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					     Enclosure 1
     Reporting period:                                          1/1/2009                to                       31/12/2009

                                        Annual Financial Report for Enterpreneurs GFI-POD
                Tax Number (MB):              01942425

          Registration Number (MBS):       080523351

             Personal Identification    23269006802
                   Number (OIB):
                            Issuer: Metronet telekomunikacije d.d.

         Postal Code and Location:             10000                       Zagreb

                Street and number: Vukovarska 269d

                   e-mail address: info@metronet.hr

                  Internet address: www.metronet.hr

Code and name for municipality/city     133       Zagreb

        Code and name for county         21       Grad Zagreb                                               Number of employees           184
                                                                                                                (at the year's end)
              Consolidated Report       yes                                                                 Business activity code:       6110

           Entities in consolidation (according to IFRS)                        Seat:                                     Tax Number:

                           Metronet telekomunikacije d.d.                     Vukovarska 269d, Zagreb                      01942425

                                       Metronet plavi d.o.o.                  Vukovarska 269d, Zagreb                      02522250

                         Metronet telekomunikacije d.o.o.                  Tivolska cesta 50, Ljubljana                     2345579

                         Metronet telekomunikacije d.o.o.                               Ilićka 11, Mostar               4227567370002




              Book – keeping firm:

                   Contact Person: Željka Mikšić-Gavran
                                   (only name and surname of contact person to be entered)
                       Telephone: 01 6327 306                                                       Fax: 01 6327 011

                   e-mail address: zeljka.miksic-gavran@metronet.hr

              Surname and name: Dennis Allan Rukavina
                                (persons authorized to represent Company)

                  Documents for publication:
                  1. Revised Annual Financial Statements
                  2. Statement of persons responsible for composing financial statements
                  3. Management report



                                                               M.P.                                    (signature of authorized person)
                                                     BALANCE SHEET
                                                  as per                         12/31/2009
                                               Item                                              EDP   Previous year   Current year

                                                 1                                                2         3               4
ASSETS
A) SUBSCRIBED CAPITAL UNPAID                                                                     001
B) FIXED ASSETS (003+010+020+028+032)                                                            002     351,641,472     305,782,565
I. INTANGIBLE ASSETS (004 THROUGH 009)                                                           003      25,591,730      20,411,749
   1. Development expenses                                                                       004
   2.Concessions, patents, licences, goods and services trademarkas, software and other rights   005      16,990,973      13,817,324
   3. Goodwill                                                                                   006
   4. Advances for procurement of intangible assets                                              007
   5. Intangible assets in preparation                                                           008         343,736         160,000
   6. Other intangible assets                                                                    009       8,257,021       6,434,425
II. TANGIBLE ASSETS (011 through 019)                                                            010     323,511,648     282,844,661
    1. Land                                                                                      011
    2. Building objects                                                                          012         588,378         855,462
    3. Facilities and equipment                                                                  013     281,878,811     258,618,207
    4. Tools, production inventory and transport assets                                          014         885,434         937,666
    5. Biological assets                                                                         015
    6. Advances for tangible assets                                                              016
    7. Tangible assets in preparation                                                            017      40,132,920      22,410,919
    8. Other tangible assets                                                                     018          26,105          22,407
    9. Real estate investments                                                                   019
III. FIXED FINANCIAL ASSETS (021 through 027)                                                    020       2,538,094       2,526,155
     1. Shares (stock) in affiliated enterpreneurs                                               021
     2. Loans granted to affiliated enterpreneurs                                                022
     3. Participating interests (shares)                                                         023
     4. Securities investments                                                                   024
     5. Granted loans, deposits and such                                                         025       2,428,858       2,422,636
     6. Own stocks and shares                                                                    026
     7. Other fixed financial assets                                                             027         109,236         103,519
IV. RECEIVABLES (029 through 031)                                                                028               0               0
     1. Receivables from affiliated enterpreneurs                                                029
     2. Receivables pertaining to sale on credit                                                 030
     3. Other receivables                                                                        031
V. DEFERRED TAX ASSETS                                                                           032
C) CURRENT ASSETS (034+042+049+057)                                                              033      50,759,564      62,742,809
I. STOCK (035 through 041)                                                                       034               0               0
   1. Raw material and supplies                                                                  035
   2. Ongoing produciton                                                                         036
   3. Unfinished products and semi-products                                                      037
   4. Finished products                                                                          038
   5. Trading goods                                                                              039
   6. Stock advances                                                                             040
   7. Other assets intended for sale                                                             041
II. RECEIVABLES (043 through 048)                                                                042      48,233,876      52,845,071
   1. Receivables from affiliated enterpreneurs                                                  043
   2. Receivables from buyers                                                                    044      47,641,850      49,204,270
   3. Receivables from participating enterpreneurs                                               045
   4. Receivables from employees and members of the enterpreneur                                 046
   5.Receivables from the state andother institution                                             047         149,834       2,855,585
   6. Other receivables                                                                          048         442,192         785,216
III. CURRENT FINANCIAL ASSETS (050 THROUGH 056)                                                  049         519,140          60,311
     1. Shares (stock) in affiliated enterpreneurs                                               050
     2. Loans granted to affiliated enterpreneurs                                                051
     3. Participating interests (shares)                                                         052
     4. Securities investments                                                                   053
     5. Granted loans, deposits and such                                                         054         519,140            60,311
     6. Own stocks and shares                                                                    055
     7. Other financial assets                                                                   056
IV. CASH IN BANK AND REGISTER                                                                    057       2,006,548       9,837,427
D) PREPAYMENTS AND ACCRUED INCOME                                                                058       6,377,028       5,480,734
E) LOSS ABOVE CAPITAL                                                                            059
F) TOTAL ASSETS                                                                                  060     408,778,064     374,006,108
G) OFF-BALANCE RECORDS                                                                           061
LIABILITIES
A) CAPITAL AND RESERVES (063+064+065+071+072-073+074-075+076)                                         062   -130,999,866   -210,089,626
I. BASE (registered) capital                                                                          063     75,062,800     75,062,800
II. CAPITA RESERVES                                                                                   064
III. PROFIT RESERVES (066+067-068+069+070)                                                            065    72,336,760     72,336,760
1. Legal reserves                                                                                     066
2. Own stock reserves                                                                                 067     4,050,000      4,050,000
3. Own stocks and shares (deductable item)                                                            068     4,050,000      4,050,000
4. Statutory reserves                                                                                 069    72,336,760     72,336,760
5. Other reserves                                                                                     070
IV. REVALORIZATION RESERVES                                                                           071
V. PROFIT WITHELD                                                                                     072
VI. TRANSFERRED LOSS                                                                                  073   187,634,795    278,399,006
VII. PROFIT IN THE BUSINESS YEAR                                                                      074
VIII. LOSS OF BUSINESS YEAR                                                                           075    90,764,631     79,090,180
IX. MINORITY INTEREST                                                                                 076
B) RESERVATIONS (078 through 080)                                                                     077             0              0
     1. Reservations for pensions, severance payments amd similar obligations                         078
     2. Reservations for tax liabilities                                                              079
     3. Other reservations                                                                            080
C) FIXED LIABILITIES (082 through 089)                                                                081   177,489,196    395,546,772
     1. Liabilities towards affiliated enterpreneurs                                                  082
     2. Liabilities for loans                                                                         083    33,685,702     18,507,729
     3. Liabilities towards banks and other financial institutions                                    084   143,803,494    234,979,633
     4. Liabilities for advances                                                                      085
     5. Liabilities towards suppliers                                                                 086
     6. Liabilities as per securities                                                                 087                  142,059,410
     7. Other fixed liabilities                                                                       088
     8. Deferred tax liabilities                                                                      089
D) CURRENT LIABILITIES (091 through 101)                                                              090   362,288,734    188,548,962
     1. Liabilities towards affiliated enterpreneurs                                                  091     3,000,000      4,200,000
     2. Liabilities for loans, deposits and similar                                                   092    14,519,250     17,818,201
     3. Liabilities towards banks and other financial institutions                                    093    65,485,954     38,895,790
     4. Liabilities for advances                                                                      094
     5. Liabilities towards suppliers                                                                 095   130,253,220     95,054,254
     6. Liabilities as per securities                                                                 096   138,867,784     21,191,943
     7. Liabilities towards employees                                                                 097     2,292,635      1,954,870
     8. Liabilities for taxes, contributions and similar levies                                       098     5,579,937      3,505,086
     9. Liabilities as per share in results                                                           099
   10. Liabilities as per longterm assets intended for sale                                           100
   11. Other current liabilities                                                                      101     2,289,954      5,928,818
E) DEFERRED SETTLEMENT OF CHARGES AND INCOME OF FUTURE PERIOD                                         102
F) TOTAL – LIABILITIES (062+077+081+090+102)                                                          103   408,778,064    374,006,108
G) OFF – BALANCE RECORDS                                                                              104
ANNEX TO THE BALANCE SHEET (to be filled in by entrepreneur submitting consolidated financial report)
CAPITAL AND RESERVES
1.Assigned to the holders of parent company's capital                                                 105
2. Assigned to minority interest                                                                      106
                                                            PROFIT AND LOSS ACCOUNT
                                             for the period from              01.01.2009.           to         31.12.2009.
                                                      Item                                               EDP        Previous year    Current year

                                                        1                                                 2              3                4
I.OPERATING INCOME (108 through 110)                                                                     107           220,845,508     209,630,131
   1. Sales income                                                                                       108           220,344,238     208,367,297
   2. Income from usage of own products and services                                                     109
   3. Other operating income                                                                             110               501,270       1,262,834
II. OPERATING COSTS (112-113+114+118+122+123+124+127+128)                                                111           276,145,780     241,526,717
    1. Unfinished production and finished products stock value reduction                                 112
    2. Unfinished production and finished products stock value increase                                  113
    3. Material costs (115 through 117)                                                                  114           158,772,548     127,260,323
       a) Costs of raw material and supplies                                                             115             3,176,087       3,141,953
       b) Costs of goods sold                                                                            116                53,056          44,117
       c) Other external costs                                                                           117           155,543,405     124,074,253
   4. Staff expenses (119 through 121)                                                                   118            41,933,414      31,753,527
       a) Net salaries and wages                                                                         119            21,573,641      16,941,280
       b) Expenses of taxes and contributions from salaries                                              120            14,038,142      10,168,318
       c) Contributions to salaries                                                                      121             6,321,631       4,643,929
   5. Amortization                                                                                       122            68,610,419      74,734,486
   6. Other costs                                                                                        123             4,821,390       5,235,898
   7. Value adjustment (125+126)                                                                         124             2,008,009       2,542,484
      a) fixed assets (apart from financial assets)                                                      125
      b) current assets (apart from financial assets)                                                    126             2,008,009        2,542,484
   8. Reserves                                                                                           127
   9. Other operating costs                                                                              128
III. FINANCIAL INCOME (130 through 134)                                                                  129             1,111,368        2,020,442
     1. Interest income, foreign exchange gains, dividends and other financial income related
                                                                                                         130
to affiliated undertakings
     2. Interest income, foreign exchange gains, dividends and other financial income related            131             1,111,368        2,020,442
to unaffiliated undertakings and other persons
     3. Income from affiliated undertakings and participating interests                                  132
     4. Unrealized income of the financial assets                                                        133
     5. Other financial income                                                                           134
IV. FINANCIAL EXPENSES (136 through 139)                                                                 135            36,575,728      49,214,037
  1. Interest, foreign exchange differences and other expenses related to affiliated undertakings        136             1,178,675         422,352
   2. Interest, foreign exchange differences and other expenses related to unaffiliated undertakings
                                                                                                     137  35,397,053                    48,791,685
and other persons
   3. Unrealized losses (expenses) of the financial assets                                           138
   4. Other financial expenses                                                                       139
V. EXTRAORDINARY - OTHER INCOME                                                                      140
VI. EXTRAORDINARY - OTHER COSTS                                                                      141
VII. TOTAL INCOME (107+129+140)                                                                      142 221,956,876                   211,650,574
VIII. TOTAL COSTS (111+135+141)                                                                      143 312,721,508                   290,740,754
IX. PROFIT BEFORE TAXATION (142-143)                                                                 144           0                             0
X. LOSS BEFORE TAXATION (143-142)                                                                    145  90,764,631                    79,090,180
XI. PROFIT TAX                                                                                       146
XII. PROFIT FOR PERIOD (144-146)                                                                     147           0                             0
XIII. LOSS FOR PERIOD (145+146) or (146-144)                                                         148  90,764,631                    79,090,180
ANNEX TO THE PROFIT AND LOSS ACCOUNT (to be filled in by entrepreneur submitting consolidated financial report)
XIV.* PROFIT ASSIGNED TO HOLDERS OF PARENT COMPANY'S CAPITAL                                         149
XV.* PROFIT ASSIGNED TO MINORITY INTEREST                                                            150
XVI.* LOSS ASSIGNED TO HOLDERS OF PARENT COMPANY'S CAPITAL                                           151
XVII.* LOSS ASSIGNED TO MINORITY INTEREST                                                            152
                                 CASH FLOW STATEMENT - Indirect method
                         in the period from        01.01.2009.           to     31.12.2009.
                                      Item                                         EDP        Previous year    Current year
                                       1                                             2              3                         4
CASH FLOW FROM OPERATING ACTIVITIES
   1. Profit before taxation                                                        001          -90,764,631      -79,090,180
   2. Depreciation                                                                  002           68,610,419       74,734,486
   3. Increase of short-term liabilities                                            003           29,454,000
   4. Decrease of short-term receivables                                            004            4,120,000
   5. Decrease of stocks                                                            005
   6. Other increase of cash flow                                                   006           38,490,000       52,179,690
I. Total increase of cash flow from operating activities (001 through 006)          007           49,909,788       47,823,996
   1. Decrease of short-term liabilities                                            008                            13,255,013
   2. Increase of short-term receivables                                            009                             5,786,617
   3. Increase of stocks                                                            010
   4. Other decrease of cash flow                                                   011           38,507,000       40,916,127
II. Total decrease of cash flow from operating activities (008 through 011)         012           38,507,000       59,957,757
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (007-012)                   013           11,402,788                0
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (012-007)                   014                    0       12,133,761
CASH FLOW FROM INVESTMENT ACTIVITIES
   1. Cash receipt from sale of tangible and intangible assets                      015               10,000          668,154
   2.Cash receipt from sale of ownership and debt instruments                       016
   3. Cash receipt from interest rates                                              017              339,190          646,207
   4. Cash receipt from dividends                                                   018
   5. Other cash receipts from investment activities                                019
III. Total cash receipts from investment activities (015 through 019)               020              349,190        1,314,361
   1. Cash expenditure for buying tangible and intangible fixed assets              021           17,698,000       26,505,104
   2. Cash expenditure for acquiring ownership and debt financial instruments       022
   3. Other expenditures from investment activities                                 023
IV. Total cash expenditures from investment activities (021 through 023)            024           17,698,000       26,505,104
B1) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (020-024)                  025                    0                0
B2) NET DECREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (024-020)                  026           17,348,810       25,190,743
CASH FLOW FROM FINANCIAL ACTIVITIES
   1. Cash receipt from issuing of ownership and debt financial instruments         027           32,000,000       27,874,995
   2. Cash receipt from loan principal, debentures, loans and other borrowing       028           90,419,000       47,094,824
   3. Other receipt from financial activities                                       029
V. Total cash receipt from financial activities (027 through 029)                   030          122,419,000       74,969,819
   1. Cash expenditure for the payment of loan principal and bonds                  031           97,062,000        7,648,431
   2. Cash expenditure for the payment of dividend                                  032
   3. Cash expenditure for financial lease                                          033           29,329,000       10,702,505
   4.Cash expenditure for own shares buy-off                                        034            4,050,000
   5. Other expenditures from financial activities                                  035
VI. Total cash expenditure from financial activities (031 through 035)              036          130,441,000       18,350,936
C1) NET INCREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (030-036)                   037                    0       56,618,883
C2)NET DECREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (036-030)                    038            8,022,000                0
Total increase of cash flow (013 – 014 + 025 – 026 + 037 – 038)                     039                    0       19,294,379
Total decrease of cash flow (014 – 013 + 026 – 025 + 038 – 037)                     040           13,968,022                0
Cash and cash equivalents at the beginning of the period                            041            4,510,000       -9,458,022
Increase of cash and cash equivalents                                               042                            19,294,379
Decrease of cash and cash equivalents                                               043           13,968,022
Cash and cash equivalents at the end of the period                                  044           -9,458,022        9,836,357
                                                                  CF_D

                                   CASH FLOW STATEMENT – Direct method
                        in the period from        01.01.2009.           to      31.12.2009.
                                                                                               Previous
                                           Item                                         EDP                   Current year
                                                                                                 year
                                             1                                            2       3                4
CASH FLOW FROM OPERATING ACTIVITIES
     1. Cash receipts from buyers                                                        001
     2. Cash receipts from royalties, fees, commissions and similar                      002
     3. Cash receipts from insurance for compensation of damage                          003
     4. Cash receipts from tax refunds                                                   004
 5. Other cash receipts                                                                  005
I. Total cash receipts from operating activities (001 through 005)                       006              0             0
     1. Cash expenditures for suppliers                                                  007
     2. Cash expenditures for employees                                                  008
     3. Cash expenditures for insurance for compensation of damage                       009
     4. Cash expenditures for interest                                                   010
     5. Cash expenditures for taxes                                                      011
     6. Other cash expenditures                                                          012
II. Total cash expenditures for operating activities (007 do 012)                        013              0             0
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES (006-013)                        014              0             0
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES (013-006)                        015              0             0
CASH FLOW FROM INVESTMENT ACTIVITIES
   1. Cash receipt from sale of fixed tangible and intangible assets                     016
   2.Cash receipt from sale of ownership and debt instruments                            017
   3. Cash receipt from interest rates*                                                  018
   4. Cash receipt from dividends*                                                       019
   5. Other cash receipts from investment activities                                     020
III. Total cash receipts from investment activities (016 through 020)                    021              0             0
   1. Cash expenditure for buying tangible and intangible fixed assets                   022
   2. Cash expenditure for acquiring ownership and debt financial instruments            023
   3. Other expenditures from investment activities                                      024
IV. Total cash expenditures from investment activities (022 through 024)                 025              0             0
B1) NET INCREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (021-025)                       026              0             0
B2) NET DECREASE OF CASH FLOW FROM INVESTMENT ACTIVITIES (025-021)                       027              0             0
CASH FLOW FROM FINANCIAL ACTIVITIES
   1. Cash receipt from issuing of ownership and debt financial instruments              028
   2. Cash receipt from loan principal, debentures, loans and other borrowing            029
   3. Other receipt from financial activities                                            030
V. Total cash receipt from financial activities (028 through 030)                        031              0             0
   1. Cash expenditure for the payment of loan principal and bonds                       032
   2. Cash expenditure for the payment of dividend                                       033
   3. Cash expenditure for financial lease                                               034
   4.Cash expenditure for own shares buy-off                                             035
   5. Other expenditures from financial activities                                       036
VI. Total cash expenditure from financial activities (032 through 036)                   037              0             0
C1) NET INCREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (030-036)                        038              0             0
C2)NET DECREASE OF CASH FLOW FROM FINANCIAL ACTIVITIES (036-030)                         039              0             0
Total increase of cash flow (014 – 015 + 026 – 027 + 038 – 039)                          040              0             0
Total decrease of cash flow (015 – 014 + 027 – 026 + 039 – 038)                          041              0             0
Cash and cash equivalents at the beginning of the period                                 042
Increase of cash and cash equivalents                                                    043
Decrease of cash and cash equivalents                                                    044
Cash and cash equivalents at the end of the period                                       045              0             0




                                                                 Page 6
                                      CHANGE IN CAPITAL STATEMENT
                            for the period from             01.01.2009.          to 31.12.2009.
                                       Item                                               EDP        Previous year Current year

                                         1                                                  2              3               4
 1. Subscribed capital                                                                    001           75,062,800      75,062,800
 2. Capital reserves                                                                      002           72,336,760      72,336,760
 3. Profit reserves                                                                       003
 4. Retained profit or loss carried forward                                               004         -187,634,795    -278,399,006
 5. Profit or loss of the current year                                                    005          -90,764,631     -79,090,180
 6. Revaluation of fixed tangible assets                                                  006
 7. Revaluation of intangible assets                                                      007
 8. Revaluation of financial property available for sale                                  008
 9. Other revaluation                                                                     009
10. Total capital and reserves (EDP 001 through 009)                                      010         -130,999,866    -210,089,626

11. Foreign exchange differences from net investments in foreign operations               011
12. Current and deferred taxes (part)                                                     012
13. Cash flow protection                                                                  013
14. Changes in accounting policies                                                        014
15. Correction of significant mistakes from the previous period                           015
16. Other equity changes                                                                  016
17. Total increase or decrease of capital (EDP 011 through 016)                           017                     0             0


17 a. Assigned to holders of parent company's capital                                     018                     0             0

17 b. Assigned to minority interest                                                       019                     0             0

Items decreasing capital are entered as negative values. Data under EDP 001 through 009 are entered as status on the date of
balance.
Income statement




In 2009, the operating revenues decreased by 5% compared to the prior year. Decrease was generating by lower levels of

VAS services are classified as uncertain revenue since it is hard to predict the market demand of such services. VAS serv

The operating profit or EBITDA increased in 2009 for more then 200% compared to prior year and is at level of 42,8 mil

Depreciation and financial expenses have increased but total loss has been decreased for 13% compared to prior year.



Balance sheet


Investments in 2009 are lower for 47% compared to prior year and are at level of 29,2 million HRK or 13,8% of total rev

Short term assets increased in 2009 for 24% to prior year with an accent that accounts receivable in spite global liquidity

Long-term liabilities increased for 123% while short-term liabilities decreased for 48% which is consequence of refinanc

Accounts payable decreased by 27% or 35 million HRK to prior year.
ar. Decrease was generating by lower levels of revenue from VAS services, 50% less compared to prior year.

the market demand of such services. VAS services are low margin and the decline in this segment did not have a material impact on the perfo

mpared to prior year and is at level of 42,8 million HRK. The achievement of EBITDA margin of 20% is due to continued focus on profitabi

decreased for 13% compared to prior year.




evel of 29,2 million HRK or 13,8% of total revenue.

at accounts receivable in spite global liquidity crisis and difficulties in collection increased only for 3%.

sed for 48% which is consequence of refinanced debt in 2009. In the debt structure long-term share is 83% while in 2008 was 44%.
ent did not have a material impact on the performance of the Company.

n of 20% is due to continued focus on profitability. Metronet strategy to be dependent on its own infrastructure is key to future profitability.




hare is 83% while in 2008 was 44%.
wn infrastructure is key to future profitability.

				
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