výroční zpráva 2009 annual report

Transcription

1 výroční zpráva 2009 annual report

2

3 annual report IMOS Brno, a.s english version

4 Contents Chairman s introduction, company bodies and profile Human resources, turnover and organisational structure Balance sheet Profit and loss statement Cash flow statement Appendix to the financial statement (economic year 2009) Auditor s report

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 2009 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: Company Registration No.: 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 DIRCTORS Ing. Oldřich Štercl Chairman of the Board of Directors and Managing Director Ing. Ivan Sigmund Vice Chairman of the Board of Directors and Ostrava Branch 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. Radomír Vostál Member of the Supervisory Board Jan Kozubal Member of the Supervisory Board Company profile A) Civil engineering Industrial plants, Shopping centres, 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 Expressways, roads, bridges, and engineering structures D) Design E) Road development and accredited testing laboratory 19

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 (36 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 a last decade. Summary of average annual number of employees (total) rok Turnover (in bilion CZK) rok Organisational structure IMOS Brno, a.s. Board of Directors Managing Director Slovakia Branch Legal Services (external) Brno Branch Civil Engineering Business Department Brno Branch Water Management and Road Structures Road Development Division Department of Purchases and Services Brno Technical Department Brno Ostrava Branch Finance and Administration Department 20

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 3,946, ,817 3,651,296 4,072,032 A. Receivables from capital subscriptions B. Long-term fixed assets (r ) , , , ,447 B. I. Long-term intangible assets (r. 05 to 12) 004 9,970-9, B. I. 1. Incorporation expenses B. I. 2. Research and development B. I. 3. Software 007 9,970-9, 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) , , ,232 95,712 B. II. 1. Lands , ,204 6 B. II. 2. Constructions , ,011 3,557 B. II. 3. Equipment ,512-92,938 38,574 46,280 B. II. 4. Perennial crops 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 , ,451 32,115 44,820 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 3,452,558-33,267 3,419,291 3,942,579 C. I. Inventory (r. 33 to 38) , , ,763 C. I. 1. Material , ,216 24,668 C. I. 2. Work in progress and semi-products , , ,095 C. I. 3. Finished products C. I. 4. Animals C. I. 5. Merchandise C. I. 6. Advance payments for inventory C. II. Long-term receivables (r. 40 to 47) , , ,674 C. II. 1. Trade receivables , , ,674 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 receivables C. II. 7. Other receivables , ,000 0 C. II. 8. Deferred tax receivable C. III. Short-term receivables (r. 49 to 57) 048 1,284,392-33,267 1,251,125 1,673,535 C. III. 1. Trade receivables 049 1,167,668-33,267 1,134,401 1,454,250 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 , ,212 8,461 C. III. 5. Receivables from social security and health insurance C. III. 6. Due from state tax receivable , ,493 26,208 C. III. 7. Short-term deposits given , ,295 22,396 C. III. 8. Estimated receivables , ,599 66,740 C. III. 9. Other receivables , ,125 95,480 C. IV. Short-term financial assets (r. 59 to 62) 058 1,656, ,656,564 1,723,607 C. IV. 1. Cash 059 3, ,828 C. IV. 2. Bank accounts 060 1,552, ,552,776 1,720,779 C. IV. 3. Short-term securities and ownership interests , ,000 0 C. IV. 4. Short-term financial assets acquired D. I. Accruals (r. 64 to 66) 063 9, ,538 18,006 D. I. 1. Deferred expenses 064 9, ,208 15,243 D. I. 2. Complex deferred costs D. I. 3. Deferred income ,763 21

8 Balance sheet Reference Liabilites Row Current accounting period Previous accounting period a b c 5 6 TOTAL LIABILITIES (r ) 067 3,651,296 4,072,032 A. Equity (r ) , ,058 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 ) , ,615 A. IV. 1. Retained earnings from previous years , ,615 A. IV. 2. Accumulated losses from previous years A. V. Profit / loss current year (+/-) , ,293 B. Other sources (r ) 086 2,860,499 3,229,517 B. I. Reserves (r. 88 to 91) 087 4,146 3,226 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 4,146 3,226 B. II. Long-term payables (r. 93 to 102) , ,170 B. II. 1. Trade payables , ,455 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. Issued 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 3,314 2,715 B. III. Short-term payables (r. 104 to 114) 103 2,309,895 2,620,621 B. III. 1. Trade payables ,077 1,024,997 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 ,770 74,961 B. III. 5. Payroll ,248 77,989 B. III. 6. Payables to social securities and health insurance ,491 8,748 B. III. 7. Due from state tax liabilities and subsidies 110 2,595 1,464 B. III. 8. Short-term deposits received 111 5, ,067 B. III. 9. Issued bonds B. III. 10. Estimated payables 113 1,248,731 1,183,048 B. III. 11. Other payables 114 8,461 13,347 B. IV. Bank loans and financial accommodations (r. 116 to 118) ,500 B. IV. 1. Long-term bank loans B. IV. 2. Short-term bank loans ,500 B. IV. 3. Short-term accommodations C. I. Accruals (r ) ,457 C. I. 1. Accrued expenses ,093 C. I. 2. Deferred revenues ,364 22

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 5,699,205 6,937,591 II. 1. Revenues from own products and services 05 5,759,338 6,638,364 II. 2. Change in inventory of own products 06-60, ,844 II. 3. Capitalization B. Production consumption (r ) 08 4,411,478 5,944,957 B. 1. Consumption of material and energy , ,163 B. 2. Services 10 4,108,336 5,493,794 + Added value (r ) 11 1,287, ,634 C. Personnel expenses (r. 13 to 16) , ,673 C. 1. Wages and salaries , ,821 C. 2. Remuneration of board members and association members C. 3. Social security expenses and health insurance , ,842 C. 4. Other social expenses 16 1,852 2,010 D. Taxes and fees 17 2,715 3,843 E. Depreciations of intangible and tangible assets 18 15,000 11,652 III. Revenues from disposals of fixed assets and materials (r ) 19 7,041 20,347 III. 1. Revenues from disposals of fixed assets 20 2,981 17,788 III. 2. Revenues from disposals of materials 21 4,060 2,559 F. Net book value of disposed fixed assets and materials (r ) 22 5,116 12,781 F. 1. Net book value of sold fixed assets 23 1,736 11,763 F. 2. Net book value of sold material 24 3,380 1,018 G. Change in operating reserves and adjustments and complex deferred costs (+/-) 25 12,915 1,688 IV. Other operating revenues 26 39,934 20,889 H. Other operating expenses 27 17,802 23,136 V. Transfer of operating revenues I. Transfer of operating expenses * Operating profit / loss [r (-28) - (-29)] , ,097 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 18,593 32,778 N. Interest expenses 43 2, XI. Other financial revenues 44 45,737 53,342 O. Other financial expenses 45 62,970 60,304 XII. Transfer of financial revenues P. Transfer of financial expenses * Profit / loss from financial operations (transactions) [(r (-46) - (- 47)] ,252 Q. Income tax on ordinary income (r ) , ,056 Q. 1. Due tax , ,631 Q. 2. Tax deferred ** Operating profit / loss ordinary activity (r ) , ,293 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 of profit (loss) to partners (+/-) *** Profit / loss of current accounting period (+/-) (r ) , ,293 **** Profit / loss before tax (+/-) (r ) , ,349 23

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 1,723,607 CASH FLOWS FROM MAIN ACTIVITIES (OPERATING ACTIVITIES) Z. Accounting profit/loss from running activities before taxation 655,802 A. 1. Adjustments by non-cash operations 11,035 A Depreciation of fixed assets and amortization of adjustments to acquired assets 27,704 A Change in balance of adjustments and reserves 1,131 A Profit from sales of fixed assets -1,245 A Revenue from dividends and shares in profit 0 A Accounted for interest expense, exclusive of interest capitalization and accounted for credit interest -16,555 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 666,837 A. 2. Change in non-cash items of working capital 149,836 A Change in balance of receivables from running activities, temporary assets accounts 343,853 A Change in balance of short-term payables from running activities, temporary liability accounts -314,666 A Change in balance of inventory 120,649 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 816,673 A. 3. Interests paid exclusive of interest capitalization -2,038 A. 4. Interests received 18,593 A. 5. Income tax for running activities and additional tax assessments for previous periods -152,981 A. 6. Income and expense on unusual and/or extraordinary items, including income tax -599 A. 7. Received dividends and shares in profit 0 A. *** Net cash flow from running activities 679,648 CASH FLOWS FROM INVESTING ACTIVITIES B. 1. Expense on fixed assets acquisition -140,460 B. 2. Income from fixed assets sales 2,981 B. 3. Loans to related parties 0 B. *** Net cash flow from investing activities -137,479 CASH FLOWS FROM FINANCING ACTIVITIES C. 1. Change in balance of long-term or short-term payables -59,212 C. 2. Impact of changes in equity on cash on hand and financial equivalents -550,000 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 -550,000 C. *** Net cash flow from financing activities -609,212 F. Net increase / decrease in cash on hand -67,043 R. Balance of cash on hand and financial equivalents as at the end of reporting period 1,656,564 24

11 Appendix to the financial statement (economic year 2009) 1. GENERAL DATA Accounting unit description Registration date in the Trade Register: 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: Executing constructions, including their modifications, maintenance work and removal Legal form: Joint stock company Shareholders whose stake exceeds 20%: IMOS holding, a.s., company registration No Olomoucká 174, Brno Registered capital of 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 of 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. Organizational Branch of the Company Bytčická 89, Žilina, SK Company registration No.: , VAT No.: SK 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 Ing. Jan Sniegon Pod skalkou 10, Nový Jičín 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. Radomír Vostál Kuršova 3, Brno Jan Kozubal Hnojník 261 Average number of employees during the accounting period: 722 Management: 8 Labour costs recapitulation (in 000 CZK): Employees Management Out of Members of the Executive Bodies Labour costs 515, ,050 76,134 Health insurance and social security costs 107,684 5,974 3,239 Several of the executives of individual sections, divisions and departments are entitled to use company cars, which is, in compliance with 6 of the Act No 586/92 Coll. 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 by the Company. 25

12 2. INFORMATION CONCERNING USED ACCOUNTING METHODS, GENERAL ACCOUNTING 2.1. The mode 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 proportion to the amount of consumed material. The mode of keeping stock records is FIFO. Activated long-term tangible assets are valued on the level of real costs The mode 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 replacement price determination. In this accounting period, no such property was 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 30,190,000 CZK. Furthermore, a non-fiscal rectifying item in the amount of 3,077,000 CZK has been created. See the Balance Sheet for the details Accounting depreciations are carried out using a uniform depreciation method. The beginning of accounting reciations is in the following month after 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, 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 has been used further on 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 The payment is considered to be 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 082 Accumulated depreciation to TA with the groups onto 31 March 2010 group 3 machinery 3,422, ,362, group 4 appliances 39,426, ,535, group 5 equipment 34,873, ,657, group 6 means of transport 34,352, ,004, group 7 inventory 909, , ,985, ,412, Small long-term assets (acquisition costs less than 40,000 CZK) acquired before ,870, ,870, ,855, ,282, group 6 Leasing IMOS Brno, a.s. Slovakia Branch 655, , ,511, ,938, b. Account 013 Software 073 Accumulated depreciation to software State as per 1 April ,057, ,322, State as per 31 March ,758, ,522, Small long-term assets (acquisition costs less than 60,000 CZK) acquired before , , ,970, ,735, Tangible long-term assets obtained by financial leasing The total amount of leasing instalments: The amount payable in ,647,000 The amount payable in ,043,000 The amount payable in ,000 The amount payable in ,000 26

13 3.1.c. Increase and decrease of T&ILA according to the accounts in the period of economic year 2009 (except small T&ILA) Account Initial state Increase Decrease Final state 013/10 10,057, , , ,758, /10 3,664, ,436, ,664, ,436, /10 110,616, ,722, ,353, ,985, /10 6, ,204, , ,204, /10 232, , , , Total 124,576, ,670, ,467, ,780, d. 3.1.e. The sum of assets not stated in the Balance Sheet Low-value assets in the operative registration at the purchase price: Assets specification burdened with lien As per 31 March 2010, the company does not have any assets burdened with lien. 47,369,000 CZK 3.2. Claims in thousands CZK 3.2.a. The sum of claims after their due date: 182,988,000 CZK up to 30 days: 29,418,000 CZK up to 90 days: 125,735,000 CZK after 90 days: 27,835,000 CZK 3.2.b. 3.2.c. 3.2.d. Long-term claims Long-term trade claims stated in the Balance Sheet are created by retention sums of payments based on contractual stipulations, as well as the amount of long-term advance payments given in the amount of 971,000 CZK and the amount of 50,000,000 CZK by virtue of a credit granted. The sum of claims in the amount of 27,212,000 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. 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 exchange are registered in the corresponding Balance Sheet Own capital 3.3.a. The own capital of the company on 31 March ,280,000 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 2008 in the amount of 377,293,000 CZK, the Board of Directors took the decision to pay out the profit in the form of dividends. Furthermore, dividends in the amount of 172,707,000 CZK, arising from the retained earnings from previous years, were paid out. In total, the amount of paid out dividends reached 550,000,000 CZK. Registered capital The 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 Trade liabilities (in thousands CZK) 3.4.a. The sum of liabilities after the due date: 24,935,000 CZK up to 30 days 9,175,000 CZK up to 60 days 5,914,000 CZK after to 90 days 9,846,000 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 iabilities 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, to which the contractual date of the liability due date related to the total price for work is lculated. 3.4.b. Among them, the liabilities to the companies in the group 0 CZK 27

14 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 e. Long-term trade liabilities stated in the Balance Sheet are created by retention sums of payments based on contractual stipulations Liabilities to employees Wage liabilities in the month of March Other liabilities to the employees Liabilities due to in-house savings 3.5. Reserves 3.5.a. A reserve concerning long-term tangible assets repairs has not been made. 20,229,000 CZK 756,000 CZK 134,263,000 CZK 155,248,000 CZK 3.6. Company revenues divided according to main activities: Activity Amounts in thousands CZK Transport 872 Locksmith s workshops 39,714 Laboratories, research and development 11,380 Mechanization 1,231 Repair shops 1,043 Design 5,570 Civil engineering 4,130,986 Auxiliary civil engineering 12,239 Roads and bridges 760,268 Building administration 1,928 Company management 53,299 Water management structures 791,980 Total 5,810,510 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 Shares in persons under direction IMOS Invest I, spol. s r.o., registration No Olomoucká 174, Brno Registered capital Share in the registered capital 100 % 15,000,000 CZK 15,000,000 CZK 4. ESTIMATED PRE-PAID ITEMS The sum of estimated items in the amount of 34,599,000 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 estimated items in the amount of 1,248,731,000 CZK consists of the estimated items based on univoiced supplies from subcontractors. 6. INCOME TAX State tax obligations and subsidies Dependent activity tax State tax receivables VAT claim VAT claim Consumption tax return claim Total 2,595,000 CZK 24,981,000 CZK 9,469,000 CZK 43,000 CZK 34,493,000 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 3,314,000 CZK. A report entitled Report on the relations between interconnected persons as per 31 March 2010 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. 28

15 Auditor s report TOP AUDITING Limited liability company Commercial Register kept at the Regional Court in Brno Section C, insert 4855 Registration No.: Kotlářská 931/ Brno, Czech Republic Phone Fax audit@topauditing.cz INDEPENDENT AUDITOR S REPORT IMOS Brno, a.s, Olomoucká 174, Brno, Czech Republic Registration No.: We have examined the submitted financial statement of the Company IMOS Brno, a.s., i.e. the Balance Sheet as per 31 March 2010, the Profit and Loss Statement, [the Statement of Changes in the Equity, and the Cash Flow Statement] covering the accounting period of 1 April 2009 to 31 March 2010, as well as the Appendix to this financial statement, including the description of all the important accounting methods applied. The information 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 Company 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 accordance 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 procedures 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. 29

16 Auditor s statement 2 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 2010, 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, 24 May 2010 (illegible signature) Ing. Ludvík Novotný Chamber of Auditors of the Czech Republic, Licence No TOP AUDITING, s.r.o. Kotlářská 931/53, Brno, Czech Republic Chamber of Auditors of the Czech Republic, Licence No. 047 Chamber of Auditors of the Slovak Republic, Licence No

17 Auditor s report TOP AUDITING Limited liability company Commercial Register kept at the Regional Court in Brno Section C, insert 4855 Registration No.: Kotlářská 931/ Brno, Czech Republic Phone Fax audit@topauditing.cz INDEPENDENT AUDITOR S REPORT IMOS Brno, a.s. Registration No.: We have verified the compliance of the annual report of the Company IMOS Brno, a.s. as per 31 March 2010 with the financial statement included in this annual report. It is the statutory body of the Company IMOS Brno, a.s. that holds the responsibility for the correctness of the annual report. 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 auditor 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. In our opinion, all the information included in the annual report submitted by the Company IMOS Brno, a.s. as per 31 March 2010 is, in all the essential respects, in compliance with the afore mentioned financial statement. In Brno, 24 May 2010 Ing. Ludvík Novotný Chamber of Auditors of the Czech Republic, Licence No (illegible signature) (stamp) TOP AUDITING, s.r.o. Kotlářská 53, Brno TOP AUDITING, s.r.o. Kotlářská 931/53, Brno, Czech Republic Chamber of Auditors of the Czech Republic, Licence No. 047 Chamber of Auditors of the Slovak Republic, Licence No

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