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Group report
FY2016
2016
Contents
Introduction ______________________________________________________________________________________________ 7
CEO’s foreword ___________________________________________________________________________________________ 8
Identification of the Group _____________________________________________________________________________ 10
Company Mission _______________________________________________________________________________________ 12
Organization structure _________________________________________________________________________________ 14
Management structure _________________________________________________________________________________ 15
Financial Statements ___________________________________________________________________________________ 16
7
Introduction
We are pleased to announce that ProGroupe finalized the financial statements of fiscal year 2016 and
prepared consolidated statements for 5 companies in the group.
In fiscal year 2016 (FY2016), ProGroupe started works on a new project in Asia and therefore revenue in all
of the firms grew rapidly compared to FY2015. The project will last approximately three years since its start
and will increase our experience with Asian market.
Because of good results of 2016, the management decided to simplify the structure of the Group and the
relations between the companies. As a result, from the start of 2017, the company will take on a holding
structure, with ProGroupe Sediment Solutions Pte. Ltd. as a parent company. As a result from this step, the
whole group will act under brand “ProGroupe”, which will help strengthen the awareness of the brand.
As part of this effort, we have evolved our reporting approach this year. To meet a higher standard of
transparency and disclosure, we prepared a new company report, which will include all important
information about the activities of the Group as well as the consolidated financial statements for that year,
which will guide our potential partners to more-detailed information.
We encourage you to view full ProGroupe FY2016 Group Report, which provides detailed information about
our balance sheet items and financial results in 2016.
HIGHLIGHTS OF 2016
• We started a project of simplification of ProGroupe shareholder structure
• We made significant progress with our Sales activities in SouthEast Asia
• We started a long-term project with our partner in Kazakhstan
• We made a significant investment to acquire new dredging machine
• We started taking steps towards building a new training center in Slovakia
8
CEO’s foreword
Clean drinking water is an essential
component of people's lives on Earth.
Since medieval times, people have built
buildings for their accumulation and
use in various areas of their activities.
The greatest boom of waterbuilding
has occurred in the 20th century.
Human activities in the surrounding
countryside, however, caused the
erosion of the shores and the flooding
of natural and industrial substances into the recipient. 90% of these substances end up in the reservoirs and
accumulate on their day. We're talking about the bottom sediments.
The global trend of waterbeding by bottom sediments has the effect of reducing primary functions of the
water structures. Whether it is water accumulation as a source for drinking, industrial or agricultural use. It
is therefore necessary to revitalize these water supply reservoirs, i.e. remove and process bottom sediments.
The staff of the PROGROUPE Group have been dealing with this issue for the past 10 years. With successive
technological developments, we have been able to optimally combine the bottom sediment extraction by
floating suction dredger with mechanical drainage realized by high speed centrifuges. Our DESET®
technology lines (DEwatering SEdiment Technology) allow customers to dismantle a functional unit with
their versatility and compactness. If the client requires, we also offer operating the DESET line (eg. Our
project in Kazakhstan).
We had a successful year. In April 2016, in Kazakhstan, we built a DESET line for drainage of organic sediment
(Sapropel). The production of nearly 70,000 tons of material over a short summer season (May to
September) is the success of all the holding's subsidiaries. It is a logical outcome that our customer asked us
to extend the contract until end of 2018. Also, at the of 2017, Kazakhstan is preparing new major projects
(2018-2020) where the group and its trading partners from Kazakhstan should participate.
A great challenge for PROGROUPE is the opening of new markets in Asia. The business activities of our
Singapore company have begun to deliver first positive feedback from potential clients over the past year.
Our knowledge and experience in this field is huge, however the real test will be to master the logistical,
linguistic and regional differences between Europe and Asia.
9
2017 is a year of consolidation. We are facing the implementation of property changes in affiliated
companies. The result will be a clear organizational structure of holding type with a parent company in
Singapore. This step will simplify the reporting of results, provide us with a comprehensive overview of the
holding's performance to us and our partners.
Consolidation awaits us also at the production and technical level. Completing of the development and
production of new technological elements of the DESET line, continuation in the work on the development
and optimization of the production process. Yes, the production process. It must be remembered that we can
produce around 1,000 tonnes of drained sediment every day.
After signing a long-term lease agreement on our operating space in Slovakia, we are planning to design,
build, and implement a new production and training center for the DESET service. Managing this task will
provide us with a good basis for development of our own human resources to achieve our goals for the future.
10
Identification of the Group
PARENT COMPANY
Progroupe sediment solutions Pte. Ltd.
21 Bukit Batok Crescent
#29-73 Wcega Tower
Singapore 658065
Local contact person: Robert Sabaka
tel +65 8321 3786
robert.sabaka@sedimentsolutions.sg
Company ID N°: 201524757E
Bank details: OCBC Bank Singapore
Account N°: 689746006001 (SGD)
Account N°: 601104748201 (EUR)
Bank Code: 7739
SWIFT: OCBCSGSG
SUBSIDIARY COMPANIES
PROGROUPE sediment removal a.s.
Dunajska 14/7495, 811 08 Bratislava
Slovak Republic
tel +421 2 209 094 40
fax +421 2 209 094 42
info@progroupe.net
Company Identification N°: 46 658 769
VAT Registration N°: SK2023507959
Bank details: Sberbank Slovensko a.s. Account N°: 4280103108/3100 IBAN: SK46 3100 0000 0042 8010 3108 SWIFT: LUBASKBX Registered in the Company Register maintained by the District Court Bratislava I, Section Sa,
Insert N° 5866/
PROBASE s.r.o. Partiza nska cesta 5565/77 974 01 Banska Bystrica IC O: 46362029 Tel.: +421 48 414 79 82 +421 48 414 79 83
Fax: +421 48 414 79 84 E-mail: probase@probase.sk Registered in the Company Register maintained
by the District Court Banska Bystrica , Insert N° 20874/S
11
PROLAKE s.r.o. Partiza nska cesta 5565/77 974 01 Banska Bystrica IC O: 44475560, IC DPH: SK2022827158 Registered in the Company Register maintained
by the District Court Banska Bystrica, Insert N° 16561/S T: +421 48 414 79 82, +421 48 414 79 83 F: +421 48 414 79 84
E: prolake@prolake.sk
ESM s.r.o. Dunajska 14/7495 811 08 Bratislava Slovak Republic IO 45 383 961 VAT SK 2022961941 Bank: Volksbank Slovensko, as., account no. 4080028908/3100 E: info@esman.sk
Tel.: +421 02 207 00477 IBAN SK1731000000004080028908 SWIFT LUBASKBX The company is regitered in the Companies Register district Court Bratislava 1,
Section: Sro, Insert no.: 62822/B
VISUALISATION OF THE GROUP
Progroupe sediment solutions
Pte. Ltd.
Holding company
PROBASE s.r.o.
Asset entity
PROLAKE s.r.o.
Personal entity
PROGROUPE sediment removal
a.s.
European market
ESM s.r.o.
R&D entity
12
Company Mission
Progroupe is a young and innovative company which specializes in the cleaning, removing and dewatering
of sediments from the bottom of lakes, lagoons, canals, ponds, reservoirs or hydro power plants.
Silt, clay and sand slowly degrade water-dependent habitats in communities and commercial areas. Using
advanced dredging technology and techniques, Progroupe dramatically improves these environments by:
• Restoring the capacity of reservoirs
• Deepening and maintaining waterways & shipping channels
• Cleaning out lakes and ponds
Our company was formed from the natural needs of such activity. Our company is so far the only one in the
region of Central Europe, that offers dewatering services of this type.
Our company was founded in year 2012. Despite the young age of our company, we have many years’
experience constructed in cooperation with the company ProLake, which already operates in this area.
We collaborate closely with our industrial clients to develop customized processes and systems with the very
latest technology for all requirements in the field of removing and dewatering of sediments.
Our team has years of experience in the cleaning and dewatering sector, and is made up of versatile and
highly motivated specialists, who are at your disposal to react quickly and flexibly to your needs.
13
SOCIAL RESPONSIBILITY
Our effort is to offer possibilities of innovative solutions to reach sustainable development in modern water
industry. Our technology of mechanical dewatering of sediments brings not only an increased economic
efficiency in using of water reservoirs, but it also decreases immediately their environmental burden.
The basic idea of the technology was bringing an untraditional method of mechanical dewatering of
sediments using high speed centrifuges. In the time of increasing industrialization of bank areas of natural
water resources as well as water constructions, it was not possible to apply the classic "wet" way where
diluted sediments are pumped to lagoons to be dried naturally during a relatively long period of time.
By combining the know-how potential of our partners, choosing the appropriate technical gallery and
gradual increase of knowledge in the area, we have managed to build a company providing highly
professional services in water industry in revitalization of water areas. We are one of the few companies in
Central Europe that operates complexly suction and dewatering of bottom sediments with production up to
1,200 tons of dewatered sediments a day.
14
Organization structure
CEO
Production and execution
Production
Projection and construction
Storage and sale of SP
Execution
Operation of lines
Service
Measurement and research
Sales division
Marketing
PROGROUPE Singapore
Administration
Economic Division
Accouting SG
Accouting SK
Human resources
ISO, IT, archive
15
Management structure
Marek Beres, CEO, shareholder
Matej Socuvka
Shareholder, Head of Production and Execution
Department
Matej Beres
Head of Sales Department
Martin Hamran
Shareholder, Electricity specialist
Sona Vecerikova
Head of Administration Department
16
Financial Statements
NET ASSETS SUMMARY
Net assets summary
PG
in EUR Dec16 PB
Actual Dec16 PL
Actual
Dec16 PGSK Actual
Dec16 PGSG Actual
Dec16 ESM Actual correction
Consolidated amount
Intangible assets - 48 990 - - - 48 990
Land - - - - - -
Buildings - - - - - -
PP&E 1 200 162 - - 2 656 - 1 202 818
Other FA - - - 2 172 - 2 172
FA in acquisition 170 000 - - - - 170 000
Fixed assets 1 370 162 48 990 0 4 828 0 0 1 423 979
0
Other long term financial assets 8 750 - - - - -8 750 0
Financial assets 8 750 0 0 0 0 -8 750 0
Inventories 9 020 - - - 30 9 050
Trade receivables 228 839 239 152 206 161 435 128 88 815 -226 928 971 167
Trade payables (88 040) (41 956) (18 153) (249 474) - 226 928 (170 695)
IC payables - - 15 000 - - 15 000
Other current assets 1 275 1 410 346 10 855 1 238 15 125
Other current liabilities (20 175) (5 485) (21 762) (3 010) (4 029) (54 461)
Reported NWC 130 919 193 121 181 592 193 499 86 054 0 785 186
0
Cash and cash equivalents 129 233 28 748 5 077 51 072 5 497 219 626
Loans and borrowings (640 000) (285 000) (206 000) (77 136) (1 208 136)
Net financial cash / (debt) -510 767 -256 252 -200 923 51 072 -71 639 0 -988 510
0
Net assets 999 064 -14 141 -19 330 249 398 14 415 -8 750 1 220 655
17
EQUITY SUMMARY
Equity summary
in EUR Dec16 PB
Actual Dec16 PL
Actual
Dec16 PGSK Actual
Dec16 PGSG Actual
Dec16 ESM Actual correction
Consolidated amount
Share capital 8 000 34 000 25 000 7 610 6 640 (8 750) 72 500
Legal reserve 1 000 - 2 604 - 664 4 268
Other capital funds 1 100 000 5 000 - 26 942 1 131 942
Retained earnings (122 568) (59 693) (50 908) (15 122) (19 718) (268 008)
Profit for the current year 12 621 6 552 3 973 229 968 26 829 279 942
Equity 999 053 -14 141 -19 330 249 398 14 415 -8 750 1 220 645
18
STATEMENT OF COMPREHENSIVE INCOME (PROFITS AND LOSSES)
Profit & Loss statement
PG
in EUR
Dec16 PB
Actual
Dec16 PL
Actual
Dec16 PGSK
Actual
Dec16 PGSG
Actual
Dec16 ESM
Actual correction Consolidated
amount
Sale of own production 184 598 - - - - 184 598
Cost of own production (31 423) (13 063) (29 641) (6 311) - (80 438)
Sale of goods 1 380 - 9 020 - 1 820 12 220
Cost of goods sold - - - - (900) (900)
Sale of services 455 390 188 946 154 858 1 587 973 102 238 (910 342) 1 579 062
Gross profit 609 944 175 882 134 237 1 581 662 103 158 (910 342) 1 694 541
-
0
Material and energy (1 141) (4 671) - - (5 524) (11 335)
Services (202 634) (37 134) (114 732) (1 346 594) (62 823) 910 342 (853 574)
Personnel costs - (71 326) - - (9 325) (80 651)
Other OPEX (140 015) (54 051) (13 967) (2 407) (12 287) (222 727)
Financial income / (expense) 57 (728) (607) (4 112) 16 733 11 343
EBITDA 266 211 7 973 4 933 228 548 29 932 - 537 597
EBITDA % 42% 4% 3% 14% 29% 92%
-
Depreciation (252 623) (453) - - (2 143) (255 219)
Interest (5) 1 0 (6) - (10)
EBT 13 582 7 521 4 933 228 543 27 789 282 368
-
Income tax (961) (970) (960) - (960) (3 851)
Profit after tax 12 621 6 552 3 973 228 543 26 829 278 517
PROGROUPE SEDIMENT REMOVAL PTE. LTD | 21 Bukit Batok Crescent #29-73
Wcega Tower Singapore 658065
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