Ekolamp - Annual report

Annual Report 2015

5. Significant Balance Sheet and Profit and Loss Account Items

5.1. Fixed Assets:

a) Intangible Fixed Assets:

Acquisition Value

Incorporation expenses

Software

Software less than TCZK 60

Audio-visual works

Acquisition of intangible assets

Total

1 Jan. 2015

0

1 938

212

478

0

2 628

Transfer

0

0

0

0

0

0

Increases

0

0

40

0

300

340

Decreases

0

0

0

0

0

0

31 Dec. 2015

0

1 938

252

478

0

2 968

 

Accumulated Depreciation

Incorporation expenses

Software

Software less than TCZK 60

Audio-visual works

Acquisition of intangible assets

Total

1 Jan. 2015

0

1 908

212

367

0

2 487

Transfer

0

0

0

0

0

0

Depreciation costs

0

30

12

60

0

102

Accum. depreciation
to decreases

0

0

0

0

0

0

31 Dec. 2015

0

1 938

224

427

0

2 589

 

Adjustments

Incorporation expenses

Software

Software less than TCZK 60

Audio-visual works

Acquisition of intangible assets

Total

1 Jan. 2015

0

0

0

0

0

0

Increase

0

0

0

0

0

0

Decrease

0

0

0

0

0

0

31 Dec. 2015

0

0

0

0

0

0

 

 

 

 

 

 

Opening balance

0

30

0

111

0

141

Closing balance

0

0

28

51

300

379


b) Tangible Fixed Assets:

Acquisiti-
on Value

Build-
ings

Contai-
ner

Machi-
nery and equip-
ment

Machi-
nery and equipment less than TCZK 40

Means of Trans-
port

Small pooling bin

Long-term Advance pay-
ments

Total

1 Jan.
2015

50

24 724

1 653

1 466

1 985

2 925

0

32 687

Transfer

0

0

0

0

0

0

0

0

Increases

0

3 120

116

208

605

31

0

4 080

Decreases

0

-1 777

0

-29

0

0

0

-1 806

31 Dec.
2015

50

26 067

1 653

1 645

2 590

2 956

0

34 961

 

Accumu-
lated De-
preciation

Build-
ings

Contai-
ner

Machi-
nery and equip-
ment

Machi-
nery and equipment less than TCZK 40

Means of Trans-
port

Small pooling bin

Long-
term Advance pay-
ments

Total

1 Jan.
2015

6

20 001

1 495

1 230

956

2 299

0

25 990

Transfer

0

0

0

0

0

0

0

0

Depreciation
costs

7

1 747

36

156

447

341

0

2 734

Accum. depreciation
to decreases

0

-1 751

0

-29

0

0

0

-1 780

31 Dec.
2015

13

19 997

1 531

1 357

1 406

2 640

0

26 944

 

Adjustments

Build-
ings

Contai-
ner

Machi-
nery and equipment

Machi-
nery and equipment less than TCZK 40

Means of Trans-
port

Small pooling bin

Long-term Advance payments

Total

1 Jan. 2015

0

0

0

0

0

0

0

0

Increase

0

0

0

0

0

0

0

0

Decrease

0

0

0

0

0

0

0

0

31 Dec. 2015

0

0

0

0

0

0

0

0

 

 

 

 

 

 

 

 

Opening balance

44

4 723

42

236

1 026

626

0

6 697

Closing balance

37

6 070

122

288

1 184

316

0

8 017


c) Financial Leases:

The company did not have any financial lease in current and previous accounting period.

d) Operating leases:

The company leases office premises under a fixed-term contract until 31 December 2020 with an optional premature termination as at 31 December 2016 and 31 December 2018. The total annual costs related to this lease were in amount of TCZK 1 681 as at 31 December 2015 (previous period TCZK 1 654).

e) Lien, right of user and other person’s property:

The company did not have any assets under the right of lien, right of user or any other person’s property in current and previous accounting period.

5.2. Low- value tangible and intangible fixed assets

In accordance with the accounting policy described in note 2(a) above, the company has charged to the profit and loss account certain low-value tangible and intangible assets in the year in which they were acquired. The cumulative acquisition cost of low-value tangible and intangible assets in operative documentation is as follows:

Balance as at 31 Dec.

2015

2014

Low-value tangible fixed assets

588

529

Low-value intangible fixed assets (software)

115

78

Total

703

607


5.3. Financial Assets

In the current and previous accounting periods, the company held no short-term or long-term financial assets except cash.

5.4. Inventory

The company held no inventory in the current and previous accounting periods.

5.5. Receivables and Payables

a) Trade Receivables:

Short-term trade receivables amount to TCZK 10 782 (previous period TCZK 10 835) of which TCZK 130 (previous period TCZK 189) are more than 180 days overdue. As at 31 December 2015 an adjustment for doubtful receivables was TCZK 121 (previous period TCZK 177).

b) Receivables Valued at Fair Value:

The company does not have any receivables held for trade and therefore it did not make the revaluation to the fair value in the current and previous accounting periods.

c) Long-term Receivables:

Long-term trade receivables in the amount of TCZK 527 (previous period TCZK 540) are especially deposits in the amount of TCZK 497 (previous period TCZK 511) in accordance with the lease contract. These deposits mature on 31 December 2020.

d) Other receivables:

Other short-term receivables in the amount of TCZK 2 (previous period TCZK 2) are receivables to employees.

e) Trade Payables:

Short-term trade payables amount to TCZK 6 367 (previous period TCZK 4 253) of which TCZK 0 (previous period TCZK 6) are more than 180 days overdue.

f) Long-term Payables:

The company had no long-term payables in the current and previous accounting periods.

g) Receivables / Payables resulting from Social Security and Health Insurance:

Receivable + / Payable -

31 Dec. 2015

31 Dec. 2014

Social Security

-195

-148

Heath Insurance

-97

-69

Total

-292

-217

h) Tax Receivables / Payables:

Asset + / Liability -

31 Dec. 2015

31 Dec. 2014

Road tax

0

0

Real-estate Transfer Tax

0

0

Real-estate Tax

0

0

Consumption Tax

0

0

VAT

980

501

Wage tax

-117

-77

Corporate Income Tax – due

304

211

Gift Tax

0

0

Total

1 167

635

The company had no tax arrears to Financial Authority in the current and previous accounting periods.

5.6. Estimated receivables

The company did not disclose any estimated receivables in the current and previous accounting periods.

5.7. Estimated payables

The estimated payables in the amount of TCZK 2 676 (previous period TCZK 1 444) relates especially to the estimate of non-invoiced refunds claimed by the participants of the collective system and third parties exporting luminaires and lamps from the Czech Republic.

5.8. Other assets

Deferred income in the amount of TCZK 138 (previous period TCZK 171) is especially interest from a term deposit.

5.9. Other liabilities

Accrued expenses in the amount of TCZK 263 (previous period TCZK 217) include especially settling of electricity and contributions for collection in the year 2015.

5.10. Employees and Management

a) Employees and Management Information:

31 Dec. 2015

Number of employees

Wage and Salary Costs

Social and Health security

Other Social Costs

Personnel Costs Total

Employees

9

6 237

2 161

510

8 908

Management/ Executives

1

2 078

729

30

2 837

Total

10

8 315

2 890

540

11 745

 

31 Dec. 2014

Number of employees

Wage and Salary Costs

Social and Health security

Other Social Costs

Personnel Costs Total

Employees

8

4 510

1 605

400

6 515

Management/ Executives

1

1 240

431

48

1 719

Total

9

5 750

2 036

448

8 234

b) Governing and Supervisory Board Members Remunerations and Credits:

The company provided remuneration to the board members in the amount of TCZK 1 471 in current accounting period (previous period TCZK 24). The amount of remuneration is contained in the table in paragraph a).

In the current and previous accounting periods, no loans were provided to the members of the governing or supervisory board.

Company cars are made available for use by the executive officers. The company reimburses the members of the Supervisory Board for travelling costs related with their participation in meetings of the Supervisory Board, the General Meeting, and in other important meetings (flight tickets, hotels, car rentals etc.).

5.11. Adjustments

The company recorded adjustments to receivables in the amount of TCZK 121 (previous period TCZK 177).

5.12. Own Equity

The statement of changes in own equity is included in the financial statements.

Based on the General Meeting held per rollam during June 2015 was approved the financial statements 2014 and profit in the amount of TCZK 0.

5.13. Provisions

The company recorded a reserve for future costs related to the collection, recycling, and disposal of luminaires and lamps and future costs related to the operation of collective system in the amount of TCZK 324 034 (previous period TCZK 321 828).

The company shows a reserve for future liquidation of electronic equipment; it consists of a part determined for liquidation of lamps and a part determined for liquidation of luminaires. The amount of the reserve is determined based on a calculation model.

The existing model of calculating reserves for future liquidation of electronic equipment is being used for computing reserves for liquidation of lamps only, it is described above. The reserve for liquidation of luminaires cannot be calculated with sufficient accuracy by this method because luminaires have a very long life, may be used secondarily and there is unclear legislation. Nevertheless, it is very probable that the existing amount of the reserve for luminaires does not exceed the potential future liabilities of the company connected with the collection and disposal of luminaires that are going to be placed on the Czech market in the following periods.

The amount of the reserve for recycling of lamps is affected significantly by the following factors:

  • Useful life of lamps: it is determined based on the experience of similar collective systems in the European Union,
  • Estimate of the market share of EKOLAMP in the liquidation of electronic equipment in the Czech Republic: optimistic and pessimistic scenarios of the development of market share are applied,
  • Specification of expenses on liquidation: the level of either direct costs or total costs is calculated. Unlike direct costs, the total costs include also overhead costs incurred on the organization of the collection of electronic equipment and marketing costs.

If a reserve for liquidation of lamps is calculated at total costs, the calculation model of the reserves for liquidation of lamps shows amounts which are nearing or exceed the existing booked reserve for liquidation of electronic equipment both in the optimistic and the pessimistic scenarios. The created reserve for liquidation of electronic equipment should cover also the expenses on the liquidation of luminaires. However, such expenses are not included in the calculation.

The above assumptions imply that the current provision for future disposal of electrical and electronic equipment (lamps and luminaires) may not be sufficient in the future, and therefore it leads to annual recalculation of estimate of future liabilities, which has been covered by reserves, and in relation to the development of estimated future costs and revenues.

5.14. Long-term bank credits and loans

The company used no bank credit or loan in the current and previous accounting periods.

5.15. Derivatives

The company did not use any derivatives in the current and previous accounting periods.

5.16. Subsidy Received for the Investment and Operational Purposes

The company did not receive any subsidies for the investment and operational purposes in the current and previous accounting periods.

5.17. Income tax due

a) Due Tax and Retrospective Assessments of the Previous Periods Due Tax:

The income tax due for the current accounting period amounts to TCZK 92 (previous period TCZK 137). The company did not create any income tax provision in the current accounting period. The company did not record any arrears of tax payables for previous accounting periods.

The company has no arrears with the local Tax Office.

b) Deferred tax:

The company did not account for deferred tax in the current and previous accounting periods, there is no title for accounting for deferred tax.

5.18. Significant Profit and Loss Account Items

a) Sales:

Sales of the company are fees for collecting, recycling and disposal of luminaires and lamps. A unit fee for recycling is paid by all participants and the final amount depends on the amount of luminaires and lamps placed on the Czech market in the reporting period. The  unit fee for luminaires amounts to CZK 2,50 without VAT (previous period CZK 2,50 without VAT) and CZK 8,40 without VAT for lamps (previous period CZK 8,40 without VAT).

Sales of the company amount to TCZK 48 474 (previous period TCZK 47 856) in the current accounting period. All of company’s revenues for the year 2015 and 2014 were realized in the Czech Republic.

b) Services:

Description

2015

2014

Operation of the system

15 852

16 647

PR and marketing

1 807

2 667

Overhead cost

12 555

13 932

Total

30 214

33 246

c) Ostatní provozní výnosy a ostatní provozní náklady:

2015

2014

Other operating revenues

8

16

Other operating expenses

316

231

Other operating expenses includes especially insurance expenses.

d) Financial revenues and financial expenses:

2015

2014

Revenues from sales of securities and ownership interests

0

22

Sold securities and ownership interests

0

-22

Interest revenues

577

954

Interest expenses

0

0

Exchange profits/losses

0

-69

Other financial revenues/expenses

136

-43

Total

441

842

e) Extraordinary revenues and extraordinary expenses:

The company did not have any extraordinary revenues and expenses in the current and previous accounting periods.

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