Annual Report - Končar Distribution and Special Transformers Inc.

9. Operating results (Profit & Loss Statement)
and share price trends
In 2012, KonËar D&ST made HRK 689.1 million operating income, which is by 2.1% higher
than in the preceding year. In the structure of total income, the operating income forms the
majority of 98.6%.
Out of that sum, the sales of transformers on international markets (exports) brought
HRK 508.8 million or 73.8% of operating income. Sales on domestic market brought HRK
171.3 million or 24.9%. The remaining 9 million mostly refers to the acquisition of the real
property in Zagreb, obtained in a bankruptcy procedure through a preferential claim.
Costs of raw materials and consumables are the most significant individual cost. At HRK
457.8 million, they form 64% share in the operating income adjusted by the growth of the
works in progress and stocks of finished products. Depreciation cost has been reduced by
somewhat less than half compared to the preceding year and in 2012, it amounts to HRK
8.2 million. The reduction is a result of a change in the accounting policy whereby in 2012,
depreciation rates for the most items of fixed assets were reduced from the former double
rates as set out in the Corporate Income Tax Act to the normal rates, according to the
revised estimate of the useful lifecycle. Other costs mostly follow the income growth or they
40
NET PROFIT THROUGH YEARS (HRK mil.)
35
30
25
20
15
10
5
0
2005 2006 2007 2008 2009 2010 2011
2012
12
Net profit
Retained profit
Paids as dividends