POLROČNÁ FINANČNÁ SPRÁVA za I. polrok 2012 private equity spoločnosti regulovaná informácia v zmysle 35 zákona č. 429/2002 Z. z. o burze cenných papierov v znení neskorších predpisov 1 BBC V, Plynárenská 7/A, 821 09 Bratislava, Slovak Republic, Tel.: + 421 2 5825 3510, Fax: +421 2 5825 3511, www.arcacapital.sk IČO: 35 868 856, IČ DPH: SK 2021289765, zápis v Obchodnom registri Okresného súdu Bratislava I., oddiel Sa, vložka č. 3202/B
1 Základné údaje o spoločnosti Obchodné meno spoločnosti: Právna forma: Základné imanie spoločnosti: Počet, druh akcií: Menovitá hodnota akcie: akciová spoločnosť 996.000 EUR 300 kmeňové, akcie na meno, listinné 3.320 EUR za akciu Predmet činnosti: kúpa tovaru za účelom jeho predaja konečnému spotrebiteľovi kúpa tovaru za účelom jeho predaja iným prevádzkovateľom živnosti sprostredkovateľská činnosť v oblasti obchodu, zákaziek prenájom spotrebného tovaru, automobilov, dopravných prostriedkov, výpočtovej, administratívnej, zdravotníckej techniky a technológií prieskum trhu poradenstvo v oblasti obchodu faktoring a forfaiting vedenie účtovníctva činnosť účtovných poradcov nakladanie s výsledkami tvorivej duševnej činnosti so súhlasom autora sprostredkovateľská činnosti v oblasti obchodu a zákaziek prenájom nehnuteľností spojený s poskytovaním iných než základných služieb obstarávanie služieb spojených s prevádzkou a správou nehnuteľností ubytovacie služby v rozsahu voľnej živnosti Sídlo spoločnosti: Plynárenská 7/A, 821 09 Bratislava Deň vzniku spoločnosti: 30.10.2003 3
Orgány spoločnosti k 30.06.2012: Predstavenstvo: Ing. Rastislav Velič člen a predseda predstavenstva Ing. Henrich Kiš člen predstavenstva Dozorná rada: Ing. Pavol Krúpa predseda dozornej rady Ing. Monika Haroníková (r.dobrovodská) člen dozornej rady Andrej Levský člen dozornej rady 4
2 Správa o stave, vývoji a činnosti spoločnosti za I. polrok 2012 1. náležitosti podľa ust. 20 ods. 1 zákona o účtovníctve o: a) vývoji účtovnej jednotky, o stave, v ktorom sa nachádza a o významných rizikách a neistotách, v ktorým je účtovná jednotka vystavená. Prvý polrok 2012 nepriniesol žiadne výrazné zmeny oproti roku predchádzajúcemu. Rôzne katastrofické scenáre sa nenaplnili avšak sa ani nenaplnili pozitívne očakávania oživenia a rastu slovenskej ekonomiky. Stále pretrváva neistota ohľadom riešenia dlhovej krízy v eurozóne, potreba fiškálnej konsolidácie a slabá finančná situácia domácností ovplyvnili pribrzdenie ekonomického rastu vo vyspelých ekonomikách. Spoločnosť sa aj v prvom polroku 2012 naplno venovala rozpracovaným projektom z minulých rokov, kde pokračovala v napĺňaní stanovených business plánov. Či už išlo o spracovávanie projektovej dokumentácie k realitným projektom, alebo pokračovanie v územných a stavebných konaniach, až po pokračovanie v budovaní inžinierskych sietí. Čo sa týka projektov v oblasti venture capital, tak spoločnosť venuje maximálne úsilie hľadaniu investičných príležitostí tohto typu, primárne v segmente fotovoltaických elektrárni, biotechnológiách, strojárstve a v potravinárskom priemysle. V prvom polroku sa spoločnosti podarilo získať ďaľšie fotovoltaické elektrárne. Spoločnosť je personálne stabilizovaná a v tomto období neprišlo k žiadnej zmene v štatutárnych orgánoch spoločnosti. Stav zamestnancov zostal prakticky nezmenený. Aktivity spoločnosti nemali negatívny vplyv na životné prostredie a zamestnanosť. Na upevnenie svojej pozície private equity investora na trhu SVE spoločnosť pokračuje v stanovenej marketingovej a komunikačnej stratégii zameranej na informovanie verejnosti o realizovaných investíciách a dosiahnutých úspechoch v rámci skupiny Arca Capital. b) udalostiach osobitného významu, ktoré nastali po skončení účtovného obdobia, za ktoré sa vyhotovuje výročná správa Po skončení účtovného obdobia nenastali také udalosti osobitného významu, ktoré by mali mať vplyv na priebežnú konsolidovanú účtovnú závierku zostavenú k 30.06.2012. c) predpokladanom budúcom vývoji činnosti účtovnej jednotky, Po 30.6.2012 spoločnosť bude naďalej pozorne monitorovať a analyzovať stav a vývoj podmienok na trhu a ponúkaných príležitostí v záujme úspešného naplnenia stanovených cieľov. Našou hlavnou prioritou je viac sa sústrediť na nové investície, keďže realizované projekty sú v rôznych vývojových fázach dobre nastavené. d) nákladoch na činnosť v oblasti výskumu a vývoja Účtovná jednotka nevynaložila žiadne náklady na výskum a vývoj. e) nadobúdaní vlastných akcií, dočasných listov, obchodných podielov a akcií, dočasných listov a obchodných podielov materskej účtovnej jednotky podľa 22 Účtovná jednotka nenadobúdala vlastné akcie, dočasné listy, dočasné listy a obchodné podiely materskej účtovnej jednotky podľa 22. V priebehu prvého polroka 2012 účtovná jednotka nadobudla obchodné podiely a akcie v celkovej výške 35.656 tis.eur, čo je vykázané v Poznámkach ku konsolidovanej účtovnej závierke k 30.6.2012, ktorá sú súčasťou tejto Priebežnej správy. f) návrh na rozdelenie zisku alebo vyrovnanie straty Návrh na rozdelenie zisku, resp. vyrovnanie straty za I. polrok 2012 nebol stanovený. O hospodárskom výsledku sa rozhodne až keď bude známy výsledok za celé účtovné obdobie 2012. g) údajoch požadovaných podľa osobitých predpisov 5
Spoločnosti nevyplýva povinnosť zverejniť údaje podľa osobitých predpisov. g) tom, či účtovná jednotka má organizačnú zložku v zahraničí Účtovná jednotka nemá organizačnú zložku v zahraničí. 2. náležitosti podľa ust. 20 ods. 5 zákona o účtovníctve o: a) cieľoch a metódach riadenia rizík v účtovnej jednotke vrátane jej politiky pre zabezpečenie hlavných typov plánovaných obchodov, pri ktorých sa použijú zabezpečovacie deriváty, b) cenových rizikách, úverových rizikách, rizikách likvidity a rizikách súvisiacich s tokom hotovosti, ktorým je účtovná jednotka vystavená. Vzhľadom na to, že sa spoločnosť pohybuje v oblasti, ktorej sa inak hovorí aj oblasť alternatívneho investovania, je aj riadenie rizík prispôsobené tomuto typu podnikania. Operačné riziká sa identifikujú v spoločnosti vo všetkých projektoch, procesoch a informačných systémoch. Tieto riziká sa pravidelne monitorujú zodpovednými osobami, najmä projektovými manažérmi, ktorý majú skúsenosti s riadením projektov v danej oblasti. Rovnako je v rámci spoločnosti definovaná investičná komisia, ktorá sa pravidelne oboznamuje s prebiehajúcimi a pripravovanými projektmi a v tejto súvislosti sa informuje o miere operačného rizika. Členmi investičnej komisie sú vybraný zamestnanci a zloženie tvoria investičný manažéri, analytici, projektový manažéri a finančný manažér a ad-hoc sú prizývaný aj špecialisti z odboru, ktorého sa daný projekt týka tzv. industry experti. Všetci členovia investičnej komisii sa relevantne vyjadria k problematike, navrhnú svoje riešenia a hlasovaním sa rozhoduje o konkrétnych opatreniach na zmiernenie operačného rizika, ktoré sa budú aplikovať v praxi. Trhové riziká sú kontinuálne monitorované primárne analytickým oddelením a ďalej finančným a právnym oddelením. Spoločnosť pravidelne sleduje a oceňuje svoje projektové pozície (otvorené a pripravované) a v prípade zvýšenia trhového rizika príjma opatrenia na ich minimalizáciu. V prípravnej fáze projektov spoločnosť diverzifikuje svoje investície tak, aby nebola odkázaná alebo závislá len na jednom alebo dvoch segmentoch. Úverové riziká sú riešené na úrovni finančného manažmentu s tým, že pri každom úvere sa berie do úvahy kolaterál, ktorým sa ručí za daný úver. Jednotlivé úvery spoločnosť berie predovšetkým prostredníctvom projektových spoločností, ktoré vždy ručia za konkrétny projekt či už nehnuteľnosťou, alebo prostredníctvom cash-flow, ktorý plynie z daného projektu. Čo sa týka devízových rizík tak tie sa riadia najmä z úrovne skupiny a samotná spoločnosť Arca Capital Slovakia, a.s. investuje výsostne na Slovensku v eurách a zisky z týchto investícii sa vyplácajú tiež v eurách. Spoločnosť nerobí obchody, pri ktorých by používala zabezpečovacie deriváty. 6
3 Vyhlásenie o správe a riadení spoločnosti za I. polrok 2012 1) náležitosti podľa ust. 20 ods. 6 zákona o účtovníctve: a) odkaz na kódex o riadení spoločnosti, ktorý sa na ňu vzťahuje alebo ktorý sa rozhodla dodržiavať pri riadení, a údaj o tom, kde je kódex o riadení spoločnosti verejne dostupný, Systém riadenia spoločnosti usmerňujú pravidlá prijaté spoločnosťou a implementované do dokumentu Corporate Governance (ďalej CG). CG je prístupný k nahliadnutiu v sídle spoločnosti. Spoločnosť sa takisto riadi Kódexom správy a riadenia spoločností na Slovensku, ktorý tvorí prílohu Burzových pravidiel a nachádza sa na internetovej stránke http://www.bsse.sk/content/sk/emitenti/corporate_governance.lst/kodex_od100709.pdf. b) všetky významné informácie o metódach riadenia a údaj o tom, kde sú informácie o metódach riadenia zverejnené, O samotnom riadení spoločnosti rozhoduje orgán Rada manažmentu. Informácie o tomto orgáne a o metódach riadenia sú uverejnené v dokumente CG, ktorý je dostupný k nahliadnutiu v sídle spoločnosti. c) informácie o odchýlkach od kódexu o riadení spoločnosti a dôvody týchto odchýlok alebo informáciu o neuplatňovaní žiadneho kódexu riadenia spoločnosti a dôvody, pre ktoré sa tak rozhodla, Neboli zaznamenané odchýlky od pravidiel riadenia spoločnosti (CG). Spoločnosť v prílohe prikladá Vyhlásenie o dodržiavaní zásad Kódexu správy a riadenia spoločností na Slovensku. d) opis systémov vnútornej kontroly a riadenia rizík, Systém vnútornej kontroly a riadenia rizík je založený na dodržiavaní CG a ostatných smerníc a nariadení, ktorých dodržiavanie je sledované. e) informácie o činnosti valného zhromaždenia, jeho právomociach, opis práv akcionárov a postupu ich vykonávania V prvom polroku 2012 sa konalo valné zhromaždenie dňa 8.6.2012, kde zástupca jediného akcionára spoločnosti schválil výročnú správu spoločnosti za rok 2012, zobral na vedomie správu dozornej rady za rok 2012, schválil účtovnú závierku za rok 2012, rozhodol o zúčtovaní zisku za rok 2012, schválil audítora spoločnosti na vykonanie overenia účtovnej závierky za rok 2012. Kompetencie valného zhromaždenia spoločnosti určujú stanovy spoločnosti a Obchodný zákonník. Práva akcionárov spoločnosti a postup ich vykonávania určujú stanovy spoločnosti a Obchodný zákonník. Stanovy spoločnosti sú k nahliadnutiu v sídle spoločnosti a zároveň sú uložené v Zbierke listín. f) informácie o zložení a činnosti predstavenstva a jeho výborov, Od 1.1.2012 do 30.06.2012 pôsobilo predstavenstvo spoločnosti v nasledujúcom zložení: Ing. Rastislav Velič - predseda predstavenstva Ing. Henrich Kiš - člen predstavenstva Činnosť predstavenstva sa riadi stanovami spoločnosti, Obchodným zákonníkom, CG a uzneseniami valného zhromaždenia spoločnosti. Výbor pre audit pracoval v prvom polroku 2012 v nasledujúcom zložení: Ing. Juraj Koník Ing. Silvia Kazíková Výbor pre audit v priebehu prvého polroku 2012 vykonával činnosti v zmysle 19a ods.3 zákona č. 431/2002 Z.z. o účtovníctve v znení neskorších predpisov a to: - sledoval zostavovanie účtovnej závierky a dodržiavanie osobitných predpisov 7
- sledoval efektivitu vnútornej kontroly a systémy riadenia rizík v účtovnej jednotke, - sledoval audit individuálnej účtovnej závierky a audit konsolidovanej účtovnej závierky, - preveroval a sledoval nezávislosť audítora, predovšetkým služieb poskytovaných audítorom podľa osobitného predpisu - odporučil na schválenie audítora na výkon auditu pre účtovnú jednotku, - určil termín audítorovi na predloženie čestného vyhlásenia o jeho nezávislosti. (2) náležitosti podľa 20 ods. 7 zákona o účtovníctve: a) údaje o štruktúre základného imania vrátane údajov o cenných papieroch, ktoré neboli prijaté na obchodovanie na regulovanom trhu v žiadnom členskom štáte alebo štáte Európskeho hospodárskeho priestoru s uvedením druhov akcií, opisu práv a povinností s nimi spojených pre každý druh akcií a ich percentuálny podiel na celkovom základnom imaní, Základné imanie spoločnosti vo výške 996.000 EUR je rozvrhnuté na 300 kusov listinných kmeňových akcií, s menovitou hodnotou jednej akcie 3.320 EUR. Akcie spoločnosti nie sú obchodovateľné. Práva a povinnosti spojené s akciami spoločnosti definujú stanovy spoločnosti a Obchodný zákonník. b) údaje o obmedzeniach prevoditeľnosti cenných papierov, Stanovy spoločnosti neobsahujú žiadne ustanovenia, ktoré by obmedzovali prevoditeľnosť akcií emitovaných spoločnosťou. c) údaje o kvalifikovanej účasti na základnom imaní podľa osobitného predpisu, ktorým je zákon č. 566/2001 Z. z. o cenných papieroch a investičných službách v znení neskorších predpisov: Kvalifikovanú účasť na základnom imaní spoločnosti má k 30/6/2012 spoločnosť Arca Investments a.s. v 100% podiele. d) údaje o majiteľoch cenných papierov s osobitnými právami kontroly s uvedením opisu týchto práv, Spoločnosť neemitovala žiadne cenné papiere, s ktorými by boli spojené osobitné práva kontroly. e) údaje o spôsobe kontroly systému zamestnaneckých akcií, ak práva spojené s týmito akciami nie sú uplatňované priamo zamestnancami, Spoločnosť neemitovala žiadne zamestnanecké akcie. f) údaje o obmedzeniach hlasovacích práv, Obmedzenia hlasovacích práv spojených s akciami spoločnosti nie sú spoločnosti známe. g) údaje o dohodách medzi majiteľmi cenných papierov, ktoré sú jej známe a ktoré môžu viesť k obmedzeniam prevoditeľnosti cenných papierov a obmedzeniam hlasovacích práv, Spoločnosti nie sú známe žiadne dohody medzi majiteľmi cenných papierov, ktoré emitovala, ktoré môžu viesť k obmedzeniam prevoditeľnosti cenných papierov a obmedzeniam hlasovacích práv s nimi spojených. h) údaje o pravidlách upravujúcich vymenovanie a odvolanie členov jej štatutárneho orgánu a zmenu stanov, Členov dozornej rady vymenúva a odvoláva v zmysle stanov spoločnosti valné zhromaždenie. Členov predstavenstva vymenúva a odvoláva v zmysle stanov spoločnosti valné zhromaždenie. Zmena stanov spoločnosti patrí do pôsobnosti valného zhromaždenia. Výška hlasov potrebných na vymenovanie a odvolanie členov predstavenstva a zmenu stanov je stanovená nadpolovičnou väčšinou. i) údaje o právomociach jej štatutárneho orgánu, najmä ich právomoci rozhodnúť o vydaní akcií alebo spätnom odkúpení akcií, Pôsobnosť predstavenstva spoločnosti vymedzujú stanovy spoločnosti a Obchodný zákonník. Okrem toho sú členovia predstavenstva povinní dodržiavať CG. 8
Valné zhromaždenie spoločnosti nepoverilo predstavenstvo spoločnosti, aby rozhodlo o zvýšení základného imania spoločnosti a ani o spätnom odkúpení akcií. j) údaje o všetkých významných dohodách, ktorých je zmluvnou stranou a ktoré nadobúdajú účinnosť, menia sa alebo ktorých platnosť sa skončí v dôsledku zmeny jej kontrolných pomerov, ku ktorej došlo v súvislosti s ponukou na prevzatie, a o jej účinkoch s výnimkou prípadu, ak by ju ich zverejnenie vážne poškodilo; táto výnimka sa neuplatní, ak je povinná zverejniť tieto údaje v rámci plnenia povinností ustanovených osobitnými predpismi, V sledovanom období spoločnosť neuzatvorila žiadne dohody s takýmto obsahom. k) údaje o všetkých dohodách uzatvorených medzi ňou a členmi jej orgánov alebo zamestnancami, na ktorých základe sa im má poskytnúť náhrada, ak sa ich funkcia alebo pracovný pomer skončí vzdaním sa funkcie, výpoveďou zo strany zamestnanca, ich odvolaním, výpoveďou zo strany zamestnávateľa bez uvedenia dôvodu alebo sa ich funkcia alebo pracovný pomer skončí v dôsledku ponuky na prevzatie. V sledovanom období neboli medzi spoločnosťou a členmi orgánov alebo zamestnancami spoločnosti uzatvorené žiadne dohody, ktoré by v prípade skončenia funkcie člena orgánu spoločnosti alebo pracovného pomeru zamestnanca z akéhokoľvek dôvodu zaväzovali spoločnosť k poskytnutiu náhrad týmto osobám nad rámec právnych predpisov. 9
Priebežná konsolidovaná účtovná závierka zostavená k 30.6.2012 zostavená dňa 12.10.2012 za účtovné obdobie od 1.1.2012 do 30.06.2012 10
Interim Consolidated Financial Statements for 6 Months Ended 30 June 2012 prepared in accordance with International Financial Reporting Standards ( IFRS ) as adopted by European Union ( EU )
Table of Contents INTERIM CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement... 4 Consolidated statement of comprehensive income... 4 Consolidated balance sheet... 5 Consolidated statement of changes in equity... 6 Consolidated statement of cash flows... 7 Notes to the consolidated financial statements 1 General information... 8 2 Summary of significant accounting policies... 11 2.1 Basis of preparation... 10 2.2 Adoption of new or revised standards and interpretations... 11 2.3 Consolidation... 13 2.4 Segment reporting... 14 2.5 Foreign currency translation... 14 2.6 Property, plant and equipment... 15 2.7 Intangible assets... 15 2.8 Impairment of non-financial assets... 16 2.9 Investment property... 16 2.10 Financial assets... 16 2.11 Offsetting financial instruments... 17 2.12 Inventories... 17 2.13 Trade receivables and other receivables... 17 2.14 Cash and cash equivalents... 17 2.15 Share capital... 17 2.16 Trade and other payables... 17 2.17 Borrowings... 17 2.18 Current and deferred income tax... 18 2.19 Employee benefits... 18 2.20 Provisions... 18 2.21 Revenue recognition... 19 2.22 Leases... 19 2.23 Dividend distribution... 19
3 Financial risk management... 20 4 Critical accounting estimates and judgements... 22 5 Segment information... 23 6 Investment property... 24 7 Property, plant and equipment... 25 8 Intangible assets... 26 9 Investments in joint ventures... 27 10 Inventories... 27 11 Trade and other receivables... 28 12 Cash and cash equivalents... 29 13 Share capital and other reserves... 29 14 Trade and other payables... 30 15 Borrowings... 30 16 Deferred income tax... 32 17 Finance income and costs... 32 18 Revenue and other income... 33 19 Expenses by nature... 33 20 Current income tax... 34 21 Earnings per share... 34 22 Contingent and other liabilities... 34 23 Business combinations... 35 24 Related-parties... 39 25 Events after the reporting period... 41
Consolidated balance sheet (All amounts are in thousands of EUR, unless otherwise indicated) Note June 2012 Dec 2011 Restated Assets Non-current assets Investment property 6 1 204 1 204 Property, plant and equipment 7 73 937 39 090 Intangible assets 8 504 494 Investments in joint ventures 9 733 754 Trade and other receivables 11 28 361 22 701 Deferred income tax assets 16 193 - Total non-current assets 104 932 64 243 Current assets Inventories 10 1 784 1 782 Trade and other receivables 11 8 200 6 952 Cash and cash equivalents (excluding bank overdrafts) 12 1 931 352 Total current assets 11 915 9 086 TOTAL ASSETS 116 847 73 329 EQUITY Equity attributable to owners of the parent Share capital 13 994 995 Other reserves 13 1 051 1 041 Retained earnings 10 855 4 641 Non-controlling interests 6 380 6 363 Total equity 19 280 13 040 LIABILITIES Non-current liabilities Borrowings 15 64 455 44 417 Other liabilities 14 481 2 206 Deferred income tax liabilities 16 3004 1 203 67 940 47 826 Current liabilities Trade and other payables 14 19 932 10 669 Borrowings 15 9 681 1 659 Current income tax liabilities 8 104 Provisions for other liabilities and charges 6 31 29 627 12 463 Total liabilities 97 567 60 289 TOTAL EQUITY AND LIABILITIES 116 847 73 329 The accompanying notes on pages 8 to 42 are an integral part of these consolidated financial statements.
Consolidated statement of changes in equity (All amounts are in thousands of EUR, unless otherwise indicated) Attributable to equity holders of the company Share capital Other reserves Retained earnings Total Noncontrolling interest Total Balance at 1 January 2011 996 1 030 1 105 3 131 4 773 7 903 Profit / (loss) for the year - - 1 430 1 430-170 1 260 Disposal of interest without loss of control - - - - - - Acquisition of subsidiary - - - - - - Other - 10 12 22 11 33 Balance at 30 June 2011 996 1 040 2 547 4 583 4 613 9 196 Balance at 1 January 2012 996 1 041 3 004 5 040 6 363 11 403 Adjustment to retained earnings - 1 638 1 638-1 638 Profit / (loss) for the year - - 6 421 6 421-215 6 206 Acquisition of subsidiary - - - - 17 17 Other - - 15 15-15 Balance at 30 June 2012 996 1 041 11 078 13 115 6 165 19 279 The accompanying notes on pages 8 to 42 are an integral part of these consolidated financial statements.
Consolidated statement of cash flows (All amounts are in thousands of EUR, unless otherwise indicated) June 2012 June 2011 Profit before tax 6 206 1 485 Adjustments Depreciation and amortisation 1 591 66 Decrease / (increase) in trade and other receivables and other current assets -3 200-1 406 Decrease / (increase) in trade and other payables and other current assets 10 213-3 303 Decrease / (increase) in inventories -2-1 Cash flows from operating activities 14 808-3 159 Income tax - 6 Net cash generated from operating activities 14 808-3 153 Cash flows from investing activities Acquisition of subsidiary, net of cash acquired -35 656-1 589 Purchases of intangible assets -10-301 Purchases of property, plant and equipment (PPE) -782-918 Intercompany borrowings granted -10 917-9 329 Intercompany borrowings repaid 7 032 2 455 Repayment of borrowings - -14 Net cash used in investing activities -40 333-9 696 Cash flows from financing activities Proceeds from issuance of bonds 50 9 420 Proceeds from other long-term and short-term liabilities - 4 278 Proceeds from bank borrowings 17 889 - Repayment of bank borrowings -3 338 - Proceeds from financial lease liabilities 14 641 - Repayment of financial lease liabilities -2 314 - Proceeds from loans to related parties 373 356 Repayment of loans to related parties -197-368 Net cash used in financing activities 27 104 13 686 Net decrease / (increase) in cash and cash equivalents 1 579 837 Cash and cash equivalents at beginning of year 352 166 Cash and cash equivalents at end of the period before exchange gains / (losses) 1 931 1 003 Exchange gains / (losses) on cash and cash equivalents - - Exchange losses on cash and cash equivalents - - Exchange gains on cash and cash equivalents - - Cash and cash equivalents at end of period 1 931 1 003 The accompanying notes on pages 8 to 42 are an integral part of these consolidated financial statements.
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 1 General information Arca Capital Slovakia, a.s (the Company ) was established as a joint stock company and incorporated in the Commertial Register on 30 October 2003 (Commertial Register of the District Court Bratislava I, Section Sa, Insert No.: 3202/B). The Company s registered address and registration numbers are: Plynárenská 7/A 821 09 Bratislava Slovak Republic Registration number: 35 868 856 The objectives of the Group are to generate significant medium-to long-term capital growth within rigorous risk management framework. The Company aims to deliver these objectives by investing in an investment portfolio of unlisted private company s operating predominately in Energy sector and Real Estate. Investments are made to provide financing to help start, develop or transform privately owned companies that demonstrate the potential for significant growth. In addition to providing financing, the Company may provide instructions, industry expertise or other assistance to help companies growth their business. This comprises investment in companies at various financing stages seed financing, venture capital, management/leveraged buyouts, mezzanine financing and distressed debt. The structure of Company s shareholders was at 30 June 2012 as follows: Share in registered capital Voting rights in ths. % % Arca Investments, a.s. 996 100,0 100,0 Total 996 100,0 100,0 The company is included in the consolidated financial statements of ultimate controlling company - Arca Investments, a.s., Plynárenská 7/A, 821 09 Bratislava, Slovak Republic. Ultimate controlling parties are Ing. Pavol Krúpa and Ing. Peter Krištofovič. 8
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 1 General information (continue) The consolidated financial statements as at 30 June 2012 include Company, its subsidiaries (collectively the Group ), joint ventures and associates as follows: Country of incorporation % interest held in June 2012 % interest held in Dec 2011 Principal activity Subsidiaries YVEX, s.r.o. SK 51% 51% Real Estate Gothal Residence, a.s. SK 51% 51% Real Estate CRESLING, s.r.o. SK 100% 100% Real Estate SOLLEX, s.r.o. SK 51% 51% Wholesale PIELD Invest, s. r. o. SK 90% 90% Real Estate Železná studnička, a.s. SK 0,79% 0,79% Real Estate Obytná Zóna Hubice, s.r.o. SK 50,001% 50,001% Real Estate ECAR GROUP, a.s. SK 100% 100% Investing Tecoma Travel Agency, s.r.o. SK 100% 100% Solar power generation HK Promotion, s.r.o. SK 100% 100% Solar power generation obnoviteľné zdroje, s.r.o. SK 100% 100% Solar power generation EPSOLAR s.r.o. SK 100% 100% Solar power generation Satmont s.r.o. SK 100% 100% Solar power generation INMADE, s.r.o. SK 100% 100% Solar power generation SOLARIS One s.r.o. SK 100% 0% Solar power generation ZETASOLAR s.r.o. SK 100% 0% Solar power generation Stovateam s.r.o. SK 100% 0% Solar power generation A R B Trade s.r.o. SK 100% 0% Solar power generation WINNER GROUP, a.s. SK 40% 0% Investing PV-Projekt, s.r.o. SK 100% 0% Solar power generation CES-SOLAR 33 s.r.o. SK 100% 0% Solar power generation Jakub Solar s.r.o. SK 100% 0% Solar power generation CES-SOLAR 42, s.r.o. SK 100% 0% Solar power generation BIOGAS-HOLDING, s. r. o. SK 75,70% 75,70% Investing AGROSERVIS-SLUŽBY, s.r.o. SK 62% 62% Solar power generation CARD - NET, a. s. SK 90% 90% Investing Joint ventures ROSLYN, s.r.o. SK 50% 50% Real Estate Development Hubice, s. r. o. SK 50% 50% Construction GAINER, s. r. o. SK 50% 50% Real Estate The Group is not a shareholder with unlimited liability in other accounting entities. In 2012 for six months the average number of employees was 22 (2011: 21). 9
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 1 General information (continue) The Company s statutory bodies were as follows: Board of Directors: 30 June 2012 31 December 2011 Chairman Ing. Rastislav Velič Ing. Rastislav Velič Members Ing. Henrich Kiš Ing. Henrich Kiš Supervisory Board: 30 June 2012 31 December 2011 Chairman Ing. Pavol Krúpa Chairman Ing. Pavol Krúpa Chairman Members Monika Haroníková (mn. Dobrovodská) Monika Haroníková (mn. Dobrovodská) Andrej Levský Andrej Levský Key management compensation is disclosed in note 24. 10
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. 2.1 Basis of preparation The interim consolidated financial statements has been prepared as at 30 June 2012 in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union ( EU ). IFRS comprise standards and interpretations approved by the International Accounting Standard Board ( IASB ) and the International Financial Reporting Interpretations Committee ( IFRIC ). These financial statements have been prepared under historical cost convention, as modified by the revaluation of property investments. The Group s financial statements have been prepared on the going concern basis. The preparation of consolidated financial statements in compliance with IFRS as adopted by the EU requires management to make judgements, estimates and assumptions in the process of applying the Group s accounting policies that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the end of reporting period and the reported amounts of revenues and expenses during the year. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. All amounts in the Notes are shown in thousands of Euros ( ), unless stated otherwise. The Board of Directors may propose to the Company s shareholders the amendment of the financial statements even after their approval by the General Meeting of shareholders. However, according to paragraph 16, sections 9 to 11 of the Accounting Act, an entity s accounting records cannot be reopened after the financial statements have been prepared and approved. If, after the separate financial statements have been approved, management identifies that the comparative information would not be consistent with the current period information, the Accounting Act allows entities to restate comparative information in the accounting period in which the relevant facts are identified. The Group corrected prior period errors via retained earnings as follows: Previously recognized fair value of net assets acquired at their acquisition date was underestimated by 1 638. Under 16, Sec 9 to 11 of the Slovak Accounting Act unless Financial statements are prepared and approved, closed books can not be opened. Comparable data from Financial statements as of 31 December 2011 remained unchanged in accordance with law. 2.2 Adoption of new or revised standards and interpretations Adoption of New or Revised Standards and Interpretations in 2012 The following new standards and interpretations do not have substantial influence on Group s financial statements: IFRS 9, Financial instruments part 1: Classification and measurement (effective from January 1, 2012). IFRS 9, issued in November 2009, replaces those parts of IAS 39 relating to the classification and measurement of financial assets. IFRS 9 was further amended in October 2010 to address the classification and measurement of financial liabilities and in December 2011 to (i) change its effective date to annual periods beginning on or after 1 January 2015 and (ii) add transition disclosures. Key features of the standard are as follows: Financial assets are required to be classified into two measurement categories: those to be measured subsequently at fair value, and those to be measured subsequently at amortised cost. The decision is to be made at initial recognition. The classification depends on the entity s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. An instrument is subsequently measured at amortised cost only if it is a debt instrument and both (i) the objective of the entity s business model is to hold the asset to collect the contractual cash flows, and (ii) the asset s contractual cash flows represent payments of principal and interest only (that is, it has only basic loan features ). All other debt instruments are to be measured at fair value through profit or loss. 11
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 2 Summary of significant accounting policies (continue) All equity instruments are to be measured subsequently at fair value. Equity instruments that are held for trading will be measured at fair value through profit or loss. For all other equity investments, an irrevocable election can be made at initial recognition, to recognise unrealised and realised fair value gains and losses through other comprehensive income rather than profit or loss. There is to be no recycling of fair value gains and losses to profit or loss. This election may be made on an instrument-by-instrument basis. Dividends are to be presented in profit or loss, as long as they represent a return on investment. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward unchanged to IFRS 9. The key change is that an entity will be required to present the effects of changes in own credit risk of financial liabilities designated at fair value through profit or loss in other comprehensive income. While adoption of IFRS 9 is mandatory from 1 January 2015, earlier adoption is permitted. The Company is considering the implications of the standard, the impact on the Company and the timing of its adoption by the Company. IFRS 9 has not been approved by the European Union. Amendments to IAS 12, Income taxes (effective from January 1, 2012). These standards require that an entity recognize deferred tax of assets, depending on whether there is expected settlement of accounting value of the asset by sale or use, which may be difficult in cases where the assets are valued at fair value under IAS 40, investment property. The updated standard provides a practical solution to this problem by setting an assumption that accounting value of assets will normally settle by sale. These adjustments have not yet been adopted by the European Union. Disclosures Transfers of financial assets amendments to IFRS 7 (issued in October 2010 and effective for annual periods beginning on or after 1 July 2011). The amendment requires additional disclosures in respect of risk exposures arising from transferred financial assets. The amendment includes a requirement to disclose by class of asset the nature, carrying amount and a description of the risks and rewards of financial assets that have been transferred to another party, yet remain on the entity s balance sheet. Disclosures are also required to enable a user to understand the amount of any associated liabilities, and the relationship between the financial assets and associated liabilities. Where financial assets have been derecognised, but the entity is still exposed to certain risks and rewards associated with the transferred asset, additional disclosure is required to enable the effects of those risks to be understood. The amendment to the standard has not been approved by the European Union. New standards and interpretations not yet adopted IFRS 10, Consolidated financial statements (issued in May 2011 and effective for annual periods beginning on or after 1 January 2013), replaces all of the guidance on control and consolidation in IAS 27 Consolidated and separate financial statements and SIC-12 Consolidation special purpose entities. IFRS 10 changes the definition of control so that the same criteria are applied to all entities to determine control. This definition is supported by extensive application guidance. The standard has not been approved by the European Union. IFRS 11, Joint arrangements, (issued in May 2011 and effective for annual periods beginning on or after 1 January 2013), replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities Non-Monetary Contributions by Venturers. Changes in the definitions have reduced the number of types of joint arrangements to two: joint operations and joint ventures. The existing policy choice of proportionate consolidation for jointly controlled entities has been eliminated. Equity accounting is mandatory for participants in joint ventures. The standard has not been approved by the European Union. IFRS 12, Disclosure of interests in other entities, (issued in May 2011 and effective for annual periods beginning on or after 1 January 2013), applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity. It replaces the disclosure requirements currently found in IAS 28 Investments in associates. IFRS 12 requires entities to disclose information that helps financial statement readers to evaluate the nature, risks and financial effects associated with the entity s interests in subsidiaries, associates, joint arrangements and unconsolidated structured entities. To meet these objectives, the new standard requires disclosures in a number of areas, including significant judgements and assumptions made in determining whether an entity controls, jointly controls, or significantly influences its interests in other entities, extended disclosures on share of non-controlling interests in Company activities and cash flows, summarised financial information of subsidiaries with material non-controlling interests, and detailed disclosures of interests in unconsolidated structured entities. The standard has not been approved by the European Union. 12
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 2 Summary of significant accounting policies (continue) IFRS 13, Fair value measurement, (issued in May 2011 and effective for annual periods beginning on or after 1 January 2013), aims to improve consistency and reduce complexity by providing a revised definition of fair value, and a single source of fair value measurement and disclosure requirements for use across IFRSs. The standard has not been approved by the European Union. IAS 27 (2011), Separate financial statements, (effective for annual periods beginning on or after 1 January 2013), was changed and its objective is now to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. The guidance on control and consolidated financial statements was replaced by IFRS 10, Consolidated Financial Statements. The amendment to the standard has not been approved by the European Union. IAS 28 (2011), Investments in associates and Joint ventures, (effective for annual periods beginning on or after 1 January 2013). The amendment of IAS 28 resulted from the Board s project on joint ventures. When discussing that project, the Board decided to incorporate the accounting for joint ventures using the equity method into IAS 28 because this method is applicable to both joint ventures and associates. With this exception, other guidance remained unchanged. The amendment to the standard has not been approved by the European Union. Amendments to IAS 1, Presentation of financial statements (issued in June 2011, effective for annual periods beginning on or after 1 July 2012), changes the disclosure of items presented in other comprehensive income. The amendments require entities to separate items presented in other comprehensive income into two Companies, based on whether or not they may be reclassified to profit or loss in the future. The suggested title used by IAS 1 has changed to statement of profit or loss and other comprehensive income. The Company expects the amended standard to change presentation of its financial statements, but have no impact on measurement of transactions and balances. The amendment to the standard has not been approved by the European Union. Amended IAS 19, Employee benefits (issued in June 2011, effective for periods beginning on or after 1 January 2013), makes significant changes to the recognition and measurement of defined benefit pension expense and termination benefits, and to the disclosures for all employee benefits. The standard requires recognition of all changes in the net defined benefit liability (asset) when they occur, as follows: (i) service cost and net interest in profit or loss; and (ii) remeasurements in other comprehensive income. The amendment to the standard has not been approved by the European Union. Disclosures-offsetting financial assets and financial liabilities amendments to IFRS 7 (issued in December 2011 and effective for annual periods beginning on or after 1 January 2013), The amendment requires disclosures that will enable users of an entity s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off. The amendment will have an impact on disclosures but will have no effect on measurement and recognition of financial instruments. The amendment to the standard has not been approved by the European Union. Offsetting financial assets and financial liabilities amendments to IAS 32 (issued in December 2011 and effective for annual periods beginning on or after 1 January 2014). The amendment added application guidance to IAS 32 to address inconsistencies identified in applying some of the offsetting criteria. This includes clarifying the meaning of currently has a legally enforceable right of set-off and that some gross settlement systems may be considered equivalent to net settlement. The amendment to the standard has not been approved by the European Union. Unless otherwise described above, the new standards and interpretations are not expected to affect significantly the Group s financial statements. 2.3 Consolidation (i) Subsidiaries Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 13
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 2 Summary of significant accounting policies (continue) The Group applies the acquisition method to account for business combinations. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis at fair value of acquiree s identifiable net assets. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of noncontrolling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in profit or loss. Inter-company transactions, balances, income and expenses on transactions between Group s companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (ii) Minority interests The Group applies a policy of treating transactions with minority interests as transactions with parties external to the Group. Minority interests represent the portion of profit and net assets not held by the Group. They are presented separately in the statement of comprehensive income and in the consolidated statement of financial position separately from the amounts attributable to the owners of the parent. (iii) Associates and joint ventures Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates and joint ventures are accounted for by the equity method of accounting and are initially recognised at cost. The Group s investment in associates and joint ventures includes goodwill identified on acquisition, net of any accumulated impairment loss. The Group s share of its associates and joint ventures post-acquisition profits or losses is recognised in the income statement; its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group s interest in the associates or joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. 2.4 Segment reporting An operating segment is a component of an entity: that engages in business activities from which it may earn revenues and incur expenses; whose operating results are regularly reviewed by the entity s chief operating decision maker ( CODM ) to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decisionmaker. The chief operating decision-maker is the person or Group that allocates resources to, assesses the performance of the operating segments of an entity and makes strategic decisions. The Group has determined the Group s executive board as its chief operating decision-maker. The Group is divided into four segments according to risks and returns that are different from those of other business segments. 14
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 2 Summary of significant accounting policies (continue) 2.5 Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency ). The consolidated financial statements are presented in euros, the Company s functional currency and the Group s presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. (iii) Group companies The results and financial position of all the Group s entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that financial position, income and expenses for each income statement are translated at average exchange rates all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to Other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in Other comprehensive income are recognised in the income statement as part of the gain or loss on sale. 2.6 Property, plant and equipment (i) Acquisition cost Non-current tangible assets comprise mainly land, buildings and equipment. All other property, plant and equipment is stated at historical cost less depreciation and any accumulated impairment losses Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. (ii) Depreciation Land and assets under construction are not depreciated. The amortization period starts at the beginning of the month when the asset is first available for its intended use. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows: Buildings Machinery Vehicles Furniture, fittings and equipment 3 20 years 5 10 years 3 5 years 3 10 years The residual values and useful lives for assets are reviewed and adjusted, if appropriate, at each end of reporting period. An asset s carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount (note 2.8). 15
Notes to the interim consolidated financial statements as at 30 June 2012 (All amounts are in thousands of EUR, unless otherwise indicated) 2 Summary of significant accounting policies (continue) Each component of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. The Group allocates the amount initially recognized in respect of an item of property, plant and equipment proportionally to its significant parts and depreciates separately each such component. When asset is disposed of or it is determined that no future economic benefits are expected to arise from the continued use of the asset, the cost and accumulated depreciation of the assets are derecognized and any gain or loss resulting from its disposal is recognized in the statement of comprehensive income. 2.7 Intangible assets (i) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group s share of the net identifiable assets of the acquired subsidiary/associate at the date of acquisition. Goodwill on acquisitions of subsidiaries and joint ventures is included in intangible assets. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and investment in joint ventures and is tested for impairment as part of the overall balance. Separately recognised goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. (ii) Software and other intangible assets Intangibles assets consist primarily of, except goodwill, software. Intangible assets are measured initially at cost. Intangible assets are recognized if it is probable that the future economic benefits that are attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. After initial recognition, intangible assets are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, not exceeding a period of five years. The amortization period starts at the beginning of the month when the asset is first available for its intended use. 2.8 Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. 2.9 Investment property Investment property is property held by the Group to earn rental income or for capital appreciation and capital gains and which is not occupied by the Group. Investment property is carried at fair value, representing open market value determined annually by external valuers. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If the information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. These valuations are reviewed annually by external valuers. Changes in fair values are recorded in the income statement as part of finance income and finance costs. Investment property under development is initially valued at historical cost and subsequently at fair value. Costs include the works performed, the costs of staff directly related to technical supervision, project management on the basis of time spent and capitalised interest costs and the effective interest up to the date of completion. Transaction costs, such as estimated agent s and legal and accounting fees and transfer taxes are not deducted for the purposes of valuation of investment property in these financial statements irrespective whether or not they form part of the described valuations. Minor repairs and maintenance costs are expensed when incurred. If an investment property becomes owneroccupied, it is reclassified to property, plant and equipment, and its carrying amount at the date of reclassification becomes its deemed cost to be subsequently depreciated. 16