ВИНПРОМ ТРОЯН АД ГОДИШЕН ОТЧЕТ ЗА 2015 Г. VINPROM TROYAN AD ANNUAL REPORT 2015
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1 ВИНПРОМ ТРОЯН АД ГОДИШЕН ОТЧЕТ ЗА 2015 Г. VINPROM TROYAN AD ANNUAL REPORT 2015
2 ANNUAL REPORT 2015 CONTENT: I. Introduction II. Company profile General information Company bodies Main indicators Organization and company management charts III. Economic results Balance as of Profit and loss account as of Cash flow statement Information about capital Notes to the financial statements IV. Auditor's report to shareholders of the company
3 Dear shareholders, business partners, Let me present you the annual report of 2015 on behalf of the Board of Directors of VINPROM TROYAN AD. Despite the world s alcohol consumption is constantly decreasing and Rakia s market is shrinking, the market share of our company in 2015 grew and our sales increased. We assign this trend to our customers, who prefer quality and tradition than starting businesses and new products. We assume that the main cause of our growing market share is our fine products and the high-quality work of our employees, either those working directly with our clients or those situated in the production area. The fruit harvest in 2015 was quite good. In 2015 we bought more than 4 million kilograms of plums and 0,8 million kilograms of other fruits. We achieved a historical record VINPROM TROYAN AD have never bought bigger amount of fruits in the past. That allowed us to avoid using our old stock and to satisfy the demand. What helped us was the fact that we bought not only Bulgarian plums, but also fruits from near-by countries. Thanks to constant quality and traditional taste, we gained a gold medal at the prestigious exhibition VINARIA in Plovdiv for our first-class product Special Reserve 25-year-odl. Total revenues in 2015 amounted to thousand BGN. In comparison to 2014, the revenues increased by 17%. This was caused mainly by sales of our spirits in bulk (increase in 38%), because of increased interest from companies in yje group. Sales of our products, its sales in Bulgaria and its export grew in comparison to the previous year by 8%. Over the last nine years, when being part of the company R.JELINEK GROUP SE, we are in a permanent growth in the last mentioned indicator. In spite of that fact, VINPROM TROYAN AS had a loss for 2015 in amount of 669 thousand BGN. Company loss is not caused by trade activities of our firm. In 2015 we sold our old industrial base, which market price was far below the accounting price (577 thousand BGN). Despite of that loss, stockholders have decided to sell the base in order to release the financial resources of this property. Also some problematic long-term debts of the independent market in Bulgaria were amortized and now company has not got uncollectable debts. The
4 failure to reach the stipulated annual profit planned was reflected in the remuneration of employees responsible for such result. Export participates on total sales of own products by 3%. In comparison to the previous period it grew by 26%. Products from Troyan were sold to 10 countries, especially to the Czech Republic, USA and Spain. At the end of 2015 the total assets stabilized on thousand BGN. The decrease in assets by 10% was caused by sale of old industrial base in Teteven. Equity capital share is almost 58% of total assets. Subscribed capital has not changed and remains thousand BGN. Equity capital decreased by 15% to thousand BGN because of the loss. The tax deduction to the state amounted to thousand BGN, the excise tax was 1,691 thousand BGN. Last year VINPROM TROYAN AD paid off by regular instalments 14 thousand BGN. Investment loan for the stainless steel cladding of the concrete tanks now has balance of debt 81 thousand BGN. For operational financing of the company are used overdraft of 1, 3 mil. BGN and bank guarantee of 0,9 mil. BGN provided by SIBANK and OBB. The largest investment in 2014 was the above mentioned reconstruction of the fermentation technology, intake of fruit and new cars for sales representatives. Last year, we again managed to co-finance activities related to the purchase of orchards and preparation of new planting. Nowadays we own 223,256 DKA of land and we took on long-term rent 29 DKA. The Board of Directors authorized the annual plan for The planned profit is earnings before tax of 339 thousand BGN with repeatedly increased investments and reconstruction of the company's assets of 280 thousand BGN. Eventually, on behalf of the Board of Directors I would like to thank to all employees, business partners and shareholders for their work, support and faith in the company VINPROM TROYAN AD in Yours sincerely Ing. Jaroslav Burkart Executive Director of VINPROM TROYAN AD
5 GENERAL INFORMATION Business Name: VINPROM TROYAN AD Registered Office: ul. Akad. Angel Balevski 16, 5600 Troyan, Bulgaria ID No.: Legal form: Share Capital: Joint Stock Company BGN Shares: registered shares in documentary form, par value 2 BGN per share Number of employees: 31 COMPANY BODIES Board of Directors Chairman: Member: Member: Member: Executive Director Authorized representative Ing. Pavel Dvořáček Ing. Jaroslav Burkart mgr. Vladislav Katrencik Stanislav Spasov Ing. Jaroslav Burkart Stanislav Spasov
6 Thousands BGN Thousands BGN MAIN INDICATORS OF THE COMPANY units total sales without excise tax and the VAT thous. BGN revenues thous. BGN expenses thous. BGN economic result thous. BGN investments and repairs thous. BGN taxes paid - excise tax thous. BGN taxes paid - VAT thous. BGN sales relation - domestic market : export % 28 / / / / / / / / / / wages and salaries thous. BGN number of employees average salary BGN sickness absence % 3,8 8,88 8,8 5,7 1,2 2,6 2,5 2,9 1,4 4, Sales, revenues, expenses total sales without excise tax and the VAT 4000 revenues expenses Years Economic result economic result Years
7 Thousands BGN Thousands BGN Investments and repairs investments and repairs Years Taxes paid excise tax VAT Years
8 SUBSIDIARY COMPANIES Business Name: Registered Office: ID No.: Legal form: Share Capital: Ownership interest of VINPROM - TROJAN AD: Year of Establishment: Main Business Activity: VINPROM TETEVEN BG EOOD Vrshec 73 str., 5700 Teteven, Bulgaria Limited Company BGN 100% 2009 transformed by infusion in "VINPROM-TROYAN" AD ECONOMIC RESULTS (in BGN) Date Assets Revenues Expenses Profit (loss)
9 ORGANIZATION STRUCTURE Annual Meeting Board of Directors Executive Director Financial Department Production and Technical Department Commercial Department
10 Balance as of Amount (in thousands N: ASSETS Current period Prior period а b 1 2 A. Receivables for subscriptions B. Fixed assets B.I. Intangible fixed assets Research and development 2 Concessions, patents, licences, trade marks, program products and other rights and assets Goodwill 4 Advance payments and intangible assets under construction B.II. Tangible fixed assets Land and buildings land buildings Machines, production equipment, apparature Facilities etc Advance payments and tangible assets under construction Other tangible fixed assets B.III. Financial investments 1 Shares and ownership interests with companies from the group 2 Intercompany loans 3 Shares and ownership with asociated companies 4 Loans to asociated companies 5 Other investments 6 Other loans 7 Own shares, bought for nominal value B.IV. Deferred taxes C. Current assets C.I. Inventory Materials Work-in-progress 3 Products and goods products goods Advance payments for production 5 Other inventory C.II. Receivables Receivables from clients and suppliers including: - older than 1 year 2 Receivables from companies from the group including: - older than 1 year 3 Receivables from asociated companies including: - older than 1 year 4 Other receivables including: - older than 1 year C.III. Investments 1 Shares and ownership interests with companies from the group 2 Own shares, bought for nominal value 3 Other investments C.IV. Finances Finances in cash Finances on non-fixed accounts (deposits) Other finances - - D. Deferred expenses 2 7 TOTAL ASSETS (А+B+C+D)
11 Amount (in thousands N: LIABILITIES Current period Prior period а b 1 2 А. Equity capital A.I. Subscribed capital A.II. Share premium A.III. Reserves from future assessments A.IV. Reserves Legal reserves Reserves for buying own shares 3 Reserves according foundation charter 4 Other reserves A.V. Profit (loss) of previous years including: - retained earnings accumulated losses A.VI. Profit (loss) of current period (669) 75 B. Provisions and similar liabilities 67 1 Provision for pensions and similar liabilities 2 Provision for taxes including: - deferred taxes 3 Other provisions and similar liabilities 67 C. Payables Obligační půjčky, konvertované se uvádí zvláště including: - less than 1 year - more than 1 year 2 Payables to financial companies including: - less than 1 year more than 1 year Received advance payments 195 including: - less than 1 year more than 1 year 4 Payables to suppliers including: - less than 1 year more than 1 year 5 Payables to bills of exchange including: - less than 1 year - more than 1 year 6 Payables to companies from the group 98 including: - less than 1 year 98 - more than 1 year 7 Payables to asociated companies including: - less than 1 year - more than 1 year 8 Payables to employees including: - less than 1 year more than 1 year 9 Payables to social security and health insurance 9 9 including: - less than 1 year more than 1 year 10 Other payables including: - less than 1 year more than 1 year D. Financing and deferred revenues including: - financing - deferred revenues TOATAL LIABILITIES (А+B+C+D) Date: 17 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart
12 Profit and Loss Account as of N: A. LOSS Amount (in thousands BGN) Current period Prior period а b Reduction of inventory of production and work-in-progress 2 Expenses on raw materials, materials and services including: - raw materials and materials services Personal expenses including: - wages and salaries social and health insurance expenses including: - pension incurance 4 Expenses on depreciation and devaluation а Expenses on depreciation and devaluation of tangible fixed assets and intangible assets including: - expenses on depreciation expenses on devaluation b Expenses on devaluation of current assets 5 Other expenses including: - balance sheet value of sold assets provisions 67 - others Total operating expenses ( ) : Expenses on devaluation of financial assets including investitions, recognized as current assets 2 1 includng: - Negartive differences from changes of currency rates Expenses on interests and other financial expenses a Expenses connected with companies from the group b Negative differences from operations with financial assets c Expenses on interests d Others Total financial expenses (6+7): Total business expenses ( ) Operating profit 71 9 Extraordinary expenses TOTAL EXPENSES ( ) Accountable profit (total receivables - total expenses) 71 V Expenses on taxes 11 Expenses on profit tax (14) (4) 12 Other taxes, alternatives of profit tax for corporations 13 After-tax profit ( ) 75 TOTAL (Total expenses ) N: B. PROFIT Amount (in thousands BGN) Current period Prior period а b Netto receivables from sales: a Production b Goods c Services d Others 2 Increase of inventory of production and work-in-progress Expenses on economic aquisitions of assets 4 Other receivables including: - receivables from financing Total operating receivables ( ) Receivables from subsidiary, asociated or mixed companies including: - receivables connected with companies from the group 6 Receivables from other investitions and loans, recognized as not current assets including: - receivables from companies from the group 7 Other interests and financial receivables 1 37 a Receivables from companies from the group b Positive differences from operatons with financial assets c Positive differences from changes of currency rates 1 d Receivables from interests 1 e Others 36 Total financial receivables (5+6+7) : 1 37 Total business receivables ( ) : Operating loss Extraordinary receivables TOTAL RECEIVABLES ( ) : Accountable loss (total receivables - total expenses) After-tax loss (10 + A11 + A12) 669 TOTAL (Total receivables + 11) : Date: 17 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart
13 Statement of owner`s equity as of Indicators Capital subscribed Share premium From future assessments Legal For buying own shares According foundation charter Others Retained earnings Accumulated losses In thousands BGN а Opening balance at the beginning of current period Changes of account policy 3. Mistakes 4. Closing balance after changes of account policy and mistakes Changes on the account of owners - increase - decrease 6. Financial result of current period (669) (669) 7. Distribution of profit 75 (75) - including dividends 8. Settled losses 9. Future assessments of assets and liabilities - increase - decrease 10. Other changes of equity capital (expenses for 2007 and 2008) 11. Closing balance at the end of current period (669) Reserves Financial result from previous years Profit (loss) of current period Total equity capital 12. Changes from transfers of annual reports of foreign companies 13. Equity capital at the end of current period (11+/- 12) Date: 17 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart
14 Statement of Cash Flows as of In thousands BGN Cash flow Current period Prior period receivables expenses netto receivables expenses netto а A. Operating cash flow Cash flow of trade partners Cash flow of current financial assets for trade purposes 3. Cash flow of wages and salaries Cash flow of interests, commissions, dividends, ect Cash flow of positive and negative differences of currency rates Payd and returned profit taxes of corporations Payments for distribution of profit 8. Other operating cash flow B. Investment cash flow Cash flow of fixed assets Cash flow of current financial assets 3. Cash flow of interests, commisions, dividends, ect. 4. Cash flow of business combinations - acquisitions 5. Cash flow of positive and negative differences of currency rates 6. Other investment cash flow C. Financial cash flow Cash flow for emision and following acquisitions of securities 2. Cash flow from excess payments and their returnig to owners 3. Cash flow of provided or received loans Cash flow of interests, commisions, dividends, ect Payment of payables from leasing contracts Cash flow of positive and negative differences of currency rates 7. Other financial cash flow D. Change of cash flow during period (A + B + C) E. Cash flow at the beginning of period F. Cash flow at the end of period 2 13 Date: 17 th Mar Prepared by: Stanislav Spasov Authorized by: ing. Jaroslav Burkart
15 NOTES TO THE FINANCIAL STATEMENTS FOR 2015 Establishment and registration VINPROM TROJAN AD is a company, founded in Bulgaria in 1991 and registered by the District court of Lovech with registration 144/1991. The registered office and administration address of the company is:16 Akad. A. Balevski str., Troyan 5600, Bulgaria The main business activity of the company is: production and trade with fruit distillates and spirits. Operating period: unlimited Ownership and management: The company has a single-stage management system and is managed by the Board of Directors, consisting of 4 members as follows: Chairman: ing. Pavel Dvořáček Member: ing. Jaroslav Burkart Executive director Member: mgr. Vladislav Katrencik Member: Stanislav Spasov Authorized Representative Company structure: The company operation structure is based on single-level management under the direct management of the executive director. The structure defines and determines clearly the rights and responsibilities on each level and within the individual organizational units. Functional and administrative relationships between the departments and final executors are governed by written procedures. Base for Preparation of the Financial Report The financial report of the company is an individual financial report and its preparation is based on the National standards for financial reports for small and mid-sized companies. The financial report preparation is based on accounting estimates in the company. The Company`s management is not aware of any circumstances, which could impugn this principle. Changes in the Accounting policies In 2015 there were no changes in the accounting policies.
16 Accounting policies 1. Basis for preparation of the financial report The Financial Report of VINPROM TROYAN AD was prepared in agreement with the Accounting Act and The National Accounting Standards for financial reports of small and midsized companies in Bulgaria. Financial reports are presented in Bulgarian levs (BGN) in whole thousands. The following Financial Report was prepared in accordance with the historical cost principle, modified in certain cases with a new evaluation of some assets and liabilities regarding to their fair value as mentioned in the appropriate places. 2. Data comparison and recounting sheet Some items in the Balance sheet, The Profit and Loss Account and The Statement of Cash Flows, mentioned in the Financial Report for the previous year of 2014, were reclassified in this report in order to provide easier comparing with the data from the current year of Use of approximate accounting evaluations and estimations The Preparation of the financial report according to The National Accounting Standards requires from the management certain approximate accounting evaluations and presumptions, related to the reported assets and liabilities from the Balance Sheet, Profit and Loss Account and conditional assets and liabilities. All of them were made according to the best estimation of the management at the date of preparing of the financial report. The actual results may differ from the approximate accounting evaluations. 4. Currency of the report Each of the components of the following Financial Report is calculated in the currency of the main economic environment, in which the company operates, called functional currency. The functional and reported currency of the company is the Bulgarian lev., fixed to euro rate from by the law of the established Currency Board of Bulgaria at that time. The transactions in foreign currencies are reported in the main lev exchange rate of National Bank of Bulgaria, valid on the day of the transaction. The monetary assets and liabilities denominated in foreign currencies are reported in the main lev exchange rate of the National Bank of Bulgaria as of The currency differences, created by the transactions are reported in the Profit and Loss Account. 5. Financial Risk management. Factors for the financial risk The business activities of the company face many financial risks, including the implications of currency rate changes, interest rates of commercial and bank credits, mortgages for receivables and interests terms.
17 5.1. Foreign-exchange risk The Company is not exposed to a significant currency risk as its transactions are carried out mainly in the currencies of lev and euro. Loans, received and paid in euros, do not expose the Company or the Cash flow to currency risks. The Company does not maintain significant cash supply than those in the lev and euro currencies Interest risk For its current activities the company uses bank and commercial credits. Bank credits are secured by mortgage of real estates and material reserves. Annual interest rate of the bank credit is 4,5%. The management supposes that there aren`t any conditions to change the existing interest rates, which could bring additional financial risks in credits, used up to 31 st Dec Credit risks Financial assets which potentially expose the Company to credit risks are mainly resulted from receivable sales and received loans. The Company is exposed mainly to credit risk in the case that any of its counterparties do not meet their obligations. Policy of the Management is to minimize these risks and to achieve sales of customers with appropriate credit standing and to obtain adequate compensation. 6. Tangible fixed assets The tangible fixed assets were valued according the acquisition cost, which consist of its purchase value and additional expenses for its acquisition and reduced with the amount of its depreciation and eventual loss due to devaluation. The company reports in the value of the certain possession the expenses, which occurred by the changing of a separate component of this possession in the time of its occurrence, if they are likely to lead to a future economic advantage, bigger than standard efficiency. All other expenses for reconstructions of the tangible fixed assets are reported at the time of their occurrence. The devaluation of the balance value of the tangible fixed assets is controlled in occasions, when balance value could be permanently different from the value of their reparation. If there are some indications, that approximately defined value of reparation is lower than the balance value, the balance value is corrected to balance value of the reparation of the possession. Losses due to devaluation are registered in the Profit and Loss Account, except for cases, when for a certain possession has been established a reserve for new valuation. In that occasion, devaluation is reported as reduction of this reserve. In occasion that devaluation is bigger than the reserve, the overage is registered as a loss in the Profit and Loss Account. On the 31 st of December 2015 the devaluation of all the important tangible fixed assets was controlled. For 2015 the Company has defined limit of 700 BGN, under it the acquired possessions are registered as current expenses even if they may have qualities of tangible fixed assets.
18 7. Intangible fixed assets The intangible fixed assets are reported according the acquisition cost reduced with the amount of their depreciation and devaluation. The depreciation is calculated by applying the straight-line method using the life-time period of the current asset. The Company has fixed a limit of 700 levs. 8. Long-term investments Long-term investments are estimated according to the acquisition cost, because they aren t dealt on the exchange and the management doesn t keep at disposal sure information about their real value and supposes that it doesn t differ a lot from their registered value. A method of registration according the cost price is applied. 9. Materials The materials in the Company include products, goods and products in progress. Their cost includes all costs of purchase and processing and other costs directly related to the manufacturing. At the end of each reporting period, all inventories are valued at the lower balance value and net realizable value. The amount of the devaluation is recognized as a loss of value. Net realizable value is the estimated selling price decreased with the cost of necessary for the completion and sale. In case that the previous period was reported as a loss of value period and it turns out that the new net realizable value is higher, the recovery may be recognized as a loss of value, but it can`t exceed the previously recognized loss of value. The Company sets the expense of its materials by applying the weighted average cost formula. When selling their balance value is recognized as an expense during the period of revenue recognition. 10. Financial assets Financial assets are these financial instruments: credits and receivables with origin in the company, financial assets for trading, financial assets before the term of payment and financial assets for sale. Financial assets may belong to different groups according to the company`s intentions. Trade and other receivables are registered by the value of their occurrence, those of them, which are in foreign currency by the final currency rate of the National Bank of Bulgaria as of 31 st of December 2015 and reduced by the value of devaluation of the irrecoverable receivables. Devaluation is calculated on the base of analysis of oldness of the receivables from the due date to 31 st of December The receivables are categorized as not collectable by presumption of the Management when no further reasonable efforts to collect the receivables are possible.
19 11. Financial resources and financial equivalence Financial resources consist of money in cash, money on bank accounts and deposits. Financial resources in leva are evaluated by the nominal value, and those, which are in foreign currency by the final exchange rate of the National Bank of Bulgaria as of 31 st of December Preparing of the Statement of Cash Flows: - Financial receivables from clients and financial payments to suppliers are presented approximately, including VAT (20%) - Interests from received credits are presented as payments in the financial part. 12. Depreciation and devaluation of fixed assets The depreciation of fixed assets is counted consistently by linear method. Depreciation is not counted for lands and possessions in process of building and reconstruction, until it wasn t finished and put into operation. Standards of depreciation are determined by the management of the company on the base of expected operating time of the group of possessions. At the end of every reported period the management of the company controls the remaining operating time of possessions and depreciable values to find signs of devaluation or need of changing the standards of depreciation. For each group of possessions are applied the following operating times: Facilities 25 years Equipment 5 years Machines and devices 5 years Vehicles 5 years Office equipment 5 years During the year the standards of depreciation haven t been changed compared to the previous reporting period. 13. Registered capital The registered capital is presented by its nominal value and corresponds with its actual registration in the court at the date of this financial report. The accumulated profit / loss / from previous years include uncategorized and accumulated losses from previous years. Reserves: - common / legal / - due to subsequent loss of value - others
20 14. Company`s payables to employees from pension obligations The Company has not prepared any program of earning after the retirement of the employees. The Company has short-term payables to the employees for accumulated holidays, which are expected to be used in 12 months after the date of the balance and also for unpaid salaries. 15. Adjustments, Conditional Assets and Conditional Liabilities Adjustments are registered in the balance in cases when, as a result of previous event, the Company has legal or constructive liability, and it is possible, that the Company may have negative cash flow. The value of the necessary and satisfactory reserves is been controlled every year on 31 st of December in order to make necessary corrections. The Company has not recorded in the balance sheet contingent assets and contingent liabilities and presents them off the balance sheet. 16. Financial liabilities Trade payables Trade and any other similar payables in BGN are evaluated by the value of their occurrence and payables in foreign currency by the final rate of the National Bank of Bulgaria as of 31st of December Current are those which are due within 12 months after the reporting period. Received loans The received loans are initially reported at the amount payable. The taxes payable such as "fee for granting a loan" are deferred on a time proportion basis. Interest`s taxes are reported as current financial costs. Leasing contracts In a financial lease the Company reports leased asset at the lower of fair value or at the value of the minimum lease instalments. In the balance sheet are reported the debts at the total amount of the specified in the contract amount of the rental payments. Difference is reported as a finance expense in the period of the contract. Assets, acquired under finance leases are depreciated just like the remaining depreciable assets. In operating leasing contract the Company reports as an expense for external service the payments of the rent of the asset. 17. Profit tax Current tax assets and liabilities are claims or payables towards budget for the current period due to overpaid or underpaid profit tax. They are calculated by application of current tax rate based on the annual taxable profit. Assets and liabilities from deferred taxes are evaluated according tax rates by the tax legislation for the periods, when the realization of assets or liabilities is expected.
21 Liabilities from deferred taxes are presented in full rate. Assets from deferred taxes are declared up to the amount of possible future tax income for realization of the assets. 18. Authorization of receivables and expenses Receivables are set according to the fair value of the amounts, which are or have to be received in pecuniary means. Receivables from sells are declared as follows: - Sell of production, goods, materials, intangible assets and tangible fixed assets at the time of invoicing and transfer of possession from the seller; - Services depending on the stage of completeness and at the time, when the result of business transaction can be surely evaluated; - Interests currently, prorated in time; - Dividends at the time, when the right to receive them is determined; - Payments from licences according to contracts. Recognition of revenue and expenditure shall be subject to the requirement of a causal link between them. Revenues in foreign currencies are recorded at the exchange rate of the National Bank of Bulgaria on the date of occurrence. Announcements 1.Net revenues from sells in thousands BGN Revenues from sells of finished goods Revenues from sells of production Others Grand total Expenses 2.1. Expenses for materials in thousands BGN Main materials Additional materials 4 3 Supplies Fuels Others 6 12 Grand total:
22 2.2. Expenses for external services in thousands BGN Advertising Rents Insurance Telecommunication services Independent financial Audit 4 4 Reconstructions Trade discounts Logistics Other expenses Grand total: Other expenses in thousands BGN Business trips Taxes 6 4 Others Grand total: Financial revenues and expenses 3.1. Revenues in thousands BGN Revenues from loans 1 Revenues from changes in currency rates 1 Other financial revenues 36 Grand total: Expenses in thousands BGN Interest expenses on bank loans Expenses from changes in currency rates 2 1 Expenses related to other companies from the group 2 0 Interest expenses on lease contracts 1 0 Other financial expenses Grand total: 84 97
23 4. Land, buildings, machines and facilities Land and Buildings Machines and Equipment Vehicles Economic inventory Others In progress Grand total: Reported value Balance as of Acquired Transactions Depreciated Balance as of Depreciation Balance as of Imposed for the period Depreciated Balance as of Balance as of On 31 st of December 2015 were audited the important tangible fixed assets for purpose of verifying their balance value and discovering their devaluation. The land and the buildings are pledged by the force of the following mortgages: - first in line is the mortgage in benefit of OBB Bank AD as a reinsurance of the bank in front of the Customs Agency in the amount of 900 thousands BGN. - second in the line is the mortgage in benefit of SIBANK EAD under an overdraft contract for working capital in the amount of thousands BGN and an investment credit in the amount of 100 thousands BGN. Machines, equipment and vehicles in the total amount of thousand BGN were pledged in benefit of SIBANK AD by the force of overdraft contract for working capital and investment credit. The company does not use foreign tangible fixed assets.
24 5. Intangible fixed assets Product of development Software Intellectual Property Rights Others Grand Total Reported value Balance as of Acquired 4 4 Transactions Depreciated Balance as of Depreciation Balance as of Imposed for the period Depreciation Balance as of Balance value as of The company does not use foreign possessions. 6. Investment property The company does not have any investment property. 7. Long-term investments In 2015 the company does not have subsidiaries and other long-term investments. 8. Long-term receivables The company has no receivables from granted long-term loans. 9. Inventory of materials and goods in thousands BGN as of as of Materials Production Goods Grand total:
25 The Production 200 thousands l. mature spirits were pledged in benefit of SIBANK EAD in return for a granted loan for working capital and investment bank credit. Depreciation of the inventory of materials was not executed. 10. Trade and other receivables In thousands BGN as of as of Net receivables from clients Receivables from clients Receivables from advance payments VAT receivables 95 Receivables corporate profit tax Receivables from court procedures Others 40 6 Grand total: Some of the receivables from contractors which "CIBANK" EAD esteems as acceptable were pledged as a security for overdraft for working capital and investment credit. In 2015 were written off receivables from SITEX LTD in the amount of 83 thousands BGN. 11. Financial resources and financial equivalents in thousands BGN as of as of Financial resources in cash 1 9 Financial resources on bank accounts 1 14 Grand total: Registered capital On 31 st of December 2015 the registered capital of the Company was fully paid in amount of thousands BGN. It is divided into shares, each of nominal value of 2 BGN. Main shareholders of the Company`s securities: 1. R. JELINEK Group SE Holland shares 99,58% 2. Smaller shareholders shares 0,42% 13. Payables from long-term commercial loans in thousands BGN as of as of Payables bank credits Payables lease contracts 12 Grand total: 81 67
26 14. Other long-term liabilities none 15. Current liabilities Short-term credits and interest loans in thousands BGN as of as of From Financial institutions SIBANK EAD From connected companies R.JELINEK GROUP SE 98 Grand total: SIBANK EAD has granted the Company overdraft in the amount of thousands BGN. In 2015 the company used the loan from majority shareholder in the amount of 313 thousand BGN. UBB AD has issued a bank guarantee in the amount of 900 thousand BGN in benefit to Customs Agency Trade payables in thousands BGN as of as of Payables to suppliers including related parties Payables to granted advanced payments 195 Grant total: Incomes of the Employees As of 31 th of December 2015 the Company has 31 employees Expenses on the Employees Expenses on the Employees consist of: in thousands BGN Wages Social insurance Grand total:
27 Payables to Employees and insurance institutions: in thousands BGN as of as of Current wages Social and health insurance 9 9 Grand total: Tax payables in thousands BGN as of as of Payables by the Law of individual`s income tax 3 3 Profit tax VAT Excise mark Grand total: In 2015 the Company has formed a loss in the amount of 669 thousands BGN. The taxable temporary differences are in the amount of 167 thousands BGN and the liabilities from deferred taxes are in the amount of 17 thousands BGN. The deductible temporary differences are in the amount of 33 thousands BGN, the asset upon the deferred taxes is 3 thousands BGN. 18. Other creditors in thousands BGN as of as of Guarantees Board of directors 6 8 Others 1 26 Grand total: Donations In 2015 the Company has not made any donations. 20. Taxable temporary differences Вin thousands BGN At the beginning of the period 14 9 Declared during the period 17 9 Appeared during the period 3 4 At the end of the period 28 14
28 21. Income of a single share Financial result in thousands BGN Average number of securities Income of a single share Dividends The Annual General Meeting of the shareholders in the previous year of 2014, which has taken place on the 15 th of May 2015, has decided to divide the profit in the amount of 75 thousands BGN as retained earnings from past periods. The Board of the Directors has decided to propose at the Annual General Meeting of the shareholders to cover the loss for 2015 in amount 669 thousand BGN from retained earnings from past periods. 23. Evaluation of the financial resources by their real value The financial resources of the company are monetary and currency resources, trade receivables and liabilities, received credits and investments to sell. Financial and currency resources are presented by their nominal value, which corresponds with their real value on the day of the balance. Current receivables and liabilities are receivables and liabilities with remaining maturity period shorter than a year from the date of balance and their nominal value reduced by the devaluation is judged as real value. Liabilities from bank credits are discounted and amortized by the method of effective interest rate, as to determine the real value on the date of balance. Investments of the company aren t dealt on the exchange and their real value cannot be identified. 24. Announcement of Contracts with related parties Partner Contract Amount in thousands BGN 1.RUDOLF JELINEK A.S. purchase 463 Czech Republic sell R. Jelinek Group SE purchase 8 Holland sell 0 During the transactions, realised within the year did not occur any unusual conditions or deviations from the trade prices. Financial wages of company management as follows: in thousands BGN Wages and honorariums Paid insurances Others Grand total:
29 25. Other announcements Information according to 38, 5 of the Accounting Act. The Company has imposed taxes for the services of the registered auditors as follows: Independent financial audit Other services not related to the audit proceedings Grand total: Conditional assets and conditional liabilities There are no legal processes upon the company from any personal or legal entity. The Company has brought lawsuits against: The Company has an issued letter of distress against Ferdi I. Satkaev, Sveshtari, Razgrad region in the amount of BGN. This receivable is from In 2014 it was adjusted at 100%. The Company has opened a law suit to EVROPA MARKET OOD in 2014 in the amount of BGN, for receivables from In 2014 VINPROM-TROYAN AD has started insolvency proceedings against SITEKS OOD in the amount of BGN. In 2015 all the receivable is devalued by 100% Events after the date of the balance sheet On , Customs Agency has issued report on the obligation excise duty in the amount of 67 thousand BGN for the period from 2010 to This obligation is reported in the statements of the company for Date of authorization of the Annual financial report The Annual financial report of the Company for the year of 2015 was officially authorized and announced on the 2t th of February 2016 by the Board of the Directors. 17 th of March 2016 Prepared by: Stanislav Spasov Troyan Authorized by: ing. Jaroslav Burkart
30 To the General Assembly Of the Vinprom Troyan AD Troyan, Bulgaria Date 28 Mar 2016 INDEPENDENT AUDITOR S REPORT We audited the financial statement of Vinprom Troyan AD as of 31 Dec 2015 including the annual balance sheet, income statement, cash flow report as of year ending, equity report, additional detailed reports and the report on company s book keeping policy. Responsibility The responsibility for the preparation and the authenticity of the financial statement according the National Financial Reporting Standards rests on the management of the company. This responsibility includes the development, integration and maintenance of an internal controlling system for giving reliable information in the financial statements and reports; selection and appliance of appropriate book keeping policies and preparing of reasonable average evaluation methods for the book keeping Our responsibility is limited to providing auditor s opinion that is solely based on our audit. Our audit was conducted in compliance with the professional requirements of the International Audit Standards. These standards entail the audit s planning and conducting in a way that enables us to sufficiently make sure to what extent the annual financial statement does not contain significant errors and gaps and the relevancy of the internal book keeping policies and evaluation methods used. The audit process is based on tests of the evidences that back up the figures in the annual financial statement and includes valuation of the accounting methods used and the information provided in the annual financial statement. It is in our view that the audit conducted gives enough ground to form auditor s opinion. Radinka Stoeva phone: ; mobile:
31 Opinion The annual financial statement of Vinprom Troyan AD as of 31 December 2015 is made in compliance with the Accountancy Law and National Accountancy Standards for small and middle size companies. As a result, we certify that the financial statement gives true, fair and reliable information about the Company s property and financial condition as of 31 Dec 2015 in compliance with the National Accounting Legislation, and also about the net financial result and change in cash flows throughout the year. The text of the management s report is in line with the information reported in the annual financial statement. Report on other legal requirements According to National Accounting Legislation (#30.4) we reviewed the annual report on the activities of the company for This report is not a part of the company s annual financial statement. The responsibility for the preparation and the authenticity of the report rests on the management of the company. The information provided in the report corresponds to the annual financial statement of the company for the year ending on 31 December Sofia 28 Mar 2016 Auditor: Radinka Stoeva Radinka Stoeva phone: ; mobile:
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