ULJANIK Group Yearly Report for 2013

Transcription

d.d.
HR 52100 PULA, Flaciusova 1, HRVATSKA, p.p. 114
e-mail: uljanik@uljanik.hr, web: www.uljanik.hr
ULJANIK Group
Yearly Report for 2013
Pula, April 2014
Tel.: +385 (0) 52 213 044
+385 (0) 52 373 102
+385 (0) 52 373 339
Fax.: +385 (0) 52 373 646
Management Report for 2013
ULJANIK d.d. is a joint stock company with its head office in Pula, at the address Flaciusova 1.
According to the Notice regarding classification of business subjects as per national classification of
activities of the State Institute for Statistics, Zagreb, the Company has the numerical class mark 7010
– management activities, business subject identification number 03229238, and VAT No.
56243843109.
The company ULJANIK d.d is the parent Company within the ULJANIK Group. The subsidiary
Companies are:
-
ULJANIK Brodogradilište d.d.
3. MAJ BRODOGRADILIŠTE d.d.
ULJANIK Strojogradnja d.d.
ULJANIK Proizvodnja opreme d.d.
ULJANIK Poslovno informacijski sustavi d.o.o.
ULJANIK Brodograđevni projekti d.o.o.
ULJANIK Financije d.o.o.
ULJANIK Standard d.o.o.
All the stated companies are 100% in the ownership of ULJANIK Group, apart from the company 3.
MAJ BRODOGRADILIŠTE d.d.
On 28.06.2013 ULJANIK d.d. has signed the Contract for the sale and transfer of shares of BI 3. MAJ
d.d. for the acquisition of 1,051,118 shares having nominal value of 100,00 kuna which represents
83.33 % of the equity capital of BI 3. MAJ for which ULJANIK is obliged to pay the purchase price of
1.00 kn (one kuna).
After expiry of the deadline for takeover, ULJANIK d.d. gained 235 shares of the company 3. MAJ
BRODOGRADILIŠTE d.d. and holds in total 1,051,352 shares which represents 83.348% of the
overall number of Company shares.
BUSINESS ACTIVITIES
The gaining of shares of the Company 3. MAJ and the integration of same in the ULJANIK Group, had,
as a consequence, the significant increase of assets and other items in the consolidated Financial
Reports of ULJANIK d.d. compared to the previous year.
In the 2013 period ULJANIK d.d. achieved a positive financial result before tax to the amount of
48,628 thousand kuna. Overall income amounts to 1,954,138 thousand kuna, while the overall
expenditure amounts to 1,905,510 thousand kuna. The liability of corporate tax is expressed for the
parent company ULJANIK d.d. and amounts to 1,975 thousand kuna. In 2013 net profit in the amount
of 46,654 thousand kuna has been achieved, while loss of 12,466 thousand kuna has been attributed
to the minority interest.
On 31.12.2013 the overall assets of ULJANIK Group amounted to 2,598,291 thousand kuna which is
920,692 thousand kuna higher than the previous year.
The world crisis in the shipbuilding industry has directly affected the income achieved from sales of
ULJANIK Group which in 2013 amounted to 1,053,723 thousand kuna.
On 31.12.2013. the Group had 3,956 employees, while in the previous period the number of
employees was 2,631 workers.
in 000 HRK
I-XII/2012
I-XII/2013
Income from sales
Earnings from business activities
(earnings before interest and taxes)
Profit after tax (loss) periods
1.391.379
1.053.723
(20.298)
(368.620)
(72.779)
102.610
31.12.2012
31.12.2013
50.700
364.810
in 000 HRK
Liquid assets and short term financial assets
Total assets
1.677.599
Principal amount
243.573
2.654.262 464.397 In 2013 extensive work has been done on development and improvement of the organization in order
to increase the efficiency of all management processes as well as optimization of complex shipbuilding
processes and integration with shipyard 3. MAJ, and same will be continued in the next period.
In August 2013 ULJANIK has signed with the company SOFIDRA S.A. a Contract for the construction
of a sophisticated multipurpose Vessel for various special maritime operations.
With the signing and construction of the stated vessel ULJANIK has confirmed the trust of the
Company JAN DE NUL, one of the leading companies in the area of dredging and complex marine
underwater and off shore works.
Ownership structure
Equity capital of the Company amounts to 302,062,500.00 kuna and is divided among 3,356,250
ordinary shares having mark ULJN-R-A, of individual nominal value of 90.00 HRK. Shareholders of
ULJANIK d.d. are:
STATUS on 31.12.2013
No.
Shareholder
Ticker
Number
of shares
Percent
stake in the
share capital
1
CROATIA OSIGURANJE D.D. (1/1)
ULJN-R-A
333.332
9,9317
2
CERP (0/1) / HZMO - HRVATSKI ZAVOD ZA MIROVINSKO OSIGURANJE
(1/1)
ULJN-R-A
259.731
7,7387
HRVATSKA POŠTANSKA BANKA D.D. (0/1) / KAPITALNI FOND D.D. (1/1)
ULJN-R-A
222.222
6,6211
ULJN-R-A
166.666
4,9658
ULJN-R-A
133.333
3,9727
3
4
5
HRVATSKA POŠTANSKA BANKA D.D. (0/1) / FOND ZA FINANCIRANJE
RAZGRADNJE NEK (1/1)
HYPO ALPE - ADRIA - BANK D.D. (0/1) / PBZ CROATIA OSIGURANJE
OBVEZNI MIROVINSKI FOND (1/1)
6
HZZO - HRVATSKI ZAVOD ZA ZDRAVSTVENO OSIGURANJE (1/1)
ULJN-R-A
130.157
3,8780
7
SOCIETE GENERALE - SPLITSKA BANKA D.D. (0/1) / ERSTE PLAVI
OBVEZNI MIROVINSKI FOND (1/1)
ULJN-R-A
111.111
3,3106
8
ULJANIK D.D. (1/1)
ULJN-R-A
104.375
3,1099
9
ADRIS GRUPA D.D. (1/1)
ULJN-R-A
83.000
2,4730
10
CERP (0/1) / DRŽAVNA AGENCIJA ZA OSIGURANJE ŠTEDNIH ULOGA I
SANACIJU BANAKA (1/1)
ULJN-R-A
80.016
2,3841
11
DOMAĆA FIZIČKA OSOBA
(7.186)
ULJN-R-A
1.550.380
46,1938
12
STRANA OSOBA
(
13)
ULJN-R-A
3.283
0,0978
13
OSTALI DIONIČARI ***
(
43)
ULJN-R-A
178.644
5,3227
3.356.250 100,0000 TOTAL Own shares:
ULJANIK d.d. has gained 104,375 own shares which represents 3.1099% of the Company’s equity
capital. The shares were gained at a price of 45.00 kuna per share. After this acquisition the overall
number of treasury shares amounts to 104,375 which represent 3.1099% of the Company’s equity
capital. The acquisition of shares has been carried out on 13.06.2013.
Risk Management
The Company and Group are subject to risk primarily due to changes in exchange rate, credit risk,
cash flow risk as well interest rate risk.
Currency exchange rate risk is the risk represented by the fact that the financial instruments value
would change amid changes of the exchange rate. The Group is mainly exposed to changes in the
value of the American dollar and EUR since a significant part of the financial assets, obligations and
foreign income are expressed in these currencies. In order for this risk to be decreased greater
currency conformity between inflow and outflow is in the process of being achieved.
Credit risk represents the risk of one party not fulfilling its obligations in the financial instrument and
that by not doing so will cause a financial loss to the other side. The Company minimizes that risk by
continuous monitoring of Buyer’s demands, while suspicious demands are reserved and regularly
appraised, and are changed if necessary.
Liquidity risk, which is deemed financing risk, represents the risk that the Group will encounter
difficulties in gathering funds for settling obligations related to financial instruments. The Group pays
careful attention to cash flow by monitoring real daily changes.
Interest risk represents the risk that the value of financial instruments will change amid changes of
market interest rates. Interest risk of the Company and the Group results from received long-term and
short-term credits and loans.
Significant events after the date of the Assets and Liability Statement
All significant events are regularly notified through the pages of the Zagreb Stock Exchange, the
Official Register of Regulated Information and the internet pages of the Company.
Implementation of code of corporate management
The Company voluntarily applies the Code of Corporate Management drawn up jointly by the Croatian
Financial Services Supervisory Agency (HANFA) and Zagreb Stock Exchange (Zagrebačka burza d.d.
Zagreb) (hereinafter: Codex).
In the previous year, besides the Codex, the Company had also issued the Yearly Report on corporate
management, which in one place brings together all data and information showing the levels of
corporate culture, and whose issuance is foreseen during 2014. The Company plans to continue to
make its business and business results transparent and publically available.
Surveillance over the conduct of Company business is carried out by the Supervisory Board in
accordance with the provisions of the Companies Act. The Supervisory Board acts also through their
sub-committee: Audit Committee which offers support to the Supervisory Board and Company’s
Management Board in the realization of obligations of corporate management, financial reporting and
control of business activities of the Company.
The Company has an independent internal Auditor whose main function is to ensure that Financial
Reports accurately and objectively show the Company’s financial as well as business status.
ULJANIK d.d.
Annual Consolidated Financial Statements and
Independent Auditor's Report
For the year ended
31 December 2013
CONTENTS
Page
Responsibility for the Consolidated Financial Statements
1
Independent Auditor’s Report
2-4
Consolidated Statement of Comprehensive income
5-6
Consolidated Balance Sheet / Consolidated Statement of Financial position
7-8
Consolidated Statement of Changes in Equity
9
Consolidated Cash Flows Statement
10
Notes to the Consolidated Financial Statements
ULJANIK d.d., Pula
11 - 48
AUDIT
MOORE STEPHENS
AUDIT ZAGREB
REVJZlJS)(E \:SLUGE. ZAGREB
Audit d.c.c. za revizijske usluge
Baslijancva 52A
10000 Zagreb
HRVATSKA
Tel:+385 (0) I 3667994
,]85 (0) I 3667995
~ 385 (0) I 3667996
Fax+385 (0) I 3667997
E-mail:audil-revizija@audit.hr
INDEPENDENT AUDITOR'S REPORT
To the shareholders of the company ULJANIK d.d., Pula
We have audited the accompanying annual consolidated financial statements of the company ULJ'ANIK
d.d., Pula, Flaciusova 1 ("the Company") for the year ended 31 December 2013, which comprise the consolidated
Balance Sheet I consolidated Statement of Financial Position as of that date; the consolidated Statement of
Comprehensive Income; the consolidated Statement of Changes in Equity and the consolidated Cash Flows
Statement for the year then ended; and the accompanying Notes to the consolidated Financial Statements which
concisely set out the principal accounting policies and other explanations.
Responsibility of the Company's Management
2
The Company's Management is responsible for the preparation and fair presentation of the enclosed
consolidated financial statements according to the International Financial Reporting Standards effective in the
European Union and also those internal controls which are determined by the Company's Management as
necessary to enable the preparation of the consolidated financial statements free of material misstatements
whether due to fraud or error.
Responsibility of the Auditor
3
Our responsibility is to express an opinion on the enclosed consolidated financial statements based on the
audit performed. We conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
that the consolidated financial statements are free of material misstatements.
An audit includes performing of procedures to obtain audit evidence supporting the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatements in the consolidated financial statements, whether due to fraud
or error. In making these risk assessments, the auditor considers internal controls relevant to the Company's
preparation and fair presentation of the consolidated financial statements in order to conduct audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by Company's Management, as well as evaluating the overall
presentation of the consolidated financial statements.
We believe that auditing proof and evidence collected by us are sufficient and suitable as the basis for expressing
our opinion.
2
AUDIT
REV1ZIJSKE USLUGE.
MOORE STEPHENS
AUDIT ZAGREB
lAG~EB
Opinion
4
In our OpiniOn, the enclosed consolidated financial statements, in all significant terms of reference,
truthfully and fairly present the consolidated financial position of the Company as at 31 December 2013, and its
consolidated financial performance and the consolidated cash flows of the Company for 2013, according to the
Accountancy Act and the International Financial Reporting Standards effective in the European Union.
Emphasize of matter
5.
Without making condition upon our opinion set out in paragraph 4 above, we draw your attention that the
company 3.Maj Brodogradiliste d.d., Rijeka in 2013 has recorded revenues from donations, subventions and state
subsidies in the amount of HRK 139,923,216. These revenues relate to the recording of a proportional part of the
refund of costs for restructuring on the basis of Contract on sale and transfer of shares of Brodogradevna industrija
3. Maj d.d., Rijeka (hereinafter:"the Contract"), and also the Restructuring program of Brodogradevna industrija 3.
Maj d.d., Rijeka (hereinafter: "the Restructuring program"). On the basis of fulfilment of conditions from Contract
for the receipt of subvention in 2013, as well as in accordance with the anticipated utilization of subventions
according to Restructuring program and the dynamics of investments, and consequently to the established liability
of the Republic of Croatia stated through the Contract and the Restructuring program, the Company in 2013 has
recorded the stated amount of revenue which relates to contribution of the Republic of Croatia in the restructuring
of the Company.
6.
Without making condition upon our opinion set out in paragraph 4 above, we draw your opinion that the
company Uljanik Brodogradiliste d.d., Pula in the Balance sheet / Statement of financial condition as at 31
December 2013 has stated loss over the level of capital in the amount of HRK 271,054,336. Beside that, as at 31
December 2013, total short-term liabilities of Uljanik Brodogradiliste d.d., Pula are bigger than short-term assets
for the amount of HRK 437,769,744. Also, the company Uljanik Strojogradnja d.d., Pula in the Balance
sheet/Statement of financial position as at 31 December 2013 has stated loss over the level of capital in the
amount of HRK 12,366,826. Beside that, as at 31 December 2013 total short-term liabilities of Uljanik
Strojogradnja d.d., Pula are bigger than short-term assets for the amount of HRK 47,708,164. This suggests the
necessity of undertaking the activities on restructuring and consolidation of business operations of the stated
companies. As is stated in Note 59 to the consolidated financial statements in 2014 are signed new contracts for
the construction of ships.
7.
Audit of the annual consolidated financial statements for 2012 was performed by auditing firm Reconsult
d.o.o., Zagreb which in its Independent auditor's report dated 12 April 2013 has stated opinion with reserve due to
insufficient provisions for losses upon the constructions in accordance with lAS 11.
3
AUDIT
MOORE STEPHENS
AUDIT ZAGREB
RtVIZJJSKE USLUGE, ZAGREB
Opinion on the adjustment to other legal and regulatory requirements
8.
The Company's Management is responsible for the preparation of the annual consolidated financial
statements of the Company for the year ended 31 December 2013 in prescribed form on the basis of the
Regulation on the structure and content of annual financial statements (Official gazette No 38/08,12/09,130/10)
and in accordance with the other provisions which regulate the operations of the Company ("Standard Annual
Consolidated Financial Statements"). The financial information set out in the standard annual consolidated
financial statements of the Company are in accordance with the information stated in the annual consolidated
financial statements of the Company shown on pages 5 to 48 which are the subject of our opinion, as set out in the
section Opinion, above.
Opinion on adjustment to Annual statement
9
The Company's Management is responsible for the preparation of the Annual statement of the Company.
As a result of the provisions of article 17 of the Accountancy Act, we are obliged to express an opinion on
adjustment of the Annual statement of the Company with the annual consolidated financial statements of the
Company. In our opinion, on the basis of the performed audit of the annual consolidated financial statements of
the Company and the comparison with the Annual statement of the Company for the year which ended 31
December 2013, the financial information set out in the Annual statement of the Company, approved for their
issuance by the Company's Management on 18 April 2014, are in accordance with the financial information set out
in the annual consolidated financial statements of the Company set out on pages 5 to 48 which were the object of
our opinion, a
t out in section Opinion, above.
Au
Marijana Pranjic, member of the Manageme
Zagreb, 25 April 2014
I
~
.0., ag iSl
':0-.
:0AiUI2lI_~
\
d.D.a. /
~-1 G R ",,<0
Il\
@,J 2d0'"\
~nko
j
Balen, certified auditor
4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2013
Sales revenue
Other operating revenues
Operating revenues
Changes in value of work in progress and finished
goods
Raw material and material costs
Costs of goods sold
Other external costs
Material costs
Net salaries and wages
Costs for taxes and contributions from salaries
Contributions on gross salaries
Staff costs
Depreciation
Other costs
Value adjustment of long-term assets
Value adjustment of short-term assets
Value adjustment
Provisions
Other operating expenses
Operating expenses
Interest income, foreign exchange gains, dividends
and similar income from related parties
Interest income, foreign exchange gains, dividends
and similar income from non-related parties and
other entities
Financial income
Interest expenses, foreign exchange losses and
similar expenses from non-related parties and
other entities
Other financial expenses
Financial expenses
Income from investment-share in profit
of associated entrepreneurs
Loss from investment-share in loss
of associated entrepreneurs
Note
3
4
2013
in HRK
2012
in HRK
1,053,722,528
315,142,572
1,368,865,100
1,391,378,761
71,587,739
1,462,966,500
5
19,987,304
(2,254,791)
6
7
8
(768,192,632)
(1,727,498)
(149,977,357)
(919,897,487)
(851,553,784)
(5,213,953)
(178,775,671)
(1,035,543,408)
(297,385,827)
(119,727,595)
(71,592,849)
(488,706,271)
(50,869,259)
(164,406,970)
(186,341,430)
(78,483,009)
(47,265,782)
(312,090,221)
(33,492,607)
(70,151,705)
(17,738,380)
(17,282,538)
(35,020,918)
(77,417,063)
(21,154,367)
(1,737,485,031)
(980,132)
(980,132)
(20,204,737)
(8,547,390)
(1,483,264,991)
557,363,957
-
15
83,734,752
641,098,709
78,071,423
78,071,423
16
(160,951,972)
(3,955,555)
(164,907,527)
(125,106,606)
(125,106,606)
145,836
-
( 3,132,368)
2,010,109,645
(4,224,291)
1,541,037,923
(1,905,524,926)
(1,612,595,888)
104,584,719
(71,557,965)
(1,974,533)
102,610,186
(1,221,292)
(72,779,257)
105,758,648
(72,779,257)
(3,148,462)
-
9
10
11
12
13
14
17
18
TOTAL INCOME
TOTAL EXPENSES
PROFIT/(LOSS) BEFORE TAXATION
Profit tax
PROFIT/(LOSS) FOR THE PERIOD
Profit/(loss) subscribed to the parent capital
holders
19
42
Profit/(loss) subscribed to minority interest
43
5
ULJANIK d.d., Pula
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2013 - continued
STATEMENT OF OTHER COMPREHENSIVE INCOME
Note
2013
2012
in HRK
in HRK
102,610,186
(72,779,257)
operations
(692,467)
-
OTHER COMPREHENSIVE INCOME/(LOSS)
BEFORE TAXATION
(692,467)
-
138,493
-
(553,974)
-
102,056,212
(72,779,257)
105,204,674
(72,779,257)
(3,148,462)
-
PROFIT / (LOSS) FOR THE PERIOD
Exchange differences on translation of foreign
Tax on other comprehensive income for the
period
NET OTHER COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD
COMPREHENSIVE
INCOME/(LOSS)
FOR
21
THE
PERIOD
Comprehensive income/(loss) attributed to equity
holders of parent company
Comprehensive income/(loss) attributed
to minority interest
The accompanying Notes from 1 to 60 set out below form an inseparable part of these consolidated
financial statements.
6
ULJANIK d.d., Pula
CONSOLIDATED BALANCE SHEET / CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December 2013
ASSETS
Development costs
Concessions, patents, licence fees, merchandise and
service brands, software and other rights
Intangible assets in preparation
Intangible property
Land
Buildings
Plant and equipment
Instruments, facility inventories and transportation
assets
Tangible assets in preparation
Other tangible assets
Investments into real estate
Tangible assets
Shares (stocks) in related parties
Participating interests (portions)
Investment in securities
Loans, deposits and similar
Other long-term financial assets
Investments accounted by equity method
Financial assets
Amounts due on the basis of sale on credit
Other receivables
Receivables
Deferred tax property
LONG-TERM ASSETS
Raw material and supplies
Work in progress
Finished goods
Merchandise
Prepayments for stocks
Long-term assets held for sale
Inventories
Accounts receivable
Receivables from participating entrepreneurs
Receivables from employees and shareholders
Receivables from government and other institutions
Other receivables
Receivables
Loans, deposits and similar assets
Financial assets
Cash at bank and in cashier
SHORT-TERM ASSETS
Prepaid expenses of the future period and
accrued income
TOTAL ASSETS
OFF BALANCE RECORDS
-
At 31
December
2012
in HRK
5,163
181,757,084
955,556
182,712,640
125,201,147
19,000
125,225,310
15,377,808
59,225,225
173,958,591
15,377,808
63,331,324
143,556,112
23
174,533,954
35,296,832
782,205
91,553,708
550,728,323
21,781,295
34,848,886
69,758
72,039,165
351,004,348
24
84,591,493
248,700
352,234
116,131,841
20,000
147,760,661
349,104,929
54,377,459
248,700
250,490
18,888
20,000
124,581,686
179,497,223
20,755,296
305,778,946
326,534,242
1,409,080,134
8,979,788
10,000,000
18,979,788
674,706,669
221,931,525
38,655,266
825
43,449
13,079,306
643,097
274,353,468
195,352,563
17,881,895
825
56,315
213,291,598
21,952,051
26,318
224,157
219,144,213
38,290,983
279,637,722
14,074,486
37,862
141,890
226,220,641
92,786,119
333,260,998
110,916,206
110,916,206
251,715,748
916,623,144
3,693,397
3,693,397
47,006,119
597,252,112
328,558,585
2,654,261,863
819,059,650
405,640,222
Note
22
25
26
27
28
29
30
31
32
33
34
54
At 31
December
2013
in HRK
1,677,599,003
254,671,116
7
ULJANIK d.d., Pula
CONSOLIDATED BALANCE SHEET / CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December 2013 - continued
Note
At 31
December
2013
At 31
December
2012
in HRK
in HRK
LIABILITIES AND CAPITAL
Basic (subscribed) capital
35
302,062,500
302,062,500
Capital reserves
36
15,191,367
15,191,367
3,200,000
-
(4,696,875)
4,963
-
(1,491,912)
-
Reserves for own shares
Own shares and portions (deducted item)
Other reserves
37
38
39
Reserves from net income
Revaluation reserves
40
(692,467)
Retained earnings /(Accumulated loss)
41
(64,638,108)
(901,992)
Profit/(Loss) for the current year
42
105,758,648
(72,779,257)
Minority interest
43
108,206,777
CAPITAL AND RESERVES
Provisions for pensions, severance pays and similar
liabilities
Other reserves
Provisions
44
Liabiliteis to banks and other financial institutions
Liabilities upon securities
Long-term liabilities
Liabilities to banks and other financial institutions
Liabilities for received prepayments
Accounts payable
Liabilities to entrepreneurs in whom the entity holds
participating interests
Liabilities to employees
Liabilities for taxes, contributions and similar fees
Other short-term liabilities
Short-term liabilities
Deferred settlement of charges and
income deferred to future period
45
46
47
48
49
50
51
52
53
TOTAL CAPITAL AND LIABILITIES
OFF BALANCE RECORDS
54
464,396,805
243,572,618
3,861,516
-
109,775,424
649,000
113,636,940
649,000
475,612,521
155,866,629
522,102,050
-
631,479,150
522,102,050
690,945,847
231,395,669
514,545,080
20,827,273
264,596,931
270,744,774
4,051,449
3,445,612
69,694,357
23,412,468
78,389,101
16,896,621
11,958,864
14,074,277
1,362,485,822
852,492,501
82,263,146
58,782,834
2,654,261,863
1,677,599,003
819,059,650
254,671,116
356,190,028
243,572,618
108,206,777
-
CAPITAL AND RESERVES
Subscribed to parent capital holders
Subscribed to minority interests
43
8
ULJANIK d.d., Pula
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
At 31
December
2011
Loss
At 31
December
2012
Increase
Decrease
Transfer
from/to
in HRK
in HRK
670,875,900
100,799,730
(469,613,130)
-
-
302,062,500
Capital reserves
-
-
15,191,367
-
-
15,191,367
Transferred loss
(457,022,983)
-
454,421,763
1,699,228
-
(901,992)
1,699,228
-
-
(1,699,228)
(72,779,257)
(72,779,257)
215,552,145
100,799,730
-
-
(72,779,257)
243,572,618
in HRK
Total
Note
for the
current year
in HRK
Profit
At 31
December
2012
in HRK
Increase/
(decrease)
Other
in HRK
At 31
December
2013
in HRK
for the
current year
in HRK
Transfer
from/to
in HRK
in HRK
35
302,062,500
-
-
-
-
302,062,500
Capital reserves
36
15,191,367
-
-
-
-
15,191,367
37
-
-
3,200,000
-
3,200,000
Own shares and portions
38
-
(4,696,875)
-
-
-
(4,696,875)
Other reserves
39
-
-
-
4,963
-
4,963
Revaluation reserves
40
-
-
(692,467)
-
-
(692,467)
Transferred loss
41
(901,992)
-
12,248,104
(75,984,220)
-
(64,638,108)
42
(72,779,257)
-
-
72,779,257
105,758,648
105,758,648
Minority interest
43
-
108,206,777
-
-
-
108,206,777
243,572,618
103,509,902
11,555,637
-
105,758,648
464,396,805
Total
The accompanying Notes from 1 to 60 set out below form an inseparable part of these consolidated financial statements.
9
ULJANIK d.d., Pula
CONSOLIDATED CASH FLOWS STATEMENT
Note
I
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax
Depreciation
Increase in short-term liabilities
Decrease in short-term receivables
Decrease in inventories
Other cash flow increases
Total increase in cash flow from operating
activities
Decrease in short-term liabilities
Increase in inventories
Other cash flow decreases
Total decrease in cash flow from
operating activities
NET CASH FLOW FROM OPERATING ACTIVITIES
II
CASH FLOW FROM INVESTING ACTIVITIES
Cash inflows from sale of long-term intangible
and tangible assets
Cash inflows from sale of equity and
debt financial instruments
Interest received
Dividends received
Other cash inflows from investing activities
Total cash inflows from investing activities
Cash outflows for purchase of long-term
intangible and tangible assets
Cash outflows for purchase of equity and
Other outflows from investing activities
Total money expenses from investing activities
TOTAL CASH FLOW FROM INVESTING ACTIVITIES
III
CASH FLOW FROM FINANCING ACTIVITIES
Cash inflows from the issue of equity and
Cash inflows from loans, debentures,
credits and other borrowings
2013
in HRK
2012
in HRK
104,584,719
50,869,259
333,577,722
111,772,100
339,626,167
(71,557,965)
33,492,607
105,103,444
70,654,091
56,517,318
940,429,967
(61,061,869)
(867,847,902)
194,209,495
(248,745,520)
(90,519,792)
(928,909,771)
(339,265,312)
11,520,196
(145,055,817)
4,492,817
1,354,816
1
6,433,843
179,635
19,095,433
2,540,331
703,815
3,305,378
30,201,729
7,904,340
(4,196,466)
(15,258,731)
(53,492,900)
(60,403,922)
(51,240,426)
(2,333,397)
(118,093,288)
(68,832,554)
(87.891.559)
(60,928,214)
-
100,799,730
973,242,095
835,876,223
Total cash inflows from financing activities
Cash outflows for the repayment of loan principal
and bonds
Cash outflows for the financial lease
Cash expenses for the purchase of own shares
973,242,095
936,675,953
(687,335,691)
(128,537)
(4,696,875)
(793,388,600)
(292,714)
-
Total money expenses from financial activities
(692,161,103)
(793,681,314)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES
281.080.992
142,994,639
TOTAL NET CASH FLOW
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS
AT END OF PERIOD
INCREASE/(DECREASE) IN CASH
AND CASH EQUIVALENTS
204,709,629
(62,989,392)
33
47,006,119
109,995,511
33
251,715,748
47,006,119
204,709,629
(62,989,392)
10
ULJANIK d.d., Pula
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1.
GENERAL
1.1.
Activity
ULJANIK d.d., Flaciusova 1, Pula (''the Company'') is a Parent company of the Group Uljanik and is
engaged in managing companies, activities of sale and the design, financial operations as well as
rendering of other services for the companies of the Group.
The Group consists of the Company and the subsidiary companies, as follows:
Company’s portion of
ownership and voting rights (%)
2013
2012
Uljanik Brodogradilište d.d., Pula
100.00
100.00
3.Maj Brodogradilište d.d., Rijeka
83.35
-
Uljanik Strojogradnja d.d., Pula
100.00
100.00
Uljanik Proizvodnja opreme d.d., Pula
100.00
100.00
Uljanik Poslovno informacijski sustavi d.o.o., Pula
100.00
100.00
Uljanik Brodograđevni projekti d.o.o., Pula
100.00
100.00
Uljanik Financije d.o.o., Pula
100.00
100.00
Uljanik Standard d.o.o., Pula
100.00
100.00
Maritime Transport Pula Three Inc., Liberia
100.00
-
Brodo Opus d.o.o., Pula
100.00
100.00
AKS d.o.o., Pula
60.00
60.00
Uscs d.o.o., Pula
100.00
67.00
Uljanik Marina d.o.o., Pula
100.00
38.00
Maritime Transport Pula One Inc., Liberia
Maritime Transport Pula Two Inc., Liberia
100.00
-
100.00
-
United Shipping Services Sixteen Inc., Liberia
100.00
-
Associated companies
Adriadiesel d.d., Karlovac
28.15
28.15
Brodogradilište Viktor Lenac d.d., Rijeka
34.67
23.22
United Shipping Services Twelve Inc, Liberia
45.00
45.00
United Shipping Services Thirteen Inc., Liberia
45.00
45.00
11
ULJANIK d.d., Pula
1.2.
Number of staff
The number of staff employed by the Company at 31 December 2013 was 3,956 employees (At 31
December 2012 was 2,631 employees).
The structure of the staff by qualification level is, as follows:
At 31 December
At 31 December
2013
2012
Doctor’s degree
1
-
Master’s degree
7
6
University degree
489
318
Two-year post secondary school diploma
182
132
1,162
650
236
268
1,228
798
444
391
Secondary school certificate
High-skilled workers
Skilled workers
Semi-skilled workers
Low-skilled workers
Unskilled workers
Total
1.3.
5
4
202
64
3,956
2,631
Supervisory and Management Board of the Company
The members of the Supervisory Board of the Company are:
from – to
Renata Kašnjar-Putar, president
from 27 April 2013
Đino Šverko, vice president
from 27 April 2013
Andrija Hren, member
from 27 April 2013
Rajko Kutlača, member
from 27 April 2013
Vladimir Žmak, member
from 27 April 2013
Zoja Crnečki, member
to 26 April 2013
Vladimir Žmak, president
to 26 April 2013
Erik Ružić, vice president
to 26 April 2013
Anica Sekušak, member
to 26 April 2013
The Management of the Company:
from – to
Gianni Rossanda, president
from 27 April 2013
Veljko Grbac, member
from 27 April 2013
Marinko Brgić, member
from 27 April 2013
Anton Brajković, president
to 26 April 2013
The amount of remuneration to members of the Management and the Supervisory Board of the Company is
specified in Notes 9 and 11 to the consolidated Financial Statements.
12
ULJANIK d.d., Pula
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Set out below are the principal accounting policies.
2.1.
Statement of adjustment and basis of presentation
The consolidated financial statements of the Company for 2013 are prepared in accordance with the
Accounting Act (Official gazette 109/07, 54/13) and the International Financial Reporting Standards
(‘’IFRS’’) effective in the European Union, and in accordance with the Regulation on the structure and
content of annual financial statements (Official gazette No 38/08, 12/09, 130/10).
The International Financial Reporting Standards ("IFRS") issued by the Committee for Financial Reporting
Standards nominated by the Government of the Republic of Croatia (Official gazette No 136/09, 8/10,
18/10, 27/10, 65/10, 120/10, 58/11, 140/11, 15/12, 118/12, 45/13, 69/13), which were effective till the date
of entrance of Croatia into the European Union, are in accordance with International Financial Reporting
Standards ("IFRS") which have been established by the European commission and promulgated in official
gazette of European Union.
The consolidated financial statements are prepared with the application of the basic accounting assumption
of the occurrence of a business event upon which the effects of operations are recognized when arisen and
are shown in the consolidated financial statements for the period to which they relate and with the
application of the basic accounting assumption of the going concern concept.
2.2.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and the financial
statements of enterprises controlled by the Company (its subsidiaries). Control is achieved where the
Company has the power to govern the financial and operating policies of an investee enterprise so as to
obtain benefits from its activities.
All significant intercompany transactions and balances between Group’s enterprises are eliminated on
consolidation.
2.3.
Key estimates and uncertainty of estimates
Certain estimates are used during the preparation of the consolidated financial statements which have
inflow to the statement of property and liabilities of the Company and subsidiary companies, income and
expenses of the Company and subsidiary companies and the disclosure of potential liabilities of the
Company and subsidiary companies.
Future events and their inflows cannot be predicted with certainty, thus the real results may differ from
those estimated. The estimates utilized during the preparation of the consolidated financial statements are
subject to changes by the occurrence of new events, by gathering additional experience, obtaining
additional information and comprehensions and by a change of environment in which the Company and
subsidiary companies operate.
Key estimates used by the application of accounting policies during the preparation of the consolidated
financial statements relate to the depreciation count of long-term intangible and tangible property, value
decrease of property, value provision of inventories, value provision of receivables and provisions and the
disclosure of potential liabilities.
13
ULJANIK d.d., Pula
2.4.
Reporting currency
The consolidated financial statements of the Company are prepared in the Croatian kuna as a measuring
and reporting currency of the Company.
2.5.
Revenue recognition
Revenue from the sale of goods and services is recognized in the moment when goods are delivered and
services are rendered, and the title has passed. Interest from revenue is accrued on a time basis, by
reference to the principal outstanding and at the applicable effective interest rate.
Dividend income, or income from the share in the profit, is recognized when the right to receive payment
has been recognized.
Income from construction contracts, subsequently to the estimate of the results of contract, is recognized
according to a degree of finalization of the works contracted, and on the basis of portion of contract's costs,
recognized until the end of the consolidated Balance Sheet / consolidated Statement of Financial Position
date in relation to the totally estimated contract's costs. If it is likely that totally estimated contract’s costs will
exceed total contract's income, the expected loss is recognized as expense of the period.
2.6.
State subsidies
State subsidies are recognized as income on a systematic and rational basis through the accounting
periods as to be brought face to face with related costs to which they are intended to refund them and in
accordance with conditions according to which the subsidies are granted.
2.7.
Borrowing costs
Borrowing costs are charged to the consolidated Statement of Comprehensive Income in the period in
which they were incurred.
2.8.
Foreign currency transactions
Transactions in currencies other than the Croatian kuna are initially recorded at the rates of exchange
prevailing on the dates of the transactions. Monetary assets, receivables and liabilities denominated in such
currencies are calculated at the rates prevailing on the date of the consolidated Balance Sheet /
consolidated Statement of Financial Position. Gains and losses arising on conversion are included in the
consolidated Statement of Comprehensive Income for the current year.
At 31 December 2013 the official rate of the Croatian kuna was 7.64 HRK for 1 EUR (At 31 December
2012 it was 7.55 HRK) and 5.55 HRK for 1 USD (At 31 December 2012 it was 5.73 HRK).
14
ULJANIK d.d., Pula
The results of operations and the financial position of the Group members which functional currency differs
from the reporting currency is translated in the reporting currency as follows:
i.
assets and liabilities for each item of the Balance Sheet / Statement on Financial position are
calculated at the closing currency rate at each Balance Sheet / Statement of Financial Position
date;
ii.
income and expenses for each Statement of Comprehensive Income are calculated at the average
currency rates.
2.9.
Income tax
The tax currently payable is based on the result for the year, adjusted by non-taxable and tax nondeductible items (70% of business entertainment expenses, 30% of costs for the use of personal cars,
etc.). Income tax is calculated using tax rates that were valid on the date of the consolidated Balance
Sheet / consolidated Statement of Financial Position.
Deferred tax property and deferred tax liability arise from temporary differences between value of property
and liabilities stated in the financial statements and the values stated for the purposes of determining net
income tax basis. Deferred tax property is recognized for the non-utilized transferred tax losses if the
possibility exists that in the future net taxable income would be realized as the basis for the utilization of
deferred tax property. Deferred tax property and deferred tax liability is accounted by the application of net
income tax rates applicable to future period when such property or liability has to be realized.
2.10. Long-term intangible and tangible assets
Long-term intangible and tangible assets initially are carried at historical acquisition cost which comprises
purchase price, import duties and non-refundable sales taxes, after the deduction of commercial discounts
and rebates, as well as all other costs directly attributable to bringing the asset to its working condition for
its intended use.
Long-term intangible and tangible assets are recognized if it is likely that future benefits attributable to the
property will inflow to the Company, and if the cost of the acquisition of an asset can be reliably measured,
and if a single purchase value of property exceeds HRK 3,500.
After the first recognition, the property is carried at historical acquisition cost minus the accumulated
depreciation and any accumulated impairment losses.
Maintenance and repairs, replacements and improvements of minor importance are expensed as incurred.
Where it is obvious that the expenses incurred resulted in an increase of expected future economic benefits
to be derived from the use of an item of long-term intangible or tangible property in excess of the originally
assessed standard performance of the asset, they are added to the carrying amount of the asset. Gains or
losses on the retirement or disposal of long-term intangible and tangible asset are included in the
consolidated Statement of Comprehensive Income in the period in which they occur.
15
ULJANIK d.d., Pula
Investments into real estate (land, buildings) which are the property of the Company or subsidiary company
or in a financial lease are held to enable the Company or subsidiary company to realize rental income or /
and the increase of a market value of property, and are stated at fair value.
Depreciation commences when an asset is put into use, i.e. when it is at the location and in the condition
necessary for utilization. The depreciation count of property ceases when the property is classified as
property held for sale. Depreciation is charged so as to write-off the cost or valuation of each asset, other
than land and long-term intangible and tangible property under construction, over their estimated useful
lives, using the straight-line method, on the following basis:
Depreciation rate
2013
(from – to %)
Development costs
20 – 50 %
Concessions, patents, licenses, software, etc.
20 – 50 %
Other intangible assets
2– 20 %
Buildings
2 – 10 %
Facilities and equipment
2.5 – 25 %
Instruments, facility inventories and transportation assets
2.5 – 25 %
Other material assets
2.5 – 25 %
2.11.
Financial assets
Financial property represents the cash, the investments in cash, objects and the cession of rights with an
intention of securing income and is classified on the date of the consolidated Balance Sheet / consolidated
Statement of Financial Position, as follows:
•
investments held to the maturity date;
•
loans and receivables.
2.12.
Shares (stocks) in related parties
Associated companies are the companies where the Company has a control over bringing and
implementing of financial and business policies.
Investments into associated companies are stated at cost method.
16
ULJANIK d.d., Pula
2.13.
Inventories
Inventories are stated at the lower of cost and net realizable value. Cost of inventories comprises all
purchase costs, cost of conversion and other costs that have been incurred in bringing the inventories to
their present location and condition.
Net realizable value represents the estimated selling price during a normal course of operations less all
estimated costs of completion and necessary costs to be incurred in selling.
If the value of inventories is higher than the estimated net selling price, an allowance is created and
charged to consolidated Income Statement / consolidated Statement of Comprehensive Income for the
current year.
Small inventories, packing materials and car tires are written-off by 100% at the moment when they are put
into use.
Work in progress is assessed on the basis of a percentage of finalization method, measured by value of
work finalized in relation to calculated value.
Building contracts
Costs of contract are recognized when occur.
When the outcome of building contract is not possible to estimate reliably, the income from contract is
recognized only in the amount of arisen costs from the contract which is expected to be able to be realized.
When an outcome of contract is impossible to be reliably measured and when it is probable that by the
contract would be realized the income, the income from building contract is recognized as income while the
duration of the contract. When the possibility exists that total costs of contract will exceed total income of
the contract, the expected loss is recognized immediately as cost.
For all the contracts in course by which the arisen costs and the recognized gains (decreased for
recognized losses) are bigger than the payments of buyers upon phases of realization, the amount of
receivables from ship-owners is stated as refundable amount upon contracts in the figure of the paid costs
of the future period and undue collection of income. When the payments of the ship-owners upon phases of
realization are bigger than arisen costs increased for recognized gains (decreased for recognized losses),
the amount of liability is shown as liabilities toward buyers upon contract, in the figure of liabilities for
received advance payments.
2.14.
Long term assets held for sale
Assets held for sale represent long-term intangible and tangible assets which are expected, due to ceasing
of utilization or suspension of operations, to be sold within a one year period from the date of classification.
Assets held for sale are stated at the lower of a net book value and fair value less selling costs.
17
ULJANIK d.d., Pula
2.15.
Receivables
Receivables are initially measured at fair value. At each consolidated Balance Sheet / consolidated
Statement of Financial Position date, receivables, which collection is expected in a period longer than a
year, are stated at depreciated cost by the application of effective interest rate method less impairment
value. Short-term receivables are stated at initially recognized nominal amount less corresponding amount
of value provision for estimated uncollectable amounts and the value decreases.
The value of receivables is decreased and the impairment losses arise only and exclusively if an objective
evidence exists in respect of a value decrease resulted from a certain or more events arisen after the initial
recognition of property, when such event has the impact to the estimated future cash flows from receivables
which can be reliably determined. At each consolidated Balance Sheet / consolidated Statement of
Financial Position date, it is estimated whether an objective evidence in respect of a value decrease of a
single receivable exists. If an objective evidence exists in respect of a value decrease of receivables, the
amount of loss is measured as a difference between a net book value and the estimated future cash flows.
Net book value of receivables will be decreased directly or by using a separate account of value provision.
The amount of a loss is recognized by charging the consolidated Statement of Comprehensive Income for
the current year.
2.16.
Cash consists of balances with banks and cash in hand, demand deposits and securities payable at call or
with maturities of up to three months.
2.17.
Impairment
On the date of each consolidated Balance Sheet / consolidated Statement of Financial position, the
Company reviews the carrying amounts of its assets to determine whether there is any indication that
these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss. If the recoverable amount of
an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to
its recoverable amount. Loss from the decrease in value of property is recognized as expense in the
consolidated Statement of Comprehensive Income.
2.18.
Financial instruments
Financial instruments are classified as assets, liabilities or equity instruments in accordance with applicable
contracts. Interest, gains and losses on financial instruments classified as financial assets or liabilities are
recognized as income or expense when they arise.
Financial assets and financial liabilities are recognized on the Company's consolidated Balance Sheet /
consolidated Statement of Financial Position when the Company or subsidiary company becomes a party to
the contractual provisions of the instrument.
18
ULJANIK d.d., Pula
Receivables are stated at their nominal value as reduced by appropriate allowances for estimated
irrecoverable amounts.
Liabilities are stated at their nominal amounts.
Investments are recognized on a trade-date basis of accounting and initially are measured at cost, which
includes transaction costs.
Interest-bearing bank borrowings and overdrafts are recorded in the proceeds received and to the extent of
approved overdraft facility.
The Management Board of the Company believes that the fair values of all assets and liabilities stated in
the consolidated Balance Sheet / consolidated Statement of Financial Position are not materially different
from their carrying amounts.
2.19.
Leases
Leases are classified as financial leases if all the risks and economic benefits connected with ownership are
transferred from the lessor to the lessee. A financial lease is recognized in the consolidated Balance sheet /
consolidated Statement of Financial Position of the lessee as property and liability for the financial lease.
Leases are classified as business/operating leases if all the risks and economic benefits connected with
ownership are not transferred from the lessor to the lessee. A business/operative lease is recognized as
an expense in the consolidated Statement of Comprehensive Income of the lessee on the uniform basis
during the period of lease.
2.20.
Provisions
A provision is recognized only when the Company or subsidiary company has a present obligation as a
result of a past event and if it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation, and if a reliable estimate can be made of the amount of the obligation.
Provisions are reviewed at each consolidated Balance Sheet / consolidated Statement of Financial Position
date and adjusted to reflect the current best estimate.
Provisions are determined for possible repair costs in a guarantee period, anticipated construction losses
upon contract, costs of legal proceedings, costs of severance pays, costs of jubilee awards to employees
and retirement costs (regular jubilee awards and severance pays) and also for the costs of stimulative
severance pays based on a staff restructuring plan of the Company or subsidiary company.
Provision of costs of jubilee awards to employees and retirement costs (regular jubilee awards and
severance pays) is determined as a net book value of the future pay-offs using a discount rate equal to the
interest rate on government bonds.
19
ULJANIK d.d., Pula
Provisions of costs of awards to employees for a long-age employment and retirement (regular jubilee
awards and severance pays) of employees of the subsidiary company 3. Maj Brodogradilište d.d., Rijeka is
not determined in the financial statements of subsidiary company 3. Maj Brodogradilište d.d., Rijeka
concerning that the mentioned company was not able to measure reliably the amount of the stated
provisions due to the following reasons:
•
the company since 2011 is in the restructuring process on the basis of which the number of
employees has fluctuated significantly, and in this period was decreased from 1,955 in 2011 to
1,307 at the end of 2013.Having into regard the requirements from the Restructuring program, in
the following period is expected further decrease of the number of employees, but in the very
moment of the issuance of these consolidated financial statements the Management of the
Company does not have reliable information of the number and the names of employees who will
leave the Company.
•
momentary effective Collective agreement of the company 3. Maj Brodogradilište d.d. is not in the
fundamental elements which determine the amounts and the criteria for the payment of severance
pays and jubilee awards identical to the Collective contract which is in the application for the other
companies of the Uljanik Group. Due to the stated, it is expected the adjustment of these collective
contracts but in the moment of the issuance of these financial statements is not known when and
by which mode will be adjusted the stated collective contracts.
Due to the stated question marks for the subsidiary company 3. Maj Brodogradilište d.d., Rijeka was
not possible to apply the reliable criteria which are the basis for measurement of the amount of
provision for regular severance pays and jubilee awards in the consolidated financial statements for
2013.
2.21.
Contingent liabilities and assets
Contingent liabilities are not recognized in the consolidated financial statements but disclosed in notes to
the consolidated financial statements.
A contingent asset is not recognized in the consolidated financial statements but disclosed in the moment
when an inflow of economic benefits is probable.
2.22.
Subsequent events
Events which occur after the date of the consolidated consolidated Balance Sheet / consolidated Statement
of Financial Position that provide additional information about the Company’s or subsidiary company’s
position on the date of the consolidated Balance Sheet / consolidated Statement of Financial Position
(adjusting events) are reflected in the consolidated financial statements. Post-year-end events that are not
adjusting events are disclosed in the notes to the consolidated financial statements when material.
20
ULJANIK d.d., Pula
3.
SALES REVENUE
Revenue from sale in Croatia
Revenue from sale abroad
Total
4.
2013
2012
in HRK
in HRK
90.836.265
29.915.873
962.886.263
1.361.462.888
1.053.722.528
1.391.378.761
OTHER OPERATING INCOME
Income from sale of long-term assets
Income from reversal of provisions
Income from write-offs of liabilities
Income from donations, subventions, etc.
2013
2012
in HRK
in HRK
2.892.331
74.486
153.281.699
56.874.868
697.966
539.394
140.138.968
3.112.174
Income from previous years
Income from collection of previously writen-off of
receivables
Income from indemnifications
810.221
1.955.888
1.689.279
1.476.700
1.496.637
1.908.927
Surpluses
1.178.837
187.383
12.956.634
5.457.919
315.142.572
71.587.739
Other income
Total
/i/
The most significant part of income from reversal of provisions relates to income from reversal of
provisions upon anticipated losses upon building contracts according to IAS 11 in the amount of HRK
140,103,326 as well as the reversal of provisions for non utilized holidays in the amount of HRK 4,783,060.
/ii/
Income from donations, subventions and state subsidies in the amount of HRK 139,923,216 relate
to the recording of a proportional part of compensation of restructuring costs on the basis of Contract of sale
and transfer of shares of Brodograđevna industrija 3. Maj d.d., Rijeka (hereinafter:"the Contract") as also
the Restructuring program of Brodograđevna industrija 3. Maj d.d. (hereinafter:"Restructuring program"). On
the basis of fulfilment of conditions from Contract for the receipt of subsidy in 2013 and also in accordance
with the anticipated utilization of subventions according to Restructuring program and the dynamics of
investments stated through the Contract and Restructuring program are defined the liabilities of the
Republic of Croatia. The Company in 2013 has recorded the stated amount of income. which relates to
contribution of the Republic of Croatia in the restructuring of the company.
5.
CHANGES IN VALUE OF WORK IN PROGRESS AND FINISHED GOODS
The increase in value of work in progress and finished goods compared to the prior reporting period in the
amount of HRK 19,987,304 (2012 decrease in the amount of HRK 2,254,791) is included in/excluded from
the value of inventories.
21
ULJANIK d.d., Pula
6.
RAW MATERIAL AND MATERIAL COSTS
Raw material and material costs
Energy
Small inventory costs
Total
7.
2013
2012
in HRK
in HRK
730,364,233
832,839,677
36,602,288
17,599,983
1,226,111
1,114,124
768,192,632
851,553,784
COSTS OF GOODS SOLD
Costs of goods sold in the amount of HRK 1,727,498 (2012 in the amount of HRK 5,213,953) relate to the
purchase value of goods sold.
8.
OTHER EXTERNAL COSTS
Telephone cost, postal services and transport
2013
2012
in HRK
in HRK
5,971,435
1,366,244
External services of manufacturing and sale of
goods and services
103,058,487
129,553,688
Maintenance (services)
Costs of research and development
5,881,412
9,420,044
-
25,000
Rental costs and lease
2,580,620
1,201,994
Advertising, promotion and trade fairs
69,325
41,207
Sponsorships
92,000
71,626
Intellectual and personal services
7,620,468
8,986,599
Municipal costs
7,641,998
7,603,930
17,061,612
20,505,339
149,977,357
178,775,671
Other external costs
Total
9.
STAFF COSTS
Costs of Company’s Management salaries in the Group in the gross amount of HRK 7,263,009 (2012: in
gross amount of HRK 4,854,322) are the component of the stated staff costs.
22
ULJANIK d.d., Pula
10.
DEPRECIATION
Depreciation of intangible assets
2013
2012
in HRK
in HRK
9,071,869
5,287,802
Depreciation of tangible assets
41,797,390
28,204,805
Total
50,869,259
33,492,607
2013
2012
in HRK
in HRK
11.
OTHER COSTS
Insurance premiums
Taxes not depending on income and charges
Business entertainment expenses
Banking services and payment operations’ costs
10,179,229
7,801,614
1,083,559
1,166,401
843,255
861,379
17,537,558
19,798,389
88,495,641
24,254,044
848,462
317,066
3,178,882
2,324,159
999,374
654,323
1,766,556
2,240,249
39,474,454
10,734,081
164,406,970
70,151,705
Compensations of costs to employees, grants and
subventions
Remunerations to members of the Supervisory Board
Daily allowances and travelling costs
Education costs
Donations
Other costs
Total
/i/
In 2013 is a significant increase of costs of disbursements to employees, due to payments of
severance pays to workers who are established as a technology surplus.
12.
VALUE ADJUSTMENT
2013
2012
in HRK
in HRK
Value adjustment of long-term receivables
17,738,380
-
Value adjustment of inventories
11,236,869
305,244
6,045,669
674,888
17,282,538
980,132
35,020,918
980,132
Value adjustment of short-term receivables
Total
/i/ In 2013 was performed the value adjustment - discount of long-term receivables from the Ministry of
economics in the amount of HRK 17,508,406 as well as the receivables on the basis of the pre-bankruptcy
settlement toward 3. Maj Tibo d.d. in the amount of HRK 229,974 (see Note 25).
23
ULJANIK d.d., Pula
13.
PROVISIONS
2013
2012
in HRK
in HRK
Provisions for risks in a guarantee period
1,510,725
-
Provisions for risks upon legal proceedings
Costs of provisions for losses upon contract
5,732,557
-
59,209,229
18,457,737
Provisions for stimulative severance pays
7,103,036
1,747,000
Provisions for regular severance pays and jubilee awards
3,861,516
-
77,417,063
20,204,737
2013
2012
in HRK
in HRK
Total
14.
OTHER OPERATING EXPENSES
Net book value of long-term assets sold
624,749
539,282
Write-offs of inventories
268,776
244,582
Write-offs of receivables
1,126,011
1,511,501
42,670
116,629
4,000,436
1,537,560
Deficit
Penalties, amends, indemnifications etc.
Subsequently identified expenses
Purchase value of sold material
391,803
1,290,396
4,815,715
-
Other operating expenses
9,884,207
3,307,440
21,154,367
8,547,390
Total
15.
FINANCIAL INCOME
2013
2012
in HRK
in HRK
From related parties
Income from favourable purchase (negative goodwill)
From non-related parties and other entities
Interest income
Foreign exchange gains
Dividend income and share in the profit
Other financial income
Total
557,363,957
-
6,433,843
2,546,719
77,121,273
74,820,888
179,635
703,816
1
-
83,734,752
78,071,423
83,734,752
78,071,423
/i/ Income from favourable purchase in the amount of HRK 557,363,957 represents the surplus of portion
in fair value of property, liabilities and unexpected liabilities over the cost of acquisition for shares of the
company 3. Maj Brodogradilište d.d.
24
ULJANIK d.d., Pula
16.
FINANCIAL EXPENSES
2013
2012
in HRK
in HRK
Interest expense
66,575,808
48,953,609
Foreign exchange losses
94,376,164
76,152,997
160,951,972
125,106,606
3,955,555
-
164,907,527
125,106,606
From non-related parties and other entities
Other financial expenses
Total
17.
INCOME FROM INVESTMENT-SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS
2013
2012
in HRK
in HRK
Brodogradilište Viktor Lenac d.d., Rijeka
145,836
-
Total
145,836
-
18.
LOSS FROM INVESTMENT-SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS
2013
2012
in HRK
in HRK
United Shipping Services Twelve Inc., Liberia
1,704,778
2,462,142
315,569
1,754,549
-
7,600
Adriadiesel d.d.. Karlovac
1,112,021
-
Total
3,132,368
4,224,291
25
ULJANIK d.d., Pula
19.
PROFIT TAX
Profit is determined as a difference between income and expenses and is corrected for the increases and
decreases in accordance with provisions of Income tax law. The income tax rate in effect is 20%.
The Group for the period since 1 January to 31 December 2013 has realized loss as a difference between
income and expenses in the amount of HRK 449,453,455. The income tax liability amounts to HRK
1,974,533 and is stated at parent company's account of Uljanik d.d.
The applicable profit tax rate for 2013 and 2012 was 20%.
19.2.
Tax losses to be carried forward for the purpose of reducing taxable profit are available for the
Company or subsidiary company in the period of next five (5) years. As at 31 December 2013, total net
losses carried forward are determined in the amount of HRK 760,365,465.
The net amount of tax losses of HRK 760,365,465 available for transfer may be utilized as follows, until:
31 December 2014
31 December 2015
31 December 2016
HRK 160,354
HRK 3,949,076
HRK 131,176,004
31 December 2017
31 December 2018
HRK 107,617,607
HRK 517,462,424
The benefits of tax losses carried forward have not been recognized in these consolidated financial
statements because of uncertainty as to whether the conditions to utilize them will exist in the future
periods.
20.
GAINS / (LOSS) PER SHARE
Net income / (Loss)
Weighted average number of shares
Gains / (Loss) per share
21.
2013
2012
in HRK
in HRK
102,610,186
(72,779,257)
3,298,614
2,276,143
31.11
(31.97)
NET OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD
2013
2012
in HRK
in HRK
Exchange differences from conversion of foreign operations
(692,467)
-
Total
(692,467)
-
(692,467)
-
138,493
-
(553,974)
-
OTHER COMPREHENSIVE INCOME/(LOSS) BEFORE TAX
Tax on other comprehensive income/(loss) for the period
Total
26
ULJANIK d.d., Pula
22.
LONG-TERM INTANGIBLE ASSETS
Concessions, patents,
in HRK
Development
costs
Assets in
preparation
licence fees,
software and other
rights
Total
Cost
At 31 December 2012
320,000
211,671,766
19,000
212,010,766
-
292,921
Additions
Transfer
-
292,921
-
292,921
(292,921)
-
Disposals or retirements
-
(115,514)
-
(115,514)
Acquisition
-
109,903,278
6,706,425
116,609,703
Consolidation entry
-
-
(5,769,869)
(5,769,869)
320,000
321,752,451
955,556
323,028,007
314,837
86,470,619
-
86,785,456
5,163
9,066,706
-
9,071,869
-
(115,514)
-
(115,514)
-
44,573,556
-
44,573,556
320,000
139,995,367
-
140,315,367
At 31 December 2013
-
181,757,084
955,556
182,712,640
At 31 December 2012
5,163
125,201,147
19,000
125,225,310
At 31 December 2013
Accumulated depreciation
At 31 December 2012
Depreciation charge for 2013
Acquisition
At 31 December 2013
Net book value
27
ULJANIK d.d., Pula
23.
LONG-TERM TANGIBLE ASSETS
Instruments,
in HRK
Land
plant
Plant
and
equipment
Buildings
inventories
and
Assets
in
preparation
Other
Investments
in real
estate
Total
transportation
assets
Cost
15,377,808
174,772,721
834,547,686
198,990,521
34,848,886
69,758
72,039,165
1,330,646,545
Additions
-
-
-
156,512,578
3,032,493
-
-
159,545,071
Transfer
-
5,000
1,651,589
961,257
(2,584,547)
-
-
33,299
-
(3,328,532)
(3,090,596)
(5,502,894)
-
-
(11,922,022)
Acquisition
-
5,577,428
418,570,998
36,165,352
-
712,447
41,280,952
502,307,177
15,377,808
177,026,617
1,251,679,677
387,126,814
35,296,832
782,205
113,320,117
1,980,610,070
At 31 December 2012
-
111,441,397
690,991,574
177,209,226
-
-
-
979,642,197
Depreciation charge for 2013
-
2,428,159
30,007,069
8,417,326
-
-
944,836
41,797,390
-
(1,596,144)
(2,954,241)
(4,943,434)
-
-
-
(9,493,819)
Acquisition
-
5,527,980
359,676,684
31,909,742
-
-
20,821,573
417,935,979
At 31 December 2013
-
117,801,392
1,077,721,086
212,592,860
-
-
21,766,409
1,429,881,747
At 31 December 2013
15,377,808
59,225,225
173,958,591
174,533,954
35,296,832
782,205
91,553,708
550,728,323
At 31 December 2012
15,377,808
63,331,324
143,556,112
21,781,295
34,848,886
69,758
72,039,165
351,004,348
At 31 December 2012
At 31 December 2013
Accumulated depreciation
Net book value
Long-term tangible property (real estate / equipment, etc.) with a net book value in the amount of HRK 61,782,443 is pledged by the owner as collateral for the
loan repayment.
28
ULJANIK d.d., Pula
24.
LONG-TERM FINANCIAL ASSETS
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Portions (stocks) in related parties
Subsidiary companies
Uljanik Aks d.o.o., Pula
Uscs d.o.o., Pula
Brodo Opus d.o.o., Pula
United Shipping Services Sixteen Inc., Liberia
Maritime Transport Pula One Inc., Liberia
Maritime Transport Pula Two Inc., Liberia
2,862,932
792,039
20,000
590
4,192
4,192
12,400
2,862,932
709,506
20,000
-
3,696,345
3,592,438
15,487,200
54,112,125
11,295,823
15,487,200
35,297,821
-
80,895,148
50,785,021
84,591,493
54,377,459
Utp d.o.o., Pula
248,700
248,700
Total
248,700
248,700
110,490
140,000
99,890
216,000
(214,146)
110,490
140,000
-
352,234
250,490
Given loans, deposits, etc.
Guarantee deposits
Other
Other deposits
111,487,802
4,644,039
18,888
Total
116,131,841
18,888
20,000
20,000
75,057,990
78,939,708
(6,237,037)
75,057,990
53,740,387
(4,216,691)
Total
147,760,661
124,581,686
Total
349,104,929
179,497,223
Adriadiesel d.d., Karlovac (portion 28.15% )
Brodogradilište Viktor Lenac d.d., Rijeka (portion 34.67%)
Part in profit of associated companies
Total
-
-
Participating interests (portions)
Investments in securities
Privredna banka Zagreb d.d.
Croatia osiguranje d.d., Zagreb
Uljanik Plovidba d.d., Pula
Ingra d.d., Zagreb
Less: Value provision
Total
United Shipping Services Twelve Inc., Liberia
The stated subsidiary companies are not consolidated because they have not significant inflow to the
financial position and the efficiency of operations of the Group.
29
ULJANIK d.d., Pula
25.
LONG-TERM RECEIVABLES
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Receivables on the basis of sale on credit
Receivables for flats sold
25,093,016
8,979,788
(2,160,111)
-
Less: Current portion (see Note 31)
(2,177,609)
-
Total
20,755,296
8,979,788
4,058,717
-
-
10,000,000
313,727,571
-
Other receivables
Receivables for flats sold
Tankerska plovidba d.d.
Receivables from Ministry of economics
5,731,038
-
Less: Value provision (see Note 12)
(17,738,380)
-
Total
305,778,946
10,000,000
Total
326,534,242
18,979,788
Other
/i/
At 26 June 2013, the subsidiary company 3. Maj Brodogradilište d.d., Rijeka with the Republic of
Croatia has concluded the Agreement on arrangement of mutual relations by which the Ministry of
economics has engaged itself to pay HRK 313,727,571 in 2015. The stated receivables relate to the
receivables for the difference of stipulated and market price of ships which are constructed on the basis of
the Construction of ships program for Croatian members of the shipping trade till 2011 and on the basis of
the Agreement for cooperation on common implementation of the Construction project of 4 ships concluded
on 21 January 2009 and the Supplement 1 dated 11 February 2009. Receivables in 2013 is reclassified
from short-term to long-term receivables.
30
ULJANIK d.d., Pula
26.
INVENTORIES
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Inventories
244,967,658
197,720,405
Spare parts
12,450
-
Small inventory and packing
42,891
9,757
(23,091,474)
221,931,525
(2,377,599)
195,352,563
38,655,266
17,881,895
825
825
43,449
56,315
260,631,065
213,291,598
10,065,198
-
3,014,108
-
13,079,306
-
643,097
-
274,353,468
213,291,598
Raw material and supplies
Less:
Value provision of raw material and supplies
Work in progress
Finished goods
Merchandise
Total
Prepayments for stocks
Advances made in Croatia
Advances made abroad
Total
Long-term assets held for sale
Total
26.1.
Inventories without turnover in the last 2 years in the amount of HRK 34,987,196 were the object of
reexamination with a goal of their possible write-off by charging the consolidated Comprehensive Income
Statement. As a result, on the basis of the estimate of their unprofitableness, an additional value provision
of inventories was made by charging expenses in 2013 in the amount of HRK 12,161,600.
26.2.
Long-term property in the amount of HRK 643,097 relates to the object-transformer station, which
is, according to the decision of the Management of the company 3. Maj Brodogradilište d.d., Rijeka intended
for sale.
31
ULJANIK d.d., Pula
27.
SHORT-TERM ACCOUNTS RECEIVABLE
At 31
December
2013
in HRK
38,024,973
24,420,997
(20,897,234)
(10,714,298)
17,127,739
13,706,699
Domestic trade receivables
8,665,354
367,787
(3,841,042)
-
4,824,312
367,787
21,952,051
14,074,486
Foreign trade receivables
Total
27.1
At 31
December
2012
in HRK
Age analysis (structure) of trade receivables is, as follows:
Undue
Total
Due
< 30 days
30-60 days
60-90 days
90-120 days
in HRK
in HRK
in HRK
in HRK
in HRK
in HRK
in HRK
31 December 2013
6,899,487
1,567,589
915,685
2,013,992
3,119,435
7,435,863
21,952,051
31 December 2012
1,635,656
1,485,370
1,237,017
443,692
871,690
8,401,061
14,074,486
27.2.
>120 days
Trade receivables doubtful for collection amounting to HRK 24,738,276 were the object of
reexamination, with a goal of making their possible provision by charging the consolidated Statement of
Comprehensive Income. As a result, a value provision of trade receivables was made on the basis of
estimates upon their collection in the same amount.
28.
CURRENT RECEIVABLES FROM PARTICIPATING ENTREPRENEURS
At 31 December
2013
At 31 December
2012
in HRK
in HRK
Utp d.o.o., Pula
26,318
37,862
Total
26,318
37,862
32
ULJANIK d.d., Pula
29.
AMOUNTS DUE FROM EMPLOYEES AND COMPANY’S MEMBERS
At 31
December
2013
in HRK
Advance payments for official trips
At 31
December
2012
in HRK
840
9,897
10,636
819
Receivables from workers for the receipts in kind
108,889
57,911
Other receivables from employees
103,792
73,263
Total
224,157
141,890
Receivables from workers for indemnification
30.
CURRENT RECEIVABLES FROM GOVERNMENT AND OTHER INSTITUTIONS
At 31
December
2013
in HRK
Receivables for value added tax
Receivables for contributions and memberships
Receivables from the removal from accounts of
maritime property
Receivables for state subsidies
Other receivables from the state
Total
At 31
December
2012
in HRK
31,378,968
13,758,836
229,081
78,619
104,359,257
208,718,514
55,971,216
-
27,205,691
3,664,672
219,144,213
226,220,641
33
ULJANIK d.d., Pula
31.
CURRENT OTHER RECEIVABLES
At 31
December
2013
in HRK
Receivables for interest
Advance payments to suppliers
Other receivables
Add: Current portion
Total
32.
At 31
December
2012
in HRK
746,958
13,432
28,953,372
57,202,335
8,362,289
35,570,352
(1,949,245)
-
2,177,609
-
38,290,983
92,786,119
CURRENT FINANCIAL ASSETS
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Given loans, deposits, etc.
Uti d.o.o., Pula
Stiven's d.o.o., Pula
Brodo opus d.o.o., Pula
200,000
200,000
-
122,000
60,000
60,000
-
2,863,397
Uljanik Plovidba d.d., Pula
36,000,000
750,000
25,000
20,000
74,695,931
-
22,775
-
112,500
-
(200,000)
(322,000)
110,916,206
3,693,397
United Shipping Services.One, Inc., Liberia
Given deposits over 90 days
Other
Brodograditelj d.o.o.,Pula
Total
34
ULJANIK d.d., Pula
33.
CASH AT BANK AND IN CASHIER
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Letters of credit
25,370,450
-
Current account balance
58,707,888
37,153,581
Foreign currency account balance
46,603,917
8,997,693
18,981
23,885
5,155
4,942
121,000,643
826,018
Other
8,714
-
Total
251,715,748
47,006,119
Cash in hand – HRK
Cash in hand – foreign currency
Deposits up to 3 months
34.
PREPAID EXPENSES OF THE FUTURE PERIOD AND ACCRUED INCOME
At 31
December
2013
in HRK
At 31
December
2012
in HRK
327,390,149
405,566,948
1,124,819
73,274
Other
43,617
-
Total
328,558,585
405,640,222
Refundable amount upon building contracts
Prepaid costs
35.
REGISTERED (SUBSCRIBED) CAPITAL
The registered capital was established in the nominal amount of HRK 302,062,500 (At 31 December 2012
in the same amount) and consists of 3,356,250 shares with nominal value of HRK 90.
The ownership structure of the Company is, as follows:
35
ULJANIK d.d., Pula
Shareholder
At 31 December 2013
Number
Ownership
of
share %
shares
At 31 December 2012
Number
Ownership
of
share %
shares
Croatia osiguranje d.d. (1/1)
333,332
9.93
166,666
4.97
Cerp (0/1) / HZMO - Croatian pension insurance
institute (1/1)
259,731
7.74
259,731
7.74
Hrvatska poštanska banka d.d. (0/1) / Kapitalni
fond d.d. (1/1)
222,222
6.62
222,222
6.62
Hrvatska poštanska banka d.d. (0/1) / The NEK
overhauling financing fund (1/1)
166,666
4.97
166,666
4.97
Hypo Alpe - Adria - Bank d.d. (0/1) / PBZ The
Croatia insurance obligatory pension fund (1/1)
133,333
3.97
133,333
3.97
HZZO - Croatian health insurance institute
130,157
3.88
130,157
3.88
-
-
111,111
3.31
111,111
3.31
111,111
3.31
104,375
3.11
Croatia osiguranje d.d. / life insurance
Societe generale - Splitska banka d.d. (0/1) / Erste
plavi obvezni mirovinski fond (1/1)
Uljanik d.d. (1/1)
Hrvatska brodogradnja-Jadranbrod dd
Adris grupa d.d. (1/1)
Cerp (0/1) State agency for sving deposits
assurance and the improving of financial conditions
of banks (1/1)
Domestic individual
Foreign individual
Other shareholders
Total
36.
-
-
-
-
104,375
3.11
83,000
2.47
83,000
2.47
80,016
2.38
-
-
1,550,380
46.19
1,550,638
46.20
3,283
0.10
3,323
0.10
178,644
5.32
313,917
9.35
3,356,250
100.00
3,356,250
100.00
CAPITAL RESERVES
Capital reserves in the amount of HRK 15,191,367 (2012 in the same amount) were ascertained in 2012 by
the simplified decrease of basic capital.
37.
RESERVES FOR OWN SHARES
in HRK
At 31 December 2012
-
Appropriation on the basis of the
Assembly’s Decision in 2013
At 31 December 2013
3,200,000
3,200,000
36
ULJANIK d.d., Pula
38.
OWN SHARES AND PORTIONS (deducted item)
At 13 June 2013 the Company has acquired 104,375 own shares at the price of 45 per piece in the amount
of HRK 4,696,875 representing 3.1099 % of the basic capital of the Company.
39.
OTHER RESERVES
Other reserves in the amount of HRK 4,963 are formed upon the Assembly’s Decision from realized income
for 2012.
40.
REVALUATION RESERVES
in HRK
At 31 December 2012
-
Foreign exchange differences from conversion of foreign operations
(692,467)
At 31 December 2013
(692,467)
41.
ACCUMULATED LOSS
in HRK
At 31 December 2012
Loss for 2012
(see Note 42)
(72,779,257)
(901,992)
(see Note 37)
(3,200,000)
Other reserves
(see Note 39)
(4,963)
Foreign exchange differences
Part in profit of associated entrepreneurs
At 31 December 2013
42.
(13,903)
12,262,007
(64,638,108)
PROFIT / (LOSS) FOR THE CURRENT YEAR
In 2013 the Group generated net profit ascribed to the Parent company capital holders in the amount of
HRK 105,758,648 (2012 loss in the amount of HRK 72,779,257).
43.
MINORITY INTEREST
Minority interest as at 31 December 2013 in the amount of HRK 108,206,777 comprise loss of the period
ascribed to minority interest in the amount of HRK 3,148,462. The minority interest represents 16.652 % of
the capital of the company 3. Maj Brodogradilište d.d., Rijeka.
37
ULJANIK d.d., Pula
44.
PROVISIONS
Potential
liabilities
(acquisition)
Costs of
legal
proceedings
Jubilee
awards and
severance
pays
Arbitration
costs
Total
in HRK
in HRK
in HRK
in HRK
in HRK
At 31 December 2012
Additional provisions
-
649,000
-
-
649,000
83,000,000
5,571,755
3,861,516
-
92,433,271
-
(2,166,669)
-
(240,200)
(2,406,869)
-
(1,395,951)
-
-
(1,395,951)
-
16,620,590
-
7,736,899
24,357,489
83,000,000
19,278,725
3,861,516
7,496,699
113,636,940
Reversal of provisions
Amounts utilized during
the year
Acquisition
At 31 December 2013
/i/
Potential liabilities in the amount of HRK 83,000,000 relate to liabilities of the company 3. Maj
Brodogradilište d.d. on the basis of the Contract on sale and transfer of shares of Brodograđevna industrija
3.Maj d.d., Rijeka, as also the Restructuring program of Brodograđevna industrija 3. Maj d.d., Rijeka which
are recorded in the consolidated financial statements when establishing fair value of assets and liabilities of
the company 3. Maj Brodogradilište d.d., Rijeka.
45.
LONG-TERM LIABILITIES
At 31
December
2013
in HRK
At 31
December
2012
in HRK
104,359,257
367,461,569
113,747,417
469,913,191
101,625,364
-
109,592,750
71,254,202
89,189
(290,891,863)
139,567,391
37,728,120
217,524
(226,949,540)
475,612,521
522,102,050
Liabilities for issued bills of exchange
155,866,629
-
Total
631,479,150
522,102,050
Liabilities to banks and other financial institutions
Deutsche Bank AG London
Hrvatska banka za obnovu i razvitak d.d., Zagreb
Erste & Steiermaerkische Bank d.d., Rijeka
Zagrebačka banka d.d., Zagreb
Privredna banka Zagreb d.d., Zagreb
Hypo Alpe-Adria-Bank d.d., Zagreb
Liabilities upon financial lease
Less: Current portion (see Note 46)
38
ULJANIK d.d., Pula
45.1.
The movements in liabilities to banks and other financial institutions during the year may be
summarized as follows:
in HRK
At 31 December 2012
522,102,050
New borrowings
267,075,626
Amounts repaid
(104,359,257)
Foreign exchange differences
2,642,499
687,460,918
Add: Reclassified from short-term loan
79,043,466
Less: Current portion
(290,891,863)
At 31 December 2013
45.2
475,612,521
The repayment schedule of long-term liabilities to banks and other financial institutions is as
follows:
in HRK
Due in one to two years
378,486,027
Due in two to three years
32,516,892
Due in three to four years
32,071,723
Due in four to five years
26,820,303
Due over five years
5,717,576
Total
46.
475,612,521
SHORT-TERM LIABILITIES TO BANKS AND OTHER FINANCIAL INSTITUTIONS
At 31
December
2013
At 31
December
2012
in HRK
in HRK
Privredna banka Zagreb d.d.
Hrvatska banka za obnovu i razvitak
116,061,186
7,637,643
29,656,902
Zagrebačka banka d.d.
OTP banka d.d.
Imex banka d.d.
109,592,750
34,603,182
9,409,576
Istarska kreditna banka d.d.
Hrvatska poštanska banka d.d.
BKS bank d.d.
26,635,200
44,392,000
-
Primorska banka d.d.
Veneto Banka d.d.
Hypo Alpe-Adria Bank d.d.
7,637,643
21,003,519
23,075,042
113,104,182
35,486,775
14,940,336
33,501,745
45,814,352
15,091,248
-
290,891,863
226,949,540
Total
690,945,847
514,545,080
39
ULJANIK d.d., Pula
46.1.
The movements in liabilities to banks and other financial institutions during the year may be
summarized as follows:
in HRK
At 31 December 2012
514,545,080
New borrowings
527,984,729
Loan repayment and leases
(563,432,359)
Reclassification to long-term loan
(79,043,466)
400,053,984
290,891,863
At 31 December 2013
690,945,847
47.
LIABILITIES FOR RECEIVED PREPAYMENTS
Domestic customers
At 31 December
2013
At 31 December
2012
in HRK
in HRK
28,814,757
300,630
Foreign customers
202,580,912
20,526,643
Total
231,395,669
20,827,273
40
ULJANIK d.d., Pula
48.
CURRENT LIABILITIES TO SUPPLIERS
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Domestic accounts payable
136,535,390
100,861,156
Foreign accounts payable
104,577,493
159,395,658
23,470,936
10,478,108
13,112
9,852
264,596,931
270,744,774
Uninvoiced goods (material)
Other liabilities
Total
48.1.
Age analysis (structure) of liabilities to suppliers is as follows:
Due
Due
Undue
in HRK
< 30 days
in HRK
30-60 days
in HRK
60-90 days
in HRK
90-120 days
in HRK
>120 days
in HRK
in HRK
At 31 December 2013
157,828,301
30,478,687
19,390,790
8,965,897
7,100,002
40,833,254
264,596,931
At 31 December 2012
77,705,611
16,868,009
1,275,057
4,677,144
13,542,234
36,676,719
270,744,774
49.
LIABILITIES TO ENTREPRENEURS IN WHOM THE ENTITY HOLDS PARTICIPATING
INTERESTS
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Utp d.o.o., Pula
4,051,449
3,445,612
Total
4,051,449
3,445,612
50.
CURRENT LIABILITIES TO EMPLOYEES
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Net wages and salaries
24,981,330
15,379,330
Liabilities for compensations
23,162,659
1,515,938
Other
21,550,368
1,353
Total
69,694,357
16,896,621
41
ULJANIK d.d., Pula
51.
CURRENT LIABILITIES FOR TAXES, CONTRIBUTIONS AND SIMILAR FEES
At 31
December
2013
in HRK
Liabilities for contributions
At 31
December
2012
in HRK
12,832,373
8,129,886
Liabilities for taxes and surtaxes
3,287,506
2,065,619
Liabilities for value added tax
3,739,979
878,062
Other
3,552,610
885,297
Total
23,412,468
11,958,864
52.
OTHER CURRENT LIABILITIES
At 31
December
2013
in HRK
At 31
December
2012
in HRK
Liabilities for interest and fees
Liabilities for contracts on work and compensations
to the Supervisory board
Other liabilities
21,371,447
9,678,791
71,948
55,363
4,465,010
4,340,123
Liabilities toward Bollore Delmas
52,480,696
-
Total
78,389,101
14,074,277
/i/
Liability toward company Bollore Delmas, France which is as an customer abstained from
construction of 2 ships is based on lost court/arbitration procedure which is lead for many years. During
2008, Trade court in Rijeka has brought the decision for the recognition of the arbitration decision, and the
Company's Management in 2008 has brought a decision on booking and presenting the liabilities on the
basis of the mentioned official decision.
53.
DEFERRED PAYMENT OF COSTS AND INCOME DEFERRED TO FUTURE PERIOD
At
31 December
2013
in HRK
At 31
December
2012
in HRK
59,415,595
54,218,796
Provisions for costs of guarantee works
4,373,600
-
Provisions for severance pays
7,103,036
-
Accounted but non utilized holidays
3,268,024
-
483,333
378,062
7,619,558
4,185,976
82,263,146
58,782,834
Provisions for anticipated losses upon building contracts
Accounted but uninvoiced costs
Income of the future period
42
ULJANIK d.d., Pula
54.
OFF BALANCE RECORDS
At 31 December
2013
At 31 December
2012
in HRK
in HRK
67,200
-
Securities
98,428,162
-
Deferred tax property
12,642,404
-
Right for transfer of tax loss
Other
697,153,444
243,902,676
10,768,440
10,768,440
Total
819,059,650
254,671,116
Receivables on the basis of illegally deprived property
43
ULJANIK d.d., Pula
55.
INFORMATION ON SEGMENTS
Shipbuilding
Machine
building
in HRK
in HRK
Production
of
equipment
in HRK
Other
Intragroup
transactions
Total Group
in HRK
in HRK
in HRK
For 2013
Income from sale
Other income
Operating
income
Operating
expenses
Operative
income / (loss)
Net financial
income/
(expenses)
Result before
taxation
Income tax
Net profit/ (loss)
1,003,110,187
298,945,385
58,931,338
8,151,985
24,168,008
213,872
76,985,913
8,678,693
(109,472,918)
(847,363)
1,053,722,528
315,142,572
1,302,055,572
67,083,323
24,381,880
85,664,606
(110,320,281)
1,368,865,100
1,637,794,097
100,749,278
30,776,468
78,485,039
(110,319,850)
1,737,485,032
(335,738,525)
(33,665,955)
(6,394,588)
7,179,567
(431)
(368,619,932)
(76,291,378)
(2,405,361)
55,331
(2,192,546)
554,038,605
473,204,651
(412,029,903)
(36,071,316)
(6,339,257)
4,987,021
554,038,174
104,584,719
-
-
(1,974,533)
-
(1,974,533)
(412,029,903)
(36,071,316)
(6,339,257)
3,012,488
554,038,174
102,610,186
2,389,071,092
1,927,312,933
60,089,918
72,456,744
115,169,261
13,087,476
849,625,026
411,089,766
(759,693,433)
(234,081,861)
2,654,261,863
2,189,865,058
1,332,412,553
61,367,232
101,313,401
5,876,960
31,575,078
244,577
56,756,277
4,111,571
(130,678,548)
(12,601)
1,391,378,761
71,587,739
1,393,779,785
107,190,361
31,819,655
60,867,848
(130,691,149)
1,462,966,500
1,392,844,117
131,102,138
30,065,501
59,944,383
(130,691,149)
1,483,264,990
935,668
(23,911,777)
1,754,154
923,465
-
(20,298,490)
(51,723,493)
(1,970,362)
(9,851)
2,444,231
(51,259,475)
(50,787,825)
(25,882,139)
1,744,303
3,367,696
(71,557,965)
-
-
(359,786)
(861,506)
-
(1,221,292)
(50,787,825)
(25,882,139)
1,384,517
2,506,190
-
(72,779,257)
1,506,936,909
1,484,476,320
103,782,871
145,078,382
113,719,771
5,298,729
379,958,050
10,149,841
(426,798,598)
(210,976,887)
1,677,599,003
1,434,026,385
Other information
Total assets
Total liabilities
For 2012
Income from sale
Other income
Operating
income
Operating
expenses
Operative
income / (loss)
Net financial
income/
(expenses)
Result before
taxation
Income tax
Net profit/ (loss)
Other information
Total assets
Total liabilities
44
ULJANIK d.d., Pula
56.
CASH FLOWS STATEMENT
Consolidated statement of cash flows during 2013 was prepared on the basis of indirect method.
57.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
57.1.
Category of financial instruments
Financial assets at fair value through profit and loss account
Financial assets available for sale
At 31
December
2013
At 31
December
2012
in HRK
in HRK
352,234
250,490
348,752,695
179,246,733
Other long-term receivables
326,534,242
18,979,788
21,952,051
14,074,486
Short-term receivables from customers
Other short-term financial assets
110,916,206
3,693,397
Other short-term receivables
257,685,671
319,186,512
251,715,748
47,006,119
Financial assets
1,317,908,847
582,437,525
Liabilities upon loans
1,166,469,179
1,036,429,606
Liabilities upon financial lease
155,866,629
89,189
217,524
Liabilities to suppliers
264,596,931
270,744,774
Other liabilities
406,943,044
67,202,647
1,993,964,972
1,374,594,551
Financial liabilities
45
ULJANIK d.d., Pula
57.2.
Managing financial risk objectives
The Group controls and manages financial risks which could have the inflow to the operations of the Group
by internal reports on risks where the exposures to risks are analyzed on the basis of a degree and
character of market risk, interest risk, credit risk, currency risk and solvency risk.
57.3.
Market risk
The Group operates in the Croatian and international markets. The Group’s management determines the
prices of its products and services separately for domestic and foreign markets.
There were no significant changes of market risk influence to Group’s operations.
57.4.
Interest rate risk
Interest rate risk is a risk that the value of a financial instrument will fluctuate due to changes in market
rates relative to the interest rate applicable to the financial instrument. Interest rate cash flow risk is the risk
that the interest cost of an instrument will fluctuate over time.
There were no significant changes of interest risk influence to Group’s operations.
57.5.
Credit risk
Credit risk is a risk that the other contractual party would not be able to perform its financial liabilities and
thus cause financial losses for the Group.
Financial assets that potentially expose the Group to credit risk consist mainly of cash, money equivalents
and trade receivables. Trade receivables have been adjusted for the allowance for bad and doubtful
accounts.
There were no significant changes of credit risk influence to Group’s operations.
57.6.
Currency risk
The official currency of the Group is Croatian kuna (‘’HRK’’). However, certain transactions denominated in
foreign currencies are translated into Croatian kuna by applying the exchange rates in effect at the
consolidated balance sheet / statement of financial position date, and is consequently, the Group potentially
exposed to risks of changes in currency rates.
Exposure of Group to currency risk is, as follows:
Assets
At 31
December
2013
At 31
December
2012
in HRK
in HRK
Liabilities
At 31
At 31
December
December
2013
2012
in HRK
in HRK
EUR
272,390,616
114,725,031
1,206,563,937
812,688,573
USD
588,251,435
436,160,190
373,986,735
309,809,032
5,554,423
14,259,930
27,967,268
3,600,418
Other currencies
46
ULJANIK d.d., Pula
57.8.
Solvency risk
Solvency risk is risk that the Group would not be able to fulfill its financial liabilities to the other contractual
party.
Group manages solvency risk in the way that observes continuously and analyses expected and actual cash
flow on the basis of maturity of financial property.
58.
POTENTIAL LIABILITIES
Court disputes which the Group conducts as the accused mainly are disputes from working contracts, i.e.
the indemnification to workers due to injuries at work, as also the disputes for indemnification due to
deadly cases as a result of asbestosis or injuries at work.
The company 3. Maj Brodogradilište d.d. conducts three arbitration procedures (the arbitrations in London),
i.e the one is initiated by side of the Company against the customer MS Monte Carlo, Hamburg, NSC
Hamburg (guarantee) and the banks to which the rights are transferred from the Building contract of ship
Nov 707, due to unjustly breaking off the Contract. The another arbitration procedure is initiated by the side
of MS Monza, Hamburg in relation to guarantee works at NOV. 705, and the third is started by the side of
MS Montreal, for the reason of indemnification (on the basis of unrealized reparation /substitution of spare
parts/ performing of works in a guarantee period) for NOV. 706. The Company upon these works made the
provision in total amount of HRK 7,496,699.
At 31 December 2013 the Group for potential liabilities upon court disputes and the mentioned arbitration
has established provisions of costs in the amount of HRK 26,775,424 (see Note 44).
59.
EVENTS AFTER THE CONSOLIDATED BALANCE SHEET / CONSOLIDATED STATEMENT OF
FINANCIAL POSITION DATE
/i/
In January and February 2014 is stipulated the making of 3 pieces of barges for transport of
dropped gas (LPG) and 10 pieces of barges for transport of oil and preparations for the buyer Wisby
Tankers AB for the company 3. Maj Brodogradilište d.d., Rijeka. The barge is anticipated to be without
human crew which is pushed by stream tugboats on rivers of the Republic of Columbia. The main
dimensions are as follows: length of 59.48 m, width of 16 m and a maximum draught of 4.60 m.
/ii/
On 28 February 2014 the representatives of the managements of HC Global Production B.V. the
Netherlands and Uljanik d.d., Pula have signed the Contract on building of one furnished body of the selfpropelled cutter suction dredger with digger. The installed power of the ship comes to 23,684 KW, length of
152 m and width of 28 m.
47
ULJANIK d.d., Pula

ULJANIK Group Yearly Report for 2013

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