ANNUAL REPORT 06 - Bosnalijek dd

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INDEPENDENT AUDITOR’S REPORTTo the Shareholders of Bosnalijek d.d. :We have audited the accompanying financial statements of Bosnalijek d.d.Sarajevo ('the Company'), set out on pages 4 to 24, which comprise thebalance sheet as at 31 December 2006, and the income statement,statement of changes in equity and cash flow statement for the year thenended, and a summary of significant accounting policies and other explanatorynotes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation ofthese financial statements in accordance with International FinancialReporting Standards. This responsibility includes: designing, implementingand maintaining internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement,whether due to fraud or error; selecting and applying appropriateaccounting policies; and making accounting estimates that are reasonablein the circumstances.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statementsbased on our audit. We conducted our audit in accordance with InternationalStandards on Auditing. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonableassurance whether the financial statements are free from materialmisstatement.An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements The proceduresselected depend on the auditor’s judgment, including the assessment of therisks of material misstatement of the financial statements, whether due tofraud or error. In making those risk assessments, the auditor considersinternal control relevant to the Company’s preparation and fair presentationof the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by Management, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements present fairly, in all materialrespects, the financial position of the Company as of 31 December 2006,and the results of its operations and its cash flows for the year then ended inaccordance with International Financial Reporting Standards.Emphasis of MatterWithout qualifying our opinion, we draw attention to Note 25, whichdescribes the situations related to the Company’s noncompliance with theLoan Agreement between the Company and IFC dated 9 June 2005 (the"Third Loan Agreement").Deloitte d.o.o.Sarajevo, Bosnia and Herzegovina23 February 200752 ANNUAL REPORT 06 INDEPENDENT AUDITOR’S REPORT
Bosnalijek d.d.Statement of income for the year ended 31 December 2006(All amounts are expressed in thousands of KM)NOTE2006.2005.(RESTATED)RevenueCost of salesGross profitSelling, administrative and general expensesOther operating incomeOther operating expensesProfit from operationsInterest incomeInterest expensesIFC put option expenseForeign exchange, (losses), netProfit before taxIncome tax expenseNet profit for the yearEarnings per share456782291084.532(33.536)50.996(38.498)1.951(2.246)12.2037(2.351)(1.678)(180)8.001(164)7.8370,001382.210(32.244)49.966(35.297)1.918(5.759)10.8288(1.518)(1.405)(262)7.651-7.6510,0013The accompanying notes form an integral part of these financial statements.serving Your health INDEPENDENT AUDITOR’S REPORT ANNUAL REPORT 06 53
Page 1: ANNUAL REPORT 06
Page 5 and 6: “It is my pleasure to mention the
Page 7 and 8: BASIC FINANCIAL INDICATORS 2006Bosn
Page 9 and 10: INFORMATION FOR INVESTORSIn end of
Page 11 and 12: PRINCIPLES OF THE CORPORATE MANAGEM
Page 13 and 14: MVSMISSION VISION STRATEGYBjelašni
Page 15 and 16: Supervisory Board of Bosnalijek d.d
Page 17 and 18: STRUCTURE OF MARKET 2006.80% DOMEST
Page 19 and 20: 14% J-ANTIINFECTIVES2% M-MUSCULO-SK
Page 21 and 22: O ur own programmes take par t in t
Page 23 and 24: INTERNATIONAL MARKETSSale at intern
Page 25 and 26: 1% SLOVENIA16% CROATIA31% KOSOVO4%
Page 27 and 28: 51% LIBIYA24% KUWAIT19% QATAR6% YEM
Page 29 and 30: As a part of new Bosnalijek Product
Page 31 and 32: Registrations in Bosnia and Herzego
Page 33 and 34: Responsibility towards environmentA
Page 35 and 36: ENVIRONMENT GUIDELINES OFBOSNALIJEK
Page 37 and 38: HUMAN RESOURCESBiggest value of Bos
Page 39 and 40: SOCIAL RESPONSIBILITYThrough managi
Page 41 and 42: We are proud of our SOS family in
Page 43 and 44: REPORT OF AUDITING BOARD FOR YEAR 2
Page 45: RESPONSIBILITY FOR THE FINANCIAL ST
Page 49 and 50: Bosnalijek d.d.Statement of changes
Page 51 and 52: Bosnalijek d.d.Notes to financial s
Page 65 and 66: Bosnalijek d.d.Statement of income
Page 67 and 68: • Finances Department DirectorMir
Page 69 and 70: Middle East and Africa Region• Ag
Page 71 and 72: ®Registeredname/INNNOMIGREN N®cof

ANNUAL REPORT 06 - Bosnalijek dd

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