annual report IMOS Brno, a.s. 2008 | english version · 2009-09-03 · Annual report 2008 23 Introduction made by the Chairman of the Board of Directors and Managing Director Dear

annual report IMOS Brno, a.s. 2008 | english version

22 Annual report 2008

Contents

introduction made by the chairman of the board of directors and managing director . . . . . . . . 23

basic data concerning the company and company bodies . . . . . . . . . . . . . . . . . . . . . . . . . . 24

company profile and integrated quality management system . . . . . . . . . . . . . . . . . . . . . . . . 25

organizational structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Human resources, turnover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

selected important projects realised in economic year 2008 . . . . . . . . . . . . . . . . . . . . . . . . . 28

balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

profit and loss statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

appendix to the financial statement (economic year 2008) . . . . . . . . . . . . . . . . . . . . . . . . . . 33

auditor‘s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

23Annual report 2008

Introduction made by the Chairman of the Board of Directors and Managing Director

Dear business partners, dear colleagues, ladies and gentlemen,

it is my pleasure to take this opportunity to inform you, through this annual report, about the results of the Company IMOS Brno, a.s. achieved over the past economic year.

It implies that the economic year 2008 turned out to be a very successful one, having met all the targets and objectives, with a num-ber of criteria showing even significantly better results than originally planned. I dare say that given the current economic situation when the global crisis spreads into all industries, not avoiding the civil engi-neering sector, these results are unrepeatable. Last year, we completed and handed over a large number of beau-tiful buildings to their investors – let me just mention some of them. Concerning the civil engineering structures, the projects included the Logistic Centre in Omolouc – Nemilany, IKEA Brno – Extension, INTERSPAR in Ostrava – Poruba, Hospital in Znojmo or the Biotechno-logical incubator INBIT in Brno. From the sphere of road structures, the project worth mentioning is the Project E III – 3 Road I/6 Prague – Pavlov, being our first big reference project in the domain of motorways and expressways. Among water management structures, I would like to mention the Reconstruction of the Water Treatment Plant in Kouty nad Desnou or the Renovation and Construction of the Water Management Infra-structure in the Dyje River Basin, Part “D”. A number of these projects have been awarded, both in regional and national competitions. Again, we managed to win the Building of the Year Award, this time for the new building of the Moravian Land Archive in Brno. This suggests that for investors, the Company IMOS Brno, a.s. is a symbol of quality and well-performed work. I am fully aware that the good results of the Company are largely due to everyday work of our colleagues and co-operators, and the-refore, I would like to take this opportunity to thank them. Similarly, I would also like to thank all of our customers and business partners for very correct relations over the course of the whole year 2008. I do believe that both sides of the imaginary coin, i.e. employees and clients, will continue to shine even in the years to come.

I wish all of us the very success in economic year 2009.

Ing. Oldřich ŠterclChairman of the Board of Directors and Managing Director


Basic data concerning the company and company bodies

Name: IMOS Brno, a.s.Head Office: Olomoucká 174, 627 00 BrnoRegistered at: Commercial Register at the Regional Court in Brno, section B, insert 2211Registration Date: 1 January 1997Company registration No: 253 222 57VAT No: CZ 253 222 57Phone: +420 548 129 111, 532 173 111Fax: +420 548 129 390, 532 173 390

Legal form: Joint-stock companyStatutory body: Board of DirectorsRegistered capital: 205,000,000 CZKShareholder with over 20% share: IMOS holding, a.s.Shares: 204 registered shares with a nominal value of 1,000,000 CZK 2 registered shares with a nominal value of 500,000 CZK

Supervisory Board

Board of Directors

Ing.Jiří Rulíšek

Chairman of the Supervisory Board

Jan Kozubal

Member of the Supervisory Board

Ing.Radomír Vostál

Member of the Supervisory Board

Ing.Oldřich Štercl

Chairman of the Board of Director and Managing Director

Ing.Milan Karásek

Member of the Board of Direc-tors and Civil Engineering Brno Branch Director

Ing.Ivan Sigmund

Vice Chairman of the Board of Director and Ostrava Branch Director

Ing.Robert Suchánek

Member of the Board of Directors and Water Management Structures and Road Constructions Brno Branch Director

Ing.Jan Sniegon

Vice Chairman of the Board of Director and Ostrava Branch Director


Company profile and integrated quality management system■A Civil engineering - industrial plants - shopping centres - civic facilities

■B Water management structures - sewerage systems, waste water treatment plants, water ducts and water course management structures - complete networks of technical infrastructure, extensive earthwork

■C Road construction - expressways, roads, bridges and engineering structures

■D Design

■E Road development and accredited testing laboratory

Integrated system of quality control, environment protection, work safety and health protection and information security

In order to fulfil the vision of the Company‘s management focusing on executing ever more complex invest-ment units, securing continuous growth and organisation‘s stability, as well as defined and anticipated needs of clients, stake holders, and employees, an integrated management system has been gradually introduced. The system includes the area of quality, environment protection, work safety and health protection, and infor-mation security in compliance with the norms and standard, in particular, as follows:ČSN EN ISO 9001ČSN EN ISO 14001ČSN ISO/IEC 27001OHSAS 18001EMAS 761/2001National Security Office Certificate No. 002085 on the Protection of Restricted Information – security classi-fication: confidentialNational Security Office Certificate – Information System No. S000541 – security classification: reservedCertificate 27/2009 – System of Certified Civil Engineering Suppliers

Important events in economic year 2008As every year, several projects realised by our Company have been entered into civil engineering competiti-ons. The following ones have been chosen among the best:

”2008 Building of the Year Award” awarded by the ABF – Foundation for Architecture and Civil Engineering Develop-ment, the Ministry of Trade and Industry of the Czech Republic, the Association of Civil Engineering Companies in the Czech Republic and Builder Magazine was awarded to the projectMoravian Land Archive in Brno, for performing a building ingeniously combining the part for depositing and protecting important historical documents and the part for comfortable research activities with an emphasis on the solution of the external cladding and creating a new city dominant

”Honourable Mention” in the ”2008 Olomouc Region Buidling of the Year Award” for the projectDistrict Directorate of the Police of the Czech Republic and District Department of the Police of the Czech Republic in Přerov – new construction

1st prize in the ”2008 South Moravian Building Award” for the projectBřeclavsko – renovation and construction of water management structures in the Dyje river basin – part D, and increasing the duct capacity in Lednice na Moravě and connecting group ducts

2nd prize in the ”2008 South Moravian Building Award” for the project837 IKEA Brno – Extension

2nd prize in the ”2008 South Moravian Building Award” for the projectBiotechnological incubator INBIT – administrative building in Brno-Bohunice

”2008 Water Management Structure Award” for the projectWater Treatment Plant in Kouty nad Desnou – reconstruction


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Human resources, turnover

The Company has always paid a lot of care and attention when hiring its staff. It focuses on hiring top profes-sionals, while aiming at supporting them in broadening their specialist skills and in their professional growth, so that they can satisfy the investor‘s needs and requests. This corresponds to ever-growing number of authori-sed engineers or technicians (36 at present) who are employed in our Company.The following chart shows the number of employees over the past years and turnover. The table shows the employees‘ educational background, with the chart representing the proportion of blue-collar and white-collar employees over the last five years.

Number ofEmployees

Turnover(in billion CZK)

Employees‘ educational background (2008)

The average annual proportion of blue-collar and white-collar workers since 2005 to 31 March 2009

To 31 March 2009

2008

2007

2006

2005

Educational background No. of employees %University 135 17.2Professional secondary 172 22.0General secondary 45 5.7Apprenticeship 392 50.1Primary 39 5.6Total 783 100.0

0 100 200 300 400 500 600

Blue-Collars WorkersWhite-Collars Workers

7

6

5

4

3

2

1

0Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1000800600400200

0No. of Employees 578 600 699 755 793 907 905 854 826 799

Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Selected important projects realised in EY 2008■ Civil engineeering

Court of Justice in Brno VGP Horní Počernice – Administrative Building A1Baumax Letňany, Phase IV – Letňany Shopping CentreTondach Hranice – new furnace hallCPA Delfín – helter-shelter tower adjustmentIntegrated Secondary School in Slavkov – renovation of accommodation facilities of the Integrated Secondary School in Slavkov u Brna, Student‘s hall of residence837 - IKEA Brno – extension and rebuildingVyškov PSV – reconstruction of riser pipes in the hall of residence I - 7 and reconstruction of the sanitary facilities in the hall of residence I - 8TESCO Valašské MeziříčíUniversity Hospital in Brno - Bohunice, phase I – renovation of operating theatresINBIT – construction of the Biotechnological Incubator in BrnoRehabilitation of prefabricated apartment blocks in the city district of Brno - Slatina, phase IIDepository of the Moravian Gallery in BrnoHospital in Znojmo, phase II – part one – reconstruction and extensionLachema Pliva, phase I – first injection production – extensionOpening the prison in RapoticeMendel University of Agriculture and Forestry in Brno – extension of the building JBaumax OlomoucTyco Kuřim, phase V – extension, roofing and sheathingEngel Šafránka, phases I and II – ”Šafránka“ Residential ComplexThe Orchard Ostrava – construction of the hotel buildingThe Orchard Ostrava – construction of the administrative building IIKAUFLAND Shopping Centre in KrnovKAUFLAND Shopping Centre in MalackyKAUFLAND Shopping Centre in SereďKAUFLAND Shopping Centre in DomažliceInterspar Ostrava Dubina – remodellingGEIS Logistic Centre in RajhradArcha Palace in Prague I – rehabilitationLogistic Centre in Olomouc Nemilany – construction of the administrative building including production and storage facilities

■ Water management structures and technical infrastructure networksWarehousing zone in Mstětice – technical infrastructureWarehousing zone in Jirny, phase III – technical infrastructureRusava, Hulín, km 6,000 - 6,385 – stone walls repairUherské Hradiště – reconstruction of sewers V and ČS2Kouty nad Desnou – water treatment plant reconstructionBřeclavsko Project – part D – renovation and construction of water management infrastructure in the Dyje river basinCTP Pohořelice, halls PO3 and PO4 – road and buried services construction and landscaping

■ Roads and motorwaysProject E III – 3, Road I/6 Prague – Pavlov CTPark Ostrava – Náměstí Republiky (Republic Square) – buried services realignment and landscapingLogistic Centre in Olomouc Nemilany, phases I and II – road and buried services construction and landscapingTondach Šlapanice – paved surfaces Tyco Kuřím – landscaping and car park constructionMotorway Administration and Maintenance Centre in Poříčany – salt storage facilityMotorway D1 – bridge 158 reconstructionII/397, III/3974 Čejkovice – roundabout intersection constructionCTP, Černovická Terrace in Brno, phase I and II – technical infrastructure and roadWarehousing zone in Jirny, phase III – pavements and bus stops preparations


BALANCE SHEETReference ASSETS Row Current accounting period

Previousperiod

a b cGross

1Adjustment

2Net3

Net4

TOTAL ASSETS (r. 02 + 03 + 31 + 63) 001 4,345,205 -273,173 4,072,032 4,252,863A. Receivables from capital subscriptions 002 0 0 0 0B. Long-term fixed assets (r. 04 + 13 + 23) 003 351,564 -240,117 111,447 119,213B. I. Long-term intangible assets (r. 05 to 12) 004 10,270 -9,535 735 1,187B. I. 1 Incorporation expenses 005 0 0 0 0B. I. 2 Research and development 006 0 0 0 0B. I. 3 Software 007 10,270 -9,535 735 1,187B. I. 4 Valuable rights 008 0 0 0 0B. I. 5 Goodwill 009 0 0 0 0B. I. 6 Other intangible fixed assets 010 0 0 0 0B. I. 7 Intangible fixed assets under construction 011 0 0 0 0B. I. 8 Advance payments for intangible fixed assets 012 0 0 0 0B. II. Tangible fixed assets (r.14 to 22) 013 326,294 -230,582 95,712 102,993B. II. 1 Lands 014 6 0 6 63B. II. 2 Constructions 015 3,664 -107 3,557 1,917B. II. 3 Equipment 016 131,009 -84,729 46,280 28,810B. II. 4 Perennial crops 017 0 0 0 0B. II. 5 Breeding and draught animals 018 0 0 0 0B. II. 6 Other tangible fixed assets 019 233 0 233 259B. II. 7 Tangible fixed assets under construction 020 816 0 816 14,004B. II. 8 Advance payments for tangible fixed assets 021 0 0 0 416B. II. 9 Adjustment to acquired assets 022 190,566 -145,746 44,820 57,524B. III. Long-term financial assets (r. 24 to 30) 023 15,000 0 15,000 15,033B. III. 1 Shares in controlled and managed organizations 024 15,000 0 15,000 15,000B. III. 2 Shares in accounting units with substantial influence 025 0 0 0 33B. III. 3 Other securities and shares 026 0 0 0 0

B. III. 4 Loans to controlled and managed organizations and to accounting unit with substantial influence 027 0 0 0 0

B. III. 5 Other financial investments 028 0 0 0 0B. III. 6 Financial investments acquired 029 0 0 0 0B. III. 7 Advance payments for long-term financial assets 030 0 0 0 0C. Current assets (r. 32 + 39 + 48 + 58) 031 3,975,635 -33,056 3,942,579 4,113,364C. I. Inventory (r.33 to 38) 032 257,763 0 257,763 83,774C. I. 1 Material 033 24,668 0 24,668 23,733C. I. 2 Work in progress and semi-products 034 233,095 0 233,095 60,041C. I. 3 Finished products 035 0 0 0 0C. I. 4 Animals 036 0 0 0 0C. I. 5 Merchandise 037 0 0 0 0C. I. 6 Advance payments for inventory 038 0 0 0 0C. II. Long-term receivables (r. 40 to 47) 039 287,674 0 287,674 461,263C. II. 1 Trade receivables 040 287,674 0 287,674 461,263C. II. 2 Receivables from controlled and managed organizations 041 0 0 0 0C. II. 3 Receivables from accounting units with substantial influence 042 0 0 0 0C. II. 4 Receivables from partners, cooperative members and association members 043 0 0 0 0C. II. 5 Long-term deposits given 044 0 0 0 0C. II. 6 Estimated receivable 045 0 0 0 0C. II. 7 Other receivables 046 0 0 0 0C. II. 8 Deferred tax receivable 047 0 0 0 0C. III. Short-term receivables (r. 49 to 57) 048 1,706,591 -33,056 1,673,535 2,392,335C. III. 1 Trade receivables 049 1,487,306 -33,056 1,454,250 1,866,637C. III. 2 Receivables from controlled and managed organizations 050 0 0 0 0C. III. 3 Receivables from accounting units with substantial influence 051 0 0 0 0C. III. 4 Receivables from partners, cooperative members and association members 052 8,461 0 8,461 49,671C. III. 5 Receivables from social security and health insurance 053 0 0 0 0C. III. 6 Due from state - tax receivable 054 26,208 0 26,208 46,924C. III. 7 Short-term deposits given 055 22,396 0 22,396 80,272C. III. 8 Estimated receivable 056 66,740 0 66,740 321,652C. III. 9 Other receivables 057 95,480 0 95,480 27,179C. IV. Short-term financial assets (r. 59 to 62) 058 1,723,607 0 1,723,607 1,175,992C. IV. 1 Cash 059 2,828 0 2,828 1,619C. IV. 2 Bank accounts 060 1,720,779 0 1,720,779 1,174,373C. IV. 3 Short-term securities and ownership interests 061 0 0 0 0C. IV. 4 Short-term financial assets acquired 062 0 0D. I. Accruals (r. 64 to 66) 063 18,006 0 18,006 20,286D. I. 1 Deferred expenses 064 15,243 0 15,243 20,012D. I. 2 Complex deferred costs 065 0 0 0 0D. I. 3 Deferred income 066 2,763 0 2,763 274


BALANCE SHEETReference

a

LIABILITIES

b

Row

c

Current acc.period

5

Previous acc.period

6

TOTAL LIABILITIES (r. 68 + 85 + 118) 067 4,072,032 4 252,863A. Equity (r. 69 + 73 + 78 + 81 + 84 ) 068 838,058 660,764A. I. Registered capital (r. 70 to 72 ) 069 205,000 205,000A. I. 1 Registered capital 070 205,000 205,000A. I. 2 Company's own shares and ownership interests (-) 071 0 0A. I. 3 Changes of registered capital (+/-) 072 0 0A. II. Capital funds (r. 74 to 77) 073 27,150 27,150A. II. 1 Share premium 074 0 0A. II. 2 Other capital funds 075 27,150 27,150A. II. 3 Differences from revaluation of assets and liabilities (+/-) 076 0 0A. II. 4 Differences from revaluation in transformation (+/-) 077 0 0A. III. Reserve funds, statutory reserve account for cooperatives, and other retained earnings (r. 79 + 80) 078 41,000 35,624A. III. 1 Legal reserve fund / indivisible fund 079 41,000 35,624A. III. 2 Statutory and other funds 080 0 0A. IV. Profit / loss - previous year(r. 82 + 83) 081 187,615 157,709A. IV. 1 Retained earnings from previous years 082 187,615 157,709A. IV. 2 Accumulated losses from previous years 083 0 0A. V. Profit / loss - current year(+/-)

r.01 - (+ 69 + 73 + 78 + 81 + 85 + 118)084 377,293 235,281

B. Other sources (r. 86 + 91 + 102 + 114) 085 3,229,517 3,586,039B. I. Reserves (r. 87 to 90) 086 3,226 99,788B. I. 1 Reserves under special statutory regulations 087 0 0B. I. 2 Reserves for pension and similar payables 088 0 0B. I. 3 Income tax reserves 089 0 99,788B. I. 4 Other reserves 090 3,226 0B. II. Long-term payables (r. 92 to 101) 091 587,170 669,196B. II. 1 Trade payables 092 584,455 666,906B. II. 2 Payables to controlled and managed organizations 093 0 0B. II. 3 Payables to accounting units with substantial influence 094 0 0B. II. 4 Payables from partners, cooperative members and association members 095 0 0B. II. 5 Long-term advances received 096 0 0B. II. 6 Issued bonds 097 0 0B. II. 7 Long-term notes payables 098 0 0B. II. 8 Estimated payables 099 0 0B. II. 9 Other payables 100 0 0B. II. 10 Deferred tax liability 101 2,715 2,290B. III. Short-term payables (r. 103 to 113) 102 2,620,621 2 540,754B. III. 1 Trade payables 103 1,024,997 761,386B. III. 2 Payables to controlled and managed organizations 104 0 0B. III. 3 Payables to accounting units with substantial influence 105 0 0B. III. 4 Payables from partners, cooperative members and association members 106 74,961 80,942B. III. 5 Payroll 107 77,989 20,794B. III. 6 Payables to social securities and health insurance 108 8,748 8,571B. III. 7 Due from state - tax liabilities and subsidies 109 1,464 1,609B. III. 8 Short-term deposits received 110 236,067 132,253B. III. 9 Issued bonds 111 0 0B. III. 10 Estimated payables 112 1,183,048 1,514,446B. III. 11 Other payables 113 13,347 20,753B. IV. Bank loans and financial accommodations (r. 115 to 117) 114 18,500 276,301B. IV. 1 Long-term bank loans 115 0 0B. IV. 2 Short-term bank loans 116 18,500 276,301B. IV. 3 Short-term accommodations 117 0 0C. I. Accruals (r. 119 + 120) 118 4,457 6,060C. I. 1 Accrued expenses 119 1,093 1,080C. I. 2 Deferred revenues 120 3,364 4,980


PROFIT AND LOSS STATEMENTReference

a

TEXT

b

Row

c

Accounting period

Current1

Previous2

I. Revenues from sold goods 01A. Expenses on sold goods 02+ Sale margin (r. 01-02) 03 0 0II. Production (r. 05+06+07) 04 6,937,591 6,675,328II. 1 Revenues from own products and services 05 6,638,364 6,762,307II. 2 Change in inventory of own products 06 298,844 -115,391II. 3 Capitalisation 07 383 28,412B. Production consumption (r. 09+10) 08 5,944,957 5,782,801B. 1 Consumption of material and energy 09 451,163 447,507B. 2 Services 10 5,493,794 5,335,294+ Added value (r. 03+04-08) 11 992,634 892,527C. Personnel expenses 12 500,673 420,366C. 1 Wages and salaries 13 391,821 310,364C. 2 Remuneration of board members and association members 14 0 0C. 3 Social security expenses and health insurance 15 106,842 108,016C. 4 Other social expenses 16 2,010 1,986D. Taxes and fees 17 3,843 5,121E. Depreciations of intangible and tangible assets 18 11,652 9,208III. Revenues from disposals of fixed assets and materials (r. 20+21) 19 20,347 40,041III. 1 Revenues from disposals of fixed assets 20 17,788 35,516III. 2 Revenues from disposals of materials 21 2,559 4,525F. Net book value of disposed fixed assets and materials (r. 23+24 ) 22 12,781 26,374F. 1 Net book value of sold fixed assets 23 11,763 23,457F. 2 Net book value of sold material 24 1,018 2,917G. Change in operating reserves and adjustments and complex deferred costs (+/-) 25 1,688 40,420IV. Other operating revenues 26 20,889 41,010H. Other operating expenses 27 23,136 38,112V. Transfer of operating revenues 28 0 0I. Transfer of operating expenses 29 0 0* Operating profit / loss

r. 11-12-17-18+19-22-25+26-27+(-28)-(-29)30 480,097 433,977

VI Revenues from sales of securities and ownership interests 31 33 0J. Sold securities and ownership interests 32 33 0VII. Revenues from long-term financial assets (r. 34 + 35 + 36) 33 0 0VII. 1 Revenues from shares in controlled and managed organizations and in accounting units

with substantial influence34 0 0

VII. 2 Revenues from others securities and ownership interests 35 0 0VII. 3 Revenues from other long-term financial assets 36 0 0VIII. Revenues from short-term financial assets 37 0 0K. Expenses associated with financial assets 38 0 0IX. Revenues from revaluation of securities and derivatives 39 0 0L. Cost of revaluation of securities and derivatives 40 0 0M. Change in financial reserves and adjustments (+/– ) 41 0 0X. Interest revenues 42 32,778 12,201N. Interest expenses 43 564 10,917XI. Other financial revenues 44 53,342 12,333O. Other financial expenses 45 60,304 28,300XII. Transfer of financial revenues 46 0 0P. Transfer of financial expenses 47 0 0* Profit / loss from financial operations (transactions)

r. 31-32+33+37-38+39-40-41+42-43+44-45-(-46)+(-47)48 25,252 -14,683

Q. Income tax on ordinary income (r. 50 + 51) 49 128,056 184,013Q. 1 - Due tax 50 127,631 183,865Q. 2 - Tax deferred 51 425 148** Operating profit / loss ordinary activity (r. 30 + 48 - 49) 52 377,293 235,281XIII. Extraordinary revenues 53 0 0R. Extraordinary expenses 54 0 0S. Income tax on extraordinary income (r. 56 + 57) 55 0 0S. 1 - Due tax 56 0 0S. 2 - Tax deferred 57 0 0* Operating profit / loss extraordinary activity (r. 53 - 54 -55 ) 58 0 0T. Transfer of profit ( loss ) to partners (+/-) 59 0 0*** Profit / loss of current accounting period (+/-) (r. 52 + 58 - 59) 60 377,293 235,281**** Profit / loss before tax (+/-)

r. 30 + 48 + 53 - 5461 505,349 419,294


CASH FLOW STATEMENTReference TEXT Current

accounting period

P Balance of cash on hand and financial equivalents as at the beginning of reporting period 1,175,992

Cash flows from main activities (operating activities)

Z. Accounting profit/loss from running activities before taxation 505,349A. 1. Adjustments by non-cash operations -121,461A. 1. 1 Depreciation of fixed assets and amortization of adjustments to acquired assets 24,356A. 1. 2 Change in balance of adjustments and reserves -107,578A. 1. 3 Profit from sales of fixed assets -6,025A. 1. 4 Revenue from dividends and shares in profit 0A. 1. 5 Accounted for interest expense, exclusive of interest capitalization and accounted for credit interest -32,214A. 1. 6 Possible adjustments by other non-cash operations 0A. * Net cash flow from running activities before taxation, changes in working capital

and unusual/extraordinary items383,888

A. 2. Change in non-cash items of working capital 808,185A. 2. 1 Change in balance of receivables from running activities, temporary assets accounts 903,910A. 2. 2 Change in balance of short-term payables from running activities, temporary liability accounts 78,264A. 2. 3 Change in balance of inventory -173,989A. 2. 4 Change in balance of current liquid assets not included in cash or equivalents 0A. ** Net cash flow from running activities before taxation and unusual/extraordinary items 1,192,073A. 3. Interests paid exclusive of interest capitalization -564A. 4. Interests received 32,778A. 5. Income tax for running activities and additional tax assessments for previous periods -125,856A. 6. Income and expense on unusual and/or extraordinary items, including income tax -425A. *** Net cash flow from running activities 1,098,006

Cash flows from investing activities

B. 1. Expense on fixed assets acquisition -28,386B. 2. Income from fixed assets sales 17,821B. 3. Loans to related parties 0B. *** Net cash flow from investing activities -10,565

Cash flows from financing activities

C. 1. Change in balance of long-term or short-term payables -339,827C. 2. Impact of changes in equity on cash on hand and financial equivalents -199,999C. 2. 1 Increase in cash on hand as a result of increased registered capital, share premium etc. 5,376C. 2. 2 Payment of share in equity to partners 0C. 2. 3 Other contributions of cash by partners and shareholders 0C. 2. 4 Loss coverage by partners 0C. 2. 5 Direct debit fund payments 0C. 2. 6 Dividends paid or shares in profit, including taxes paid -205,375C. *** Net cash flow from financing activities -539,826F. Net increase/decrease in cash on hand 547,615R. Balance of cash on hand and financial equivalents as at the end of reporting period 1,723,607


Appendix to the financial statement (economic year 2008)

■1 General data

Accounting unit description

Registration date in the Company register: 1 January 1997Business name: IMOS Brno, a.s.Head office: Olomoucká 174, 627 00 BrnoIdentification number: 25322257Registered at: Regional Commercial Court in Brno, section B, insert 2211Main business objective: Executing constructions, including their modifications, maintenance work and removalLegal form: Joint stock company

Shareholders whose interest exceeds 20 %:IMOS holding, a.s., company registration number 25866681Olomoucká 174, 627 00 BrnoRegistered capital of 30,000,000 CZKRegistered capital share 100%

More than 20 % share in the registered capital in other companies:IMOS Invest I, spol. s r.o., company registration number 28279174Olomoucká 174, 627 00 BrnoRegistered capital of 15,000,000 CZKRegistered capital share 100%

In the economic year 2008, the share in the Táborského nábřeží Housing Society, registration No. 26221861, was sold.

In 2004, the Company IMOS Brno, a.s. established a branch with its head office in Slovakia:IMOS Brno, a.s. - Organizational Part of the CompanyBytčická 89, 010 09 Žilina, SKCompany registration number: 37848437, VAT number: SK2021783940

Statutory bodies:Chairman of the Board of Directors:

Ing. Oldřich Štercl, Lesní 10, Klobouky u Brna, district of Břeclav

Vice Chairman of the Board of Directors:Ing. Ivan Sigmund, Pod skalkou 10, Nový JičínIng. Jan Sniegon, Lyžbická 1191, Třinec

Member of the Board of Directors:Ing. Milan Karásek, Ostružinová 498/3, BrnoIng. Robert Suchánek, Tvaroženská 109, Jiříkovice

Supervisory Board:Chairman:

Ing. Jiří Rulíšek, Bochořákova 3126/14, Brno

Members:Ing. Radomír Vostal, Kuršova 3, BrnoJan Kozubal, Hnojník 2613/978, Hnojník


Average number of employees during the accounting period: 785Management: 8

Labour costs recapitulation (in ’000 CZK):

Several of the executives of individual sections, divisions and departments are entitled to use company cars, which is, according to § 6 of the Act No 586/92 Col. as amended, considered as employee’s income. Until now, members of statutory bodies or any other advisory bodies have not been provided with any loans.

■2 Information concerning used accounting methods, general accounting principles and method of valuation

2.1. The way of inventory pricing is set according to purchase prices. Additional acquisition costs of merchandise are concentrated in separate analytical accounts. These expenses are discharged in cost every month in propor-tion to the amount of consumed material. The way of keeping stock records is FIFO. Activated long-term tangible assets are valuated on the level of real costs.

2.2. The way of replacement purchase price determination of property is based on the arithmetic mean of prices taken

from expert opinions usually carried out by three different methods of eplacement price determination. In this accounting period, no such property was acquired.

2.3. Other accessory acquisition costs represent customs duties, additional charges, intermediary fees, carriage charges, etc.

2.4. Fiscally effective rectifying items have been set up in accordance with the law, their total sum reaching 29,031,000 CZK. Furthermore, a non-fiscal rectifying item in the amount of 4,025,000 CZK has been created. See the Balance Sheet for the details.

2.5. Accounting depreciations are carried out using a uniform depreciation method. The beginning of accounting depreciations is in the following month after filing.

Individual accounting groups are depreciated as follows:Tax group 1 3 years Tax group 4 20 yearsTax group 2 5 years Tax group 5 30 yearsTax group 3 10 years Tax group 6 50 years

The second and third tax groups are depreciated in an accelerated or, possibly, uniform way, depending on the property type. The first, fourth, fifth and sixth tax groups are depreciated in a uniform way. As far as the deposited assets are concerned, the original depreciation method is used further on.

2.6. As far as the conversion of foreign currencies, a valid CNB rate on the day of the accounting operation is used. The record-keeping of foreign invoices is performed on the day when the invoice was delivered a payment, it is considered the day when the sum was sent from the account.

■3 Additional information regarding the Balance Sheet and the Profit and Loss Statement

3.1. Tangible and intangible assets excluding claims

3.1.a. Account 022 - Long-term assets - depreciated in accordance with the groups onto 31 March 2009 082-Accumulated depreciation to TA

group 3 machinery 3,422,735.00 2,036,275.05group 4 appliances 38,688,894.00 29,531,767.21group 5 equipment 36,679,726.00 23,900,456.36group 6 means of transport 30,867,991.00 8,025,033.95group 7 inventory 956,747.00 862,355.92

Small long-term assets (acquisition costs less than 40,000 CZK) acquired before 2002. 19,687,001.78 19,687,001.78 130,303,094.78 84,042,890.27

Group 6 – Leasing IMOS Brno, a.s. – Organizational part Slovakia 705,880.77 686,267.00 131,008,975.55 84,729,157.27

EmployeesOut of

Management Members of the Boardof Directors

Labour costs 391, 821 36,367 0

Health insurance and social security costs 106,842 3,659 0


Account 013 - Software 073 - accumulated depreciation to softwareState as per 1 April 2008 9,972,392.00 8,785,385.54State as per 31 March 2009 10,057,492.00 9,322,313.33

Small long-term assets (acquisition costs less than 60,000 CZK) acquired before 2002 212,418.00 212,418.00 10,269,910.00 9,534,731.33

3.1.b. Tangible long-term assets obtained by financial leasingThe total amount of leasing instalment:The amount payable in 2009 11,103,000The amount payable in 2010 6,367,000The amount payable in 2011 18,000The amount payable in 2012 258,000The amount payable in 2013 64,000

3.1.c. Increase and decrease of T&ILA according to the accounts in the period of economic year 2008 (except small T&ILA)

3.1.d. The sum of assets not stated in the Balance SheetLow-value assets in the operative registration at the purchase price: 49,498,000 CZK

3.1.e. Assets specification burdened with lienAs per 31 March 2009, the company does not have any assets burdened with lien.

3.2. Claims

3.2.a. The sum of claims after their due date 78,249,000 CZK up to 30 days 39,689,000 CZK up to 90 days 19,296,000 CZK after 90 days 19,264,000 CZK

3.2.b. Long-term claimsLong-term trade claims stated in the Balance Sheet are created by retention sums of payments based on contractu-al stipulations and the amount of 50,000,000 CZK based on a given credit.

3.2.c. The sum of claims in the amount of 8,461,000 CZK made upon the association members is created by the claims made upon the association members participating in those associations of which we are members. This means the division of the net income, as well as payments of invoices issued by other association members, etc.

3.2.d. The company registers, in its accounting, a deposit bill of exchange upon the UNION Bank. This bill of exchange has been claimed in the bankruptcy proceedings. A rectifying item has not been created to this bill of exchange.

The received and issued collaterals and bills of exchanged are registered in the corresponding Balance Sheet.

3.3. Own capital

3.3.a. The own capital of the company on 31 March 2009 838,058,000 CZK

3.3.b. The division of profit made in the previous accounting periodFrom the profit made in the accounting period 2007 in the amount of 235,281,000 CZK, the Board of Directors took the decision to deposit 2.28 %, i.e. 5,376,000 CZK into the legal reserve fund, which was hereby filled in accordance with the legal amount. The amount of 29,905,000 CZK was accounted onto the retained profit account.The dividends, in the amount of 200,000,000 CZK were paid.

Account Initial state Increase Decrease Final state013/10 9,972,392.00 85,100.00 0.00 10,057,492.00021/10 1,937,151.00 13,437,068.00 11,710,138.00 3,664,081.00022/10 83,659,413.00 28,723,356.00 1,766,676.00 110,616,093.00031/10 63,480.00 0.00 56,994.00 6,486.00032/10 259,100.00 0.00 26,600.00 232,500.00Celkem 95,891,536.00 42,245,524.00 13,560,408.00 124,576,652.00


3.3.c. Registered capital 205,000,000 CZKThe amount of the registered capital is 205 million CZK.The registered capital is in the form of 204 pieces of shares in the nominal value 1,000,000 CZK and 2 pieces of shares in the nominal value of 500,000 CZK.

3.4. Trade liabilities

3.4.a. The sum of liabilities after the due date 58,492,000 CZK up to 30 days 19,267,000 CZK up to 90 days 14,088,000 CZK after 90 days 25,137,000 CZK

Approximately 20% of the total amount of the liabilities after the due date consists of those liabilities proposed to an inclusion but where such inclusion agreement has not been confirmed by the other party yet. The amount of the liabilities after the due date exceeding 90 days comprises the sum of invoices conditioned by the final han-dover of the work without any faults and backlogs, to which the contractual date of the liability due date related to the total price for work is calculated.

3.4.b. Among them, the liabilities to the companies in the group 0 CZK

3.4.c. The company does not have any liabilities covered by lien.

3.4.d. The company does not have any liabilities not stated in the bookkeeping as per 31 March 2009.

3.4.e. Long-term trade liabilities stated in the Balance Sheet are created by retention sums of payments based on contractual stipulations.

3.4.1. Liabilities to employees 77,989,000 CZKWage liabilities in the month of March 16,937,000 CZKOther liabilities to the employees 535,000 CZKLiabilities due to in-house savings 60,517,000 CZK

3.5. Reserves

3.5.a. A reserve concerning long-term tangible assets repairs has not been made.

3.6. Company revenues divided according to main activities 7,064,979,000 CZKTransport 1,409,000Locksmith‘s workshops 66,841,000Laboratories, research and development 14,412,000Mechanization 2,641,000Repair shops 1,377,000Design 14,883,000Civil engineering 5,269,084,000Auxiliary civil engineering 6,811,000Roads and bridges 685,562,000Building administration 2,666,000Company management 84,863,000Water management structures 914,430,000

The performance includes the revenues from the sales of the company‘s products and services, revenues from sales of its assets and materials, other operating revenues, and revenues from company‘s financial activities.

3.7. Shares in persons under directionIMOS Invest I, spol. s r.o., registration number 28279174, Olomoucká 174, 627 00 Brno Registered capital 15,000,000 CZKShare in the registered capital: 100 % 15,000,000 CZK


■4 Estimated pre-paid items 66 740 000 CZKThe sum of estimated items in the amount of 66,740,000 CZK is created by the estimated items based on so far non-disclosed insurance claims or uninvoiced services.

■5 Estimated expenses or losses 1 183 048 000 CZKThe sum of estimated items in the amount of 1,183,048,000 CZK is created by the estimated items based on uninvoiced from subcontractors.

■6 Income taxState - tax obligations and subsidies 1,464,000 CZKDependent activity tax 1,464,000 CZK

State - tax receivables 26,208,000 CZKVAT claim 2,513,000 CZKLegal entity income tax claim 23,695,000 CZK

The calculation of the postponed tax obligation is created by the difference between the balance tax and the property book value, and the amount is 2,715,000 CZK.A report entitled ”Report on the relations between interconnected persons as per 31 March 2009“ has been elaborated.The report is deposited in the Company‘s head office.No significant change occurred in the period leading up to setting up the financial statement.


Auditor‘s report

TOP AUDITING®

Limited liability company Kotlářská 931/53Commercial Register kept at the Regional Court in Brno 602 00 BrnoSection C, insert 4855 Czech RepublicRegistration No.: 45 47 76 39 Phone +420 541 211 237 +420 541 240 807 Fax +420 544 526 118 Email: [email protected] www.topauditing.cz

INDEPENDENT AUDITOR‘S REPORTIMOS Brno, a.s, Olomoucká 174, 627 00 Brno, Czech Republic

Registration No.: 253 22 257

We have examined the submitted financial statement of the Company IMOS Brno, a.s., i.e. the Balance Sheet as per 31 March 2009, the Profit and Loss Statement, [the Statement of Changes in the Equity, and the Cash Flow Statement] covering the accounting period of 1 April 2008 to 31 March 2009, as well as the Appendix to this financial statement, including the description of all the important accounting methods applied. The in-formation concerning the Company IMOS holding, a.s. is included in the introductory section of this financial statement.

In accordance with the accounting legislation valid in the Czech Republic, it is the Statutory Body of the Com-pany IMOS Brno, a.s. that holds full liability for compiling the financial statement giving a true and complete picture of the financial situation of the Company. Such liability comprises the obligation to propose, implement and secure inside checking and control over compiling the financial statement so that it does not contain any substantial incorrectness incurred as a result of a fault or fraud, to select and apply appropriate accounting methods, and to perform appropriate estimates in relation to the given situation.

On the basis of the performed audit, it is our task to issue a statement to the submitted financial statement. The audit was performed in compliance with the Act on Auditors and International Auditing Standards, as well as the related application clauses issued by the Chamber of Auditors of the Czech Republic. In accor-dance with these regulations, it is our duty to observe the ethical standards and to plan and perform the audit so that the auditor may be reasonably certain that the submitted financial statement is free of any significant incorrectness.

The audit comprises performing such auditing procedures aiming at obtaining evidence and information concerning the amounts and facts mentioned in the financial statement. The selection of the auditing pro-cedures depends on the auditor‘s consideration, including the risk assessment that the financial statement may contain substantial incorrectness incurred as a result of a fault or fraud. When assessing such risks, the auditor shall take into account the inside checking and control relevant for compiling the financial statement offering a true and complete picture of the financial situation of the Company. The aim of examining the inside checking and control mechanisms is to propose appropriate auditing procedures, not to issue a statement to the efficiency of such internal mechanisms. The audit also includes examining the appropriateness of the applied accounting methods, the adequacy of the accounting estimates performed by the Management, as well as examining the overall presentation of the financial statement.

We do believe that the evidence obtained during the audit constitute a sufficient and appropriate basis in order to issue our statement.

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Auditor‘s report

Page 2

TOP AUDITING®

Auditor‘s statement

In our opinion, the submitted financial statement gives a true and complete picture of the assets, liabilities and financial situation of the Company IMOS Brno, a.s. as per 31 March 2009, as well as the expenses, income, operating results [and cash flow] in the relevant economic year, being in compliance with the valid accounting legislation in the Czech Republic.

In Brno, 22 May 2009

(illegible signature)Ing. Ludvík Novotný

Chamber of Auditors of the Czech Republic, Licence No. 0132

—

(illegible signature)(stamp)

TOP AUDITING® s.r.o.Kotlářská 931/53, 602 00 Brno

—

TOP AUDITING® s.r.o.Kotlářská 931/53, 602 00 Brno, Czech Republic

Chamber of Auditors of the Czech Republic, Licence No. 047SKAU Licence No. 007


Auditor‘s report

TOP AUDITING®

Limited liability company Kotlářská 931/53Commercial Register kept at the Regional Court in Brno 602 00 BrnoSection C, insert 4855 Czech RepublicRegistration No.: 45 47 76 39 Phone +420 541 211 237 +420 541 240 807 Fax +420 544 526 118 Email: [email protected] www.topauditing.cz

INDEPENDENT AUDITOR‘S REPORTIMOS Brno, a.s, Olomoucká 174, 627 00 Brno, Czech Republic

Registration No.: 253 22 257

We have verified the compliance of the annual report of the Company IMOS Brno, a.s. as per 31 March 2009 with the financial statement included in this annual report. The statutory body of the Company holds the responsibility for preparing the financial statements. On the basis of a performed audit, it is our task to issue a statement concerning the compliance of the annual report with the financial statements.

The verification was made in accordance with the International Auditing Standards and related application clauses issued by the Chamber of Auditors of the Czech Republic. These standards require so that an audi-tor plans and performs the verification so that they obtain sufficient certainty that the information included in the annual report, also describing the facts being the subject of the financial statement, are, in all essential respects, in full compliance with the corresponding financial statement. We are convinced that the performed audit provides a sufficient basis for issuing the auditor‘s statement.

Auditor‘s statement

In our opinion, all the information included in the annual report submitted by the Company IMOS Brno, a.s. as per 31 March 2009 is, in all the essential respects, in compliance with the afore mentioned financial statement.

In Brno, 18 August 2009

Ing. Štěpán GregorChamber of Auditors of the Czech Republic, Licence No. 2136

—

(illegible signature)(stamp)

TOP AUDITING® s.r.o.Kotlářská 931/53, 602 00 Brno

—

TOP AUDITING® s.r.o.Brno

Kotlářská 931/53, 602 00 Brno, Czech RepublicChamber of Auditors of the Czech Republic, Licence No. 047Chamber of Auditors of the Slovak Republic, Licence No. 007

Expert Institute (Ministry of Justice of the Czech Republic 63/97-OOD)

IMOS Brno, a.s.Olomoucká 174627 00 Brno

tel.: +420 548 129 111 +420 548 173 111fax: +420 548 129 390 +420 548 173 390e-mail: [email protected]

Documents

annual report IMOS Brno, a.s. 2008 | english version · 2009-09-03 · Annual report 2008 23 Introduction made by the Chairman of the Board of Directors and Managing Director Dear