1/
Managing Director's introductory word
annual report 2011 annual report 2011 annual report 2011 annual report 2011 annual report 2011
The balance sheet items did not undergo so many distinct changes. Based on
recommendations from our new auditing company TPA Horwath, we have
decided to revaluate adjustments to acquired assets after the merger with PBO
Holding and their value was lowered by 56,034 TCZK. As the 2011 order
backlog was growing, the stock and the received advanced payments were
proportionally growing as well. The total bank loans volume decreased by
29,943
TCZK.
In 2011 we also changed the auditing company and the new auditor contracted
for 2 years became TPAHorwath.
Within the company, we focused primarily and our priority strategic goal stayed
the continuation in transformation into the sales and engineering company.
The most significant aspect of the transformation was a beginning of a
structural change in our project management organization and principles. In
relation with this strategic activity we were increasing number of relevant
employees as well as introducing robust training programs for our current
ones.
We were also successful in implementation of the basic lean principles in all
areas of our activities and thanks to this we have generated significant savings.
The company underwent successfully the Quality Management System
recertification audit as well.
The year 2011 was also marked by seeking new company development
opportunities. We continued our effort to acquire know-how of one of our past
competitors from Western Europe that got into insolvency due to the crisis.
There is a couple of opportunities resulting from this acquisition, mainly abrupt
increase of our technological and technical level of our equipment, and with the
successful company references a possibility to penetrate into newmarkets. By
now, we can say that the acquisition has been successful.
Regarding our product portfolio expansion, the company IFM Olšany was
taken over and the subsidiary company IFM-Papcel was funded. This
company increases considerably our technology with the equipment for
preparation and dosing of chemicals, glues, etc.
In conclusion, let me thank our business partners for cooperation with us and
our employees for good work that guarantees the future successful
development of our company.
David Dostál, Managing Director
Dear Ladies and Gentlemen, dear Business Partners,
When looking at the year 2011, I can see another successful year for our
company. The whole 2011 was in the name of intensive work on the realization
of our main projects, growth of the order backlog, increasing the staff number
and notable progress in the development of our products. The environment of
the economic revival enabled us to process the greatest number and financial
volume of offers so far; to be more precise the financial volume of the
processed offers grew in comparison to the 2010 from 10.6 billion CZK to 17.9
billion CZK in December 2011.
Thanks to our intensive contact both with our regular and new customers, a
record value of order backlog was achieved; in November 2011, it exceeded
the value of 1.7 billion CZK.
We also began to form the net of Sales Representatives and Key Account
Managers whose contribution to the order backlog growth increased
significantly in comparison to previous years. By the end of the year, there was
a meeting of the Sales Representatives and Key Account Managers at the
company headquarters where the sales strategy, product portfolio and other
aspects were presented.
The year 2011 was however influenced also by uncertainty of the Euro zone
economic development. In the last quarter of 2011, the prices of packaging
papers on our target markets dropped significantly. If this trend continued into
2012,
it could seriously affect our results. Fortunately, in the beginning of 2012,
the trend slowed down and later on there was even a growth which fully
compensated for the previous drop.
The financial plan for 2011 determined the net income before taxation to be
achieved in the amount of 30,289 TCZK, while in reality the actual net income
was in the amount of 21,389 TCZK which equals 71% of the planned amount.
The reasons for not achieving the planned income are mostly the
postponement of the realization of Byelorussian projects, reserve creation in
the area of complex expenses for future periods and last but not least also the
CZK/EUR exchange rate development that influenced considerably the
conversion deficit of received advanced payments from our customers. Based
on the economic results, the share holders were paid a dividend in the amount
of 5,000 TCZK.
Another key performance indicator is the revenues rate that was stated by an
ambitious plan for 2011 in the amount of 1,004 TCZK. The actual revenues
were 718,600 TCZK which places the 2011 as the second most successful
year after 2007 when the revenues were by 5,306 TCZK higher.
The greatest revenues share was formed by projects Suchonskiy, Mayak-
Vega and other smaller ones.
