výroční zpráva 2011 annual report

Transcription

1 výroční zpráva 2011 annual report

2

3 annual report IMOS Brno, a.s english version

4 Contents Chairman s introduction, company bodies and profile...17 Human resources, turnover and organisational structure...18 Balance sheet...19 Profit and loss statement...21 Cash flow statement...22 Appendix to the financial statement (economic year 2011)...23 Auditor s report annual report 2011

5 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 financial year. I am pleased to say that the overall results presented in this annual report imply that the Company IMOS Brno, a.s. has remained, in the eyes of investors, a landmark of quality and well completed work. Owing to the achieved results, it may also be said that the Company has remained on the top of the Czech building market. I am fully aware of the fact that the good results of financial year 2011 are largely due to everyday hard work of the staff of the Company IMOS Brno, a.s. Therefore, I would like to make use of the introduction and thank all of them for well-performed work. I would also like to thank to all our customers and business partners for truly correct business relations. Dear business partners, ladies and gentlemen, I am very pleased with your interest in our annual report and I wish all of us excellent cooperation in the future. I wish all of us the very success in financial year Ing. Oldřich Štercl Chairmain 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, Brno Registered at: Commercial Register at the Regional Court in Brno, section B, insert 2211 Registration date: Companies Register: VAT No.: CZ Phone: , Fax: , Legal form: Joint-stock company Statutory body: Board of Directors Registered capital: 205,000,000 CZK Shareholder with over 20% share: IMOS holding, a.s. Shares: 204 registered shares at a nominal value of 1,000,000 CZK 2 registered shares at a nominal value of 500,000 CZK BOARD OF DIRECTORS Ing. Oldřich Štercl Chairman of the Board of Directors and Managing Director Ing. Jan Sniegon Vice Chairman of the Board of Directors and Ostrava Branch Director Ing. Milan Karásek Member of the Board of Directors and Civil Engineering Brno Branch Director Ing. Robert Suchánek Member of the Board of Directors and Water Management Structures and Road Constructions Brno Branch Director SUPERVISORY BOARD Ing. Jiří Rulíšek Chairman of the Supervisory Board Ing. Ivan Sigmund Member of the Supervisory Board Ing. Radomír Vostal Member of the Supervisory Board Company profile A) Civil engineering Industrial plants, shopping centres, and civil 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 Motorway, expressways, roads, bridges and engineering structures D) Design E) Road development and accredited testing laboratory annual report

6 Human resources and turnover The Company has always paid extensive care and attention to appointing its staff. It focuses on hiring top professionals, while aiming at supporting them in broadening their specialist skills and in their professional growth, so that they are able to satisfy the investor s needs and requests. This is also demonstrated in the ever-growing number of authorised engineers or technicians employed at our Company (48 staff at present). The following chart shows the average number of employees over the past years. The second table represents the development of company s turnover within the last decade. Summary of average annual number of employees (total) rok Turnover (in bilion CZK) Organisational structure IMOS Brno, a.s. Board of Directors Managing Director Slovakia Branch Legal Services (external) Brno Branch Civil Engineering Business Department Road Development Division Property Management Department Technical Department Brno Ostrava Branch Brno Branch Water Management and Road Structures Department of Technical Services of Production Finance and Administration Department 18 annual report 2011

7 Balance sheet Reference Assets Row Current accounting period Previous period a b c Gross 1 Adjustment 2 Net 3 Net 4 TOTAL ASSETS (r ) 001 4,221, ,429 3,911,120 3,189,868 A. Receivables from capital subscriptions B. Fixed assets (r ) , , , ,107 B. I. Intangible fixed assets (r. 05 to 12) 004 8,790 7, B. I. 1. Incorporation expenses B. I. 2. Research and development B. I. 3. Software 007 8,491 7, B. I. 4. Valuable rights B. I. 5. Goodwill B. I. 6. Other intangible fixed assets B. I. 7. Intangible fixed assets under construction B. I. 8. Advance payments for intangible fixed assets B. II. Tangible fixed assets (r. 14 to 22) , , , ,052 B. II. 1. Lands , ,624 57,624 B. II. 2. Constructions ,293 4,525 81,768 75,962 B. II. 3. Equipment , ,717 37,231 37,642 B. II. 4. Perennial corps B. II. 5. Breeding and draught animals B. II. 6. Other tangible fixed assets B. II. 7. Tangible fixed assets under construction B. II. 8. Advance payments for tangible fixed assets B. II. 9. Adjustment to acquired assets , ,859 6,707 19,411 B. III. Long-term financial assets (r. 24 to 30) , ,000 15,000 B. III. 1. Shares in controlled and managed organizations , ,000 15,000 B. III. 2. Shares in accounting units with substantial influence B. III. 3. Other securities and shares B. III. 4. Loans to controlled and managed organizations and to accounting unit with substantial influence B. III. 5. Other financial investments B. III. 6. Financial investments acquired B. III. 7. Advance payments for long-term financial assets C. Current assets (r ) 031 3,689,557 4,448 3,685,109 2,963,261 C. I. Inventory (r. 33 to 38) , , ,475 C. I. 1. Materials , ,164 3,794 C. I. 2. Work in progress and semi-products , ,205 99,681 C. I. 3. Finished goods and products C. I. 4. Young and other animals and their groups C. I. 5. Merchandise C. I. 6. Advance payments for inventory C. II. Long-term receivables (r. 40 to 47) , , ,999 C. II. 1. Trade receivables , , ,699 C. II. 2. Receivables from controlled and managed organizations C. II. 3. Receivables from accounting units with substantial influence C. II. 4. Receivables from partners, cooperative members and association members C. II. 5. Long-term deposits given C. II. 6. Estimated receivable C. II. 7. Other receivables , ,920 3,300 C. II. 8. Deferred tax receivable C. III. Short-term receivables (r. 49 to 57) 048 1,914,829 4,448 1,910,381 1,514,712 C. III. 1. Trade receivables 049 1,665,431 4,448 1,660,983 1,246,385 C. III. 2. Receivables from controlled and managed organizations C. III. 3. Receivables from accounting units with substantial influence C. III. 4. Receivables from partners, cooperative members and association members , ,175 6,627 C. III. 5. Receivables from social security and health insurance C. III. 6. Due from state - tax receivable , , ,096 C. III. 7. Short-term deposits given , ,732 6,692 C. III. 8. Estimated receivable , ,014 22,642 C. III. 9. Other receivables , , ,270 C. IV. Short-term financial assets (r. 59 to 62) 058 1,415, ,415,688 1,219,075 C. IV. 1. Cash 059 1, ,674 2,184 C. IV. 2. Bank accounts 060 1,414, ,414,014 1,216,891 C. IV. 3. Short-term securities and ownership interests C. IV. 4. Short-term financial assets acquired D. I. Accruals (r. 64 to 66) , ,651 19,500 D. I. 1. Deferred expenses 064 6, ,077 6,071 D. I. 2. Complex deferred costs D. I. 3. Deferred income , ,574 13,429 annual report

8 Balance sheet Reference Liabilites Row Current accounting period Previous accounting period a b c 5 6 TOTAL LIABILITIES (r ) 067 3,911,120 3,189,868 A. Equity (r ) , ,131 A. I. Registered capital (r. 70 to 72 ) , ,000 A. I. 1. Registered capital , ,000 A. I. 2. Company's own shares and ownership interests (-) A. I. 3. Changes of registered capital A. II. Capital funds (r. 74 to 78) ,150 27,150 A. II. 1. Share premium A. II. 2. Other capital funds ,150 27,150 A. II. 3. Differences from revaluation of assets and liabilities (+/-) A. II. 4. Differences from revaluation in transformation (+/-) A. II. 5. Differences from company transformations A. III. Reserve funds, statutory reserve account for cooperatives, and other retained earnings (r ) ,000 41,000 A. III. 1. Legal reserve fund / indivisible fund ,000 41,000 A. III. 2. Statutory and other funds A. IV. Profit / loss - previous year (r ) ,981 17,130 A. IV. 1. Retained earnings from previous years ,981 17,130 A. IV. 2. Accumulated losses from previous years A. V. Profit / loss - current accounting period (+/-) , ,851 B. Other sources (r ) 086 3,100,000 2,538,752 B. I. Reserves (r. 88 to 91) 087 6,000 0 B. I. 1. Reserves under special statutory regulations B. I. 2. Reserves for pension and similar payables B. I. 3. Income tax reserves B. I. 4. Other reserves 091 6,000 0 B. II. Long-term payables (r. 93 to 102) , ,073 B. II. 1. Trade payables , ,978 B. II. 2. Payables to controlled and managed organizations B. II. 3. Payables to accounting units with substantial influence B. II. 4. Payables from partners, cooperative members and association members B. II. 5. Long-term advances received B. II. 6. Issues bonds B. II. 7. Long-term notes payables B. II. 8. Estimated payables B. II. 9. Other payables B. II. 10. Deferred tax liability 102 2,919 3,095 B. III. Short-term payables (r. 104 to 114) 103 2,667,015 2,053,679 B. III. 1. Trade payables 104 1,118, ,196 B. III. 2. Payables to controlled and managed organizations B. III. 3. Payables to accounting units with substantial influence B. III. 4. Payables from partners, cooperative members and association members , ,172 B. III. 5. Payroll ,193 16,127 B. III. 6. Payables to social securities and health insurance 109 8,336 8,673 B. III. 7. Due from state - tax liabilities and subsidies ,420 1,607 B. III. 8. Short-term deposits received 111 4,691 6,466 B. III. 9. Issues bonds B. III. 10. Estimated payables 113 1,178,194 1,035,220 B. III. 11. Other payables 114 7,213 8,218 B. IV. Bank loans and financial accommodations (r. 116 to 118) B. IV. 1. Long-term bank loans B. IV. 2. Short-term bank loans B. IV. 3. Short-term accommodations C. I. Accruals (r ) 119 4, C. I. 1. Accrued expenses C. I. 2. Deferred revenues 121 3, annual report 2011

9 Profit and loss statement Reference Text Row Accounting period a b c Current 1 Previous 2 I. Revenues from sold goods A. Expenses on sold goods Sale margin (r ) II. Production (r. 05 to 07) 04 5,404,331 4,149,236 II. 1. Revenues from own products and services 05 5,437,543 4,215,500 II. 2. Change in inventory of own products 06-40,613-66,400 II. 3. Capitalisation 07 7, B. Production consumption (r ) 08 4,631,990 3,159,775 B. 1. Consumption of material and energy , ,088 B. 2. Services 10 4,262,380 2,816,687 + Added value (r ) , ,461 C. Personnel expenses (r. 13 to 16) , ,054 C. 1. Wages and salaries , ,088 C. 2. Remuneration of board members and association members C. 3. Social security expenses and health insurance 15 98, ,949 C. 4. Other social expenses 16 1,780 2,017 D. Taxes and fees 17 3,844 2,486 E. Depreciations of intangible and tangible assets 18 17,083 14,201 III. Revenues from disposals of fixed assets and materials (r ) 19 20,736 16,123 III. 1. Revenues from disposals of fixed assets ,502 III. 2. Revenues from disposals of materials 21 19,943 11,621 F. Net book value of disposed fixed assets and materials (r ) 22 12,023 12,531 F. 1. Net book value of sold fixed assets ,156 F. 2. Net book value of sold material 24 12,023 10,375 G. Change in operating reserves and adjustments and complex deferred costs 25-13,342 9,931 IV. Other operating revenues 26 38,249 23,387 H. Other operating expenses 27 60,919 42,611 V. Transfer of operating revenues I. Transfer of operating expenses * Operating profit / loss [r (- 28) - (- 29)] , ,157 VI. Revenues from sales of securities and ownership interests J. Sold securities and ownership interests VII. Revenues from long-term financial assets (r. 34 to 36) VII. 1. Revenues from shares in controlled and managed organizations and in accounting units with substantial influence VII. 2. Revenues from others securities and ownership interests VII. 3. Revenues from other long-term financial assets VIII. Revenues from short-term financial assets K. Expenses associated with financial assets IX. Revenues from revaluation of securities and derivatives L. Cost of revaluation of securities and derivatives M. Change in financial reserves and adjustments (+/-) X. Interest revenues 42 14,851 9,715 N. Interest expenses 43 3,839 3,142 XI. Other financial revenues 44 24,858 31,129 O. Other financial expenses 45 44,076 51,788 XII. Transfer of financial revenues P. Transfer of financial expenses * Profit / loss from financial operations (transactions) [(r (- 46) - (- 47)] 48-8,206-14,086 Q. Income tax on ordinary income (r ) 49 49,153 21,220 Q. 1. -Due tax 50 49,328 21,439 Q. 2. -Tax deferred ** Operating profit / loss on ordinary activity (r ) , ,851 XIII. Extraordinary revenues R. Extraordinary expenses S. Income tax on extraordinary income (r ) S. 1. -Due tax S. 2. -Tax deferred * Operating profit / loss extraordinary activity (r ) T. Transfer profit ( loss ) to partners (+/-) *** Profit / loss of current accounting period (+/-) (r ) , ,851 **** Profit / loss before tax (+/-) (r ) , ,071 annual report

10 Cash flow statement Reference Text Current accounting period P. Balance of cash on hand and financial equivalents as at the beginning of reporting period 1,219,075 CASH FLOWS FROM MAIN ACTIVITIES (OPERATING ACTIVITIES) Z. Accounting profit / loss from running activities before taxation 250,927 A. 1. Adjustments by non-cash operations -2,064 A Depreciation of fixed assets and amortization of adjustments to acquired assets 29,787 A Change in balance of adjustments and reserves -20,046 A Profit from sales of fixed assets -793 A Revenue from dividends and shares in profit 0 A Accounted for interest expense, exclusive of interest capitalization and accounted for credit interest -11,012 A Possible adjustments by other non-cash operations 0 A. * Net cash flow from running activities before taxation, changes in working capital and unusual / extraordinary items 248,863 A. 2. Change in non-cash items of working capital 111,226 A Change in balance of receivables from running activities, temporary assets accounts -532,446 A Change in balance of short-term payables from running activities, temporary liability accounts 616,566 A Change in balance of inventory 27,106 A Change in balance of current liquid assets not included in cash or equivalents 0 A. ** Net cash flow from running activities before taxation and unusual / extraordinary items 360,089 A. 3. Interests paid exclusive of interest capitalization -3,839 A. 4. Interests received 14,851 A. 5. Income tax for running activities and additional tax assessments for previous periods -49,328 A. 6. Income and expense on unusual and / or extraordinary items, including income tax 175 A. 7. Received dividends and shares in profit 0 A. *** Net cash flow from running activities 321,948 CASH FLOWS FROM INVESTING ACTIVITIES B. 1. Expense on fixed assets acquisition -23,040 B. 2. Income from fixed assets sales 793 B. 3. Loans to related parties 0 B. *** Net cash flow from investing activities -22,247 CASH FLOWS FROM FINANCING ACTIVITIES C. 1. Change in balance of long-term or short-term payables -58,088 C. 2. Impact of changes in equity on cash on hand and financial equivalents -45,000 C Increase in cash on hand as a result of increased registered capital, share premium etc. 0 C Payment of share in equity to partners 0 C Other contributions of cash by partners and shareholders 0 C Loss coverage by partners 0 C Direct debit fund payments 0 C Dividends paid or shares in profit, including taxes paid -45,000 C. *** Net cash flow from financing activities -103,088 F. Net increase / decrease in cash on hand 196,613 R. Balance of cash on hand and financial equivalents as at the end of reporting period 1,415, annual report 2011

11 Appendix to the financial statement (fiscal year 2011) 1. GENERAL DATA Accounting unit description Registration date in the Companies Register: 01/01/1997 Business name: IMOS Brno, a.s. Head office: Olomoucká 174, Brno Identification number: Registered at: Regional Commercial Court in Brno, section B, insert 2211 Main business objective: Performing constructions, including their modifications, maintenance work and removal Legal form: Joint stock company Shareholders whose stakes exceeds 20%: IMOS holding, a.s., company registration No Olomoucká 174, Brno Registered capital 30,000,000 CZK Registered capital share 100% More than 20 % share in the registered capital in other companies IMOS Invest I, spol. s r.o., company registration No Olomoucká 174, Brno Registered capital 15,000,000 CZK Registered capital share 100% In 2004, the Company IMOS Brno, a.s. established an organizational branch with the head office in Slovakia: IMOS Brno, a.s. Organisational Branch of the Company Májová 1319, Čadca, SK Company registration No , VAT No. SK Statutory bodies Chairman of the Board of Directors: Ing. Oldřich Štercl Hájek 882/4, Klobouky u Brna Vice Chairman of the Board of Directors: Ing. Jan Sniegon Lyžbická 1191, Třinec Member of the Board of Directors: Ing. Milan Karásek Ostružinová 498/3, Brno Ing. Robert Suchánek Tvaroženská 109, Jiříkovice Supervisory Board Chairman: Ing. Jiří Rulíšek Velká Morava 45, Dolní Morava Members: Ing. Ivan Sigmund Pod Skalkou 10, Nový Jičín Ing. Radomír Vostal Kuršova 3, Brno Average number of employees during the accounting period: 650 Management: 14 Labour costs recapitulation (in 000 CZK): Employees Management Out of Members of Executive Bodies Labour costs 391, ,713 82,362 Health insurance and social security costs 98,541 8,890 3,188 Several of the executives of individual sections, divisions and departments are entitled to use company cars, which is, in compliance with Section 6 of Act No. 586/1992 Coll., as amended, considered as part of employee s income. Until now, the members of the statutory or any other advisory bodies have not been provided with any loans by the Company. annual report

12 2. INFORMATION CONCERNING APPLIED ACCOUNTING METHODS, GENERAL ACCOUNTING PRINCIPLES AND METHOD OF VALUATION 2.1. The mode of inventory valuation corresponds to purchase prices. Additional acquisition costs of merchandise are concentrated in separate analytical accounts. These expenses are discharged in costs on a monthly basis proportionately to the amount of consumed material. It is FIFO that has been applied as a mode of keeping stock records. Activated long-term tangible assets are valued on the level of real costs The mode of replacement purchase price determination of assets is based on the arithmetic mean of prices taken from expert opinions usually carried out with the help of three different methods of replacement price determination. In this accounting period, no such assets have been acquired Other accessory acquisition costs represent customs duties, additional charges, intermediary fees, carriage charges, etc Fiscally effective rectifying items have been set up in accordance with the law, their total sum reaching 578,000 CZK. Furthermore, a non-fiscal rectifying item in the amount of 693,000 CZK has been created. See the Balance Sheet for further details Accounting depreciations are carried out using a uniform depreciation method. The beginning of accounting depreciation takes place in the month following the filing. Individual accounting groups are depreciated as follows: Tax group 1 3 years Tax group 2 5 years Tax group 3 10 years Tax group 4 20 years Tax group 5 30 years Tax group 6 50 years The second and third tax groups are depreciated in an accelerated or uniform way, if possible, depending on the assets 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 has been used further on As far as the conversion of foreign currencies, a valid CNB rate is used on the date of performing the accounting operation. The record keeping of foreign invoices is performed on the day when the invoice was issued. The payment is considered to be the date 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 082 Accumulated depreciation to TA with the groups on 31 March 2012 Group 3 Machinery 3,315, ,792, Group 4 Appliances 38,762, ,886, Group 5 Equipment 31,529, ,411, Group 6 Means of transport 57,020, ,319, Group 7 Inventory 909, , ,537, ,305, Small long-term assets (acquisition costs less than 40,000 CZK) acquired before ,410, ,410, ,948, ,716, Account 013 Software 073 Software depreciation State as per 1 April ,550, ,495, State as per 31 March ,335, ,725, Small long-term assets (acquisition costs less than 60,000 CZK) acquired before , , ,491, ,880, b. Tangible long-term assets acquired through financial leasing The total amount of leasing instalments: The amount payable in , The amount payable in , annual report 2011

13 3.1.c. Increase and decrease of T&ILA according to the accounts in the period of fiscal year 2011 (except small T&ILA) Account Initial state Increase Decrease Final state 013/10 7,550, , ,335, /10 78,436,665 7,856, ,293, /10 119,555,657 14,393,462 2,411, ,537, /10 57,624, ,624, /10 396, ,200 Total 263,563,148 23,035,501 2,411, ,187, d. 3.1.e. The sum of assets not included in the Balance Sheet Low-value assets kept in the operational records at the purchase price: Assets specification burdened with lien As per 31 March 2012, the Company does not have any assets burdened with lien. 45,032,000 CZK 3.2. Claims in CZK 3.2.a. The sum of claims after the due date: 98,227,000 CZK Up to 30 days: 47,080,000 CZK Up to 90 days: 2,704,000 CZK Over 90 days: 48,443,000 CZK 3.2.b. 3.2.c. 3.2.d. Long-term claims Long-term trade receivables included in the Balance Sheet are created by retention sums of payments based on contractual stipulations, as well as the amount of 148,920,000 CZK by virtues of credits and loans granted. The sum of claims in the amount of 17,175,000 CZK made upon the association members consists of the claims made upon the association members participating in those associations of which we are members. This means the division of net income, as well as payments of invoices issued by other association members, etc. In its accounting, the Company registers 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 bee created regarding this bill of exchange. The received and issued collaterals and bills of exchange are recorded in the corresponding Balance Sheet Equity 3.3.a. Company s equity on 31 March ,905,000 CZK 3.3.b 3.3.c. The division of profit made in the previous accounting period From the profit made in the accounting period 2010 in the amount of 359,851,000 CZK, the Board of Directors has taken the decision to pay out the profit in the form of dividends in the overall amount of 45,000,000 CZK. The remaining profit in the amount of 314,851,000 CZK has been transferred onto the retained earnings account. Registered capital The amount of the registered capital is 205,000,000 CZK. The registered capital consists of 204 shares in the nominal value of 1,000,000 CZK each and 2 shares in the nominal value of 500,000 CZK each Trade liabilities in CZK 3.4.a. The sum of liabilities after the due date: 46,188,000 CZK Up to 30 days: 18,844,000 CZK Up to 90 days: 9,079,000 CZK Over 90 days: 18,265,000 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 liabilities after the due date exceeding 90 days comprises the sum of invoices conditioned by the final handover of the work without any faults and backlogs, which included the calculation of the contractual date of the liability due date related to the total price for work. 3.4.b. Out of which, the liabilities to the companies within the group: 0 CZK 3.4.c. The Company does not have any liabilities covered by lien. annual report

14 3.4.d. The Company does not have any liabilities not included in the bookkeeping as per 31 March e. Long-term trade liabilities included in the Balance Sheet consist of retention sums of payments based on contractual stipulations Liabilities to employees Wage liabilities in the month of March Other liabilities to employees Total 15,972,000 CZK 221,000 CZK 16,193,000 CZK 3.5. Reserves 3.5.a. A reserve concerning the repairs of long-term tangible assets has not been made Company revenues divided according to main activities: Activity Amounts in thousands CZK Transport 1,486 Locksmith s workshops 11,568 Laboratories, research and development 8,921 Mechanisation 2,396 Repair shops 971 Design 11,499 Civil engineering 4,207,384 Auxiliary civil engineering 3,319 Roads and bridges 193,982 Building administration 8,738 Company management 252,065 Water management structures 800,697 Total 5,503,026 The performance includes the revenues from the sales of the Company s products and services, revenues from the sales of its assets and materials, other operating revenues, and the revenues from the Company s financial activities Shares in persons under direction IMOS Invest I, spol. s r.o., company registration No Olomoucká 174, Brno Registered capital: Registered capital share: 100% 15,000,000 CZK 4. ESTIMATED PRE-PAID ITEMS The sum of the estimated items in the amount of 30,014,000 CZK consists of the estimated items based on so far non-disclosed insurance claims and uninvoiced services. 5. ESTIMATED EXPENSES OR LOSSES The sum of the estimated items in the amount of 1,178,194,000 CZK consists of the estimated items based on uninvoiced supplies and deliveries provided by subcontractors. 6. INCOME TAX State tax obligations and subsidies Property tax Dependent activity tax Total State tax receivables VAT claim Consumption tax return claim Total 30,058,000 CZK 1,362,000 CZK 31,420,000 CZK 39,331,000 CZK 188,000 CZK 39,519,000 CZK The calculation of the deferred tax obligation consists of the difference between the balance tax and the property book value, and it amounts to 2,919,000 CZK. A report entitled Report on the relations between interconnected persons as per 31 March 2012 has been prepared. The report has been deposited in the Company s head office. No significant or substantial change occurred in the period leading up to processing and preparing the financial statement. 26 annual report 2011

15 Auditor s report Limited Liability Company Kotlářská 931/53, Brno, Czech Republic Commercial register kept at the Regional Court in Brno Section C, File 4855, No.: Phone: , Phone: , Fax: audit@topauditing.cz Independent auditor s report on verifying the Financial Statement compiled on 31 March 2012 and realting to the economic year from 1 April 2011to 31 March 2012 IMOS Brno, a.s., Brno Registration No.: This report is addressed to the statutory body of the company. We have audited the attached financial statements of the company which comprise the balance sheet as at 31st March 2012, profit and loss statement, statement of changes in equity and cash flow statement for the year that ended on the aforementioned date and an appendix to this financial statement that summarises the significant accounting methods used and other explanatory information. The company data is listed in the appendix to this financial statement. The audit was conducted on behalf of the auditing company by Ing. Štěpán Gregor (Chamber of Auditors of the Czech Republic authorisation number 2136). Responsibility of the statutory body of the accounting entity for its financial statement. The statutory body of the company is responsible for the elaboration of the financial statement that gives a true and fair view of the company, in compliance with the Czech accounting standards, as well as for such internal control as the management determines is necessary to enable the preparation of a financial statement that is free from (material) misstatements, whether due to fraud or error. Auditor s responsibility. Our responsibility is to express an opinion on this financial statement based on our audit. We have conducted our audit in accordance with the act on auditors, International Standards on Auditing and the related implementing appendices of the Chamber of Auditors of the Czech Republic. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statement is free from (material) misstatement. The audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on the auditor s judgment, including the assessment of the risks of (material) misstatement of the data included in the financial statement, whether due to fraud or error. In making those assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statement, in order to design audit procedures that are appropriate under the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. The audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Auditor s opinion. In our opinion, the presented financial statement gives a true and fair view of the company s assets and liabilities as at 31st March 2012 and costs and revenues and profit / loss from the year that ended on the aforementioned day, in compliance with the Czech standards on accounting. In Brno, 25 May 2012 Auditor s signature: (illegible signature) TOP AUDITING, s.r.o., Brno Chamber of Auditors of the Czech Republic Authorisation number 47 Office for Audit Supervision Licence number 007 Expert Institute (Ministry of Justice of the Czech Republic 63/97-OOD) annual report

16 Auditor s report Limited Liability Company Kotlářská 931/53, Brno, Czech Republic Commercial register kept at the Regional Court in Brno Section C, File 4855, No.: Phone: , Phone: , Fax: audit@topauditing.cz Independent auditor s report on verifying the annual report compiled on 31 March 2012, i.e. relating to the economic year from 1 April 2011 to 31 March 2012 IMOS Brno, a.s., Brno Registration No.: The report is addressed to the statutory body of the company. On behalf of the auditing company, the audit was conducted by Ing. Štěpán Gregor (Chamber of Auditors of the Czech Republic License number 2136). Report on the financial statement. We have audited the company s financial statement for the economic year Based on the audit we issued, on 25 May 2012, the auditor s report with this opinion: Auditor s opinion. In our opinion, the presented financial statement gives a true and fair view of the company s assets and liabilities as at 31st March 2012 and costs and revenues and profit / loss from the year that ended on the aforementioned day, in compliance with the Czech standards on accounting. Report on the annual report. We have also verified the compliance of the company s annual report as at 31st March 2012 with the financial statement that is included in this annual report. The statutory body of the company is responsible for the correctness of the annual report. Our task is to issue an opinion on the compliance of the annual report with the financial statement, based on the aforementioned verification. We have conducted the verification in compliance with the International Standards on Auditing and the related implementing appendices of the Chamber of Auditors of the Czech Republic. These standards require that the auditor plan and carry out the verification to obtain reasonable assurance that information contained in the annual report that refers to matters that are listed in the financial statement is consistent with the respective financial statement in all (material) aspects. We believe that the verification, as conducted, is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the information contained in the annual report of the company as at 31 st March 2012 is in compliance, in all (material) aspects, with the aforementioned financial statement. In Brno, 29 June 2012 Auditor s signature: (illegible signature) 28 annual report 2011 TOP AUDITING, s.r.o., Brno Chamber of Auditors of the Czech Republic Authorisation number 47 Office for Audit Supervision Licence number 007 Expert Institute (Ministry of Justice of the Czech Republic 63/97-OOD)

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18 IMOS Brno, a.s. Olomoucká Brno tel.: fax: