Annual Report. OSA The Performing and Mechanical Rights Society of Composers, Authors and Publishers
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1 2003 Annual Report OSA The Performing and Mechanical Rights Society of Composers, Authors and Publishers
2 2003 ANNUAL REPORT Čs. armády 20, PRAHA 6 tel.: fax: osa@osa.cz
3 Contents Annual Report on Activities and Collections OSA Financial Results Auditor's Statement THE OSA MUSIC FOUNDATION completed its sixth year of operation in 2003 Report on the Audit of The OSA Music Foundation for
4 Annual Report on Activities and Collections Annual Report on the Activities and Financial Management of OSA - The Performing and Mechanical Rights Society of Composers, Authors and Publishers (Headquarters: cs. armady 20, Prague 6) - for Calendar Year 2003 During the year 2003, OSA continued to conduct its operations under its authorisation to perform collective administration of copyrights of authors and other rightholders (Ref. No dated 28 February 2001, as extended per Ref dated 30 January 2003, in accordance with Section 95 of Act No. 121/2000 Coll.). This authorisation was published in Commercial Bulletin No. 14 on 4 April OSA was founded by Czech authors on 9 October 1919, and as of 22 January 1996, was registered by the Ministry of the Interior, under Ref. No. II/s-OS/ /96-R, as a voluntary association of authors of musical works (composers and lyricists) and music publishers. As of 31 December 2003, OSA represented 5,005 domestic copyright holders, comprised of 2,176 living authors, 2,231 heirs (of 1,366 deceased copyright holders), and 58 music publishers. During 2003, 228 new rightholders were accepted for representation. On the international level, the General Manager and Chief Executive Officer of the Management Board participated in the activities of CISAC and served as an observer of regular General Meetings of GESAC - The European Association of Societies of Authors and Composers - to which OSA was invited as one of the collective administrators from the EU accession countries. During the year, on-line amendments to reciprocal contracts for public performance rights were concluded with BMI (USA), BUMA (The Netherlands) and SACEM (France). As of 31 December 2003, OSA had 594 members, consisting of 408 composers, 106 lyricists, 18 music publishers and 62 heirs of important composers. At year-end, OSA employed 130 persons, including 24 personnel in regional offices. We also had 69 contracted external investigators, the number of which fluctuated throughout the year. In addition to its Prague headquarters, OSA has 7 regional offices: Brno, Hrancice na Morave (until 31 August), Ostrava (opened 15 August), Ceske Budejovice, Karlovy Vary, Havlickuv Brod, Hradec Kralove, and Decin. The digital database of Czech musical works of represented authors contained a total of 239,638 titles at year-end, plus 281 notifications of musical works of unrepresented authors. During the year, 12,170 new titles were added. In addition to the digital database managed since 1994, OSA has maintained a card register of all notified musical works since All represented authors are registered in the global IPI catalogue maintained in Switzerland, and 26,400 compositions of Czech authors used abroad are included in the WWL worldwide catalogue maintained in the United States. During the year, OSA registered 279 domestic contracts for the publishing of 1,041 musical works and 112 rights assigned by OSArepresented authors for the initial publishing by foreign publishers. In 2003, domestic publishers entered into 33 sub-publishing licence contracts with foreign publishers of Czech authors' works. OSA monitored 223,772 public musical performances and 1,656 musical performances from jukeboxes during the year. 2
5 Annual Report on Activities and Collections At year-end, OSA was responsible for administering 7,122 accounts of domestic authors, heirs and publishers. OSA is the owner of its administrative headquarters in Prague, including related land and garages. All regional offices are leased premises. OSA's equity totalled CZK 37,127,000 at year-end. OSA operates a single entity; its regional offices do not act as separate entities. OSA has not established any subsidiaries; it is, however, a founder and supporter of The OSA Music Foundation, which supports the interests of contemporary Czech music. In 2003, as in past years, OSA made no use of credits, loans or subsidies, financial investments or marketable securities. OSA uses a double-entry bookkeeping system and its financial statements are audited. In 2003, OSA's total collections were CZK 515,757,000, including CZK 15,876,000 collected for other domestic collective administrators (Dilia, Intergram). Collections were comprised primarily of domestic royalties (CZK 401,296,000, which consisted of broadcasting rights of CZK 169,700,000, public performance rights of CZK 144,676,000, mechanical reproduction rights of CZK 81,621,000, and audiovisual rights of CZK 5,299,000). Foreign collections amounted to CZK 88,714,000, and miscellaneous collections (interest, rent, etc.) totalled CZK 9,871,000. Total expenses in 2003 amounted to CZK 99,260,000, or 19.8% of total collections. The legal requirement for profit and loss-free financial management was complied with, and operating results were balanced. In 2003, total royalties distributed to represented parties (natural and legal persons) were CZK 314,893,000, of which CZK 175,312,000 was paid to natural persons, CZK 125,814,000 to music publishers based on contracts with authors, and CZK 13,767,000 to other represented legal entities. During the year, represented persons filed 64 claims, mostly due to incomplete or inaccurate user notifications, and based on 42 justified claims, OSA collected an additional CZK 474,000. OSA was contacted by 20 unrepresented authors claiming their rights, and OSA made collections on their behalf in accordance with the law. The total amount paid to unrepresented authors was CZK 106,000. Under international contracts on mutual protection and repertory exchange concluded with similar foreign protective rights societies, OSA collected CZK 83,429,000 for public performance rights and CZK 25,165,000 for mechanical reproduction rights for the production and public distribution of sound recordings. The amount of royalties distributed abroad was CZK 116,485,000 before tax. This OSA Annual Report for 2003 is the fourth such report published in the Commercial Bulletin as required by the Copyright Act, No. 121/2000 Coll. This report is also published in OSA's Newsletter available to represented persons and in the OSA Yearbook. This report is publicly available and may be reviewed at the reception to OSA's headquarters. Prague, 15 March 2004 JUDr. Alexandra Wunscholva Pujmanova General Manager and Chief Executive Officer OSA Management Board 3
6 OSA Financial Results During 2003, collected royalties plus other income totalled CZK 515,784,000, historically OSA's second highest result. The increase in collections was reported by three of the four largest collecting departments. In the Department of Public Performance Rights, collections grew by CZK 7.4 million; in the Department of Broadcast Rights, they increased by CZK 5.8 million; and collections from abroad were up by CZK10 million. The Department of Mechanical Rights, however, experienced a significant decrease of CZK 21.8 million. The Audiovisual Department showed a decline of CZK 500,000. Total operating expenses totalled CZK 99,287,000, or CZK 2,032,000 more than in the prior year. The ratio of operating expenses to total collections was 19.2%, compared with 18.8% in The tables below summarise: collections according to respective collecting departments (amounts shown are after deduction of overhead expenses and are allocated for distribution to represented rightholders); information regarding distributed royalties; and data from the annual financial reports (i.e., the balance sheet and profit and loss statement). Ing. Miroslav Mares Head of the Finance Department 4
7 OSA Financial Results PROFIT AND LOSS STATEMENT December 31, 2003 Account Item Expenses Receipts 501 Materials Consumption , Energy Consumption , Repairs and Maintenance , Travel , Entertainment ,76 518Miscellaneous Services , Wages and Salaries , Statutory Social Security , Other Social Security , Fringe Benefits ,19 538Other Taxes and Fees , Exchange Rate Losses 3520, Other Miscellaneous Expenses , Amortization and Depreciation , Contributions Paid , Income Taxes , Revenues , Contractual Fines and Penalties 36064, Interest , Gains due to exchange rate fluctuations , Other Income 71622, Income from PP&E and Intangible Assets Sold 11450,00 Total Expenses ,52 Total Revenues ,52 Profits 0,00 Turnover , ,52 TOTAL COLLECTIONS AND DISTRIBUTIONS in 2003 (in thousands of CZK) Total Operating Expenses Allocated to represented parties: Public performance rights Broadcast rights Audiovisual rights Mechanical rights Foreign royalties Collections made by the Department of Mechanical Rights on behalf of other Czech protective rights societies Total Distributions Total Collections ROYALTIES PAID in 2003 (in thousands of CZK) Individuals represented by OSA Legal entities represented by OSA: Publishers Other Foreign persons Other Czech protective rights societies Total Distributions
8 OSA Financial Results BALANCE SHEET December 31, 2003 Account Item Assets Liabilities 013 Software (value in excess of CZK 60,000) ,00 018Small Intangibles (CZK 7,000-60,000) , Real Property , Capital Equipment: Units and Property Classes (40 thous.) , Small Tangibles (CZK 3, ,000) , Land 97350, Art Works , Adjustments to Software ,00 078Adjustments to Small Intangibles , Adjustments to Real Property , Adjustments to Capital Equipment , Adjustments to Small Tangibles , Supplies , Petty Cash , Liquid Valuables , Cash in Banks , Customers , Deposits Paid , Other Receivables , Accounts Payable , Deposits Received , Other Payables , Due to Staff 14158, Other Payables to Employees , Due to Social Security and Health Insurance Agencies , Income Taxes , Other Direct Taxes , Miscellaneous Liabilities 10000, Prepaid Expenses , Accrued Expenses 51387, Deferred Income 34975, Estimated Receivables , Estimated Payables , Equity , Funds ,86 Total Assets ,31 Total Liabilities ,31 Profit 0,00 Turnover , ,31 The Balance Sheet and Profit and Loss Statement in the form required for associations and other non-profit organisations are publicly available in the lobby of OSA's headquarters and published in OSA's Newsletter. 6
9 Auditor's Statement Independent Audit of the Annual Financial Report of OSA The Performing and Mechanical Rights Society of Composers, Authors and Publishers for Calendar Year 2003 The auditor's report on the annual financial statements is intended for submission to OSA's General Assembly. The financial statements of OSA, the accounting unit which was the subject of the audit, were compiled for the period ended and closed on 31 December 2003 and cover the period from 1 January through 31 December The statutory body of the accounting unit - the Management Board of this voluntary association - is responsible for the compilation of the financial statements and for bookkeeping in accordance with current accounting and other related law, as well as for their completeness, trustworthiness, factual bases, and accuracy. The task of the auditor was to express his opinion on the final accounts based on the audit of the financial statements of the accounting unit. The audit was conducted in compliance with the provisions of Act No. 254/2000 Coll. on Auditors and with the auditing principles of the Chamber of Auditors of the Czech Republic, while respecting the principles of importance of the reported facts. The regulations require that the audit be planned and conducted so that the auditor obtains adequate assurance that the financial statements do not contain major errors or discrepancies. The audit includes testbased verifications of the completeness and factual bases of: figures and information presented in the financial statements evaluation of accuracy and appropriateness of accounting procedures use of important estimates for the compilation of the financial statements evaluation of the overall presentation of the final accounts in terms of their structure and clarity from a user's perspective. We believe the audit provides an adequate basis on which to express an opinion on the final accounts for the year Auditor's Statement In my opinion, the financial statements of the subject accounting unit for the year 2003 present, truly and fairly, in all material aspects, the assets, liabilities, equity and financial standing of the voluntary association known as OSA - The Performing and Mechanical Rights Society of Composers, Authors and Publishers - as of 31 December 2003, and its operating results for 2003, in compliance with valid legal regulations of the Czech Republic. Signed in Prague on 20 February 2004 On behalf of ZZ Audit, s.r.o., Ing. Josef Zacek Auditor Licence No
10 THE OSA MUSIC FOUNDATION completed its sixth year of operation in 2003 As in prior years, the Foundation focused on the sponsorship of non-commercial musical works of Czech authors. Financial support was provided for the creation, production and performance of such works. The Foundation's financial resources were donated by its founder - OSA, The Performing and Mechanical Rights Society of Composers, Authors and Publishers, Cs. armady 20, Prague 6 - and by JUDr. Ladislav Vostarek, Mickiewiczova 17, Prague 6. The Foundation commenced its 2003 operations during its first meeting of the year on 31 March In addition, three other meetings were held during the year, specifically on 12 May, 15 September, and 3 November. Of the 188 applications received for financial support, the Administrative Board approved 142 and rejected 46. Total distributions for the year totalled 2,771,000 Kc. The funds provided were disbursed in accordance with Article 6 of the Foundation statutes ("Conditions for the Provision of Foundation Grants"). The funds were not disbursed in contradiction to the Foundation's mission or to the tasks that the Foundation was created to perform. Such facts were confirmed on 1 December 2003 by the regular supervisory activities of the Supervisory Board of THE OSA MUSICAL FOUNDATION and by an audit dated 5 March The Foundation's registered capital is comprised of equity of CZK 500,000, time deposit accounts with Komercni banka of CZK 14,000,000 (one time deposit account of CZK 6,000,000 and two accounts of CZK 4,000,000), and share certificates with ZB Trust in the amount of CZK 4,000,000. The Foundation's cash account is maintained in a current account with Komercni banka, the balance of which was CZK 288, as of 31 December Operating expenses of the Foundation for 2003 totalled CZK 271,443, or 9.79% of total grants provided during the year. THE OSA MUSIC FOUNDATION's expenses did not exceed the limit of 10% as set forth in its statutes. THE OSA MUSIC FOUNDATION operated during 2003 under a new structure reflecting all music genres and branches represented by OSA. The OSA Music Foundation strives to contribute by its activities to the promotion of OSA - The Performing and Mechanical Rights Society of Composers, Authors and Publishers - which, in turn, significantly supports its operations. Mgr. Eduard Dousa, PhD. Chairman of the Administrative Board The OSA Music Foundation 8
11 Report on the Audit of The OSA Music Foundation for 2003 The financial results of The OSA Music Foundation were verified on 5 March 2004, by an independent auditing firm, ZZ Audit, s.r.o., Eliasova 17, Prague 6. On behalf of the auditing firm, the audit was conducted by an independent auditor, Ing. Josef Zacek, License No The audit determined that the annual final accounts and accounting records for 2003 conformed to valid accounting principles. Based on the results of the audit, the auditor found no evidence that would indicate that the accounting records maintained by the accounting unit did not comply with the law. The financial reports accurately present, in all material aspects, the assets, liabilities and equity, as well as the financial position, of The OSA Music Foundation as of 31 December 2003, and the financial results for the accounting period of 2003 are in accordance with Act. No. 563/1991 Coll. on Accounting, as subsequently amended, and with other related Czech laws. The auditor concluded that the Foundation's audited accounts are complete and accurate. Prague, 10 March 2004 Mgr. Eduard Dousa, PhD. Chairman of the Administrative Board THE OSA MUSIC FOUNDATION 9
12 2003 Annual Report Published by OSA The Performing and Mechanical Rights Society of Composers, Authors and Publishers Čs. armády Praha 6 Foto / Design / DTP / Tisk: CITY Studio s.r.o. Praha
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