- ŠKODA JS as

Transcription

- ŠKODA JS as

škoda JS a.s.
activity report
2o12
2012 was the most successful year
in the recent history of ŠKODA JS a.s.
In 2012 the company generated a consolidated
pre-tax profit of CZK 310 million and
a net profit of CZK 247 million (IFRS).
Activity Report 2012 / Škoda JS a.s.
Contents
Presentation Part
02Opening Word from the Chairman of the Board of Directors
and General Director
06 Key Financial and Operating Results
08Company Introduction
10Report on Company’s Activities and Assets
20Integrated Quality Management System
22People in ŠKODA JS a.s.
24 Support for Education Projects and Corporate Social Responsibility
26 ŠKODA JS a.s. and the Consolidation Group
27Organization Chart of ŠKODA JS a.s. at 1 June 2013
28 Statutory Bodies and Top Management at 1 June 2013
Financial Part
31Comments On Financial Results
34Auditor’s Report (According to CAS)
35 Financial Statements of ŠKODA JS a.s. (According to CAS)
39Auditor’s Report (According to IFRS)
40Consolidated Financial Statements (According to IFRS)
44Contact Details
1
Opening Word
from the Chairman of the Board of Directors
tation of all planned activities, 2012 was
a record year in terms of revenues from
this project. Right now, the project has
entered its second stage. Work on Unit 3
will be finished next year and the entire
Refurbishment of the Instrumentation and
Control System project will be completed
on Unit 2 in 2016.
Dear shareholders,
Dear business partners,
2012 was the thirteenth consecutive successful year for ŠKODA JS a.s. According
to the IFRS methodology for consolidated
financial statements, the company‘s revenues amounted to CZK 4.98 billion, of
which 56% was generated from exports.
The volume of new orders was close to
CZK 1.8 billion. ŠKODA JS a.s. posted
a consolidated pre-tax profit of CZK 310
million and a net profit of CZK 247 million
for 2012 – according to IFRS.
With regard to these results, all of the indicators set forth by the company‘s shareholder in the business plan were met. The
number of employees, which had grown
by about 100 employees annually in connection with large investment projects over
the last four years, was stabilized at
1,200 employees last year.
Investment engineering remains the
key business for ŠKODA JS a.s., with its
share of over 60% in the total revenues.
The company currently participates in
the largest investment project in Slovakia – completion of Units 3 and 4 of
the Mochovce nuclear power plant. The
delivery includes the power plant‘s key
systems, such as the primary circuit and
the fuel handling part. The project is
behind schedule, which has had a negative impact on our company, especially
as regards the coordination of activities
and development of human resources
for installation work. We are negotiating
with the customer to set a new schedule
and draft an amendment to the existing
fixed job contract.
Another long-term major investment project undertaken by ŠKODA JS a.s. is the
Refurbishment of the Instrumentation &
Control System in the Dukovany nuclear
power plant. So far, 2012 has been the
most intensive year in terms of deliveries, design and installation work. Many
operations had to be carried out simultaneously because control systems were
replaced in all four units of the power
plant. Thanks to the successful implemen-
2
The tender for the supplier of the Completion of the Temelín NPP has continued
for four years now. ŠKODA JS a.s., as
the leader of the MIR .1200 Consortium,
strives to win this historically largest
investment project in the Czech Republic. In July 2012, offers of all bidders
were submitted to the contracting party
– ČEZ, a. s. The bid of the MIR .1200
Consortium is based on the well-proven
VVER technology comprising state-ofthe-art improvements, which has been
in operation for decades in the Czech
Republic – in Temelín. The bid anticipates
maximum engagement of the Czech
industry, with its share in the volume of
supplies and work accounting for being
at least 70%. The results of the tender
are expected to be announced by the
end of 2013.
ŠKODA JS a.s. has been involved in the
nuclear industry for over half a century
and has participated in the construction
of a major part of the nuclear islands
in all Czech and Slovak nuclear units.
I believe that our experience and excellent technical and safety features of the
project will lead to our success in the
tender. VVER nuclear units rank among
the most reliable nuclear power plants in
the world.
Production of nuclear equipment
constitutes another segment of corporate
activities. Supply of the VVER technology
for traditional Czech, Slovak, Hungarian and Ukrainian customers – nuclear
power plant operators – continued in
2012, including: ČEZ, a. s., Slovenské
elektrárne, a.s., MVM Paks NPP Ltd. and
NAEK ”Energoatom“. The technology
mostly included control rod drives for
reactor control, hermetic cable penetrations and compact racks for wet storage
of spent nuclear fuel.
Last year, our largest contract in the
PWR reactor market was completion
of the production of EPR reactor internals for Unit 1 of the Taishan nuclear
power plant in China. Another important
contract, for a French customer, was the
production and gradual installation of
equipment for spent fuel removal from
a newly built EPR unit in the Flamanville
nuclear power plant. ŠKODA JS a.s. is
the only foreign direct supplier for EDF
in this project. Some installation operations were carried out in 2012 and the
remaining installation and commissioning work is to be finished in 2014.
ŠKODA JS a.s. also develops its activities in the strategic field of production of
equipment for the transport and storage of
spent nuclear fuel. Long-term cooperation
with the key German customer GNS in this
area culminated last year with the signing
of a license agreement, allowing the use of
the design of the CASTOR® 440/84M cask
and the CASTOR® trade mark for the
company‘s own direct supplies to nuclear plant operators in the Czech Republic, Slovakia and several other territories.
Another contract for the supply of eight
CASTOR® 1000/19 casks through 2015
was signed with an option for delivering
nine more casks until 2017.
Nuclear power plant services
constitute the third business segment
of our company, which successfully increases the trading volume and expands
the range of services provided as part
of maintenance of six Czech nuclear
reactors in Dukovany and Temelín. All
services are provided on the basis of
a general contract with the operator of
Czech nuclear units, ČEZ, a.s., to ensure
the servicing of the Reactor Building
logical unit. This long-term contract stays
in effect until 2015. With its responsible
approach to the maintenance performance, ŠKODA JS a.s. has become
an integral part of the outage team in
the Temelín NPP. In 2012, the servicing
team became the first in Central Europe
to carry out a unique repair of the
heterogeneous weld DN 1,100 mm on
the hot steam generator collector in the
Dukovany nuclear power plant.
Our engineering and production
capabilities will be used not only in the
nuclear industry, but also in the nonnuclear production of equipment for oil
refining, petrochemical and natural gas
industries, where we want to build on
our commercial success of 1997–2005.
For this purpose, the Oil & Gas Section
was established last year to contribute
to the better utilization of engineering and production capacities of our
company.
The latest developments in the nuclear
industry show that the shock resulting
from the nuclear accident in the Fukushima nuclear power plant in 2011
has been overcome to a large extent.
3
Suspended plans for the construction
of new units are being revived in both
eastern and western Europe and in
the US, albeit on a reduced scale. This
development promises a better future of
the nuclear industry.
2013 is a year of great challenges. I believe we will stand our ground and meet
our goals and objectives set out by our
shareholder. I am also convinced that
we will meet our customers‘ expectations
and maintain the high standard of the
provided services. Winning the tender
for the completion of Units 3 and 4 in the
Temelín NPP remains our top priority.
Finally, I would like to repeat that we had
a very successful year with good results.
I would like to thank our shareholder for
its effective support; I would also like
to appreciate the helpful attitude of our
banks, which provided their important
services related to the development of
our business activities, and I also thank
all our business partners. My thank-you
also goes to all our employees for their
commitment and proactive approach to
work.
Miroslav Fiala
Chairman of the Board of Directors
REPAIR
OF A HETEROGENEOUS
WELDED JOINT ON THE
STEAM GENERATOR
Preparations for and implementation of a repair of
a heterogeneous welded joint on the steam generator in
the Dukovany nuclear power plant (VVER 440 design) took
place in 2012. This was a very unique repair, the first of its
kind outside the Russian Federation; in addition, the repaired
welded joint is not a site weld, but a shop weld, and the
steam generator was not designed to be repaired on site.
There were several obstacles to the preparation for the repair.
The first was putting together a service team because, taking
into account the expected radiation situation in the place
of repair and its duration, the estimated number of welders
needed for the repair was about 20. These workers had to
undergo challenging psychological testing as a prerequisite
for work in the plant, and many job related tests.
Another limiting factor was the time of preparation of
the entire event, which included both technical solutions
and the purchase of a special fixture and materials and
dozens of analyses and calculations. The repair had to be
prepared in a very short time. It was necessary to develop
and manufacture a fixture that would prevent the permanent
deformation and irreversible damage to the internal parts
of the steam generator. The issue of fixing the equipment in
the primary circuit loop was also addressed to avoid mutual
displacement when a defective weld is cut out.
This was followed by the welding of control welded joints,
where a successful outcome is a precondition for repair
implementation. A stand was designed and manufactured
at a scale of 1:1, which was used to carry out tests of the
bevelling equipment and welders‘ training.
The preparation work was supervised by the State Office
for Nuclear Safety. Another 15 organizations took part in
the preparation and implementation; they were managed
and coordinated by ŠKODA JS a.s., on behalf of the final
customer – ČEZ, a. s.
The actual repair was performed as part of the scheduled
outage of the main generating unit at the required time (i.e.
without a negative impact on the duration of the outage) and
quality of the repair.
Key Financial
and Operating Results
Consolidated Group (According to ifrs)
CZK thousands
2009
Assets = Liabilities (net)
Fixed assets (net)
Current assets (net)
Inventory (net)
2010
2011
2012
4,127,952
4,107,649
3,178,445
(modified)**
5,103,845
754,849
757,398
533,930
667,612
4,348,996
3,370,554
3,573,719
2,510,833
364,516
301,396
297,935
170,737
3,539,841
1,765,962
1,555,847
1,018,885
Financial assets (net)
284,480
646,843
813,937
909,331
Other assets (net)
160,159
656,353
906,000
411,880
Shareholder‘s equity
1,401,534
1,526,653
1,578,416
1,621,759
Liabilities
3,702,311
2,601,299
2,529,233
1,556,686
Reserves
104,957
127,591
141,873
136,978
Payables
3,386,606
1,267,902
554,602
643,590
79,255
0
0
0
131,493
1,205,806
1,832,758
776,118
Receivables (net)
Credits
Other liabilities
Revenue from sale of goods, own products and services
3,917,400
4,574,950
4,948,024
4,983,389
1,473,132
3,322,308
3,594,858
2,809,972
Personnel expenses
634,555
685,376
763,124
795,756
Operating profit (EBIT)
238,205
362,940
316,319
308,118
Profit in the accounting period
193,705
283,218
249,882
247,049
Profit before tax
240,749
365,327
319,252
310,353
945
1,064
1,170
1,214
923,556
985,259
922,601
909,287
Exports
Average number of employees*
Value added labour productivity
= EBIT + personnel expenses/average number of employees (CZK per employee)
2,100,000
2,000,000
160,00
1,400,000
1,000,000
0
2009
2010
2011
2012
80,000
0
2009
2010
2011
6
2012
700,000
0
2009
2010
2,809,972
240,00
3,322,308
3,000,000
1,473,132
2,800,000
310,353
320,000
319,252
4,000,000
365,327
3,500,000
240,749
400,000
4,983,389
5,000,000
4,948,024
Export according to IFRS
(in CZK thousand)
4,574,950
Profit before tax according to IFRS
(in CZK thousand)
3,917,400
Revenues from sale of goods, own
products and services according to IFRS
(in CZK thousand)
3,594,858
* average adjusted number
** While the Group’s 2011 IFRS financial statements were compiled, the structure of the provided and received advances on long-term projects was assessed in terms
of their classification as non-financial assets and liabilities. As a result of the analysis, these items are now classified as short-term items where the related projects are
implemented within the Group’s ordinary production cycle. The comparable 2010 data were adjusted adequately.
Note: The selected indicators above are based on the company’s consolidated financial statements, which have been properly published in the Commercial Register;
the full financial statements, including the Notes, are available for inspection in the company’s seat.
2011
2012
ŠKODA JS a.s. (According to CAS)
CZK thousands
Assets = Liabilities (net)
2009
2010
2011
2012
6,150,908
5,189,929
4,411,530
3,507,172
Fixed assets (gross)
1,563,460
1,626,376
1,696,681
1,796,376
Current assets (gross)
5,920,682
4,928,061
4,076,271
3,112,623
1,415,567
Inventory (gross)
2,655,581
3,207,196
2,360,166
Receivables (gross)
2,997,182
1,174,776
975,123
822,948
267,920
546,089
740,982
874,108
Financial assets (gross)
Other assets (gross)
12,350
13,592
14,006
12,452
Shareholder‘s equity
985,642
1,101,439
1,296,853
1,505,378
1,793,399
Liabilities
5,114,168
4,025,267
2,961,884
Reserves
167,892
246,726
235,368
247,720
Payables
4,867,021
3,778,541
2,726,515
1,545,679
Credits
79,255
0
0
0
Other liabilities
51,098
63,223
152,794
208,395
Revenue from sale of goods, own products and services
Exports
3,958,719
4,187,050
5,912,022
5,317,825
1,114,035
3,214,997
4,167,740
2,717,362
1,356,283
Added value
999,065
1,092,944
1,293,900
Operating profit/loss
210,833
323,451
513,461
523,671
Profit/loss for the accounting period
143,992
275,304
403,433
415,717
Pre-tax profit/loss
184,997
350,959
500,850
518,051
883
975
1,056
1,095
1,131,444
1,120,968
1,225,284
1,238,615
Average number of employees*
Value added labour productivity (CZK per employee)
* average FTE adjusted number
Note: The selected indicators above are based on the company’s non-consolidated financial statements, which have been properly published in the Commercial Register;
the full financial statements, including the Notes, are available for inspection in the company’s seat.
Revenue per employee according to IFRS
(in CZK thousand)
Value added labour productivity
according to IFRS (in CZK per employee)
Return on revenue (ROR) After-tax
profit/Revenues from sale according
to IFRS (in %)
5,000
1,000,000
4,000
800,000
5
3,000
600,000
4
2,000
400,000
1,000
200,000
6
3
2010
7
2011
2012
2009
2010
2011
5
5
0
5
2009
909,287
0
1
6
2012
922,601
2011
985,259
2010
923,556
4,229
2009
4,105
4,300
0
4,145
2
2012
Company
Introduction
ŠKODA JS a.s., a member of the Russian OMZ Group, comprises four divisions that develop strategic areas of business, focusing
primarily on development and supply activities for the nuclear power industry and for the oil refining, petrochemical and natural gas
industries.
The individual Divisions manage the following business areas:
D1 – NPP Engineering
construction of VVER
nuclear power plants
modernization and
upgrade of operating
VVER units
construction of interim
spent fuel storage
facilities
construction and upgrade
of research reactors
decommissioning
calculations, design
D2 – NPP Services
outage management
for reactor building
equipment
maintenance and repairs
of reactor building
equipment
modernization of reactor
building equipment
life cycle management/
extension for reactor
building equipment
in-service inspections
of crucial reactor building equipment – reactor,
steam generators, main
coolant piping, etc.
designer‘s supervision
over revisions and repairs
of reactors and their
parts (control rod drives)
testing of VVER, RBMK
control rod drives
8
D3 – Nuclear Equipment
manufacture of equipment for nuclear power
plants with VVER reactors
manufacture of equipment for nuclear power
plants with Western reactor types
manufacture of equipment for spent nuclear
fuel transport and storage
manufacture of equipment for the oil refining,
petrochemical and natural gas industries
manufacture of equipment for research and
development centres
development and design
of new equipment (including control and maintenance) for the above
technologies
D4 – NPP I&C
refurbishment and
modernization
of instrumentation
and control (I&C) systems
of operating VVER units
CASTOR®
440/84M
CASKS
The execution of a license contract with GNS for the
manufacture of CASTOR® 440/84M casks was a major
commercial success of 2012. ŠKODA JS a.s. expects to
strengthen its position of the leading supplier of casks
for spent fuel transport and storage. At the same time,
the company succeeded to provide for the manufacture
of CASTOR® 440/84M casks for the Dukovany nuclear
power plant until 2020.
Report on Company’s Activities
and Assets
Engineering
Refurbishment of the
Instrumentation & Control
System in Dukovany NPP
The most important investment project
relating to the Czech energy sector
is currently the Refurbishment of the
Instrumentation and Control (I&C) System
in the Dukovany Nuclear Power Plant.
ŠKODA JS a.s. is the general contractor
of this large investment project. Its objective is to extend the life of the Dukovany
power plant and to meet the increasing
demands on safety and reliability of
nuclear power plants.
The first stage of the project, worth
CZK 7 billion, was launched in 2001 and
was gradually implemented in all four
units. This part of the modernization was
completed when the last unit was put into
operation in December 2009.
The second project stage was initiated
in October 2007 and its value is over
CZK 4 billion. The main subcontractors
are ZAT a.s. and I&C Energo a.s. The
refurbishment of I&C systems includes
replacement of the control systems on
the primary circuit, the turbine and the
secondary circuit. In addition to the refurbishment of these systems, this stage also
includes the supply of a new unit-specific
superset diagnostic and information system called DIAG, designed to collect and
process operating and diagnostic data.
This system has not yet been part of the
I&C infrastructure in the Dukovany NPP.
In 2012 ŠKODA JS a.s. worked intensively
on all project areas of the I&C System
Refurbishment in Dukovany NPP. Despite
considerable overlaps of project activities,
all milestones were successfully met. The
systems on all reactor units were modernized. The greatest volume of supplies and
related activities was achieved on Unit 2,
where over 180 switchboard cabinets
were put into operation, including field
instrumentation and modernization of
the main control room. In addition, the
turbine control system on Unit 2 was upgraded. This installation was associated
with a parallel project for increasing the
output of the Dukovany NPP and contributed to the increased output of all units
from 440 to 500 MWe. Thanks to many
years of experience, ŠKODA JS a.s. and
the investor‘s team managed to carry out
all operations even though work had to be
performed simultaneously on other units.
ular operations of any part of Dukovany
nuclear power plant. The full modernization of the Dukovany nuclear power plant
will be completed in 2016.
Refurbishment of Non-unit I&C
in Temelín NPP
In 2012, after winning a tender,
ŠKODA JS a.s. and ČEZ, a. s. signed
a contract for the Refurbishment of Nonunit I&C in the Temelín NPP. The subcontractors are again ZAT a.s. and I&C
Energo a.s. The project is divided into
four parts, the first of which was launched
in 2012 and the last will be completed in
2015.
The work on the individual units is performed during scheduled maintenance
and refuelling outages. This method of
installation is highly challenging in terms
of coordinating a huge volume of activities in outage preparation and implementation during the scheduled outages of the
nuclear power plant units.
Completion of Units 3 and 4
in Mochovce NPP
The position of ŠKODA JS a.s. in the
project for completion of the Mochovce
nuclear power plant is that of a supplier
of essential operating systems – primary
circuit, fuel handling part, connecting
pipes, intermediate cooling circuits, parts
of the I&C system and maintenance
workshops.
The method of installation, testing strategy
and start-up of the refurbished I&C systems without any interruption of the power
plant’s regular operation were absolutely
unique because no such method of replacement of such a large and extensive
part of the nuclear plant technology had
ever been undertaken at any nuclear
facility in the world.
As the supplier of key nuclear systems for
the power plant, ŠKODA JS a.s. delivered
all equipment pursuant to the current
schedule. However, installation work
always requires construction readiness in
individual power plant rooms, provided
by the civil part contractor. Because of
delays at that stage, ŠKODA JS a.s. could
not perform all of its activities as planned.
The entire large-scope I&C Refurbishment
project is conducted in accordance with
the scheduled timeline. It is also necessary to emphasize that during the whole
implementation period there was not
a single emergency that would affect reg-
The detail design for both units was
finalized last year – testing programs and
start-up operation programs. Deliveries
of equipment to the construction site and
work on the refurbishment of older equipment were also completed.
10
Major milestones in 2012:
delivery of control rod drives for
Unit 3,
completion of welding of the main
circulation piping for both units,
completion of installation of main
coolant pumps for Unit 3,
completion of revamping and modernization of the upper block for
Unit 3,
delivery of the reactor main flange
joint stud tensioner,
delivery of a compact storage rack
for Unit 4,
completion of installation of spherical supports and bodies of main
coolant pumps for Unit 4,
delivery of equipment for the disposal of thermocouples and neutron
flux measurement sensors.
Mochovce NPP project. Considering the
current delay, ŠKODA JS a.s. and other
suppliers will be under extreme pressure
to speed up installation work and coordination of activities, while observing all
safety and legislative rules. Project delays
will also require to share the construction
site with other suppliers.
The integrity of the supplier model used
by ŠKODA JS a.s. for this project was
considerably reinforced in 2012. The
company`s ability to procure a broad
range of supplies and services at the
highest level for the investor was reaffirmed. The value of this supplier model,
led by ŠKODA JS a.s., was verified during
the preparation of a bid by the MIR.1200
Consortium for the completion of new
units in the Temelín nuclear power plant.
2013 will be a real test for ŠKODA JS a.s.
as regards the Completion of the
11
Nuclear Power Plant
Services
Servicing Czech NPPs
Under the general contract, signed in
2008, and its amendment for 2012,
ŠKODA JS a.s. continued providing maintenance services for the Reactor Building
logical unit in the Dukovany and Temelín
NPPs. This is a very important long-term
contract for service work. The general
contract ensures the provision of maintenance services at least until 2015.
The scope of activities involving reactor inspections was expanded last year
and all work on this equipment was
carried out using only the resources of
ŠKODA JS a.s. The personnel and the
professional structure of the teams on
both sites were stabilized. Similarly to the
previous year, the quality of personnel
and the preparedness of the group of
subcontractors were tested in the course
of scheduled and unscheduled repairs of
the equipment as part of the overhaul of
all six units and during their operation at
full power.
In total, the outage time in the Temelín
NPP was reduced by 6.1 days (2.0
days for Unit 1 and 4.1 days for Unit
2). For the first time in history, the power
plant‘s production volume exceeded
15 TWh per year, with the contribution
of ŠKODA JS a.s. During the outages, the
standard scope of work was completed,
along with the replacement of linear stepping drives for control rods; the replacement of seismic dampers on the primary
circuit main components and of the rotors
of electromotors for main coolant pumps
continued, as well as the extraction of
steel surveillance samples of the reactor
pressure vessel.
ŠKODA JS a.s. expanded its portfolio
of activities with the testing of heat
exchange tubes of the steam generators,
including their plugging.
Three of four outages in the Dukovany
NPP were shorter than originally planned
(reduction by 2.2 days). These outages
involved for example replacement of
the upper parts of the steam generator
header. During the last outage, a highly
challenging and unique repair of the
heterogeneous weld DN 1,100 mm on the
PG-46 steam generator was performed,
beyond the standard scope of work.
ŠKODA JS a.s. is a strong partner to the
power plant operator during unit outages as well as during the preparation
and implementation of preventive and
corrective maintenance performed each
calendar year. In this role it draws on its
own experience and on the experience of
its proven partners in the supplier chain,
as well as on the expertise, background
and long-term experience of its production plant in Plzeň. Due to its approach
to maintenance performance, knowledge
and ties with production plants of domestic
and foreign suppliers, ŠKODA JS a.s. has
become an integral part of the outage
team in Temelín. This year‘s good results
of both outages in Temelín are also the
outcome of good work of ŠKODA JS a.s.
and the entire supplier chain for the Reactor Building logical unit.
In the area of production, the NPP
Services Division implemented the
following projects:
commencement of installation of technology for cask transfer facility in the
Flamanville NPP (France),
production of a handling beam for
AREVA, to be deployed in the Taishan
NPP (China),
production of steam generator supports for Unit 3 in the Mochovce NPP.
Other activities carried out by the
NPP Services Division
Other major projects implemented by the
NPP Services Division in 2012 included
a technical development project titled
”Development of a new technologic
procedure for corrective welding of operated pressure vessels of VVER 1000
nuclear reactors“. The main advantage of
this procedure is reduction in the repair
time (preheating and heat treatment after
repair) compared to the original process.
Another major project, initiated in 2012,
is the evaluation of residual life of the
VVER 440 reactor pressure vessel in the
Metsamor NPP, Armenia.
12
Modernization of the Material Laboratory‘s equipment also continued in
2012. Material laboratories perform
not only material tests and surveys, but
also provide substantial support for the
manufacturing division with respect to the
manufacture of connectors and penetrations for control rod drives and soldering
of fuel assembly top and bottom nozzles.
The portfolio of accredited testing methods that can be offered externally was
expanded through of suitable investments.
In 2012, the Testing Department performed a full handover and periodic
tests of 65 linear stepping drives for the
Khmelnitsky NPP (Ukraine). Our test stand
was used to test 31 PRO drives for the
Paks NPP (Hungary) and 45 drives for
the Mochovce NPP. Over 14,000 pcs of
sealing rings of expanded graphite were
manufactured for the flanged nozzles on
the upper block of VVER reactors and for
the delivery and testing of drives.
A team from the Non-destructive Testing
department inspected the reactor pressure
vessel in the Metsamor NPP, Armenia, using the SKIN device. Compact racks were
installed in the spent fuel storage pool on
Units 3, 4 and 5 of the Zaporozhe NPP
(Ukraine).
Improving the quality of human performance is seen as a continuous process the
main benefit of which is consistent mitigation the risk of errors due to human factor,
whereas the final outcome is reduction in
the number of such events. Some of the
preconditions for a functional process are
open communication between the parties,
proper and full exchange of information, efficient feedback, evaluation of the
performed work and the requirements
and comments voiced by the customer
or the organization performing the work,
supported by sophisticated software to
process such data. A well-functioning and
properly configured exchange of information between the organization performing
the work (potential carrier of human error)
and the organization preparing such work
(including correct identification or risks
and trouble points) can in principle prevent
errors due to human factor.
Production of
Equipment for NPPs –
Eastern Markets
The first set of PRO-M drives (45 drive
mechanisms) was delivered as part of the
Completion of the Mochovce NPP project
for Units 3 and 4. A set of compact racks
was delivered to the same power plant,
along with 214 hermetic cable penetrations. ŠKODA JS a.s. also manufactured
and delivered a reactor main flange joint
stud tensioner to Mochovce‘s both new
units and a device for the extraction,
transport and disposal of neutron flux sensors and thermocouples.
Last year, ŠKODA JS a.s., supported by
the Czech Export Bank and the insurance company EGAP, delivered 70 drives
LKP-M/3 for Unit 1 of the Khmelnitsky
NPP and a compact rack for Unit 1 of the
Zaporozhe NPP.
In 2012, the remaining 42 PRO-M drives
were delivered in four batches to Paks
NPP, to wrap up the total number of
delivered drives at 124. All units of the
Paks NPP are now fully equipped with
new generation drive mechanisms with an
13
extended designed life of 25 years, which
has a positive impact on the prospects of
extension of the power plant‘s life.
Nuclear power plant services are an
important and growing field of business
for ŠKODA JS a.s. Under the contract for
maintenance of the Reactor Building in the
Dukovany and Temelín NPP, the provided
services were expanded last year and the
volume of activities grew significantly, accounting for 60% today.
Last year, ŠKODA JS a.s. also won a contract for the delivery of a cask wagon for
the Chernobyl nuclear power plant. The
contract includes completion of documentation, manufacture, delivery, installation and
certification. It is scheduled for implementation in 2013 and 2014. The set comprises
a cask 12 m long for nine RBMK fuel assemblies placed in a special basket, a transport
wagon and a hydraulic device for lifting
the cask. Successful project implementation
will open the door for ŠKODA JS a.s. to
become involved in decommissioning work
in the Chernobyl nuclear power plant in the
coming years.
Production of
Equipment for NPPs –
Western Markets
In 2012, successful cooperation with AREVA
and EDF on EPR reactor nuclear units
continued. Arguably the most important
event of the last year in this segment was
the delivery of internal parts for the EPR
reactor pressure vessel, supplied to AREVA
in March 2012. The set of reactor internal
parts was delivered to Unit 1 of the Taishan
NPP, China, two months ahead of schedule.
The most important contract of
ŠKODA JS a.s. for EPR reactors is the
design, manufacture and installation of
spent fuel cask transport facility for Unit
3 in the Flamanville NPP. ŠKODA JS a.s.
is the only direct foreign supplier for
EDF regarding this unit currently, under
construction in France. In the first stage
of installation work on site, launched in
2012, the penetration support structure
was installed, including the upper cover
and also a station for handling the biological cask cover, ceiling cladding, lateral
vehicle guides and rails on the floor of the
fuel building. Depending on site preparedness, the remaining installation and
commissioning work will be carried out in
2013 and 2014.
Another contract for the AREVA NP is
the delivery of 256 CRGA pins (parts of
the EPR reactor upper internals) for the
constructed Unit 2 of the power station in
Taishan, China.
In 2012, ŠKODA JS a.s. entered into a direct contractual relationship with the utility
Taiwan Power Company (TPC), the owner
and future operator of two nuclear power
plant units under construction in Lungmen,
Taiwan. In accordance with the contract, two reactor main flange joint stud
tensioners were modernized to simplify
the operation. The contract also includes
the provision of technical supervision
by specialists of ŠKODA JS a.s. during
the commissioning of the tighteners. This
direct contractual relationship paves the
way for long-term cooperation between
ŠKODA JS a.s. and TPC.
The delivery of spare parts for the control
mechanisms of VVER 440 reactors in
Loviisa nuclear power plant in Finland
14
also continued in 2012. The Finnish
operator of the two units in the Loviisa,
Fortum Power and Heat Oy, highly
appreciates the quality of the delivered
components and compliance with the
terms of contract.
Cooperation with Westinghouse Electric
Sweden AB on the supply of top and
bottom nozzles for VVER 1000 fuel assemblies continued. The end customer is
the Ukrainian NAEK ”Energoatom“, which
uses the fuel assemblies in the South
Ukraine and Zaporozhe NPPs.
ŠKODA JS a.s. develops the design of
a flanged joint tightener for the ITER international thermonuclear experimental reactor. ITER is a new tokamak design – the
first step to the commercial exploitation of
thermonuclear fusion in the energy sector.
The ITER reactor has 32 flanged joints
(18 upper and 14 central), to be operated
by two tighteners.
Spent Nuclear Fuel
Storage
Last year, ŠKODA JS a.s. successfully
finished a major chapter in its long-term
cooperation with GNS by delivering the
last of 25 CASTOR® 440/84M casks with
a ŠKODA basket. These casks were manufactured on the basis of a subcontract
dating back to December 2001. All casks
were delivered to the final user, Dukovany
NPP, within the required deadlines and in
the desired quality. Since GNS and the
end user ČEZ are very satisfied with the
deliveries, ŠKODA JS a.s. will continue
manufacturing CASTOR® 440/84M casks
for the Dukovany nuclear power plant
until 2020.
A fundamental change in the contractual
relations with GNS and an unprecedented
token of confidence in the engineering and manufacturing capabilities of
ŠKODA JS a.s. is the execution of a license
agreement, whereby ŠKODA JS a.s. has
the right to use the CASTOR® 440/84M
cask design for its own direct deliveries to
VVER 440 nuclear power plant operators,
including the right to modify the design
or use only some of its features for further
development of the ŠKODA cask. The
agreement also lays down the right to
use the trade mark CASTOR® in selected
territories.
Another contract was signed with GNS
for the delivery of CASTOR® 1000/19
casks to the Temelín NPP in 2014 and
2015. CASTOR® 1000/19 is one of the
most advanced casks in GNS‘s portfolio
and the migration of its production to
ŠKODA JS a.s. once again confirms the
confidence of GNS in the reliability of
deliveries by ŠKODA JS a.s. and opens
up a new chapter of cooperation.
Together with the Nuclear Research
Institute in Řež and under the auspices of
the International Atomic Energy Agency
(IAEA), negotiations began on the possible use of ŠKODA VPVR/M casks for the
transport of the core with highly enriched
nuclear fuel from research reactors of the
MNSR type (Miniature Neutron Source
Reactor). These research reactors were
built by the Chinese state enterprise
CIAE in the past not only in China, but
also in Syria, Ghana, Nigeria, Pakistan
and Iran. ŠKODA VPVR/M casks were
selected for this project because of their
versatility and high reliability, evidenced
by their successful use for the project of
repatriation of highly enriched nuclear
fuel from Russian research reactors (RRRFR
project). Within the scope of this project
ŠKODA JS a.s. provides modification of
the cask internals and manufacture of specific components that will make it possible
to safely transport the highly enriched
nuclear fuel from the MNSR research
reactors back to China.
Completion of
Temelín NPP/Units 3
and 4
In 2009, ŠKODA JS a.s. became the
leader of the international Consortium
MIR .1200, participating in a tender for
completion of the Temelín NPP/Units
3 and 4. Other consortium members
include ZAO Atomstroyexport and OAO
OKB Gidropress, owned by Rosatom.
The scope of the public contract includes
design, preparation of documentation,
engineering, production of equipment,
delivery, on-site assembly, testing and
commissioning of two complete units for
the Temelín NPP in the form of a turnkey
EPC supply, including fuel.
In October 2011, the customer provided
all qualified bidders with its tender documentation, i.e. official specifications for
the submission of bids by all bidders. The
Consortium immediately started working
on bid preparation in accordance with
the agreed upon supply model. The bids
were submitted to the contracting entity,
ČEZ, a. s., on 2 July 2012.
The MIR.1200 Consortium offers an
evolutionary project of a VVER-1200
nuclear power plant. The design is based
on reference solutions that confirmed its
15
reliability and efficiency and is a unique
combination of the most advanced active
and passive safety systems, which makes
it one of the best models of Generation
III+ units. The bid counts on the maximum use of the Czech industry potential.
Rosatom is ready to provide its Czech
partners with the technology and knowhow for the production of key equipment
for nuclear power plants in the Czech
Republic. Czech companies will therefore
have all the knowledge and skills to enable them to provide plant operators with
qualified technical support throughout the
entire life of the units.
The SPbAEP institute, based in St. Petersburg, as a general nuclear power plant
designer, cooperated with the members
of the MIR.1200 Consortium on bid
preparation. Of great importance was
also cooperation with the nuclear fuel
supplier TVEL, NIAEP, designer of the turbine hall of the conventional island, and
Atomtechenergo, an organization specializing in nuclear power plant commissioning. Scientific support was provided by
the Kurchatov Institute. Czech companies
that provide the bulk of supplies for this
project also significantly contributed to
the preparation of initial data for the bid.
The bid submitted by the MIR.1200
Consortium guarantees more than 70% of
the supplies to be contracted in the Czech
Republic. The Consortium established
cooperation with nearly three hundred
Czech suppliers. ŠKODA JS a.s. successfully worked with most of them on investment projects in the past.
In its long-term strategy, ŠKODA JS a.s.
and its consortium partners have strived
to create a supplier chain of Czech and
Slovak companies that will be able not
only to effectively implement the Temelín
NPP Completion project, but also to
replicate it in the Czech Republic or offer
similar project abroad. The MIR.1200
Consortium‘s supplier chain consists
of companies selected on the basis
of references from the construction of
nuclear units in the Czech Republic and
worldwide; they meet the requirements
stipulated by the customer and legislation.
Czech companies have teamed up with
renowned foreign companies, leaders in
the global nuclear industry.
The Consortium signed a number of
memoranda of cooperation with the
most important key suppliers and future
contracts with the suppliers of large components to define the parameters of their
future participation in the project. These
contracts define the liabilities and obligations of both parties, clearly determine
specific responsibilities and clarify the
scope of work.
The aim of ŠKODA JS a.s. is to continue
strengthening its leading role in the
Czech nuclear industry and revive its
traditionally strong position in the world.
The participation of Czech suppliers in
the existing VVER projects under way in
the third countries would result in a major
boost to contracted work in the Czech
engineering and construction sectors,
which would considerably contribute to
their further development and professionalization.
In 2013, the MIR.1200 Consortium awaits
a period of explanations and answers to
additional questions by the contracting
entity, along with intensive negotiations
with all subcontractors to agree on spe-
16
cific technical and business details of the
bids. Completion of negotiations with the
customer and announcement of the winner
are expected towards the end of 2013.
The upcoming period will be a major turning point, indicating the path the Czech
nuclear industry will take. The Czech nuclear sector today needs a strong impetus
for its further development. The decision
on completion of the Temelín NPP may
provide just that.
Investments
In 2012, ŠKODA JS a.s. spent over
CZK 170 million in total on acquisitions
and repairs of capital assets, of which
CZK 51 million were spent on repairs of
machinery, equipment and buildings and
over CZK 119 million on modernizations
and purchases of new technology, including IT projects worth CZK 13.4 million.
The highest costs represented repairs of the
mechanical test room, amounting to CZK
1.2 million in total, replacement of windows in the main administration building
for a total of CZK 1.1 million and repair of
the crane trolley wire in the Reactor Shop
worth CZK 810,000.
The most important investment projects completed in 2012 included the acquisition of
a magnetic grinder with extraction, establishment of a new data centre, replacement
of the SPU40 lathe and replacement of two
CNC lathes. Modernization of the horizontal boring machine WEQ 200NC/4 in the
Reactor Shop was finished.
Other investments include the acquisition of a 3D measuring device, a crane
with a capacity of 12.5 tons, stainless
steel vacuum ovens and special planning
heads for the machining of the inner and
outer shape of the nozzles on the EPR
reactor core barrel.
Research and
Development
Research and development works focused
on tasks associated with the completion
of Units 3 and 4 of the Mochovce nuclear
power plant, provision of maintenance
services in the operated nuclear power
plants and in the field of transport and
storage of spent fuel.
The main research and development tasks
in 2012 included:
validation of increased requirements
for safety and reliability of the delivered equipment within the project
of completion of the Mochovce
nuclear power plant,
development of special equipment
and technology procedures for
diagnostics, repairs and lifetime
extension of components as part of
nuclear power plant service,
development of ŠKODA JS a.s. own
spent fuel transport and storage
cask for modern VVER 440 and
1000 types of fuel,
technical support and innovation in
the field of manufacture of equipment and service for the nuclear
industry.
ŠKODA JS a.s. joined the activities of the
Centre of Advanced Nuclear Technologies (CANUT), together with the University
of West Bohemia and other entities. The
CANUT Centre is a consortium of research
17
organizations and major industrial companies seeking long-term cooperation in
research, development and innovation. The
CANUT Centre is financed form the state
budget through the Technology Agency of
the Czech Republic.
ŠKODA JS a.s. is in charge of two projects
implemented by CANUT. One of them
is ”Storage and transport of radioactive
waste, especially spent nuclear fuel”. The
goal of this research project is to store and
transport VVER 440 and VVER 1000 spent
fuel with a higher enrichment of up to 5%
U235, which will be used in nuclear power
plants in the Czech Republic and nearby
countries in the future. Casks for VVER 440
and newly also for VVER 1000 types of
fuel are under development. Maximum
attention is paid to the materials used for
cask body and internal basket.
The other project headed by
ŠKODA JS a.s. is ”Device for inspecting
primary circuit components of pressurized
water reactors“. The aim of this research
project is to develop a device that will
shorten the period of non-destructive testing of components of the primary circuit
in nuclear power plants with pressurized
water reactors while maintaining the scope
of inspections. New non-destructive testing
procedures will be applied on new equipment to enhance the accuracy of determination of dimensions of detected flaws in
the materials of tested components.
Within the framework of the TIP 2012
project, supported by the Ministry of
Industry and Trade of the Czech Republic, ŠKODA JS a.s. obtained a grant to
develop new technology for corrective
welding of operated pressure vessels of
VVER 1000 reactors.
Source: SPbAEP
Completion
of Temelín NPP
UNITS 3 AND 4
The MIR.1200 Consortium offers an evolutionary project
for a VVER-1200 nuclear power plant. The design is based
on reference solutions that confirmed its reliability and
efficiency and it provides a unique combination of the most
advanced active and passive safety systems, which makes
it one of the best models of Generation III+ units.
Integrated Quality
Management System
Technical Inspection
The qualifications of technical inspection
personnel are maintained as required
by Czech legislation – Decree No.
309/2005 Coll., and by international
standards EN 473 and ASME Code.
High-level equipment needed for inspections and tests is used. Special equipment used for such inspections and tests
includes for example 3D coordinate
measuring machines, a portable multi-axis
measuring arm with a 4.5m range, roughness meters, spectrometers, a videoscope,
large-range workshop meters, optical
plummets, levelling instruments, theodolites
and a number of specific instruments for
measuring electrical characteristics.
The Technical Inspection Department carries out the required inspections and tests,
reference installations and functional and
final testing. It prepares test documentation and provides the products to the
customers‘ representatives and inspection
authorities. It also prepares and submits
the accompanying technical documentation to meet the requirements arising from
the relevant contracts.
Contract Quality
Assurance
When working on production orders, it
is necessary to meet various legislative
requirements, standards and decrees of
national nuclear authorities and other
customer requirements to demonstrate the
technical and nuclear safety of the products and equipment. For most orders, these
standards are governed by nuclear legislation of the State Office for Nuclear Safety
(SÚJB) and the Slovak Nuclear Regulatory
Authority (ÚJD). In case of other major contracts, the aforementioned standards are
governed by the Swedish KBM and TBM
regulations, the French nuclear code
RCC-M, the Russian standards PNAE G
and GOST and the German KTA
regulations.
To meet legislative and technical requirements, the level of quality assurance by the
suppliers of materials, intermediate products, parts and services is continuously tested and assessed. In 2012, external audits
or quality inspections were conducted to
re-certify 28 companies; new qualification
audits were carried out in additional
23 Czech and foreign firms.
A huge contribution to quality assurance
among suppliers is the focus on a smaller
group of well-tested suppliers who are
already aware of the specifics of nuclear
production, as evidenced by the abovementioned number of external audits
aimed at extending and expanding their
qualifications.
Certifications and
Qualifications
A major event last year was a supervisory
audit of the integrated quality management
system under ČSN EN ISO 9001:2009
(QMS), the environmental management
system under ČSN EN ISO 14001:2005
(EMS) and the occupational health and
safety management system under ČSN OHSAS 18001:2008 (OHS). The supervision
audit was conducted by Det Norske Veritas, which confirmed the preparedness and
up-to-date condition of the ŠKODA JS a.s.
integrated management system.
20
The management system was also subject
to a supervisory audit, in the presence of
an (ANIS) ASME supervisor, in accordance with the US nuclear codes ASME,
Section III. In 2012, Czech Accreditation
Institute carried out annual visits under
ISO 17025:2005 in the accredited
laboratories of In-Service Inspections and
Material Laboratory.
The Company was awarded the Certificate of Excellence attesting that certifications were carried out pursuant to the
following standards and regulations:
AD2000-Merkblatt HP0, ISO 3834, EN
1090 and SÚJB Decree No.309/2005
Coll., pertaining to the following fields:
design, manufacture and installation
of nuclear systems and their components, technical services for nuclear
power plants; and
design, manufacture and installation
of pressure vessels and packing
systems for spent fuel.
In 2012, the company underwent customer audits commissioned by Westinghouse
Electric Sweden AB, PPA Energo s.r.o.,
ČEZ, a. s., Areva NP GmbH, Areva NP
and Slovenské elektrárne, a.s. to extend
the qualifications of ŠKODA JS a.s. as
a supplier. None of these audits revealed
material non-compliance.
The management system also passed
a certification audit under CEFRI, supervision over the dosimetry of workers
who perform service activities in French
nuclear power plants.
NDE Testing
Laboratory
Non-destructive testing is an integral part
of the production process and contributes
to meeting the strict criteria for the quality
of products used in the nuclear sector.
The workforce in the NDE Testing Laboratory rose to 20 employees in 2012.
Personnel qualifications were further
increased during the year (three Level
III workers) and several workers were
re-certified after ten years in compliance
with the requirements of ČSN EN 473.
Certifications were continuously extended
after five years of validity in accordance
with the standard mentioned above and
after three years of validity in accordance
with SNT-TC-1A, as required by the ASME
Code.
To increase the level of the workers‘ radiation protection, the site in Bolevec was
equipped with a new device to measure
the dose rate during radiation tests.
The largest volume of non-destructive testing in the Reactor Shop was carried out
on the steam dryer for the Oskarshamn
nuclear power plant in Sweden, on
a spent fuel cask transfer facility for the
Flamanville nuclear power plant in France
and on CONSTOR® and CASTOR® casks.
Tests of PRO control rod drives, LKP linear
step drives and hermetic cable penetrations for nuclear power plants in Slovakia,
Hungary and Ukraine continued in the
Bolevec Shop.
In 2012, the NDE Testing Laboratory
passed a new five-year review, re-accreditation, by the Czech Accreditation Insti-
tute in accordance with ČSN EN ISO/IEC
17025, confirming its competences and
functioning quality management system.
Environmental
Protection
ŠKODA JS a.s. fully observes the environmental protection standards. The
company’s environmental behaviour is
appreciated by many parties concerned
and it can significantly influence business
prosperity. The approach of enterprises to
the environment plays a major role in the
selection of business partners in foreign
tenders and also among larger domestic
companies. Environmental aspects are
part of the business strategy and everyday management of optional tools recommended by international organizations
and the policies of the European Union
and individual member states.
In 2012, cooperation with EKOvia
EUROPE was further developed to improve the quality of compliance with legislative obligations and the environmental
management system.
Development
of Information
Technology
In 2012, a new data centre was built in
the company‘s headquarters. The switch
to a new server infrastructure location significantly improved reliability, safety and
further development opportunities.
21
Large-volume data transfers are possible
thanks to 10 Gb server link technology.
Up-to-date technology was used to ensure
infrastructure power supply, cooling and
security.
The ever-increasing volume of data
requires the use of advanced backup
technology. ŠKODA JS a.s. opted for new
backup systems by EMC Avamar and
EMC Data Domain.
New connecting lines will increase connection reliability and quality of data
transfer to the external sites in Dukovany,
Temelín, Brno, Mochovce and the Reactor
Shop. The contract for this project was
executed with Škoda ICT s.r.o. and GTS
Czech s.r.o.
In addition, 63 laptops and 12 workstations were also purchased last year.
Other investments included purchase of
servers for the company‘s headquarters,
for the Calculations Department and for
Mochovce and Dukovany centres.
People
in ŠKODA JS a.s.
The company‘s growth resulted in an
increase of its workforce in 2012, similarly
to previous years. The average adjusted
number of employees in ŠKODA JS a.s.
grew by 39 employees compared to
2011, i.e. the average adjusted number of
employees was 1,095 persons in 2012. The
number of manual workers grew year-onyear by 5.4% and the workforce in other
professions rose by 2.7%.
The consolidated average adjusted number
of employees in ŠKODA JS a.s., including
its subsidiary ŠKODA SLOVAKIA, a.s., was
1,214 employees last year, accounting for
a year-on-year increase by 44 employees.
Workforce
Structure
The age structure of employees in
ŠKODA JS a.s. has not substantially
changed in individual employee categories
in the long run, see the charts.
The average age of employees in 2012
was 44.1 years.
Staff Development
and Training
The company has provided long-term
support for its employees‘ education. In
2012, over CZK 3.5 million was invested
in this area, representing CZK 3,203 per
employee.
Employees participated in specialized seminars focused on nuclear energy, development of communication skills and business
awareness. In addition courses to improve
language and computer skills were organized. Regular trainings and staff certifications related to binding rules and standards
constitute an integral part of educational
efforts, too. Young prospective employees
were offered trainings in accordance with
the established training plans.
Number of employees of ŠKODA JS a.s. in 2008–2012
(final number at 31 December)
1064
1000
800
830
1170
Occupational Health
and Safety
The company has received certification of its OHS system under OHSAS
18001:2008. Despite an increase in the
company activities in all areas, the number
of occupational injuries in ŠKODA JS a.s.
remained low. In 2012 8 less severe occupational injuries occurred resulting in
incapacity for work.
The main cause for the low number of accidents is primarily the constantly improving
awareness of occupational safety among
the employees.
Fluctuation of employees in ŠKODA JS a.s.
between 2008 and 2012 (%)
1400
1200
In 2012, the staff of ŠKODA JS a.s. again
took part in the project undertaken within
the Operational Programme Human Resources and Employment, organized by
the Chamber of Commerce of the Pilsen
Region.
3.5
1214
3.10
3
945
2.74
2.5
2
600
1.5
400
1
200
0.5
2.46
2.37
2010
2011
1.81
0
0
2008
2009
2010
2011
2012
2008
Average adjusted number consolidated
22
2009
2012
Social Programme
In the company there have been
set the working hours of 37.5 hours
a week.
The employer contributes CZK 700
a month to employees‘ supplementary
pension insurance.
Reconditioning rehabilitation and special leave are provided to employees
working in challenging work environments.
The company provides an extra week
of holiday to its employees beyond
the framework of the statutory leave
pursuant to the Labour Code.
Additional payments beyond the
framework of the Labour Code.
Time off with wage compensation
beyond the legislative framework.
The employer gives a special reward
to the employees who have worked in
the company longer than five years,
at the first termination of employment
after acquisition of pension entitlement.
The employer pays its employees
sickness benefits for the first three
days of their sickness.
The employer sets up a social fund
to assist employees in meeting their
social needs.
Social Fund Utilization in 2012 (CZK thousands)
Catering contribution
250
Recreation for children and families
182
Contribution for preventive medical programmes
1,404
Sports, cultural and other activities
322
Used in total
2,158
Age structure of employees of ŠKODA JS a.s.
at 31 December 2012
Education attained by ŠKODA JS a.s. staff
at 31 December 2012
1
4
1
18% up to 30 years
2
23% 31–40 years
3
22% 41–50 years
4
37% 51 years and more
4
1
2
2
32% elementary
1
2% secondary vocational school,
without finals
3
26% secondary school
4
40% university
2
3
3
23
Support for Educational Projects
and Corporate Social Responsibility
Support for Education
Projects
ŠKODA JS a.s. has supported the University of West Bohemia in Plzeň and its
programme Design of Nuclear Power Systems and Equipment for the third year running. Specialists of ŠKODA JS a.s. lecture
at the Department of Power System Engineering and Equipment of the Faculty of
Mechanical Engineering; they play an irreplaceable role in programmes including
NPP Design, Primary Circuits of Nuclear
Power Plants and Nuclear Reactor Control. Their efforts have already come to
fruition. Last year, Václav Sláma, a graduate in this field, received the third prize in
a prestigious competition organized by
Siemens with his diploma thesis entitled
“Possibilities for Using Small Modular
Nuclear Reactors in the Czech Republic”.
One of the company‘s leading experts
Jan Zdebor has been a member of the
state examination committee for master‘s
and doctoral students in this field for
several years. Traditionally ŠKODA JS a.s.
has supported the evaluation of the most
successful master‘s and doctoral theses in
a competition organized by the Faculty of
Mechanical Engineering of the University
of West Bohemia.
However, cooperation with this university
is much broader. Specialists in nuclear
engineering from ŠKODA JS a.s. regularly give lectures also at the Faculty of
Electrical Engineering and the Faculty of
Education. A very successful cooperation
between the Calculations Department of
ŠKODA JS a.s. and the Department of
Mathematics of the Faculty of Applied
Sciences also continues, aimed at developing computational tools for neutron-
physical calculations of cores in VVER reactors. The developed programme allows
to optimize fuel reloads in the Temelín
and Dukovany nuclear power plants.
In 2012, the University of West Bohemia launched the Centre of Advanced
Nuclear Technologies (CANUT). The
CANUT Centre is supported by the Technology Agency of the Czech Republic.
ŠKODA JS a.s. has been involved in
the work of this consortium, along with
other leading industrial companies and
research organizations. Two of the seven
research projects studied by CANUT are
led by ŠKODA JS a.s. The company also
contributes to three other projects.
In the long term, the Calculations Department of ŠKODA JS a.s. has cooperated
with the Czech Technical University in
Prague, namely the Department of Mechanics, Biomechanics and Mechatronics
at the Faculty of Mechanical Engineering.
Last year this collaboration resulted in the
successful completion of the project of
“Identification of ductile fracture parameters of materials in nuclear installations”.
The project was led by COMTES FHT a.s.
and co-funded by the Czech Ministry of
Industry and Trade. For many years, Jan
Šik has worked for the Department of Nuclear Reactors at the Faculty of Nuclear
Sciences and Physical Engineering as
a member of the examination committee
for final state examinations of students in
bachelor‘s, master‘s and doctoral degrees
in Nuclear Engineering.
Traditionally, the company has supported
the Czech Nuclear Education Network
CENEN, which brings together colleges
providing education in the field of nuclear
24
engineering. In 2012, ŠKODA JS a.s. was
an organization partner for the Summer
School of Nuclear Engineering and it
provided its experts as lecturers.
Corporate Social
Responsibility
Socially responsible behaviour is
part of the corporate philosophy of
ŠKODA JS a.s. The company is aware of
its obligations arising from the position of
one of the most important companies in
the Plzeň region. Every year, it supports
many cultural, educational, sporting and
charitable projects.
The company has actively provided
long-term support for technical schools in
the region. The students of the University
of West Bohemia are offered the possibility of working on topics presented by
ŠKODA JS a.s. in their diploma theses.
Cooperation also continues in the practical teaching of engineering apprentices
and in professional practice of students of
secondary technical schools. To increase
public interest in science and technology, the company actively participates
in projects organized by the Techmania
Science Center.
In the long run, ŠKODA JS a.s. helps
those in need, in particular through social
welfare homes, childrens´ homes and
charities operating in the Plzeň region.
Nuclear
Power Plant
Services
In total, the planned outage time in Temelín NPP was
reduced by 6.1 days in 2012. For the first time in history,
the power plant‘s production volume exceeded 15 TWh per
year, with the contribution of ŠKODA JS a.s.
ŠKODA JS a.s.
and the Consolidated Group
Parent company
Parent company:
ŠKODA JS a.s.
Registered office:
Orlík 266, 316 06 Plzeň
Date of establishment:
5 March 1993
Founder:
ŠKODA a.s.
Shareholder:
OMZ B.V.
Contribution:
100%
Company Reg. No.:
25235753
Subsidiaries Included in the Consolidation Group
Subsidiary:
ŠKODA SLOVAKIA, a.s.
Registered office:
Hornopotočná 4, 917 00 Trnava, Slovak Republic
25 April 1995 (incorporated in the Commercial Register kept by the Bratislava
Registration Court, Part “s.r.o.”, File 3544/K)
Founder:
ŠKODA JS a.s. (at the time of founding ŠKODA JADERNÉ STROJÍRENSTVÍ, Plzeň, s.r.o.)
Shareholder:
ŠKODA JS a.s.
Contribution:
100%
Company Reg. No.:
34120220
Other Securities and Holdings
Company:
ÚJV Řež, a. s.
Registered office:
Husinec-Řež, čp. 130, post code 250 68
13 December 1992 (incorporated in the Commercial Register kept by the Municipal
Court in Prague, Part B, File 1833, at the time of founding under the name Ústav
jaderného výzkumu Řež a.s.)
Founder:
The company was founded by a sole founder – the Federal National Property Fund
ŠKODA JS a.s. share in the registered capital:
17.40%
Company Reg. No.:
46356088
Company:
Interatomenergo M.CH.O.
Registered office:
Kitaygorodskyi proyezd 7, 109074, Moscow, Russian Federation
13 December 1973, last registration: 11 January 1994, at Moskovskoj
registracionnoj palaty No. 11520-cl.
Founder:
The association was founded on the basis of a decision by governments of former
Comecon countries and the Federal People‘s Republic of Yugoslavia
ŠKODA JS a.s. share in the registered capital:
10.53%
Legal form:
international economic association
26
Organization Chart
of ŠKODA JS a.s. at 1 June 2013
General Meeting
Supervisory Board
ŠKODA JS a.s.
Board of Directors
ŠKODA JS a.s.
General Director
General Director’s
Office
Division D1
NPP Engineering
Commerce
Deputy General Director
for Economics
and Finance
Division D2
NPP Services
Human Resources
Business Controlling
Division D3
Nuclear Equipment
Quality Management
Finance
Division D4
NPP I&C
27
for Administration
Statutory Bodies
and Top Management at 1 June 2013
Board
of Directors
Miroslav Fiala
Board Chairman
Iliya Novickov
Board Vice Chairman
Miroslav Fiala
Board Chairman
Iliya Novickov
Board Vice Chairman
Miloslav Provod
Board Member
and Commercial Director
Josef Perlík
Board Member
and Director for the Temelín
NPP Completion Project
Jan Kleisner
Board Member
and Finance Director
ikhail Ignatenkov
M
Board Member
and Deputy General Director
for Administration
Miloslav Provod
Board Member
Josef Perlík
Board Member
Jan Kleisner
Board Member
ikhail Ignatenkov
M
Board Member
28
Supervisory Board
Elena Borisova
Deputy General Director for Economics and Finance
rantišek Krček
F
NPP Services Division Director
Vadim Makhov
Board Chairman
Dmitry Zauers
Board Member
Igor Molibog
Board Vice Chairman
Vladimír Bejvančický
Board Member
Yuri Utochkin
Board Member
Jaroslav Eliášek
Board Member
Top Management
Otakar Blahut
Nuclear Equipment Division Director
Jiří Janeček
NPP I&C Division Director
Miroslav Fiala
General Director
Miloslav Provod
Commercial Director
Josef Perlík
Director for the Temelín
NPP Completion Project
Kateřina Říhová
Human Resources Director
J an Kleisner
Finance Director
L ibor Holík
Business Controlling Director
lena Borisova
E
for Economics and
Finance
ikhail Ignatenkov
M
for Administration
Roman Zdebor
Quality Director
etr Altschul
P
Entrusted with the management of the NPP
Engineering Division
29
rantišek Krček
F
NPP Services Division
Director
Otakar Blahut
Nuclear Equipment
Division Director
Jiří Janeček
NPP I&C Division Director
Kateřina Říhová
Human Resources Director
L ibor Holík
Business Controlling
Director
Roman Zdebor
Quality Director
etr Altschul
P
Entrusted with the
management of the NPP
Engineering Division
UNIQUE EQUIPMENT
FOR NPP SERVICE
ŠKODA JS a.s. developed special equipment for the
extraction, transport and disposal of neutron flux sensors
and thermocouples. The equipment was handed over to
the customer at the end of 2012; it will be used in the
Mochovce nuclear power plant.
Comments
on Financial Results
Profit and Loss
Statement
In 2012, ŠKODA JS a.s. posted a pretax
profit of CZK 518,051,000 (CAS). This
constitutes 9.74% of the realized revenues
from sales, which makes 2012 the most
successful year in the recent history of
the company. This result was achieved
especially thanks to effective management of business cases, overhead cost
savings and measures to increase labour
productivity, which made it possible to
limit the planned personnel recruitments,
therefore reducing personnel costs vs. the
plan. The company’s results stayed at the
level of the previous period. The added
value of CZK 1,356,283,000 is definitely
a remarkable result. With the average
adjusted workforce of 1,095 employees, the company’s value-added labour
efficiency exceeded CZK 1.23 million
per employee for the first time, reaching
CZK 1,239,000. This is certainly a major
achievement.
The company’s consolidated financial
performance results according to IFRS are
at a level comparable to preceding years
and the plan laid down by the shareholder was achieved in all indicators.
Balance Sheet
The noteworthy development compared
to the previous year is a decline in assets
worth CZK 904,358,000 (according to
CAS), which was caused by a reduction
in current assets, in particular as regards
work in progress and advance payments
for inventory. Trade receivables also
declined, mainly due to the lower level
of contracts in progress for the oncoming
period, which stems from the actual market situation where demand for supplies
for operating units has dropped and there
are no new ones under construction.
The company’s liabilities saw a corresponding change as the received shortterm advance payments fell significantly.
These structural changes fully reflect the
reduction in the level of progress in the
company’s crucial projects.
All other year-on-year shifts and changes
in other items of assets as well as liabilities arose from the company’s ordinary
business activities and in term of their size
are insignificant.
The Company’s
Financial Situation,
Project Funding and
Insurance
The company was in a good financial
position for the entire year 2012. Debt
collection was carried out without major
problems. Loans past due did not exceed
5% at 31 December 2012. Most of the
revenues, over 70%, were generated from
projects implemented for major energy
companies, mainly ČEZ, a. s. and Slovenské elektrárne, a.s., which rank among
the customers with the best payment discipline. These receivables were therefore
paid when due.
Long-term trade receivables account for
about 22.5% of total trade receivables.
These are receivables from ČEZ, a. s. by
way of retention money from the implemented project of Refurbishment of the
I&C System in the Dukovany NPP, pay-
31
able at the end of 2015 and 2016, and
receivables from the German company
GNS Gesellschaft für Nuklear-Service
mbH, which constitute the retention
money from the invoicing of deliveries of
spent fuel casks to the Lithuanian Ignalina
power plant, payable at the end of 2014.
Adjustments for receivables have shown
a downward trend in the long term and,
compared to 2011, continued to fall to
CZK 2,170,000. The adjustments have
been formed primarily in connection with
receivables from debtors that went bankrupt in the past.
The positive cash flow in 2012 was reflected in good solvency, ŠKODA JS a.s.
paid its payables when due.
On the income side, the cash flow corresponded with the plan and reached
CZK 5.2 billion. The highest positive
balance, amounting to CZK 332 million,
was achieved in Q4 and the total positive balance over the whole year 2012
was CZK 95 million. This resulted in an
increase in cash balance at the end of the
year, amounting to CZK 909 million for
the consolidated group. Of this amount,
CZK 187 million were tied for specific
purposes.
The planned volume of cash balance at
the end of 2012, amounting to CZK 247
million, was significantly exceeded reaching the final CZK 909 million, as already
mentioned above. The main cause was
a smaller volume of the expenditure side
of cash flow. Some planned investments
were postponed for the oncoming period.
The volume of investments was 2.5 times
smaller than the plan.
Structure of the consolidated group‘s revenues by segment in 2009–2012 (IFRS)
Structure of the consolidated group‘s revenues by segment in 2012 (IFRS)
4
1
63.2 % Investment engineering
2
14.2 % NPP Services
3
17.9 % NPP Equipment – VVER
4
5 6
5
3
1.9 % NPP Equipment – Western
1
NPPs
5
2.3 % Spent Nuclear Fuel Storage
6
0.5 % Other
2
Structure of the consolidated group‘s revenues in 2012 by destination (IFRS)
1
56.3 % Investment engineering
2
13.8 % NPP Services
3
19.4 % NPP Equipment – VVER
4
3.5 % NPP Equipment – Western
5
6.3 % Spent Nuclear Fuel Storage
6
0.7 % Other
3
1
NPPs
2
Structure of the consolidated group‘s revenues in 2009–2012 by destination (IFRS)
4
1
2
3
4
4
43.6 % Czech Republic
1.0 % Western Europe
6
4
3
1
54.3 % Central and Eastern Europe
1
39.2 % Czech Republic
2
2.5 % Western Europe
3
1.1 % Asia
4
1
57.1 % Central and Eastern Europe
1.2 % Asia
3
2
2
Dividends were paid last year to our
shareholder as planned, i.e. in the
amount of EUR 8 million.
Sufficient funds in bank accounts made
it possible to generate interest income
of CZK 2.2 million, even at low interest
rates. Thanks to the financial situation in
the course of the year, it was not necessary to use overdraft at all.
During 2012, cooperation between
ŠKODA JS a.s. and banks continued
successfully in terms of project funding.
This was especially seen in the extension or renewal of guarantee and credit
lines established with major financing
banks, such as Komerční banka, a.s.
and Citibank Europe plc. Furthermore,
cooperation with banks such as Česká
exportní banka, a.s., Československá
obchodní banka, a.s. and HSBC Bank plc
was strengthened. When Crédit Agricole
Corporate and Investment Bank S.A.
terminated its activities on the Czech market, cooperation with GE Money Bank,
a.s. was launched and resulted in a new
guarantee and credit line in 2013.
32
For many years, ŠKODA JS a.s. has
successfully supplied equipment for the
Ukrainian market. This is facilitated,
to a large extent, by support from the
Czech Export Bank that has financed
ŠKODA JS’s activities, in particular on this
market, through the provision of export
buyer credit. Business projects funded
in this way in 2012 include the delivery of spent fuel racks for Unit 1 of the
Zaporozhe nuclear power plant and the
delivery of modernized linear step drives,
including modifications of SGIU control
electronics. In 2012 the Czech Export
Bank issued bank guarantees for those
projects totalling CZK 76.8 million and
provided export customer loans worth
CZK 347.72 million.
In 2012, based on tender qualification,
ŠKODA JS a.s. and other members of
the MIR.1200 Consortium focused their
efforts on the preparation and presentation of their bid for the completion of
two units in the Temelín nuclear power
plant. In the commercial and financial
part there were extensive negotiations
between ŠKODA JS a.s. and banks in
the Czech Republic as well as in Russia.
In June 2012, Komerční banka, a.s. issued a Bid Bond of EUR 10 million in favour of the contracting entity, ČEZ, a. s.,
at the request of ŠKODA JS a.s., as the
leader of the MIR.1200 Consortium. The
largest Russian banks Gazprombank,
Vneshtorgbank and Sberbank also
expressed their interest to participate in
some way in the financing of this major
investment project.
Hedging Exchange
Rate Risks
ŠKODA JS a.s. exports a large portion
of its products and services abroad and
almost all revenues from these exports
are generated in EUR. Only a small
portion of expenses is dominated in
foreign currencies, again mostly in EUR.
This is why the EUR income in the long
term exceeds EUR expenditures and why
we have to sell their portion for CZK.
Except for ordinary transactions, such
as payments of receivables and payables in foreign currencies, the financial
results of 2012 were influenced also by
FX transactions due to exchange rate
differences. These were dominated by
currency swaps and forwards representing sales or purchases of EUR for CZK.
In 2012, the average EUR/CZK exchange rate (25.143) vs. 2011 (24.586)
increased by about 2.3%, i.e. the Czech
crown weakened, which had a negative
impact on the results of FX transactions
settled in 2012. Yet the result of all FX
transactions effected in 2012 was a profit
of CZK 26.7 million. It was less than in
previous years, largely due to the aforementioned weakening of CZK against
EUR. A smaller part of the posted profit
resulted in increased revenues from specific contracts (CZK 3.2 million), where
the principles of hedged accounting were
applied and the company’s operating
profit improved. The remaining larger
part (CZK 23.5 million) was included in
the financial result – this was the result of
transactions classified as trading
derivatives.
The balance between the sales and
purchases of foreign currencies in 2012
totalled CZK 569 million, i.e. the sales
of foreign currencies outperformed their
purchases, as already indicated above.
The total nominal turnover of all FX transactions settled in 2012 reached almost
CZK 2.6 billion. To a much lesser degree,
foreign currencies were also purchased
at the prevailing market exchange rate
– the total turnover of these spot transactions was only about CZK 16 million and
involved purchases of USD indispensable
for realization of purchases from dollar
area.
The nominal value of all unsettled
financial derivatives totalled CZK 511
million as at 31 December 2012. This
33
meant that the company was obliged to
sell about EUR 20.3 million for CZK. The
negative market valuation of outstanding derivatives was CZK -0.96 million as
at 31 December 2012, accounting for
a “loss” of about -0.2%, compared to the
total nominal value. For comparison – at
the end of 2011, it was CZK -25.7 million
and -2.2%. The valuation was negative
because the weakening of CZK in the second half of 2012 had a negative impact.
Unlike previous years, no outstanding
financial derivatives were classified as
hedges; they were all derivatives held for
trading. Therefore, the market valuation
of these derivatives fully affected the final
result in 2012.
Conclusion
In 2012, business result of ŠKODA JS a.s.
met the targets of the shareholders’ plan
in terms of quality and volume indicators.
These are excellent, stable results in the
year-on-year comparison. Considering the
portfolio of executed contracts and the
market situation in 2013, it is not realistic
to maintain this level, especially in respect
of revenues. Despite the unfavourable
market condition, the company will employ all its skills to again achive the excellent results of 2012 and some preceding
years in the medium term.
Jan Kleisner
Finance Director
Auditor’s Report (According to CAS)
KPMG Česká republika Audit, s.r.o.
Pobřežní 648/1a
186 00 Praha 8
Česká republika
Telephone +420 222 123 111
Fax +420 222 123 100
Internet
www.kpmg.cz
This document is an English translation of the Czech auditor’s report. Only the Czech version of the report is legally binding.
Independent Auditor’s Report to the Shareholder of ŠKODA JS a.s.
We have audited the accompanying financial statements of ŠKODA JS a.s., which comprise the balance sheet as of 31 December 2012,
and the income statement, the statement of changes in equity and the cash flow statement for the year then ended, and the notes to these
financial statements including a summary of significant accounting policies and other explanatory notes. Information about the company
is set out in Note 1 to these financial statements.
Statutory Body‘s Responsibility for the Financial Statements
The statutory body of ŠKODA JS a.s. is responsible for the preparation of financial statements that give a true and fair view in accordance with Czech accounting legislation and for such internal controls as the statutory body determines are necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor‘s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with the Act on Auditors and International Standards on Auditing and the relevant guidance of the Chamber of Auditors of the Czech
Republic. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor‘s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant
to the entity‘s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity‘s internal controls. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of ŠKODA JS a.s. as of 31 December 2012,
and of its financial performance and its cash flows for the year then ended in accordance with Czech accounting legislation.
Prague, 15 March 2013
Karel Růžička
KPMG Česká republika Audit, s.r.o.Partner
Licence number 71
Licence number 1895
34
Financial Statements of ŠKODA JS a.s.
(According to CAS)
Income statement for the year ended 31 December 2012
(in thousands of Czech crowns)
Ident.
TEXT
I.
Accounting period
Revenue from goods
A.
Cost of goods sold
+
Gross profit
II.
2011
490
5,831
0
3,907
490
1,924
Revenue from production
5,065,899
5,111,530
5,317,335
5,906,191
(251,436)
(795,104)
II.
1.
Revenue from own products and services
II.
2.
Change in inventory of own production
II.
3.
Own work capitalized
B.
2012
0
443
Cost of sales
3,710,106
3,819,554
B.
1.
Materials and consumables
1,304,736
1,000,300
B.
2.
Services
2,405,370
2,819,254
1,356,283
1,293,900
+
Added value
C.
Personnel expenses
710,048
685,310
521,898
501,426
C.
1.
Wages and salaries
C.
2.
Remuneration of board members
C.
3.
Social security and health insurance expenses
C.
4.
Social expenses
D.
Taxes and charges
E.
Depreciation of intangible and tangible fixed assets
III.
13,866
14,823
159,935
155,715
14,349
13,346
1,101
1,337
42,119
44,172
5,209
Proceeds from disposals of fixed assets and raw material
5,314
III.
1.
Proceeds from disposals of fixed assets
3,452
57
III.
2.
Proceeds from disposals of raw material
1,862
5,152
Net book value of fixed assets and raw material sold
5,134
3,020
F.
1.
Net book value of fixed assets sold
2,872
0
F.
2.
Raw materials sold
2,262
3,020
F.
G.
IV.
Change in provisions and adjustments relating to operating activity and change in complex prepaid expenses
33,521
8,720
Other operating revenues
26,263
31,305
H.
Other operating expenses
*
Operating profit (loss)
72,266
74,394
523,671
513,461
VII.
Revenue from long-term investments
0
30,199
VII. 1.
Revenue from investments in group undertakings and associated companies
0
30,199
IX.
Revenue from revaluation of securities and derivatives
30,649
26,492
Expenses from revaluation of securities and derivatives
8,086
35,502
X.
Interest revenue
2,228
2,929
XI.
Other financial revenues
62,860
116,154
O.
Other financial expenses
93,271
152,882
*
Profit (loss) from financial operations
(5,620)
(12,610)
Q.
Income tax on ordinary profit (loss)
102,334
97,418
96,706
93,124
L.
Q.
1.
- current
Q.
2.
- deferred
**
Profit (loss) on ordinary activities after tax
5,628
4,294
415,717
403,433
***
Profit (loss) for the accounting period (+/-)
415,717
403,433
****
Profit (loss) before tax
518,051
500,851
Note: The above statements represent only the selected part of the financial statements. The complete financial statements including notes are available in the seat
of the company and were properly published at commercial register.
35
(According to CAS)
Balance sheet as at 31 December 2012 (in thousands of Czech crowns)
Ident.
ASSETS
B.
B.
I.
III.
B.
III.
Net
TOTAL ASSETS
4,921,451
(1,414,279)
3,507,172
4,411,530
Fixed assets
1,796,376
(1,342,385)
453,991
379,858
104,975
(88,330)
16,645
9,353
Software
76,284
(69,128)
7,156
6,457
21,637
(19,011)
2,626
1,040
448
(191)
257
41
6,022
0
6,022
1,815
4.
Intellectual property rights
Other intangible fixed assets
7.
Intangible fixed assets under construction
8.
B.
Net
6.
II.
Advance payments for intangible fixed assets
Tangible fixed assets
2.
Buildings
3.
Plant and equipment
C.
I.
II.
C.
II.
C.
III.
C.
III.
C.
IV.
C.
IV.
D.
I.
D.
I.
584
0
383,221
316,161
65,511
(11,612)
53,899
41,387
1,509,375
(1,232,558)
276,817
240,253
Other tangible fixed assets
1,863
(1,115)
748
813
Tangible fixed assets under construction
31,668
(6,507)
25,161
22,590
8.
Advance payments for tangible fixed assets
26,314
0
26,314
10,666
9.
Adjustments to acquired fixed assets
2,545
(2,263)
282
452
54,125
0
54,125
54,344
Long-term investments
1.
Investments in group undertakings
3.
Other long-term securities and ownership interests
Inventories
8,346
0
8,346
8,565
45,779
0
45,779
45,779
3,112,623
(71,894)
3,040,729
4,017,666
1,415,567
(69,724)
1,345,843
2,304,409
1.
Raw materials
190,738
(39,081)
151,657
288,960
2.
Work-in-progress and semi-finished products
899,027
(30,643)
868,384
1,137,963
6.
C.
0
(1,254,055)
6.
Current assets
I.
584
1,637,276
7.
C.
C.
2011
Adjust.
Intangible fixed assets
3.
B.
2012
Gross
Advance payments for inventories
325,802
0
325,802
877,486
Long-term receivables
179,774
0
179,774
109,240
1.
Trade receivables
157,452
0
157,452
81,293
8.
Deferred tax asset
22,322
0
22,322
27,947
Short-term receivables
643,174
(2,170)
641,004
863,035
1.
Trade receivables
543,081
(2,135)
540,946
797,382
6.
Tax receivables
15,461
0
15,461
73
7.
Short-term advances paid
256
0
256
281
8.
Estimated receivables
18,152
0
18,152
1,556
9.
Other receivables
66,224
(35)
66,189
63,743
874,108
0
874,108
740,982
1.
Cash
1,573
0
1,573
1,779
2.
Bank accounts
872,535
0
872,535
739,203
Short-term financial assets
1.
Deferrals
12,452
0
12,452
14,006
Prepaid expenses
12,452
0
12,452
14,006
36
Ident.
LIABILITIES
A.
A.
I.
A.
I.
A.
II.
A.
II.
A.
III.
A.
III.
A.
IV.
A.
IV.
A.
V.
2011
3,507,172
4,411,530
Equity
1,505,378
1,296,852
Registered capital
550,000
550,000
Registered capital
550,000
550,000
Capital contributions
111,248
109,801
1.
Share premium
111,696
111,696
2.
Other capital contributions
3.
Revaluation of assets and liabilities
1.
II.
II.
B.
III.
B.
III.
C.
I.
C.
I.
(1,945)
112,579
92,565
Statutory reserve fund / Undistributable fund
111,472
91,300
2.
Statutory and other funds
1.
I.
B.
50
(498)
Reserve funds, undistributable fund and other funds from profit
1,107
1,265
Retained earnings
315,834
141,053
Retained profits
315,834
141,053
Profit (loss) for the current period (+/-)
415,717
403,433
1,793,399
2,961,884
247,720
235,368
Liabilities
B.
50
1.
B.
B.
2012
TOTAL LIABILITIES AND EQUITY
Provisions
3.
Income tax provision
10,050
4.
11,423
Other provisions
237,670
223,945
Long-term liabilities
279,568
293,851
1.
Trade payables
5.
Long-term advances received
9.
Other payables
Short-term liabilities
56,438
2,299
223,100
291,037
30
515
1,266,111
2,432,665
1.
Trade payables
558,703
428,825
5.
Payables to employees
80,471
69,282
6.
Payables to social security and health insurance
31,088
27,582
7.
Tax liabilities and subsidies
49,765
116,787
509,995
1,693,804
32,423
70,717
8.
Short-term advances received
10.
Estimated payables
11.
Other payables
Accruals
3,666
25,668
208,395
152,794
1.
Accrued expenses
175
175
2.
Deferred revenues
208,220
152,619
37
(According to CAS)
Cash flow statement for the year ended 31 December 2012
(in thousands of Czech crowns)
P.
Cash and cash equivalents, beginning of period
2012
2011
740,982
546,089
Net operating cash flow
Z:
518,051
500,851
A.
1.
Accounting profit (loss) from ordinary activities
Non-cash transactions
88,994
19,706
A.
1.1.
Depreciation of fixed assets
42,119
44,172
A.
1.2.
Change in:
33,521
8,719
A.
1.2.2.
provisions and other adjustments
33,521
8,719
A.
1.3.
Profit(-) Loss(+) on sale of fixed assets
A.
1.5.
Revenue from dividends and profit distribution
A.
1.6.
A.
1.7.
A.*
(580)
(57)
0
(30,199)
Expense and revenue interests accounted for
(2,228)
(2,929)
Other non-cash transactions
16,162
0
607,045
520,557
Net operating cash flow before financial items, changes in working capital and extraordinary items
A.
2.
Changes in working capital
(53,743)
42,207
A.
2.1.
Change in receivables from operating activities and deferrals
148,101
344,050
A.
2.2.
Change in short-term liabilities from operating activities and accruals
(1,131,753)
(1,148,874)
A.
2.3.
Change in inventories
929,909
847,031
Net operating cash flow before financial balances, tax and extraordinary items
553,302
562,764
A.**
A.
4.
Interest received
A.
5.
Income tax paid on ordinary income and income tax relating to prior periods
A.
7.
Dividends received and profit shares
A.***
Net operating cash flow
2,228
2,921
(99,148)
(145,050)
0
30,199
456,382
450,834
Investment activity
B.
1.
Acquisition of fixed assets
(118,071)
(83,991)
B.
1.1.
Acquisition of tangible fixed assets
(108,301)
(80,448)
B.
1.2.
Acquisition of intangible fixed assets
(9,770)
(3,543)
B.
2.
Proceeds from sales of fixed assets
3,452
57
B.
2.1.
Proceeds from sales of tangible and intangible fixed assets
3,452
57
(114,619)
(83,934)
(208,637)
(172,007)
B.***
Net cash flow from investment activity
Financial activity
C.
2.
Increase and decrease in equity from cash transactions
C.
2.5.
Payments from funds created from net profit
C.
2.6.
(2,157)
(2,007)
Dividends paid and profit shares including withholding tax paid
(206,480)
(170,000)
C.***
Net cash flow from financial activity
(208,637)
(172,007)
F.
Net increase or decrease in cash balance
133,126
194,893
R.
Cash and cash equivalents, end of period
874,108
740,982
38
Auditor’s Report (According to IFRS)
KPMG Česká republika Audit, s.r.o.
Pobřežní 648/1a
186 00 Praha 8
Česká republika
Telephone +420 222 123 111
Fax +420 222 123 100
Internet
www.kpmg.cz
This document is an English translation of the Czech auditor’s report. Only the Czech version of the report is legally binding.
Independent Auditor’s Report to the Shareholder of ŠKODA JS a.s.
We have audited the accompanying consolidated financial statements of ŠKODA JS a.s., which comprise the consolidated statement
of financial position as of 31 December 2012, and the consolidated statement of comprehensive income, the consolidated statement
of changes in equity and the consolidated cash flow statement for the year then ended, and the notes to these consolidated financial
statements including a summary of significant accounting policies and other explanatory notes. Information about the company is set
out in Note 1 to these consolidated financial statements.
Statutory Body‘s Responsibility for the Consolidated Financial Statements
The statutory body of ŠKODA JS a.s. is responsible for the preparation of consolidated financial statements that give a true and fair
view in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal controls
as the statutory body determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor‘s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with the Act on Auditors and International Standards on Auditing and the relevant guidance of the Chamber of Auditors of the Czech Republic. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about 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 misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
controls relevant to the entity‘s preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity‘s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the financial position of ŠKODA JS a.s. as of 31 December 2012, and of its financial performance and its cash flows for the year then ended in accordance with International
Financial Reporting Standards as adopted by the European Union.
Prague, 17 April 2013
Karel Růžička
KPMG Česká republika Audit, s.r.o.Partner
Licence number 71
Licence number 1895
39
Consolidated Financial Statements
(According to IFRS)
Consolidated Statement of Financial Position as at 31 December 2012
(in thousand Czech crowns)
Assets
2012
2011
(adjusted)
Current assets
Cash and cash equivalents – available cash
722,780
610,677
Cash and cash equivalents – restricted cash
186,551
203,260
Accounts receivable – financial
565,969
857,957
Receivables from long-term contracts
432,169
695,734
Inventories
170,737
297,935
Receivables from derivative transactions
Other accounts receivable – non-financial
2,595
444
399,171
891,692
Other current assets – financial
18,152
1,712
Other current assets – non-financial
12,709
14,308
2,510,833
3,573,719
Total current assets
Non – current assets
Intangible assets
Property, plant and equipment
Available for sale financial assets
Other non-current receivables – financial
Deferred tax asset
Total non – current assets
Total assets
16,191
9,570
449,762
399,638
45,779
45,779
153,056
78,943
2,824
0
667,612
533,930
3,178,445
4,107,649
554,107
433,205
Equity and liabilities
Current liabilities
Payables – financial
Payables from derivative transactions
3,554
25,646
Tax liabilities – current income tax
8,215
15,119
Other payables – financial
Other payables – non-financial
Provisions
Total current liabilities
23,136
46,451
776,118
1,832,758
136,978
141,873
1,502,108
2,495,052
Non – current liabilities
54,578
2,228
Payables from derivative transactions
Other non-current liabilities – financial
0
489
Other non-current liabilities – non-financial
0
15
Deferred tax liability
0
31,449
54,578
34,181
Total non – current liabilities
EQUITY
Registered capital
550,000
550,000
Capital and other funds and reserves
225,454
202,612
846,305
825,804
Total equity
Retained earnings
1,621,759
1,578,416
Total equity and libilities
3,178,445
4,107,649
40
(According to IFRS)
Consolidated Statement of Comprehensive Income for the Year Ended
31 December 2012 (in thousand Czech crowns)
Sales of goods, products and services
Other sales
Sales
Cost of material and services
Change in finished goods and work – in progress – inventories
Payroll expenses
2012
2011
4,983,389
4,948,024
0
443
4,983,389
4,948,467
(3,785,509)
(3,764,721)
33,096
(447)
(795,756)
(763,124)
Depreciation and amortization
(57,638)
(58,328)
Other operating income
103,035
165,232
Other operating expense
(172,499)
(210,760)
308,118
316,319
Operating profit
Financial income
2,235
2,933
Profit before tax
310,353
319,252
Corporate income tax
(63,304)
(69,370)
Profit after tax
247,049
249,882
Other comprehensive income:
Foreign exchange gains/(losses) from translation of foreign operations
Gains/(losses) from hedging of cash flows
(628)
246
4,200
(35,019)
Corporate income tax relating to other comprehensive income items
(798)
6,654
Other comprehensive income after tax
2,774
(28,119)
249,823
221,763
Total comprehensive income for the period
41
(According to IFRS)
Consolidated Statement of Changes in Equity for the Year Ended
Registered
capital
Balance at 1 January 2011
Profit for 2011
Statutory Capital and
Cumulative
reserve other contri- FX translation
fund
butions
differences
Cash Flow Revaluation
Hedges
Retained
earnings
Total
550,000
81,506
109,201
2,550
24,963
(1,371)
759,804
1,526,653
–
–
–
–
–
–
249,882
249,882
Other comprehensive income
Foreign exchange differences from recalculation
–
–
–
246
–
–
–
246
Effective portion of changes in fair value of cash flow hedges
–
–
–
–
(4,200)
–
–
(4,200)
Net change in fair value of cash flow hedges reclassified
to profit or loss
–
–
–
–
(30,819)
–
–
(30,819)
Income tax on changes in fair value of cash flow hedges
–
–
–
–
6,654
–
–
6,654
Total other comprehensive income
–
–
–
246
(28,365)
–
–
(28,119)
Contribution from profit to statutory reserve fund
–
13,882
–
–
–
–
(13,882)
–
Paid dividends
–
–
–
–
–
–
(170,000)
(170,000)
Transactions with owners booked in equity
Total transactions with owners
–
13,882
–
–
–
–
(183,882)
(170,000)
Balance at 31 December 2011
550,000
95,388
109,201
2,796
(3,402)
(1,371)
825,804
1,578,416
Cash Flow Revaluation
Hedges
Retained
earnings
Total
Registered
Statutory Capital and
Cumulative
capital reserve fund other contri- FX translation
butions
differences
Balance at 1 January 2012
Profit for 2012
550,000
95,388
109,201
2,796
(3,402)
(1,371)
825,804
1,578,416
–
–
–
–
–
–
247,049
247,049
(628)
Other comprehensive income
Foreign exchange differences from recalculation
–
–
–
(628)
–
–
–
Effective portion of changes in fair value of cash flow hedges
–
–
–
–
–
–
–
–
Net change in fair value of cash flow hedges reclassified
to profit or loss
–
–
–
–
4,200
–
–
4,200
Income tax on changes in fair value of cash flow hedges
–
–
–
–
(798)
–
–
(798)
Total other comprehensive income
–
–
–
(628)
3,402
–
–
2,774
Contribution from profit to statutory reserve fund
–
20,068
–
–
–
–
(20,068)
–
Paid dividends
–
–
–
–
–
–
(206,480)
(206,480)
Transactions with owners booked in equity
Total transactions with owners
–
20,068
–
–
–
–
(226,548)
(206,480)
Balance at 31 December 2012
550,000
115,456
109,201
2,168
–
(1,371)
846,305
1,621,759
42
(According to IFRS)
Consolidated Cash Flow Statement for the Year Ended
Profit before tax
Depreciation and amortisation
Profit from sale of fixed assets and financial investments
2012
2011
310,353
319,252
57,638
58,328
(630)
(57)
Interest expense / (interest revenue)
(2,235)
(2,933)
Net change in provisions
(4,895)
14,282
Interest received
2,235
2,933
11,483
(35,711)
(106,286)
(147,091)
267,663
209,003
Change in receivables
971,810
222,214
Change in inventories
127,198
3,461
98,810
(160,768)
(1,101,700)
189,232
363,781
463,142
(117,255)
(97,677)
Other non-monetary transactions
Income tax paid
Operating cash flow before working capital changes
Changes in working capital:
Change in payables
Change in other current assets and liabilities
Total cash flow from operations
Investing activites:
Acquisition of fixed assets
Proceeds from sale of fixed assets
Total cash flow from investing activities
3,502
57
(113,753)
(97,620)
Financing activites:
Net change in borrowings and long term liabilities
51,846
(28,428)
Payment of dividends
(206,480)
(170,000)
Total cash flow from financing activities
(154,634)
(198,428)
95,394
167,094
Cash and cash equivalents at the beginning of the year
813,937
646,843
Cash and cash equivalents at the end of the year
909,331
813,937
Net change in cash and cash equivalents
43
Contact Details
ŠKODA JS a.s.
Orlík 266
316 06 Plzeň
Czech Republic
Tel.:
Fax:
Email:
Internet:
+420 378 041 111
+420 377 524 755
info@skoda-js.cz
www.skoda-js.cz
Company Reg. No.: 25235753
VAT Reg. No.:CZ25235753
Commercial Register:Registration Court in Plzeň, Part B, File 811
Bank:
Komerční banka a.s., Plzeň branch, Goethova 1, 309 95 Plzeň, Czech Republic
Account No. (CZK): 74303311/0100
IBAN CZ12 0100 0000 0000 7430 3311
Account No. (USD): 4848440247/0100
IBAN CZ09 0100 0000 0048 4844 0247
Swift: KOMB CZ PP
Account No. (EUR): 4848610277/0100
IBAN CZ15 0100 0000 0048 4861 0277
Swift: KOMB CZ PP
44
© 2013
Prepared by: ŠKODA JS a.s.
Consultancy, design and production: ENTRE s.r.o.
www.skoda-js.cz

- ŠKODA JS as

Transcription

Similar documents

development of a new design of tos kuřim and čkd

the new škoda octavia scout the new škoda octavia scout

Š K O D A A U t O P ro d u ctio n

ŠKODA JS as - Czech Industry for ITER

Guide - ŠKODA Museum in Mladá Boleslav

mlada boleslav ENG.indd

Citigo - škoda auto

ŠKODA Octavia Tour

ŠKODA Citigo – Accessories