AUDITOR'S REPORT. on the financial statements of ENEFI Energiahatékonysági Nyrt. as at - PDF

Description
AUDITOR'S REPORT on the financial statements of ENEFI Energiahatékonysági Nyrt. as at Tel: , Fax: BDO Magyarország Könyvvizsgáló Kft Budapest,

Please download to get full document.

View again

of 52
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Information
Category:

Slides

Publish on:

Views: 25 | Pages: 52

Extension: PDF | Download: 0

Share
Transcript
AUDITOR'S REPORT on the financial statements of ENEFI Energiahatékonysági Nyrt. as at Tel: , Fax: BDO Magyarország Könyvvizsgáló Kft Budapest, Kőér utca 2/a. Laurus Irodaházak C épület 1476 Budapest, Pf.138. Independent Auditor's Report to the Shareholders of ENEFI Energiahatékonysági Nyrt. Audit Report on annual financial statements We have audited the accompanying 2013 annual financial statements of ENEFI Energiahatékonysági Nyrt., which comprises the balance sheet as at 31 December showing a balance sheet total of HUF thousands and a loss for the year of HUF ( ) thousands -, the related profit and loss account for the year then ended and the summary of significant accounting policies, and other explanatory notes. Management's Responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Hungarian Accounting Law and for maintaining internal controls which are considered necessary by the management to prepare the 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 the audit. We conducted our audit in accordance with Hungarian National Auditing Standards and with the applicable laws and regulations in force in Hungary. 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 control 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 control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as the 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 annual financial statements give a true and fair view of the equity and financial position of ENEFI Energiahatékonysági Nyrt. as at 31 December 2013 and of the result of its operation for the year then ended in accordance with the Hungarian Accounting Law. BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU Tel: , Fax: BDO Magyarország Könyvvizsgáló Kft Budapest, Kőér utca 2/a. Laurus Irodaházak C épület 1476 Budapest, Pf.138. Other issues The Company s annual financial statements for 2012 were audited by Deloitte Auditing and Consulting Ltd. who issued a qualified audit opinion in the auditor s report dated on 22 August Other reporting requirements: Reporting on the business report We have examined the accompanying business report of ENEFI Energiahatékonysági Nyrt. for the financial year of The management is responsible for the preparation and fair presentation of the business report in accordance with the Hungarian Accounting Law. Our responsibility is to assess whether or not the accounting information disclosed in the business report is consistent with the financial statements. Our work in respect of the business report was limited to assessing whether the business report is consistent with the financial statements and does not include reviewing other information originated from non audited financial records. In our opinion the 2013 business report of ENEFI Energiahatékonysági Nyrt. is consistent with the disclosures in the financial statements as of 31 December Budapest, BDO Hungary Audit Ltd Budapest, Kőér utca 2/A Registration number: Zsuzsanna Nagy Managing Director Ferenc Baumgartner Certified Auditor Chamber registration No.: This is the translation of the original Hungarian statutory report. In case of any discrepancies, the original Hungarian version prevails. BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc. Statistical code: Co. reg. no.: ENEFI Energyeffeciency Public Limited Company 1134 Budapest, Klapka u.11. Annual financial statements 31 December 2013 Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc Statistical code Co. reg. no. A BALANCE sheet Assets 31 December 2013 (data in HUF thousand) Serial no. Item Changes in the previous year(s) a b e d e 1 A. Fixed assets I. INTANGIBLE ASSETS Capitalised value of foundation and restructuring Capitalised value of experimental development Property rights Intellectual property Goodwill Advances given for intangible assets Value adjustment of intangible assets II. FIXED ASSETS Real estate and related property rights Technical equipment, machines, vehicles Other equipment, accessories, vehicles Livestock Capital projects, renovations Advances given for capital projects Value adjustment of tangible assets III. FINANCIAL INVESTMENTS Permanent interests in associated companies Long-term loans to associated companies Other permanent interests Long-term loans to companies in which other types of interests are held Other long-term loans Long-term debt securities Value adjustment of financial investments Valuation difference of financial investments - - Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc Statistical code Co. reg. no. A BALANCE sheet Assets 31 December 2013 (data in HUF thousand) Serial no. Item Changes in the previous year(s) a b e d e 27 B. Current assets I. INVENTORIES Materials Unfinished production and semi-finished products Animals for breeding and fattening and other livestock Finished products Goods Advances given for inventory II. RECEIVABLES Receivables from the transportation of goods and from services (accounts receivable) Receivables from associated companies Receivables from minority interest companies Bill of exchange receivables Other receivables Valuation difference of receivables Positive valuation difference of derivative transactions III. SECURITIES Interests in associated companies Other interests Own shares, own shareholdings Debt securities for trading purposes Valuation difference of securities IV. FINANCIAL ASSETS Cash desk, checks Bank deposits C. Accruals Accrued revenues Accrued costs and expenses Deferred expenditure Total assets Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc Statistical code Co. reg. no. A Balances Sheet: Liabilities 31 December 2013 (data in HUF thousand) Serial no. Item Changes in the previous year(s) a b e d e 57 D. Total equity I. SUBSCRIBED CAPITAL of which: repurchased ownership stake at nominal value II. REGISTERED BUT NOT YET PAID CAPITAL (-) III. CAPITAL RESERVES IV. PROFIT RESERVE V. COMMITTED RESERVES VI. VALUATION RESERVES Valuation reserves for adjustments Fair value reserve VII. B/S PROFIT/LOSS E. Provisions Provisions for expected commitments Provisions for future costs Other provisions F. Liabilities I. SUBORDINATED LIABILITIES - 74 Subordinated liabilities to associated companies Subordinated liabilities to minority interest companies Subordinated liabilities to other businesses II. LONG TERM LIABILITIES Long-term loans received Convertible bonds Debts related to bond issuance Investment and development loans Other long term loans Long-term liabilities to associated companies Long-term liabilities to minority interest companies Other long term liabilities - - Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc Statistical code Co. reg. no. A Balances Sheet: Liabilities 31 December 2013 (data in HUF thousand) Serial no. Item Changes in the previous year(s) a b e d e 86 III. SHORT TERM LIABILITIES Short-term loans of which: convertible bonds Short-term loans Deposits received from customers Liabilities from the transportation of goods and from services (accounts payable) Debts related to bills of exchange Long-term liabilities to associated companies Short-term liabilities to minority interest companies Other short term liabilities Valuation difference of liabilities Negative valuation difference of derivative transactions G. Accruals Accruals and deferred income Deferred expenses Deferred revenues Total liabilities and shareholders equity Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc Statistical code Co. reg. no. A INCOME STATEMENT (total cost method) 31 December 2013 (data in HUF thousand) Se ria l no. Item 2012 Changes in the previous year(s) a b c d e 1 1 Net revenue from domestic sales Net revenue from export sales I. Net revenue from sales (01+02) Change in self-manufactured inventories ± Capitalised value of self-manufactured equipment II. Value of capitalised own performance (±03+04) - 7 III. Other revenues of which: reversed impairment Material costs Cost of services used Value of other services Cost of goods sold Cost of services sold (intermediated) IV. Material costs ( ) Wages Other expenses of personnel Wage contributions V. Personnel expenses ( ) VI. Depreciation VII. Other expenses of which: impairment A. OPERATING PROFIT/LOSS (I±II+III-IV-V-VI-VII) Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Plc Statistical code Co. reg. no. A INCOME STATEMENT (total cost method) 31 December 2013 (data in HUF thousand) Se ria l no. Item 2012 Changes in the previous year(s) a b c d e Dividends and interest received (due) of which: from associated companies Exchange rate gain on the sale of equity holdings of which: from associated companies Interest and exchange rate gain on financial investments of which: from associated companies Other interest and interest-type revenue received (due) of which: from associated companies Other income from financial transactions of which: valuation difference VIII. Income from financial operations ( ) Exchange rate loss on financial investments of which: to associated companies Interest payable and interest-type expenditures of which: to associated companies Impairment on interests, securities, bank deposits Other expenses of financial transactions of which: valuation difference IX. Expenses of financial transactions (18+19±20+21) B. PROFIT/LOSS OF FINANCIAL TRANSACTIONS C. PROFIT/LOSS OF ORDINARY ACTIVITIES (±A±B) X. Extraordinary revenues XI. Extraordinary expenditures D. EXTRAORDINARY PROFIT/LOSS (X-XI) E. PROFIT/LOSS BEFORE TAX (±C±D) XII. Tax liabilities F. PROFIT/LOSS AFTER TAX (±E-XII) Profit reserve used for dividends, interests Approved dividends and interests G. B/S PROFIT/LOSS (±F+22-23) Date: Budapest, 20 March 2014 manager (representative) of the company BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU ENEFI Energyefficiency Public Limited Company Notes to the Financial Statements for the year ending 31 December 2013 BDO Magyarország Könyvvizsgáló Kft. egy magyar korlátolt felelősségű társaság, az egyesült királyságbeli BDO International Limited garancia alapú korlátolt felelősségű társaság tagja és a független cégekből álló nemzetközi BDO hálózat része. BDO Hungary Audit Ltd., a Hungarian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent firms. Fővárosi Bíróság Cégbírósága, Cégjegyzékszám: Cg Csoportazonosító (Group-ID-Nr): Group VAT Nr.: HU General notes Company profile Company name: ENEFI Energyefficiency Plc. (name change on: 09 December 2013; registered on: 17 December 2013, former name: E-Star Alternative Energy Service Plc., name change on: 17 February 2011; registered on: 04 March 2011, former name: RFV Plc.) Company s registered capital: HUF 525,314,450 represented by 52,531,445 pieces of ordinary shares with a nominal value of HUF 10 each. 49,891,445 pieces of ordinaries with a nominal value of HUF 10 each were issued in closed circle in 2013 in accordance with the settlement with the creditors of the bankruptcy proceedings. The Company s registered office on the balance sheet date: 1134 Budapest, Klapka utca 11. Branch offices: 8413 Eplény, Veszprémi u. 66/A Romania Mures Tg. Mures Str. Revolutiei Nr. 1 AP. 110 The Company s representatives authorised to sign the financial statements: Csaba Soós 1038 Budapest, Hanga köz 1/E. Norbert Szivek 8057 Zürich, Schaffhauserstrasse 74. Switzerland Tamás Vágány 1021 Budapest, Budakeszi út 71/A 1ép. 2a. Date of establishment as a private joint stock company: 01 March Registered: 12 June 2006 Date of establishment as a public joint stock company: 12 March 2007 registered on: 10 May 2007 Tax number: Co. reg. no.: The company was under bankruptcy proceeding from 13 December 2012 until 30 August This bankruptcy proceeding was terminated with a settlement with the creditors in accordance with the details in a separate paragraph. Core activity: Steam and air conditioning Description of the Company: The Company (its legal predecessor) was established on 29 June 2000 with the aim of implementing for future its clients primarily energy-related investments, and by operating these projects in the long term, efficiently supplying energy to its clients. The Company provides its services in the context of an ESCO (Energy Services Company) structure, which is a form of PPP (public-private partnership) arrangement specific to the energy sector. It implements energysector projects in proprietary investments the cost of which is typically recouped from the resulting energy savings which it subsequently maintains and operates in the long term following completion of the initial investment. In this manner the Company uses the assets created in the investment (heat supply, public lighting, electrical energy saving services, etc.) to provide energy services, typically under an 8-15-year contract, depending on the rate of return. The Company has until now generally financed its projects from bank loans. It issued shares and bonds in addition to taking out loans for financing the projects of its subsidiaries and the EETEK Limited transaction. The main services (business lines) of Enefi Energyefficiency Plc. include
Related Search
Similar documents
View more...
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks