ING-GRAD Jsc.
2024
ANNUAL REPORT
28 April 2025
CONTENTS:
4
15
16
24
26
28
79
ANNUAL MANAGEMENT REPORT
RESPONSIBILITY FOR THE FINANCIAL STATEMENTS AND ANNUAL
MANAGEMENT REPORT
INDEPENDENT AUDITOR’S REPORT
STATEMENT OF COMPREHENSIVE INCOME
STATEMENT OF FINANCIAL POSITION
STATEMENT OF CASH FLOWSATEMENT OF CASH FLOWS
STATEMENT OF CHANGES IN EQUITY AND RESERVES
Notes to the Financial Statements
REPORT ON THE SUPERVISION OF THE MANAGEMENT OF THE
COMPANY'S AFFAIRS
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ING-GRAD GROUP
Management Report for the Year 2024
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Introduction
ING-GRAD (hereinafter: the Company) was established on 17 June 1991, under the law of the Republic of
Croatia pursuant to the Articles of Incorporation dated 15 April 1991 as an s.p.o. (sole proprietorship) and
was restructured on 24 December 1993 into a limited liability company (d.o.o.). Accordingly, the Articles
of Incorporation were aligned with the Companies Act on 30 November 1995 and drafted as a Statement
of Incorporation in the new form. The Company is registered with the Court Register under the Company’s
Registration Number (MBS): 080189931, OIB: 93245284305. Pursuant to the decision of the General
Assembly of the Company regarding its transformation on 21 November 2024, the Company was
transformed into a joint-stock company, and the change of status was registered in the Court Register by
the decision of the Commercial Court in Zagreb on 29 November 2024.
The Company has undergone several status changes. Pursuant to the decision of the Company’s General
Assembly dated July 10, 2009, the Company was reorganized through a spin-off, whereby several parts
of its assets were transferred to a newly established company, MB DIAMANT d.o.o., a limited liability
company for real estate business, with its registered office in Zagreb (City of Zagreb), Kalinovica 3, which
was incorporated for a spin-off with incorporation. Furthermore, by the decision of the General Assembly
of the Company on 26 July 2010, the Company was divided. Several portions of the Company’s assets
were transferred to new companies: BRIMAR d.o.o. and BRIMAT d.o.o., limited liability companies for real
estate business, both with registered offices in Zagreb (City of Zagreb), Kalinovica 3/V, established for the
purpose of a spin-off with incorporation. Pursuant to the Merger Agreement dated 20 November 2015,
the decision of the founder of the company and the decision of the sole founder of the Company on 20
November 2015, the company BRIMAT d.o.o. limited liabilities company for real estate business,
headquartered in Zagreb (City of Zagreb), Kalinovica 3/V, registered with the Commercial Court in Zagreb
under registration number MBS: 080738965, OIB: 90149999728, was merged into the Company.
Furthermore, based on the Merger Agreement dated 1 November 2020, the decision of the founder of
the company and the decision of the founder of the Company on 9 December 2020, the company
POSLOVNI PROJEKT SOPOT d.o.o., limited liability company for construction and services, headquartered
in Zagreb (City of Zagreb), Kalinovica 3/V, registered in the court register of the Commercial Court in
Zagreb under registration number MBS: 080710381, OIB: 41961914102.was merged into the Company.
The merger resolutions were not contested within the prescribed time limit.
Under the leadership of Mr. Branislav Brizar, MSc, the Company has, over the years, established itself as
one of the leading construction companies in the Republic of Croatia, recognized for its stability,
consistent growth, and balanced development across all segments.
With three decades of experience in highly demanding construction ventures, the Company has worked
on diverse projects. To date, the Company has completed over 200 construction projects across various
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ING-GRAD GROUP
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sectors. These include over 80 heritage restoration projects, over 60 residential and commercial
developments, more than 50 energy and infrastructure projects, and over 20 public and tourism facilities.
Throughout its rich history, the Company has specialized in restoring and reconstructing cultural heritage
sites of exceptional historical and artistic value. These include historically significant buildings, palaces,
fortresses, religious architecture, bridges, monuments, and other public structures. Notable references in
this segment include St. Mark’s Church, the Amphitheater in Pula, and the Croatian State Archives.
Over the course of more than three decades of experience working on a range of highly demanding
energy and infrastructure projects, the Company has established an outstanding track record. The
projects include the construction, reconstruction, rehabilitation, and expansion of wind and thermal
power plants, biomass and biofuel plants, and infrastructure facilities. The Company has built three wind
farms in the Republic of Croatia and one in North Macedonia, all on a turnkey basis in accordance with
FIDIC contract models. In addition, the Company has participated in constructing numerous INA gas
stations and constructing the Wastewater Treatment Plant in Osijek.
The Company also regularly carries out construction works on some of the most prominent mixed-use
commercial and residential developments in the Republic of Croatia . These include a diverse range of
facilities, spanning office buildings, shopping centers, residential buildings, and industrial plants.
Regarding mixed-use developments, the Company specializes in excavation and foundation work, interior
finishing and installation works, outfitting and equipping buildings, roadworks, parking areas, and exterior
landscaping. Notable projects include the Cascade shopping and business center, the ROXANICH Winery
& Design Hotel, the Zavrtnica mixed-use residential and commercial building, the Svjetlost Polyclinic
building, among many others.
ING-GRAD’s subsidiaries and affiliates include ING-JET d.o.o., INGOMONT d.o.o., and VILA-GRAD
JORDANOVAC d.o.o. In 2011, the company ING-JET d.o.o. was established, in which ING-GRAD holds a
19 percent stake. ING-GRAD is the sole owner of VILA-GRAD JORDANOVAC d.o.o., established in 2014,
and holds a 50 percent stake in INGOMONT d.o.o., founded in 2022.
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ING-GRAD GROUP
Management Report for the Year 2024
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Figure 1– Organizational Structure and Ownership Stakes in Related Entities
Significant Events After the End of the Financial Year
On March 6, 2025, the Management Board of the Zagreb Stock Exchange Inc., with its registered office in
Zagreb, Ivana Lučića 2a/22, approved the listing on the Official Market of 3,990,000 ordinary shares of
the company ING-GRAD Jsc. for special construction works, with its registered office in Zagreb, Kalinovica
3/IV, OIB: 93245284305, LEI: 747800V0634Q77II6N67, with a nominal value of EUR 1.00, ticker: IG, ISIN:
HRIG00RA0009.
On March 27, 2025, ING-GRAD Jsc., in its capacity as the Transferor, signed a Share Sale and Transfer
Agreement for the company VILA-GRAD JORDANOVAC d.o.o., Zagreb, Kalinovica 3/V, registered with
the Commercial Court in Zagreb under registration number (MBS): 080933265, OIB: 98406573444, for a
consideration of EUR 388,310.15, and submitted the agreement to the court register of the Commercial
Court in Zagreb on the same day for further processing.
ING-GRAD Jsc. hereby notifies that VILA-GRAD JORDANOVAC d.o.o. was established primarily for the
purpose of developing a building plot it owns. Given that the company is currently non-operational, ING-
GRAD Jsc. has decided to divest its stake in VILA-GRAD JORDANOVAC d.o.o.
Expected Development of the Company
The growth strategy of the Company is to leverage:
1. Favourable market conditions in the coming years in the segment of the restoration and
preservation of cultural heritage, where the Company has excellent references and construction
experience;
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ING-GRAD GROUP
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2. A positive macroeconomic environment in which Croatia's GDP, average wages, and personal
consumption are growing faster than the EU average;
3. Substantial announced investments in transport infrastructure (expansion of the motorway
network, reconstruction and expansion of the railway network) and ecological infrastructure
(wastewater treatment plants), healthcare infrastructure (construction and modernization of
hospitals), and investments in science and education (construction of schools and universities);
4. Funds from capital increase raised through the Initial Public Offering of shares;
by building internally or acquiring on the market the key competencies and credentials, either through
the recruitment of key personnel, acquisition of entire companies, or procurement of specialized
construction equipment, with the aim of strengthening the Company’s capital base and human resources
and expanding its operations into new areas of the construction sector, all while focusing on delivering
greater added value to investors and partners in joint project ventures.
The Company's growth strategy is primarily focused on organic growth through continuous contracting
of new construction projects and active monitoring of all public tenders and private construction
investments where the Company can provide a competitive offer and believes it has the appropriate
knowledge and quality to maximize its profitability.
The Company is also simultaneously focused on projects in energy and infrastructure, in which it has
extensive experience and strong references in Croatia and the region.
The strategic priorities of the Company in organic business growth include continuous improvement of
efficiency and reputation in the market in terms of work quality and timely delivery of contracted projects,
development and retention of the best workforce as a prerequisite for successful long-term operations,
and transparent and responsible business dealings with all stakeholders in the business ecosystem.
However, in addition to organic growth in market segments where the Company already operates,
depending on market conditions, the Company also considers opportunities for vertical and horizontal
expansion of its operations through the acquisition of companies and business operations that would
lead to diversification of its business model and reduce exposure to specific types construction works.
The Company considers potential investments in the geotechnical operations segment, including
investments in certain key suppliers (subcontractors). The Company also intends to consider acquiring
companies that operate in the civil engineering sector, as it sees a significant opportunity for growth and
development in this area.
Key strategic goals of the Company in the upcoming period are:
1. Increasing the recognition of the ING-GRAD brand in both national and regional markets, both
among investor-clients and top engineering and construction talent;
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ING-GRAD GROUP
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2. Strengthening the Company's position as a leader in the construction of cultural heritage
restoration projects and energy sector projects;
3. Expanding into new areas of the construction sector, such as geotechnics and civil engineering,
focusing on the potential for generating profitable long-term growth through specialized
services and project-based approaches with added value; and
4. Positioning and operating as a responsible company that builds and develops long-term, high-
quality relationships with clients, workers, and other stakeholders in the business environment.
Research and Development Activities
The Company has not undertaken any significant research and development activities to date.
Acquisition of Treasury Shares
The Company was transformed into a joint-stock company, and the change of status was registered in
the Court Register by the decision of the Commercial Court in Zagreb on 29 November 2024.
Before its transformation into a joint-stock company, the Company acquired its equity interests, which
were converted into treasury shares upon the transformation. As at 31 December 2024, the Company
holds 1,356,600 treasury shares, each with a nominal value of 1.00 EUR, which represents 34.00% of the
Company’s share capital.
Company Branches
The Company operates a branch in North Macedonia. The Company currently operates almost exclusively
in the Republic of Croatia. In 2021 and 2022, the Company generated revenue related to the Bogoslovec
Wind Farm project in North Macedonia. The works executed on this project included the construction of
access roads and platforms, foundations for wind turbines, MV cable routes, the Bogoslovec 30/110 kV
substation, and a 110 kV connection transmission line linking the Bogoslovec substation with the existing
transmission line. The Macedonian branch ceased its business activities in 2023, and the revenue from
this project was collected.
Information on Financial Instruments
Aside from the financial instruments disclosed in its financial statements for 2024, which define its
financial position and influence its ability to operate, the Company does not utilize any other financial
instruments.
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ING-GRAD GROUP
Management Report for the Year 2024
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Risk Exposure and Risk Management
a)
Price Risk
The Group currently operates almost exclusively in the Croatian market. The Management Board sets the
prices of the Group’s products and services based on market rates.
b)
Credit risk
Credit risk refers to the risk of contractual counterparties failing to meet their obligations, potentially
resulting in financial loss for the Company. The Group is exposed to an insignificant level of credit risk,
primarily arising from loans granted to related and unrelated parties and, to a lesser extent, from trade
receivables whose collection is uncertain or disputed. The maximum exposure to credit risk equals the
nominal value of these receivables. The Group manages credit risk through payment security instruments.
c)
Liquidity risk
The Group manages liquidity risk by maintaining cash balances in bank accounts, continuously
monitoring projected and actual cash flows, and comparing the maturity profiles of financial assets and
liabilities.
d)
Cash Flow Risk
Cash flow risk refers to the risk of changes in the Company’s financial position. The Group manages this
risk through cash flow planning and analysis to identify cash flow as a critical and realistic basis for
financial decision-making.
The Company’s profitability, operating results, and working capital levels may be subject to fluctuations
due to the specific characteristics of the industry and the project-based nature of its operations. However,
this risk is significantly mitigated through the strategic contracting of long-term projects and the
maintenance of a substantial backlog, which provides a stable basis for continuous revenue generation.
A significant backlog allows for more accurate planning of business activities, ensuring predictability of
profitability and operating performance in the short and medium term.
As at 31 December 2024, the Company had a total of 20 active projects. The total revenue backlog for
these projects, i.e., revenue expected to be recognized after 31 December 2024, amounted to EUR 316
million.
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ING-GRAD GROUP
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Key Performance Indicators
Table 1 – Total equity and liabilities of the Group as at 31 December 2023, and 31 December 2024 (in
thousands of euros)
Position
31
December
2023
31 December
2024
Total equity and liabilities
56,041
70,047
Total equity
28,941
21,030
Total liabilities
27,100
49,017
Significant changes in the Total Equity and Liabilities item a at 31 December 2023, primarily relate to an
increase in retained earnings. On the other hand, in the first half of 2024, this item decreased due to the
buyback of own shares, the distribution of profit during the period, and an increase in liabilities due to a
higher volume of operations. The increase in liabilities primarily pertains to a rise in short-term liabilities,
which are non-interest-bearing and mainly relate to payables to suppliers.
Working capital represents the difference between current assets and current liabilities during the
observed period. Trade working capital is the difference between inventories, short-term trade
receivables, and short-term payables to suppliers.
Changes in working capital have tracked the Group's business activities and expansion. An increase in
revenue has been accompanied by a rise in current assets, mostly driven by an increase in trade
receivables. The growth in short-term liabilities primarily stems from the increase in payables to suppliers.
The growth in payables to suppliers is in line with the expansion of the Issuer's business activities.
At the end of 2024, the Group reported a working trade capital of EUR 22.5 million. The Group generally
maintains a strong net cash position, which fluctuates throughout the year or is locked into working
capital during certain phases of the project.
During the period observed, the Company was not exposed to operational risks from any contracting
party and did not require any impairment adjustments.
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ING-GRAD GROUP
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Table 2 – Non-Current Assets, Non-current liabilities, and Provisions of the Group as at 31 December
2023 and 31 December 2024 (in thousands of euros)
Position
31
December
2023
31 December
2024
Non-current assets
5,597
4,739
Non-current liabilities
1,383
1,067
Provisions
4,023
3,922
Non-current assets primarily (60 percent) relate to construction equipment. Non-current liabilities
primarily relate to lease liabilities, while provisions primarily relate to warranty provisions.
Provisions for warranty-related costs are significant due to an increase in the number of projects involving
the rehabilitation of old buildings and structures, as well as the extension of warranty periods to five to
ten years. Provisions for unused vacation days are calculated in December for the current year, and any
unused provisions remaining unused as at 30 June of the following year are recognized as income.
The Group’s total operating income increased by 32 percent compared to 2023. This growth reflects work
on a larger number of projects with more complex requirements.
Operating revenue in 2024 shows further organic growth of the Group to 129 million euros, confirming
the continued expansion trend of its operations. The figure includes EUR 5.9 million from the sale of non-
core property. More specifically, the sale refers to non-operational investment land and buildings sold as
part of the divestment of non-core assets. Revenue from construction services amounted to EUR 121.2
million, while the other income totaled EUR 880 thousand. Other income also includes EUR 1.6 million in
provisions released for warranty-related claims and EUR 80 thousand from the reversal of provisions for
unused annual leave.
In terms of revenue from construction services by project type in 2024, 84.3 percent relates to the
renovation of cultural heritage sites, 10.1 percent to commercial and residential buildings, and 5.6 percent
to energy and infrastructure projects. Analyzing construction revenue by client type in 2024, 78.5 percent
was generated from public sector clients, 16.7 percent from religious institutions, and 4.8 percent from
other clients.
On the cost side, the largest share of operating expenses relates to subcontractor costs, which amounted
to EUR 75.5 million in 2024. Subcontractor expenses have historically grown in absolute terms, primarily
reflecting the increased volume of business activity. The Company subcontracted the majority of
contracted works, with subcontractor costs historically accounting for approximately two-thirds of total
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ING-GRAD GROUP
Management Report for the Year 2024
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operating income. Other material costs include the cost of goods sold and other external costs, such as
services provided by external personnel.
Personnel costs for 2024 amounted to EUR 11.8 million, representing a 25.3 percent increase compared
to the same period of the previous year. The number of employees has continued to grow, reaching 221
as at the end of 2024. The increase in headcount is attributable to the higher volume of contracted work,
while average salaries rose to retain employees in a competitive labor market and in response to higher
living costs. During the reporting period, there were no employees earning the statutory minimum wage.
Bonuses paid to key management personnel (members of the Management Board and heads of
departments) amounted to EUR 3.1 million in 2023 and EUR 3.8 million in 2024. In addition to these
bonuses, a significant number of employees also received a bonus during the reporting period, in most
cases equivalent to at least a thirteenth salary.
Provisions in 2024 totaled EUR 1.9 million, of which EUR 1.5 million relates to warranty-related costs. It is
worth noting that claims under warranty obligations were relatively low during the reporting period and
generally did not exceed EUR 100 thousand per year. Importantly, the estimate of potential warranty-
related costs was made on a conservative basis, and the expected reimbursements were not discounted,
even though the payments are expected to be made over a ten-year period.
The higher volume of more complex projects also contributed to the Group’s higher profitability. EBITDA
for 2024 amounted to EUR 22 million.
In terms of financial results, the Group recorded a financial income of EUR 619 thousand in 2024, the
majority of which (EUR 458 thousand) related to interest on term deposits, i.e., the placement of surplus
liquidity in time deposits with commercial banks and returns on investments in money market funds. At
the same time, financial expenses amounted to EUR 366 thousand, mainly consisting of lease interest
calculated in accordance with IFRS 16.
As a result, the Group generated a net profit of EUR 16.8 million in 2024, which is EUR 5.3 million more
than in the same period of the previous year.
As at 31 December 2024, the Company held non-current assets at an acquisition cost of EUR 12.6 million,
with accumulated depreciation of EUR 8 million, resulting in a net book value of EUR 4.6 million.
On the same date, the Group’s current assets totaled EUR 65.3 million, the largest share of which
comprised current receivables, amounting to EUR 48.5 million, of which EUR 39.6 million in trade
receivables.
The Group’s current financial assets amounted to EUR 11.6 million and comprised EUR 3.6 million in
deposits, EUR 0.8 million in loans granted, and EUR 7.2 million in investments in investment funds.
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ING-GRAD GROUP
Management Report for the Year 2024
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Pursuant to Article 272.p in conjunction with Article 250.a of the Companies Act (Official Gazette No.
111/93, 34/99, 121/99, 52/00, 118/03, 107/07, 146/08, 137/09, 111/12, 125/11, 68/13, 110/15, 40/19,
34/22, 114/22, 18/23, 130/23, 136/24, hereinafter: the Companies Act) and Article 22 of the Accounting
Act (Official Gazette No. 85/24, 145/24), the Management Board of ING-GRAD Jsc. for special construction
works, Zagreb, Kalinovica 3/IV, PIN: 93245284305 (hereinafter: the Company), hereby issues the following:
STATEMENT ON THE APPLICATION OF THE CORPORATE GOVERNANCE CODE
I. As the Company was listed on the Official Market of the Zagreb Stock Exchange on March 6, 2025, it is
not subject to the application of the Corporate Governance Code (hereinafter: the Code) of the Zagreb
Stock Exchange and the Croatian Financial Services Supervisory Agency (hereinafter: HANFA), nor is it
required to submit the Annual Compliance Questionnaire for Issuers of Shares or the Questionnaire on
Governance Practices for Issuers of Shares in accordance with the Ordinance on data related to corporate
governance which issuers are obliged to submit to the Croatian Financial Services Supervisory Agency, as
well as the format, deadlines and method of their submission (Official Gazette No. 59/20 and 12/23),
(hereinafter: The Ordinance) the reporting year 2024.
II. Based on Article 7 of the Ordinance, and in accordance with the fact that the Company was listed on
the regulated market in the course of 2025, the Company will be subject to the application of the Code
and the submission of the Annual Compliance Questionnaire for Issuers of Shares and the Questionnaire
on Governance Practices for Issuers of Shares for the mandatory reporting period pertaining to the year
2025.
III. The Company states that as at 31 December 2024, its share capital amounted to EUR 3,990,000.00,
divided into 3,990,000 shares, each carrying one vote, of which shareholder Branislav Brizar holds
2,633,400 shares carrying 2,633,400 votes, while the Company holds 1,356,600 of its treasury shares
carrying 1,356,600 votes, with the rights and obligations attached to those shares suspended in
accordance with Article 235 of the Companies Act.
IV. In 2024, the Management Board of the Company comprised four members, each appointed for a term
of up to five years. Upon expiry of their term of office, members may be reappointed without limitations
on the number of terms. The Management Board manages the affairs of the Company at its own
responsibility, with the attention of a conscientious steward, in accordance with all applicable regulations,
the Statute, and the internal acts of the Company.
V. In 2024, the Supervisory Board of the Company comprised three members, each appointed for a term
of up to four years. The powers of the Supervisory Board are determined in accordance with all applicable
regulations, the Articles of Association, and the Company’s internal acts.
VI. Pursuant to Article 250.a(4) and Article 272.p(1) of the Companies Act, this Statement on the
Application of the Corporate Governance Code forms a separate section and an integral part of the
Annual Report on the Company’s Status and Operations for the reporting year 2024.
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Independent Auditor's Report
To the Shareholders of ING-GRAD Jsc.
_____________________________________________________________________________________________
● Trgovački sud u Karlovcu ● MBS: 020001929 ● OIB: 75350347806
● Temeljni kapital 166.567,12 eura ● Uprava: Damir Karin, direktor, Sanda Bižić, prokurist
● IBAN: Privredna banka HR16 2340 0091 1000 6520 4, Addiko Bank HR06 2500 0091 1011 7683 5,
Erste&Steiermärkische Bank HR17 2402 0061 1007 0867 7
RKR d.o.o.
za reviziju, kontrolu i porezno savjetovanje
Trg kralja Petra Svačića 1, 47 000 Karlovac
tel: +385 47 646 252
e-mail: rkr@rkr.hr
web: www.rkr.hr
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the separate financial statements of ING-GRAD Jsc. (the Company) and the
consolidated financial statements of ING-GRAD Jsc. and its subsidiaries (together, the Group), which
comprise the separate and consolidated statement of financial position as at 31 December 2024, the
separate and consolidated income statement, the separate and consolidated statement of other
comprehensive income, the separate and consolidated statement of cash flows, and the separate and
consolidated statement of changes in equity for the year then ended, as well as the notes to the separate
and consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying separate and consolidated financial statements give a true and fair
view of the separate and consolidated financial position of the Company and the Group as at 31
December 2024 and of its separate and consolidated financial performance and its separate and
consolidated cash flows for the year then ended in accordance with International Financial Reporting
Standards as adopted by the European Union (IFRS).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit
of the separate and consolidated financial statements section of our report. We are independent of the
Company and the Group in accordance with the International Ethics Standards Board of Accountants
(IESBA) International Code of Ethics for Professional Accountants, including International
Independence Standards (IESBA Code), together with the ethical requirements that are relevant to our
audit of the separate and consolidated financial statements in Republic of Croatia, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
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Emphasis of Matter – Events After the Reporting Date
We draw attention to Note 5.20 to the separate and consolidated financial statements, which describes
the listing of the Company’s shares on the Official Market of the Zagreb Stock Exchange. Our opinion is
not modified in respect of this matter.
Other information
The Management Board is responsible for the other information. The other information comprises the
Management Report included in the Company’s and the Group’s Annual Report but does not include the
separate and consolidated financial statements and our auditor’s report thereon. Our opinion on separate
and consolidated financial statements does not cover the other information.
In connection with our audit of the separate and consolidated financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the separate and consolidated financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
With respect to the Management Report, we also performed procedures required under the Accounting
Act. These procedures include evaluating whether the Management Report has been prepared in
accordance with Articles 21,22, and 24 of the Accounting Act.
Based on the procedures undertaken, to the extent we can assess it, we report that:
1. The information given in the accompanying Management Report is consistent, in all material
respects, with the attached separate and consolidated financial statements; and
2. The accompanying Management Report has been prepared in accordance with Articles 21,22,
and 24 of the Accounting Act.
Based on the knowledge and understanding of the Company, the Group, and its environment obtained
in the course of the audit of the separate and consolidated financial statements, we are required to report
if we have identified material misstatements in the accompanying Management Report. We have nothing
to report in this respect.
Responsibilities of the Management Board and Those Charged with Governance for the Separate
and Consolidated Financial Statements
The Management Board is responsible for the preparation and fair presentation of the separate and
consolidated financial statements in accordance with IFRS, and for such internal control as the
Management Board determines is necessary to enable the preparation of separate and consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
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In preparing the separate and consolidated financial statements, the Management Board is responsible
for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless the
Management Board either intends to liquidate the Company and the Group or to cease operations or has
no realistic alternative but to do so.
Those charged with governance oversee the Company’s and Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Separate and Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an Independent Auditor’s Report that includes our opinion. Reasonable assurance is a high level of
assurance, but it is not a guarantee that an audit conducted in accordance with ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken based on these separate and consolidated annual financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the separate and consolidated annual
financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit to design audit procedures that
are appropriate in the circumstances, but not to express an opinion on the effectiveness of the
Company’s and the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management Board.
• Conclude on the appropriateness of the Management Board’s use of the going concern basis of
accounting and, based on the audit evidence obtained, determine whether there is any material
uncertainty related to events or circumstances that may cast significant doubt on the Company’s
and the Group’s ability to continue as a going concern. If we conclude that material uncertainty
exists, in our Independent Auditor’s Report, we are required to draw attention to the related
disclosures in separate and consolidated annual financial statements or, if such disclosures are
inadequate, modify our opinion. Our conclusions are based on the audit evidence obtained up to
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our Independent Auditor’s Report date. However, future events or conditions may cause the
Company and the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the separate and consolidated annual
financial statements, including the disclosures, and whether the financial statements represent
the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient and appropriate audit evidence regarding the entities' financial information or
business activities within the Group to express an opinion on those consolidated financial
statements. We are responsible for directing, supervising, and performing the Group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Report based on Delegated Regulation (EU) 2018/815 Supplementing Directive 2004/109/EC of
the European Parliament and of the Council related to Regulatory Technical Standards on the
Specification of a Single Electronic Reporting Format
Independent report on the compliance of separate and consolidated financial statements prepared in
Accordance with Article 462, Paragraph 5 of the Capital Market Act (Official Gazette Nos. 65/18, 17/20,
83/21, 151/22, 85/24), with the Requirements of Delegated Regulation (EU) 2018/815 (ESEF Regulation)
applying the requirements of the Delegated Regulation (EU) 2018 / 815 on establishing of single
electronic reporting format for issuers (the ESEF Regulation).
We conducted a reasonable assurance engagement expressing reasonable assurance on whether the
separate and consolidated annual financial statements prepared for the purposes of public disclosure
under Article 462, Paragraph 5 of the Capital Market Act, which are contained in the attached electronic
file inggrad-2024-12-31-0-en.zip, have been prepared in all material respects in accordance with the
requirements of the ESEF Regulation.
Responsibilities of Management and Those Charged with Governance
The Management Board is responsible for the preparation and content of separate and consolidated
annual financial reports in accordance with the ESEF Regulation. The Management Board is also
responsible for maintaining an internal control system that provides reasonable assurance about the
preparation of separate and consolidated annual financial statements without material non-compliance
with the requirements of ESEF Regulation, whether due to fraud or error.
The Management Board is also responsible for:
- 19 -
• public disclosure of separate and consolidated annual financial statements contained in the Annual
Report in a valid XHTML format; and
• choosing and selecting XBRL tags in accordance with the requirements of the ESEF Regulation.
Those charged with governance oversee the preparation of separate and consolidated annual financial
statements in ESEF format as part of the financial reporting process.
Auditor’s Responsibilities
Based on the audit evidence obtained, our responsibility is to express a conclusion as to whether the
separate and consolidated financial statements are free from material non-compliance with the ESEF
Regulation. We conducted our reasonable assurance engagement in accordance with International
Standard on Assurance Engagements (ISAE) 3000 (Revised) – Assurance Engagements Other Than
Audits or Reviews of Historical Financial Information.
Procedures Performed
The nature, timing, and extent of the procedures selected depend on the auditor's judgment. Reasonable
assurance is a high degree of assurance; however, it does not guarantee that the scope of procedures
will identify all significant (material) non-compliance with ESEF Regulations.
In respect of the subject matter, we have performed the following procedures:
• we read the requirements of the ESEF Regulation,
• we have gained an understanding of the Company's and the Group’s internal controls
relevant to the application of the requirements of the ESEF Regulation,
• we have identified and assessed the risks of material non-compliance with the ESEF
Regulation due to fraud or error; and
• based on this, we devised and implemented procedures to respond to the assessed
risks and to obtain reasonable assurance to express our conclusion.
The objective of our procedures was to assess whether:
• The separate and consolidated annual financial statements included in the annual report have been
prepared in a valid XHTML format;
• The data contained in the separate and consolidated annual financial statements required by the ESEF
Regulation has been tagged, and that all tags meet the following requirements:
o XBRL was used to tag data;
o core XBRL taxonomy elements with the narrowest accounting meaning defined in the ESEF
Regulation were used unless an extension taxonomy element was created in accordance with
Annex IV of the ESEF Regulation;
o Tags comply with the common rules on markups in accordance with the ESEF Regulation.
- 20 -
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our conclusion.
Conclusion
In our opinion, based on the procedures performed and the evidence obtained, the separate and
consolidated financial statements presented in the ESEF format, contained in the aforementioned
attached electronic file and prepared in accordance with Article 462, Paragraph 5 of the Capital Market
Act for public disclosure, comply in all material respects with the requirements of Articles 3, 4, and 6 of
the ESEF Regulation for the year ended 31 December 2024.
In addition to this conclusion and the opinion contained in this Independent Auditor’s Report related to
accompanying separate and consolidated financial statements and Annual Report for the year ended 31
December 2024, we do not express any opinion on the information contained in those reports or on any
other information contained in the aforementioned file.
The partner in charge of the audit resulting in this Independent Auditor’s Report is Sanda Bižić.
RKR d.o.o.
Trg kralja Petra Svačića 1
47 000 Karlovac
Karlovac, 28 April 2025
_______________________ ________________________
Damir Karin, Director Sanda Bižić, Certified Auditor
- 21 -
ING-GRAD Jsc.
SEPARATE AND CONSOLIDATED FINANCIAL STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
CONTENT
Separate and Consolidated Statement of Comprehensive Income
Separate and Consolidated Statement of Financial Position
Separate and Consolidated Statement of Cash Flows
Separate and Consolidated Statement of Changes in Equity
Notes to the Separate and Consolidated Financial Statements
- 23 -
24
26
28
30
34
ING-GRAD Jsc.
Consolidated and Separate Statement of Comprehensive Income
for the Year Ended 31 December 2024
__________________________________________________________________________________
Group | Company | ||||
Note | 2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | ||
Revenue from sales | 4.1. | ||||
Other operating income | 4.2. | ||||
Total operating income | |||||
Costs of raw materials and supplies | 4.3. | ( | ( | ( | ( |
Costs of services | 4.4. | ( | ( | ( | ( |
Personnel costs | 4.5. | ( | ( | ( | ( |
Depreciation | 4.6. | ( | ( | ( | ( |
Other operating expenses | 4.7. | ( | ( | ( | ( |
Change in finished goods and work | |||||
in progress | |||||
Impairment of financial assets | 4.8. | ( | ( | ( | ( |
Impairment of other assets | 4.9. | ( | ( | ( | ( |
Other gains / (losses) - net | 4.10. | ( | ( | ||
Operating profits | |||||
Financial income | 4.11. | ||||
Financial expenses | 4.12. | ( | ( | ( | ( |
Financial income / (expenses) - net | |||||
Share in profit of associated | |||||
companies | |||||
Profit before tax | |||||
Income tax | 4.13. | ( | ( | ( | ( |
Net profit for the period |
- 24 -
ING-GRAD Jsc.
Consolidated and Separate Statement of Comprehensive Income
for the Year Ended 31 December 2024
__________________________________________________________________________________
Group | Company | ||||
Note | 2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | ||
Other comprehensive income | |||||
Comprehensive income for the period | |||||
Profit/loss for the period | |||||
attributable to: | |||||
Owners of the Company | |||||
Non-controlling interests | |||||
Comprehensive income for the period | |||||
Owners of the Company | |||||
Non-controlling interests | |||||
Earnings per share | |||||
Basic earnings per Share | 4.14. |
The accompanying notes are an integral part of these financial statements.
- 25 -
ING-GRAD Jsc.
Consolidated and Separate Statement of Financial Position
as at 31 December 2024
_________________________________________________________________________________________________________________________________
Group | Company | ||||
31 December | 31 December | 31 | 31 | ||
Note | 2024 | 2023 | December | December | |
2024 | 2023 | ||||
EUR | EUR | EUR | EUR | ||
Intangible assets | 5.1. | ||||
Property, plant, and equipment | 5.2. | ||||
Financial assets | 5.3. | ||||
Investments in subsidiaries | 5.4. | ||||
Deferred tax asset | 5.5. | ||||
Non-current assets | |||||
Inventories | 5.6. | ||||
Trade receivables | 5.7. | ||||
Other financial assets | 5.8. | ||||
Other receivables | 5.9. | ||||
Cash and cash equivalents | 5.10. | ||||
Current assets | |||||
Total assets |
- 26 -
ING-GRAD Jsc.
Consolidated and Separate Statement of Financial Position
as at 31 December 2024
_________________________________________________________________________________________________________________________________
Group | Company | ||||
31 December | 31 December | 31 | 31 | ||
Note | 2024 | 2023 | December | December | |
2024 | 2023 | ||||
EUR | EUR | EUR | EUR | ||
Share capital | |||||
Treasury shares | ( | ( | |||
Reserves for treasury shares | |||||
Retained earnings | |||||
Profit for the period | |||||
Total equity | 5.11. | ||||
Provisions | 5.12. | ||||
Lease liabilities | 5.13. | ||||
Non-current liabilities | |||||
Provisions | 5.14. | ||||
Loans and borrowings | 5.15. | ||||
Trade payables | 5.16. | ||||
Income tax liability | 5.17. | ||||
Other current liabilities | 5.18. | ||||
Current liabilities | |||||
Total liabilities | |||||
Total equity and liabilities |
The accompanying notes are an integral part of these financial statements.
- 27 -
ING-GRAD Jsc.
Consolidated and Separate Statement of Cash Flows
for the Year Ended 31 December 2024
__________________________________________________________________________________
Group
Company
Note
2024
2023
2024
2023
EUR
EUR
EUR
EUR
Cash flows from operating | ||||
activities | ||||
Profit for the period before tax | ||||
Adjustments: | ||||
Depreciation | ||||
Interest income | ( | ( | ( | ( |
Interest expense | ||||
Impairment loss on assets | ||||
Gains from disposal of non- current assets | ( | ( | ( | ( |
Changes in provisions | ( | ( | ||
Other adjustments | ( | ( | ( | ( |
Cash flows from operating | ||||
activities before changes in working capital | ||||
Changes in inventories | ( | ( | ||
Changes in receivables | ( | ( | ||
Changes in liabilities | ( | ( | ||
Other changes in working | ||||
capital | ||||
Cash flows from operating | ||||
activities | ||||
Interest paid | ( | ( | ( | ( |
Income tax | ( | ( | ( | ( |
Net cash flows from operating activities | ( | ( | ||
Cash flows from investing | ||||
activities | ||||
Proceeds from sale of property, plant and equipment | ||||
Acquisition of intangible assets, property, plant and equipment | ( | ( | ( | ( |
Interest received | ||||
Proceeds from collection and sale of financial assets | ||||
Expenses from investment in financial assets | ( | ( | ( | ( |
Other expenses from investing | ( | ( | ||
activities | ||||
Net cash flows from investing activities | ( | ( | ( | ( |
- 28 -
ING-GRAD Jsc.
Consolidated and Separate Statement of Cash Flows
for the Year Ended 31 December 2024
__________________________________________________________________________________
Group
Company
Note | 2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | ||
Cash flows from financing activities | |||||
Proceeds from share capital increase | |||||
Proceeds from financial liabilities | |||||
Repayment of financial liabilities | ( | ( | ( | ( | |
Repayment of lease liabilities | ( | ( | ( | ( | |
Cash dividends paid | ( | ( | ( | ( | |
Acquisition of treasury shares | ( | ( | |||
Net cash flows from financing | ( | ( | ( | ( | |
activities | |||||
Increase / (decrease) in cash and cash equivalents | 6. | ( | ( | ||
Cash and cash equivalents at the beginning of the period | |||||
Cash and cash equivalents at the end of the period |
The accompanying notes are an integral part of these financial statements.
- 29 -
ING-GRAD Jsc.
Separate Statement of Changes in Equity
for the Year Ended 31 December 2024
_________________________________________________________________________________________________________________________________
Treasury | Reserves for | Retained | Profit for the | ||||
Share capital | shares | treasury | earnings | period | Total equity | ||
shares | |||||||
EUR | EUR | EUR | EUR | EUR | EUR | ||
As at 1 January 2023 | |||||||
Profit for the period | |||||||
Other comprehensive income for the period | - | ||||||
Comprehensive income for the period | |||||||
- | |||||||
Other changes | ( | ( | |||||
- | |||||||
Transactions with owners: | - | ||||||
Increase in share capital | |||||||
Dividend payment | ( | ( | |||||
Allocation of profit from the previous period | ( | ||||||
As at 31 December 2023 | |||||||
- | |||||||
Profit for the period | |||||||
Other comprehensive income for the period | - | ||||||
Comprehensive income for the period |
- 30 -
ING-GRAD Jsc.
Separate Statement of Changes in Equity
for the Year Ended 31 December 2024
_________________________________________________________________________________________________________________________________
Treasury | Reserves for | Retained | Profit for the | |||
Share capital | shares | treasury | earnings | period | Total equity | |
shares | ||||||
Transactions with owners: | EUR | EUR | EUR | EUR | EUR | EUR |
Dividend payment | ( | ( | ||||
Purchase of treasury shares | ( | ( | ||||
Transfer to reserves | ( | |||||
Allocation of profit from the previous period | ( | |||||
As at 31 December 2024 | ( | |||||
| The accompanying notes are an integral part of these financial statements. |
- 31 -
ING-GRAD Jsc.
Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024
_________________________________________________________________________________________________________________________________
Treasury | Reserves for | Retained | Profit for the | Attributable | |||||
Share capital | shares | treasury | earnings | period | to owners of | Total equity | |||
shares | the Company | ||||||||
EUR | EUR | EUR | EUR | EUR | EUR | EUR | |||
As at 1 January 2023 | |||||||||
Profit for the period | |||||||||
Other comprehensive income for the period | - | - | - | - | - | - | |||
Comprehensive income for the period | |||||||||
Other changes | ( | ( | |||||||
( | |||||||||
Transactions with owners: | |||||||||
Increase in share capital | |||||||||
Dividend payment | ( | ( | ( | ||||||
Allocation of profit from the previous | ( | ||||||||
period | |||||||||
As at 31 December 2023 | |||||||||
Profit for the period | - | - | - | - | 16,820,945 | 16,820,945 | 16,820,945 | ||
Other comprehensive income for the period | - | - | - | - | - | - | - | ||
Comprehensive income for the period | |||||||||
- 32 - |
ING-GRAD Jsc.
Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024
_________________________________________________________________________________________________________________________________
Treasury | Reserves for | Retained | Profit for the | Attributable | |||
Share capital | shares | treasury | earnings | period | to owners of | Total equity | |
shares | the Company | ||||||
EUR | EUR | EUR | EUR | EUR | EUR | EUR | |
Transactions with owners: | |||||||
Dividend payment | ( | ( | ( | ||||
Purchase of treasury shares | ( | ( | ( | ||||
Transfer to reserves | ( | ||||||
Allocation of profit from the previous | ( | ||||||
period | |||||||
As at 31 December 2024 | ( |
The accompanying notes are an integral part of these financial statements.
- 33 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
1. Business Activities and General Information
(i) ING-GRAD Group includes:
- the parent company ING-GRAD Jsc. (until November 29, 2024, ING-GRAD d.o.o.)
- the affiliated company VILA GRAD JORDANOVAC d.o.o. (100% ownership)
As at 31 December 2024, the ING-GRAD Group consists of the parent company ING-GRAD
Jsc. and the subsidiary VILA-GRAD JORDANOVAC d.o.o., with the parent company holding
100% ownership.
Parent Company
(ii) The parent company ING-GRAD Jsc. was established in the Republic of Croatia and registered
in the court register of the Commercial Court in Zagreb under the company registration
number (MBS) 080189931, under the name ING-GRAD d.o.o. special construction works. The
Company’s VAT ID (OIB) is 93245284305, and its registered office is in Zagreb at Kalinovica
transformation from a limited liability company (d.o.o.) to a joint-stock company (Jsc.) , it
operates under the name ING-GRAD Jsc. for special construction works.
The company owns a large number of specialized machines and equipment that enable the
fast and high-quality execution of projects across all areas of construction activities. Among
other things, the Company has participated in a significant number of rehabilitation and
restoration of Croatian cultural heritage sites and monuments, some of which are listed on
the UNESCO World Heritage List. The Company made a significant contribution to the
reconstruction of the city of Zagreb after the 2020 earthquake.
(iii) Persons authorized to represent the Company as at 31 December 2024:
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
Member of the | Share Capital | % of total share capital |
Company | ||
Branislav Brizar | EUR 2,633,400.00 | 66% |
ING-GRAD Jsc. | EUR 1,356,600.00 | 34% |
- 35 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
| (viii) ING-GRAD d.o.o. owns the following companies: | ||
Company name | 2023 | 2024 |
VILA-GRAD JORDANOVAC d.o.o., Zagreb | 100% | 100% |
ING-JET d.o.o., Zagreb | 19% | 19% |
INGOMONT d.o.o. | 50% | 50% |
2. Basis of the Preparation of the Annual Financial Statements
(i) The Company and the Group maintain their accounting records in euros, in accordance with
(ii) The Company’s and the Group’s separate and consolidated financial statements are prepared in
- 36 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
(iii) Separate and consolidated financial statements have been prepared using the accrual accounting
(iv) Accounting estimates are made reasonably under appropriate circumstances and are based on
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 38 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
3. Summary of Significant Accounting Policies
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 40 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
2023 | 2024 | |
Buildings | 20 years | 20 years |
Plants and equipment | 4 years | 4 years |
Vehicles | 4 -5 years | 4 - 5 years |
- 41 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
2023 | 2024 | |
Buildings | 20 years | 20 years |
- 42 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 43 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
(ix) Impairment of Assets
- 44 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 45 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 46 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 47 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 48 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 49 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
(xv) Events After the Balance Sheet Date
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Revenue from Construction Contracts /i/ | 121,158,791 | 96,221,026 | 121,158,791 | 96,221,026 |
Revenue from sale of materials | 181,815 | 43,833 | 181,815 | 43,833 |
Revenue from sale of real estate /ii/ | 5,901,000 | 0 | 5,901,000 | 0 |
Revenue from other services | 770,295 | 844,826 | 770,295 | 844,826 |
Revenue from sales | 128,011,901 | 97,109,685 | 128,011,901 | 97,109,685 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Income from write-offs of liabilities and discounts | 207 | 22 | 207 | 22 |
Rental and lease income /i/ | 109,276 | 180,591 | 109,276 | 180,591 |
Other operating income | 770,604 | 123,635 | 770,604 | 123,635 |
Other business income | 880,087 | 304,248 | 880,087 | 304,248 |
- 50 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
GROUP | COMPANY | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
EUR | EUR | EUR | EUR | ||||||
Costs of raw materials and supplies /i/ | 3,998,194 | 3,190,606 | 3,998,194 | 3,190,607 | |||||
Energy costs | 383,188 | 412,613 | 383,188 | 412,613 | |||||
Costs | of | small | inventory, | packaging, and | |||||
automobile tires | 91,262 | 143,118 | 91,262 | 143,118 | |||||
Consumed | spare | parts | and | maintenance | |||||
materials | 66,635 | 62,183 | 66,635 | 62,183 | |||||
Material | costs | of | administration, | ||||||
management, and sales | 61,851 | 84,837 | 61,851 | 84,837 | |||||
Costs of raw materials and supplies | 4,601,130 | 3,893,357 | 4,601,130 | 3,893,357 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Subcontractor services /i/ | 79,284,429 | 59,624,567 | 79,284,429 | 59,624,081 |
Utility services | 239,280 | 147,893 | 239,280 | 147,893 |
Lease services | 316,225 | 287,129 | 316,225 | 287,129 |
Maintenance and security services | 544,110 | 592,271 | 544,110 | 591,811 |
Intellectual and personal services /ii/ | 983,669 | 804,529 | 982,999 | 789,269 |
Costs of other external services | 994,276 | 1,102,266 | 994,276 | 1,102,266 |
Costs of services | 82,361,989 | 62,558,655 | 82,361,319 | 62,542,449 |
- 51 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Net wages and salaries /i/ | 6,548,866 | 5,265,304 | 6,548,866 | 5,265,304 |
Payroll taxes and employee contributions | 3,563,824 | 2,791,932 | 3,563,824 | 2,791,932 |
Contributions on salaries | 1,646,766 | 1,324,100 | 1,646,766 | 1,324,100 |
Provisions for unused annual leave | 367,513 | 327,978 | 367,513 | 327,978 |
Personnel expenses | 12,126,969 | 9,709,314 | 12,126,969 | 9,709,314 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Depreciation | 1,979,390 | 1,730,075 | 1,979,390 | 1,730,075 |
Depreciation | 1,979,390 | 1,730,075 | 1,979,390 | 1,730,075 |
- 52 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
GROUP | COMPANY | |||||||
2024 | 2023 | 2024 | 2023 | |||||
EUR | EUR | EUR | EUR | |||||
Employee expense reimbursements /i/ | 833,114 | 741,386 | 833,114 | 741,386 | ||||
Representation and promotion costs | 299,942 | 226,270 | 299,942 | 226,270 | ||||
Insurance premiums | 423,220 | 402,690 | 423,220 | 402,690 | ||||
Banking | services | and | payment | transaction | ||||
costs | 271,032 | 233,277 | 270,782 | 233,024 | ||||
Donations | 109,630 | 271,273 | 109,630 | 271,273 | ||||
Acquisition cost of the sold real estate /ii/ | 5,580,745 | 0 | 5,580,745 | 0 | ||||
Other operating expenses | 323,635 | 269,933 | 323,096 | 269,933 | ||||
Other business expenses | 7,841,318 | 2,144,829 | 7,840,529 | 2,144,576 |
GROUP | COMPANY | |||||
2024 | 2023 | 2024 | 2023 | |||
EUR | EUR | EUR | in | |||
Impairment of short-term receivables | 123 | 197,537 | 123 | 197,537 | ||
Impairment of financial assets | 123 | 197,537 | 123 | 197,537 |
- 53 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
GROUP | COMPANY | |||||||
2024 | 2023 | 2024 | 2023 | |||||
EUR | EUR | EUR | EUR | |||||
Write-offs of intangible and tangible assets /i/ | 6,626 | 8,576 | 6,626 | 8,576 | ||||
Impairment of other assets | 6,626 | 8,576 | 6,626 | 8,576 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Income from reversal of provisions /i/ | 1,677,284 | 82,104 | 1,677,284 | 82,104 |
Income from sale of non-current assets | 106,709 | 86,578 | 106,709 | 86,578 |
1,783,993 | 168,682 | 1,783,993 | 168,682 | |
Provisions for ongoing legal disputes | - | (93,113) | - | (93,113) |
Provisions for warranty costs /ii/ | (1,491,833) | (3,469,296) | (1,491,833) | (3,469,296) |
(1,491,833) | (3,562,409) | (1,491,833) | (3,562,409) | |
Other gains / (losses) - net | 292,160 | (3,393,727) | 292,160 | (3,393,727) |
- 54 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Interest income (within the Group) | 0 | 0 | 1,380 | 1,019 |
Interest income /i/ | 550,969 | 478,670 | 550,969 | 478,670 |
Foreign exchange differences | 3,898 | 1,370 | 3,898 | 1,370 |
Other financial income | 64,104 | 68,942 | 64,105 | 68,942 |
Financial income | 618,971 | 548,982 | 620,352 | 550,001 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Interest expenses /i/ | 360,056 | 67,989 | 360,056 | 67,989 |
Foreign exchange differences | 5,255 | 152,085 | 5,255 | 152,085 |
Other financial income | 1,128 | 62,508 | 1,128 | 62,508 |
Financial expenses | 366,439 | 282,582 | 366,439 | 282,582 |
- 55 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
GROUP | COMPANY | |||||||
2024 | 2023 | 2024 | 2023 | |||||
EUR | EUR | EUR | EUR | |||||
Profit before tax | 20,571,229 | 14,096,747 | 20,571,229 | 14,096,747 | ||||
Tax base increase | 338,322 | 368,326 | 338,322 | 368,326 | ||||
Tax base reduction | (360,200) | (22,725) | (360,200) | (22,725) | ||||
Gain after tax base adjustments | 20,549,351 | 14,442,348 | 20,549,351 | 14,442,348 | ||||
Corporate income tax (18%) | (3,698,883) | (2,591,891) | (3,698,883) | (2,591,891) | ||||
Deferred tax | ||||||||
Recognition | and | changes | of | temporary | ||||
differences | (51,401) | 0 | (51,401) | 0 | ||||
(3,750,284) | (2,591,891) | (3,750,284) | (2,591,891) |
- 56 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
5. Notes to the Statement of Financial Position
Concessions, patents, | ||||
licenses, trademarks, | Intangible assets under | |||
Acquisition cost | software and other rights | development | IN TOTAL | |
Balance as at 31 December 2022 | 110,550 | 0 | 110,550 | |
Purchase | 0 | 0 | 0 | |
Balance as at 31 December 2023 | 110,550 | 0 | 110,550 | |
Impairment | ||||
Balance as at 31 December 2022 | 101,525 | 0 | 101,525 | |
Amortization | 6,769 | 0 | 6,769 | |
Balance as at 31 December 2023 | 108,294 | 0 | 108,294 | |
Present value | ||||
Balance as at 31 December 2022 | 9,025 | 0 | 9,025 | |
Balance as at 31 December 2023 | 2,256 | 0 | 2,256 |
- 57 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Concessions, patents, | |||
licenses, trademarks, | Intangible assets under | ||
Acquisition cost | software and other rights | development | IN TOTAL |
Balance as at 31 December 2023 | 110,550 | 0 | 110,550 |
Purchase | 0 | 16,000 | 16,000 |
Impairment | 0 | 0 | 0 |
Transfers | 16,000 | (16,000) | 0 |
Balance as at 31 December 2024 | 126,550 | 0 | 126,550 |
Impairment | |||
Balance as at 31 December 2023 | 108,294 | 0 | 108,294 |
Amortization | 9,589 | 0 | 9,589 |
Balance as at 31 December 2024 | 117,883 | 0 | 117,883 |
Present value | |||
Balance as at 31 December 2023 | 2,256 | 0 | 2,256 |
Balance as at 31 December 2024 | 8,667 | 0 | 8,667 |
- 58 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Concessions, patents, | |||||
licenses, trademarks, | Intangible assets under | ||||
Acquisition cost | software and other rights | Goodwill | development | IN TOTAL | |
Balance as at 31 December 2022 | 110,550 | 123,945 | 0 | 234,495 | |
Purchase | 0 | 0 | 0 | 0 | |
Balance as at 31 December 2023 | 110,550 | 123,945 | 0 | 234,495 | |
Impairment | 0.00 | ||||
Balance as at 31 December 2022 | 101,525 | 0 | 0 | 101,525 | |
Amortization | 6,769 | 0 | 0 | 6,769 | |
Balance as at 31 December 2023 | 108,294 | 0 | 0 | 108,294 | |
Present value | 0 | ||||
Balance as at 31 December 2022 | 9,025 | 123,945 | 0 | 132,970 | |
Balance as at 31 December 2023 | 2,256 | 123,945 | 0 | 126,201 |
- 59 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Group (continued)
Concessions, patents, | ||||
licenses, trademarks, | Intangible assets under | Intangible assets under | ||
Acquisition cost | software and other rights | development | development | IN TOTAL |
Balance as at 31 December 2023 | 110,550 | 123,945 | 0 | 234,495 |
Purchase | 0 | 0 | 16,000 | 16,000 |
Impairment | 0 | 0 | 0 | 0 |
Transfers | 16,000 | 0 | (16,000) | 0 |
Balance as at 31 December 2024 | 126,550 | 123,945 | 0 | 250,495 |
Impairment | 0 | |||
Balance as at 31 December 2023 | 108,294 | 0 | 0 | 108,294 |
Amortization | 9,589 | 0 | 0 | 9,589 |
Balance as at 31 December 2024 | 117,883 | 0 | 0 | 117,883 |
Present value | 0 | |||
Balance as at 31 December 2023 | 2,256 | 123,945 | 0 | 126,201 |
Balance as at 31 December 2024 | 8,667 | 123,945 | 0 | 132,612 |
Intangible assets relate to the Company’s software.
- 60 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Tools, | ||||||||
Plants and | operating | Biological | Assets under | Other | ||||
Land | Buildings | equipment | inventory and | assets | development | tangible | IN TOTAL | |
transport | assets | |||||||
Acquisition cost | vehicles | |||||||
Balance as at 31 December 2022 | 24,647 | 1,569,628 | 6,042,098 | 2,162,178 | 1,859 | 1,219 | 43,904 | 9,845,533 |
Purchase | 0 | 0 | 0 | 0 | 0 | 2,762,390 | 0 | 2,762,390 |
Other increases | 0 | 344,799 | 0 | 98,406 | 0 | 0 | 0 | 443,205 |
- other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
of which right-of-use assets | 0 | 344,799 | 0 | 98,406 | 0 | 0 | 0 | 443,205 |
- investment in third-party assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | (293,906) | (124,006) | 0 | 0 | 0 | (417,912) |
- other | 0 | 0 | (293,906) | (68,526) | 0 | 0 | 0 | (362,432) |
of which right-of-use assets | 0 | 0 | 0 | (55,480) | 0 | 0 | 0 | (55,480) |
- investment in third-party assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 2,273,414 | 418,018 | 0 | (2,725,932) | 34,500 | 0 |
Balance as at 31 December 2023 | 24,647 | 1,914,427 | 8,021,606 | 2,554,596 | 1,859 | 37,677 | 78,404 | 12,633,216 |
- 61 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Company and Group (continued)
Tools, | ||||||||
Plants and | operating | Biological | Assets under | Other | ||||
Land | Buildings | equipment | inventory and | assets | development | tangible | IN TOTAL | |
transport | assets | |||||||
Impairment | vehicles | |||||||
Balance as at 31 December 2022 | 0 | 629,260 | 3,903,318 | 1,483,560 | 0 | 0 | 0 | 6,016,138 |
Depreciation | 0 | 298,581 | 1,103,664 | 320,750 | 0 | 0 | 0 | 1,722,995 |
- other | 0 | 1,224 | 1,103,664 | 249,740 | 0 | 0 | 0 | 1,354,628 |
of which right-of-use assets | 0 | 230,276 | 0 | 71,010 | 0 | 0 | 0 | 301,286 |
- investment in third-party assets | 0 | 67,081 | 0 | 0 | 0 | 0 | 0 | 67,081 |
Impairment | 0 | (58,576) | (288,105) | (121,233) | 0 | 0 | 0 | (467,914) |
- other | 0 | 0 | (288,105) | (68,527) | 0 | 0 | 0 | (356,632) |
of which right-of-use assets | 0 | (58,576) | 0 | (52,706) | 0 | 0 | 0 | (111,282) |
- investment in third-party assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance as at 31 December 2023 | 0 | 869,265 | 4,718,877 | 1,683,077 | 0 | 0 | 0 | 7,271,219 |
Present value | ||||||||
Balance as at 31 December 2022 | 24,647 | 940,368 | 2,138,780 | 678,618 | 1,859 | 1,219 | 43,904 | 3,829,395 |
Balance as at 31 December 2023 | 24,647 | 1,045,162 | 3,302,729 | 871,519 | 1,859 | 37,677 | 78,404 | 5,361,997 |
- 62 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Tools, | ||||||||
Plants and | operating | Biological | Assets under | Other | ||||
Land | Buildings | equipment | inventory and | assets | development | tangible | IN TOTAL | |
transport | assets | |||||||
vehicles | ||||||||
Acquisition cost | ||||||||
Balance as at 31 December 2023 | 24,647 | 1,914,427 | 8,021,606 | 2,554,596 | 1,859 | 37,677 | 78,404 | 12,633,216 |
Purchase | 0 | 0 | 0 | 0 | 0 | 1,036,247 | 0 | 1,036,247 |
Other increases | 0 | 36,458 | 0 | 128,129 | 0 | (36,458) | 0 | 128,129 |
- other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
of which right-of-use assets | 0 | 0 | 0 | 128,129 | 0 | 0 | 0 | 128,129 |
- investment in third-party assets | 0 | 36,458 | 0 | 0 | 0 | (36,458) | 0 | 0 |
Impairment | 0 | (899,287) | (234,797) | (234,503) | 0 | 0 | 0 | (1,368,587) |
- other | 0 | 0 | (234,797) | (174,310) | 0 | 0 | 0 | (409,107) |
of which right-of-use assets | 0 | (899,287) | 0 | (60,193) | 0 | 0 | 0 | (959,480) |
- investment in third-party assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 759,520 | 276,727 | 0 | (1,036,247) | 0 | 0 |
Balance as at 31 December 2024 | 24,647 | 1,051,598 | 8,546,329 | 2,724,949 | 1,859 | 1,219 | 78,404 | 12,429,005 |
- 63 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
_____________________________________________________________________________________________________________________________________________________________________________
Tools, | ||||||||
Plants and | operating | Biological | Assets under | Other | ||||
Land | Buildings | equipment | inventory and | assets | development | tangible | IN TOTAL | |
transport | assets | |||||||
vehicles | ||||||||
Impairment | ||||||||
Balance as at 31 December 2023 | 0 | 869,265 | 4,718,877 | 1,683,077 | 0 | 0 | 0 | 7,271,219 |
Depreciation | 0 | 327,932 | 1,305,469 | 336,400 | 0 | 0 | 0 | 1,969,801 |
- other | 0 | 1,224 | 1,305,469 | 250,971 | 0 | 0 | 0 | 1,557,664 |
of which right-of-use assets | 0 | 251,275 | 0 | 85,429 | 0 | 0 | 0 | 336,704 |
- investment in third-party assets | 0 | 75,433 | 0 | 0 | 0 | 0 | 0 | 75,433 |
Impairment | 0 | (895,289) | (233,560) | (233,112) | 0 | 0 | 0 | (1,361,961) |
- other | 0 | 0 | (233,560) | (174,310) | 0 | 0 | 0 | (407,870) |
of which right-of-use assets | 0 | (895,289) | 0 | (58,802) | 0 | 0 | 0 | (954,091) |
- investment in third-party assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance as at 31 December 2024 | 0 | 301,908 | 5,790,786 | 1,786,365 | 0 | 0 | 0 | 7,879,059 |
Present value | ||||||||
Balance as at 31 December 2023 | 24,647 | 1,045,162 | 3,302,729 | 871,519 | 1,859 | 37,677 | 78,404 | 5,361,997 |
Balance as at 31 December 2024 | 24,647 | 749,690 | 2,755,543 | 938,584 | 1,859 | 1,219 | 78,404 | 4,549,946 |
- 64 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
______________________________________________________________________________________________________________
- 65 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Investment in other related companies | 971 | 1,327 | 971 | 1,327 |
Financial assets | 19,000 | 19,650 | 19,000 | 62,121 |
Non-current financial assets | 19,971 | 20,977 | 19,971 | 63,448 |
Ownership | Ownership | |||
stake % | 2023 | stake % | ||
VILA-GRAD JORDANOVAC d.o.o., Zagreb | 414,405 | 100% | 414,405 | 100% |
IN TOTAL | 414,405 | 414,405 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Deferred tax asset | 36,807 | 88,208 | 36,807 | 88,208 |
Deferred tax asset | 36,807 | 88,208 | 36,807 | 88,208 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Raw materials and supplies | 348,516 | 274,437 | 348,516 | 274,437 |
Work in progress /i/ | 1,239,011 | 3,307,775 | 911,564 | 2,983,168 |
Final products | 0 | 121,289 | 0 | 121,289 |
Inventories | 1,587,527 | 3,703,501 | 1,260,080 | 3,378,894 |
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
5.7 Trade receivables
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Domestic trade receivables | 39,595,923 | 6,165,975 | 39,597,303 | 6,166,994 |
Trade receivables | 39,595,923 | 6,165,975 | 39,597,303 | 6,166,994 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Loans, deposits, etc. /i/ | 782,048 | 1,373,382 | 782,048 | 1,373,382 |
Short-term portion of non-current financial | ||||
assets | 0 | 0 | 42,471 | 0 |
Other financial assets /ii/ | 10,791,492 | 3,028,160 | 10,791,492 | 3,028,160 |
Other financial assets | 11,573,540 | 4,401,542 | 11,616,011 | 4,401,542 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Receivables from the State | 61,536 | 77,806 | 60,795 | 77,248 |
Receivables for advances | 5,967,670 | 4,146,119 | 5,967,670 | 4,146,119 |
Other receivables | 307,509 | 347,360 | 307,509 | 347,360 |
Prepaid expenses / deferred income for future periods /i/ | 2,546,009 | 3,117,227 | 2,546,009 | 3,117,227 |
Other receivables | 8,882,724 | 7,688,512 | 8,881,983 | 7,687,954 |
- 67 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
GROUP | COMPANY | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Prepaid expenses | for | future | periods | / | EUR | EUR | EUR | EUR |
Accrued income at the beginning of the period | 3,117,226 | 910,580 | 3,117,226 | 910,580 | ||||
Incurred during the reporting period | 2,523,719 | 3,094,812 | 2,523,719 | 3,094,812 | ||||
Reversed during the accounting period | (3,094,936) | (888,165) | (3,094,936) | (888,165) | ||||
Prepaid expenses | for | future | periods | / | ||||
Accrued income at the end of the period | 2,546,009 | 3,117,227 | 2,546,009 | 3,117,227 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Giro accounts | 3,571,092 | 28,086,625 | 3,564,936 | 28,077,807 |
Foreign currency accounts | 88,872 | 392,477 | 88,872 | 392,477 |
Main cash register | 7,756 | 5,366 | 7,756 | 5,366 |
Cash in bank and cash on hand | 3,667,720 | 28,484,468 | 3,661,564 | 28,475,650 |
5.11 Capital
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Subscribed (paid-in) capital /i/ | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 |
Treasury shares /ii/ | (23,018,000) | 0 | (23,018,000) | 0 |
Reserves for treasury shares /ii/ | 23,018,000 | 0 | 23,018,000 | 0 |
Retained earnings | 219,279 | 13,446,500 | 219,279 | 13,446,500 |
Current year profit | 16,820,945 | 11,504,856 | 16,820,945 | 11,504,856 |
Equity and reserves | 21,030,224 | 28,941,356 | 21,030,224 | 28,941,356 |
/i/ The Group’s share capital amounts to EUR 3,990,000.00 and is divided into 3,990,000 shares issued as
- 68 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
GROUP | COMPANY | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
EUR | EUR | EUR | EUR | ||||||
Provisions | for | warranty | costs, | at | the | ||||
beginning of the period, 1 January | 1,881,635 | 68,141 | 1,881,635 | 68,141 | |||||
Provisions | created | during | the | reporting | |||||
period | 946,099 | 1,839,860 | 946,099 | 1,839,860 | |||||
Short-Term | portion | of | non-current | ||||||
provisions | (1,021,696) | (26,366) | (1,021,696) | (26,366) | |||||
Provisions for warranty costs at the end of the period, 31 December | 1,806,038 | 1,881,635 | 1,806,038 | 1,881,635 | |||||
Non-current provisions | 1,806,038 | 1,881,635 | 1,806,038 | 1,881,635 | |||||
GROUP | COMPANY | |||||||
2024 | 2023 | 2024 | 2023 | |||||
EUR | EUR | EUR | EUR | |||||
Lease liabilities /i/ | 1,503,871 | 2,050,478 | 1,503,871 | 2,050,478 | ||||
Short-term | portion | of | non-current | lease | ||||
liabilities | (436,359) | (667,376) | (436,359) | (667,376) | ||||
Non-current lease liabilities | 1,067,512 | 1,383,102 | 1,067,512 | 1,383,102 |
- 69 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
/i/ Lease liabilities as at 31 December 2024 amounted to EUR 1.1 million and relate entirely to the
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
Provisions for warranty costs, at the | EUR | EUR | EUR | EUR |
beginning of the period, 1 January | 1,629,436 | 82,104 | 1,629,436 | 82,104 |
Provisions created during the reporting period | 1,567,430 | 1,629,436 | 1,567,430 | 1,629,436 |
Amounts used during the period | (31,706) | (26,367) | (31,706) | (26,367) |
Unused amount – provisions reversed | ||||
during the accounting period | (1,597,730) | (55,737) | (1,597,730) | (55,737) |
Provisions for warranty costs, at the end of the period, 31 December | 1,567,430 | 1,629,436 | 1,567,430 | 1,629,436 |
Provisions for losses on ongoing legal cases, at the beginning of the period, 1 January | 183,453 | 94,304 | 183,453 | 94,304 |
Provisions created during the accounting | ||||
period | 0 | 93,113 | 0 | 93,113 |
Provisions reversed during the accounting | ||||
period | (2,450) | (3,964) | (2,450) | (3,964) |
Provisions for losses on ongoing legal cases, at the end of the period, 31 December | 181,003 | 183,453 | 181,003 | 183,453 |
Provisions for unused annual leave, at the beginning of the period, 1 January | 327,978 | 222,284 | 327,978 | 222,284 |
Provisions created during the accounting | ||||
period | 367,513 | 327,978 | 367,513 | 327,978 |
Provisions reversed during the accounting | ||||
period | (327,978) | (222,284) | (327,978) | (222,284) |
Provisions for unused annual leave, at the end of the period, 31 December | 367,513 | 327,978 | 367,513 | 327,978 |
Short-term provisions | 2,115,946 | 2,140,867 | 2,115,946 | 2,140,867 |
- 70 - |
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Liabilities for deposits | 12,662 | 0 | 12,662 | 0 |
Liabilities for financial loans /i/ | 5,266,174 | 76,174 | 5,266,174 | 76,174 |
Liabilities for loans /ii/) | 3,000,000 | 0 | 3,000,000 | 0 |
Short-term portion of non-current Leases | 436,359 | 667,376 | 436,359 | 667,376 |
Loans and borrowings | 8,715,195 | 743,550 | 8,715,195 | 743,550 |
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Liabilities to suppliers | 18,719,188 | 9,126,550 | 18,719,155 | 9,126,517 |
Accounts payable | 18,719,188 | 9,126,550 | 18,719,155 | 9,126,517 |
- 71 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
GROUP | COMPANY | |||
2024 | 2023 | 2024 | 2023 | |
EUR | EUR | EUR | EUR | |
Liabilities to employees | 416,847 | 303,040 | 416,847 | 303,040 |
VAT liabilities | 1,413,734 | 306,229 | 1,413,734 | 306,229 |
Other tax and contribution liabilities | 282,329 | 211,371 | 282,329 | 211,371 |
Other current liabilities | 55,464 | 74,007 | 55,464 | 74,007 |
Deferred revenue | 12,258,478 | 8,989,420 | 12,258,478 | 8,989,420 |
Accrued expenses | 527,182 | 351,644 | 527,182 | 351,644 |
Other current liabilities | 14,954,034 | 10,235,711 | 14,954,034 | 10,235,711 |
5.19 Related Party Transactions
2024 | 2023 | |||
EUR | EUR | |||
VILA-GRAD JORDANOVAC d.o.o. | 1,380 | 1,019 | ||
Transactions with related companies | ||||
- receivables | 1,380 | 1,019 |
2024 | 2023 | |||
EUR | EUR | |||
VILA-GRAD JORDANOVAC d.o.o. | 1,380 | 1,019 | ||
Transactions with related companies - revenues | 1,380 | 1,019 |
The Company recorded receivables from the related company in the amount of EUR 1 thousand in 2024
(2023: EUR 1 thousand). There were no liabilities to related parties in 2024 and 2023.
Revenues from transactions with the related company amounted to EUR 1 thousand in 2024 (2023: EUR
1 thousand). There were no expenses from transactions with related parties in 2024 and 2023.
- 72 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
- 73 -
ING-GRAD Jsc.
Notes to the Consolidated and Separate Financial Statements
for the Year Ended 31 December 2024
__________________________________________________________________________________
7. Notes to the Separate and Consolidated Statement of Changes in Equity
- 74 -
Pursuant
to the provisions of Articles 263 and 300.c of the Companies Act (Official Gazette No. 111/93,
34/99,
121 /99, 52/00, 118/03, 107 /07, 146/08, 137 /09, 125/11, 111 /12, 68/13, 110/15, 40/19, 34/22,
114/22,
18/23, 130/23 i 136/24,) and Article 26.4 o
f the Articles of Association
of ING-GRAD Jsc., with
its
registered office in Zagreb, Kalinovica 3/N, OIB: 93245284305 (hereinafter: the Company),
the
Supervisory Board of the Company submits to the General Assembly the following:
REPORT ON THE SUPERVISION OF THE MANAGEMENT OF THE COMPANY'S AFFAIRS
I.
The Supervisory Board of the Company was established following the transformation of the Company
from a limited liability company into a joint stock company on 21 November 2024.
Since its establishment, the Supervisory Board has consisted of:
Nikolina Topić from Zagreb, Srebrnjak 79, Personal Identification Number (OIB): 75098424775,
Višnja Krpan from Zagreb, Gajnice 5, OIB: 06618070467,
Davor Stanić from Zagreb, Ivana Cankara 7, OIB: 15437781115.
As of the date of this Report, the Supervisory Board has not yet formed the Audit Committee, the
Nomination Committee, or the Remuneration Committee. The activities related to forming and
appointing committee members are planned for the upcoming period by the end of the financial year.
The powers of the Supervisory Board are defined by the provisions of the Companies Act and the
Company's Articles of Association.
II.
Within its scope of authority, the Supervisory Board adopts decisions, assessments, and opinions and
gives consent to Management Board decisions where this is provided for by law and the Articles of
Association of the Company.
Since its formation, the Company's Supervisory Board has held 6 (six) meetings, with the presence of all
members of the Supervisory Board recorded at each meeting.
The Supervisory Board has supervised the legality of operations, keeping business records in accordance
with regulations, discussed, analysed, and accepted information from the Management Board regarding
the overall situation in the Company and the business results for 2024.
In the course of its work to date, the Supervisory Board has: (i) granted consent to the Management
Board's proposal for the payment of bonuses to Management Board members based on 2024 business
results, (ii) agreed with the Management Board's business plan proposal for 2025, (iii) adopted the Rules
of Procedure of the Supervisory Board, (iv) granted consent to the Management Board for the adoption
of the Conflict of Interest Management Policy, (v) granted consent to the Management Board's Decision
on the sale of the Company's treasury shares by public offering and the listing of shares on the official
market of the Zagreb Stock Exchange, (vi) granted consent to the Management Board's Decision on the
appointment of the person responsible for investor relations, (vii) issued an instruction to the auditor to
audit the Company's annual financial statements; (viii) adopted the Decision on the audit of the
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Company's annual financial statements and approved the decision on the Management Board's proposal
on the distribution of 2024 profit to be presented at the Company's General Assembly.
The Supervisory Board has been duly, timely, and transparently informed by the Management Board of
ali key matters relating to the Company's operations.
III.
Supervision was carried out by reviewing the Management Board's reports on the operations and
condition of the Company and its affiliated companies, the Management Board's proposals, and draft
decisions for which prior consent of the Supervisory Board is required under the Articles of Association
and the Company's acts. The Supervisory Board paid particular attention to activities related to
compliance with corporate governance requirements, the Company's regulatory compliance, the
measures taken to preserve liquidity and profitability, and the Company's long-term sustainability.
N.
The continuous performance of the supervisory function, in the Company's best interest and in
accordance with regulations and interna! acts, was also facilitated by the cooperation of the
Management Board in supporting the supervisory role of the Supervisory Board. The Management Board
informed the Supervisory Board of significant business events, business progress, revenues and
expenses, and generally the status of the Company and its affiliated companies.
V.
Following the supervision of the management of the Company in 2024 and the examination of the
separate and consolidated annual financial statements for 2024, which comprise the statement of
financial position (balance sheet), profit and loss account, statement of other comprehensive income,
cash flow statement, statement of changes in equity, notes to the financial statements, as well as the
Auditor's Report for 2024, oral clarification and statements by the auditor RKR d.o.o., and the 2024
Annual Report on the status of the Company and its affiliated companies (Management Report), the
Supervisory Board determines that:
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The Company operated in 2024 in accordance with the law, the Articles of Association, and other
Company acts.
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The annual financial statements were prepared in accordance with the Company's business records
and accurately reflect the Company's financial and business position.
VI.
The Supervisory Board has no objections to:
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the auditor's Report on the examination of the annual financial statements for the 2024 financial
year,
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the audited Annual Financial Statements submitted by the Management Board,
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the 2024 Annual Report on the status of the Company and its affiliated companies (Management
Report),
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the statement on the application of the Corporate Governance Code provided within the
afarementioned Report.
VII.
The Supervisory Board grants its approval to:
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The Separate and Consolidated Annual Financial Statements far the year 2024, comprising the
Statement of Financial Position (Balance Sheet), Profit and Loss Account, Statement of Other
Comprehensive Income, Cash Flow Statement, Statement of Changes in Equity, and the Notes to the
Financial Statements,
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The Auditor's Report far the Year 2024,
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the 2024 Annual Report on the status of the Company and its affiliated companies (Management
Report), and
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The Statement on the Application of the Corporate Governance Code.
The afarementioned reports are considered adopted by the Company's Management Board and
Supervisory Board and will be submitted to the Company's General Assembly.
VIII.
The Management Board has submitted to the Supervisory Board the draft proposal far the allocation of
profit far 2024.
After conducting its review in accordance with Article 263, paragraph 3 of the Companies Act, the
Supervisory Board has granted its approval to the Management Board's proposal far the allocation of
profit far 2024, which is proposed far adoption at the General Assembly of the Company.
Zagreb, 28 April 2025
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Building the Future,
Restoring the Heritage.
ING-GRAD d.d.
OIB: 93245284305
Kalinovica 3/IV, 10000 Zagreb HR
ing-grad@ing-grad.hr
+3851 3033 000