annual
report
2013
contents
A WORD BY THE CHAIRMAN OF THE BOARD..................................... 3
ECONOMIC INDICATORS................................................................................ 4
COMPANY ORGANISATIONAL STRUCTURE IN 2013....................... 5
TOP COMPANY MANAGEMENT 2013..................................................... 6
OVERVIEW OF CONSTRUCTION ORDERS............................................. 7
PROJECTS UNDER CONSTRUCTIONS...................................................... 8
COMPLETED PROJECTS................................................................................... 9
DEVELOPMENT PROJECTS............................................................................. 10
CONSTRUCTION AND TRADESMAN SPECIALISATIONS................11
FOREIGN ACTIVITIES......................................................................................... 12
SUBSIDIARY COMPANIES............................................................................... 13
HUMAN RESOURCES........................................................................................ 14
SOCIALLY RESPONSIBLE COMPANY........................................................ 15
SUPERVISORY BOARD REPORT................................................................... 16
FULL BALANCE SHEET AS OF 31/12/2012.......................................... 17
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 DECEMBER 2013 ......................................................................... 21
BASIS OF ACCOUNTING AND GENERAL
ACCOUNTING PRINCIPLES............................................................................. 24
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013.............................................................................. 41
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER...................................................... 42
PSJ, a.s.
COMPANY MANAGEMENT:
CITY TOWER, Hvězdova 1716/2b,
140 78 Praha 4
Tel.: (+420) 241 485 510-11
e-mail: [email protected]
Company seat registered
in the Companies‘ Register:
Jiráskova 3960/32, 586 01 Jihlava
Tel.: (+420) 567 550 111, 567 550 204-5
OFFICES:
Brno:
AZ Tower, Pražákova 1008/69, 639 00 Brno – Štýřice
tel.: (+420) 543 217 837
Bratislava:Vlčie hrdlo 90, 821 07 Bratislava
tel.: (+421) 248 288 101
AZ TOWER in Brno – the highest building in the Czech Republic and
the most prominent building completed by PSJ in 2013.
/2/
Company ID No: 25337220, EU VAT No: CZ5337270
Registered by the County Court in Brno, Section B, Insert 2309
Registration date: 6/5/1997
Bank details: Raiffeisenbank, a.s.
Bank account no.: 1114031723/5500
www.psj.cz
A WORD BY THE CHAIRMAN OF THE BOARD
Dear Partners in Business, dear Friends,
The year 2013, the twenty-third in the existence of the PSJ Group,
was one of overcoming obstacles and challenges. These arose from
events in the Czech economy and in society in general. Of course,
developments abroad also affected us in the places in which PSJ is
active. I am delighted that we were able to pass these tests.
The PSJ Group showed poorer results last year in terms of turnover,
but we were able to maintain a satisfactory level of profitability. We
also prepared and brought to a conclusion certain measures aimed
at the onward growth of the whole PSJ Group, which should be
seen more prominently this year and next.
One of the paths we are following is that of making further
acquisitions to broaden our company’s portfolio of services and
profile the PSJ brand even more as a group of companies involved
in many different areas. In addition to classic construction, and in
particular building construction, we have moved into transport
infrastructure. At the same time, our portfolio has been broadened
to include the execution of construction and technological wholes,
particularly in the petrochemical segment. What we are doing at the
PSJ Group is putting the finishing touches to the concept of a multisegment group that focuses on M&E and facility management. We
also continue to be actively market ourselves and supply foreign
markets. All rounded off by development.
PSJ occupies a stable position on the domestic market, as
documented by last year’s completion of building work on
the AZ TOWER structure in Brno and the CPI City Center multifunctional complex in Olomouc. We must say, however, that there
was a significant decrease in the number of large contracts on the
domestic market, meaning that all the building work we do, even
the smaller jobs, are important to us. We therefore value each and
every contract that we completed on time and that brought the
expected added value. Unfortunately, however, there were also 2 to
3 buildings for which we were unable to achieve this in 2013.
Nor should I forget our building work abroad, of course. Contracts
in Russia are dominant here and I believe this will continue into the
future. The year 2013 saw the culmination of the biggest contract
in the history of PSJ as far as size is concerned – the Kalevala
plant for the production of oriented strand boards in the city of
Petrozavodsk. PSJ left its mark twice in the Olympic agglomeration
of Sochi and completed an OBI hypermarket in Ryazan.
It is hard to find reasons for optimism when looking at the
situation on the construction market in 2013. I therefore anticipate
that the Czech building industry will show another slight fall
in 2014 in comparison with the year before. We have witnessed
a drop in the number of orders on the Czech market since 2009
and these orders have also been broken down into smaller pieces
of construction work; this is reflected in the far worse conditions
for actually bringing in orders and actual execution. The ongoing
recession on the domestic market is unfortunately accompanied by
other negative symptoms – the decline of fair conduct in business
relations and poorer payment ethics among investors. On the other
hand, I do not see the situation as being too bleak and I believe
there will be slight growth in the construction segment in 2015.
Personally speaking, the years ahead fill me with curiosity and
energy. PSJ is faced with a number of demanding and prestigious
challenges on Czech and foreign markets.
Jihlava, 12 May 2014
Frantisek Vaculik
Chairman of the Board and managing director PSJ, a.s.
/3/
We are working on the completion of the Něbo shopping and entertainment centre in the Russian city of Nizhny Novgorod.
ECONOMIC INDICATORS
The PSJ registered a drop in turnover in 2013, but was able to
maintain a satisfactory level of profit. At the same time, certain
measures and acquisitions aimed at the onward growth of the
whole PSJ Group were brought to a conclusion and should be seen
more clearly in 2014 and 2015.
Overall revenues of the consolidated PSJ Group for the year 2013
against the previous period fell by 21 % to reach EUR 203 million
(CZK 5.273 thousand million**). Nonetheless, the group showed
considerably higher income on operations than in 2012, some EUR
14 million (CZK 372 million**) before tax.
The parent company, PSJ, showed turnover of EUR 168 million
(CZK 4.363 thousand million**) and income on operations before
tax returned a profit of almost EUR 5 million (CZK 130 million**).
Additional information
Apart from approving the payment of the dividend of the parent
company of CZK 50,967 thousand, company management is unaware
of any situation having occurred following the date of balance which
would be significant for the compilation of the annual report.
The company has a subdivision abroad in Russia and Georgia. The
company is not involved in any research and development.
We are working on the completion of the Něbo shopping and
entertainment centre in the Russian city of Nizhny Novgorod..
Total revenue (in million CZK)
Net income before tax (in million CZK)
2008
2009
2010
2011
2012
2013
2008
2009
2010
2011
2012
2013
Consolidated
PSJ Group J *
5 175
3 940
4 910
7 540
7 554
5 273
192
136
115
157
157
372
PSJ, a.s
3 600
3 082
3 889
6 556
6 708
4 363
146
131
175
192
148
130
* data determined in accordance with the IFRS methodology
** the following exchange rates were applied during the conversion from EUR to CZK: 24.942 (for 2008), 26.445 (for 2009), 25.290 (for 2010),
24.586 (for 2011), 25.143 (for 2012) and a 25,974 (for 2013)
/4/
COMPANY ORGANISATIONAL STRUCTURE IN 2013
Czech Republic
Division
Export Division
Development
Division
Finance and Support
Services
Economic
Department
Bohemia Region
Human Resources
Department
Moravia Region
PSJ GROUP MISSION
We co-create the environment in an unparalleled way with
the aim to permanently increase the quality of life. An individual
approach to customers is extremely important to us, and we strive
to sensitively perceive their adequate needs. VISION
• We mainly implement our mission in the area of development, construction production and delivery of technology units..
• We are one of the best companies in the field and we provide
comprehensive solutions to the most complex projects on domestic and foreign markets..
• In order to achieve our objectives, we develop our Company
management employing principles which support the efficiency
and satisfaction of our employees and shareholders.
• In all our activities we emphasise and fulfil the credo of the PSJ
brand: Professionalism, Seriousness, Certainty.
Rezidence Stodůlky, Prague
/5/
TOP COMPANY MANAGEMENT 2013
BOARD OF DIRECTORS
František Vaculík
Chairman of the Board:
Miroslav Horňák
Jiří Pech
Board Member
Jaroslav Jirkovský
Board Member
Ivo Štric
Board Member
Board Member
SUPERVISORY BOARD
Vladimír Dlouhý
Petr Kováč
Chairman of the Supervisory Board
Josef Noha
Member of the Supervisory Board
Member of the Supervisory Board
MANAGEMENT
Managing Director - C.E.O.: František Vaculík
Moravia Region Director:
Finance Director:
Miroslav Horňák
Director of Building Construction Dept.
Export Division Director:
Jaroslav Jirkovský
under Moravia Region
Development Division Director: Jiří Pech
Director of Technical Department:
Vladimír Jabulka
Director of Czech Republic Division:
Ivo Štric
Personnel Director:
Helena Dybová
Bohemia Region Director:
Jaroslav Spozdil
Petr Vondruška
Michal Hrdlička
/6/
OVERVIEW OF CONSTRUCTION ORDERS
Important constructions completed in 2013
Participation in state,
municipal and private orders
•
Rezidence Stodůlky, Prague
•
Botic Student House, Prague - Vršovice
•
The Florentinum administration building in Prague – monolithic structure and HSV work
•
AZ TOWER, Brno – Štýřice
•
Mercedes-Benz servicing and sales complex, Brno
•
CPI City Center Olomouc
•
Teniscentrum Jihlava – reconstruction and expansion of complex
•
Uni Hobby shopping centre, Jihlava
•
Car showroom and servicing shop in Vrchlického Street, Jihlava
•
Synthos – SSBR production, Osvětim, Poland
•
OBI hypermarket in Ryazan, Russia
•
Plaza Komplex, Adler, Russia
•
Kvartal multi-purpose complex in Sochi, Russia
•
The construction of a plant for the manufacture of oriented strand boards, Petrozavodsk, Russia
State investment
Private institutions
Municipal investment
1,2% 0,2%
98,6%
Important constructions built in 2013
•
Byty Anděl residential complex, Prague 5 – Smíchov
•
Kadetka apartments, Brno
•
Holandská čtvrť, Olomouc, block 3
•
Plastikov Jihlava production hall
•
D1 motorway, section from km 104 to 113 - drainage
•
Javorová čtvrť apartment complex – Stage II, Prague 10 - Horní Měcholupy – monolithic structure
•
Metronom Business Center, Prague 5 – monolithic structure
•
Něbo shopping and entertainment centre, Nizhny Novgorod, Russia
•
Megapolis complex in Kazan – stage I, Russia
•
Production plant for printed circuits, Dubna, Russian Federation
•
Kronospan plant in Smarhon, Belarus
•
Gino Paradise thermal complex, Tbilisi, Georgia
•
Sea World Residence - Hammamet, Tunisia
Residential Construction
Administrative objects
Civic Facilities
Industrial constructions
Multi-purpose buildings
Others
0,8%
24,4%
21,0%
15,0%
8,9%
29,9%
Division of orders by construction segments
Division of orders by territory
Orders in other Czech regions
Foreign orders
41%
59%
/7/
Byty Anděl residential complex, Prague 5 – Smíchov
PROJECTS UNDER CONSTRUCTIONS
The stable position of the PSJ brand with significant domestic
investors and developers is documented by the fact the company
is currently replete with orders.
The year 2013, however, brought a noticeable drop in
domestic projects in-progress in which PSJ took on the role of
general contractor. An increase in PSJ’s work abroad played a
part here and there was an increase in subcontracts dealt with
by specialised monolithic structures, steel structures or HSV
work centres on building work managed by an investor without
a general contractor.
The reconstruction and completion of the Byty Anděl residential
project in Prague Smíchov will continue throughout 2013 and on
to April 2014 (volume of finance of CZK 143 million).
The construction of an apartment building got underway as
part of the Holandská čtvrť (Dutch Quarter) project in Olomouc
in July 2012 (volume of finance of CZK 130.2 million); this awaits
completion in February 2014.
The construction of the Kadetka apartment building in Brno will
continue until February 2015 (volume of finance CZK 102 million)
and the PLASTIKOV production hall will be completed in Jihlava in
July 2014 (volume of finance of CZK 41 million).
Holandská čtvrť, Olomouc, block 3
/8/
AZ TOWER, Brno – Štýřice
COMPLETED PROJECTS
The structure of PSJ contracts in 2013 underwent only minimal
changes on 2012. Foreign contracts prevailed over domestic
building work for the fourth year in a row, accounting for 58.5 %
of the contracts executed by PSJ, meaning 5.9 % more than in the
previous year. Neither did the division of building work according
to building segment see any marked transformation. The only
growth came in the construction of apartment buildings (15 % as
opposed to the previous 9.7 %), against which there was a drop in
the execution of industrial contracts (21 % down from the previous
28.9 %). The largest share of the contracts executed by PSJ in 2012
and 2013 came in the civic amenities segment.
The year 2013 strikingly confirmed that PSJ is a construction
company that focuses on private investors. The share of the
contracts executed for the private sector accounted for 98.6 % of
the turnover at PSJ, which meant an increase of 5.4 % on 2012.
Definitely the most significant contract completed on the Czech
market in 2013 was the construction of the 111-metre high, multi-
/9/
purpose AZ TOWER. The construction of the highest building in
the Czech Republic was of considerable public interest and got
underway in Brno – Štyřice in April 2011. It was completed in
April 2013. The volume of finance involved in this was 800 million
crowns. The construction of the AZ TOWER was another historic
milestone in the history of PSJ. What is more, PSJ was not only the
general contractor of this unique work, but the joint developer of
the project as well.
The construction of a Mercedes-Benz servicing and sales complex
then got underway following the completion of building work on
the AZ TOWER building (volume of finance of CZK 47 million). We
were able to hand over the work, for Hošek Motor, before the end
of 2013.
PSJ left a considerable mark in Olomouc too. The multi-purpose
CPI City Center complex was completed in the city in August 2013.
This takes in a four-star congress hotel, offices and commercial
space (volume of finance of CZK 520 million).
CPI City Center Olomouc
A PSJ development plan in the shape of the 117 apartments in
the Rezidence Stodůlky project came to a successful conclusion in
Prague Stodůlky (volume of finance of CZK 220 million, completed
in May 2013) and the reconstruction of what was originally an
administration building into the Botic Student House dormitories
for students was completed in Vršovice (volume of finance of CZK
71.5 million, completed in July 2013).
PSJ has long been active in Jihlava. The company built the Uni
Hobby shopping centre (volume of finance of CZK 106.2 million,
completed in March 2013) and the Auto Activity car showroom and
servicing centre (volume of finance of CZK 85 million, completed
in August 2013) right next to each other in the Špitálské předměstí
district of the city. Also worthy of note here is the reconstruction
and expansion of the Teniscentrum complex in Jihlava (volume of
finance of CZK 40.3 million, completed in May 2013).
Botic Student House, Prague - Vršovice
/10/
DEVELOPMENT PROJECTS
One inherent part of activity at PSJ is the company’s own
development work. The importance of this has risen, particularly in the
past five years, when the Development Division made considerable
investments in land and architectural plans in the attractive locations
of Prague, Brno and Jihlava. Some of these projects have reached the
construction stage and some property is even now being sold.
The development team at PSJ brought two projects to their
building conclusion in 2013. The Rezidence Stodůlky is a vaguely
stereotypical development that enhances this part of Prague due
to its less-than-traditional combination of dominant thirteenstorey building and more intimate four-storey apartment building,
connected by an atrium designed for relaxation. The result is highquality, available housing and it is therefore little wonder that its 117
apartments, ranging from 1 room with kitchenette to 3 rooms with
kitchenette, were bought up fairly quickly.
One unmissable project to have been completed is the AZ TOWER
in Brno, in which PSJ took part in the role of joint developer and
general contractor. This elegant, orange and white skyscraper offers
over 17,000 square metres of commercial, office and residential
space over two underground and thirty overground storeys. The
multi-purpose building uses modern technology that significantly
reduces running costs. Evidence of the fact that the building captured
the attention of the general and professional public comes from the
awards won – South Moravian Building of the Year 2013, Event of the
Year in Brno 2013 and one of the top 10 tall buildings in the world in
2013 in the prestigious Emporis Skycraper Award.
The final quarter of 2013 saw construction work begin on the
Nad Podolskou vodárnou residential complex, which offers eight
outstanding apartments and fifteen parking spaces. PSJ is the
majority partner in the project. Construction work should continue
until May 2015.
The Viladům Bohdalec development project will supplement
the Prague housing market with thirty exclusive apartments in a
seven-storey, low-energy, tiered building that will be constructed on
the southern slope of Bohdalec hill. Construction work is planned
to begin in the autumn of 2014 and the project will have been
completed from the construction side of things at the end of 2015.
PSJ received a binding positive statement from the department
for the protection of monuments in relation to the reconstruction
of what was once a historic building and the addition of a building
in Za Haštalem Street in Prague 1 in the third quarter of last year.
Many years of effort in trying to make this attractive plan become
reality came to a conclusion with this affirmative statement from
the Department of Care for Monuments of the City of Prague and
the property was readied for sale and subsequently sold.
Specialists at the Development Division are completing the
preparation of an attractive residential project in Vrchlického Street
that will provide more than one hundred apartments close to the
centre of the city on the site of dilapidated army barracks, which
will be demolished.
It would also be appropriate to mention the role of PSJ as
joint developer in the building of a luxury residential project in
Washington, which is a great opportunity to build on a longerterm business partnership and become involved in other activities
on the American market. Construction work will be completed in
September 2014.
Viladům Bohdalec v Praze 4
AZ TOWER, Brno – Štýřice
/11/
CONSTRUCTION AND TRADESMAN SPECIALISATIONS
The Florentinum administration building in Prague – monolithic
structure and HSV work
PSJ has long developed a portfolio of activities even beyond the
boundaries of engineering and contracting services. It therefore
supports the development of its own production centres, with
their various specialisations, in its building contracts, these centres
having been concentrated in the independent Region Vysočina
within the bounds of the parent company PSJ. This Region, however,
was incorporated in Region Morava on 1.9.2013.
The following specialisations are involved:
crowns in 2013, CZK 421.7 million of which were revenues from
outside. The most significant delivery of monolithic structures from
this centre in 2013 came with the construction of two stages of
the River Gardens administration buildings in Prague – Karlín. The
Florentinum commercial and administration building in Prague
was also completed as far as construction is concerned. Work
on the load-bearing structure of the Metronom Business Center
administration complex in Prague 5 will continue until the middle
of 2014. PSJ also took part in the building of two apartment
complexes in Prague - Jubileum House in Holešovice and Javorová
čtvrť (stage II) in Horní Měcholupy.
The steel structure, enveloping and locksmithery centre
accumulated 319.8 million crowns in 2013 (of this, CZK 256.5
million in revenues from outside). The most significant contract
executed by the centre was the construction, assembly and repair
of production halls for Kronospan in the Belarusian city of Smarhon.
The company also dismantled Kronospan’s production hall in the
German city of Magdeburg and a plant in Knowsley, England. The
BOSCH servicing centre in Mikulov was also expanded.
The Servicing and Earthwork Centre is involved in various types
of landscaping, demolition and connections and the hard-surfacing
of roads and pavements. The work done in 2013 accounted for
78 million crowns (of this figure, CZK 40 million in revenues from
outside). The biggest contract at the centre was the installation
of drainage using excavation technology on the D1 motorway
between 104 and 113 kilometres; this was also an interesting bit
of experience.
The joint Main Building Production and Mechanisation Centre
generated turnover of 100.8 million crowns in 2013, at the same
time registering a record volume of revenues from outside of 87.3
million crowns. Among other, the HSV Centre shared in work on
the Waltrovka project, involving the redeployment of the main
ventilation system outlet in the Metro, while the centre’s biggest
piece of work was its share in the Florentinum administration
building in Prague. The Mechanisation Centre shared in practically
all building work executed by PSJ.
• Reinforced concrete monolithic structures
• Steel structures and locksmithery, roof covering
and building envelopes
• HSV work
• The freight transport of mechanisation and hire shop
• Earthwork, demolition and underground services
PSJ, a.s., employed 124 manual workers in 2013.
These workers were involved in contracts for the parent
company itself and directly in a whole range of work for
construction companies or investors.
The production programme at PSJ, or rather Region
Vysočina, is predominantly based on the execution
of engineering and contracting work. The core of the
production programme is the monolithic structures
centre, which achieved overall turnover of 486.8 million
Kronospan plant in Smarhon, Belarus
/12/
The construction of a plant for the manufacture of oriented strand boards, Petrozavodsk, Russia
FOREIGN ACTIVITIES
PSJ has also made efforts to break into foreign markets since
the very outset. Business outside the Czech Republic is one of the
company’s strategic aims. PSJ sees growth potential abroad and
indeed room in which to compensate for the lack of domestic
contracts. It has thus far been involved in construction contracts
in twenty-six countries throughout the world, in that it sees its
priority markets as being Slovakia, Tunisia, South-east Asia and
primarily Russia and other countries of the former Commonwealth
of Independent States.
Export activities accounted for 2.37 thousand million crowns in
2013, a drop of 1.06 thousand million crowns on 2012.
M5 Mall shopping and entertainment complex in Ryazan, an OBI
hypermarket welcoming its first customers in close proximity to this
complex in November 2013 (volume of finance of EUR 11.3 million).
PSJ also successfully executed its first work in Poland. The
contract centred on providing all preparation work for the arrival
of technical unit suppliers for the new Synthos production plan,
which will produce a styrene-butadiene rubber solution (volume of
finance of EUR 2.7 million, completed in December 2013).
Building work completed
The most significant foreign activities at PSJ in recent years have
been in Russia. Indeed the largest contract in the history of PSJ was
completed here in May 2013. A new plant for Kalevala, which makes
oriented strand boards, was built close to the city of Petrozavodsk
at a cost of EUR 150 million.
PSJ left its mark in the Olympic agglomeration of Sochi in two
ways. The Plaza Komplex commercial and administration building
was opened in Adler in April 2013 (volume of finance of EUR 56.3
million) and building work on the multi-purpose Kvartal complex
was completed at the end of 2013 (volume of finance of USD 24.9
million).
PSJ also built on the successful construction of the expansive
Kvartal multi-purpose complex in Sochi, Russia
/13/
Plaza Komplex, Adler, Russia
Buildings under construction
The stable and successful position of PSJ in Russia is confirmed
by an overview of contracts whose deadlines are set for 2014 and
2015.
The most significant work-in-progress is the completion of
building work on the Něbo shopping and entertainment centre
that has been ongoing in Nizhny Novgorod (volume of finance: Rbl
2,584 million). PSJ is taking care of construction work, technology
supplies and putting into operation a production complex for
the introduction of advanced technology and the prototyping of
printed circuit boards (volume of finance: EUR 46.6 million) in the
city of Dubna. Stage I of the Megapolis residential complex is being
built in Kazan (volume of finance: EUR 32 million, completed in July
2014) and PSJ is the guarantor of the first part of an energy centre
for the port of Olya in the Volga delta within the wider Astrachan
area (volume of finance EUR 2.2 million, completed in March 2014).
PSJ also carried out its first contract in Georgia, building the Gino
Paradise thermal complex in the capital, Tbilisi (volume of finance:
EUR 19.3 million, completed in March 2014).
/14/
Compressor Station for Gas Transit complex in the community of Veľké Zlievce
SUBSIDIARY COMPANIES
The group of companies that make up the PSJ Group are suitably
complemented by subsidiaries that are powerful players in their own
fields. The companies in question are EKOKLIMA, a.s., D.I.S., spol.
s r.o., and PSJ Hydrotranzit, a.s., which is active in Slovakia.
Slovak subsidiary PSJ Hydrotranzit, a.s., underwent a year
of consolidation and transformation, ending with lower income
on operations that in previous periods. It entirely abandoned the
execution of classic building construction and began concentrating
solely on its core specialisations of building large-capacity reservoirs,
pipelines and petrochemicals. It devoted a great deal of attention
and energy to the preparation of new contracts, which should be
positively manifested in 2014 and 2015. The company achieved
a turnover of EUR 19.5 million in 2013 and recorded a pre-tax profit
of EUR 588 thousand.
PSJ Hydrotranzit culminated the sequence of its contracts
at the Compressor Station for Gas Transit complex in the community
of Veľké Zlievce. The last of these involved the installation of two
compressors with a combined output of 68 MW (volume of finance
of EUR 13.3 million). A contract for the construction of infrastructure
at the Panholec administration and operations centre (volume of
finance of EUR 1.68 million) was completed, the central storage
area for the storage of natural gas in the community of Gajary
was completed (volume of finance of EUR 1.78 million) and the
construction of the thermal Aquapark Kováčová was also brought to
a conclusion (volume of finance of EUR 3.53 million).
Specialists at PSJ Hydrotranzit also commenced work on the part
modernisation of the expansive Gabčíkovo waterworks in 2013.
/15/
One of the stages of this contract has already been completed and
other deliveries will continue in 2014 (total volume of finance of EUR
4.1 million). This subsidiary continued in building an educational trail
about the fauna of the Carpathians at ZOO Bojnice in 2013 (volume
of finance of EUR 1 million) and in building a system of transit
transport for the Tupá repumping station (volume of finance of EUR
654 thousand). One of the biggest contracts in the history of PSJ
Hydrotranzit got off the ground at the end of 2013 – a share in the
building of an oil terminal in Gdansk, Poland (volume of finance of
EUR 17.7 million).
EKOKLIMA, a.s. has been a stable part of the Czech elite in the
technical surroundings of medical installations. The company worked
with a total turnover of 252.8 million crowns in 2013. Income from
operations for the period in question shows pre-tax profit of 11.6
million crowns. The company succeeded in preparing for an attractive
number of contracts for 2014, which should be reflected in a distinct
rise in turnover.
Among the most significant contracts the company has in its
portfolio during this period are orders for the University of West
Bohemia in Pilsen as part of the construction of buildings for the
NTIS and CTPVV projects (volume of finance of CZK 36.6 million),
the Grandior hotel complex in Prague (volume of finance of CZK
16.4 million) and the completion of work on the high-rise AZ
TOWER in Brno (volume of finance of CZK 51 million). However,
mention should also be made of specialised work for a new
theatre building in Pilsen, which is being built in Jízdecká Street,
the Auto Activity car showroom and servicing shop in Jihlava
OBI hypermarket in Ryazan, Russia
and the Florentinum commercial and administration building.
EKOKLIMA was involved in two PSJ building contracts in Russia
– the OBI hypermarket in Ryazan (volume of finance of CZK 28.9
million) and the multi-purpose Kvartal complex in Sochi (volume
of finance of CZK 22,2 million).
D.I.S., spol. s r.o., which specialises in the construction of
infrastructure, achieved a turnover of 787.8 million crowns in 2013 and
pre-tax income on operations of 67.9 million crowns. This member
of the PSJ Group was the best in the group from the perspective of
profitability.
Among the most significant building work which D.I.S. completed
within the period under consideration is a sewer system in the city
district of Brno – Starý Lískovec (volume of finance of CZK 221.2
million), the construction of a sewer system and water treatment
plant as part of the Dyje II. - Třebíčsko project (volume of finance of
CZK 120.9 million), preparation of land following the end of mining
work within the complex of the former Dukla mine (volume of finance
of CZK 102 million), the building of flood protection on the left-bank
of the River Elbe in Ústí nad Labem (volume of finance of CZK 65
million), the construction of a waste-water drainage network in
Havířov (volume of finance of CZK 169.7 million), the reconstruction
of the upstream face and crest of the dam of the Plumlov water
resource (volume of finance of CZK 68.4 million) and the execution of
stage I of a sewer system and water treatment plant for Doubravice
nad Svitavou and surrounding communities (volume of finance of
CZK 60.9 million).
There are other contracts that are awaiting completion in 2014 –
the construction of a section of the I/44 road from Vlachov – Rájec
(volume of finance CZK 148.2 million) and the construction of a
water supply system and sewer system for the communities of the
Rokytnice area.
There are also subsidiaries of the PSJ Group that focus on areas
other than building work. For example, FC VYSOČINA JIHLAVA,
a.s.; TENISCENTRUM JIHLAVA, a.s. and GM, spol. s r.o.
Reconstruction of the upstream face and crest of the dam
of the Plumlov water resource.
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HUMAN RESOURCES
PSJ does as much as it can to reinforce its position as an attractive
employer for current employees and job applicants on the labour
market alike. Even though PSJ is still seen as a stable regional
company, our employees have long worked in Prague and Brno as
well as Jihlava. We are a flexible employer from this perspective, an
employer contacted by job applicants from throughout the country.
The company’s employees are key to the success of PSJ and the
company is well aware that only motivated and professionallyknowledgeable employees offer a competitive advantage in the
demanding business environment of today. It is for this reason that
care for employees is a priority at PSJ. We offer a system of benefits
as standard, concentrating mainly on supporting active leisure
time activities, education and the protection of health. As far as
education at the company is concerned, we are continuing with the
traditional PSJ University project, this time without the support of
money drawn from EU funds. The principle of the PSJ University is
to share “best practice” within the company.
We place considerable emphasis on respect for company
values and the company’s code of ethics. The fact that under no
circumstances do we tolerate any unlawful or corrupt conduct
among our employees or cooperating organisations is clearly
stated in our company guidelines.
We have long supported selected secondary schools of building
in the Vysočina region and have broadened cooperation with the
Faculty of Building at the Czech Technical University in Prague, all
as part of our personnel strategy.
The average number of employees at PSJ, a.s., was 394 in 2013
according to the figures on record.
The winning team at the PSJ employee sports day.
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Overview of employees at PSJ, a.s., from the perspective of
level of education achieved:
37%
University
Secondery school
Traind as an apprentice
Primary shool
The players of FC Vysočina show their delight.
SOCIALLY RESPONSIBLE COMPANY
As a stable and successful company, PSJ feels the need to fulfil
its social responsibility, mainly in the region with which it is so
closely linked – the Vysočina Region. The main areas to which PSJ
contributes, and has done for some time now, are culture, sport and
of course activities of benefit to the public and charity.
PSJ contributes considerable funds to the development of topclass and youth sport in the region. The name PSJ has long been
one linked with FC Vysočina Jihlava football club, which has an
excellent youth set-up and whose first team plays in the top division
in the Czech Republic, the Gambrinus Liga. Money also finds its
way to the KK PSJ Jihlava skittle club. Apart from this, PSJ is one of
the biggest advertising sponsors of traditional ice hockey club HC
Dukla Juhlava and provides support to the Jihlava Teniscentrum.
As far as culture is concerned, PSJ has worked with the Prázdniny
festival in Telč for many years, with the International Documentary
Film Festival in Jihlava, with the Havířský průvod unincorporated
association in Jihlava and with the gathering of creative smiths,
Brtnické kovadliny, and the Summer Journalism School in Havlíčkův
Brod. The name PSJ has also been used in connection with classical
music and opera concerts on several occasions, the company also
having supported a series of concerts in which top-class opera
singers performed in 2013. The other significant act of sponsorship
at PSJ in the world of culture is its link to the Menzel Tour project,
which travelled around certain American cities.
PSJ also regularly donates money to charity and to projects
of benefit to the public. Among other, it has for many years
donated funds to the Jindřich and Ička Waldez Foundation, which
concentrates mainly on support for handicapped children. The
company’s partnership with a competition about knowing the
Vysočina region known as Get to Know Vysočina, a competition
intended for older primary school children, continued again in
2013.
As a member of the Chamber of Commerce of the Czech Republic,
PSJ takes an active part in various activities that focus on support
for the entrepreneurial sector. PSJ helps improve conditions for
business in the building industry as a member of the Association
of Building Entrepreneurs of the Czech Republic and as part of its
involvement in expert groups (economic, legislative and socioethical).
The company also pays attention to the environmental aspects of
its business and holds a certificate confirming that the company has
introduced and systematically maintains a system of environmental
management according to the ČSN EN ISO 14001:2005 standard.
Director František Vaculík in conversation with world-renowned
film director Jiří Menzel.
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SUPERVISORY BOARD REPORT
The presented final accounts of the Company for 2013 were compiled in accordance with the Accountancy Act as stated in the auditor’s
report. After studying the auditor’s report and learning about the analysis of management of the public limited company for 2013, the
Supervisory Board identifies with the auditor’s statement and for these reasons it recommends the annual final accounts of PSJ, a.s to the
ordinary general meeting for approval.
Jihlava, dated 20 June 2014
Ing. Vladimír Dlouhý, CSc. – Chairman of the Supervisory Board
REPORT ON RELATED PERSONS
For the period 1.1.2013 to 31.12.2013
Compiled by: PSJ a.s., having its registered office at Jiráskova 3960/32, Postcode 586 04 Jihlava, Czech Republic,
Company ID Number: 25337220 (as a controlled company)
Compiled as at 31 December 2013.
I. PSJ, a.s. and controlling companies
A. Controlling company
From 1.1.2013 to 15.07.2013: Registered office: PSJ Subholding B.V.
Naritaweg 165 Telestone 8, 1043 BW Amsterdam
- No transactions were carried out between PSJ, a.s. and PSJ Subholding B.V. during the relevant period (from 1.1.2013 to 15.7.2013).
From 15.7.2013: PSJ Holding B.V.
Registered office: Naritaweg 165 Telestone 8, 1043 BW Amsterdam
- The following transactions were conducted during the relevant period (from 15.7.2013 to 31.12.2013).
B. Performance and counter-performance
provided in 2013
The payment of a dividend of CZK 61.85 million.
No loss ensues for the controlled company from the specified contracts, performance, counter-performance, other legal acts or other
measures.
The subsidiaries of PSJ, a.s., a list of which and an overview of mutual transactions and balances are part of the financial statements, are
companies controlled by the same controlling company. All contracts entered into with subsidiaries in 2013 were entered into within the
scope of standard commercial relations.
The report of related party transactions has been compiled in accordance with Section 66a(9) of the Commercial Code.
Jihlava, 31 March 2014
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AUDITOR’S STATEMENT
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FULL BALANCE SHEET AS OF 31/12/2012
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INCOME STATEMENT THE YEAR ENDED 31 DECEMBER 2012 CLASSIFICATION BY NATURE
( IN THOUSANDS OF CZECH CROWNS „TCZK“ )
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BASIS OF ACCOUNTING AND GENERAL ACCOUNTING PRINCIPLES FOR THE YEAR
ENDE 31 DECEMBER 2013
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Ing. Jiří Pech
člen představenstva
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PSJ, a.s.
Consolidated statement of financial position
As at 31 December 2013
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PSJ, a.s.
Consolidated statement of comprehensive income
For the year ended 31 December
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