IN 2006 - Ferona, as

Transkript

ANNUAL
REPORT
OF THE BOARD
OF DIRECTORS
ON THE COMPANY'S
OPERATIONS
AND ASSETS
IN 2006
ANNUAL
REPORT
OF THE BOARD
OF DIRECTORS
ON THE COMPANY'S
OPERATIONS
AND ASSETS
IN 2006
TABLE OF CONTENTS
1
Introductory words .................................................................................. 5
2
Company's profile and history ............................................................... 11
3
Range of products and services ............................................................ 19
4
Special projects ..................................................................................... 25
5
Staff ...................................................................................................... 29
Ferona as a responsible and strong player ............................................. 33
6
Outlook and expectations for 2007 ....................................................... 39
7
8
Results of operations ............................................................................. 40
9
Documents ........................................................................................... 51
Auditor's Report .................................................................................... 52
Balance Sheet ....................................................................................... 54
Profit & Loss Account ........................................................................... 56
Auditor's Report (consolidated financial statements) ............................. 58
Consolidated Balance Sheet ................................................................. 60
Consolidated Profit & Loss Account ...................................................... 61
4
1
INTRODUCTORY
WORDS
5
1
INTRODUCTION BY THE CHAIRMAN
OF THE SUPERVISORY BOARD
Robert Kay, Chairman
of the Supervisory Board of Ferona a.s.
Since 2004 Ferona a.s. has been fully owned by an English company - IRG Steel Ltd.
In the same year, Ferona celebrated 175 years in business. On this occasion,
we adopted the slogan “175 let – Zelezna Jistota = Cast Iron Certainty” which
indicated that our company had always been as solid as cast iron and steel,
its principal commodity.
The mentioning of iron always reminds me of the Iron Lady, Margaret Thatcher,
and her firm and uncompromising political stance. As I spent most of my life in Britain,
I had an opportunity – and it was an honour – to meet her personally on several
occasions. Her enthusiasm and extreme persistence impressed and inspired me
considerably, both in my professional and personal life. That is why I endeavoured
to introduce the spirit of Lady Thatcher into Ferona. One of the most important pillars
of such philosophy is a professional judgement based on ‘judge by results basis’
rather then on personal connections or political allegiance.
Ferona has always provided high quality services for all its customers in all
industrial sectors. Although the company has very strong historical foundations,
we simply can not afford to rest on our laurels.
Ferona like any smart company always takes into account the fact that the building
and construction industry as well as other industrial sectors are subject to economic
cycles ranging from prosperity to recession. Therefore we need to be flexible enough
to cater for those changing market requirements. As a result of this we pay special
attention to the volumes of our warehouse stock as well as making special efforts
to deliver the widest product range possible.
Our customers and partners are our priority. We seek to meet their needs and we are
very interested in their views in order to fully satisfy their requirements.
We put great emphasis and value on continuous training and education of our
employees, thus making sure that they are able to maintain the highest standards
of service that our customers expect and are used to.
We plan and build for the future, even for the tougher times.
We are not afraid of large investments in measures improving handling and
transportation of products or investments in processing facilities because we want
to offer our customers more options and higher added value. Satisfied customers
at the end of the entire process are our objective as well as our best reference.
I am very proud to be able to say that Ferona, as a distributor, causes no
environmental pollution. Unfortunately, it is a very little known fact that steel is one
of the most environmentally-friendly materials used by mankind. Few other materials
are as recyclable as steel.
6
1
Ferona has a very efficient, eager and highly motivated management team. This
coupled with typical British bulldog persistence, will propel the company
to new levels of corporate excellence.
At the same time we need to realise that success for Ferona is a journey
and not a destination.
I appreciate very much the particularly good results accomplished by our
company in 2006 and hope that we will be able to strengthen our market
position in the Czech Republic even further in the years to come, and
to improve our existing performance in those territories in which we are
already active as well as in those to which we are planning to expand.
Globalisation is clearly starting to affect even such historically locally
orientated sectors as the distribution of steel.
Ferona has a clear goal to create a strong Central European Group, retaining
our position as an important partner of our suppliers and extending
our customer service to international level.
When assessing the past year, we must not forget the driving force of our
business - our employees. I appreciate the efficiency and enthusiasm of all
our employees in all departments and would like to use this opportunity to
thank them for their efforts.
On behalf of the Board and myself, I would like to wish all those involved with
Ferona every success in their professional and personal lives.
Robert Kay
INTRODUCTION BY THE CHAIRMAN
OF THE BOARD OF DIRECTORS
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Jiří Plajner
GENERAL TRENDS
Last year, major progress was achieved in the process of integration of the metallurgic
production which is definitely a clear signal for the future. Stronger, globally operating
p l a y e r s w i l l c o n t i n u e i n c re a s i n g t h e i r m a r k e t s h a re s i n c l u d i n g
both production and, most probably, distribution as well.
Since the rise of prices in 2004, there have been attempts to replace steel products
with other materials but steel can only be replaced to a limited extent due to its unique
properties. This is why the global demand for and consumption
of steel keep rising.
In our region, an increasing demand for steel has been observed in the car and the
building industries. Foreign investments in the countries of Central Europe contribute
to long-term stability of the consumption. On the other hand,
the structure of the demand for steel changes. New technology is being implemented
to process high-grade steel and savings are achieved through
the use of light-weight but rigid materials.
In future, the cyclical nature of the steel production will depend to a large extent on the
further development in China, the availability of sources such as energy, scrap iron,
iron ore and ferroalloys, and the development of the USD rate along
with the import policy in the USA.
9
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FACTS AND FIGURES
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12
2
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FERONA, A. S.
Division I
Division II
Division III
Division IV
PRAGUE
CHOMUTOV
OLOMOUC
H. KRÁLOVÉ
LIBEREC
PLZEŇ
OSTRAVA
H. KRÁLOVÉ
Č. BUDĚJOVICE
BRNO
ČESKÝ BROD
JIHLAVA
STARÉ MĚSTO
14
BOARD OF DIRECTORS, SUPERVISORY BOARD
AND EXECUTIVES
2
The following persons were members of the Supervisory Board, directors and/or
managers of the Company, as the case may be, on 31 December 2006.
BOARD OF DIRECTORS
Jiří Plajner, chairman of the Board of Directors, graduated from a Grammar School,
born in 1961, member of the statutory body since 1 January 2005
Ing. Miroslav Horák, , vice chairman of the Board of Directors, graduated from
the University of Economics, born in 1970, member of the statutory body since
1 January 2005
Ing. Pavel Horák, born in 1962, graduated from the Czech Technical University,
member of the statutory body since 1 January 2005
Ing. Milan Rada, born in 1963, graduated from the University of Economics,
Ing. Miroslav Vaníček, born in 1961, graduated from the University of Economics,
SUPERVISORY BOARD
Robert Kay, chairman of the Supervisory Board, born in 1949, member of the
Supervisory Board since 1 January 2005
Ing. Jiří Hypš, vice chairman of the Supervisory Board, born in 1943, graduated
from the Agricultural University – Faculty of Business Operations and Economy,
member of the Supervisory Board since 1 January 2005
Ing. Jana Fabianková, born in 1952, graduated from the University of Economics,
employed with the Company since 1978, elected as a representative of the
Company's employees, member of the Supervisory Board since 21 March 2002
EXECUTIVES
Jiří Plajner, Chief Executive Officer, born in 1961, graduated from a Grammar
School, employed with the Company since 1992
Ing. Miroslav Horák, Sales Director, born in 1970, graduated from the University
of Economics, employed with the Company since 1996
Ing. Pavel Horák, Logistics Director, born in 1962, graduated from the Czech
Technical University, employed with the Company since 1986
Ing. Milan Rada, HR and IT Director, born in 1963, graduated from the University
Ing. Miroslav Vaníček, Finance Director, born in 1961, graduated from the University
Ing. Petr Mikulecký, Director of Division I, branch enterprise with its seat in Prague,
born in 1966, graduated from the Faculty of Civil Engineering, the Czech Technical
University, employed with the Company since 2003
Miroslav Vrkota, Director of Division II, branch enterprise with its seat in Chomutov,
born in 1957, graduated from the Secondary School of Engineering, employed with
the Company since 1992
Ing. Petr Vlach, Director of Division III, branch enterprise with its seat in Olomouc,
born in 1965, graduated from the Faculty of Engineering, the Czech Technical
Ing. Ivo Juřička, CSc., senior lecturer, Director of Division IV - Steel Service Centre,
branch enterprise with its seat in Hradec Králové, born in 1963, graduated from
the Faculty of Metallurgy and Material Engineering at the Mining College Technical
15
2
CONSOLIDATION SCHEME
Ferona, a. s., is the parent company in a group which involved the following controlled
persons and accounting units under substantial influence and persons controlled
by them as per 31 December 2006:
FERONA Slovakia, a. s.
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Other establishments:
Bratislava, Nitra, Martin, Košice
Business:
Wholesale of metallurgical products
Equity capital:
SKK 1,032,375 thousand
2006 profit or loss:
SKK 47,293 thousand
Share of Ferona, a. s.,
in the registered capital:
100%
Net book value of Ferona's share:
CZK 687,679 thousand
FERONA THYSSEN PLASTICS, s. r. o.
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50%
CZK 8,218 thousand
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FTP Slovakia, s. r. o., Bratislava
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Business:
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Equity capital:
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SKK 1,308 thousand
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FERONA – Dělící centrum, a. s.
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16
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Business:
Steel strip cutting
Equity capital:
CZK 72,569 thousand
CZK 13,241 thousand
50%
CZK 20,973 thousand
2
FERONA
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FERONA – CONSOLIDATION GROUP
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17
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19
3
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SERVICES
TRANSPORT
Ferona uses mainly 108 Mercedes-Benz trucks of its own and trucks provided by
contractual hauliers to transport products to the customers. Small-volume products
are sent over large distances using collection services and/or as Profi parcels
at reduced prices.
Most of our own trucks are equipped with special unloading devices to save our
customers' time and reduce delivery times.
SPLITTING OF BARS
Every warehouse has a facility where rolled bars can be split to usual lengths
of up to 12 metres. Hot rolled hexagonal bars (HEA, HEB), I-beams and U-bars
(Euro beams) with lengths of up to 22 m and cross-sections of up to 600 mm are split
centrally in our premises in Olomouc. The latest technology from KALTENBACH
is used for precise splitting.
SPLITTING OF COLD ROLLED COILS
The Steel Service Centre in Hradec Králové has a new facility using modern
technology from FIMI to split cold-rolled coils of sheets with various surface treatment
and weights of up to 30 tonnes both in the longitudinal and the transverse directions.
The result of the transverse splitting is sheets with thicknesses ranging from
0.5 to 3 mm, widths ranging from 300 to 1,600 mm, and lengths ranging from
500 to 4,000 mm. The result of the longitudinal splitting is strips of various widths
ranging from 30 to 1,600 mm.
Besides its own production using purchased coils or materials delivered by the
customers, the Steel Service Centre also issues certificates for its products. Reports
on the measurement of the dimensions of the split sheets are available at request.
Special needs of our customers concerning tests of materials and calibration
of measuring devices are dealt with in cooperation with various laboratories at the
Czech Republic's leading technical universities.
20
3
SPLITTING OF HOT ROLLED COILS
On the premises of Ferona Ostrava, Ferona – Dělící centrum, s. r. o. (FDC) operates
a facility for splitting hot rolled materials, using a WEAN DAMIRON splitting line
for transverse splitting and a BKM splitting line for longitudinal splitting. Standard
deviations from the dimensions and the flatness of the sheets are confirmed
according to EN 10051 + A1 and the quality according to EN 10025-2 and inspection
certificates are issued in compliance with EN 10204 – 3.1. Other qualities, smaller
tolerances and other specifications are subject to agreement before a purchase
contract is signed.
FLAME CUTTING
Jednou z oblastí hlavních investičních záměrů je rozšiřování a další zkvalitňování
služeb pálení plechů. Je to reakce na stále se zvyšující zájem trhu o tuto službu.
Hladké, žebírkové či slzičkové plechy jsou ve Feroně vypalovány do libovolných tvarů
při maximálním formátu až 3000 × 12 000 mm, v tloušťce od 1 do 250 mm.
Služba funguje na pálicích automatech v pobočkách Plzeň, Hradec Králové, Brno
a Olomouc. K vypalování plechů slouží stroje MGM CORTINA a MGM OMNICUT
s autogenní výbavou a plazmovými zdroji firmy HYPERTHERM.
BLOCK CUTTING
It is mainly tool factories that use our service of cutting blocks and round bars made of
high-grade steel and non-ferrous metals. The products are cut using Kasto
block band saws to various dimensions of up to 1,000 x 1,300 x 4,000 mm. A special
centre for cutting blocks and round bars made of high-grade steel and non-ferrous
metals is operated in Olomouc as a service centre for tool factories. The products are
cut using KASTO BBS U10 x 13 block band saws to various dimensions of up to
1,000 x 1,3000 x 4,000 mm and KASTO BBS U8 x 10 for dimensions not exceeding
860 x 1,060 x 3,000 mm, with a maximum weight of a block of 16,000 kg. The centre
is also equipped with KASTO TEC Ac5 and KASTO TWIN A4 band saws.
PROCESSING OF REINFORCING STEEL
An automatic STEMA TWINMASTER machine is used to unbend, cut and bend
reinforcing steel wires with diameters ranging from 6 to 16 mm. Products with
diameters ranging from 6 to 39 mm are processed using EDDINGHAUS machines.
HAMBI machines are used to cut and bend reinforcing wire meshes with wire
diameters ranging from 4 to 8 mm.
UNBENDING AND BENDING REINFORCING WIRE COILS
An automatic STEMA TWINMASTER 16 II is used to unbend, cut and bend
reinforcing wire coils with diameters ranging from 6 to 16 mm. Since recently, we
are also able to process stainless reinforcing wire coils with diameters of 6, 8, 10
and 12 mm.
22
BENDING OF STEEL BARS
3
Reinforcing steel bars are bent using a Peddinghaus Perfekt 42 CA machine
for diameters ranging from 6 to 39 mm.
CUTTING WITH A LASER LENGTH METER
A Peddinghaus Simplex Al 3000 machine is used to cut reinforcing bars with
diameters ranging from 6 to 39 mm and BSt 500 S rebar steel.
WIRE MESH CUTTING
HAMBI TV 60 shears are used to cut reinforcing mesh with wire diameters ranging
from 4 mm to 8 mm and aperture sizes of 100, 150 and 200 mm.
WIRE MESH BENDING
A HAMBI KSE 602 V machine is used to bend wire meshes.
TESTING OF MATERIALS AND CALIBRATION OF
MEASURING DEVICES
The Steel Service Centre in Hradec Králové has a testing laboratory providing a wide
range of services related to quality assurance. It uses a SPECTROTEST CCD
spectrometer to carry out non-destructive chemical analyses and determine
the quality of low-alloy carbon and nickel-chromium steel. A LABTEST tensile testing
machine is used for static and dynamic mechanical tests of tensile, bending and
compressive strengths. Hardness of materials is tested using a HPO 250 hardness
meter. The device is fitted with a semi-automatic optical unit to measure the size
of penetration using a camera and a picture analysis.
To improve our services and provide the necessary support for our business
operations, a Laboratory for the Calibration of Geometric Quantities was established
in Prague. It is authorised by the Czech Office for Standards, Metrology and Testing
to test length gauges and accredited by the Czech Accreditation Institute to calibrate
slide gauges, micrometer callipers including tubular ones, steel parallels and tape
measures.
The Calibration Laboratory also calibrates thickness gauges for sheets, protractors,
angles, measuring tapes and length gauging devices on a cutting line at the
Steel Service Centre. These metrological services are provided both for Ferona and
third parties.
23
24
4
SPECIAL
PROJECTS
25
4
There are always jobs and projects that are of special importance and of which the
company may be proud of. In 2006, such special projects implemented by
Ferona included:
Decorative cube – manufactured from Ferona's materials for Sazka
Bridge between Tošanovice and Žukov
Ferona delivered materials for the steel structure of the left bridge built by Metrostav.
The project of the bridge between Tošanovice and Žukov on the I/48 express road
is being implemented for the Road and Motorway Directorate of the Czech Republic
by a joint venture between Metrostav and Max Boegl & Josef Krýsl. The bridge should
be completed by late 2007.
Tanks for MERO
Ferona supplied sheets for tanks used by MERO.
The central oil loading depot was extended to 2 x 125,000 m3.
26
28
5
STAFF
29
5
HUMAN RESOURCES AND STAFF DEVELOPMENT
Human resources play a key role in the outputs of every company. Ferona is well
aware of it and so it esteems its employees highly, trying to remunerate and motivate
them appropriately.
SOME FACTS AND FIGURES
In 2006, Ferona had 1,412 employees in average, out of which 744 were technical
and accounting staff, 568 were blue-collar workers, 95 were sales and operating
staff, and 5 were unskilled workers and operators. In terms of education,
107 employees had secondary education, 595 had complete secondary education,
601 had secondary education without a school-leaving examination, and
109 employees only had elementary education.
The average wages in 2006 amounted to CZK 30,569, which was an increase by
more than 30% compared to last year. This positive development was due to the key
indicators of the financial plan that were all met.
FRINGE BENEFITS
Social expenses amounted nearly CZK 30 million in 2006. They were used primarily
to fund the priorities of the company's social programme, including meal allowance,
commuting allowance, social assistance, holiday allowance and other benefits.
This category also includes another major item which are loyalty bonuses according
to the years worked for Ferona.
TRAINING
Personal development is an integral part of the company's care for its employees
because training and professional education are important points on the company's
way towards greater stability and further development. In the reported year, training
and education included mostly language courses, workshops and professional
seminars, as well as standard training focused on changes in legal regulations.
INTERNAL NEWSLETTER
Ferona issues a newsletter called Echo four times a year to inform its employees
about important events in the company. The newsletters also contains entertainment
news and funny articles, crossword puzzles and contests with interesting prizes,
such as holiday trips.
The Echo newsletter was awarded a prestigious prize at the Golden Semicolon
2006 Contest. This contest assesses and awards periodic and non-periodic
company newsletters and publications designed for the presentation of the company
or its products and services to customers, business partners or employees.
The jury awarded a Golden Semicolon 2006 Certificate of Professional Level to Echo.
30
32
6
FERONA AS
A RESPONSIBLE
AND STRONG
PLAYER
33
6
Ferona is one of the most important employers in many regions of the Czech
Republic. It has also been regularly included in the prestigious “100 Best of…” study
based on which the largest and most successful companies in the Czech Republic
are announced every year.
Ferona is well aware that a good reputation of a strong and economically stable
company also includes support for non-profit sectors, culture, sports and charity.
This is why Ferona supported a number of various activities last year and provided
funds for the purchase of aids, devices and equipment for charity and medical
facilities.
SUPPORT FOR SPORTS ACTIVITIES
Jaroslav Volf and Ondřej Štěpánek, canoeists, won golden medals at the 2005
Canoe Kayak Slalom Racing World Championship in Prague-Troja, and bronze
medals at the 2004 Olympic Games in Athens.
J
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Wheelchair Users Sports Club: Ferona has been supporting sports activities
of people who are bound to a wheelchair after a spinal cord injury. The activities
are closely related to the Paraple Centre providing the necessary mental and material
support to the Club.
34
6
SUPPORT FOR CULTURAL ACTIVITIES
Ivan Kyncl's exhibition in Prague, showing a cross-section of the rich work by
Ivan Kyncl (1953-2004). Born in the family of Karel Kyncl, the radio reporter, he was
a sought-after photographer of the leading British and other theatres.
Exhibition at the National Theatre in Prague: It was a large private-view
happening arranged by Jan Kunovský in cooperation with the prima ballerina of
the English National Ballet, Daria Klimentová.
CHARITY AND HEALTH CARE
Foundation of Jedlička Institute – purchase of rehabilitation and compensatory
aids.
Physical Education and Riding Club at Přední Kopanina – support for the
development of riding focusing on the use of horses in the therapy of ill children
suffering from inadequate muscular and mental coordination (hippotherapy).
Křižovatka Foundation – purchase of BabySense electronic breathing monitors
monitoring the sleep of infants. These devices are the only protection available
now against sudden infant death syndrome.
36
Dráček Civic Society – provision of funds for a rehabilitation team to treat children
with neurologic diseases.
6
Association for the Rehabilitation of Children with Movement Disorders –
arrangement of two weekend workshops for children with movement disorders
and purchase of the necessary materials for these events.
Motol Teaching Hospital – treatment of patients, purchase of new medical devices,
payment of operating expenses and support for scientific research done at the
Institute for Biology and Medical Genetics of Motol Teaching Hospital and Medical
Faculty II of Charles University, support for the Clinic of Rehabilitation, and purchase
of a spinal unit.
Med Point, s. r. o. – provision of funds for the refurbishment of a department
of internal medicine, purchase of a sterilizer (an steam apparatus used to sterilize
surgical instruments).
Charity Golf Party – regular participation in the Charity Golf Party at the golf course
of Olšová Vrata near Karlovy Vary the proceeds of which are distributed among
various charity organisations.
Foundation of Charta 77 – Barriers Account – Ferona has been supporting this
foundation for many years now and it has helped a large number of handicapped
persons. This year's funds provided by Ferona were used to pay the costs of a special
modification of a car for Michael Mencl who is seriously handicapped. The picture
shows Michael Mencl and Jiří Plajner, the chairman of Ferona's Board of Directors.
37
38
7
OUTLOOK AND
EXPECTATIONS
FOR 2007
39
7
ENTRY INTO NEW MARKETS WITHIN THE EU
Every company and its management have their short-term and long-term goals.
Ferona's long-term goal is to become number one in the distribution of metallurgical
products in Central Europe. It has already attained this position in the Czech Republic
and is very close to attaining it in Slovakia. Ferona's management will use all the
current expertise and skills of the company's staff and the currently used technology
to achieve the goal.
Besides improving its services provided to its well-established customers,
Ferona also wants to focus on new demand and prospective customers outside the
Czech Republic and Slovakia, where Ferona's market presence is very strong.
For example, a new subsidiary, Ferona Polska, had to be established in Poland
for warehouse sales in the region between Katowice and Krakow because deliveries
across the border could no longer satisfy the needs of the local customers. In the
not-too-distant future, other countries of Central and South-East Europe could
follow, such as Hungary and Slovenia and later perhaps even Croatia and Serbia.
OTHER FUNDAMENTAL GOALS
In addition to an attack to the position of a strong Central European player, Ferona's
fundamental goal is also to increase the shareholders' value, extend the range
of services and products with high value added, and provide its customers with
competitive, global support in neighbouring markets. All these goals go beyond
a single year. Another long-term goal, closely related to those named above, is to
stabilise Ferona's shares in the markets of metallurgical products and use new
opportunities to increase them. Ferona also has to achieve more favourable terms
and conditions for the purchase of goods to be able to develop the company's
internal potential and financial strength.
The 2007 plan envisages revenue from the sale of goods of CZK 18,934 million
and pre-tax profit of CZK 530 million.
Capital expenditures are expected to amount to CZK 242 million in 2007, comprising
mainly modernisation and refurbishment projects. Two development projects will
be implemented, construction of a warehouse building with cranes in Plzeň and
refurbishment of a warehouse building in Prague-Malešice.
40
42
8
RESULTS
OF OPERATIONS
43
8
INVESTMENT ACTIVITIES
The investment activities in 2006 focused primarily on refurbishment and investments
towards better satisfaction of customers' needs. Tangible and intangible
fixed assets were purchased in the value of CZK 231,783 thousand. Of this,
CZK 88,177 thousand was investments into machinery and equipment. Most funds
were invested into cranes and equipment used for the treatment of goods.
A total of CZK 63,172 thousand was invested into the renewal of our vehicle
fleet. The investments into structures reached CZK 71,094 thousand, including
mainly the modernisation of the warehouse premises in České Budějovice
and Prague and the offices in Ostrava and the company's headquarters. A total
of CZK 9,340 thousand was spent on intangible assets, mostly software.
KEY INDICATORS OF THE LAST THREE YEARS
The company has fully assumed the activities of its legal predecessor, formed as
a joint-stock company in 1992.
Sale of materials
Revenue from the
sale of goods
Profit/loss
Inventory
Short-term receivables
Short-term payables
Bank loans
Employees
2004
2005
2006
(thousands of tonnes)
960
(CZK million)
19 315
873
18 698
981
20 675
364
3 091
2 537
2 296
2 562
1 445
822
4 216
3 152
3 050
3 130
1 412
(CZK million)
(CZK million)
(CZK million)
(CZK million)
(CZK million)
(persons)
989
3 784
2 407
2 042
2 785
1 471
BUSINESS ACTIVITIES
In 2006, Ferona continued as the leader in the field of steel stockholding
and distribution of metallurgical products, secondary products, non-ferrous metals
and the related range of hardware goods in the Czech Republic. Its market share
differs from one product to another but generally it reaches 15 to 20 per cent of
deliveries for use within the Czech Republic.
In 2005 the Company sold 980,526 tonnes of goods, which was an increase by
107,402 tonnes or 12.3% compared to 2005 and 20,958 tonnes or 2.2% compared
to 2004. Last year's sales expressed in units of materials was the best result for the
past decade.
Last year, revenues from the sale of goods amounted to CZK 20,674,719 thousand,
which was an increase by CZK 1,976,915 thousand or 10.6% compared to 2005 and
CZK 1,360,073 thousand or 7% compared to 2004.
Most of the company's revenue is obtained in the Czech market, with exports to
ther countries only accounting for about 2% of the revenue.
44
8
The structure of the revenue according to groups of products in 2006 was as
follows:
Flat products 43.8%
High-grade steel 4.0%
Secondary metallurgical products 3.2%
Non-ferrous metals 6.1%
Jointing materials 0.2%
Long products 30.8%
Pipes 11.9%
Jointing materials only accounted for a negligible share in the total revenue, especially
after Ferona discontinued the wholesale business with these products in the second
half of 2006. Since then, jointing materials are only available in retail outlets.
COMMENTS ON THE
DEVELOPMENT
COMMENTS ON THE PROFIT AND LOSS ACCOUNT
It was the profit margin that accounted for most of the company's revenue. In 2009,
profit margin totalled CZK 2,212,132 thousand, which was CZK 608,365 thousand
or 37.9% more than in 2005 but CZK 854,627 thousand less than in 2004.
The increase against the last year's figure was due to a favourable price development
combined with a rise by 12.3% of the sale of materials compared to 2005.
Revenue from services consisting in splitting and processing of materials, such as
flame-cutting of thin sheets according to the customers' requirements, and services
provided by the subsidiary amounted to CZK 157,445 thousand, which was
an increase by CZK 17,138 thousand or 12.2% compared to 2005 and 10.8%
compared to 2004.
The costs of materials and energy consumed totalled CZK 1,320,775 thousand,
out of which consumption of materials in Division IV – Steel Service Centre accounted
for 89% or CZK 1,175,395 thousand. The largest item of services purchased from
third parties was contractual transport (accounting for 40%) and repairs and
maintenance (accounting for 19%).
Due to the developments described above, the value added also increased by
CZK 553,364 thousand to CZK 1,842,606 thousand, which was an increase by
42.9% compared to 2005 but a decrease by 30.9% compared to 2004.
Total personnel expenses of CZK 744,863 thousand, up by 27.1% compared
to 2005, helped increase the satisfaction of the company's employees.
Depreciation and amortisation of tangible and intangible fixed assets amounted
to CZK 208,359 thousand, which was a year-on-year drop of 1.5%.
The result of operations was CZK 1,069,780 thousand, which was an
increase by CZK 493,313 thousand compared to 2005 but a decrease by
CZK 456,686 thousand compared to 2004.
46
Interest paid on operating loans amounted to CZK 114,564 thousand and was still
the largest item of expenses reducing the income from financial operations,
despite a year-on-year decline by 18%. Other financial expenses, such as bank
fees and foreign exchange losses, amounted to CZK 48,802 thousand. The income
from financial operations also included dividends received from ownership
interests of CZK 115,590 thousand and the profit from the sale of shares of
Nypro – hutní prodej, a. s. Other financial income totalled CZK 38,339 thousand.
The result of financial operations was a profit of CZK 12,176 thousand.
8
In 2006, the Company did not record any accounting operations which would have
affected the extraordinary profit/loss. The gross profit of 2006 before taxation
increased by CZK 620,604 thousand compared to the previous year and amounted
to CZK 1,081,956 thousand.
The profit for the fiscal year (net profit after taxation) totalled CZK 822,432 thousand,
which was an up by CZK 458,711 thousand compared to the previous year but
down by CZK166,375 thousand compared to 2004.
COMMENTS ON THE BALANCE SHEET
Total assets as of 31 December 2006 increased by CZK 1,664,209 thousand
to a total net book value of CZK 11,052,749 thousand. This development was due
to a rise of inventory and short-term receivables as a result of increasing prices
of the goods sold.
Fixed assets, accounting for 32.2% of the total assets, recorded a year-on-year
relative drop of 0.5% and amounted to CZK 3,563,733 thousand. They were
structured as follows (in CZK thousand and percentages of fixed assets):
Tangible fixed assets
79.5%
CZK 2,834,756 thousand
Intangible fixed assets
0.3%
CZK 10,453 thousand
Financial assets
20.2%
The largest items of the tangible fixed assets included buildings and structures
with a total value of CZK 1,735,709 thousand or 61.2% of the total value of tangible
fixed assets, movables with a value of CZK 556,010 thousand (19.6%) and land with
a value of CZK 526,622 thousand (18.6%).
The net value of financial assets amounted to CZK 718,524 thousand, including
a previously recorded adjusting entry for the financial investment in Ferona Slovakia
which, according to the principle of prudency, decreased the book value thereof by
CZK 80,000 thousand, and a decrease in the value of financial investments in other
countries according to the current exchange rate announced by the Czech National
Bank for the Czech koruna on the last day of 2006 by a total of CZK 15,775 thousand.
During the reported accounting period, shares of Nypro – hutní prodej, a. s., were
sold. See the comments on the Profit and Loss Account for details of the impact
of the sale on the income from operations.
Current assets accounted for 67.7% of total assets. They increased during
he year by CZK 1,702,379 thousand to CZK 7,482,192 thousand.
47
8
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.
48
FINANCIAL POSITION
8
The results of the annual accounts show that the company is in a good financial
standing. The total value of short-term receivables exceeded the total value
of short-term payables by CZK 102,679 thousand at the end of the year and
the company was not insolvent.
The company's total debt ratio was maintained at reasonable levels and the company
was not in default with the payment of any of its liabilities. The company entered
into loan contracts to obtain funds sufficient to cover all its needs. The company's
liabilities accounted for 58.6% of its assets as per 31 December 206.
The ratio of bank loans and total revenue was 15% at the end of 2006.
RESULTS OF THE CONSOLIDATED GROUP
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.
EVENTS RECORDED AFTER THE BALANCE SHEET DATE
AND OUTLOOK FOR 2007
As part of its new activities, Ferona founded a subsidiary, Ferona Polska S.A.,
to promote warehouse-based wholesale business in Poland.
Topham Eisen- und Stahlhandels-G.m.b.H., Vienna, Austria, in which Ferona
held an ownership interest, entered into liquidation. Due to the small amount of
the ownership interest, this will not have any impact on the company's business.
Ferona acquired 50% of the shares of Ferona – Dělící centrum, a. s., Ostrava,
and became the 100% owner of the company.
After the balance sheet date, no events occurred that could have any significant
effect on the assessment of the performance, activities and economic position of
the company.
49
50
9
DOCUMENTS
Auditor's Report
w
w
Financial statements as per 31 December 2006
w
Auditor's Report on the consolidated financial
statements
w
Consolidated financial statements
as per 31 December 2006
51
9
INDEPENDENT AUDITOR'S REPORT FOR THE
SHAREHOLDERS OF FERONA, A. S.
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1
5
2
1
9
BALANCE SHEET for the year ended 31 December 2006 (in CZK thousand)
ASSETS
Ident.
T
O
T
A
L
A
S
S
E
T
S
Gross
Previous year
Adjustment
Net
Netto
12 938 007
-1 885 258
11 052 749
9 388 540
5 169 372
-1 605 639
3 563 733
3 583 228
B.
F
i
x
e
d
a
s
s
e
t
s
B. I.
I
n
t
a
n
g
i
b
l
e
f
i
x
e
d
a
s
s
e
t
s
52 634
-42 181
10 453
3 630
3.
S
o
f
t
w
a
r
e
49 721
-40 918
8 803
2 373
4.
V
a
l
u
a
b
l
e
r
i
g
h
t
s
1 460
-1 263
197
0
7.
I
n
t
a
n
g
i
b
l
e
f
i
x
e
d
a
s
s
e
t
s
n
o
t
i
n
u
s
e
1 453
0
1 453
1 257
4 318 214
-1 483 458
2 834 756
2 846 696
526 622
0
526 622
546 146
2 333 460
-597 751
1 735 709
1 766 858
1 441 717
-885 707
556 010
524 429
301
0
301
301
16 034
0
16 034
8 649
80
0
80
313
Long-term investments
798 524
-80 000
718 524
732 902
1.
S
h
a
r
e
s
i
n
s
u
b
s
i
d
i
a
r
i
e
s
767 679
-80 000
687 679
702 004
2.
S
h
a
r
e
s
i
n
a
s
s
o
c
i
a
t
e
s
30 170
0
30 170
30 223
3.
Other securities and ownership interests
B. II.
B. II.
T
a
n
g
i
b
l
e
f
i
x
e
d
a
s
s
e
t
s
1.
L
a
n
d
2.
3.
B
u
i
l
d
i
n
g
s
,
h
a
l
l
s
a
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d
s
t
r
u
c
t
u
r
e
s
M
a
c
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e
r
y
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t
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l
s
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d
e
q
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n
t
,
v
e
h
i
c
l
e
s
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d
f
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t
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r
e
s
6.
O
t
h
e
r
t
a
n
g
i
b
l
e
f
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e
d
a
s
s
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s
7.
T
a
n
g
i
b
l
e
f
i
x
e
d
a
s
s
e
t
s
n
o
t
i
n
u
s
e
8.
Prepayments for tangible fixed assets
B. III.
B. III.
675
0
675
675
C.
C
u
r
r
e
n
t
a
s
s
e
t
s
7 761 811
-279 619
7 482 192
5 779 813
C. I.
Inventory
4 215 854
0
4 215 854
3 091 392
305 496
0
305 496
243 761
3 167
0
3 167
1 212
3 899 966
0
3 899 966
2 846 419
C. I.
1.
M
a
t
e
r
i
a
l
2.
W
o
r
k
i
n
p
r
o
g
r
e
s
s
a
n
d
s
e
m
i
f
i
n
i
s
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e
d
p
r
o
d
u
c
t
s
5.
F
i
n
i
s
h
e
d
p
r
o
d
u
c
t
s
6.
Prepayments for inventory
7 225
0
7 225
0
L
o
n
g
t
e
r
m
r
e
c
e
i
v
a
b
l
e
s
3 689
0
3 689
3 809
L
o
n
g
t
e
r
m
p
r
e
p
a
y
m
e
n
t
s
3 689
0
3 689
3 809
S
h
o
r
t
t
e
r
m
r
e
c
e
i
v
a
b
l
e
s
3 431 962
-279 619
3 152 343
2 537 393
1.
T
r
a
d
e
r
e
c
e
i
v
a
b
l
e
s
3 371 768
-279 505
3 092 263
2 482 899
2.
R
e
c
e
i
v
a
b
l
e
s
f
r
o
m
c
o
n
t
r
o
l
l
i
n
g
e
n
t
i
t
i
e
s
17 247
0
17 247
0
6.
T
a
x
e
s
r
e
c
e
i
v
a
b
l
e
0
0
0
45 975
7.
S
h
o
r
t
t
e
r
m
p
r
e
p
a
y
m
e
n
t
s
6 330
0
6 330
4 025
8.
E
s
t
i
m
a
t
e
d
a
s
s
e
t
s
32 998
0
32 998
864
9.
O
t
h
e
r
r
e
c
e
i
v
a
b
l
e
s
3 619
-114
3 505
3 630
C. II.
5.
C. III.
C. III.
C. IV.
C. IV.
S
h
o
r
t
t
e
r
m
i
n
v
e
s
t
m
e
n
t
s
110 306
0
110 306
147 219
1.
C
a
s
h
i
n
h
a
n
d
2 443
0
2 443
2 579
2.
C
a
s
h
a
t
b
a
n
k
101 907
0
101 907
143 159
3.
S
h
o
r
t
t
e
r
m
i
n
v
e
s
t
m
e
n
t
s
5 956
0
5 956
1 481
T
e
m
p
o
r
a
r
y
a
s
s
e
t
s
6 824
0
6 824
25 499
1.
D
e
f
e
r
r
e
d
e
x
p
e
n
s
e
s
6 727
0
6 727
5 598
3.
A
c
c
r
u
e
d
i
n
c
o
m
e
97
0
97
19 901
D. I.
D. I.
54
Current year
BALANCE SHEET for the year ended 31 December 2006 (in CZK thousand)
Ident.
LIABILITIES
T
O
T
A
L
L
I
A
B
I
L
I
T
I
E
S
Current year
Previous year
1
1
0
5
2
7
4
9
9
3
8
8
5
4
0
A.
E
q
u
i
t
y
4
5
7
2
4
5
3
3
7
1
8
4
1
9
A. I.
R
e
g
i
s
t
e
r
e
d
c
a
p
i
t
a
l
3
0
0
0
0
0
0
3
0
0
0
0
0
0
R
e
g
i
s
t
e
r
e
d
c
a
p
i
t
a
l
3 000 000
3 000 000
A. I.
1.
A. II.
C
a
p
i
t
a
l
f
u
n
d
s
2
1
4
7
5
9
1
8
3
1
5
7
2.
O
t
h
e
r
c
a
p
i
t
a
l
f
u
n
d
s
230 534
230 534
3.
G
a
i
n
s
o
r
l
o
s
s
e
s
f
r
o
m
r
e
v
a
l
u
a
t
i
o
n
o
f
a
s
s
e
t
s
R
e
s
e
r
v
e
f
u
n
d
s
,
n
o
n
d
i
s
t
r
i
b
u
t
a
b
l
e
f
u
n
d
a
n
d
o
t
h
e
r
f
u
n
d
s
c
r
e
a
t
e
d
f
r
o
m
p
r
o
f
i
t
-15 775
-47 377
1
2
4
1
9
1
1
0
6
0
0
4
S
t
a
t
u
t
o
r
y
r
e
s
e
r
v
e
f
u
n
d
/
N
o
n
d
i
s
t
r
i
b
u
t
a
b
l
e
f
u
n
d
124 191
106 004
R
e
t
a
i
n
e
d
e
a
r
n
i
n
g
s
o
r
l
o
s
s
f
r
o
m
p
r
e
v
i
o
u
s
y
e
a
r
s
4
1
1
0
7
1
6
5
5
3
7
R
e
t
a
i
n
e
d
e
a
r
n
i
n
g
s
f
r
o
m
p
r
e
v
i
o
u
s
y
e
a
r
s
411 071
65 537
A. V.
P
r
o
f
i
t
o
r
l
o
s
s
o
f
c
u
r
r
e
n
t
y
e
a
r
[
+
/
]
8
2
2
4
3
2
3
6
3
7
2
1
B.
L
i
a
b
i
l
i
t
i
e
s
6
4
5
5
7
6
6
5
6
5
6
8
6
6
B. II.
L
o
n
g
t
e
r
m
p
a
y
a
b
l
e
s
2
7
5
9
4
7
7
9
8
0
1
1
A. III.
A. III.
1.
A. IV.
A. IV.
1.
2.
P
a
y
a
b
l
e
s
t
o
a
c
o
n
t
r
o
l
l
i
n
g
e
n
t
i
t
y
0
500 000
5.
L
o
n
g
t
e
r
m
a
d
v
a
n
c
e
s
r
e
c
e
i
v
e
d
105
77
8.
E
s
t
i
m
a
t
e
d
l
i
a
b
i
l
i
t
i
e
s
0
28 826
275 842
269 108
10.
B. III.
B. III.
D
e
f
e
r
r
e
d
t
a
x
S
h
o
r
t
t
e
r
m
p
a
y
a
b
l
e
s
3
0
4
9
6
6
4
2
2
9
6
3
7
1
1.
T
r
a
d
e
p
a
y
a
b
l
e
s
2 818 432
2 214 828
2.
P
a
y
a
b
l
e
s
t
o
a
c
o
n
t
r
o
l
l
i
n
g
e
n
t
i
t
y
0
186
5.
p
a
y
a
b
l
e
s
t
o
e
m
p
l
o
y
e
e
s
220
152
6.
S
o
c
i
a
l
s
e
c
u
r
i
t
y
a
n
d
h
e
a
l
t
h
i
n
s
u
r
a
n
c
e
28 118
15 701
7.
t
a
x
p
a
y
a
b
l
e
a
n
d
s
u
b
s
i
d
i
e
s
98 660
32 305
8.
S
h
o
r
t
t
e
r
m
a
d
v
a
n
c
e
s
r
e
c
e
i
v
e
d
1 207
1 005
10.
E
s
t
i
m
a
t
e
d
l
i
a
b
i
l
i
t
i
e
s
60 543
5 912
11.
O
t
h
e
r
l
i
a
b
i
l
i
t
i
e
s
42 484
26 282
B. IV.
B
a
n
k
l
o
a
n
s
a
n
d
b
o
r
r
o
w
i
n
g
s
3
1
3
0
1
5
5
B. I V. 1 .
L
o
n
g
t
e
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2 000 000
0
2.
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h
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s
1 073 861
2 502 091
3.
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h
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w
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s
56 294
60 393
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s
23 075
12 821
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1 455
434
C. I.
C. I.
9
2
5
6
2
4
8
4
55
9
PROFIT AND LOSS ACCOUNT for the year ended 31 December 2006
(in CZK thousand)
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9
INDEPENDENT AUDITOR'S REPORT FOR THE
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59
9
BALANCE SHEET
Minimum extent required of the consolidated balance sheet (in CZK thousand)
TEXT
Ident.
Current fiscal year
as per 31 Dec 2006
Previous fiscal year
as per 31 Dec 2005
12 322 757
11 034 273
T
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A
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A
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S
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I
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T
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i
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s
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e
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s
B.III.
L
o
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e
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C
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B.V.
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C.
0
C
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11 872 544
0
0
3 519 964
3 538 112
3 764 294
10 812
4 124
5 880
3 416 476
3 456 487
3 693 200
1 654
1 707
1 759
0
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91 022
75 794
63 148
8 795 021
7 468 726
8 086 247
C.I.
I
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4 774 651
3 686 460
4 447 213
C.II.
L
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c
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s
8 842
3 809
3 872
C.III.
S
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3 747 587
3 486 561
3 194 622
C.IV.
C
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v
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s
t
m
e
n
t
s
263 941
291 896
440 540
7 772
27 435
22 003
Current fiscal year
as per 31 Dec 2006
Previous fiscal year
as per 31 Dec 2005
12 322 757
11 034 273
11 872 544
4 770 920
3 948 770
5 382 310
3 000 000
3 000 000
3 994 200
D.
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TEXT
Ident.
T
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A
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T
I
E
S
A.
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q
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Fiscal year before last
as per 31 Dec 2004
A.I.
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j
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t
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229 385
229 439
250 981
-1 149
-1 095
-1 043
0
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124 191
106 004
56 593
A.IV.
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504 507
251 171
-42 271
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875 308
337 274
1 105 571
1.
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860 080
324 627
1 097 924
2.
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15 228
12 647
7 647
C
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f
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37 529
24 882
17 236
7 521 114
6 961 079
6 351 366
0
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A.III.
A.VI.
B.
L
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b
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s
B.I.
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s
283 990
805 415
301 979
B.III.
S
h
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r
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s
3 388 247
2 809 876
2 504 593
B.IV.
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s
a
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b
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r
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w
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g
s
3 848 877
3 345 788
3 544 794
30 723
20 799
46 198
0
103 625
92 670
M
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t
y
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0
16 350
16 350
D.II.
M
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s
0
0
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0
70 329
40 432
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16 946
35 888
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D.I.
60
Fiscal year before last
as per 31 Dec 2004
9
PROFIT AND LOSS ACCOUNT
Minimum extent required of the consolidated profit and loss account
(in CZK thousand)
I
d
e
n
t
.
T
E
X
T
F
i
s
c
a
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r
Current
Previous
as per 31 Dec 2006 as per 31 Dec 2005
Before last
as per 31 Dec 2004
I
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2 529 931
1 966 114
3 623 854
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2 072 691
1 531 674
3 119 270
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61

IN 2006 - Ferona, as

Transkript

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