Illustrative Financial Statements 1997 by 09Vp5h9r

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									ReviKo




                  “ZETATRANS” JSC PODGORICA

         FINANCIAL STATEMENTS FOR THE YEAR ENDED AS OF
                     31. DECEMBER 2011.
ReviKo
Revizija i konsalting
Podgorica
Moskovska 76
Tel/fax +382 20 237 665
Mob.tel. +382 69 063 869




                                “ZETATRANS” JSC PODGORICA

                     FINANCIAL STATEMENTS FOR THE YEAR ENDED AS OF
                  31. DECEMBER 2011. WITH INDEPENDENT AUDITOR REPORT




Content                                                                  Page


Independent auditor report                                               1

Financial statements
Income statement for the year ended December 31, 2011.                   2
Balance sheet as of December 31, 2011.                                   3
Statement of changes in equity                                           4
Cash flow statement                                                      5

Notes to financial statements                                          6 - 25
ReviKo
Revizija i konsalting
Podgorica
Tel/fax +382 20 237 665
Mob.tel +382 69 063 869

To Board of Directors and Shareholders of “ZETATRANS” JSC PODGORICA

Independent auditor report

1.     We have audited the accompanying financial statements of “ZETATRANS” JSC Podgorica
(the “Company”) which comprise the balance sheet as of 31 December 2011 and the income
statement, statement of changes in equity and cash flow statement for the year then ended and a
summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements


2.      Management is responsible for the preparation and fair presentation of these financial statements
in accordance with the requirements of the Law on Accounting and Auditing of the Republic of
Montenegro and IFRS. This responsibility includes: designing, implementing and maintaining internal
controls relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those Standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the 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 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.


Opinion

4.     In our opinion the accompanying financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2011, and of its financial
performance and its cash flows for the year then ended in accordance with the Law on
Accounting and Auditing of the Republic of Montenegro.

                                                              “Reviko“ doo Podgorica
  In Podgorica, 10.02.2012.                                   Keković Dragiša, Licenced auditor

                                                                                                      1
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


Income statement
                                                                              (in Eur)
                                             Note                2011.         2010.
  I. Operating revenue
  Service income                            3.1, 4           5.666.724     5.521.654
  Other operating gains                                              -             -
                                                             5.666.724     5.521.654
  II. Operating expenses
  Cost of services rendered                 3.2, 5          (1.348.656)   (1.082.361)
  Materilas                                 3.2, 6            (155.837)     (146.604)
  Employee expenses                         3.5, 7          (2.074.858)   (2.220.316)
  Depreciation costs and provision          3.9, 8            (625.323)     (668.171)
  Other operating expenses                  3.2, 9            (851.499)     (714.956)
                                                            (5.056.173)   (4.832.408)

  A. Profit from operation                                     610.551       689.246

  Financial income                        3.3, 3.4, 10         135.065       114.047
  Financial expense                       3.3, 3.4, 10              (1)         (23)
  B. Financial income (net)                                    135.064       114.024

  Other incomes                               11               392.127     2.223.234
  Other expenses                              12             (386.249)     (709.381)
  C. Profit from other activities                                5.878     1.513.853

  Profit from business operation                               751.493     2.317.123

  Net result from dicontinued operation                               -                -

  Profit before tax                                            751.493     2.317.123

  Other items                                                         -                -

  Tax expense for the period
  Current profit tax                        3.6, 13            (84.350)    (234.909)
  Deferred tax                                13                (9.561)     (10.276)
                                                               (93.911)    (245.185)

  PROFIT AFTER TAX                                             657.582     2.071.938

  Earnings per share
  Earnings per share                          14                 0,080        0,2520
  Reduced (splitted) earning per share

 Podgorica, 10.02.2012.

                                                       JSC “Zetatrans” Podgorica

                                                      Anton Turk, Executive director




                                                                                           2
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.

 Balance sheet
                                                                                    ( in Eur)
                                                   Note               2011.              2010.
  Long term assets
  Intangibles
  Property, plant and equipment                   3.7, 15            9.229           13.788
  Long term financial placements available for    3 8, 16       19.658.744       20.025.343
  sale
  Long term assets                                3.11,18           10.873           15.534
                                                                19.678.846       20.054.665
  Non current assets held-for-sale                3.12,17                -                -

  Current assets
  Inventory                                       3.13,19            34.164          52.442
  Short ter receivables, placements and
   cash
  Trade receivables                               3.14,20         1.234.385       1.284.312
  Short term financial placements                 3.11, 21        1.700.000               -
  Cash and cash equivalents                       3.15, 22          260.935       2.901.112
  VAT and prepayments                                                53.226          44.586
                                                                  3.282.710       4.282.452

  Total assets                                                  22.961.556       24.337.117

  Equity and liability
  Equity
  Share equity                                      23          10.508.792       10.508.792
  Reserve                                                           14.629           14.629
  Revaluation reserve                             3.16, 24       9.857.936        9.862.596
  Reatained earnings                                             1.293.774        2.692.016
  Total net equity                                              21.675.131       23.078.033

  Long term provision and long term liabilities
  Long term provision                             3.19, 25           89.798          89.508
  Long term liabilities
   Long term loans                                                        -                   -
   Other long term liabilities                    3.17, 26           10.282                   -

  Deferred taxes                                    3.6            219.735          210.174

  Short term liabilities
  Short term financial liabilities                   26              3.819                -
  Short term trade payables                       3.18, 27         265.823          264.991
  Other short term liabilities and accruals          28            569.693          566.307
  VAT liabilities                                                   42.925           42.032
  Corporate income tax liabilities                                  84.350           86.072
                                                                   966.610          959.402

  Total equity and liability                                    22.961.556       24.337.117


Podgorica, 10.02.2012.                                       JSC “Zetatrans” Podgorica

                                                             Anton Turk, Executive director

                                                                                                  3
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.



Statement of changes in equity

                                                                                          (in Eur)
                                                                Non
                                                            realised
                                                              gains
                                    Share    Revaluatio        from     Legal     Retained
                                                      n   securities
                                                                held
Decsription                         equity      reserve     for sale   reserve     earnings            Total


As of 1. 01. 2010.              10.508.792   10.192.902            -   14.629     1.767.288     22.483.611

Correction for actuary report            -            -            -         -       (1.166)          (1.166)

Dividends                                -            -            -         -   (1.479.764)    (1.479.764)

Transfer based on disposal               -    (333.720)            -         -      333.720                 -

Other changes in reserves                -     (12.120)            -         -              -        (12.120)

Subsequent measurement of
long term financial                      -            -      15.534          -              -         15.534
placements

Profit for the year                      -            -            -         -    2.071.938      2.071.938


As of 31.December 2010.         10.508.792    9.847.062      15.534    14.629     2.692.016     23.078.033


As of 1. 01. 2011.              10.508.792    9.847.062      15.534    14.629     2.692.016     23.078.033

Dividends                                -            -            -         -   (2.055.228)    (2.055.228)

Subsequent measurement of
long term financial                      -            -     (4.660)          -              -         (4.660)
placements

Correction for actuary report            -            -            -         -          (596)          (596)

Profit for the year                      -            -            -         -      657.582          657.582

As of 31. December 2011.        10.508.792    9.847.062      10.874    14.629     1.293.774     21.675.131



Podgorica, 10.02.2012.                                      JSC “Zetatrans” Podgorica

                                                           Anton Turk, Executive director


                                                                                                4
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


 Cash flow statement
                                                                                          ( in Eur)
                                                                             2011.             2010.
  CASH FLOWS FROM OPERATING ACTIVITIES
  Cash receipts from operating activities
  Sale and advances received                                             8.802.152     10.225.000
  Interest received from operating activities
  Other receipts from operating activities
  Cash payments from operating activities
  Cash payments to suppliers and advances paid                         (4.820.554)     (6.221.245)
  Cash payments to employees                                           (2.078.347)     (2.224.414)
  Interest paid
  Income tax paid                                                         (86.072)      (148.837)
  Cash payments of other public duties                                   (785.928)      (626.163)
  Net cash from operating activities                                     1.031.251      1.004.341

  CASH FLOWS FROM INVESTMENT ACTIVITIES
  Cash receipts from investment activities
  Proceedings from sale of shares (net receipts)
  Proceedings from sale of PPE                                                   -      2.216.098
  Other financial placements (net receipts)
  Interest received                                                       153.500           83.835
  Dividends received
  Cash outflow from investment activities
  Purchase of shares (net outflow)
  Purchase of PPE                                                        (232.292)       (160.491)
  Other financial placements (net outflow)
  Other outflows from investment activities
  Net cash from investment activities                                     (78.792)      2.139.442

  CASH FLOWS FROM FINANCE ACTIVITIES
  Cash inflows from finance activities
  Share issue
  Inflow from long term and short borrowings (net inflow)
  Other long term and short term liabilities
  Cash outflows from finance activities
  Redeemed own shares
  Outflow from long term and short term borrowings (net outflow)
  Finanace leasing                                                         (7.209)               -
  Dividends paid                                                       (1.885.425)     (1.364.448)
  Net cash from finance activities                                     (1.892.634)     (1.364.448)

  NET CASH FLOW                                                          (940.177)      1.779.335
  CASH AT THE BEGINING OF PERIOD                                         2.901.112      1.121.777
  FOREIGN EXCHANGE DIFFERENCES
  CASH AT THE END OF PERIOD                                              1.960.935      2.901.112

 Podgorica, 10.02. 2012.                                           JSC “Zetatrans” Podgorica

                                                                   Anton Turk, Executive director




                                                                                                  5
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


1. General information

  “Zetatrans” JSC Podgorica, Logistic services ( the Company) was founded in 1965. as a business
  society for public transport and repairs under the name RSCG “Zetatrans”.
  Based on the Decision of owners and management transaformation Number 5693 from 18.04.1996.,
  the Company has been registered as joint stock company within the Commercial Court of
  Montenegro, under the Resolution No FI 2846/96 from 25.12.1996.

  In accordance to the Company Law ( »Official Gazette of Montenegro« No 6 from 2002), the
  Company has been registered with the Central Reister of Commercial Court in Podgorica on
  13.08.2002, under the registration number 4-0003234/001.

  Primary activity of the Company is international and national shipping, international and national
  transportation, public and customs warehaousing and foreign trade.

  Management bodies of the Company are the Shareholders Assembley as the highest body, Board of
  Directors as a highest management body, Executive director and Company Secretary. Shareholders
  Assemly represent all the owners of the Company and their authorised representatives. Board of
  Directors consit of 3 members whose memebership expires on a first regula annual Shareholders
  Assembey meeting. Memebers of Board of Directors are elected by Shareholders Assembley..

  As of 31. dDcember 2011. the Company employs 1674 employees ( as of 31. December 2010. 167
  employees).

  The address of the Company’s registered office is in Podgorica, Ćemovsko polje bb.

2. Basis for preparation and presentation of financial statements

  a) Basis for preparation

  The financial statements of the Company have been prepared in accordance with Law on Accounting
  and Auditing of Montenegro (“OGM”, No.69/2005 and No 80/2008) and Decision on appliance of
  International Accounting Stanards (“IAS”) in Montenegro (“OGM”, No.69/2002). According to this,
  the International Financial Reporting Standards (IFRS) are applied on the financial statements starting
  from January 1, 2003.

  The financial statements have been prepared under the historical cost convention, as modified by the
  revaluation of property and plant and financial investment available for sale.

  All amounts in the Financial statements are expressed in EUR , representning the financial and
  reporting currency of the Company.

  b)    Accounting estimates and assumptions

  Presentation of financial statements require appliance of accounting estimates and assumptions which
  affect the presented amounts of assets and liabilities, disclosure of contingent assets and liabilities on
  the date of preparation of financial statements, as well as the value of incomes and expenses during
  the reporting period. These estimates and assumptions are based on the available information on the
  date of preparation of financial statements and may differ from the actual result. The estimates and
  assumptions mostly relate to the impairment provision for operating receivable, estimated usefull life
  of PPE and other provisions.




                                                                                                          6
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


2. Basis for preparation and presentation of finansial statements (continued)

  c)     Comparative data

         In 2011. changes of legal regulation occured by adoption of Rulebook of content and form of
         financial statements of companies and other legal entities („Offocial Gazette of Montenegro“ No
         5 from 2011). In accordance with that and in order to reconcile presentation of data of the
         current period, certain reclassification have been made in financial statements from 2010.

  d)     Going concern concept

  The financial statements are prepared in accordance with the going concern concept, which assumes
  that the Company will continue its operations for the foreseeable future.

3. Summary of significant accounting policies

  The principal accounting policies applied in the preparation of 2011. financial statements are set out
  below:

  3.1. Revenues

  The Company recognizes revenue when the amount of revenue can be reliably measured and it is
  probable that future economic benefits will flow to the entity.

  Revenues relate mostly to sale of shipping services rendered on international and national market.

  Cash received revenuse relate to parking services.

  Revenue is shown net of value-added tax, returns, rebates and discounts.

  For receivables not paid within the 180 days, impairment provision is created within the position of
  other expenses of income statement.
  Incomes related to collection of these receivables are recorded separately at the moment of collection.

  3.2. Operating expenses

  Operating expenses comprise all expenses directly attributable to Company primary activity.

  Expenses recognition is performed at the same time of revenue recognition for which the expenses
  occured. Recognized expenses are directly attributable to recognized revenues in the income
  statement for the period. Expenses are recognized in the income statement also when the obligation
  has recognized and no criteria for assets recognition is met.


  3.3.     Foreign currency translation

  Transactions in foreign currencies during the year are translated into EUR at the official exchange
  rates applicable on the day of transaction.

  All receivables and liabilities denominated in foreign currencies are translated into EUR using the
  official exchange rate at the balance sheet date.
  Positive and negative foreign exchange differences arising from translation of assets and liabilities
  denominated in foreign currencies and translation of business changes during the year are
  recognized in the income statement.




                                                                                                        7
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


3. Summary of significant accounting policies (continued)

   3.4. Financial incomes and expenses

  Financial incomes and expenses comprise interest incomes related to receivables and placements
  and interest expenses. Interest incomes and expenses are recognized at the accounting period when
  they occured, according to the contractual obligations.

  Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and
  from the translation at year-end exchange rates of monetary assets and liabilities denominated in
  foreign currencies are recognized in the income statement

  Additionaly, incomes arising from long term placements in other companies and banks are
  recognized in the income statement in period when occured.


  3.5.   Employee benefits

  Pension obligation
   According to the regulations ruling in Montenegro, the Company is obliged to withold and pay, on
  behalf of employees, contributions to the state social funds. These obligations include contributions
  for employees ( on behalf on employee and on behalf on emplyer) calcuted using the rates
  prescribed by relevant regulations. Contribution expenses are included in the income statement.

  The Company has no further payment obligations once the contributions have been paid. Prepaid
  contributions are recognized as an asset to the extent that a cash refund or a reduction in the future
  payments is available.

  Jubilee awards and retirement benefits

  According to the Individual collective agreement, the Company is obliged to pay retiremnt benefits
  in amount of 20 minimal salaries in Montenegro, and amounts of in the range between 100 and 300
  euros for jubilee awards depending on the years of service within the Company.
  During 2007, the Company engaged chartered actuar and applied for the first time the IAS 19 _
  Employee benefits. Jubilee awards and retirement benefits as of 31.12.2010. are stated at the value
  as of 31.12.2007. of expected future payments to employees.

  3.6.    Income tax

  Current income tax
  Company income tax is calculated and paid in accordance with the tax regulations in Montenegro.
  Company income tax is calculated using the 9 % on the taxable base.

  Tax base represents profit calculated according to the legal requirements corrected for the incomes
  and expenses not recognized for tax purposes in accordance with the Company income tax law (article
  8 and 9 for correction of incomes and articles 10 to 20 for corrections of expenses).

  Loss from current period can be carried forward to offset only the future taxable profits for the
  period not longer than 5 years.




                                                                                                      8
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


3. Summary of significant accounting policies (continued)

  Deferred tax

  Deferred tax liability represent the amount of tax liabilities that will be payed in future period.
  Deferred tax liability resulted from the diffrent calulation of accounting and taxable profit. Deferred
  tax is calculated using the actual or expected tax rate on the taxable temporary differences.

  Taxes, contributions and other legal obligations not depending on the operating result

  Taxes, contributions and other legal obligations not depending on the operating result include taxes
  and contributions paid according to the state and municipality regulations. These taxes and
  contributions are include in the position of Other operating expenses in the income statement.

  3.7.   Intangible assets

  Intangible asstes are recognized at cost. Subsequent measuremnt are stated at cost less accumulated
  depreciation and impairment.
  Intangible assets mostly relate to computer sofware and investments into propertz not owned bz the
  Company. Usefull life of intangible assets is determined in accordance with the contracts for use of
  those assets, and for siftware in accordance with their estimated useful lives.

  According to the Article 13 of the Company income tax Law, the tax depreciation is calculated
  differently from the accounting depreciation. The tax depreciation for software is calculated using
  the deggressive method, while other intangible are amortised using the straight-line method.


  3.8.   Property and equipment

  Property and equipment represent assets whose usefull life is longer than 1 year.

  Property and equipment as of 31.12.2011. are stated at estimated value as of 30.09.2007.
  performed by independent apprisal. Appraisal has been performed based on the fair value, taking
  into consideration remaining usefull life of property and equipment. Negative effects of the fair
  value adjustment is offset aginst the previously created revaluation reserve, while the remanig
  amount is recorded at the position of expenses in the Income statement. Positive effects from fair
  value adjustments are recorded within the revaluation reserve.

  The Company selected current value of property and equipment assessed by independent appriasal
  to disclose as the most appropriate as of 30.09.2007.

  Purchases of property and equipment after 01.10.2007. are stated at cost. Cost includes expenditure
  that is directly attributable to the acquisition of the items.




                                                                                                            9
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


3. Summary of significant accounting policies (continued)

  3.8. Property and equipment (continued)

  Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as
  appropriate, only when it is probable that future economic benefits associated with the item will
  flow to the Company and the cost of the item can be measured reliably.

  Maintenance and repair costs are recognized in the income statement.

  Gains and losses on disposals are determined by comparing proceeds with carrying amount and are
  recognized within "Other income/expenses", in the income statement.


  3.9.   Depreciation

  Depreciation on property and equipment is calculated using the straight-line method to allocate
  their cost or revalued amounts to their residual values over their estimated useful lives.

  Depreciation charge is calculated starting from next month from the date of acquire of new fixed
  assets. Estimated useful life used for calculation of depreciation and applied rates are as follows:


                                             Estimated                          Depreciation rate
                                             remaining     Depreciation
   Group of fixed assets                     useful life           rate           per tax balance
                                               (years)             (%)                      (%)
   Buildings
   - offices                                         40              2,5                       5,0
   - warehouses
                                                     20             5,0                       5,0
   Containers                                       4-8       25,0-12,5                      20,0
   Outside installations                            8-9       12,5-11,0                      20,0
   Office furniture and equipment                  3-10      33,3-10,00                      20,0
   Vehicles                                         3-6      33,3-16,66                      20,0
   Forklifts, pallets trolleys                      3-8       33,3-12,5                      15,0
   Computers                                          4            25,0                      30,0

  According to the Article 13, paragraph 6 of the Company income tax Law ( “Official Gazette of
  Montenegro” No 40 from 2008) , tax depreciation is different from accounting depreciation. Tax
  depreciation of buildings is calculated using the straight-line method, while for the depreciation of
  other fixed assest degressive method is used.




                                                                                                     10
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


3. Summary of significant accounting policies (continued)

  3.10.   Impairment of non financial assets

  Business policy of the Company requires for Company to disclose information about fair value of
  assets and liabilities for which available official market information exist and when there is indication
  that the fair value significantly differ from the carrying value in Company records.

  The Company management estimates risk related to the possibility that assets carrying value will not
  be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount
  exceeds its recoverable amount.

  Impairment loss is charged to the income statement, unless the related asset is presented in financial
  statements at revalued amount when an impairment loss is deducted from revaluation reserve.

  Cancellation of impairment is presented as an income, unless the asset is presented in financial
  statements at revalued amount when cancellation of impairment is treated as an increase of revaluation
  reserve.
  3.11. Financial placements

  Finansijski placements are classified in the follwong categories: long term financial placements
  available for sale and term deposits with banks.Classification of the financial assets depends on the
  natiure and purpose of financial asset and has been determined at the moment of initial recognition.

  Financial investments avaialable for sale

  Financial investments avaialable for sale are carried throug throgh the indefinite period of time and
  can be sold for liquidty purposes, or because the change occured either in intereset rate or market
  value of shares. Avaialbe for sale financial intruments include investments in shares traded on
  Montenegrin stock markets.

  Securities classified as available for sale financial instruments are initially recognized at cost. The
  cost include all other directly attributable expenses ( such as transaction expenses). Available-for-
  sale financial instruments are subsequently carried at fair value. Changes in the fair value of
  investments classified as available-for-sale are recognized in equity. When securities classified as
  available-for-sale are sold or impaired, the accumulated fair value adjustments recognized in equity
  are included in the income statement as 'gains and losses from investment securities'.

  The Company assesses at each balance sheet date whether there is objective evidence that a
  financial asset or a group of financial assets is impaired. If any such evidence exists for available-
  for-sale financial assets, the cumulative loss – measured as the difference between the acquisition
  cost and the current fair value, less any impairment loss on that financial asset previously
  recognized in profit or loss – is removed from equity and recognized in the income statement.
  Impairment losses recognized in the income statement on equity instruments are not reversed
  through the income statement.

  Term deposits

  Term deposits are stated at nominal value.




                                                                                                       11
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


3. Summary of significant accounting policies (continued)


  3.12. Non current assets held-for-sale
  Non-current assets are recognized as assets held for sale and stated at the lower of carrying amount
  and fair value less costs to sell if their carrying amount is to be recovered principally through a sale
  transaction rather than through a continuing use. Difference between carrying amount and lower
  fair value is stated in the income statement as the impairment loss.

  The asset can be recognized as an asset held for sale only when the sale of assets is feasible and
  when the asset can be sold in its current condition. Sale of asset must be feasible within the period
  of one year starting from the date of recognition of the asset as the assets held for sale.

  3.13.   Inventory

  Inventories are stated at the lower of cost and net realizable value.
  Net realizable value represents the value at which the inventory can be sold in normal operational
  conditions after deduction for sale expenses.

  An inventory impairment loss is recognized in the income statement when the net realizable value
  is lower than cost. Damaged inventories are fully written off.
  Inventories are determined using the weighted average method.

  3.14.   Trade receivables
  Trade receivables are stated at invoiced value deducted for provision for impairment.
  A provision for impairment of trade receivables is established when there is objective evidence that
  the Company will not be able to collect all amounts due according to the original terms of
  receivables. Significant financial difficulties of the debtor, probability that the debtor will enter
  bankruptcy or financial reorganization, and default or delinquency in payments more than 180 days
  overdue are considered indicators that the trade receivable is impaired.

  An impairment loss is stated in the income statemnt under other expenses. Subsequent recoveries of
  amount previously written off are credited to ‘other income’ in the income statement.

  3.15. Cash and cash equivalents

  Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term
  highly liquid investments with original maturities of three months or less.


  3.16. Revaluation reserve

  Revauation reserve arise from the effect of performed revaluation of property, plant and equipment
  in accordance with the alternative accounting treatment permitted by IAS 16 – Property, plant and
  equipment.




                                                                                                       12
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.

3. Summary of significant accounting policies (continued)

  3.16.    Revaluation reserve (continued)

  Increases in the carrying amount arising on revaluation of property, plant and equipment are
  credited to revaluation reserves in equity. Decreases that offset previous increases of the same asset
  are charged against revaluation reserves directly in equity; all other decreases are charged to the
  income statement.
  The effect of the revaluation of individual asset after disposal is stated directly as increase in
  retained earnings or deduction of accumulated loss.
  Impairment loss of an revalued asset is treated as deduction of already created revaluation reserve.
  In cases when an impairment loss is higher that revaluation reserve, difference is charged to income
  statement.

   3.17.   Leasing

  A lease is classified as a finance lease in all cases where all the risks and benefits incidental to
  ownership of assets are trasfered to the Company. All other leases are classified as operating leases.

  The lease subject is recognized as an asset and as a liability at fair value excluding the amount of
  interest payment of future rents. Each lease payment includes interest and principal payments to the
  annuity calculated. Interest expenses are charged to income statement on a pro rata basis on the
  outstanding balance of the rent.
  Depreciation of the asset being leased is performed during the life of the asset or over the lease period,
  depending on which of the two periods is shorter.

  3.18.    Trade payables

  Trade payables are stated at invoiced value.

  3.19. Provision, contingent assets and liablities

  Provisions are recognized when: the Company has a present legal or constructive obligation as a
  result of past events; it is probable that an outflow of resources will be required to settle the
  obligation; and the amount has been reliably estimated. Provision for legal claims are recognized
  when management of the Company estimates that it is probable that an outflow of resources will be
  required to settle the legal claim.

  Contingent liablities are recognized in the financial statements. Contingent liablities are disclosed
  in the notes to financial statements, except in case when there is probability that an outflow of
  resources will be insignificant.

  Contingent assets are recognized in financial statemnts. Contingent assets are disclosed in the notes
  to financial statements only in case when there is probability that an inflow of resources will be
  significant.

  3.20.    Fair value

  Business policy of the Company requires for Company to disclose information about fair value of
  assets and liabilities for which available official market information exist and when there is indication
  that the fair value significantly differ from the carrying value in Company records.
  The Company management estimates risk related to the possibility that assets carrying value will not
  be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount
  exceeds its recoverable amount.
  According to management opinion, amounts disclosed in these financial statements reflect values
  that are, in the given circumstances, most appropriate for the reporting purposes.
                                                                                                         13
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


4.   Incomes
                                                                                                (in Eur)
     Service incomes                                                             2011.            2010.

     Service income on domestic market                                       5.286.215       5.149.711
     Service income on foreign market                                          380.509         371.943

                                                                             5.666.724       5.521.654



5. Cost of services rendered
                                                                                               (in Eur)
                                                                                 2011.            2010.

     Cost of services on domestic market                                     1.159.357         943.595
     Cost of services on foreign market                                        189.299         138.766

                                                                             1.348.656       1.082.361



6. Cost of materials, fuels and energy
                                                                                               (in Eur)
                                                                                 2011.            2010.

     Office expenses                                                            48.717          42.294
     Other materials                                                             3.513           7.996
     Fuel and lubricants                                                        65.713          51.478
     Used fuels and energy                                                      37.894          44.836

                                                                               155.837         146.604



7. Employees expenses
                                                                                              (in Eur)
                                                                                 2011.            2010.

     Salaries-gross                                                          1.798.852       1.907.741
     Social contributions paid by employer                                     196.037         200.141
     Redundancy payment- net                                                    58.000          93.000
     Other payments to employees                                                 7.150           9.350
     Daily allowances and transportation cost for business trips                14.819          10.084

                                                                             2.074.858       2.220.316

Based on the Instruction for calculation of gross salaries („Official Gazette of Montenegro“ No 5. from
2011.) which is applied from 01.01.2011. , salary calculation includes meal allowances and annual leave
allowances.




                                                                                                     14
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.

8.    Depreciation and provision
                                                                                      (in Eur)
                                                                         2011.          2010.

      Depreciation of PPE                                              610.229       631.196
      Depreciation of intangible assets                                  7.094         6.975

      Provision cost- court claims                                       8.000         30.000

                                                                       625.323       668.171

Depreciation costs for 2011. in amount of 617.323 € (2010: 638.171 €) have been calculated in
accordance with the Note 3.9.


9.    Other operating expenses
                                                                                    (in Eur)
                                                                         2011.          2010.

      Representation                                                    16.513         22.743
      Phone                                                             74.494         78.785
      Intereuropa related expenses                                      86.861         90.341
      Cost related to regional manager of Intereuropa                   64.017              -
      Maintenance                                                       78.610         76.735
      Rentals                                                          106.593         59.054
      Advertising                                                       22.578         43.176
      Insurance premiums                                                24.858         21.859
      Lawyer and audit services                                         14.278         11.871
      Services from students and other similar organizations            23.858         36.136
      Other services                                                   114.186         81.980
      Sponsorship                                                       34.100         28.000
      Transaction and bank fees                                         31.501         32.680
      Court and other taxes                                              9.257         10.345
      Taxes                                                             81.962         60.836
      Previous years expenses                                           10.337          4.085
      Registration, municipality services and others                    57.496         52.446
      Penalties                                                              -          3.884

                                                                       851.499       714.956


10.    Financial incomes and expenses
                                                                                      (u Eur)
                                                                         2011.          2010.
      Financial incomes
      Interest income                                                  135.035       113.754
      Foreign currency gains                                                30           293
                                                                       135.065       114.047
      Financial expenses
      Interest expenses                                                       -              -
      Foreign currency losses                                               (1)           (23)
                                                                            (1)           (23)

      Net financial income                                             135.064       114.024


                                                                                           15
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


11. Other incomes
                                                                                             (u Eur)
                                                                               2011.          2010.

    Gains from sale of property and equipment                                   350         496.290
    Collection of bad debts                                                 329.565         415.854
    Collection of written off receivables                                    10.713           8.013
    Incomes from decrease in liabilities                                     38.198           5.325
    Income from prior years                                                       -           5.720
    Other operating income-claims                                                 -       1.258.675
    Release of lonfg term provision                                               -          33.357
    Sick leave refund                                                         7.171               -
    Other incomes                                                             6.130               -

                                                                            392.127       2.223.234


12. Other expenses
                                                                                             (u Eur)
                                                                               2011.          2010.

    Write off of trade receivables overdue more 180 days                    385.764         477.964
    Write off of bad debts                                                        -           9.895
    Write off and disposal of PPE                                               229               -
    Imapirment of non current assets held for sale                                -         213.895
    Write off miscellaneus                                                      256           7.627

                                                                            386.249         709.381


13. Income tax

                                                                                            (in Eur)
                                                                               2011.           2010.

    Current tax                                                               84.350        234.909
    Deferred tax                                                               9.561         10.276

                                                                              93.911         245.185
Following table represent the adjustment of the income tax in accordance to the financial statements
and tax statements:

                                                                                             (in Eur)
                                                                               2011.          2010.

      Profit before tax                                                      751.493      2.317.123

      Tax calculated at 9%                                                     67.634        208.541
      Tax effects of the expenses not recognized for taxable purposes          26.277         36.644
      Incomes recognized as an deduction of tax base                          (9.561)       (10.276)


      Current tax                                                            84.350         234.909



                                                                                                 16
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


14. Earnings per share
                                                                         (in Eur)
                                                              2011.        2010.

        Profit after tax                                   657.582     2.071.938
        Number of shares                                 8.220.912     8.220.912

                                                             0,0800      0,2520


15.    Intangible assets
                                                                      (in Eur)
                                            Software   Licences       Total
      Cost
      As of 1.01. 2011.                       27.286         2.507       29.793
      Addition                                     -         2.535        2.535
      As of 31.12. 2011.                      27.286         5.042       32.328

      Accumulated depreciation
      As of 1.01. 2011. godine                14.493         1.512       16.005
      Depreciation charge for 2011.            6.369           725        7.094
      As of 31.12.2011.                       20.862         2.237       23.099

      Net book amount
      as of 31.12.2011.                        6.424         2.805         9.229
      Net book amount
      as of 31.12. 2010.                      12.793           995       13.788




                                                                                 17
   “ZETATRANS” JSC, PODGORICA
   FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


   16.    Property and equipment

   Changes in property and equipment during 2011 are presented in the following table:
                                                                                                     (in Eur)
                               Land         Buinding     Equipme       Investm.      Tools     Construc              Total
                                                   s      nt and        in third                tion in
                                                         vehicles        party                 progress
                                                                         assets
Cost
As of 1.01. 2011.               6.018.473   14.222.074    1.150.663       30.013     123.636     559.950        22.104.809
Addition                                -          427        43.518       4.400           -     195.513           243.858
Transfer                                -      455.782        11.377           -           -   (467.159)                  -
Sale                                    -            -       (1.530)           -           -           -            (1.530)
Write off                               -            -       (7.148)           -           -           -            (7.148)
As of 31.12. 2011.              6.018.473   14.678.283    1.196.880       34.413     123.636     288.304        22.339.989

Accumulated
depreciation
As of 1.01. 2011. god                   -    1.385.855     565.644         9.755     118.212             -        2.079.466
Depreciation charge for 2011            -      442.516     164.612         3.101           -             -          610.229
Sale                                    -            -      (1.530)            -           -             -           (1.530)
Write off                               -            -      (6.919)            -           -             -           (6.920)
As of 31.12. 2011.                      -    1.828.371     721.806        12.856     118.212             -        2.681.245

Net book amount
As of 31.12.2011.               6.018.473   12.849.912     475.074        21.557       5.424     288.304        19.658.744
Net book amount
As of 31.12 2010.               6.018.473   12.836.219     585.019       20.258        5.424     559.950        20.025.343

   During 2011, transfer from construction in progress to buildings has been perfromed related to:
   - Industrial track in amount of 333.622 €,
   - Adaptation of business premises in Bar amount of 82.109 €,
   - Offices Debeli brijeg in amount of 19.043 €
   - Repair of the roof of the warehouse in Podgorica in amount of 11.678 € and
   - Adaptation – geodetic services- business premises in Nikšić in amount of 9.330 €.


   17.   Non current assets held-for-sale

                                                                                                   (in Eur)
                                                                                      2011.            2010.

         Business premises in Sarajevo, Federation of Bosnia and                    105.656        105.656
         Hercegovina
         Business premises in Brčko, Federation of Bosnia and                        13.916          13.916
         Hercegovina
         Business premises in Ploče, Republic of Croatia                             15.665          15.665
         Business premises in Priština, Kosovo                                       77.477          77.477
                                                                                    212.714
                                                                                                   212.714
         Impairment according to the Decision                                      (212.714)     (212.714)
         As of 31. December                                                                -              -          -
   .

                                                                                                             18
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


      In 2010. impairment of value of non current assets held for sale has been perfromed in accordance
      with the Decision of Board of Directors which relates to impairment of business premises outside
      Montenegro for which acquring over full disposition of the property is in process with relevant
      legal authorities.


18. Long term financial placements available for sale

                                                                                             ( in Eur)
                                                                                  2011.            2010.

        Novi prvoborac AD Herceg Novi                                             8.205          10.342
        Luka Bar AD Bar                                                             511           1.048
        Kontejnerski terminal ad, Bar                                             1.074           1.890
        Montenegrobanka ad, Podgorica                                               260           1.430
        Ostali plasmani                                                             823             824

                                                                                 10.873          15.534

Subsequent measurement of available-for-sale financial instruments has been performed as of
31.12.2011. at fair value. Changes in the fair value of investments classified as available-for-sale are
recognized in equity.


19. Inventory
                                                                                                 (in Eur)
                                                                                  2011.            2010.

        Goods for wholesale                                                      17.263           37.653
        Impairment                                                                    -          (3.418)
        Materials                                                                   112              198
        Prepayments                                                             135.147         135.993
        Impairment of prepayments                                             (118.358)       (117.984)

                                                                                 34.164          52.442


20.     Trade receivables
                                                                                                (u Eur)
                                                                                  2011.            2010.
        Trade receivables:
        Domestic                                                              1.485.679       1.494.518
        Foreign                                                                  34.676          39.567
        Minus: Impairment                                                     (354.799)       (316.311)
                                                                              1.165.556       1.217.774

        Receivables fro employees                                                34.438          16.461
        Other receivables-deferred tax                                            4.707           5.302
        Receivables for interest                                                 20.367          38.832
        Receivables for prepaid surtax                                            9.317           5.943
                                                                                 68.829          66.539

                                                                              1.234.385       1.284.312


                                                                                                         19
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


       Following table represents the aging structure of receivables:


                                                                                         (in Eur)
                                                                               2011.         2010.

       Undue receivables                                                      195.097      180.929
       Receivables overdue up to 30 daysa                                     268.250      305.384
       Receivables overdue from 31 to 60 days                                 205.787      196.303
       Receivables overdue from 61 to 90 days                                 179.433      150.088
       Receivables overdue from 91 to 180 days                                316.989      385.074
       Receivables overdue from 181 to 364 days                               151.212      134.471
       Receivables overdue from 1 to 3 years                                  187.253      179.117
       Receivables overdue over 3 years                                        16.334        2.719
       Trade receivables - gross                                           1.520.355    1.534.085

      Movements in the provision for impairment loss for trade receivables during 2011 and 2010. are
      presented in the following table:
                                                                                           (in Eur)
                                                                               2011.         2010.

       As of 1. January                                                      434.295       419.834
       Collected during the year (Note 4)                                  (329.565)     (415.854)
       Additional provision during the year (Note 8)                         385.764       477.964
       Write off                                                            (17.337)      (47.649)

       As of 31. December                                                    473.157       434.295


21.    Short term financial placements

Short term financial placements as of 31.12.2011. in amount of 1.700.000 € relate to term deposit in
Montenegrobanka AD, Podgorica. The placemnt has been deposited for a period of 180 days with
interest rate of 5,5% p.a.


22.    Cash and cash equivalents
                                                                                            (in Eur)
                                                                               2011.         2010.

       Petty cash                                                                  -           300
       Gyro accounts                                                         260.935       200.812
                                                                             260.935       201.112
       Term deposits
       Montenegrobanka AD Podgorica                                                -     2.700.000

       Foreign exchange accounts held with foreign banks                   1.150.936      1.153.433
       Minus: Impairment                                                 (1.150.936)    (1.153.433)
                                                                                                  -
                                                                             260.935      2.901.112

Foreign exchange accounts held with foreign banks in amount of 1.150.936 € as of 31.12.2011.
represents amounts deposited with LHB International Handelsbank AG, Frankfurt am Main,
                                                                                                    20
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.

Germany in amount of 1.181.885 USD and 236.969 €, which have been blocked in accordnace with
order from High state prosecutor of Germany. Until the date of preparation of these financial
statements, Company still does not have disposition over stated amounts.


23.    Share equity

Structure of shareholders equity as of 31.12.2011. and 31.12.2010. as registered in Central Depository
Agency is presented in following table:
                                                                                             (in Eur)
                                              31.December 2011.                  31. December 2010.
                                   No of         Nominal          %           No of         Nominal           %
                                  shares          value                      shares          value
Legal entities

Intereuropa d.d. Kopar            5.694.425       7.279.183     69,27       5.694.425        7.279.183        69,27
Zetagradnja doo. Podgorica          187.706         239.945      2,28         183.207          234.193         2,23
Zveza bank RZZOJ, Austria            67.481          86.261      0,82          67.481           86.261         0,82
Custody account                      16.070          20.542      0,19          16.070           20.542         0,19
Podravska banka DD                      660             844      0,01             660              844         0,08
Others                               26.405          33.754      0,33          25.415           32.488         0,24
                                  5.992.747       7.660.529     72,90       5.987.258        7.653.511        72,83

Individuals                       2.228.165       2.848.263     27,10       2.233.654        2.855.281        27,17

                                  8.220.912      10.508.792   100,00        8.220.912       10.508.792    100,00

Nominal value of share is 1,2783 €.
All shares have been issued as ordinary and registered with Central Depository Agency. Zetatrans
shares are quoted on Stock markets in Montnegro. Fair value per share as of 31.12.2011. amounts to
0,8363 € (in 31.12.2010. amounted 0,9012 €).

Shareholders Assembly as of 17.06.2011. adopted Decision on dividends payment from profit in
amount of 2.055.228 Eur. Dividenst can be collected by shareloders existed as of 17.06.2010.
according to the register from Central Depository Agency.

Changes in shareholders equity in 2011 and 2010 are presented in the Statement of changes in equity.


24.   Revaluation reserve

Revaluation reserves as of 31.12.2011. are formed from following postions:
                                                                                                   (in Eur)
                                                 Property,    Long term            Other                Total
                                                 Plant and      financial        reserves
                                                equipment     placements

      As of 1. January 2011.                      8.315.350       15.534        1.531.712         9.862.596
      Effect of fair value adjustment
      available for sale
      finacial placements                                 -       (4.660)               -            (4.660)
                                                  8.315.350       10.874        1.531.712         9.857.936
Other resreves in amount of 1.531.712 € represnt effects of revaluation in accordnace with legal and
accounting legistaktion rulling up to 1999.

                                                                                                         21
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


25.    Long term provision
                                                                                            (in Eur)
                                                                                  2011.        2010.

       Provision for legal claims                                                38.000       30.600

       Employee benefits
       Redundancy payments                                                       39.955       46.565
       Jubilee awards                                                            11.843       12.343

       As of 31. December                                                       89.798       89.508

      Changes in long term provision during 2011 were as follows:
                                                                                           (in Eur)
       Collected during the year (Note 4)                      Provision     Redundanc       Jubilee
                                                                for legal    y payments      awards
                                                                  claims

       As of 1. January                                             30.600       46.565      12.343
       Increase during the year                                      8.000            -           -
       Payments during the year                                      (600)            -       (500)
       Deacrease based on the assesement of actuary                      -      (6.610)           -
       As of 31. December                                           38.000       39.955      11.843



26.    Other long term liabuilities

Other long term liabilities relate to Porsche leasing for financial leasing of the Company vehicle.
Leasing has been issued for the period of 60 months (until 15.12.2015.). Current portion of the long
term liability in 2012 amounts to 3.819 €.
                                                                                             (in Eur)
       Creditor                                                                   2011.        2010.

       Porsche leasing                                                           14.101                -
       Minus:Current portion of the long term liability                         (3.819)                -

                                                                                 10.282                -


27. Short term trade payables
                                                                                             (in Eur)
                                                                                  2011.        2010.
       Trade payables
       Advances received                                                         49.441      47.368
       Trade payables- domestic                                                 101,658     116.209
       Trade payables- foreign                                                   62.646      49.088
       Related parties                                                           52.019      38.749
       Other liabilities related to goods and services                                0      13.196
       Liabilities for guarantees                                                    59         381

                                                                                265.823     264.991




                                                                                                  22
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


      Following table represents the aging structure of payables:
                                                                                              (in Eur)
                                                                                  2011.         2010.

         Undue payables                                                         103.996        100.219
         Payables overdue up to 30 days                                          24.349         40.376
         Payables overdue from 31 do 60 days                                     13.911          6.987
         Payables overdue from 61 do 90 days                                      3.681          1.847
         Payables overdue from 91 do 180 days                                     8.137          3.884
         Payables overdue from 181 do 364 days                                    5.425          6.065
         From 1 do 3 years                                                        1.227          2.841
         More than 3 years                                                        3.578          3.078
         Total trade payables- domestic and foreign                            178.405        165.297



28.     Other short term liabilities and accruals
                                                                                              (in Eur)
                                                                                  2011.         2010.

        Liabilities for net salaries                                           100.227        102.378
        Liabilities for personal income tax                                     13.389         13.683
        Social contributions payable by employees                               34.894         35.793
        Social contribuations payable by employer                               18.580         18.726
        Liabilities for dividends                                              360.386        316.330
        Witholding tax on dividends                                             34.217         68.661
        Deferred income                                                          5.173          5.173
        Other liabilities                                                        2.827          5.563

                                                                               569.693        566.307

Liabilities related to taxes and contrubutions relate to unpaid salaries for December 2011.

Liabilities for dividens mainly relate to unpiad dividends from profit distibution in 2007, 2008, 2009
and 2010.




                                                                                                     23
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


29.    Related party transactions
                                                                                        (in Eur)
                                                                             2011.          2010.

      Service incomes
      Intereuropa d.d. Koper                                                43.233        62.267
      Intereuropa RTC d.d. Sarajevo                                            621         6.517
      AD Intereuropa logističke usluge, Beograd                              8.719         4.131
      Intereuropa Kosova L.L.C. Priština                                     4.730         5.660
      Intereuropa logisičke usluge d.o.o. Zagreb                             1.520         4.470
      Intereuropa logisičke usluge d.o.o Albanija                                -           850
                                                                            58.823        83.895
      Service expences
      Intereuropa d.d. Koper                                               290.248        99.187
      Intereuropa RTC d.d. Sarajevo                                          2.308         1.427
      AD Intereuropa logističke usluge, Beograd                             42.475        31.519
      Intereuropa d.o.o. Zagreb                                              5.040         3.492
      Intereuropa Kosova L.L.C. Priština                                       105         2.834
      Intereuropa Skoplje d.o.o. Skoplje.                                        -             -

                                                                           340.176       138.459


                                                                                     (in Eur)
                                                                             2011.          2010.
      Receivable balances
      Intereuropa d.d. Kopar                                                 3.551         6.999
      Intereuropa logističke usluge doo Zagreb                                   -         3.227
      Intereuropa RTC d.d. Sarajevo                                             50         2.024
      AD Intereuropa logističke usluge, Beograd                              3.346           359
      Intereuropa Kosovo L.L.C. Priština                                       395         1.074
                                                                             7.342        13.683
      Payable balances
      Intereuropa d.d. Kopar                                                47.082        29.547
      AD Intereuropa logističke usluge, Beograd                              4.068         5.975
      Intereuropa d.o.o. Zagreb                                                870           554
      Intereuropa RTC d.d. Sarajevo                                              -           530
                                                                            52.020        36.606



30.     Court claims

As of 31.12.2010. several court claims are proceeded agains the Company, for which provsion in
amount of godine 38.000 € has been allocated.
The Company will not be exposed to other losses that would have material impact in this relation.

Court cases initiated by the Company mainly relate to uncollected receivables from business
transactions. According to the suggestions from Commercial Court, collection in amount of 156.886€
is expected.




                                                                                                   24
“ZETATRANS” JSC, PODGORICA
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011.


31.    Contingent liabilities

The Company issued guarantees (custom guarantees) in amount of 3.500.000 EUR. Management of
the Company does not expect to be exposed significantly on potential obligations based on issued
guarantees.


32.    Foreign exchange


Official foreign exchage rate for USD that was used during preparation of these financial statements
as of 31.12.2011. amounted to EUR 0,7729 (as of 31.12. 2010. amounted EUR 0,7553).




                                 Independent auditor report-page 1.




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