0003 + 0010 + 1,047,752,475 958,014,142 943,393,848 0002 0019 + 0024 + 0034) 4,563,898 5,105,579 4,222,887 I. INTANGIBLE ASSETS (0004 + 0005 01 0003 + 0006 + 0007 + 0008 + 0009) - - - 010, p.o. - - - 1. Investment in development 0004 019 011, 23 2. Concessions, patents, licenses, 1,339,871 1,020,160 989,597 012, p.o. 0005 similar rights, software and other rights 019 013, p.o. - - - 3. Goodwill 0006 019 014, p.o. 23 28,592 36,859 34,525 4. Other intangible assets 0007 019 015, p.o. 23 3,195,435 4,048,560 3,198,765 5. Intangible assets in development 0008 019 016, p.o. 6. Advance payments for acquisition of - - - 0009 019 intangible assets II. PROPERTY, PLANT AND 1,032,309,606 949,347,366 934,668,242 02 EQUIPMENT (0011 + 0012 + 0013 + 0010 0014 + 0015 + 0016 + 0017 + 0018) 23 020, 58,653,163 39,415,804 37,859,612 021, p.o. 1. Land 0011 029 022, p.o. 23 348,954,709 322,809,705 327,854,618 2. Buildings 0012 029 023, p.o. 23 522,236,828 495,582,893 491,294,381 3. Plant and equipment 0013 029 024, p.o. 23 530,516 556,557 451,727 4. Investment property 0014 029 025, p.o. 23 277,811 161,812 165,910 5. Other property, plant and equipment 0015 029 026, p.o. 6. Property, plant and equipment under 23 76,459,405 63,543,171 66,303,831 0016 029 construction 23 027, p.o. 7. Investment in PPE owned by third 1,007 1,064 1,121 0017 029 parties 028, p.o. 8. Advance payments for property, plant 23 25,196,167 27,276,360 10,737,042 0018 029 and equipment Amount Accoun Previous year t group, ITEM АОP Note no. account Current year Closing balance as at Opening balance as 31 December 2015 at 1 January 2015 1 2 3 4 5 6 7 III. BIOLOGICAL ASSETS (0020 + 0021 423,147 420,391 392,991 03 0019 + 0022 + 0023) 030, 423,147 420,391 392,991 031, p.o. 1. Forests and plantations 0020 23 039 032, p.o. - - - 2. Livestock 0021 039 037, p.o. - - - 3. Biological assets under construction 0022 039 038, p.o. 4. Advance payments for biological - - - 0023 039 assets IV. LONG TERM FINANCIAL 04. INVESTMENTS (0025 + 0026 + 0027 + 8,298,298 2,357,135 3,325,683 except 0024 0028 + 0029 + 0030 + 0031 + 0032 + 047 0033) 040, p.o. - - - 1. Investments in subsidiaries 0025 049 041, p.o. 2. Investments in associates and joint 24 406,457 406,457 406,457 0026 049 ventures 042, p.o. 3. Investments in other legal entities 381,259 360,088 1,072,093 0027 24 049 and other securities available for sale p.o. 043, p.o. 4. Long-term loans to parent companies - - - 0028 044, p.o. and to subsidiaries 049 p.o. 043, p.o. 5. Long-term loans to other associated 3,037 4,923 4,461 0029 044, p.o. companies 24 049 p.o. 045, 609,638 948,462 963,550 6. Long-term loans to domestic entities 0030 24 p.o. 049 p.o. 045, - - 7. Long-term loans to foreign entities 0031 p.o. 049 046, p.o. - - 8. Securities held to maturity 0032 049 048, p.o. 24 6,897,907 637,205 879,122 9. Other long term investment 0033 049 V. LONG TERM RECEIVABLES (0035 2,157,526 783,671 784,045 05 + 0036 + 0037 + 0038 + 0039 + 0040 + 0034 0041) 050, p.o.
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