AUDITOR S REPORT AUDITOR'S REPORT TO THE SHAREHOLDERS OF BURZA CENNÝCH PAPÍRŮ PRAHA, A.S. - PDF

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AUDITOR S REPORT 16 AUDITOR'S REPORT TO THE SHAREHOLDERS OF BURZA CENNÝCH PAPÍRŮ PRAHA, A.S. Based upon our audit we issued the following audit report dated March 3, 2000: We have audited the financial

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AUDITOR S REPORT 16 AUDITOR'S REPORT TO THE SHAREHOLDERS OF BURZA CENNÝCH PAPÍRŮ PRAHA, A.S. Based upon our audit we issued the following audit report dated March 3, 2000: We have audited the financial statements of Burza cenných papírů Praha, a.s. for the year ended December 31, The Board of Directors is responsible for the preparation of the financial statements and for maintaining accounting records in accordance with relevant laws and regulations. Our responsibility is to express an opinion on the financial statements, taken as a whole, based on our audit. We conducted our audit in accordance with Act No. 524/1992 Coll. on Auditors and the Chamber of Auditors of the Czech Republic, and the auditing standards issued by the Chamber of Auditors. Those standards require that we plan and conduct the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, the accounting records and other evidence supporting the amounts and disclosures in the financial statements. An audit also includes an assessment of the accounting principles used and significant estimates made by the Company in the preparation of the financial statements, as well as evaluation of the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion on the financial statements. In our opinion, the financial statements present fairly, in all material respects, the assets, liabilities and equity of Burza cenných papírů Praha, a.s. as of December 31, 1999, and the results of its operations for the year then ended in accordance with Act No. 563/1991 Coll. on Accounting and relevant accounting regulations. Information included in this annual report on pages 34 to 36 was derived, in compliance with applicable regulations, from the audited financial statements, on which we issued the above audit report. We have also reviewed other financial information included in this annual report for consistency with the audited financial statements. In our opinion, this information is consistent, in all material respects, with the audited financial statements. Prague, June 29, 2000 Audit firm: Statutory auditor: Deloitte & Touche spol. s r.o. Karel Hampl License no. 79 License no PRAGUE STOCK EXCHANGE 33 17 FINANCIAL STATEMENTS OF BALANCE SHEET (IN FULL FORMAT) AS AT 31 DECEMBER CZK TOTAL ASSETS 589, ,148 Amounts receivable for subscribed capital 0 0 Fixed assets 485, ,408 Intangible fixed assets 36,182 38,969 Establishment costs 0 0 Research and development 0 0 Software 28,034 38,926 Valuable rights (patents, licences, know-how) 0 0 Other intangible fixed assets Intangible fixed assets not-in-use 8,131 6 Prepayments for intangible fixed assets 0 0 Tangible fixed assets 449, ,154 Land 71,856 71,856 Buildings, halls and structures 321, ,047 Machinery, tools and equipment, vehicles and fixtures 56,077 96,126 Perennial crops 0 0 Breeding and draught animals 0 0 Other tangible fixed assets 0 0 Tangible fixed assets not-in-use 0 75 Prepayments for tangible fixed assets 0 50 Adjustments to acquired assets (goodwill) 0 0 Financial investments 100 2,285 Shares and ownership interests in subsidiaries Shares and ownership interests in associates 0 2,185 Other securities and ownership interests 0 0 Intercompany loans 0 0 Other financial investments 0 0 Current assets 101,232 68,775 Stocks 0 0 Materials 0 0 Work-in-progress and semi-finished products 0 0 Finished products 0 0 Livestock 0 0 Purchased goods for resale 0 0 Advance payments for stocks 0 0 Long-term debtors 13,2198,475 Trade debtors 13,219 0 Receivable from partners and consortium members 0 0 Amounts receivable from subsidiaries 0 0 Amounts receivable from associates 0 0 Other debtors 0 8,475 Short-term debtors 30,407 27,211 Trade debtors 28,624 23,584 Receivables from partners and consortium members 0 0 Social security 0 0 Taxes receivable 1,737 3,579 Deferred tax receivable 0 0 Amounts receivable from subsidiaries 0 0 Amounts receivable from associates 0 0 Other debtors Cash and investments 57,606 33,089 Cash in hand Cash at bank 57,557 33,058 Short-term investments 0 0 Other assets - temporary accounts 2,808 1,965 Accruals and deferrals 2,117 1,958 Deferred expenses 1,802 1,916 Accrued income Exchange rate losses 0 6 Estimated assets ANNUAL REPORT 1999 BURZA CENNÝCH PAPÍRŮ PRAHA, A.S. CZK LIABILITIES AND EQUITY 589, ,148 Equity 437, ,999 Registered capital 382, ,948 Registered capital 384, ,948 Reacquired shares -2,900 0 Capital funds 35,948 35,948 Share premium 22,769 22,769 Other capital funds 13,179 13,179 Gains or losses from revaluation of assets 0 0 Gains or losses from investments 6,699 2,799 Funds created from profits 6,699 2,799 Legal reserve fund 0 0 Non-distributable fund 0 0 Statutory and other funds 1,404-9,297 Retained profit (loss) from prior years 1,404 0 Accumulated losses from previous years 0-9,297 Profit (loss) of current year (+/-) 10,946 14,601 Liabilities 145, ,016 Reserves 7,344 4,882 Legal reserves 1,468 0 Reserve for foreign exchange losses 0 6 Other reserves 5,876 4,876 Long-term liabilities 0 2,062 Long-term payables to subsidiaries 0 0 Long-term payables to associates 0 0 Long-term advances received 0 0 Bonds issued 0 0 Long-term bills of exchange to be paid 0 0 Other long-term payables 0 2,062 Short-term liabilities 39,315 23,101 Trade creditors 16,813 6,093 Payables to partners and consortium members 0 0 Payables to employees 1,769 1,793 Social security 1,187 1,242 Taxes payable and subsidies 7,136 3,413 Deferred tax 12,491 10,344 Payables to subsidiaries Payables to associates 0 0 Other creditors Bank loans and borrowings 99, ,971 Long-term bank loans 99, ,971 Short-term bank loans 0 0 Short-term borrowings 0 0 Other liabilities - temporary accounts 6,696 8,133 Accruals and deferrals 2,464 2,202 Accrued expenses 1,953 2,017 Deferred income Exchange rate gains 26 5 Estimated liabilities 4,232 5,931 PRAGUE STOCK EXCHANGE 35 INCOME STATEMENT (IN FULL FORMAT) FOR THE YEAR ENDED 31 DECEMBER CZK Sales of goods purchased for resale 0 0 Cost of goods sold 0 0 Gross margin 0 0 Production 220, ,044 Sale of own products or services 220, ,044 Change in finished goods and work-in-progress 0 0 Own work capitalised 0 0 Purchased consumables and services 69,668 69,890 Consumables 1,621 1,759 Services 68,047 68,131 Added value 150, ,154 Staff costs 53,846 59,660 Wages and salaries 36,283 41,090 Remuneration of board members 3,338 2,380 Social insurance 12,098 14,154 Social benefits 2,127 2,036 Taxes and charges Depreciation of intangible and tangible fixed assets 61,486 59,712 Sale of fixed assets and material 22,224 2,059 Net book value of fixed assets and material sold 21,519 2,703 Drawing of reserves, additions to complex deferred expenses 0 36 Additions to reserves, settlement of complex deferred expenses 2,468 1,000 Drawing of provisions and depreciation of negative goodwill Creation of provisions and depreciation of goodwill 2,769 3,933 Other operating income 3,590 5,001 Other operating expenses 1, Transfer of operating income 0 0 Transfer of operating expenses 0 0 Operating profit (loss) 32,968 47,922 Proceeds from sale of securities and ownership interests 2,500 0 Cost of securities and ownership interests sold 13,550 0 Income from investments 0 0 Income from intercompany securities and ownership interests 0 0 Income from other securities and ownership interests 0 0 Income from other investments 0 0 Income from short-term investments 0 0 Drawing of financial reserves 6 11 Additions to financial reserves 0 6 Settlement of adjustments 11,365 0 Additions to adjustments 0 0 Interest income 4,040 3,356 Interest expense 15,543 30,901 Other financial income 761 6,836 Other financial expenses 2,636 11,633 Transfer of financial income 0 0 Transfer of financial expenses 0 0 Financial profit (loss) -13,057-32,337 Income tax on ordinary activities 8,671 3,664 - due 6,524 2,238 - deferred 2,147 1,426 Profit (loss) from ordinary activities 11,240 11,921 Extraordinary income ,771 Extraordinary expenses Income tax on extraordinary activities due deferred 0 0 Extraordinary profit (loss) ,680 Transfer of shares on profit (loss) of partnership to partners 0 0 Profit (loss) of current year 10,946 14,601 Profit (loss) of current year before taxation 19,617 18, ANNUAL REPORT 1999 CONSOLIDATED FINANCIAL 18 STATEMENTS INDEPENDENT AUDITOR'S REPORT We have audited the accompanying consolidated balance sheet of Burza cenných papírů Praha, a.s. as of December 31, 1999, and the related consolidated statement of income for the year then ended. These consolidated financial statements are the responsibility of the Management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The consolidated financial statements were prepared under International Accounting Standards for the first time as of December 31, 1999 and do not include comparative information or a statement of cash flow. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Burza cenných papírů Praha, a.s. as of December 31, 1999, and the results of its operations for the year then ended in conformity with International Accounting Standards, except for the omission of comparative information and the statement of cash flows, which are required by International Accounting Standards. Prague, April 3, 2000 DELOITTE & TOUCHE PRAGUE STOCK EXCHANGE 37 CONSOLIDATED BALANCE SHEET (CZK 000) Note 31 December 1999 CURRENT ASSETS Cash 72,696 Investments 4 186,629 Receivables (net) 5 37,330 Advances provided and other current assets 2,524 Total current assetsm 299,179 FIXED ASSETS Tangible fixed assets (net) 6 451,736 Intangible fixed assets (net) 7 36,182 Long-term receivables 8 13,434 Total fixed assets 501,352 TOTAL ASSETS 800,531 SHAREHOLDERS'EQUITY AND LIABILITIES SHORT-TERM LIABILITIES Liabilities 9 211,603 Short-term credits 10 33,000 Accrued expenses 7,945 Taxes due 11 7,318 Total short-term liabilities 259,866 LONG-TERM LIABILITIES Long-term credits 10 66,000 Taxes deferred 10,582 Other long-term liabilities 2,583 Reserves and other liabilities 12 7,344 Total long-term liabilities 86,509 Total liabilities 346,375 SHAREHOLDERS' EQUITY Registered capital 391,948 Capital funds 46,575 Retained earnings 15,633 Total shareholders' equity ,156 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 800,531 CONSOLIDATED INCOME STATEMENT (CZK 000) Note 31 December 1999 Revenues ,543 Services -76,016 Personnel expenses -72,352 Depreciation -62,965 Other operating expenses/revenues 15 6,180 Profit on operating activities 43,390 Other financial expenses/revenues -2,265 Interest expense/revenue -10,501 Other expenses/revenues -10,419 Profit before tax 20,205 Income tax 11-8,815 Net profit for the year 11,390 Undistributed profit as at 31 December ,242 Profit of current period 11,390 Undistributed profit as at 31 December ,633 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR 1999 Registered Own Capital Undistributed Total (CZK 000) capital shares funds profit Balance as at 1 January , ,634 8, ,666 Allocations from undistributed profit 0 0 3,941-3,941 0 Own shares 0-2, ,900 Net profit ,390 11,390 Balance as at 31 December ,848-2,900 46,575 15, , ANNUAL REPORT 1999 19 THE EXCHANGE S SHAREHOLDERS AND MEMBERS THE PRAGUE STOCK EXCHANGE S SHAREHOLDERS AT 31 DECEMBER 1999 Shareholder No. of Percentage shares of registered capital AB Banka, a.s. v likvidaci *) 4, % ATLANTA SAFE, a.s. 3, % ATLANTIK finanční trhy, s.r.o. 1, % BBG Finance a.s % BH Securities, a.s. 3, % BODY INTERNATIONAL BROKERS a.s. 28, % Böhm & partner a.s. 2, % Brněnská obchodní, a.s. *) **) CA IB Securities, a.s. 4, % CITICORP SECURITIES (CR), s.r.o. 1, % COOP BANKA, a.s. v likvidaci *) 2, % Credit Suisse First Boston (Praha) a.s. 2, % C.S. Brokers burzovní, a.s % Česká pojišťovna a.s. *) 20, % Česká spořitelna, a.s. 33, % Československá obchodní banka, a.s. 25, % DISISOFT, a.s. v likvidaci *) % Dynamic Capital Invest, a.s. *) % EASTBROKERS, akciová společnost *) 1, % EB Brokers, a.s. *) **) Expandia Banka, a.s. 7, % FIO, burzovní společnost, a.s % Fond národního majetku České republiky 4, % GE Capital Bank, a.s. *) 17, % GES INVEST, a.s. 1, % Global Brokers, spol. s r.o. 1, % Harvardská burzovní společnost, a.s. 48, % HypoVereinsbank CZ a.s. 3, % ICEBERG A.S. *) 14, % image 1, a.s. *) 1, % ING Bank N.V., organizační složka 3, % Interbanka, akciová společnost 6, % INVESTIČNÍ A POŠTOVNÍ BANKA, a.s. 38, % INVESTKONZULT, a.s. 1, % KIS a.s. kapitálová investiční společnost České pojišťovny *) 2, % Komerční banka, a.s. 30, % KOMERIO, brokerský dům Konečný, a.s % KOMERO s.r.o. *) **) LIFOX a.s. *) % MERX, a.s. *) 1, % Moravia Banka, a.s. *) % Moravskočeská, a.s. *) **) NEWTON STOCK INVESTMENT, a.s. *) % OESTERREICHER & spol., s.r.o. 1, % Patria Finance, a.s. 3, % Plzeňská kapitálová společnost, a.s. *) % Pragobanka, a.s. *) 1, % Pražská brokerská a.s. *) **) Procap Securities, a.s. *) 1, % Sati, spol. s r.o % SLOVENSKÁ SPORITEĽŇA, a.s. *) 1, % SOCIÉTÉ GÉNÉRALE, pobočka Praha % Stratego Invest a.s. 1, % Union banka, a.s. 15, % UNIVERSAL BANKA, a.s. *) **) Všeobecná úverová banka, a.s. 22, % Wood & Company, s.r.o. 1, % Živnostenská banka, a.s. 14, % Burza cenných papírů Praha, a.s. 2, % OTHER MEMBERS OF THE PRAGUE STOCK EXCHANGE AT 31 DECEMBER 1998 ABN AMRO Bank N.V. Baader Securities, a.s. Burzovní společnost pro kapitálový trh, a.s. CAPITAL PARTNERS, a.s. CAUTUS FINANCE, s.r.o. CONSEQ FINANCE, spol. s r.o. ČESKÁ NÁRODNÍ BANKA ČESKOMORAVSKÁ ZÁRUČNÍ A ROZVOJOVÁ BANKA, a.s. DELTA SECURITIES, a.s. DEUTSCHE BANK AG, pobočka Praha EPIC Securities, a.s. Erste Bank Sparkassen (ČR) a.s. FINNEX Securities, a.s. Gutmann & Cie Praha a.s. J & T Securities s.r.o. J. F. WORLD BROKERS s.r.o. OFT BROKERS spol. s r.o. P & P BROKERS, a.s. PPF burzovní společnost, a.s. RAIFFEISEN CAPITAL and INVESTMENT PRAHA, s.r.o. *) not a PSE member **) company did not agree to publish its share in the PSE registered capital PRAGUE STOCK EXCHANGE 39 20 ORGANISATIONAL STRUCTURE General Secretary Pavel Hollmann Internal Audit and Security Deputy General Secretary Vladimír Ezr Trading Control Department Jiří Opletal Director Listings Section Trading Supervision Section Derivatives and New Products Department Milan Šimáček Director IT Department Miroslav Prokeš Director Programming Section Technology Section Inspection Department Vladimír Skalný Director Member Inspection Section Analyses Section External Relations Department Jana Marcová Director Economics and Finance Department Zdeněk Kořínek Acting Director Development and Administration Department Vladimír Ezr Acting Director Legal Section 40 ANNUAL REPORT 1999 RESOLUTION OF THE 8TH GENERAL MEETING 21 On the 8th Ordinary General Meeting of the Prague Stock Exchange held on 25 May 1999 the shareholders discussed and approved: 1. THE REPORT ON THE EXCHANGE'S BUSINESS ACTIVITIES AND ITS ASSETS FOR THE YEAR FINANCIAL STATEMENTS FOR THE YEAR 1999 AND THE DECISION ON THE DISTRIBUTION OF PROFIT The General Meeting has approved the 1999 financial statements and the proposal for distribution of profit. In 1999, the Prague Stock Exchange generated profit of CZK 10,946,000 after tax. The following distribution of profit was approved: profit/loss of the current year CZK 10,946,000 allocation to the reserve fund CZK 1,000,000 undistributed profit/loss of the current year CZK 9,946,000 dividends paid CZK 9,551,000 retained earnings after dividend payout CZK 395,000 The General Meeting has approved to pay the dividend of 2.5% on a share with a nominal value of CZK 1,000. The dividend is due as at 31 July 2000 on a shareholder's account. The shareholders entered in the List of Shareholders as at 3 July 2000, are entitled to obtain a dividend. 3. REPORT OF THE SUPERVISORY BOARD, INCLUDING THE AUDITOR'S REPORT 4. PRINCIPLES FOR THE EXCHANGE'S OPERATIONS IN 2000 In agreement with the recommendations of the Securities Commission, the Stock Exchange will focus particularly on the supervision of trading and on extending disclosure obligations of members and issuers. 5. THE RESULTS EXPECTED FOR 2000 The General Meeting has approved principles of efficient management for 2000 which anticipate the profit of CZK 3.1 million before tax and maintaining the revenues and costs of the Exchange's activities at the 1999 level. 6. THE EXCHANGE REGULATIONS With effect from 1 July 2000, the General Meeting has approved partial amendments to the Exchange Regulations. The new regulations stress the trading supervision and extend the disclosure obligations of issuers, including their checking. PRAGUE STOCK EXCHANGE 41 ABBREVIATIONS 22 AND TERMS USED Central market (CM) Financial derivatives Fixing KOBOS MAOS Market maker Prompt market PX-D Index PX- GLOB Index PX 50 Index SPAD Suspended trade UNIVYC, a.s. A pricing market, it includes the results of trading from fixing, additional orders, KOBOS and SPAD Term contracts concluded on various financial asset bases Trading at fixed prices - a trading segment based on the processing of purchase and sale orders at a determined time Continuous trading at variable prices (in Czech, Kontinuální burzovní obchodní systém ) Modernised automatic trading system (in Czech, Modernizovaný automatizovaný obchodní systém ) An Exchange member who has closed a contract with the Exchange authorizing him to act as a market maker and who must, on a continuous basis, quote prices on all the securities for which he acts as a market maker A securities market in which securities are supplied for payment, and which is counterbalanced by the derivatives market An index formed on the basis of SPAD issues, which will also serve as the underlying asset for derivatives trading A global index based on all registered issues of shares, including those issued by investment funds, and units, where the price was fixed no later than at the preceding session The Exchange s official index, which is based on 50 issues selected on the basis of market capitalisation and liquidity and takes into account their sectoral classification, but excludes investment fund issues A share and bond market trading system - a trading segment based on the prices quoted by market makers A transaction whict was not property settled Universal Settlement Centre - a subsidiary of the Exchange 42 ANNUAL REPORT 1999 CONTACT INFORMATION 23 ADDRESS Rybná 14 P. O. BOX Praha 1 Czech Republic WWW SERVER FTP SERVER ftp://ftp.pse.cz Company Identification No. (IČO): Tax Identification No. (DIČ): Bank: Komerční banka, a. s., Prague branch, A/c No /0100 Management Pavel Hollmann General Secretary Tel.: ++420/2/ Fax: ++420/2/ Jana Marcová Director of the External Relations Department Tel.: ++420/2/ Fax: ++420/2/ Vladimír Ezr Deputy General Secretary Tel.: ++420/2/ Fax: ++420/2/ Jiří Opletal Director of the Trading Control Department Tel.: ++420/2/ Fax: ++420/2/ Miroslav Prokeš Director of the IT Department Tel.: ++420/2/ Fax: ++420/2/ Zdeněk Kořínek Acting Director of the Economics and Finance Department Tel.: ++420/2/ Fax: ++420/2/
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