ANNUAL REPORT, 2015,
for Trimo Company
and the Trimo Group
The Annual Report prior to this Annual Report represents operations in 2014.
The document has not been proofread.
The contact person for additional questions regarding the contents of this report:
Tine Svoljšak, Executive Director of Finance, Trimo Group
E-mail: [email protected]; phone: + 386 (0)7 34 60 211
Table of contents
INTRODUCTION ....................................................................................................................................... 1
Statement of the chief executive officer ............................................................................................. 1
Supervisory Board Report ................................................................................................................... 2
Profile of Trimo company and the Trimo Group ................................................................................. 4
Business model of the Trimo Group .................................................................................................... 7
Organisational scheme of the Trimo Group ........................................................................................ 8
Milestones in Trimo History .............................................................................................................. 10
Review of important events in 2015 ................................................................................................. 11
Events after the end of 2015 ............................................................................................................. 11
BUSINESS REPORT ................................................................................................................................. 12
Governance and management of Trimo and the Trimo Group ........................................................ 12
Development strategy of the Trimo Group ....................................................................................... 15
Risk management .............................................................................................................................. 16
Business environment ....................................................................................................................... 21
Business performance analysis ......................................................................................................... 23
Sales achievements ........................................................................................................................... 31
Research and development............................................................................................................... 35
Investment ........................................................................................................................................ 37
Supply of products............................................................................................................................. 38
Complete quality management and process approach .................................................................... 39
SUSTAINABLE DEVELOPMENT ............................................................................................................... 43
Responsibility towards employees .................................................................................................... 43
Responsibility towards investors....................................................................................................... 47
Responsibility towards customers .................................................................................................... 48
Responsibility towards suppliers ....................................................................................................... 51
Responsibility towards social environment ...................................................................................... 51
Responsibility towards natural environment .................................................................................... 52
FINANCIAL REPORT................................................................................................................................ 55
Financial report of Trimo ................................................................................................................... 55
Consolidated financial statements of the Trimo Group .................................................................. 116
INTRODUCTION
Statement of the chief executive officer
After the turbulent 2014 the year 2015 brought stability and positive change of business performance
of Trimo. The end year results of Trimo exceeded annual plan and also performance indicators from
2014. The support and trust of the key stakeholders contributed considerably to encouraging business
trends for Trimo.
In 2015 Trimo generated net sales revenues of 85,3 million EUR, which is 15,8 percent above the plan
and 26 percent above the result from 2014. Net profit of Trimo in the amount of 2,7 million EUR also
exceeded expectations, considering the loss in 2014. The results for Trimo Group also show positive
trends. Trimo Group generated net sales revenues in the amount of 129,7 million EUR, which is 3,7
percent above the plan and 17,0 percent above the revenues in 2014. Net profit of the controlling
owner at group level reached 3,1 million EUR, which is considerable improvement compared to 2,3
million EUR of loss in 2014.
Important milestone of 2015 was also a selling procedure of Trimo. In December Trimo gained a new
owner, Polish private equity fund Innova Capital. The successful transaction, which was closed in April
2016, will allow the debts of the company to be cleared and the new Trimo will now sit on a strong
financial foundation.
The new owner in April 2016 appointed a new supervisory board and a new management team. The
objective of the new management team is to re-establish Trimo as one of the leading companies in the
sector, providing both panels and high-value added façade solutions, like our Qbiss One façade
systems. The management team will be focusing efforts on growing the company, including the sales
of Trimoterm across Europe and in addition expanding the reach of Qbiss One in global markets.
Working together, this team and their colleagues will have several key short term objectives:
expanding and refocusing the company's marketing strategy and brand, strengthening and expanding
the European sales organisation for Trimoterm and Qbiss One, introducing product improvements and
modifications, implementation of new financial management tools and risk control procedures,
improving the efficiency and effectiveness of the Order to Delivery process in the company, reviewing
and evaluating 'product/market' fit and making strategic decisions on new value added products in the
Trimo pipeline.
The short term goals are, of course, strongly aligned with the long term objectives of Trimo: to increase
Trimoterm growth by optimizing the product and improving customer service across Europe, to
establish Qbiss One as a leading architectural façade solution in Europe, to globalize the Qbiss One
system by establishing sales relationships in key overseas markets and to continue to develop
additional innovative façade solutions and introduce them to the market.
I believe that we stand at the start of a new and promising era for Trimo. I am sure that we can reestablishing Trimo as one of the leading companies in the sector of panels and high value added façade
solutions. I look forward to pursue this mission together with the management team and all employees
of Trimo.
Maciej Radomski
CEO
1
Supervisory Board Report
In 2015, the composition of the Supervisory Board of Trimo d.d. changed several times. The issue of
personnel is presented in the first part of the report, whereas the second part states the other key
tasks performed in 2015.
At the start of the year, the composition of the Supervisory Board was as follows:
1. Mr. Gregor Krajnc, Chair of the Supervisory Board,
Mr. Stanislav Polanič, Deputy Chair of the Supervisory Board,
and the members
Mr. Matija Vojsk,
Mr. Blaž Angel,
Mrs. Nataša Šteferl Popit and
Mr. Stanislav Hostnik.
The latter two were employee representatives.
The Supervisory Board, in this composition, held three meetings.
The Supervisory Board conducted the June meeting with the new employee representatives,
who were elected on 26 May 2015:
Mr. Peter Štrekelj and
Mr. Jože Drčar.
2. Due to expiry of the term of office, new members were elected at the 27th General Meeting
held on 21 July 2015, namely
a. Mr. Gregor Krajnc with the term of office ending on 20 July 2019 and
b. Mr. Anton Škrlj with the term of office ending on 20 July 2019.
3. At the 43rd meeting held on 25 August 2015, the Supervisory Board elected Mr. Gregor Krajnc
Chair of the Supervisory Board and Mr. Anton Škrlj Deputy Chair.
In this composition, the Supervisory Board held four regular and one correspondence meeting.
4. In the entire 2015, the Supervisory Board held 9 meetings.
Monitoring the operations of Trimo and supervising the work of the Management Board were the key
tasks of the Supervisory Board, of which the following in 2015 should be pointed out:
-
-
Regular checking of the settlement of obligations according to the Master Restructuring
Agreement (MRA).
Regular reports on operations of the company and the Trimo Group were supplemented with
reports on measures for financial and business restructuring of the company and the
procedure for selling the company.
The Supervisory Board discussed the letters to the management in relation to the previous
audit of Trimo and the subsidiaries for the financial year 2015.
The Supervisory Board co-created the convocation and agenda of two General Meetings:
o 27th General Meeting held on 21 July 2015,
o 28th General Meeting held on 22 January 2016 on the transfer of the stake in Akripol,
d.o.o.
2
The Supervisory Board discussed the Annual Report of the company Trimo and the Trimo Group for
2015, together with the report of the certified auditing company BDO Revizija, d.o.o., and established
that the content of this Annual Report realistically presented the operations of the company Trimo and
the Trimo Group in 2015.
It can be established that the rehabilitation of the company was successful and that it ended with the
sale of the company to a new majority owner on 14 December 2015.
Therefore, after reviewing the Annual Report and the audit report for 2015, the Supervisory Board
adopted the following conclusion:
1.
2.
The Supervisory Board has acknowledged the audit report on the operations of the company
Trimo and the Trimo Group for the financial year 2015.
The Supervisory Board approves the Annual Report of the company Trimo and the Trimo Group
for the financial year 2015.
Chair of the Supervisory Board:
Jeffery Lee Grady
3
Profile of Trimo company and the Trimo Group
Trimo, Parent company
COMPANY
Trimo d.d., Engineering and production of pre-fabricated buildings
ADDRESS
Prijateljeva cesta 12, 8210 Trebnje, Slovenia
COMPANY ACTIVITY
DJ/25.110 Production of metal constructions and components
REGISTRATION NUMBER
5033411
TAX NUMBER
85524310
ENTRY NUMBER IN COURT
REGISTER
Srg 94/01924, District Court of Novo mesto
COMPANY SHARE CAPITAL
9,143,567 EUR
COMPANY SIZE
Large
TRANSACTION ACCOUNTS
Nova Ljubljanska banka, d.d., Ljubljana
02970-0016809489
Probanka1, d.d., Maribor
25100-9703863183
SKB banka, d.d., Ljubljana
03153-1005316755
Unicredit banka Slovenija, d.d.,
Ljubljana
29000-0001835388
Banka Koper, d.d., Koper
10100-0036883178
Abanka Vipa, d.d., Ljubljana
05100-8012729205
Gorenjska banka, d.d., Kranj
07000-0001069515
Nova KBM, d.d., Maribor
04385-0001583710
Raiffeisen banka, d.d. Maribor
WEBSITE
www.trimo.eu
EMAIL
[email protected]
24203-9002352114
Maciej Radomski, Chief Executive Officer
COMPANY MANAGEMENT
Bartosz Jurkiewicz, Chief Procurement Officer - Member of Management
Board
Trimo is a parent company and part of the Trimo Group, in which the accounts of Trimo and other
subsidiaries are consolidated.
Trimo Group
In addition to the parent company, Trimo Group also consists of the subsidiary companies listed in the
table below. Trimo owns the majority of shares and controls the companies listed below through
subsidiaries (combined).
1
Transaction account at Probanka, d.d. Maribor closed on 7 April 2015.
4
Figure 1: Subsidiaries of the Trimo Group on 31 December 2015
COMPANY NAME
COMPANY SEAT
TYPE OF ACTIVITY
PARTICIPATION
IN SHARE
CAPITAL
Akripol, d.o.o.
Slovenia
manufacturing company
77%
22 September 1974
Akripol Zagreb, d.o.o.2
Croatia
sales company
77% (indirect)
23 January 2004
Akripol-S, d.o.o.
Serbia
sales company
77% (indirect)
30 October 2006
Tinde, d.o.o.3
Slovenia
manufacturing company
40%
26 August 1992
Trimo MSS, d.d.4
Slovenia
sales company
55%
10 July 2002
Trimo UK Ltd.
Great Britain
sales company
100%
12 March 2001
Trimo UAE, FZE5
United Arab
Emirates
manufacturing company
100%
7 February 2007
Trimo Italia S.r.l.6
Italy
sales company
100%
18 April 2001
OOO Trimo VSK
Russia
manufacturing company
51%
27 April 2001
Trimo Građenje, d.o.o.7
Croatia
sales company
90%
28 May 2001
Trimo Polska, Sp. z o.o.
Poland
sales company
100%
31 July 2001
Trimo Inženjering, d.o.o.
Serbia
manufacturing company
100%
12 April 2002
OOO Trimo RUS
Russia
sales company
100%
22 April 2002
Russia
project company
100% (indirect)
21 December 2006
CBS Inštitut, d.o.o.
Slovenia
research and
development company
100%
10 June 2005
Trimo Makedonija, dooel
Macedonia
sales company
100%
17 October 2005
Trimo Bulgaria, OOD9
Bulgaria
sales company
70%
11 October 2006
Trimo DE GmbH
Germany
sales company
100%
16 September 2015
Akripol SPV, d.o.o.
Slovenia
asset management
company
100%
20 October 2015
OOO Tehnopark Vjazniki8
DATE OF
ESTABLISHMENT
2 The
subsidiary Akripol established both companies and is their 100 percent owner; Trimo has an indirect interest in the two
mentioned companies through its ownership share of the company Akripol.
3 Trimo has an 81 percent voting block in this company concerning its ownership structure.
4 On 28 March 2014, Trimo d.d. acquired 54.9 percent capital share in Trimo MSS d.d. (previously Trimo Investment d.d.).
5 An inactive company.
6 An inactive company – in bankruptcy proceedings since 29 October 2015.
7 An inactive company – bankruptcy proceedings were completed on 6 October 2015 and became finally binding on 23
October 2015. The company was stricken off the local register on 11 February 2016.
8 OOO Tehnopark Vjazniki was founded by OOO Trimo Rus as the sole founder. The company is inactive – in bankruptcy
proceedings since 25 September 2014.
9 Inactive company.
5
Ownership structure
On 19 December 2014, the shareholders of Trimo adopted a resolution on the simplified reduction of
share capital. In accordance with the adopted resolutions of the general meeting and the entry in the
court register on 20 March 2015, the share capital of Trimo decreased by EUR 9,143,567 with the
purpose of covering the current and retained net loss.
At the end of 2015, the largest block of Trimo shareholders were: NLB d.d. (19,9%), ABANKA d.d.
(18,02%), SID banka d.d. (17,23%), SKB d.d. (10,5%), Probanka d.d. (10,34%), GB d.d., Kranj (9,94%),
Nova KBM d.d. (9,21%), Raiffeisen banka d.d. (1,39%), Banka Koper d.d. (0,91%). The small
shareholders account for a further 2.55% of ownership. The share of Trimo (own shares) is 0.01%.
Figure 2: Trimo ownership structure on 31 December 2015
6
Business model of the Trimo Group
Trimo is one of the leading European providers of complete solutions in the field of building envelope,
with a more than 50 year long tradition. Today, it is a high-technology company that provides its
customers with functional and attractive products and solutions.
Trimo successfully represents its brands in more than 60 countries around the world. It is present in
25 countries directly through its companies, representative offices and agents. Trimo has production
facilities in Slovenia, Serbia and Russia.
We build our business success on strategic policies of sustainable development, differentiation,
innovation and partnership.
We are trusted by companies such as: Airbus, Porsche, Mercedes-Benz, McLaren, Heathrow Airport,
Philips, Lego, Nestle, DHL, Ikea, Prologis, Coca Cola and many others.
Product portfolio of the Trimo Group
7
Organisational scheme of the Trimo Group
Functional organigram of the Trimo Group
8
Organisational scheme of the Trimo Group sales network
Apart from the parent company in Slovenia, Trimo's sales net also includes subsidiaries, representative
offices and agents. Trimo has a direct presence in 25 European and Middle Eastern markets, whereas
it is present in more than 60 countries through its projects.
Production plants are located in Slovenia (Trimo, Akripol and Tinde), Russia and Serbia. Trimo is present
in Great Britain, Russia, Poland, Macedonia and Slovenia through sales companies.
Trimo also spreads its operations through representative offices (one representative office in Slovenia
and one each in the Czech Republic, Hungary and Slovakia).
In developing recognition of the corporate brand and sales of products, we also cooperate with agents
in the Netherlands (it covers the entire Benelux), Greece, France, Switzerland, Italy, Austria, Spain,
Portugal, Kazakhstan, Norway, Sweden and Denmark as well as in India, the UAE, Saudi Arabia and
Qatar.
We plan to continue expanding our partnership network to other promising countries and regions in
2016.
9
Milestones in Trimo History
1961
•The company Kovinsko podjetje Trebnje was established.
1974
•Manufacture of thermally insulated panels with polyurethane filling commenced.
1987
•Manufacture of fireproof panels with mineral wool cores commenced.
1989
•The first container was produced.
1990
•The first company was established abroad.
2001
•The start of production in Russia.
2007
•The start of production in the UAE and Serbia.
2008
•Supply of façade panels for the construction of the first CO2 neutral building in the world.
2009
•Qbiss One – high aesthetic total wall solution - introduced to the market.
2010
•ArtMe, a unique aesthetic façade design, received the “red dot” product design award 2010.
2013
•Qbiss Air, the new glass curtain wall façade system, was introduced to the world market.
2014
•40th anniversary of Trimoterm panels.
•Comprehensive organisational and business restructuring of the Trimo Group.
2015
•New ownership of Trimo is established.
10
Review of important events in 2015








The bank consortium of the owners of Trimo chose the new owner within the sales procedure
in December - Innova, a private equity fund, which mostly invests in Central and Eastern
Europe.
We presented the newest, energy-efficient and sustainable solutions in the field of the Qbiss
façade systems at one of the largest world fairs dealing with construction and architecture,
BAU 2015 in Munich. There was also the first unveiling of the Alux Power high-energy and
functional skylight of a new generation by Trimo's subsidiary Akripol.
The development subsidiary CBS institute celebrated its 10th anniversary of operation.
We acquired and implemented a reference project for the renovation of an office building in
Norway with the solution of the glass curtain wall façade system Qbiss Air.
In the German market, we acquired and implemented one of the biggest projects with the
modular façade system Qbiss One.
The production and storage facility Tajfun in Planina pri Sevnici, in regard to the project design
and construction of which Trimo importantly participated, was ranked among the best of
European architecture in the last five years, represented in the book Atlas of European
Architecture.
We carried out a competition - ArtMe Façade Design Challenge - intended for architects and
designers within the framework of which we were looking for a unique ArtMe design on the
Qbiss One modular façade system. The jury chose the project Bristol Aerospace Centre from
Great Britain as the winner of the competition. The project will be carried out in 2016.
In cooperation with the Faculty of design, we carried out the workshop European Green office
– EGO, where young designers developed the so-called European Green office - EGO. The
winning solution also received the Slovenian Design Award.
Events after the end of 2015




The final phase of the sales procedure of Trimo was completed at the end of March 2016. The
new owner of the company became Innova Capital from Poland through company European
architectural systems S.a.r.l from Luxembourg.
A new supervisory board was appointed at the General Meeting on 7 April 2016. After the
General Meeting, the Supervisory Board held its first meeting, at which Maciej Radomski was
appointed new Chief Executive Officer and Bartosz Jurkiewicz was appointed Chief
Procurement Officer - Member of Management Board.
On 22 January 2016, the General Meeting of Trimo gave its consent to the management
regarding the disposal or other form of transfer of the business share in Akripol to the newly
established company with limited liability - Akripol SPV or other acquirer of the business share
determined by Raiffeisen Bank in agreement with other creditor banks and in accordance with
the provisions of the Master Restructuring Agreement of 14 January 2014. In accordance with
the above, the company Akripol on 30 March 2016 passed into the ownership of the banks in
the consortium of sellers of Trimo.
At the end of April, an agreement was concluded on the sale of a 51-percent equity stake of
Trimo in the Russian production company Trimo VSK to Spetstamozhstroy. At the same time,
a license agreement was concluded on know-how and the Trimo brand for 20 years, based on
which Trimo VSK may produce, sell and put the Trimo brand label on products in the territory
of Russia.
11
BUSINESS REPORT
Governance and management of Trimo and the Trimo Group
Governance of Trimo is based on the legal requirements of the Republic of Slovenia, the company's
statutes and internal acts and good business practice. Governance and management are performed
according to the two-tier system.
The organs of the company are:
 General meeting
 Supervisory Board and
 Board of Directors.
General meeting
In accordance with the provisions of the Companies Act, the general meeting is the company's highest
authority. It is where the will of the company's shareholders is directly communicated and
fundamental decisions are adopted. One share represents one vote at the general meeting. Trimo does
not have shares with limited voting rights.
The Trimo Company Board of Directors convenes a regular annual general meeting. In 2015, one
general meetings was convened:
the company's 27th general meeting was held on 21 July 2015, at which:
 information about the Annual Report for 2014 was discussed,
 a continuing mandate to the Board of Directors and Supervisory Board for the financial year
2014 was issued,
 two members of the Supervisory Board were nominated,
 the auditing company for the financial year 2015 was nominated.
Supervisory Board
The function and structure of the Supervisory Board are determined in the company's statutes. It has
six members. Four members are elected by the General meeting; two members, the representatives
of the workers' council, are elected by the workers' council. The members have a four-year mandate,
and they can be re-elected. Its activities are governed by the Rules of Procedure of the Supervisory
Board, which also describes payment of allowances and other benefits to members of the Supervisory
Board. Members of the Supervisory Board inform shareholders about the Board's activities in the
Annual Report. Payment of awards to the members is determined by the shareholders at the general
meeting. Members of the Supervisory Board and competent institutions inform the company about
every acquisition or disposal of the company's shares. The company makes these notifications publicly
available on its websites.
In 2015, the Supervisory Board included the members listed below.
Representatives of the company’s shareholders were:
 Gregor Krajnc, President of the Supervisory Board until 11 July 2015, Member of the Supervisory
Board from 12 July 2015 to 24 August 2015, President of the Supervisory Board from 25 August
2015,
 Anton Škrlj, Member of the Supervisory Board from 12 July 2015 to 24 August 2015, Deputy
President of the Supervisory Board from 25 August 2015,
 Stane Polanič, Deputy President of the Supervisory Board from 11 July 2015,
12
 Blaž Angel, Member of the Supervisory Board,
 Matija Vojsk, Member of the Supervisory Board.
Representatives of the employees were:




Stanislav Hostnik, Member of the Supervisory Board until 13 June 2015,
Nataša Šteferl Popit, Member of the Supervisory Board until 13 June 2015,
Peter Štrekelj, Member of the Supervisory Board from 14 June 2015,
Jože Drčar, Member of the Supervisory Board from 14 June 2015.
In June 2015, a three-member Audit Committee of the Supervisory Board of Trimo was established
within the Supervisory Board. The purpose of the Committee is to help the Supervisory Board with the
fulfilment of its supervisory functions, concern for the realisation of adopted resolutions and other
professional tasks according to the resolution of the Supervisory Board.
Board of Directors
The structure, functions and competencies are determined in the company's statutes. The Trimo Board
of Directors is comprised of at least one member and no more than three members, with a five-year
mandate and the possibility of being re-appointed. One of the members is the Chief of the Board of
Directors. The Board of Directors manages the company independently and at its own responsibility
with authorisations in accordance with the law and the company's statutes. If the company has two or
three members of the Board of Directors, two members of the Board of Directors jointly represent the
company.
The Chief of the Board of Directors since 1 July 2014 has been Igor Kržan with a mandate to 30 June
2019.
The Member of the Board of Directors since 29 May 2014 has been Bojan Gantar with a mandate to
28 May 2019.
Payments, reimbursements and other benefits of the Board of Directors are determined with the
contract on the provision of work concluded between the Supervisory Board and the Board of
Directors. The shareholders decide on a possible additional award at the general meeting.
The Board of Directors informs competent institutions about every acquisition or disposal of the
company's shares. The company makes these notifications publicly available on its websites.
Significant bodies that cooperate directly with the Board of Directors are:











Board of Directors Committee,
Extended Committee,
Sales Committee,
Executive Committee,
Quality Committee,
Quarterly reporting,
Reporting of the Management,
Expert Council,
Development Council,
Commission for Complaint Handling and Reporting of Errors,
Project Council.
13
Board of Directors Committee of Trimo:







Chief of the Board of Directors: Igor Kržan, MBA
Member of the Board of Directors: Bojan Gantar, MBA
Director of Economics and Finance department: Barbara Perko Brvar
Sales Director: Jure Gošte
Purchasing and Logistics Director: Barbara Šmalc
Director of Human Resources: Marta Strmec
Director of Project Management and Construction: Polona Adamič
External audit
The audit company BDO Revizija, d.o.o. was confirmed for auditing the financial statements of Trimo
and the Trimo Group for 2015.
In the context of auditing financial statements, an auditor has to report on their findings to the
Supervisory Board.
14
Development strategy of the Trimo Group
Strategic policies
Key strategic goals 2016 – 2020
We will become the leading niche provider of innovative solutions for building envelope.
We will triple the Qbiss sales in the higher price segment of façades.
We will reach an average annual organic growth of revenues in the amount of at least 7%.
We will increase the market share in Europe and in new segments.
We will gain at least a 30% share of new products and solutions in total sales.
We will achieve an EBITDA margin in the amount of at least 10%.
Key points of the development strategy of Trimo
Focusing on profitable growth and profitable product portfolio.
Further development and strengthening of own brands.
Differentiation and focusing on promising niches.
Focusing on the client and balanced client portfolio.
Building partnerships with key clients, suppliers, development and other partners.
Focusing on the development of innovative, simple, fast, functional, sustainable and aesthetic
solutions.
Strengthening of the competitive advantages of products and solutions.
Strengthening of marketing in strategic European markets and implementation of target marketing
in promising segments in new markets outside Europe.
Strengthening of sales team in key markets.
Optimisation of business processes in the Trimo Group and cost effectiveness.
Providing suitable investments for growth.
Commitment to sustainable development and business.
Achievement of goals in 2015 and business goals in 2016
Achievement of business goals in 2015
A turn in operations was achieved, the company operated with positive results and it fulfilled all the
commitments arising from the financial restructuring (MRA).
The attained revenue of Trimo in the amount of 85.3 million EUR, exceeded the plan by 15.8%; at
the level of the group, we attained net sales revenue in the amount of 129.7 million EUR, thus
exceeding the plan by 3.7%.
EBITDA margin in the amount of 6.1% was achieved, which is less than the planned margin of 7.5%,
due to a less profitable product portfolio.
The achieved net profit in the company was 2.7 million EUR (19.8% above the plan) and net profit
of the controlling owner 3.1 million EUR in the Trimo Group (16,7% above the plan).
Trimo achieved the planned level of order intake in the amount of 90 million EUR.
The Trimo Group did not achieve the order intake sales plan, especially due to the aggravated
operations of Russian companies, which was mostly the consequence of the deterioration of the
business environment in the region.
The share in sales outside Slovenia was 90% in Trimo and 91% in the Trimo Group.
The share in sales of new products and solutions in total sales was 25% (strategic goal is 30%).
Business goals in 2016
Net sales revenue
Added value per employee
Average number of employees
Trimo
93.0 million EUR
54,348 EUR
358
Trimo Group
137.7 million EUR
40,952 EUR
733
15
Risk management
Risk management
It is vital to recognise and effectively manage risks in business decisions considering how rapidly the
external macroeconomic conditions are changing in various international markets and also how rapidly
internal conditions of operations determined with business processes are changing. Our risk
management process is shown below.
Figure 3: Risk management process
IDENTIFICATION
ASSESSMENT
MANAGEMENT
RISK
MONITORING
FUTURE RISKS
Assessment – risk identification and management
The Trimo Group manages 44 different risks divided into three main groups: business risks (19),
operational risks (20) and financial risks (5). Descriptions of individual risks, groups and sub-groups of
risks are shown below in the risk matrix.
Risk management is an integral part of the business plan of Trimo within the competencies and
responsibilities of the administrators of key and support processes. The risk takers are in most cases
the administrators of key and support processes; they are responsible for the risk management of their
processes.
Business risks, financial risks and operational risks are managed within the responsibilities and
authorisations of individual organisational units in Trimo. Subsidiaries in the Trimo Group should
establish their own process of risk management that is in accordance with the policies of the parent
company Trimo as well as with the umbrella process of risk management in the parent company Trimo.
Risk monitoring is done annually in internal plans of process operators or risk takers. Takers of
individual risks assess the probability of the risks occurring and the consequences if the risk actually
occurs using a 5x5 matrix.
16
Probability
Figure 4: Matrix for risk assessment
High
5
Medium
High
High
High
High
Very high
4
Medium
Medium
High
High
High
Medium
3
Low
Medium
Medium
High
High
Lower
2
Low
Low
Medium
Medium
High
Low
1
Low
Low
Low
Medium
Medium
A
B
C
D
E
Large, very
influential
Very serious,
critical,
dangerous
Very small
Small,
moderate
Medium,
manageable
Consequences
Risk management
The approaches for the management of risks in the business risk group and operational risk group are
specific for each risk separately. They are described in detail in the internal document Risk
management.
Key indicators are defined for each risk. Apart from the assessment matrix, they are also used for
measuring risk exposure. Key indicators that measure risk exposure are defined by the risk takers who
also monitor them. The key element for preventing risks is suitable planning and predicting.
Risk monitoring and assessment
We periodically review key risks and adopt corrective and preventive measures to avoid risks. At
regular time intervals, we review key risks and determine the measures for risk management. We also
regularly review the changes in risk probability and the changes in risk consequences, in case a key risk
occurs. We determine the manner and frequency of reporting. The content of reports depends on the
type of risk and the selected instruments and methods.
Risk priorities in 2015
At Trimo in 2015, key risks for achieving the sales plan defined in the below figure were recognised, so
we paid special attention to those risks in 2015. For each of the key risks, we defined risk management
activities and detailed plans for managing each risk and we defined possible consequences, indicators
of monitoring and assessment and a system for reporting, supervision and preparation of an action
plan in the event of identified deviations.
17
Figure 5: Risk analysis with groups, subgroups of risk and individual risks as well as emphasis in 2015
GROUP OF RISKS
BUSINESS RISKS
1. The risk of strengthening, integration of
competition
2. The risk of product obsolescence
3. Market position risk
Sales and
development
risks
4. The risk of the management and transfer of brands
as well as company reputation
5. Price risks
6. The risk of new trends and changes in the
legislation of the activity
External risks
Supply chain risks
MEDIUM
HIGH
MEDIUM
Monitoring of customers' loyalty and repurchases, searching for new customers,
market analyses, creating long-term relationships with customers, marketing
activities for continuous acquisition of new customers.
1. The risk of changes in macroeconomic business
conditions on individual markets
HIGH
Consideration of the change of conditions in all markets, resource availability
(employees, material), planning of the entry into new markets and activities in the
existing markets, market and product portfolio diversification.
1. The risk of unexpected changes in purchase prices
MEDIUM
2. The risk of (in)security of supply and quality of
input materials and services
MEDIUM
2.The risk of (non)protection of production
technologies, patents and know-how
3. The risk of (not) realising investments within the
planned value, quality and time
1. The risk of lack of competence, qualifications,
inexperienced employees
Prices agreed in the long term and long-term partnerships with key suppliers,
trained negotiators with suppliers and customers.
A wider list of strategic suppliers for key materials and a wider list of strategic
service providers, diversification of purchase channels, mutual education and longterm partnerships.
LOW
Alternative suppliers for all materials and services.
LOW
Ensure the widest possible range of suppliers.
MEDIUM
MEDIUM
LOW
Identifying the future needs of customers, monitoring of competition, close
cooperation with the suppliers of technology equipment and development,
compliance with deadlines, preliminary testing.
Suitable contracts with development partners and subsidiaries, global protection of
industrial property, transfer of technologies to new production locations.
Quality and coordinated defining of projects, elaborated investment plans,
timetables, supervision over investment progress (quality, budget).
MEDIUM
Organised target training of employees.
2. The risk of lack of motivation and inadequate
climate among employees
MEDIUM
Organised target training of employees, coaching, mentorship, staff rotation,
development of employees in accordance with the competency model; regular
internal communication with employees.
3. The risk of failing to obtain qualified employees
MEDIUM
Raising brand's recognition, advertising, cooperation with universities, educational
institutions, architectural awards, young researchers, part-time studies.
4. The risk of loss of key employees and successors
MEDIUM
Long-term schemes and career plans, rotation, promotion, training, satisfaction,
climate.
Staff risks
FINANCIAL RISKS
1. The company is exposed to foreign exchange
risk as soon as its operations become directly or
indirectly tied to foreign payment instruments.
Financial risks
Price positioning, value for the customer, individual project solutions, work with
architects, special solutions, Trimo as the "solution provider", technical support.
Monitoring, anticipating new trends, creation of new trends and anticipating the
changes in legislation (energy, security, ecology) and, consequently, timely
adjustment of production/sales programs or solutions.
HIGH
1. The risk of a (un)successful and (un)timely
introduction of new technologies
GROUP OF RISKS
Expansion of production under own brand, brand protection and communication,
marketing approach.
7. The risk of (non)achievement of sales, loss of key
customers, bankruptcy or compulsory composition of
customers and the (non)acquisition of new
customers
3. The risk of loss of suppliers (bankruptcy,
compulsory composition)
4. Integration and disappearance of capacities of
suppliers
Investment and
technology risks
PROBABILITY AND
RISK MANAGEMENT (TRIMO D.D.)
CONSEQUENCES
Participation in new markets, variety of customers, spread of sales net, adequate
MEDIUM
cooperation with suppliers, systematic work with architects.
Development and positioning of new products, upgrading of existing products,
MEDIUM
ensuring a larger share of sales in markets, product portfolio management,
participation in new markets.
Strategic positioning of the company in different markets, geographical balance of
MEDIUM
sales.
2. Interest rate risk is defined as uncertainty
associated with future values of interest
rates which directly define the amount of obligations
arising from long-term debt.
3. Credit risk represents the risk when a customer
involved in a financial instrument
contract fails to meet its obligations, which will
result in financial loss for the company.
4. Solvency risk is the risk that the company will have
difficulties in collecting financial assets necessary for
meeting financial obligations.
PROBABILITY AND
RISK MANAGEMENT (TRIMO D.D.)
CONSEQUENCES
We reduce currency risk through regular protection where we strive to keep the
planned inflows and outflows in the same currency. A very important part of the
HIGH
protection against currency risk are currency clauses that are included in the
contracts with customers concluded in foreign currencies.
MEDIUM
Conclusion of loan agreements with a determined fixed or variable interest rate
with regard to the value of reference interest rates. Monitoring the movement of
reference interest rates and their adjustment in loan agreements according to that.
MEDIUM
For insuring against credit risk, Trimo uses different insurance instruments.
MEDIUM
Insolvency risk is actively managed by the company using basic tools for balancing
insolvency risks: cashflow planning, solvency reserves, regulation of asset and
liability maturities, dispersal of sources of finance, regular payment of receivables.
18
GROUP OF RISKS
OPERATIONAL RISKS
1. The risk of business interruption and uncertainty of
production equipment functioning
PROBABILITY AND
RISK MANAGEMENT (TRIMO D.D.)
CONSEQUENCES
HIGH
2. The risk of obsolescence, (in)adequacy of
production technologies
MEDIUM
3. The risk of quality management of products and
their protection (certificates)
MEDIUM
4. Environmental risks (explosion, fire, emissions of
harmful substances and noise pollution, spilling
hazardous chemicals, light pollution)
MEDIUM
5. The risk of accidents and health at work
MEDIUM
Production risks
1. The risk of delays in the performance of projects on
the part of the client due to changes in general
economic conditions (e.g. currency risk, prices of key
raw materials, etc.)
HIGH
We manage customers' demands for newer products and technologies by
maintenance and gradual upgrading of production as well as with partnerships with
suppliers.
Established quality systems (ISO quality standards, company's Rules of
Procedure) and their updating, regular assessments, supplier rating;
manufacturing scrap-assessment and control system, poor-quality cost control
system, product certificates and quality certificates for individuals, constant
improvement and implementation of measurements.
Set up of the ISO 14001 system and implementing provisions, preparing and
implementing the program on environment protection, and protection against fire
and dangerous substances in accordance with company policy and strategy. We
perform the calculation of emission of CO2 throughout the entire lifetime of a
panel with the circle of recycling: from obtaining the raw material needed for the
production of the panel to the use and recycling of the panel. In accordance with
the legislation, we perform measurements of emission values in the production of
steel constructions, in the production of roofs and facades as well as regular
measurements.
Set up of the OHSA S18001 system and implementation of provisions. Preparation
and implementation of monitoring program on health and safety at work in
accordance with company policy and strategy. Considering regulations, internal
rules, personnel training, wearing personal protection equipment.
Enforcement of relevant contractual clauses that prevent unjustified delays in the
project or provide financial compensation for the loss of revenue. A balanced sales
pipeline of new projects to compensate for the delay in the execution of projects in
the case of not fully utilised capacities.
Cost planning, negotiations with suppliers, cooperation among all the participants
in the project, searching for optimal technical solutions, quality material supply
delivered on time, good offers, trained negotiators, offering suitable prices,
quality implementation, …
2. The risk of exceeding the contractually agreed
project budget and the (non)achievement of the
planned added value for the project
MEDIUM
3. The risk of (non)quality or untimely performance
of the projects
MEDIUM
Management, recognising customers' wishes, checking customers' needs, quality
offers, sufficient definition of project requirements. Quality preparation of project
documentation. Supervision over the progress of the project. Timely and quality
purchase of input materials. Selection, training and supervision of subcontractors.
4. Payment risk
MEDIUM
Monitoring of contracts by finance and legal services, payment
security, timely payment recovery, including the finance and commercial
service in the recovery process, evaluation of the customers' credit standing
before signing the contract. Selection of projects, general commercial terms in the
relationship with the customer.
1. The risk of (un)reliable functioning of the
hardware
MEDIUM
Hardware upgrade, ensuring adequate equipment capacity, regular maintenance,
automatic control and notification.
Project risks
2. The risk of software (un)reliability and
(un)suitability
IT system
functioning risks
Providing regular preventive and annual equipment maintenance. Implementation
of the lean production process and preventive autonomous maintenance.
3. The risk of leakage of confidential information
and business secrets
4. The risks of (un)reliability of data and information
for business decision-making
5. The risk of natural disasters that affect the
information systems
LOW
MEDIUM
HIGH
MEDIUM
Selection of verified and checked program equipment and programmes according
to users' needs, introduction of a centralised supervision over the installation of
software, helpdesk and consulting to users, software user training, regular
maintenance and upgrade of software.
Document and information control system. Intrusion prevention, hardware and
software testing. Considering of regulations and company rules for the relevant
area by all employees.
Periodical data comparison and analyses. Input control. Monitoring and defining of
key performance indicators (KPI). Competent decision-making.
Duplication of key information assets on a backup location (DRC - disaster
recovery center).
Risks of natural
disasters (force
majeure)
1. The risk of storms, floods, earthquakes
MEDIUM
Ensuring rainwater drainage, sewage system, cooperation with the Fire Brigade
and Civil Protection. Due to the destructive effects of natural forces and other
incidents, there is a possibility of sustaining damage to property. Assessment of
threat and exposure of facilities to such risks, preparation of relevant preventive
measure, performing emergency drills and concluding relevant insurance contracts.
Property
protection risk
1. The risk of property disposal
MEDIUM
Developed protection plan; physical and video surveillance,
property listings.
19
Future risks and planned activities in 2016
In 2016, Trimo intends to pay special attention to key risks identified for 2016. Key future risks are risks
to which the company is heavily exposed, therefore we will devote considerably more attention to
them in 2016 than to the other risks.
We assess the following risks as the key risks in 2016:









price risk,
the risk of (non)achievement of sales, loss of key customers and the (non)acquisition of new
customers,
the risk of changes in macroeconomic business conditions on individual markets,
the risk of delays in individual stages of the project and the (late) completion of the project,
the risk of exceeding the contractually agreed project budget and the (non)achievement of
the planned added value for the project,
(non)payment risk,
currency and interest risk,
solvency risk,
financing structure risk.
Apart from these risks, we also assess as important risks in 2016 the risks that were already defined in
2015 and that were identified as medium level risks. The action plan for key future risks includes
preparation of risk management plans, definition of consequences and monitoring of indicators as well
as the system of reporting and supervision.
20
Business environment
2015 was marked by an improved but still uncertain business environment, with a steady recovery of
the world and European economy and increased economic and geopolitical risks. According to the
information of the European Commission, the economy of the euro area countries increased by 0.9
percent in 2015, while the world economy increased by 3.0 percent in 2015, which is less than in 2014
(3.3%). Decreased growth of the world economy is mainly the consequence of the consistently slower
growth in fast growing countries such as China, Brazil and Russia, which are under pressure from the
fall in raw material prices. The Chinese economy increased by 6.9 % in 2015, whereas its growth was
almost 10% in 2012. Russia, one of the most important markets for the Trimo Group, experienced
negative growth of -3.7% in 2015. Negative growth of -1.2% is also predicted for 2016, which is also
reflected in the operations of the Trimo Group in this market. In 2015 also, the USA recorded higher
growth than the countries of the European Union (2.5 percent), whereas Japan recorded minimum 0.7
percent growth. It is expected that the same trends will continue in both countries in the next two
years. Middle East Countries, with an average growth of 2.7%, recorded similar growth as in the
previous year, whereas it is expected that this growth will increase to 3.5% in the next two years.
In 2015, international trade increased by 2.6%, which is slightly less than in 2014 (3.4%). The United
Nations Conference on Trade and Development (UNCTAD) considers that the value of direct foreign
investments on the world level significantly increased in 2015, namely by 36% to the estimated 1,700
billion dollars, which is the highest value after the economic crisis of 2008-09. However, the bigger part
of the growth is due to international purchases of undertakings, especially in developing countries,
and to a smaller extent due to the so-called greenfield investments.
According to Euroconstruct, the European construction market achieved positive growth in 2015 in the
amount of 1.6%, which is only slightly more than the previous year (1.3%). In the key segment of new,
non-residential construction, the growth was again negative (-0.6%) after the stagnation in 2014.
Association for the period 2016-2018 predicts moderate recovery of the construction market, with an
average annual growth rate of 2.6 percent or 3.0 percent in the non-residential construction segment
where there are major differences in trends between individual countries.
Figure 6: Average annual growth of construction market in Euroconstruct10 countries and comparison by markets
According to data from the World Bank that monitors prices of individual raw materials on the world
market, the global prices of key raw materials dropped in 2015, which is especially true for the price
10 Members of Euroconstruct are: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Hungary, Germany, Ireland,
Italy, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, the Netherlands and Great Britain.
21
of crude oil. In 2015, the prices of energy products decreased by 45% on average, whereas the prices
of other raw materials decreased by 15% on average. The reduction in the prices of raw materials is a
reflection of excess supply, expected lower growth in emerging countries and a strong US dollar. The
World Bank expects strengthening of the prices of raw materials in 2017.
In 2015, purchase prices of mineral wool remained at the same level as in 2014, whereas in 2016 we
expect prices to increase by 1-2%. In certain strategic raw materials such as iron metallurgy and thin
steel sheet-metal, the drop in prices was present throughout the whole year. The prices of steel, both
for the production of steel construction and the production of panels, were falling mainly due to excess
supply, our ordering of iron metallurgy directly to rolling and receiving project discounts. We expect
stable prices of steel in 2016. Slight growth is possible in the second half of the year, but it depends on
numerous factors. The prices of assembly and other services remained at the same level as in the
previous period.
In 2016, we expect continued moderate improvement of the macroeconomic environment in the core
markets of the operations of Trimo, but with an increased risk. The greatest risk for world economic
growth is possible simultaneous, consistently slower growth of the biggest emerging markets, namely
China, Brazil, Russia and South Africa, that could spread to the rest of the world. We should also
mention volatility in global financial markets and increased geopolitical risks as well as regional
tensions.
Due to different dynamics among individual segments of the construction market, a lot of attention
should be given to the identification of more promising construction segments and market niches in
the future. Trimo will adapt target marketing to the changed circumstances also in the future, and it
will focus on more promising markets and branches of economic activity.
We are also aware that due to global warming, the future of the construction industry is in sustainable
construction. Therefore, in the following decades, key innovations will be in the field of energy
efficiency, use of renewable resources, improvement of insulating materials, development of new
technologies and intelligent buildings. Trimo is actively joining various environmental programmes and
developing complete solutions for energy efficient buildings and efficient use of alternative energy
resources.
22
Business performance analysis
Relevant information on operating activities of Trimo company
TOTAL REVENUE
OPERATING PROFIT OR LOSS
TOTAL CAPITAL (31 DEC 2015)
NO. OF EMPLOYEES (31 DEC 2015)
87,145,710 EUR
4,586,586 EUR
15,357,137 EUR
347
2015/2014 index
121
95
Revenue
Trimo’s total revenue in 2015 was 87,145,710 EUR, which was an increase of 20.84 percent compared
to 2014. Planned revenue was exceeded.
The structure of revenue for 2015 is as follows: 86,886,281 EUR of operating revenue (99.70% of total
revenue), 248,592 EUR of financial revenue (0.29% of total revenue) and 10,837 EUR of other revenue
(0.01% of total revenue).
Figure 7: Total revenue by year
In 2015, Trimo earned 85,277,726 EUR in net sales revenue, which represents an increase of 26.0
percent compared to 2014.
The majority of net revenue from sales was earned from foreign markets, namely 71,294,046 EUR (83.6
percent of net sales revenue). On the domestic market, Trimo earned 13,983,680 EUR in net revenue
from sales (16.4 percent of net sales revenue); other revenue (the rest of operating, financial and other
revenue) amounted to 1,539,288 EUR (1.8 percent of net sales revenue).
23
Figure 8: The structure of total revenue by year
Expenses
Trimo’s total revenue in 2015 was 84,541,348 EUR, which was an increase of 10.1 percent compared
to the previous year.
The structure of expenses for 2015 is as follows: we incurred 82,299,695 EUR in operating expenses
(97.3 percent of total expenses), 2,078,008 EUR in financial expenses (2.5 percent of total expenses)
and 163,645 EUR in other expenses (0.2 percent of total expenses).
In 2015, operating expenses increased by 19.3 percent compared to the year before. Compared to the
previous year, the 2015 costs of material were higher by 38.7 percent, service costs by 14.5 percent,
labour costs by 4.2 percent and the acquisition price of sold goods and materials was lower by 4.9
percent. The costs of material, services and goods represent 80.5 percent in the structure of operating
expenses.
In 2015, financial expenses decreased by 72.8 percent compared to the year before.
Figure 9: Structure of operating expenses in 2015 compared to 2014
24
Profit or loss
Total profit or loss before tax for 2015 was positive by 2,604,362 EUR, and profit or loss from operating
activities was also positive and equalled 4,586,586 EUR. The net profit or loss was positive and equalled
2,726,915 EUR.11 The main reasons for higher total profit or loss lie in higher net sales revenue and
lower financial expenses from the impairment of financial investments.12
Assets
At the end of 2015, Trimo’s volume of assets was 68,886,326 EUR, a 9 percent increase compared to
2014.13 At the end of 2015, long-term assets represented 61 percent of total assets and were lower
than the year before (index 96). The largest proportion of long-term assets is land and buildings (47
percent of the long-term assets), followed by intangible assets (18 percent of the long-term assets),
manufacturing equipment and machines (17 percent of the long-term assets) and long-term financial
investments (6 percent of the long-term assets).
Within the structure of assets, the share of short-term assets increased to 38 percent in 2015 (it was
29 percent in the previous year).
Capital and liabilities
At the end of 2015, Trimo’s capital was positive and amounted to 15,357,137 EUR.
Long-term provisions arising from provisions formed for severance pay and jubilee benefits, long-term
provisions arising from given warranties on products sold and arising from given warranties for good
work implementation and long-term accrued expenses and deferred revenue totalled 2,413,958 EUR
in 2015 and are 27 percent lower than at the end of the previous year.
In 2015, the company’s long-term liabilities were lower by 2 percent, which is due to the reallocation
of financial liabilities to banks from long-term to short-term financial liabilities. Their share in the
structure of assets decreased accordingly from 42.8 percent in 2014 to 38.3 percent in 2015.
The company’s short-term liabilities were higher by 8.1 percent. The share of short-term liabilities in
the structure of assets represented a 28 percent share, which is the same as last year. Short-term
financial liabilities represent a 12 percent share in the structure of short-term liabilities in 2015 (last
year it was 19 percent) and short-term operating liabilities represent an 88 percent share (last year
this was 81 percent). Short-term financial liabilities decreased by 29.9 percent, of which 30.9 percent
is to banks. Short-term operating liabilities increased by 17 percent, of which the increase in such
liabilities to companies within the Group equalled 43 percent and to suppliers (outside the Group) 17
percent.
11 More information: Financial Report of Trimo in disclosures to the Income Statement, points “Financial expenses” and “Profit
or loss”.
12 More information: Financial Report of Trimo Company for 2015.
13 More information: Financial Report of Trimo Company for 2015.
25
Performance indicators
Added value per employee
In 2015, the added value per employee was 58,726 EUR14, an increase of 25 percent compared to 2014.
Figure 10: Added value per employee by year
Sales revenue per employee
In 2015, the sales revenue per employee in Trimo increased by 33.6 percent and was 250,817 EUR.
Figure 11: Sales revenue per employee by year
Return on assets
In 2015, Trimo’s return on assets increased and was at 4.1 percent (-5.2 percent in 2014).15
Return on equity
In 2015, Trimo’s return on equity16 increased and was at 19.5 percent (-58.6 % in 2014).
Book value per share
The book value of a Trimo share at the end of 2015 was 1.38 EUR (1.05 EUR in 2014).
14 When calculating added value per employee, the average number of employees was rounded to the nearest whole number.
15
In this calculation of the return on assets, only the net profit or loss in the period enters the numerator of the indicator
with regard to the average balance in the same period.
16 It is calculated as a ratio of the net profit or loss of the financial year with regard to average equity in the financial year.
26
Relevant information on operating activities of Trimo Group
TOTAL REVENUE
OPERATING PROFIT/LOSS
TOTAL CAPITAL (31 DECEMBER 2015)
NO. OF EMPLOYEES
(average in 2015)
136,309,813 EUR
4,277,416 EUR
19,064,592 EUR
743
Index 2015/2014
114
90
Revenues
In 2015, total revenue stood at 136,309,813 EUR, having increased by 14% compared to 2014. The
structure of revenue in 2015 is as follows: 132,421,494 EUR of operating revenue (97.1%), 3,666,647
EUR of financial revenue (2.7%), and 221,672 EUR of other revenue (0.2%).
Figure 12: Total revenue of the Trimo Group by year
In 2015, sales revenue was 17% higher than in 2014.
The bulk of sales revenue was generated on foreign markets, namely 112,296,990 EUR (82.4% of total
revenue, in 2014: 80.1%). Sales revenue on foreign markets was 18% higher than in 2014.
On the domestic market, the Group generated 17,429,973 EUR sales revenue (12.8% of the total, the
year before: 13.1%), other revenues – other operating revenue, financial and other revenue totalled
6,582,850 EUR (4.8% of the total).
27
Figure 13: The structure of total revenue of the Trimo Group by year
Expenses
Total expenses in 2014 amounted to 133,440,949 EUR or 9.6% more than in 2014. The structure of
expenses in 2015 is as follows: 128,144,078 EUR of operating expenses (96.0% of the total), 5,065,000
EUR of financial expenses (3.8% of the total) and 231,871 EUR of other expenses (0.2% of the total).
Operating expenses in 2015 increased by 11.6% compared to the year before. Financial expenses
decreased by 15.8%. The negative performance of some subsidiaries, relatively high operating
expenses from revaluation and financial expenses to a high degree influenced the final performance
result of the Group in 2015.17
Figure 14: The structure of operating expenses of the Trimo Group in 2015 compared to 2014
17 Financial expenses or surplus financial expenses over financial revenue
28
Profit or loss
Net profit of the controlling owner of the Group in 2015 amounted to 3,126,220 EUR.18 Operating
result stood at 4,277,416 EUR. Total operating result for 2015 is positive, equalling 2,868,864 EUR.
Assets
The volume of assets of the Trimo Group was 98,176,826 EUR at the end of 2015 or 4.5% more than in
2014.19 At the end of 2015, long-term assets accounted for 59.9% of total assets, having decreased by
4.1%. The major portion of long-term assets is represented by land and buildings (50% of long-term
assets), production machinery and equipment (23% of long-term assets), intangible long-term assets
(16% long-term assets), investment property (5% long-term assets), and long-term financial
investments (1% long-term assets).
In 2015, the share of short-term assets in the total rose to 39% (2014: 33%).
Capital and liabilities
At the end of 2015, the capital of the Trimo Group stood at 19,064,592 EUR, accounting for 19.4% of
liabilities.
Long-term provisions and long-term accrued expenses and deferred revenue decreased by 2% in 2015
compared to 2014 to 4,508,848 EUR.
In 2015, long-term liabilities of the Group increased and accounted for 38% of liabilities (in 2014: 36%).
The increase in long-term liabilities of the Group was mainly influenced by the transfer of bank loans
from short-term financial liabilities to long-term financial liabilities.
The share of short-term liabilities in the total dropped in 2015 to 32% (2014: 40%), whereas in the
absolute amount these liabilities decreased by 18% compared to the previous year, especially because
of lower short-term financial liabilities and a decrease in short-term operating liabilities arising from
advances and other short-term operating liabilities.
Operating result
Value added per employee
Value added per employee20 in the Group was 41,198 EUR in 2015, having grown by 19% compared to
2014.
18 More information on this is available in the Financial Report of the Group under disclosures referring to the consolidated income statement.
19
More information on this is available in the Financial section of the Consolidated Annual Report of the Trimo Group.
Value added per employee is calculated as the ratio between the total value added and the average number of employees based on the
hours worked in the same period. The total value added is calculated as the difference between the categories of income statement = Gross
operating income – Costs of goods, material and services – Other operating expenses. It represents the basic employee performance indicator
in the Trimo Group.
20
29
Figure 15: Value added per employee in the Trimo Group by year
Sales revenue per employee
In 2015, sales revenue per employee rose by 26% reaching 178,441 EUR (in 2014: 141,298 EUR).
Return on assets
In 2015, return on assets improved, equalling 2.91% as a result of improved operating result of the
Group in the year.21
Return on equity
In 2015, return on equity improved, equalling 16.9% as a result of improved operating result of the
Group in the year.
21
The numerator in the calculation of ROA is only the net profit for the period compared to the average assets in the same period.
30
Sales achievements
Sales achievements 22
In 2015, Trimo realised 91.2 million EUR in order intake, whereas in the Trimo Group order intake
amounted to 141.1 million EUR. On the level of the company, we exceeded last year's realisation by
1.2 million EUR or by 1.3 percent, whereas on the level of the Group we fell behind by 2.5 percent in
comparison to the previous year, which is mostly a reflection of worse sales results of Russian
companies due to the deterioration of the business environment and the drop in the value of the
rouble.
Figure 17: Movements in order intake in the company and in the Trimo Group by year
Sales by product groups
In Trimo and the Trimo Group, we focus our marketing and sales activities on the sales of façades and
roofs (building envelope). The share of building envelopes in total sales of the Group was 57 percent
in 2015, and on the level of the company it was 65 percent. Within building envelopes, Trimoterm
panels represent the largest share, and higher price-level façade solutions from the Qbiss family also
represent an important share.
In 2015, we acquired a few larger projects with Trimo's steel construction, so the share of steel
construction in the Group's sales increased. On the other hand, the share of the sales of modular units
and engineering decreased, whereas the share of the sales of acrylic products in the Group stayed at
a similar level as in the previous year.
22
Data on order intake is subject to changes over time, due to changes in specification and scope of individual investment.
31
Figure 12: Product sales structure of Trimo and the Trimo Group in 2015
Sales of new products and solutions
New products significantly contribute to the growth of sales, acquiring new customers and entering
new markets and new segments. They are the motor of development and at the same time the result
of innovative solutions, approaches and concepts in the company. In 2015, the share of sales of new
products and solutions in total sales represented 25 percent.
In 2015, Qbiss One modular façade system and the new range of thermally and structurally efficient
panels Trimoterm Power were the top-selling new products. The most important reference project
that was acquired and already implemented with new products was the project of the energy
renovation of an office building in Oslo, Norway, with the glass curtain wall façade system Qbiss Air,
where five-chamber façade elements were used for the first time, and they represent the only
transparent façade system in the world with a six-fold glazing.
The centre of contemporary art HOME in Manchester in Great Britain. The envelope of the building is an innovative
combination of the Qbiss One modular façade system, Trimoterm panels and the transparent glass façade envelope.
32
We also successfully develop and realise innovative, special solutions for individual clients. Thus, in the
field of the Qbiss One modular façade system, we continued to upgrade the system with special and
individual solutions for commercial projects, where exclusiveness of the exterior and conservation of
the properties of the building envelope were requested.
Sales by regions 23
Trimo realises the largest part of its sales in the region of Western and Northern Europe, where Great
Britain represents the largest single market, followed by Germany. In 2015, the region of Western and
Northern Europe was also the most important region on the Group level, since we had worse results
in the traditionally strongest region of Eastern Europe. We realised an important share of sales with
strategic customers. The sales in Germany strengthened most among individual markets.
Figure 19: Regional sales structure in Trimo and the Trimo Group in 2015
Slovenia
According to the regional sales structure of the Trimo Group in 2015, Slovenia represented 12 percent
of the total sales of the Trimo Group and 13 percent of the total sales of Trimo company. In 2015, we
achieved a similar value of orders on the domestic market as in the previous two years. We acquired
a few larger projects of which we would like to single out the project of the third phase of the
production facility of the investor Filc and the project of the production plant of Krka in Ljutomer. We
also participated in the production of the modern centre for waste management RCERO in Ljubljana.
The Slovenian market remains the most important market in terms of acrylic products sales, which we
produce and market in Akripol, and one of the most important markets in terms of façade and roof
panels sales as well as steel construction.
23
The regions of the Trimo Group:
West and North Europe: Belgium, Denmark, Finland, France, Island, Germany, the Netherlands, Norway, Sweden,
Switzerland, the UK
East Europe: Belarus, Estonia, Kazakhstan, countries of the Caspian region and the Caucasus, Latvia, Lithuania, Moldova,
Russia, Ukraine
Central Europe: Austria, the Czech Republic, Hungary, Poland and Slovakia
South Europe: Albania, BiH, Bulgaria, Cyprus, Montenegro, Greece, Croatia, Italy, Kosovo, Macedonia, Portugal, Romania,
Serbia, Spain, Turkey
Overseas markets: countries of the Middle East and North Africa, North and Latin America, Asia, Australia and Sub-Saharan
Africa as well as projects with global, strategic customers
33
West and North Europe
In the region of West and North Europe, we generated 27 percent of the total sales of the Trimo Group
and 33 percent of the sales of Trimo company in 2015. The most important three markets in the region
are Great Britain, Germany and the Netherlands, both according to total sales and the sales of new
products. In 2015, the highest growth was reached on the German market, where we acquired several
projects with the Qbiss One modular façade system. The project that should be singled out is the
furniture trade centre Finke Center Hamm, which represents the largest order for Qbiss One on
German market until now, and the order for the Porsche car showroom in Munich. The largest and
most important reference project in the region was in Norway, where we acquired and already
implemented the project for the renovation of an office building in Oslo with the glass curtain wall
façade system Qbiss Air.
East Europe
In 2015, East Europe represented a smaller share of total sales than in previous years, which was due
to lower sales of both Russian companies as a consequence of the deterioration of the business
environment in Russia and the effect of the drop in the value of the rouble. Therefore, the share of the
region in total sales of the Group was 16 percent and 4 percent in the company. In Russia, we acquired
a larger project for an office building of the investor Transneft in Kazan, which will be dressed in the
Qbiss One façade system.
Central Europe
In this region, we generated 15 percent of the total sales of the Trimo Group and 18 percent of the
sales of Trimo company in 2015. The share of the region in total sales of Trimo company and the Trimo
Group has remained at a similar level over the years, whereas in 2015 it slightly strengthened due to
higher sales in the Czech Republic and Slovakia. The Czech Republic remains the most important
market in the region. There we acquired several larger projects in the logistics facilities segment in
2015. In Slovakia, the most important of the acquired projects was the Lidl logistics centre, which is
one of Lidl's largest logistics centres in Europe.
South Europe
In the regional structure, the region of South Europe represents 12 percent of the total sales of the
Trimo Group, which is a similar share to the previous two years. The most important market in the
region is still Serbia, where we are present with the production company Trimo Inženjering. In 2015,
Trimo Inženjering exceeded the previous year by 22 percent, with higher sales in Serbia and higher
exports to countries in the region. We achieved important growth of sales in Croatia in 2015 in
comparison to the previous year. The most important project in the region was acquired in Spain,
where we will carry out the project of a business and commercial facility in Barcelona with the Qbiss
One façade system for the prestigious fashion brand Mango.
Overseas markets
In 2015, we created 19 percent of sales for the Trimo Group in overseas markets, the biggest part of
which was for global strategic customers that operate in the demanding energy sector. We saw higher
sales in Singapore, which represents one of the perspective new markets for Trimo. Among the
individual projects, those that should be highlighted are the orders for the university research centre
"The Prince Naif Centre for Health Science Research Princ Naif", the largest university in Saudi Arabia,
for which the Qbiss One façade system was chosen.
34
In 2016, marketing activities will be focused on the countries of West and North Europe, especially
Great Britain, Germany, France and the Scandinavian countries. Furthermore, we would like to
strengthen our presence in overseas markets, where we are carrying out target marketing through
large international construction companies, especially in the field of energetics where we are
performing activities in order to acquire new strategic customers.
Research and development
Sustainable development is a key component of the development strategy
Development activities are based on successful development of innovative, high quality products and
solutions that satisfy the needs of different markets, segments and customers. Added value of
products and solutions is an important development factor for Trimo and our customers. The main
guidelines for the development and management of the building envelope product portfolio are:
simple, fast, (multi)functional, sustainable and aesthetic complete solutions.
The principles of sustainable development and construction are key guidelines of the development
strategy of Trimo company and the Trimo Group. We take into account safety and environmental
starting-points in the development of products, systems and production technologies. The newest
development activities focus on the field of highly insulated thin-layered envelopes, reduction of the
use of energy in buildings and reduction of CO2 footprint and energy balance while at the same time
increasing the level of recyclability of the products. The criteria for the Life Cycle Assessment of a
product or solution are considered with regard to these activities.
A common thread in development and marketing in the Trimo Group is the fire safety of our products
and systems, considering construction physics, energy efficiency and comfort of living in spaces with
an emphasis on architectural solutions and design. In order to promote changes in legislation in the
direction of greater fire safety, we are an active member of the alliance Fire Safe Europe (FSEU).
New products, improvements and applicative solutions
In the Trimo Group, development is one of key areas of operation that ensures long-term, stable
growth of the company and the boosting of brand recognition.
With regard to the strategic orientation of the company, the focus of the development is on the
products and systems for building envelope. Over the past years, we have been focused on the
development of higher price range solutions for building envelope Qbiss One, Qbiss Air and Trimoterm
Power that are intended for comfortable and safe living and energy efficient execution of building
envelope.
Development includes several fields, namely the development of new products, improvements and
applicative solutions as well as the development of suitable technological solutions and equipment.
We ensure long-term competitive advantage and new penetration with basic development of new
materials and systems. For this purpose, we connect with various knowledge centres and tenders
through which we realise our development goals.
In 2015, we generated more than 25 percent of revenue with the sales of new products and solutions.
As regards innovations, applicative solutions represent an important share in revenue. This refers to
the response to market requirements for individual or project solutions with higher added value.
In 2015, there were 36 active development projects, 11 of which were completed. We increased the
share of newly developed products and systems in the structure with regard to previous years.
35
Figure 13: Structure of development tasks in 2015
CBS Inštitut has been operating in the Trimo Group for more than a decade. It is a development
company that continued with development of the glass curtain wall façade system, Qbiss Air, in 2015,
focusing on transparent solutions for the most demanding projects.
Trimoterm fireproof façade and roof systems
The use of Trimoterm panels is most common in industrial, commercial and partly business segments.
The competition in these segments is strong, which is why the focus is on development activities that
on one hand increase the competitiveness of products and on the other hand allow for penetration
into new market segments. In 2015, among other things, we were intensively developing a new façade
system for the residential segment that enables fast construction with a pre-fabricated wall composed
of several panels with already built-in glazing and a chosen external finish.
We performed material and technological improvements on the product Trimoterm PIR (which is most
often used in food industry) that ensure higher added value and competitiveness on the market.
Qbiss One modular façade system
In the field of the Qbiss One modular façade system, we continue to upgrade the system with special
and individual project solutions. The demand for noble metallic materials and possibilities of glazing is
increasing. Consequently, development is focused on combining non-transparent and transparent
façade elements.
We also focused on further development of the ventilated façade system Qbiss One S. As regards
design and aesthetics, the solution is based on the Qbiss One façade system, and it enables us to
combine the systems on the same building. We continue to upgrade the system through the
performance of the A2 combustibility classification, which we will confirm with a certificate in 2016.
Qbiss Air glass curtain wall façade system
We presented the Qbiss Air glass curtain wall façade system for the first time in 2013. Since then, we
have developed transparent and non-transparent glass systems. Further development is directed
towards efficient energy use and achievement of high comfort living. Architectural trends dictate the
use of different materials in combination with glass, so we focus our development on the combination
of Qbiss Air and Qbiss One elements as part of a uniform façade.
36
Trimo modular units
We have developed a panel with a new manner of attaching for an important European supplier of
containers and modular units.
Acrylic products Aglas and Alux
In 2015, we finished the development of the above-standard thickness of acrylic sheets in the
dimension of 30mm, which enables us to enter a new niche segment with more demanding customers.
Key activities were directed towards the improvement of different functional characteristics such as
increased scratch resistance, diffuse light transmission and reduced combustibility. We also continued
with the optimisation of compositions in order to reduce the number of input materials.
Intellectual property
In the field of the protection of own knowledge and industrial property, the Trimo Group has 38
brands, 3 models, 21 patents and 13 patent families. We registered 4 brands in 2015.
Building partnerships
In 2015, we actively cooperated with over 100 domestic and foreign partners in the development
process. These included universities, institutes, departments for development from other companies,
including many suppliers, and a large number of independent researchers and designers. In 90 percent
of all development projects, we cooperated with external partners.
We develop cooperation with knowledge centres through other forms of cooperation such as the
Trimo Research Awards, cooperation in joint calls for applications in development (for example
"Horizon 2020", Smart Specialisation Strategy, Economic Centres), collaboration with students,
enabling visits and tours of production facilities and our specialists functioning as guest speakers at
universities or members of specialised associations.
Investment
In 2015, the amount of investment was limited due to the Master Restructuring Agreement (MRA).
Therefore, we directed these activities towards the most necessary investments in order to provide
suitable quality of products for customers.
In 2015, the Trimo Group allocated 799 thousand EUR to investment, 744 thousand EUR of which in
the parent company and 55 thousand EUR in subsidiaries.
Apart from investment, we carried out regular annual maintenance work on the technological
equipment and for the maintenance of business facilities.
A key part of the investment was for production equipment with which we modernised production
capacity, improved product quality, reduced production costs and improved health and safety at work.
With regard to investments, we also consider environmental aspects and energy efficiency.
37
Supply of products
One of Trimo's main strategic guidelines is customer satisfaction. The most important factor of
customer satisfaction is the provision of competitive and quality products with agreed content and
within agreed deadlines.
We achieve this with continuous optimisation of cost effectiveness of products and technologies as
well as with continuous improvement of processes.
The optimisation of processes is carried out according to the system of lean management of processes.
"Lean" means providing:







education of employees, team work and creating an environment of a learning organisation,
quality in all processes and the strengthening of key operative fields,
customer satisfaction (timeliness of supply, quality, high responsiveness) and owner
satisfaction,
cost reduction and ensuring high quality,
optimisation of processes on all levels, authorisations,
reduction of waste, no errors and accidents,
implementation of good practice in other processes.
Production planning
In 2015, we started implementing the program for effective production planning that ensures the
optimal combination of utilisation of production lines, resources and reaching customer expectations.
The goal of our next step is to additionally shorten the supply deadlines to our customers.
With coordinated and focused operations throughout the whole chain, and with the implementation
of new approaches such as lean production, we were able to optimise the level of supplies of raw
materials and thereby improve the tying up of money in materials in 2015.
Purchasing process
Purchasing operations are based on the optimisation of costs and time as well as the support of Trimo's
development activities. Also in 2015, we worked intensely on linking together all members of Trimo's
supply chain to ensure shorter and more efficient complete solutions for our customers and to shorten
the time to develop new products and solutions.
Production
Trimo has production facilities in Slovenia, Serbia and Russia.
High-technology, adjustable and reliable production of façades and roofs allows us to produce more
than 50,000 different combinations of panels with regard to the thickness, module, profiling, type of
panel, colour, etc. Full automation of the production process of fireproof panels ensures exceptional
quality, repeatability, flexibility and a quick-change system of various types of products. On-going
measuring of the geometry of panels in the process of production on the line enables immediate
reaction in case of irregularities, which assures our customers that they get only the best, since we
upgraded the method with non-destructive control of mechanical characteristics: a reliable system for
process control and determining of the state of the interior of the panel during the process.
The process of the production of steel structures is based on a high-end CNC and CAD-CAM
technologically supported process of the processing of steel profiles and sheet metal, which enables
high flexibility, accuracy and reliability of production. With ensuring quality according to the most
38
demanding standards of manufacturing steel structures, we are the right choice for the most
demanding customers.
In 2015, the emphasis was on an increase in productivity, effectiveness of the utility of hours and
optimisation of waste. The productivity of the line for the production of panels at the Trebnje plant
increased by 4 percent in comparison to the previous year, and at the Trimo Inženjering plant by 29
percent, in particular due to improving the speed of operation of the line. The proportion of waste in
the production volume decreased by 0.15 percentage points at the Trebnje plant and by 0.92
percentage points at the Trimo Inženjering plant.
Logistics
Logistics is the process that ensures correct, timely, quality and economical storage, handling,
shipment and delivery of materials, products and services with the lowest costs and impact on the
environment, in accordance with customer and legal requirements as well as legislative requirements
and other regulations.
All Trimo panels and strategic materials are stored in high-tech rack warehouses designed by Trimo
according to its needs. With the storage of products and raw materials in these warehouses, complete
protection of materials for uninterrupted supply of production and finished products awaiting delivery
to the customer is ensured. We handle the management of input and output materials as well as
customs documentation in accordance with customs legislation and the permission of the Authorised
economic operator (AEO).
In 2015, we started with the project of intensive optimisation of working capital and thus reduced the
volume of inventories and increased inventory turnover.
Complete quality management and process approach
Our strategic orientation is the development and provision of high quality products and services,
incorporation of innovative and complete solutions in new products and processes as well as the
development of an efficient integrated company management system.
Our basic guideline is the satisfaction of all stakeholders, so care for complete quality management
throughout the chain of operation is integrated into each of our activities.
The main guidelines of quality management are:



excellent quality of products and services, acknowledged and measured by the customers,
certification, the ensuring and managing of the quality of products and systems of
management in accordance with the valid legislation, harmonised standards, additionally
included certification systems and with special requests of customers and interested
partners in view of providing optimal support to all stakeholders.
continuous improvement of the efficiency of processes in Trimo company and in the Trimo
Group.
Integrated management system
We are aware that quality of operations, responsible environmental management and care for the
safety and health of employees are key elements in the management of an efficient integrated system
of quality management that is based on the requirements of the standards ISO 9001:2008, ISO
14001:2004 and OHSAS 18001:2007.
39
We understand and implement the integrated management system as a system of mutually connected
processes with the help of which we realise Trimo's ambition and development guidelines. Key
processes form a chain of values, whereas their successful operation is enabled by support and
management processes.
Trimo's process model is schematically presented by the figure below.
Figure 21: Trimo's process model
With constant supervision, measurement and analysing of processes, we are focused on achieving
results and assessing their successfulness and efficiency with the aim to develop and constantly
improve them in order to increase the satisfaction of all stakeholders.
Product certification
Certified products are an important part of the sales process, since customers recognise the advantage
of Trimo's quality products. Trimo has one of the most comprehensive networks of certificates and
sales permits in its market segment. We have more than 1,500 certificates and sales and technical
permissions for our products and solutions in 23 countries all around the world. The majority of our
products are manufactured, tested, controlled and marketed in compliance with harmonised
standards and technical approvals, such as EN 14509:2013, EN 14782:2006, EN 1090-1, STS-10/0015
and STS-11/0023.
Trimo also holds the most important quality labels such as FMA or LPCB and SBSC, which meet the
highest demands made by insurance companies for the most demanding projects by following
stringent requirements of independent quality control and monitoring. In the area of quality
40
development, we are actively involved with the professional association Panels and Profiles
Association Europe (PPA)24.
In 2015, in the field of certification, we continued the certification process for the Trimoterm Power S
and T as well as Qbiss One Power S and T product families with improved characteristics, and we
acquired additional classifications of fire resistance.
The acquisition of the DTA certificate in France for Qbiss One Power T is very important as well as the
extension of the certificate for Trimoterm panels. Within the tests for the French market, we also
performed tests that prove that the panels are suitable for construction in earthquake areas.
Furthermore, we acquired the certificate regarding fire growth according to the LPS 1181:2 standard
for the English market, which proves that Trimoterm and Qbiss One panels do not spread fire in case
there is one. We performed a test for Trimoterm panels with which we proved the anti-theft
characteristics of the panels.
In the field of the certification of Qbiss Air products, we performed mechanical tests and air-tightness
and water-tightness tests for the Wergelansveinen project.
In 2015, we continued with the procedure for the acquisition of the BREEAM certificate that is required
in the market of Great Britain.
For the areas of Russia and Kazakhstan, we performed tests for fire-resistance and extended hygiene
certificates for Trimoterm and Qbiss One panels, and by doing so we obtained relevant attestation
documentation for selling Trimoterm and Qbiss One products on this market.
We carried out the test of fire resistance for the Trimoterm FTV 120, SNV 100 and Qbiss One 120
panels.
For the production in Serbia, we carried out the tests of fire-resistance for FTPi panels and the tests
for SNPi panels with which we proved that the panels do not spread fire from the outside. We also
extended the certificate on the compliance of panels for the Serbian market.
In 2015, Trimo was not aware of any complaints concerning disregarding rules or concerning codes on
product and service information or marking.
Management of the system of management, products, services
With continuous supervision over process operations and measurement of products in all phases of
their production, we provide a suitable basis for proving the capability of processes, compliance of
products and assessment of business performance of the whole Group. At defined control points, we
regularly check if the requirements of customers, regulations, owners, employees and other interested
publics are fulfilled.
24
For more, go to: http://www.epaq.eu
41
Continuous improvement
We systematically recognise examples of good practice and implement them in our processes and
management systems.
We actively involve all employees in the process of improvement, and we encourage innovative
thinking and the creativity of each individual, so that they give suggestions for improvements in their
own working environment or that they actively join in the implementation of the improvement of a
wider working field through team work. We systematically manage the mass improvement system
through the procedure for the improvement of employees who support Trimo's values for employee
growth and development as well as the efficiency of our operations with their work.
For each process, there is monitoring of suitable efficiency and performance indicators established.
The improvement indicators are integrated into the system of planning and monitoring of business
performance, which ensures their regular monitoring.
We manage the continuous improvement and optimisation of processes in accordance with the lean
process management philosophy.
In 2015, we paid special attention to efficient process management, with an emphasis on:

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
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

increase of productivity and efficiency of the operation of order realisation processes,
the development of technologies and solutions for continuous improvement and
achievement of high quality of products and services,
efficient preventive maintenance and shortening of the times of the change of lots for
optimisation of the utilisation of production lines,
the reduction of costs of poor quality in all segments of our operation,
the efficiency of logistic processes and the utilisation of space capacities,
the optimisation of the supply of materials, products and services,
a clean and safe working environment,
the authorisation, informing and development of employee competencies for an increase of
flexibility and development of a learning organisation.
In the first half of the year, we upgraded the system for the improvement of workplace organisation
with the 5S method. Together with supervisors, we check and recognise improvement opportunities
for workplaces with higher risks in the field of safety and environment on a weekly basis.
With suitable daily activities, ideas and better solutions, employees improve the quality of products
and services and health and safety at work, and they more efficiently manage environmental aspects
and resources, which they manage with due diligence.
42
SUSTAINABLE DEVELOPMENT
Responsibility towards employees
Having competent, motivated and responsible employees is vital for the development and success of
Trimo company and the Trimo Group. The employees' energy and loyalty are a guarantee for longterm, successful operation of the company and the Group.
The guidelines in the area of staff acquisition and development are as follows:




the employment and competency development of employees for successful operation in the
global environment as well as the fulfilment of the strategic goals of the company,
efficient connection between staff and strategic goals of the Trimo Group,
the employment and development of senior management staff with internationally
comparable knowledge and relevant experience,
the cultivation of the appropriate climate and culture of employees.
Key indicators for 2015
Trimo
Trimo Group
Number of employees as at 31.12.2015
347
763
Change in the number of employees in 2015
-17
-25
Fluctuation
6%
11 %
Sick leave
4.4 %
4.1 %
The proportion of female employees
29 %
31 %
The proportion of permanent employees
97 %
93 %
Trimo's operations are guided by values based on high ethical standards, respecting human rights25
and treating each individual as a free-thinking person. In that way, every person can express their full
potential in accordance with their capabilities and interests.
25
We are members and co-founders of the Slovenian United Nations Global Compact (UNGC).
43
Fluctuation of the number of employees for Trimo company and the Trimo Group
Figure 22: Fluctuation of average annual number of employees for Trimo company and the Trimo Group
Employee distribution and categorisation and education structure
The personnel structure for employees is adapted to the strategic needs of the company. In 2015, the
company mostly employed people in international sales, and it reduced the number of employees in
administration and processes where activities were reduced due to adaptation to the volume of
business.
In 2015, there were 350 employees on average in the parent company, whereas there were 767
employees in the entire Group. In 2015, the average number of employees in the parent company
decreased by 8 percent in comparison to the year before and in the Group by 7 percent, which is the
result of adaptation to the reduced volume of business in individual companies and process
optimisation within companies. Trimo reduced the number of employees using soft methods such as
retirement, fixed-term employment, consensual termination and termination for business reasons.
At the end of 2015, 97 percent of employees had contracts for an indefinite period in the parent
company Trimo. In Trimo, fixed-term employees have the same employment relationship rights as
employees with contracts for an indefinite period, except for the possibility of supplementary pension
insurance.
In company Trimo, 71 percent of employees are men and 29 percent are women. The ratio of
employees in the Trimo Group is similar. In 2015, the fluctuation in Trimo was 6 percent, which means
that it decreased by 6.6 percentage points in comparison to 2014. The main reason was the rebound
in business.
Employees of the Trimo Group have the same rights as employees at Trimo company with regard to
local labour legislation.
In 2015, the average age of employees in Trimo company was forty-four. We expect that the average
age will increase in the coming years, in particular because of the trend of raising the retirement age.
At the end of 2015, 48 percent of Trimo employees had a level six education or higher. The Group
employs people with comparable levels of education and vocational groups.
44
Competencies and development of employees
Employee competencies are systematically upgraded in accordance with the strategic directions of the
Trimo Group and the established needs of employees for managing processes in the demanding
international environment.
The competencies model, which we updated in 2014, consists of 24 competencies, the first assessment
of which was performed in 2015. The analytics of the model enable us to monitor the potential of
employees as well as their leadership competencies, performance and commitment to company
values. We connected the competencies model with the new remuneration system, with which we
additionally encourage the interest and responsibility of employees for the relevant competency.
In 2015, 66 percent of employees were included in the trainings. There were 13.5 hours of training on
average. Employees were trained in various professional fields (6.8 hours on average) and in the fields
of quality (2.8 hours on average), health and personal growth as well as foreign languages and
management. For the staff of our sales net, we organised the sales net meeting and several individual
introduction trainings for new employees.
Employee remuneration and motivation
The employee remuneration system monitors results achieved – i.e. the contribution of an employee
to the added value and successful operation of the company. Tariff classes of the collective labour
agreement are considered when assessing the ratios for starting salaries. There is no differentiation
between men and women in salaries.
In 2015, we updated the remuneration system for employee performance and we prepared three
models of remuneration. The remuneration model for management employees, the remuneration
model for sales staff and the remuneration model for other staff, connected with the range, quality,
efficiency, relationship, innovation and competency of the employee.
We also reward employees with the possibility of promotion on the basis of determined and
measurable criteria as well as in a non-material way through praise and recognition; we organise joint
events for employees, former employees and children of employees.
Occupational health and safety
The health of employees is an important area to which we pay much attention by implementing various
activities for improving work conditions. In the Trimo Group, we ensure a safe and regulated work
environment to all stakeholders. Every company in the Group is committed to ensuring the necessary
resources (personnel, finance, etc.) for the operation of a health and safety at work system and to
prevent the risk of injuries and health problems.
Sick leave
In 2015, average total sick leave in Trimo was 4.4 percent, a decrease of 0.34 percentage points
compared with the previous year. Average total sick leave on the level of the Trimo Group in 2015 was
4.1 percent.
45
Safety of the employees
In the Trimo Group, we provide for the safety and health of employees through risk management,
improvement of work conditions, training and education in the workplace, technical, organisational
and preventive measures, supervision over the following of rules on safety and health at work and
measures to reduce or prevent work related injuries.
Trimo’s environment and security policy26 recognises a clear commitment to a healthy and safe
working environment, which is also expressed in the declaration on health and safety at work. Trimo
also implements a health and safety at work programme using a systematic and transparent method
in accordance with the principles of the OHSAS 18001 standard.27
The programme for 2015 was dedicated to the prevention of the risk of work related accidents and a
healthier lifestyle of employees. Among important indicators of successfulness in providing safety and
health at work, we also monitor indicators of the frequency of injuries and sick leave due to work
related accidents.
Safety indicators
Figure 23: Targets and achievements of key safety indicators
frequency of injury28
severity of injury
sick leave29
Calculation of the indicator
Target
Achieved
[injuries/million working hours]
< 12
5.6
[lost days/injury]
< 15
17.2
[lost hours/working hours]
< 0.20 %
0.06 %30
In 2015, all indicators are significantly lower in comparison to 2014.
The comparison of the indicators of the number of work related injuries per 1000 employees in Trimo
with the indicators of two branches of industry in Slovenia shows that the safety indicators in Trimo
are lower in comparison to those of the mentioned branches.
The Trimo Group will continue to pay great attention to the field of the management of risks of safety
and health at work. Technical measures and the development of safe technologies will be given priority
over the measures that require the use of protective equipment. In all production companies, we will
increase awareness of safe work and healthy working conditions through education and practical
training for employees. Care for the health of employees is part of Trimo's safety policy.
26 Environmental
and safety policy is available on the Trimo website under Sustainable development.
introduced it in 2003 and it is integrated into the system of the company’s Procedure Manual.
28 The frequency of injuries is calculated on the basis of all hours.
29 Sick leave is calculated on the basis of all hours.
30 Only absence due to work related accidents is considered without accidents during arrival/departure from work or outside
work.
27 Trimo
46
Communication with employees
In 2015, we openly and regularly informed the employees about the circumstances and operations of
the company and the Trimo Group through the internet information newsletter Trimoinformator,
Trimoinformer, intranet, Trimonet, internal magazine Trimotim and the workers' meeting.
Relationship between staff and the Board of Directors
Employees can state their opinions and points of view directly to the managers at regular meetings
and annual interviews. The trade union SKEI operates within Trimo and on 31 December 2015 it
included 23 percent of all employees and an 11-member works council. Two staff representatives are
also members of the Supervisory Board. Employees can communicate their opinions through them and
give proposals regarding their position at Trimo.
Good dialogue has been established between the Board of Directors of Trimo, the trade union and the
works council. At meetings, the Board of Directors informs employees about current events, important
changes in operation and measures concerning employees. Representatives of both bodies inform the
Board of Directors about their positions and proposals for improving work conditions and ensuring
staff rights in accordance with labour legislation.
Responsibility towards investors
Shareholder relationships and dividend policy
The basic goal of Trimo is to maximise the company's value and performance for the benefit of all
stakeholders, including for the benefit of shareholders and investors. Responsible behaviour is
reflected in the achievement of business goals, suitable transparency and communication with
investors.
At the 27th regular general meeting, on 21 July 2015, the shareholders were informed of the annual
report for 2014, and they did not adopt any resolutions in relation to the distribution of dividends.
47
Responsibility towards customers
The Trimo Group acknowledges that a satisfied customer is an important factor of success, therefore
our activities are aimed at increasing customer satisfaction and realising their wishes. The system of
complete customer relationship management has been regularly upgraded for 15 years. We create
relations with them and build long-term partnerships.
We provide our customers with complete solutions, which means not only a wide range of products
and services for the customer but also a specific business model that enables Trimo to offer its
customers solutions across the entire spectrum of services from generating and searching for ideas,
development, design and technical support to production, assembly and service.
Technical advice and support as well as the quality of Trimo's products are key parts of Trimo's strategy
for complete solutions and key factors of success. The quality of Trimo's products and services is
confirmed by more than 1,500 certificates in 23 countries. If necessary, we also provide project
certificates or assist our customers in obtaining other necessary certificates.
Communicating with customers
We nurture relations with strategic customers, architects, investors and contractors through business
meetings and presentations that aim to educate. By organising trainings throughout the year and
through regular annual meetings, we develop mutual relations and increase the satisfaction of key
target groups.
The Trimo Group acknowledges that market communication activities aimed at goals are vital for
achieving the company’s business goals. In 2015, market communication helped strengthen and raise
brand awareness and reputation, ensuring faster market penetration of new products and services
and supporting Trimo's sales and other activities.
Trimo's exhibition space at the fair BAU 2015 in Munich
48
In 2015, we performed the following activities:
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We participated at the BAU 2015 fair, which is regarded as the largest fair dealing with
architecture, materials and systems in construction. There, we presented Qbiss Air – a glass
curtain wall façade system of structural appearance and Qbiss One - a prefabricated modular
façade system.
We exhibited at the largest construction fair in the Russian-speaking area - MosBuild.
We organised the international competition ArtMe Façade Design Challenge, which
encourages the development of creative solutions for building envelopes.
In cooperation with the Faculty of Design, we organised the workshop European Green office
– EGO, where students designed workspaces using Trimo's products while considering the
principles of management, execution and modern "green" EU recommendations.
We organised business and professional presentations in the markets as well as trainings for
target public groups, such as architects, project designers, investors and installers.
We participated in specialised fairs and conferences in the field of construction and
architecture.
We published expert articles and advertisements in various specialised media in the field of
construction and architecture.
We strengthened our presence on the internet by upgrading the content on our corporate
website as well as our regional and product websites. We were also actively present on social
networks.
We informed our target customer groups about novelties in the production programme by
direct mail or Qbiss E-news.
We redesigned and upgraded technical documentation and brochures.
Trimo respects the laws, standards and voluntary codes regarding market communication, including
advertising, promotion and sponsorships. There were no violations of these. Trimo has not received
any complaints on violations regarding customer privacy and loss of customer information.
Trimo has not been imposed with fines for breaching laws and regulations regarding product and
service supply and use.
Technical support and advice
With its technical support, Trimo provides the following key services as part of a complete offer for
customers:
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individual technical support for customers, architects and other stakeholders as well as
decision-makers in all phases of the sales process (from the ideal concept to project
completion),
proactive involvement in projects, meeting market needs with technical proposals and
solutions as well as adjustment to changes in the markets,
specialised trainings of all target groups,
BIM (Building Information Modelling), a tool for the Qbiss One modular façade system with
which we give support to all decision-makers in the process of project design and
construction, especially architects in innovative BIM processes in the field of construction
and architecture,
the graphical presentation of products, the preparation of conceptual architectural solutions
and the preparation of the analyses of static stability and building physics.
49
Customer satisfaction
We have been measuring customer satisfaction, according to key groups, for several years, namely for
the largest customers, architects and project designers.
Trimo knows that satisfied and loyal customers are not just long-term partners – they also provide
word-of-mouth marketing. Trimo performs activities to improve satisfaction based on analyses of
satisfaction measurements and personal interviews with customers as well as creates increased added
value for customers through the process of improvements.
Figure 24: Customer satisfaction with the Trimo brand by year
The general assessment of customers for 2013 and 2014 is slightly worse than in previous years due to
the financial circumstances in the company, whereas in 2015 it improved significantly based on the
stabilisation of operations. Almost 90 percent of customers assessed business cooperation as excellent
or good, and nobody assessed it as poor or very poor.
As the key advantage of business cooperation with Trimo, apart from the certificates that we acquired,
customers indicated product quality. They also evaluated the professionalism and responsiveness of
the Trimo sales teams as good.
50
Responsibility towards suppliers
We build strong relationships and long-term partnerships with our suppliers. We expect our suppliers
to join us in meeting the highest standards of materials and services expected by the market with the
purpose of optimisation and minimisation of the risks of the supply chain and on time supply. Together
with them, we are committed to complete provision of quality with an emphasis on timely and
complete supply. We value suppliers who understand and share our challenges and who help us find
the best solutions.
In cooperation with our strategic suppliers, we strive to improve technical, functional and aesthetic
characteristics of our existing products.
Long-term cooperation with key strategic suppliers is directed towards:
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the development of new materials, technologies and processes,
the development of a joint marketing approach in order to strengthen the market position,
strategic joint activities with the suppliers in order to shorten the delivery periods,
continuous improvement of functionality to ensure the best solutions for the customer.
We regularly carry out development and education round tables, joint workshops and presentations
of new materials and systems in various research and development areas, both with existing and
potential suppliers.
We continue to upgrade e-commerce with the suppliers who have not yet been included in this type
of operation.
In 2015, we improved the technical, functional and aesthetic qualities of the existing products with our
strategic suppliers. We focused activities on improving the characteristics of materials, especially
mineral wool, optimisation of materials and searching for new sheet metals. Together with suppliers,
we pursued solutions and rationalised manufacturing and assembly processes with a project-based
approach.
Responsibility towards social environment
Trimo is aware of its responsibility towards the social environment, which is evident in the various
forms of cooperation with the local environment and outside the local environment. With
sponsorships and donations, we make the operation of various non-profit organisations and
associations possible. In this way, we encourage sports and education, carry out humanitarian
activities, strengthen cultural creativity and support youth projects. We also cooperate with the
Pensioners' Organisation and organise meetings with former employees. Thus, we are contributing to
the improvement of the quality of life and to development of the social environment.
In 2015, Trimo allocated 78,272 EUR or 0.1 percent of realised sales revenue for sponsorships and
donations, the largest share being allocated to the Trimo Trebnje handball club.
The Trimo Trebnje handball club is an incubator for young talent. At the moment, a record number of
children, 185, regularly train at the club. 90 percent of the players in the member team are from the
hometown. Six former members of the club played for the national teams of Slovenia, Croatia, Belarus
and Macedonia at the last world championship.
51
Responsibility towards natural environment
The commitment to sustainable development is one of the foundations of Trimo's organisational
culture and mission. We realise our strategy through the implementation of the model of green
business, such as developing environment-friendly and people-friendly products and technologies,
introducing the cradle to cradle principle (C2C) and developing highly energy efficient building
envelope systems.
We define sustainable development as achieving a balance between long-term commercial, social and
ecological interests and develop it in accordance with our values and with the help of Trimo's key
competencies and a clear vision.
As members of the UNGC, we respect their 10 principles (on human rights, labour standards,
environment, transparency and anti-corruption).
Environmental protection
The Trimo Group has committed itself to balanced sustainable development of products, technologies
and processes. We develop and implement the strategy of providing complete and innovative
solutions, taking into account high safety standards and the reduction of risks for all stakeholders. We
introduce life cycle analysis, including degradation, of products into product development. The transfer
of technologies and setting up of new production facilities is based on the criteria of European
environmental legislation with minimum environmental risks. We monitor emissions and separately
collect waste in all production companies.
The Trimo company spreads the culture of continuous improvement and raises awareness of the
importance of responsible environmental action in a local and global sense. We have an integrated
business system in accordance with the ISO 14001 standard in Trimo and Akripol.
Trimo's offer of complete solutions also includes the option and implementation of environmentallyfriendly solutions that contribute to the added value for the customer and to sustainable development
in the broader sense. Trimo's products and services are focused on energy efficiency, fire protection,
noise protection and airtight solutions. Trimo's key products are at least 98 percent recyclable.
Trimo's field of the environmental management system is led by the authorised person of the
management who is responsible for the development of the whole field and the implementation of
the sustainable development strategy. The most important elements of this strategy are waste
reduction, the introduction of full recycling approaches or an approach that leads to the ‘cradle to
cradle’ concept, rational use of natural resources, the use of renewable energy resources and the
development of products and technologies that are in balance with natural processes.
Important activities and achievements of the management of the environmental management system
in Trimo in 2015 are:
 large share of recyclable waste and handing over in the form of secondary or primary raw
materials (97.1 percent of all waste),
 revision of the Plan for the management of packaging and packaging waste,
 around 55 thousand tons of materials were purchased for production needs,
 other periodic activities (monitoring of emissions, inspection of active fire protection systems,
employee training...).
52
Emergency preparedness
Trimo carries out measures of risk management in the field of environmental protection such as fire,
spill and explosion. In 2015, we had two minor incidents without negative impact on the environment
and without injured employees.
Waste management
We pay a lot of attention to the waste management system, especially at the site where the waste
occurs. We constantly upgrade the waste management system through the system of employee
training and informing and through supervision and implementation of improvements.
Municipal waste
Reducing municipal waste represents a constituent part of Trimo's waste management programme.
The share of municipal waste represents a little over two percent of the total waste of the company,
whereas this share was 15 percent ten years ago.
Secondary waste
The relative share of waste intended for recycling in the form of secondary raw materials at Trimo has
become relatively steady over the past years after increasing for several years, as the waste
management programme is implemented consistently; constant improvements also positively
contribute to the results.
Dangerous waste
Dangerous waste is collected in a controlled environment and handed over to authorised processors
or collectors that hold concessions for this type of service. The amounts of dangerous waste are
relatively low at Trimo and represent around 0.5 percent of all waste.
Water use
The environmental protection programme includes caring for the rational use of natural resources drinking water being the most important.
We use water mostly for sanitary needs and our own kitchen. Processing water is not used during the
production of panels, whereas on the Qbiss Air production line a minimal quantity of water is used. All
waste water goes to the public central wastewater treatment plant Trebnje.
Energy products consumption
The most important energy products for Trimo are electricity and heating gas oil (HGO). The Trimo
Group also uses other energy sources as shown in the table below.
Figure 25: Energy products consumption in production companies of the Trimo Group
Electricity
Trimo d.d.
X
HGO
X
Liquefied petroleum gas (LPG)
X
Natural gas (NG)
X
Diesel fuel
X
Trimo VSK
X
Trimo Inženjering
X
X
X
X
53
Electricity consumption is also an important environmental consideration at Trimo. It includes the
electricity consumption for production processes, ventilation, air conditioning and heating and
lighting. In 2015, the consumption was higher in comparison to the previous year due to increased
production.
Trimo's two solar power plants operated the whole year, generating about 60,000 kWh of green
electricity.
Impact on the environment
By implementing careful natural resource and energy product management and measures for reducing
the indirect impact on the level of emissions, we provide minimum impact on the environment.
We monitor CO2 emissions occurring from the activities in the production factory on the basis of energy
product use. In 2015, the total emissions increased due to increased production and, consequently,
due to the increase in energy products consumption.
We regularly monitor the emissions of combustion plants and other sources of emissions. We ensure
minimal noise emissions into the environment with built-in technology and set anti-noise protection.
All the measured results of the emissions and noise in the environment are below the prescribed legal
limit values.
We perform regular supervision over the use of paints and solvents for the VOC emissions from the
varnishing machines for painting steel structures. We also take care of proper proportions between
solvents and dry matter so that we do not exceed the quantities of allowed emissions.
Figure 26: Absolute CO2 (kg) emissions – operation of Trimo by year
54
FINANCIAL REPORT
OF THE TRIMO COMPANY
FINANCIAL REPORT
Financial report of Trimo
Fundamental accounting assumptions and policies used in the preparation of the financial
report
Basis for the preparation of financial statements
The Financial Statements and the notes thereto have been compiled in accordance with the Slovenian
Accounting Standards (2006) and the applicable amendments and in compliance with the Companies
Act (ZGD-1) and the provisions of the Trimo Rules on Accounting adopted on 1 January 2012. The
following basic accounting assumptions were considered: accrual basis and going concern. The
financial statements have been rounded to the nearest euro. Due to rounding of data, calculation
differences may occur when adding.
They have been prepared on the basis of historical cost, while fair value is considered in the following
financial assets and liabilities: land, buildings, important production lines, investment property. In
compiling the financial statements, the Board of Directors submits assessments, estimates and
assumptions that affect the application of policies, the stated amounts of assets and the liabilities,
revenues and expenses. The estimates and assumptions are based on historical experience and other
factors that are considered to be reasonable under the circumstances, the results of which form the
basis of making assessments about the carrying values of assets and liabilities. Assessments and the
stated assumptions need to be checked continuously. Adjustments to accounting estimates are
recognised only for the period in which the estimate is adjusted if the adjustment affects only that
period. They may be recognised for the period of the adjustment and future years if the adjustment
affects both current and future years.
In disclosing individual items in the annual report, the company follows the principle of materiality and
assesses whether each disclosure to the financial statements significantly influences the decisions of
both internal and external users of financial statements.
The management adopted the Annual Report of the company Trimo on 11 July 2016.
Changes in accounting policies
In the period from January to December 2015, the company did not make any changes to its accounting
policies.
Corrections of mistakes
The mistakes that occur during recognition, measurement, presentation or disclosure of the elements
of financial statements in the current year, and that are discovered in that period, are corrected before
the financial statements are approved for publication.
Foreign exchange rate and conversion into local currency
Assets and liabilities denominated in foreign currencies were converted into euros in accordance with
the ECB's reference rate on 31 December 2015.
55
Exposure to risks and risk management
Currency risk
Currency risk represents a risk of fluctuation in the value of financial instruments due to foreign
exchange rate changes. To ensure protection against currency risks, the company uses currency
clauses, the calculation of selling prices and regulation of assets and sources of assets in the same
currency. In the period from January to December 2015, the company did not ensure protection
against currency risk by purchasing currency options.
Interest rate risk
Interest risk means the risk of fluctuation in the value of a financial instrument due to a change in
market interest rates and higher interest rates on the money and capital market.
Credit risk
Credit risk represents a risk arising when a client involved in an agreement, regarding a financial
instrument, fails to fulfil their obligations, thereby causing the company financial loss. Insurance
instruments used by the company for the insurance of credit risk are: insurance of foreign receivables
with SID31 PKZ, up-to date recovery of receivables, advances paid by customers and the use of bank
guarantees and documented letters of credit. Larger receivables are insured with a guarantee or bill of
exchange, with authorisation to the bank for their realisation.
Insolvency risk
Insolvency risk is the risk of the company running into difficulties when collecting financial assets
necessary for the realisation of financial obligations. The company actively manages insolvency risk
with basic tools used for the regulation of insolvency risks: cash-flow planning, regulation of the
maturity of assets and liabilities, spread of sources of financing, regular payment of receivables.
Balance Sheet
Intangible assets and long-term deferred costs and accrued revenue
Internally generated brands, publication titles, customer lists and items similar in substance shall not
be recognised as intangible assets except in the case of a transaction (acquisition of the company).
Expenditure in research activities undertaken with the prospect of gaining new scientific or technical
knowledge and understanding is recognised in the Income Statement as an expense when incurred.
Expenditure in development activities where research results are used in planning and designing the
production of new or substantially improved products and processes is recognised under intangible
assets if the product or process is technically and commercially feasible, if there is an intention and
ability to complete the project and then use or sell it and expect economic benefits from the project,
if the company has sufficient resources to complete development and if it is able to measure reliably
the cost during development. The recognised expenditure incurred includes not only the costs caused
by its production and indirect costs that can be attributed to it and recognised by the market but also
the cost of borrowing in relation to its acquisition. Other expenditure incurred is recognised in the
Income Statement as an expense when incurred. The useful life is equal to the period of expected
future sales related to the project.
31
Slovenian Export Corporation
56
On initial recognition, an intangible asset is measured at cost. After initial recognition, the company
monitors intangible assets according to the cost model, whereby its cost is decreased by any
accumulated depreciation and any accumulated impairment losses.
Intangible assets are classified as those with finite useful lives. The carrying amount of an intangible
asset with a finite useful life is reduced by depreciation and impairments, if there are reasons for this.
Depreciation of intangible assets begins to be calculated when the asset is available for use. The
adequacy of the depreciation period and the depreciation method are reviewed at least at each
financial year-end. Any adjustments necessary are accounted as a change in an accounting estimate.
Depreciation is calculated on a straight-line basis, beginning the following day when the asset is
available for use.
The depreciation rate used was 10 percent for the brand name, patents and long-term deferred
development costs. The depreciation rate for other property rights is from 10 to 50 percent.
In the context of long-term differed development costs, we recognise the following costs recorded in
suitable cost documents (development orders): material, labour costs and the costs of external
services.
Tangible fixed assets
An item of tangible fixed assets (property, plant and equipment) that qualifies for recognition as an
asset is on initial recognition measured at its cost. The acquisition cost comprises the asset's purchase
price, non-refundable purchase taxes, directly attributable costs of bringing the asset to the condition
necessary for the intended use and the estimate of the costs of dismantling and removing the item
and restoring the site on which it is located.
For subsequent measurement of land, buildings and important production lines, the company uses the
revaluation model. The individual groups of tangible fixed assets are carried at fair value reduced by
the accumulated depreciation value adjustment and impairment losses. The increase in fair value of a
group of tangible assets is recognised in equity as a revaluation surplus unless the previous decrease
in fair value was recognised in the Income Statement. The decrease in fair value of a group of tangible
fixed assets is recognised in the Income Statement upon prior elimination of the revaluation surplus
established in equity. Revaluation is performed periodically (usually every three years) so that the
carrying amount does not differ significantly from the fair value. Part of the revaluation surplus is
realised if the asset is used in the company, while each year a transfer from the revaluation surplus to
retained net profit is made, equalling the higher depreciation, without including it in the Income
Statement.
For subsequent measurement of other production equipment and other items that are recorded as
tangible fixed assets, the company uses the cost model. Tangible fixed assets are carried at historical
cost reduced by the accumulated depreciation value adjustment and impairment losses.
If the acquisition price of an item of tangible fixed assets is high, it is distributed among its significant
parts that may have different useful lives, and the company depreciates separately each such part.
Depreciation is recognised on a straight-line basis over the useful lives of each item of tangible fixed
assets. Land does not depreciate. Depreciation of a tangible fixed asset begins on the first day of the
following month when the asset is available for use. The adequacy of the depreciation period and the
depreciation method are reviewed at least at each financial year-end. Any adjustments necessary are
accounted as a change in an accounting estimate. The estimated useful lives are the following (in terms
of priority):
57
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Buildings: from 15 to 33.33 years
Production equipment: 10 years
Motor vehicles: 5 years
Computers: 2 years
Other equipment: from 5 to 10 years
The difference between the sales value, decreased by the cost of sale, and carrying amount of a
disposed tangible fixed asset is transferred to operating revenue from revaluation if the former is
higher than the latter and to operating expenses from revaluation if the latter is higher than the
former. Upon the disposal of a revalued asset, the difference between its fair value, decreased by the
cost of sale, and last carrying amount must be corrected for the revaluation surplus connected to this
asset.
Leases, in terms of which the company assumes substantially all major risks and benefits of ownership,
are classified as financial leases. The assets under a financial lease are stated separately from other
assets of the same type.
The projected costs of high-value repairs are treated as part of tangible fixed assets and depreciated
at the rate that allows for the estimated amount to be recovered by the time the costs of high-value
repairs actually incur.
Costs that increase tangible fixed assets' future benefits or extend their useful life increase their
acquisition price. All other costs are recognised in the Income Statement under expenses as incurred.
Borrowing costs are recognised as expenses when incurred.
Items of small tools whose individual acquisition price does not exceed 500 euros are classified as
materials.
Investment property
Investment property is held to earn rental revenue, increase the long-term investment value or both.
At the beginning, the investment property is carried at cost, and transaction costs are included in the
amount of cost. For subsequent measurement of investment property, the revaluation model is used,
with investment property being recognised at its fair value. Changes in fair value of investment
property are recognised as other expenses or revenue in respect of investment property. Investment
property does not depreciate.
Impairment of long-term assets other than financial investments
At each reporting date, the company assesses whether there is any indication that an asset may be
impaired. If any such indications exist, the company must assess the recoverable amount of the asset.
The recoverable amount is considered the fair value, decreased by costs of sale or value upon use,
depending on which amount is higher. Assessing the value in use comprises assessing receipts and
disbursements arising from the further use of the asset and its final disposal and applying the
appropriate discount rate to those future cash flows. Value in use may also be established for a cashgenerating unit, which is the minimum identifiable group of assets, the continued use of which is a
source of future cash receipts, predominantly independent of cash receipts from other assets or asset
groups. Its carrying amount is reduced to its recoverable amount only if the recoverable amount is
lower than the carrying amount. This reduction is treated as impairment loss. Any impairment loss
measured under the cost model is recognised in the Income Statement. Any impairment loss measured
58
under the revaluation model is debited directly to each revaluation surplus before the difference is
recognised in the Income Statement.
Impairment losses recognised for an item in prior periods are reversed if, and only if, the assessment
applied to determine the recoverable amount of that item changed after the recognition of the last
impairment loss. In such a case, the carrying amount of the asset is increased to its recoverable
amount. That increase is a reversal of an impairment loss. The increased carrying amount of an asset
due to a reversal of the impairment loss shall not exceed the carrying amount that would have been
determined (net of depreciation) had no impairment loss been recognised for the asset in prior years
unless such increase resulted from revaluation. Any reversal of the impairment loss measured under
the cost model is recognised in the Income Statement. Any reversal of the impairment loss measured
under the revaluation model is attributed directly to the revaluation surplus. If the impairment loss of
the same revalued asset was recognised in the Income Statement, the reversal of such an impairment
loss shall also be recognised in the Income Statement.
Financial investments
In accordance with the SAS, the company classifies long-term and short-term financial investments
into four groups of financial investments:
1st group: financial investments designated at fair value through the Income Statement (we
do not recognise them on 31. December 2015)
2nd group: held-to-maturity investments (we do not recognise them on 31. December 2015)
3rd group: loans and receivables
4th group: available-for-sale investments
Investments in non-negotiable securities or shares are classified in the fourth group.
At the end of the financial year, if this is allowed and appropriate, the company appropriately
reclassifies individual long-term and short-term financial investments into a different group.
For financial investments classified in any of the four groups, the trade date is consistently used.
Upon recognition, the financial investment is measured at cost. In the case of a financial investment
measured at amortised cost and a financial investment measured at fair value through the revaluation
surplus and a financial investment measured at cost, the fair value is supplemented by the transaction
costs that are directly attributable to the acquisition of the financial investment. The valuation of
financial investments depends on which group an individual investment is classified into.
Financial investments classified into the 1st and 4th groups are valued at fair value. Fair value is based
on market value (average share price, published daily value of a mutual fund unit, a single bond price,
...). A change in the fair value of financial investments in the 1st group is recognised in the Income
Statement as financial revenue or expense. A change in the fair value of financial investments in the
4th group is recognised under revaluation surplus. Financial revenue resulting from the elimination of
the revaluation surplus for financial investments in the 4th group is recognised upon the sale of the
financial investment or its derecognition.
Financial investments classified into the 2nd and 3rd groups are valued at amortised cost. Amortised
cost is the amount at which the financial investment is measured at initial recognition minus principal
repayments, plus or minus the depreciation of the discount or premium (using the effective interest
method) and less any possible impairments.
59
Financial investments in non-negotiable securities classified in the fourth group are measured at cost.
Financial investments in subsidiary companies are measured at cost.
A financial investment is derecognised when the contractual rights expire to receive cash flows from
the said investment.
At each reporting date, the company assesses whether there is objective evidence of impairment of a
financial investment. If any such evidence exists, it must be assessed to determine the amount of the
impairment loss. Losses resulting from revaluation from impairment, which could not be settled with
the revaluation surplus, are recognised as a financial expense in the Income Statement. For financial
investments measured at cost and when assessing whether they need to be impaired - the company
complies with the provisions of Note 1 to SAS 3, according to which the impairment test should be
performed if the value of the financial investment exceeds the associated capital by more than 20%.
In the case of financial investments held to maturity and loans and receivables that are carried at
amortised cost, the impairment loss is reversed if the subsequent increase in recoverable amount can
be related objectively to an event occurring after the impairment loss was recognised. Impairment
losses are reversed through profit or loss. The amount of the loss is measured as the difference
between the asset's carrying amount and the present value of expected future cash flows (excluding
future credit losses that have not yet been incurred), discounted at the original effective interest rate
of a financial asset (i.e. the effective interest rate computed at initial recognition).
Impairment losses that are recognised for the available-for-sale financial investments measured at cost
cannot be eliminated. The amount of the loss is measured as the difference between the financial
asset's carrying amount and the present value of expected future cash flows, discounted at the current
market rate of return for a similar financial asset.
Impairment losses recognised for a financial investment in an equity instrument classified as available
for sale cannot be reversed through profit or loss. If the fair value of a debt instrument classified as
available for sale increases and the increase can be objectively related to an event occurring after the
impairment loss was recognised in the profit or loss, it is necessary to reverse the impairment loss
through the profit or loss as financial revenue. The amount of losses on available-for-sale financial
investments at fair value are measured as the difference between the acquisition price and the current
fair value, less any impairment loss on that financial asset previously recognised in the profit or loss.
Inventories
Inventories are assets in tangible form that will be used for the creation of products or performance
of services or be sold in the ordinary course of business.
The company disclosed the following types of inventories:




materials and small tools,
work in progress and semi-finished products,
finished products,
merchandise.
The company monitors in the general ledger the following materials: raw materials, auxiliary materials,
material under processing, non-invoiced material, small tools with a lifetime of up to one year and
merchandise. Records on purchase, use, persons responsible for small tool inventory and write-offs
are also kept. The company recognises quantity units of the inventories of materials and merchandise
at cost, which includes the purchase price, import duties, purchase taxes and direct acquisition costs.
The purchase price is decreased by the amount of approved discounts.
60
Direct acquisition costs are: transportation costs, costs of loading and unloading, transport insurance
and agency costs.
In disclosing the inventories of materials and merchandise, the company uses the average cost
method. Inventories of materials transferred to processing are shown among inventories through
special records and upon their return from processing their disclosed values are then increased by the
costs related to their processing.
Quantity units of products or work in progress are shown at reduced own prices. The reduced own
price includes production costs in the narrow sense, indirect costs of purchase and sales and general
administration but not, however, direct costs of sale and costs of borrowing. In stating inventories of
work in progress and products, the method of standard prices with the corresponding variances is
used.
Inventories of materials are not revalued for value strengthening, nor are work in progress or the
inventories of products. Inventories are revalued due to impairment if the carrying amount, which
includes recent purchase prices and costs in the evaluation, exceeds their market value or it is higher
than the net realisable value. Decreases in the values of inventories of raw materials, materials and
small tools debit the operating expenses from revaluation, while decreases in the value of work in
progress inventories and inventories of products and merchandise decreases debit the related
operating expenses.
Inventories are revalued according to the coefficient of inventory turnover. Based on their age, the
value of 1-year-old inventories is adjusted by 20 percent, the value of 2-year-old inventories by 40
percent and the value of 3-year-old inventories by 60 percent. Net realisable value of inventories of
finished goods and merchandise, which is more than a year old, is considered individually. The
administrator of inventories prepares an estimate of the net realisable value. Inventories of finished
goods and merchandise older than one year are revalued due to impairment, if the carrying value of
the inventories exceeds the estimated net realisable value.
Operating receivables
In terms of maturity, receivables are divided into long-term and short-term receivables.
Long-term operating receivables are from issued deposits or merchant credits with maturities longer
than one year and deferred security.
Short-term portions of long-term operating receivables due in the next year reduce the balance of
long-term commodity credits and are included in the Balance Sheet under short-term operating
receivables.
Short-term operating receivables are divided into short-term trade receivables (domestic and foreign),
advances (advances for inventories, tangible fixed assets and intangible assets are recognised in the
Balance Sheet under the category to which they relate), short-term operating receivables from
operations for the account of third parties, short-term operating receivables associated with financial
revenue and other short-term operating receivables. They are shown separately as receivables from
subsidiary and associated companies. Receivables from group companies are classified by the
individual components of the operating receivables.
Receivables that are not settled within a regular maturity period are considered doubtful receivables,
and if they cause judicial proceedings, they are considered disputable receivables. The term regular
61
deadline implies a deadline determined in accordance with a contract or other corresponding
document.
The revaluation of receivables from group companies in the Trimo Group is recorded up to the amount
of negative capital. If the group companies realise negative capital, the adjustments of receivables are
formed up to the amount of the negative capital.
The revaluation of receivables is a change in their carrying amount. It occurs primarily in the form of
revaluation of receivables due to their impairment or revaluation of receivables due to cancellation of
impairment. It is performed throughout the year during the preparation of monthly financial
statements on the basis of empirical corrections of value adjustments. At the end of the financial year,
the state of the value adjustments of receivables is verified according to the policy on forming value
adjustments of receivables described in the continuation.
For receivables denominated in foreign currency and those where their exchange rate is changed after
their initial recognition, or the contracting parties agreed on a revaluation to preserve their real value,
reducing receivables by exchange rate differences increases financial expenses, and increasing
receivables by exchange rate differences increases financial revenue.
Receivables are revalued due to impairment if their carrying amounts exceed their fair values.
The company assesses the need to impair receivables based on consideration of criteria for maturity
or insurance of receivables that are furthermore corrected through individual evaluation. Receivables
from companies that have gone bankrupt are written off at 100 percent, except when receivables from
those companies are insured (in that case an adjustment equalling the uninsured part of the
receivables is made) or when at least a partial repayment is possible, subject to the debtor’s assets.
Adjustments are calculated according to individual receivables in accordance with the following
criteria:




receivables from customers whose financial state has weakened considerably or they are in
the process of compulsory composition;
receivables in judicial proceedings;
receivables from companies in bankruptcy;
receivables which are not coordinated.
Subsequent write-offs of individual receivables are, based on a corresponding document, covered by
forming the revaluation adjustments of receivables.
Cash
Cash consists of cash on hand, deposit money and cash in transit. Cash also includes cash equivalents
that represent investments that can be converted into cash amounts, known in advance, quickly or in
the near future, and where the risk of changes to the value is insignificant. These include short-term
deposits and bank deposits and similar investments and are intended to ensure solvency. Cash is
shown in the amounts denoted on the corresponding documents. Cash expressed in foreign currencies
is converted to the local currency using the reference exchange rate of the European Central Bank and,
for justifiable reasons, the appropriate exchange rate of a commercial bank may also be used.
Exchange rate differences arising may increase or decrease the original value of cash shown, with
regular financial revenue or financial expenses arising in connection with cash.
Overdrafts in transaction accounts are disclosed as loans received.
Equity
62
Total equity consists of:






called-up capital,
capital reserves,
profit reserves,
revaluation surplus,
retained net profit or loss,
net profit or loss for the financial year.
Acquired treasury shares or business shares are deducted from equity. Upon purchase, sale, issue or
cancellation, any profit or loss from the transaction is not recognised in the Income Statement and any
differences are offset against equity.
Dividends are recognised as a liability in the period in which the general meeting decides that they
should be distributed.
A revaluation surplus refers to preliminary recognised strengthening of assets, both of the total
amount as well as off-set with future effects of asset impairments prior to them being collected. The
recognised positive or negative revaluation surplus is the result of revaluation according to the
revaluation model applied to tangible fixed assets.
Provisions and long-term accrued costs and deferred revenue
The company disclosed provisions in its Balance Sheet if it has, as the result of a past event, a present
legal or indirect obligation and if it is probable that it will be required to settle the obligation through
an outflow of resources embodying economic benefits. Where the effect of the time value of money
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate.
This reflects current assessments of the time value of money and, if needed, the risks specific to the
liability. Effect arising from discounting is recorded as a financial expense or revenue.
If a company expects with great certainty that some or all of the expenditure required to settle a
provision will be reimbursed by another party, the reimbursement is recognised as a separate asset
that does not exceed the amount of the provision. In this context, expenses for provisions are offset
by revenue from the recognition of an asset.
Provisions are reduced directly for costs or expenses for which they were made, which means that
they no longer appear in the Income Statement except in the case of provisions for onerous contracts
and long-term deferred revenue, the consumption of which is transferred to operating revenue in line
with depreciation calculated.
In compliance with the law, collective agreement and internal rules, the company is obligated to pay
jubilee benefits and retirement severance to employees for which it forms long-term provisions. Other
pension liabilities do not exist. Provisions are made in the amount equalling the expected amount of
future jubilee benefits and severance payments, discounted as at the date of the Balance Sheet. A
calculation was made for every employee, taking into account the costs of severance payments upon
retirement and the costs of all projected jubilee benefits until retirement. The calculation based on a
projected unit is prepared by a certified actuary. If company management estimates that in the
financial year there were no events that would have a significant impact on the amount of the
recognised long-term provisions for jubilee benefits and retirement severance, the state of recognised
long-term provisions is changed simply because of interim jubilee benefits and severance payments.
The actuarial calculation is performed at least every third financial year.
63
Provisions for onerous contract costs are recognised when the unavoidable costs of non-compliance
with contractual obligations exceed the economic benefits expected on the basis of the contract.
The company recognises in its financial statements the provisions for ongoing major lawsuits in terms
of their amount. Every year, it verifies the eligibility of the provisions formed with regard to the status
of the dispute and the likelihood of a favourable or an unfavourable outcome. The amount of
provisions is determined based on the amount of the claim or the expected likely amount if the actual
claim is not yet known. If the outcome of litigation is not sufficiently certain along with the amount of
future outflows, it is shown as a contingent liability outside the Balance Sheet.
The company forms long-term provisions with regard to issued warranties upon the sale of products
and major contracts that include guarantees on the work performed, construction and roofs. Longterm provisions from contracts that include a guarantee on the work performed, construction and
roofs are formed on the basis of several years of experience and actual costs related to past
complaints. Long-term provisions for given warranties upon the sale of products are created in line
with the percentage that the company determines on the basis of the average share of the number of
complaints concerning products in relation to the production output of the last five years. Provisions
are as a rule available for use for a period of three years, but no longer than up to the date when the
warranty period expires. The use of provisions formed is carried out using the linear method. The
amount of operating revenue calculated in the current year is defined based on this.
The utilisation of these provisions decreases expenses in the current financial year in the amount of
the actual identified complaints in the financial year, whereas the difference between the excess
provisions is eliminated in favour of profit.
Based on experience of the Quality Sector, the majority of complaints arises in the first three years
after the handover of the building, which is why provisions are created for a period of three years.
Liabilities
Liabilities may be of a long-term, short-term, financial or operating nature. Long-term liabilities
represent a liability with regard to the financing of company’s own assets whose maturities are longer
than one year following their appearance or date of the Balance Sheet.
Long-term liabilities are broken down into:


long-term financial liabilities that represent long-term loans acquired on the basis of loan
agreements or acquired deposits and liabilities to lessors through financial leasing,
long-term operating liabilities that comprise long-term supplier credit for purchased goods or
services and long-term security received.
Long-term liabilities are divided into long-term liabilities to Group companies and other entities. Longterm liabilities are also classified into long-term liabilities obtained from banks and other legal and
natural persons at home and abroad.
Short-term liabilities are recognised liabilities connected to the financing of the company’s own assets
that must be settled within a year’s time at the latest.
Short-term liabilities are divided into:


financial liabilities that arise when creditors place cash into a company or pay its business
events with cash,
operating liabilities that arise when suppliers place into a company elements required for
production and the performance of services.
64
The company discloses short-term liabilities acquired from banks and other legal and natural persons
at home and abroad separately.
Liabilities are measured at amortised cost using the effective interest method. If significant amounts
do not bear interest, they are recognised at a discounted amount, taking into consideration the
average interest rate achieved by the company in comparable transactions. If the actual or agreed
interest rate does not materially differ from the effective interest rate, they are recognised in the
Balance Sheet at their initial recognised amounts less repayments.
Short-term accruals and deferrals
Short-term accruals and deferrals are receivables and other assets and liabilities that are expected to
arise within a year’s time and whose occurrence is probable.
Accrued revenue and deferred costs include short-term deferred costs or short-term deferred
expenses and short-term accrued revenue. They are shown and classified separately by the type of
accrued revenue and deferred costs.
Accrued costs and deferred revenue include short-term accrued costs or expenses and short-term
deferred revenue. They are shown and classified separately by the type of accrued costs and deferred
revenue. Accrued costs related to engineering projects are also shown in accrued costs and deferred
revenue.
Costs or expenses calculated in advance arise on the basis of a uniform burdening of activities, profit
and loss or inventories. Short-term deferred revenue arises if the work has not yet been performed
and the costs of the services have already been invoiced or paid. Similarly, it can arise if the entitlement
to the recognition of revenue in the profit or loss is doubtful at the moment of sale.
Income Statement
The Income Statement has been prepared according to Version I in accordance with SAS 25.5. The
Income Statement represents the fundamental financial statement and gives a realistic and fair
overview of the profit or loss for the current and previous financial year. The structure of items
presented in the Income Statement refers to the total revenue attained in an individual financial year.
Revenue
Revenue represents increases in economic benefits in the accounting period in the form of increased
assets or decreased liabilities. Through its effect on profit or loss, revenue influences the capital
amount.
Revenue is classified into operating revenue, financial revenue and other revenue.
Revenue from the sale of products is recognised in the Income Statement when the company has
transferred to the customer the significant risks and rewards of ownership of the goods. Revenue from
the sale of products, merchandise and materials is measured at selling prices stated in invoices or other
documents, less discounts and rebates approved either when the sale is made or subsequently,
including those granted for early payment. Revenue from services rendered is recognised in the
Income Statement in proportion to the stage of completion of the transaction at the Balance Sheet
date. The stage of completion is assessed by reference to surveys of work performed. No revenue is
recognised if there are uncertainties regarding the recovery of the consideration due, associated costs,
the possible return of goods or continuing management involvement with the goods.
65
Rental revenue from investment property is recognised in revenue evenly during the lease term.
A government grant is initially recognised in the financial statement as deferred revenue when there
is reasonable assurance that the company will comply with the conditions attached to it and receive
it. Government grants received for covering costs are recognised strictly as revenue over the periods
necessary to match them with the related costs that they are intended to compensate for. Government
grants associated with assets are recognised in the Income Statement strictly as other operating
revenue over the useful life of that asset.
Interest revenue is recognised in the Income Statement as it accrues using the effective interest rate
method. Dividend revenue is recognised in the Income Statement on the date when the shareholder's
right to receive payment is exercised. Financial revenue in the Income Statement also includes
exchange rate gains and gains on hedging instruments and other revenue derived from financial
investments.
Revenue from engineering projects is recognised in the Income Statement in proportion to the stage
of completion of the project. If, in individual projects, it is determined that the costs incurred exceed
the planned costs, the estimated overall loss on the project is recognised as an expense of the
accounting period.
Expenses
Expenses are broken down into operating, financial and other expenses.
The acquisition price of goods sold includes the net invoiced value of goods sold, expenses for customs
and other import duties that are levied according to the supplier's price, transportation costs,
insurance costs and other associated acquisition expenses.
Production costs of goods sold and cost of sales and general operations are dependent on inventory
valuation methods described under Inventories.
Operating expenses from revaluation arise from impairment of fixed, current assets and investment
property measured at cost as well as from the loss on disposal of intangible assets, tangible fixed assets
and investment properties in comparison to their carrying amount.
Financial expenses comprise interest payable on loans calculated using the effective interest rate
method, exchange rate losses, losses on hedging instruments and other expenses that arise from
financial investments.
Deferred taxes
Corporate income tax for the financial year comprises current and deferred tax. Current tax is the tax
payable on the taxable profit for the financial year, using tax rates enacted at the Balance Sheet date,
and any adjustment to tax payable in regard to previous financial years. Deferred tax is recognised
using the Balance Sheet liability method, providing for temporary differences between the carrying
amounts of assets and liabilities and the amounts used for taxation purposes.
Deferred tax liabilities are recognised for all temporary differences except for:


goodwill that is not deductible for tax purposes;
the initial recognition of an asset or liability in an event other than a merger, division, exchange
of capital shares and transfer of activities and that does not affect the accounting or taxable
profit;
66

differences relating to investments in subsidiaries, branches and associated companies and
interests in joint ventures in the amount for which it is probable that it will not be reversed in
the foreseeable future.
Deferred tax assets are recognised for all temporary differences, unused tax credits and tax losses in
the amount for which it is probable that there will be future taxable profit available against which the
said asset can be debited, except if:


the differences arise from the initially recognised assets or liabilities in an event that at the
time of occurrence affects neither the accounting profit nor taxable profit, except in the case
of receivables from business mergers, divisions, exchange of capital shares or transfer of
activities;
the differences arise from financial investments in subsidiaries, branches and associated
companies and interests in joint ventures, and it is not probable that the temporary differences
will be reversed in the foreseeable future.
When compiling the Balance Sheet, the company reassesses previously unrecognised deferred tax
assets and recognises them if it is probable that future taxable profit will allow for the utilisation of
deferred tax assets. The company reduces the carrying amount of a deferred tax asset if it is no longer
probable that sufficient taxable profit will be available. Any such reduction is reversed if it becomes
probable that sufficient taxable profit will be available.
Corporate income tax is disclosed in the Income Statement, except where it refers to items directly
disclosed as equity, in which case it is disclosed under equity.
Insignificant amounts of receivables and deferred tax liabilities are not recognised.
Business and geographical segments
The company does not monitor operations by business and geographical segments.
67
Financial statements as at 31 December 2015
The financial statements comprise:







Balance Sheet,
Income Statement,
Statement of Changes in Equity,
Statement of Other Comprehensive Income,
Statement of Distributable Profit / Accumulated Loss,
Cash Flow Statement,
Notes to the financial statements.
68
Balance Sheet
BALANCE SHEET AS AT 31 DECEMBER 2015
(EUR)
31.12.2015
31.12.2014
ASSETS
68,886,326
62,915,953
41,825,791
43,760,320
7,411,805
8,226,081
5,453,796
1,958,009
27,381,823
19,763,058
7,084,204
12,678,854
6,934,082
684,683
-
6,600,988
1,625,093
27,847,508
19,007,948
5,640,121
13,367,827
7,645,200
894,680
299,680
-
7,758
1,492,037
2,367,581
2,277,860
1,895,065
382,795
89,721
89,721
2,353
2,353
3,170,192
26,239,518
6,554,062
4,692,147
237,917
1,179,768
444,230
88,245
7,500
7,500
80,745
80,745
15,793,794
1,779,981
12,823,749
1,190,064
3,803,417
821,017
291,922
1,671,904
2,697,224
2,697,224
2,199,805
20,447
476,972
187,966
185,613
2,353
3,129,637
18,112,339
5,339,048
3,456,088
160,395
974,167
748,398
166,718
161,941
144,000
17,941
4,777
4,777
10,411,704
2,355,476
7,371,985
684,243
2,194,869
1,043,294
Long-term assets
Intangible assets and long-term deferred costs and
accrued revenue
Long-term property rights
Long-term deferred development costs
Tangible fixed assets
Land and buildings
Land
Buildings
Manufacturing equipment and machines
Other equipment and machines
Tangible fixed assets under construction
Tangible fixed assets under construction and
manufacture
Advances for tangible fixed assets
Investment property
Long-term financial investments
Long-term financial investments except for loans
Shares and stakes in Group companies
Shares and stakes in associated companies
Other shares and stakes
Long-term loans
Long-term loans to Group companies
Long-term operating receivables
Long-term operating receivables from customers
Long-term operating receivables from others
Deferred tax assets
Short-term assets
Inventories
Materials
Work-in-progress
Products and merchandise
Advance payments for inventories
Short-term financial investments
Short-term financial investments except for loans
Shares and stakes in Group companies
Other shares and stakes
Short-term loans
Short-term loans to Group companies
Short-term operating receivables
Short-term operating receivables from Group companies
Short-term operating receivables from customers
Short-term operating receivables from others
Cash
Short-term accrued revenue and deferred costs
69
BALANCE SHEET AS AT 31 DECEMBER 2015
(EUR)
31.12.2015
31.12.2014
LIABILITIES
68,886,326
62,915,953
Equity
15,357,137
12,639,290
9,143,567
9,143,567
81,095
27,964
511
(511)
53,131
5,654,298
478,177
18,287,134
18,287,134
32,881
(32,881)
6,064,431
(8,199,857)
(3,512,418)
2,413,958
3,308,668
875,398
1,021,799
516,761
822,122
1,871,381
615,165
Long-term liabilities
26,357,946
26,908,342
Long-term financial liabilities
Long-term financial liabilities to banks
Other long-term financial liabilities
Deferred tax liabilities
25,205,317
23,633,453
1,571,864
1,152,629
25,669,105
23,964,748
1,704,357
1,239,237
Short-term liabilities
19,294,199
17,841,093
Short-term financial liabilities
Short-term financial liabilities to banks
Other short-term financial liabilities
Short-term operating liabilities
Short-term operating liabilities to Group companies
Short-term trade payables
Other short-term operating liabilities
2,333,902
2,200,000
133,902
16,960,297
902,634
14,274,541
1,783,122
3,330,944
3,186,000
144,944
14,510,149
632,956
12,214,388
1,662,805
5,463,086
2,218,560
Called-up capital
Share capital
Revenue reserves
Legal reserves
Reserves for own shares and own business stakes
Own shares and own business stakes
Statutory reserves
Revaluation surplus
Retained net profit or loss
Net profit or loss for the financial year
Provisions and long-term accrued costs and deferred
revenue
Provisions for pensions and similar obligations
Other provisions
Long-term accrued costs and deferred revenue
Short-term accrued costs and deferred revenue
70
Income Statement
INCOME STATEMENT
(in EUR)
Net sales revenue
Changes in inventory values of products and work in progress
Capitalised own products and services
Other operating revenue (including revaluation operating revenue)
Costs of goods, material and services
Cost of goods and materials sold and costs of used materials
Service costs
Labour costs
Costs of salaries and wages
Social security costs
Pension insurance costs
Other labour costs
Value write-offs
Depreciation/Amortization
Operating expenses from revaluation of intangible and tangible fixed assets
Operating expenses from revaluation of current assets
Other operating expenses
OPERATING PROFIT OR LOSS
2015
85,277,726
328,695
141,445
1,138,415
(66,238,994)
(47,712,227)
(18,526,767)
(11,093,735)
(8,586,395)
(624,481)
(708,287)
(1,174,572)
(4,286,397)
(2,065,219)
(192,700)
(2,028,478)
(680,569)
2014
67,655,523
59,787
2,066
2,689,955
(52,455,417)
(36,274,939)
(16,180,478)
(10,646,161)
(8,053,678)
(570,484)
(731,813)
(1,290,186)
(4,904,017)
(2,248,912)
(297,981)
(2,357,124)
(976,037)
4,586,586
1,425,699
19,554
19,554
52,491
52,491
176,547
2,082
174,465
41,503
18,001
23,502
1,516,141
1,516,141
143,820
40,695
103,125
Financial revenue from shares
Financial revenue from shares in Group companies
Financial revenue from shares in associated companies
Financial revenue from other investments
Financial revenue from loans granted
Financial revenue from loans granted to Group companies
Financial revenue from loans granted to others
Financial revenue from operating receivables
Financial revenue from operating receivables from Group companies
Financial revenue from operating receivables from others
Financial expenses from impairment and write-offs of financial
investments
Financial expenses from financial liabilities
Financial expenses from loans received from banks
Financial expenses from other financial liabilities
Financial expenses from operating liabilities
Financial expenses from operating liabilities to Group companies
Financial expenses from other operating liabilities
(620,859)
(5,936,296)
(1,233,971)
(1,111,975)
(121,996)
(223,178)
(6,760)
(216,418)
(1,428,134)
(1,281,003)
(147,131)
(263,164)
(25,609)
(237,555)
PROFIT OR LOSS FROM FINANCING ACTIVITIES
(1,829,416)
(5,926,130)
10,837
(163,645)
5,466
(163,980)
2,604,362
(4,658,945)
122,553
(217,483)
1,364,010
2,726,915
(3,512,418)
Other revenue
Other expenses
PROFIT OR LOSS BEFORE TAX
Corporate income tax
Deferred taxes
NET PROFIT OR LOSS FOR THE ACCOUNTING PERIOD
71
Statement of Distributable Profit / Accumulated Loss
STATEMENT OF DISTRIBUTABLE PROFIT / ACCUMULATED LOSS
(in EUR)
Net profit or loss for the accounting period
- covering of the retained loss
- formation of legal reserves
- formation of reserves for own shares
- formation of statutory reserves
The rest of net profit or loss for the year
Retained net profit or loss
Distributable Profit / Accumulated Loss
2015
2014
2,726,915
(2,167,643)
(27,964)
(53,131)
478,177
(3,512,418)
-
(8,199,857)
478,177
(11,712,275)
(3,512,418)
Statement of Other Comprehensive Income
STATEMENT OF OTHER COMPREHENSIVE INCOME
(in EUR)
2015
2014
Net profit or loss for the accounting period
Change in the revaluation surplus of fixed assets
Other elements of comprehensive income
2,726,915
(422,855)
413,787
(3,512,418)
(1,543,122)
1,152,557
Total comprehensive income for the accounting period
2,717,847
(3,902,983)
72
Cash Flow Statement
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015
(in EUR)
2015
2014
86,726,419
70,153,828
(80,306,521)
-
(67,170,196)
-
(5,196,477)
222,277
(1,215,014)
1,650,971
3,148,993
-
2,516,380
1,184,744
(812,580)
(7,820,033)
844,214
-
5,030,648
(1,103,643)
121,401
176,335
47,000
40,000
-
51,809
1,660,189
238,081
-
(99,650)
(710,286)
(137,930)
(149,768)
(149,721)
(152,378)
(57,268)
(727,299)
1,605,113
Cash flows from operating activities
Income Statement items
Operating revenue (except revaluation) and financial revenue
from operating receivables
Operating expenses excluding depreciation or amortisation (except
revaluation)
and financial expenses from operating liabilities
Income taxes and other taxes not included in operating expenses
Changes in net current assets in Balance Sheet items (including
accruals and deferrals,
provisions and deferred tax
assets and liabilities)
Opening less closing operating receivables
Opening less closing deferred costs and accrued revenue
Opening less closing deferred tax assets
Opening less closing assets (disposal groups) held for sale
Opening less closing inventories
Closing less opening operating liabilities
Closing less opening accrued costs and deferred revenue and provisions
Closing less opening deferred tax liabilities
Net receipts/disbursements from operating activities
Cash flows from investing activities
Receipts from investing activities
Interest and profit participation received from
investing activities
Receipts from the disposal of intangible assets
Receipts from the disposal of tangible assets
Receipts from the disposal of investment property
Receipts from the disposal of long-term financial investments
Receipts from the disposal of short-term financial investments
Disbursements from investing activities
Disbursements for the acquisition of intangible assets
Disbursements for the acquisition of tangible fixed assets
Disbursements for the acquisition of investment property
Disbursements for the acquisition of long-term financial investments
Disbursements for the acquisition of short-term financial investments
Net receipts/disbursements from investing activities
73
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015
(in EUR)
2015
2014
-
3,000,000
-
(1,233,971)
(1,460,830)
(1,290,937)
(102,521)
(2,694,801)
1,606,542
Closing balance of cash
3,803,417
2,194,869
Cash for the period
Opening balance of cash
1,608,548
2,194,869
2,108,012
86,857
Cash flow from financing activities
Receipts from financing activities
Receipts from paid-up capital
Receipts from the increase in long-term financial liabilities
Receipts from the increase in short-term financial liabilities
Disbursements from financing activities
Interest paid on financing activities
Disbursements for the repayment of equity
Disbursements for the repayment of long-term financial liabilities
Disbursements for the repayment of short-term financial liabilities
Dividends and other profit shares paid
Net receipts/disbursements from financing activities
74
Statement of Changes in Equity
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 1 JANUARY 2015 TO 31 DECEMBER 2015
(in EUR)
Balance as at 31 December 2014
Changes in equity capital – transactions with shareholders
Disposal or withdrawal of treasury shares and own business stakes
Total comprehensive income for the accounting period
Entry of net profit or loss for the reporting period
Change in the revaluation surplus of tangible fixed assets
Change in the revaluation surplus actuarial surplus/deficit
Other elements of comprehensive income for the reporting period
Share
capital
Distributable Profit / Accumulated Loss
Total
called-up
capital
Capital
reserves
Legal
reserves
Reserves for
own stakes
and shares
Own
stakes and
shares
Statutory
reserves
Total
Other reserves reserves from
revenue
from revenue
Surplus
from
revaluation
Retained
net
profit or loss
Net
profit or loss
for the year
Total
(8.199.857)
(3.512.418)
12.639.290
18.287.134
-
18.287.134
-
-
32.881
(32.881)
-
-
-
6.064.431
-
-
-
-
-
(32.370)
32.370
-
-
-
-
-
-
-
-
-
-
-
-
(32.370)
32.370
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(422.855)
12.722
-
401.065
-
2.726.915
-
2.726.915
(21.790)
12.722
-
-
-
-
-
-
-
-
-
-
-
(410.133)
401.065
2.726.915
2.717.847
-
-
-
-
-
-
-
-
-
-
(3.512.418)
3.512.418
-
Movements in equity
Disbursement of the remaining net profit of the comparable
reporting period to other capital components
Disbursement of the part of net profit of the reporting period to other capital components
according to the decision of management and supervisory bodies
(9.143.567)
Compensation for the loss as a deductible capital component
Balance as at 31 December 2015
Uncalled
capital
-
(9.143.567)
-
27.964
-
-
-
53.131
-
-
81.095
-
-
2.167.643
9.143.567
(2.248.738)
-
-
(9.143.567)
-
(9.143.567)
-
27.964
-
-
53.131
-
81.095
-
7.798.792
1.263.680
-
9.143.567
-
9.143.567
-
27.964
511
53.131
-
81.095
5.654.298
-
478.177
15.357.137
-
478.177
478.177
(511)
75
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 1 JANUARY 2014 TO 31 DECEMBER 2014
(in EUR)
Balance as at 31 December 2013
Changes in equity capital – transactions with shareholders
Entry of additional paying-up of capital
Total comprehensive income for the accounting period
Entry of net profit or loss for the reporting period
Change in the revaluation surplus of tangible fixed assets
Change in the revaluation surplus actuarial surplus/deficit
Other elements of comprehensive income for the reporting period
Share
capital
Uncalled
capital
Total
called-up
capital
Capital
reserves
Legal
reserves
Reserves for
own stakes
and shares
Own
stakes and
shares
(32.881)
4.538.336
-
4.538.336
-
-
32.881
17.198.804
-
17.198.804
-
-
-
17.198.804
-
17.198.804
-
-
-
-
-
-
-
-
-
Total
Other reservesreserves from
from revenue
revenue
Surplus
from
revenue
Retained
net
profit or loss
Net
profit or loss
for the year
Total
(12.788.380)
(656.531)
-
-
-
7.593.513
-
-
-
-
-
-
-
-
17.198.804
-
-
-
-
-
-
-
-
17.198.804
-
-
-
-
-
-
(1.543.122)
14.040
-
1.138.517
(3.512.418)
-
(3.512.418)
(1.543.122)
14.040
1.138.517
-
-
-
-
-
-
-
(1.529.082)
1.138.517
(3.512.418)
(3.902.983)
(3.450.006)
-
-
-
-
-
-
-
-
(12.788.380)
3.450.006
12.788.380
-
-
-
-
-
-
(9.338.374)
12.788.380
-
-
-
-
6.064.431
(8.199.857)
(3.512.418)
12.639.290
(8.199.857)
(3.512.418)
(11.712.275)
Movements in equity
Disbursement of the remaining net profit of the comparable
reporting period to other capital components
Compensation for the loss as a deductible capital component
(3.450.006)
-
(3.450.006)
-
(3.450.006)
-
-
-
Balance as at 31 December 2014
18.287.134
-
18.287.134
-
-
32.881
ACCUMULATED LOSS
Statutory
reserves
(32.881)
-
76
Disclosures and notes to the financial statements
Disclosures and notes to the Balance Sheet
Intangible assets
Changes in intangible assets
Development
costs
Property rights
and
other rights
Intangible
assets in
acquisition
Total
73,902
73,902
11,140,983
11,140,983
1,554,269
1,554,269
12,769,153
12,769,153
-
99,649
(82,324)
(1,139,497)
99,649
340,306
(99,649)
-
99,649
340,306
(82,324)
(1,139,497)
73,902
10,018,811
1,894,576
11,987,287
31 December 2014
Adjustments
1 January 2015
3,079
3,079
4,539,994
4,539,994
-
4,543,073
4,543,073
Depreciation for the year
Disposals
7,390
-
107,345
(82,324)
-
114,735
(82,324)
10,469
4,565,015
-
4,575,484
31 December 2014
70,823
6,600,989
1,554,269
8,226,081
1 January 2015
70,823
6,600,989
1,554,269
8,226,081
31 December 2015
63,433
5,453,796
1,894,576
7,411,805
(in EUR)
Acquisition price
31 December 2014
Adjustments
1 January 2015
Acquisitions
Acquisitions - capitalisation
Transfer from investments in progress
Disposals
Transfer to land
31 December 2015
Accumulated value adjustment
31 December 2015
Carrying amount
The increase in the acquisition price of intangible assets is related to the purchase of computer
software, registration of brands and property rights to land.
Part of intangible assets were excluded from the use on the basis of a proposal from the Commission
for fixed assets and the Commission for the inventory of fixed assets.
The development costs of the products of the Qbiss One family are disclosed in deferred development
costs.
77
Intangible assets in acquisition are related to the development costs of Qbiss Air products. Their
capitalisation amounted to EUR 340,306 in 2015.
The company discloses the lease of two pieces of land in the Republic of Serbia, the Municipality of
Pečinci, for a period of 99 years, in other property rights, in the present value of EUR 5,295,772.
In its financial statements in 2014, the company transferred the lease right for a period of 99 years for
two pieces of land in the Republic of Serbia, the Municipality of Pečinci, to intangible fixed assets.
Trimo d.d. undertook to build facilities on that land within 3 years after the conclusion of the lease
contract. After the expiration of the deadline, the facilities were not yet built due to objective
circumstances. In 2015, the company successfully entered in the accounts the ownership right on the
part of land that was adequately recorded within tangible fixed assets. On 4 December 2015, the
company submitted a request for the conversion of the lease right of the remaining part of the land
into the ownership right at the real estate register of Pečinci on the basis of the change in the
legislation. This part of land is still recorded as other property right. The company did not receive any
feedback regarding the completion of the conversion process by the day of the preparation of the
report. The company assessed the value of the leased land on the basis of the valuation of the real
estate performed by a certified appraiser for real estate at the Serbian Institute for Auditors. In the
event of proceedings by the lessor in the direction of attempted termination of contract, the company
will exercise entitlements to reimbursement of the rest of the lease payments and past investments in
that land. According to an internal calculation, the company establishes that the reimbursement by
the lessor in such a case would be higher than the assessed value of real estate recorded in the
statements of the company. Based on this, the company establishes that the value of the entitlement
is not recorded as too high.
On 29 January 2015, Trimo received a request in relation to property rights for leased land in the
Republic of Serbia (the Municipality of Pečinci), sent by the Municipality of Pečinci requesting the
rescission of the lease contracts concluded on 1 February 2010 and 6 December 2007, because of the
breach of contractual commitments with regard to investment. Trimo was prepared to undertake
consensual termination of the contract and requested that the Municipality of Pečinci reimburse the
proportional part of lease payments and compensate for the increase in land value resulting from the
investment of Trimo, in accordance with the law and contract provisions. A final agreement was not
reached.
The Board of Directors of the company estimates that it is very unlikely that the Municipality of Pečinci
will request rescission of the lease contracts in the court procedure, mainly due to the obligations of
the municipality to reimburse the proportional part of lease payments and reasonable and useful
investments in the increase in land value. The potential dispute had not been initiated by the date of
the preparation of this Annual Report. According to Article 103 of the Act on Planning and Construction
of Facilities, it has to be initiated within one year after the law enters into force (the law was published
on 17 December 2014).
Trimo used legal options in accordance with Article 103 of the Act on Planning and Construction of
Facilities and filed a request for conversion without compensation on 4 December 2015. The request
has not yet been decided on.
As at 31 December 2015, the company does not disclose significant commitments for the acquisition
of intangible fixed assets.
78
Tangible fixed assets
CHANGES IN TANGIBLE FIXED ASSETS
(in EUR)
Land
Buildings
Production
devices and
machinery
Other
devices and
equipment
Fixed
assets in
acquisition
Advances
for fixed
assets
Total
Acquisition price
31 December 2014
Adjustments
1 January 2015
5.640.121
5.640.121
20.061.677
20.061.677
27.650.137
27.650.137
15.867.700
15.867.700
7.758
7.758
291.922
291.922
69.519.315
69.519.315
1.139.497
12.664
291.922
-
45.197
(208.960)
-
426.541
(97.673)
233.642
(1.312.841)
(380.067)
-
718.044
(725.802)
-
(291.922)
-
718.044
1.139.497
(7.758)
(1.521.801)
(380.067)
(97.673)
7.084.204
19.897.914
27.979.005
14.408.434
-
-
69.369.557
-
6.693.851
6.693.851
20.004.937
20.004.937
14.973.020
14.973.020
-
-
41.671.808
41.671.808
-
608.062
(82.853)
-
1.110.537
(70.551)
231.884
(1.262.615)
(218.538)
-
-
-
1.950.483
(1.345.468)
(218.538)
(70.551)
-
7.219.060
21.044.923
13.723.751
-
-
41.987.734
31 December 2014
5.640.121
13.367.826
7.645.200
894.680
7.758
291.922
27.847.507
1 January 2015
5.640.121
13.367.826
7.645.200
894.680
7.758
291.922
27.847.507
31 December 2015
7.084.204
12.678.854
6.934.082
684.683
-
-
27.381.823
Acquisitions
Transfer from property rights
Transfer from investments in progress
Transfer
Disposals
Impairments
Adjustments to fair value
31 December 2015
Accumulated value adjustment
31 December 2014
Adjustments
1 January 2015
Depreciation for the year
Disposals
Impairments
Adjustments to fair value
31 December 2015
Carrying amount
The acquisitions of production devices and equipment are related to production line upgrades. The
acquisitions of other devices and equipment are related to the purchase of ancillary production
equipment, warehouse equipment, computer equipment, passenger cars and other tools and
equipment.
In 2015, the entry of the ownership right on the part of the land in Serbia into the land register was
performed. The company reclassified the owned part of the land, which was disclosed in long-term
property rights in 2014 in the amount of EUR 1,139,497, to tangible fixed assets - land.
The majority of disposals is related to the sale of buildings, passenger cars, computer equipment and
other ancillary production equipment. Part of the assets were excluded from use on the basis of a
proposal from the Commission for fixed assets and the Commission for the inventory of fixed assets.
The impairments of other devices and equipment are related to the impairments of ancillary transport
equipment.
In 2011, the company changed its accounting policy and revalued land, buildings and key production
lines to the fair value for the purpose of financial reporting. In accordance with the Rules on
accounting, the company again checked the assessment of the fair value for accounting purposes as at
31 December 2015.
A certified appraiser for real estate at the Slovenian Institute of Auditors gave an opinion on the real
estate value for the purpose of the assessment of real estate value for accounting purposes on 31
December 2015 with regard to the assessed value of real estate on 31 December 2014. The findings
and conclusions of the opinion were that the value of the real estate assessed on 31 December 2014
would not have significantly change in the time period since the assessment and that it would be in
79
the range of +/- 5% from the basic assessed value in the event that a new assessment was made on 31
December 2015.
The assessment of the equipment market value was prepared by a certified appraiser for the value of
machines and equipment at the Slovenian Institute for Auditors for the accounting purposes as at 31
December 2015.
Reconciliation of key production lines with a fair value for accounting purposes as at 31 December
2015 is reflected in the reduction of the value of key production lines by EUR 27,122. Reconciliation of
key production lines for accounting purposes is reflected in the decrease of the corresponding
revaluation surplus in the amount of EUR 22,512 and deferred tax liabilities in the amount of EUR
4,610.
If the company evaluated land, buildings and key production lines using the cost model, the carrying
amount of tangible fixed assets as at 31 December 2015 would be EUR 20,601,657.
In 2015, the company did not change depreciation rates. As at 31 December 2015, the company does
not disclose significant commitments for the purchase of fixed assets.
The book value of the pledged land, buildings and equipment for the payment of liabilities as at 31
December 2015 equals EUR 24,757,056. The property given to the creditor as security cannot be
disposed of by the company without its permission.
FIXED ASSETS UNDER FINANCIAL LEASE
(in EUR)
31.12.2015
31.12.2014
Book value of the buildings under financial lease
Book value of the equipment under financial lease
80,253
106,010
Total
80,253
106,010
Investment property
INVESTMENT PROPERTY
(in EUR)
Investment property:
31.12.2015
31.12.2014
Buildings
1,492,037
1,671,904
Total
1,492,037
1,671,904
Revenues from leasing investment property in 2015 equal EUR 231,659. Costs of investment property
in 2015 equal EUR 159,101.
80
TABLE OF CHANGES IN INVESTMENT PROPERTY
(in EUR)
Fair value 31.12.2014
Adjustments
Fair value 1.1.2015
Disposals
Impairments
Fair value 31.12.2015
Investment
property
Investment
property
1,671,904
1,671,904
1,811,712
1,811,712
(40,060)
(139,807)
(139,808)
1,492,037
1,671,904
The book value of investment property reflects its fair value. The book value of investment property
under financial lease as at 31 December 2015 equals EUR 1,492,037. After the expiry of the 15-year
financial lease, the Mokronog sports hall shall become the property of the Municipality of Mokronog.
Long-term financial investments
LONG-TERM FINANCIAL INVESTMENTS
(in EUR)
Long-term financial investments:
31.12.2015
31.12.2014
1,895,065
382,795
2,199,805
20,447
476,972
89,721
-
2,367,581
2,697,224
31.12.2015
31.12.2014
Loans
Available-for-sale financial investments
89,721
2,277,860
2,697,224
Total
2,367,581
2,697,224
Long-term financial investments except for loans
Shares and stakes in Group companies
Shares and stakes in associated companies
Other shares and stakes
Long-term loans
Long-term loans to Group companies
Total
(in EUR)
Long-term financial investments:
81
CHANGES IN LONG-TERM FINANCIAL INVESTMENTS
(in EUR)
Gross value
Balance as at 31.12.2014
Elimination of errors
Balance as at 1.1.2015
Financial investments
available
Loans
for sale
Total
2,220,171
2,220,171
11,684,852
(429,986)
11,254,866
13,905,023
(429.986)
13.475.037
101,472
124,721
25,000
101,472
149,721
2,446,364
(20,446)
(30,503)
11,228,917
(20,446)
(30,503)
13.675.281
2,220,171
2,220,171
8,987,628
(429,986)
8,557,642
11,207,799
(429,986)
10,777,813
136,472
423,918
560,390
2,356,643
(30,503)
8,951,057
(30,503)
11,307,700
Net value 31.12.2014
-
2,697,224
2,697,224
Net value 1.1.2015
-
2,697,224
2,697,224
89,721
2,277,860
2,367,581
Increases
Addition of interest
New loans, purchases
Decreases
Repayments, sales
Definitive write-off
Revaluation at fair value
Balance as at 31.12.2015
Value adjustment
Balance as at 31.12.2014
Elimination of errors
Balance as at 1.1.2015
Increases
Formed value adjustments in the year
Decreases
Definitive write-off
Balance as at 31.12.2015
Net value 31.12.2015
The decrease of financial investments available for sale is related to the sale of a share of Trimex GmbH.
The increase of financial investments available for sale is related to the investment in Trimo DE.
Long-term loans are related to the loan granted to Trimo Inženjering that are secured with blank bills
of exchange.
82
LONG-TERM FINANCIAL INVESTMENTS IN AFFILIATED COMPANIES
(in EUR)
Stakes in Group companies
Country:
AKRIPOL, d.o.o.32
TINDE d.o.o.
CBS d.o.o.
TRIMO MSS
Abroad:
TRIMO POLSKA Sp.z.o.o.
OOO TRIMO RUS
OOO TRIMO VSK
TRIMO UK Ltd.
TRIMO ITALIA Sr.l.
TRIMO INŽENJERING d.o.o.
TRIMO GRAĐENJE d.o.o.33
TRIMO BULGARIA OOD
TRIMO MAKEDONIJA dooel
TRIMO SLOVAKIA
TRIMO UAE fze
TRIMEX GMBH
Capital
share
%
31.12.2015
31.12.2014
77
40
100
55
13,159
41,729
1,437,345
13,159
41,729
1,437,345
100
100
51
100
100
100
90
70
100
50
100
100
377,832
25,000
222,490
377,832
107,250
-
1,895,065
2,199,805
Total
Financial investments into subsidiaries are evaluated at the acquisition price less losses due to
impairment. The share of voting rights of Akripol and Tinde (taken into account in preparing the Group
financial statements) is higher than their capital participation. The difference is the result of
repurchased own stakes or shares. The percentage of voting rights as at 31 December 2015 equals
80.95% and 92.83% at Tinde and Akripol respectively. The book value of pledged long-term financial
investments into subsidiaries as at 31 December 2015 equals EUR 1,492,233.
(in EUR)
Stakes in associated companies:
Abroad:
TRIMEX GMBH
Total
Capital
share
%
40
31.12.2015
31.12.2014
-
20,447
-
20,447
The investment into the associated company Trimex GmbH was disposed of on 23 January 2015 due
to the sale of a 40-percent share.
32
Akripol has been recorded in short-term financial investments since 2014.
bankruptcy proceedings against Trimo Građenje were finished on 6 October 2015 and became finally binding on 23 October 2015. The
company was stricken off the local register on 11 February 2016.
33 The
83
As at 31 December 2015, the company has no pledged long-term financial investments in associated
companies.
VALUE OF EQUITY AND NET PROFIT OR LOSS OF SUBSIDIARIES AS AT 31.12.2015
Value
(in EUR)
of equity
Stakes in Group companies
Country:
AKRIPOL, d.o.o.
2,548,533
TINDE d.o.o.
1,023,471
CBS d.o.o.
88,037
TRIMO MSS
934,110
Akripol SPV, d.o.o.
7,462
Abroad:
TRIMO POLSKA Sp.z.o.o.
-609,544
OOO TRIMO RUS
-1,942,795
OOO TRIMO VSK
1,035,735
TRIMO UK Ltd.
753,674
TRIMO INŽENJERING d.o.o.
-1,963,786
TRIMO GRAĐENJE d.o.o.
-3,042,045
TRIMO MAKEDONIJA dooel
62,954
TRIMO UAE FZE
-7,254,216
TRIMO ITALIA Sr.l.
4,016
Net profit or
loss for the year
-433,801
90,726
10,227
443,681
-38
-109,166
-1,787,137
-1,130,477
99,947
-59,862
-18,110
-55,107
168,396
30,897
Long-term operating receivables
LONG-TERM OPERATING RECEIVABLES
(in EUR)
Long-term advances and securities
Long-term operating receivables from customers
Impairments
Total
31.12.2015
31.12.2014
2,353
682,250
(682,250)
2,353
185,613
-
2,353
187,966
In 2015, the company reclassified short-term operating receivables from customers in the amount of
EUR 682,250 to long-term operating receivables from customers and at the same time it formed value
adjustment of receivables.
84
Deferred tax assets
DEFERRED TAX ASSETS
Deferred tax through
profit of loss
(in EUR)
Revaluation or impairment of financial
investments
Impairments of operating receivables
Provisions for costs and expenses
Unused retained tax losses
31.12.2014
Increase
Decrease
31.12.2015
808,403
1,157,651
149,657
1,013,926
40,490
140,895
2,772
-
(55,692)
(76,861)
(11,049)
-
793,201
1,221,685
141,380
1,013,926
3,129,637
184,157
(143,602)
3,170,192
Receivables for deferred tax in the amount of EUR 3,170,192 are related to deductible temporary
differences between the financial and tax balance sheets of the company. The balance of receivables
for deferred tax is related to non-deductible impairments of financial investments, value adjustments
to receivables, long-term provisions for jubilee benefits and severance payments upon retirement,
provisions for given warranties and unused tax loss. The company recorded EUR 22,754,564 of unused
tax losses in the tax calculation. Deferred tax assets are calculated with the 17% tax rate of the
corporate income tax.
Inventories
INVENTORIES
(in EUR)
31.12.2015
31.12.2014
Material and raw material
Work-in-progress
Products
Merchandise
Advance payments for inventories
Impairments
4,772,523
237,917
1,176,032
3,736
444,230
(80,376)
3,568,480
160,395
953,173
20,994
748,398
(112,392)
Total
6,554,062
5,339,048
VALUE ADJUSTMENTS BY TYPE OF INVENTORY
(in EUR)
31.12.2015
31.12.2014
Material and raw material
80,376
112,392
Total
80,376
112,392
85
CHANGES IN VALUE ADJUSTMENTS OF INVENTORIES
(in EUR)
2015
2014
Balance as at 1.1.
112,392
191,269
Decreases
Formation of value adjustment
(32,016)
(78,877)
80,376
112,392
Balance as at 31.12.
Materials
The value shown includes the inventories of raw materials and materials in storage equalling EUR
4,772,523, with their value being decreased by adjustments of their value equalling EUR 80,376.
Inventories of materials include to a great extent the inventory of strategic materials (steel and
aluminium sheet metal, isocyanates and polyol, rock wool, profiles, tubes and black sheet metal).
Purchases of materials are recorded at actual cost, while the use of materials is evaluated using
average sliding prices.
Work-in-progress
Work-in-progress is valued at its reduced own price. The balance of work-in-progress, identified in
individual areas as at 31 December 2015, in the light construction-plate programme and sheet-metal
working elements equalled EUR 70,141; the balance in the production programme of steel
construction equalled EUR 167,776. The carrying amount of the inventories of work-in-progress as at
31 December 2015 does not exceed the net realisable value.
Products and merchandise
Inventories of products are valued at a reduced own price, meaning that an individual product is valued
at its own price, reduced by the value of direct sales and administrative costs. The balance of
inventories of products in warehouses and on construction sites on 31 December 2015 equals EUR
1,176,032.
The largest share of inventories is represented by inventories of finished light construction-plates at
the warehouse and on construction sites equalling EUR 893,864 and inventories of finished steel
constructions at the warehouse and on construction sites equalling EUR 439,590. The carrying amount
of the Inventories of products and merchandise as at 31 December 2015
The inventory of merchandise on 31 December 2015 equals EUR 3,736. These inventories represent
completed containers and corresponding spare parts whose manufacture is performed by a partner.
The carrying amount of the Inventories of finished products and merchandise as at 31 December 2015
does not exceed the net realisable value.
During regular annual inventory check, the company recorded no surplus or deficits of significant
values.
The carrying amount of the pledged inventories as at 31 December 2015 equals EUR 6,109,832.
86
Short-term financial investments
SHORT-TERM FINANCIAL INVESTMENTS
(in EUR)
Short-term financial investments:
31.12.2015
31.12.2014
Short-term financial investments except for loans
Shares and stakes in Group companies
Other shares and stakes
Short-term loans
Short-term loans to Group companies
Short-term loans to others
7,500
-
144,000
17,941
80,745
-
4,777
-
Total
88,245
166,718
31.12.2015
31.12.2014
Loans
Available-for-sale financial investments
80,745
7,500
4,777
161,941
Total
88,245
166,718
(in EUR)
Short-term financial investments:
Short-term loans granted bear interest at a fixed rate or interest rate for related parties. Short-term
loans granted is related to Trimo Inženjering in the amount of EUR 40,745 and Trimo Makedonija in
the amount of EUR 40,000.
Short-term financial investments available for sale are related to the 100-percent ownership share in
Akripol SPV d.o.o., which was established in 2015 with the purpose of the transfer of the ownership of
shares of Akripol d.o.o. to Akripol SPV d.o.o. The ownership was transferred in 2016.
The carrying amount of the pledged short-term financial investments for loans acquired from creditor
banks as at 31 December 2015 equals EUR 0 (the impairment of value is completely recognised for the
pledged short-term financial investments).
87
CHANGES IN SHORT-TERM FINANCIAL INVESTMENTS
(in EUR)
Gross value
Balance as at 31.12.2014
Financial investments
available
Loans
for sale
Total
1,959,983
4,225,783
6,185,766
144,878
62,562
7,500
-
152,378
62,562
(121,401)
2,046,022
(345,546)
3,887,737
(121,401)
(345,546)
5,933,759
1,955,206
4,063,842
6,019,048
62,562
161,941
224,503
(52,491)
1,965,277
(345,546)
3,880,237
(52,491)
(345,546)
5,845,514
Net value 31.12.2014
4,777
161,941
166,718
Net value 31.12.2015
80,745
7,500
88,245
Increases
New loans, purchases
Addition of interest
Decreases
Repayments, sales
Definitive write-off
Balance as at 31.12.2015
Value adjustment
Balance as at 31.12.2014
Increases
Formed value adjustments in the year
Decreases
Collected written-off
Definitive write-off of investments
Balance as at 31.12.2015
The value adjustment is related to the impairment of the financial investment in Akripol d.o.o. in the
amount of EUR 144,000 and to the impairment of the investment in the shares of Thermana Laško in
the amount of EUR 17,941.
The definitive write-off is related to the disposal of the investment in the shares of Thermana Laško by
decision of the Creditors' committee of THERMANA d.d. creditors with the right to separate settlement
on the simplified reduction of the share capital for the purpose of covering the loss so that the share
capital amounts to EUR 0 and a simultaneous reversal of all shares.
The increase of short-term loans granted is related to the loans granted to the affiliated company
Trimo Makedonija in the amount of EUR 40,000 and Trimo Inženjering in the amount of EUR 104,878.
The decrease of short-term loans is related to the payment of the loan granted to Trimo Inženjering.
88
Short-term operating receivables
SHORT-TERM OPERATING RECEIVABLES
(in EUR)
31.12.2015
31.12.2014
Short-term operating receivables from customers:
on the domestic market
on foreign markets
Short-term operating receivables from Group companies
Short-term merchant credits granted
Paid short-term advances and deposits
Short-term receivables associated to financial revenue
Other short-term receivables
Impairments of short-term operating receivables
Impairments of other short-term receivables
2,174,365
13,751,488
5,971,946
32,407
60,023
4,496,318
(7,326,476)
(3,366,277)
3,711,020
7,068,650
8,953,934
32,407
44,032
4,006,488
(10,038,550)
(3,366,277)
15,793,794
10,411,704
(in EUR)
31.12.2015
31.12.2014
Short-term operating receivables from customers
Impairments
5,971,946
(4,191,965)
8,953,934
(6,598,458)
1,779,981
2,355,476
SHORT-TERM OPERATING RECEIVABLES from Group companies
AGE STRUCTURE OF RECEIVABLES
(in EUR)
31.12.2015 31.12.2014
Receivables not yet fallen due
Fallen due to:
- 30 days
- 60 days
- 90 days
- 180 days
- over 180 days
12,054,549
7,118,565
1,537,952
358,242
49,524
240,057
302,995
1,148,537
582,864
251,062
303,208
303,744
14,543,319
9,707,980
In the table of the age structure of receivables as at 31 December 2015, short-term receivables from
domestic and foreign customers, receivables from Group companies, merchant credits granted,
interest for the merchant credits granted and retention payments of customers are considered.
Formed value adjustments are included in the table above. The balance of receivables from customers
in the presentation of the age structure of receivables is decreased by exchange rate differences in the
amount of EUR 60,411.
89
In the comparative figures as at 31 December 2014, short-term receivables from domestic and foreign
customers, receivables from Group companies, merchant credits granted, interest for the merchant
credits granted and retention payments of customers are considered together with the already
considered decrease by their value adjustments. The balance of receivables from customers in the
presentation of the age structure of receivables is decreased by exchange rate differences in the
amount of EUR 19,481.
VALUE ADJUSTMENTS OF SHORT-TERM RECEIVABLES
(in EUR)
31.12.2015
31.12.2014
Balance as at 31.12.
Elimination of errors
Balance as at 1.1.
13,404,827
13,404,827
15,703,336
15,703,336
Increases
Formed value adjustments in the year
Transfers
Decreases
Collected written-off receivables
Definitive write-off of receivables
Other decreases
1,079,645
-
2,086,098
-
(63,900)
(3,727,819)
-
(361,080)
(27,524)
(3,996,003)
Balance as at 31.12.
10,692,753
13,404,827
As at 31 December 2015, the balance of insured receivables from domestic customers equals EUR
675,882. The receivables are insured through SID First Credit Insurance Company.
The amount of insured receivables from foreign customers and companies in the Trimo Group as at 31
December 2015 was EUR 11,495,581, of which EUR 9,070,713 are insured through SID PKZ, EUR 3,243
with bank guarantees and EUR 2,421,625 with letters of credit.
The balance of short-term withheld assets as at 31 December 2015 equals EUR 441,536.
Pledged receivables as at 31 December 2015 equal EUR 13,389,165.
Cash
CASH
(in EUR)
31.12.2015
31.12.2014
Cash on accounts in domestic currency
Cash on accounts in foreign currency
Short-term deposits in domestic currency
94,176
28,940
3,680,301
390,330
44,297
1,760,242
Total
3,803,417
2,194,869
The carrying amount of the pledged cash as at 31 December 2014 equals EUR 10,301.
90
Short-term deferred costs and accrued revenue
SHORT-TERM DEFERRED COSTS AND ACCRUED REVENUE
(in EUR)
31.12.2015
31.12.2014
Short-term deferred costs or expenses
Short-term accrued revenue
152,364
668,653
98,311
944,983
Total
821,017
1,043,294
Short-term deferred costs refer to insurance premiums and rents as well as other service costs. Shortterm accrued revenue refers to accrued revenue from subsidies for covering costs and short-term
accrued revenue in accordance with the IAS 11 - construction contracts. The reason for the lower shortterm accrued revenue in comparison to 2014 is, above all, the smaller volume of uninvoiced work
performed on projects at the end of 2015 in comparison to the year before.
Equity
EQUITY
(in EUR)
Share capital
Reserves for own shares and own business stakes
Legal reserves
Own shares and own business stakes
Statutory reserves
Surplus from revaluation
Retained net profit or loss
Net profit or loss for the financial year
Total
31.12.2015
31.12.2014
9,143,567
511
27,964
(511)
53,131
5,654,298
478,177
18,287,134
32,881
(32,881)
6,064,431
(8,199,857)
(3,512,418)
15,357,137
12,639,290
Called-up capital
The share capital of the company is recognised in the amount entered in the court register. The share
capital of Trimo is divided into 9,143,567 ordinary shares with a nominal value of EUR 1. Shares are
issued in non-material form and are registered at the Central Securities Clearing Corporation (Klirinška
depotna družba).
In March 2015, the company performed a simplified decrease of share capital in the amount of EUR
9,143,567 to cover the retained loss from previous years.
Book value per share as at 31 December 2015 equals EUR 1.38, whereas on 31 December 2014 it was
EUR 1.05. When calculating the book value per share, the number of shares issued was reduced by the
number of treasury shares.
91
Capital reserves
As at 31 December 2015, the company does not disclose capital reserves.
Revenue reserves
In 2015, after covering the retained net loss for previous years, the company formed legal reserves in
the amount of 5 percent of the rest of net profit for the current year (EUR 27,964) and statutory
reserves in the amount of 10 percent of the rest of net profit for the current year after covering the
retained net loss and formation of legal reserves (EUR 53,131).
Revenue reserves also include reserves for treasury shares equalling EUR 511. Trimo owns 511 treasury
shares. In 2015, the number of treasury shares decreased from 1,022 to 511 treasury shares, namely
the combination of the shares in the ratio of 2 shares before the combination for 1 share after the
combination was preformed within the simplified decrease of share capital.
Surplus from revaluation
CHANGES IN REVALUATION SURPLUS
(in EUR)
Opening balance as of 31 December 2014
Tangible
fixed
assets
Actuarial
gains
6,050,391
14,040
6,064,431
13,443
(722)
13,443
(722)
(22,511)
(27,121)
4,610
(400,343)
(482,331)
81,988
26,761
5,654,298
Increase
Elimination for the benefit of retained earnings
Changes in tax rates
Adjustments to fair value
Gross value
Effect of deferred taxes
Elimination for the benefit of retained earnings
Gross value
Effect of deferred taxes
(22,511)
(27,121)
4,610
(400,343)
(482,331)
81,988
Closing balance as at 31 December 2015
5,627,537
Total
The balance of the revaluation surplus equalling EUR 5,654,298 applies to the surplus from revaluation
of land equalling EUR 2,375,742 , the surplus from revaluation of buildings equalling EUR 974,866, the
surplus from revaluation of production lines equalling EUR 2,276,929 and actuarial surplus equalling
EUR 26,761.
92
STATEMENT OF OTHER COMPREHENSIVE INCOME - NOTES
(in EUR)
Net profit or loss for the accounting period
Change in the revaluation surplus of fixed assets
Gross value
Effect of deferred taxes
Changes of revaluation surplus actuarial surplus/deficit
Other elements of comprehensive income
- transfer of revaluation surplus to retained profit
Gross value
Effect of deferred taxes
2015
2,726,915
(422,855)
(427,465)
4,610
12,722
401,065
401,065
401,065
-
2014
(3,512,418)
(1,543,122)
(1,805,453)
262,331
14,040
1,138,517
1,138,517
1,138,517
-
Total comprehensive income for the accounting period
2,717,847
(3,902,983)
Retained net profit or loss
The increase of the retained net profit or loss with regard to the balance as at 31 December 2015
recorded in the statement of changes in equity in the amount of EUR 401,065 applies to the elimination
of a surplus from revaluation of fixed assets into the retained net profit or loss in line with the
calculated depreciation of the revalued portion of fixed assets in the amount of EUR 400,343 and to
the transfer of the proportionate portion of actuarial profit to the retained profit or loss in the amount
of EUR 722. The increase of the retained profit or loss in the amount of EUR 9,143,567 is the result of
the reduction of the share capital with the purpose of covering the retained loss. With the allocation
of the net profit of the current year, the company covered the net loss from previous years in the
amount of EUR 2,167,643.
Net profit or loss for 2015
In 2015, the net profit or loss per share is calculated as the ratio between the net profit or loss for the
financial year and the weighted average number of ordinary shares outstanding. The weighted average
number of ordinary shares outstanding in 2015 equalled 11,096,915 (the number of issued shares is
reduced by the number of treasury shares). The adjusted net profit or loss per share is the same as the
net profit or loss per share.
NET PROFIT/LOSS PER SHARE
Weighted average number of ordinary shares outstanding
2015
11,096,915
(in EUR)
2015
Net profit per share
0.25
TOTAL COMPREHENSIVE INCOME PER SHARE
(in EUR)
2015
Total comprehensive income per share
0.24
93
In 2015, the net profit per share equals EUR 0.25. In 2015, the total comprehensive income per share
equals EUR 0.24.
The distributable profit as at 31 December 2015 equals EUR 478,177. The Board of Directors allocated
the net profit of the current year for covering the retained loss from previous years in the amount of
EUR 2,167,643, the formation of legal reserves in the amount of EUR 27,964 and for the statutory
reserves in the amount of EUR 53,131. The rest of the net profit or loss for the financial year in the
amount of EUR 478,177 remains non-distributed.
Provisions and long-term accrued costs and deferred revenue
CHANGES IN PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES
(in EUR)
Balance as at 31
December 2014
Pensions,
jubilee
benefits
severances
upon
retirement
Received
Provisions
grants
for given for covering
warranties
costs
Received
grants for
Legal
fixed assets proceedings
Total
822,122
810,706
-
615,165
1,060,675
3,308,668
131,001
(50,151)
(14,131)
335,327
(281,720)
(183,590)
-
(98,404)
140,589
(61,011)
606,917
(331,871)
(357,136)
-
-
-
-
(799,177)
(799,177)
(13,443)
-
-
-
(13,443)
875,398
680,723
516,761
341,076
2,413,958
Changes in the year:
Formation
Use
Elimination
Transfer to short-term
liabilities
Surplus from
revaluation
Balance as at 31
December 2015
-
In 2015, the company paid its employees jubilee benefits and retirement severance totalling EUR
50,151. Payment of these was debited to long-term provisions without prejudice to the Income
Statement. The balance of long-term provisions for jubilee benefits and severances upon retirement
was harmonised with the actuarial calculation as at 31 December 2015.
Provisions are made in the amount equalling the expected amount of future jubilee benefits and
severance payments, discounted as at the date of the Balance Sheet. A calculation was made for every
employee, taking into account the costs of severance payments upon retirement and the costs of all
projected jubilee benefits until retirement.
In 2016, it is expected that there will be EUR 25,215 of jubilee benefits and EUR 11,630 of severances
upon retirement due for payment.
94
Provisions for given warranties relate to provisions for performance guarantees (EUR 160,863) and
provisions for the elimination of defects during the warranty period (EUR 519,860). In 2015, Trimo
formed EUR 335,327 of provisions for given warranties and drew on the provisions equalling EUR
281,720. The reversal of provisions for given warranties equalling EUR 183,590 is disclosed under
operating revenue from revaluation.
The balance of long-term accrued costs and deferred revenue as at 31 December 2015 applies to grants
received for the purchase of fixed assets that are transferred to other operating revenue in accordance
with the calculated depreciation of the subsidised part of fixed assets.
Provisions for legal proceedings apply to claims and they are formed in the amount of the estimated
amount of the payment to the plaintiff. In 2015, EUR 140,589 of provisions for legal proceedings were
additionally formed. Part of provisions was transferred to other short-term operating liabilities (EUR
799,177).
Long-term financial liabilities
LONG-TERM FINANCIAL LIABILITIES
(in EUR)
31.12.2015
31.12.2014
Long-term loans from banks and from companies in the country
Long-term liabilities from financial leases
23,633,453
1,571,864
23,964,748
1,704,357
Total
25,205,317
25,669,105
The sum of minimum future rents for financial leases as at December 2015 equals EUR 1,704,799. In
the period up to one year, liabilities from financial leasing in the amount of EUR 132,935 fall due,
whereas in the period from one year to five years, liabilities from financial leasing in the amount of
EUR 728,151 fall due. The value of financial liabilities with a maturity of over five years on 31 December
2015 equals EUR 843,713.
As at 31 December 2015, the company has an approved undrawn revolving credit in the amount of
EUR 2,000,000.
On 31 January 2014, the company signed the Master Restructuring Agreement (MRA) with creditor
banks, which included all financial liabilities towards banks on the stated date. In the period from the
signing of the Master Restructuring Agreement to the issuing of this report, the banks were performing
the process of the sale of Trimo d.d. and financial receivables that were included in the MRA. In the
period from 31 December 2015 to the issuing of this report, the receivables of banks were sold to the
new owner of Trimo d.d. as stated in the part of the report on events following balance sheet date.
Interest rates on received bank loans in 2015 ranged from 3-month EURIBOR with a 3.5 percent margin
to 1-month EURIBOR with 6 percent margin. The interest rate is limited down to 3.89 percent per year.
Liabilities from long-term bank loans are insured by mortgages on real estate and equipment, the
pledge of inventories and receivables, the pledge of business shares and securities as well as with the
pledge of brands34. Bills of exchange are also issued for insurance purposes.
34
Pledged brands are the following: Trimoterm, Trimoval, TRIMO, TRIMO-sign, INVISIO, TRIMO-THERM, Q-Biss, Q-Biss by Trimo – sign.
95
Deferred tax liabilities
DEFERRED TAX LIABILITIES
(in EUR)
31.12.2014
Revaluation of tangible
fixed assets to fair value
Deferred
tax through
profit or loss
Deferred
tax through
provisions for revaluation
31.12.2015
1,239,237
(81,998)
(4,610)
1,152,629
1,239,237
(81,998)
(4,610)
1,152,629
DEFERRED TAX LIABILITIES BY TYPE OF PROPERTY
(in EUR)
31.12.2014
Revaluation of land
Revaluation of buildings
Revaluation of equipment
Deferred
Deferred
tax through
tax through
profit or loss provisions for revaluation
31.12.2015
486,598
211,023
541,616
(11,352)
(70,646)
(4,610)
486,598
199,671
466,360
1,239,237
(81,998)
(4,610)
1,152,629
The balance of deferred tax liabilities refers to revaluation of tangible fixed assets to fair value for
accounting purposes. The decrease of deferred tax liabilities with regard to the balance as at 31
December 2014 refers to revaluation of tangible fixed assets to fair value for accounting purposes as
at 31 December 2015. The elimination of deferred tax through the Income Statement in the amount
of EUR 81,998 refers to calculated depreciation of revaluated fixed assets.
Short-term financial liabilities
SHORT-TERM FINANCIAL LIABILITIES
(in EUR)
31.12.2015
31.12.2014
Short-term part of long-term loans from banks and from companies in the country
Short-term liabilities related to distribution of profit or loss
Other short-term financial liabilities (financial lease)
2,200,000
967
132,935
3,186,000
967
143,977
Total
2,333,902
3,330,944
Short-term part of long-term loans is assessed according to minimal required payments to banks
according to the signed Master Restructuring Agreement (MRA). In the period from 31 December 2015
to the issuing of this report, the receivables of banks were sold to the new owner of Trimo d.d. as
stated in the part of the report on events following balance sheet date.
96
Short-term operating liabilities
SHORT-TERM OPERATING LIABILITIES
(in EUR)
Short-term liabilities to Group companies
Short-term trade payables
on the domestic market
on foreign markets
Short-term merchant credits
Short-term liability based on advances, security
Short-term liabilities to employees
Short-term liabilities to the state and other institutions
Short-term liabilities to fund providers
Other short-term operating liabilities
Total
31.12.2015
31.12.2014
902,634
632,956
6,111,047
7,118,353
1,045,141
891,632
78,560
671
812,259
5,441,473
5,211,085
1,558,122
820,428
352,252
482,784
11,049
16,960,297
14,510,149
Short-term accrued costs and deferred revenue
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUE
(in EUR)
31.12.2015
31.12.2014
Accrued costs or expenses
Short-term deferred revenue
926,993
4,536,093
1,765,416
453,144
Total
5,463,086
2,218,560
Accrued costs refer to the accrued costs in accordance with the IAS 11 by projects in the amount of
EUR 293,108 and to other accrued costs in the amount of EUR 633,885. The reason for the lower
accrued costs in comparison to 2014 is, above all, greater harmonisation of the charged work by the
subcontractors with the work actually performed on projects.
Short-term differed revenue refers to deferred revenue from subsidies and short-term deferred
revenue in accordance with the IAS 11 - construction contracts. The reason for the higher short-term
deferred revenue in comparison to 2014 is, above all, greater difference between the contractually
agreed method of charging on projects and the work actually performed.
97
Off-balance sheet
OFF-BALANCE SHEET RECORD
(in EUR)
31.12.2015
31.12.2014
Sureties issued
8,029,032
7,164,769
Total
8,029,032
7,164,769
(in EUR)
31.12.2015
31.12.2014
Issued bills of exchange
Pledged receivables
Guarantees issued
Other off-balance sheet items
39,489,149
13,389,165
5,582,202
1,064,642
39,467,489
13,699,642
7,581,363
416,065
Total
59,525,158
61,164,559
OFF-BALANCE SHEET RECORD
The majority of sureties issued refer to sureties issued to subsidiaries for the purpose of insuring bank
credit and financial lease.
Issued bills of exchange in the amount of EUR 31,449,465 are issued with the purpose of insuring bank
credits; other guarantees issued in the amount of EUR 8,039,684 are given to customers from guaranty
periods.
The guarantees issued for a guaranty period in the amount of EUR 49,141 are issued for the project
performed jointly with Trimo MSS d.d., and it represents a joint obligation in case of realisation.
Other off-balance sheet items equalling EUR 1,064,642 refer to deferred liabilities for VAT on real
estate equalling EUR 311,710 and issued enforcement drafts equalling EUR 752,932.
98
Disclosures and notes to the Income Statement
Net sales revenue and changes in the value of inventories
Revenue from the sale of products, merchandise and materials is measured at selling prices stated in
invoices or other documents, less discounts and rebates approved either when the sale is made or
subsequently, including those granted for early payment. Revenue from the sale of services, except for
those already performed, that lead to financial revenue are measured at the sales prices of completed
services or at the sales prices of not yet completed services, depending on their degree of completion.
Total revenue refers to the sales of facilities, roofs, façades, containers and steel structures.
NET SALES REVENUE
(in EUR)
2015
2014
Revenue from the sale of products and services on the domestic market
Revenue from the sale of products and services on foreign markets
Revenue from the sale of merchandise and material on the domestic market
Revenue from the sale of merchandise and material on foreign markets
Rental revenue
12,132,622
65,421,670
1,816,094
5,872,376
34,964
11,290,069
49,582,759
1,931,757
4,817,668
33,270
Total
85,277,726
67,655,523
CHANGE IN THE VALUE OF INVENTORIES OF PRODUCTS AND WORK IN PROGRESS
(in EUR)
2015
2014
Changes in inventory values of products and work in progress
328,695
59,787
Total
328,695
59,787
Capitalised own products and services
CAPITALISED OWN PRODUCTS AND SERVICES
(in EUR)
2015
2014
From intangible assets
From tangible fixed assets
141,445
2,066
Total
141,445
2,066
99
Other operating revenue
Other operating revenue
(in EUR)
2015
2014
258,732
688,687
115,318
272,601
886,785
321,660
63,899
11,779
810,346
398,563
1,138,415
2,689,955
(in EUR)
31.12.2015
31.12.2014
Costs of goods, material and services
Acquisition price of goods and material sold
Costs of used material
Service costs
66,238,994
5,354,283
42,357,944
18,526,767
52,455,417
5,631,701
30,643,238
16,180,478
Labour costs
Costs of salaries and wages
Social security costs
-of that pension insurance costs
Costs of supplementary pension insurance
Other labour costs
11,093,735
8,586,395
1,294,926
708,287
37,842
1,174,572
10,646,161
8,053,678
1,257,789
731,813
44,508
1,290,186
4,286,397
2,065,219
4,904,017
2,248,912
192,700
297,981
2,028,478
2,357,124
680,569
475,916
204,653
976,037
882,146
93,891
82,299,695
68,981,632
Revenue from reversal and consumption of long-term provisions
Other operating revenue
Subsidies, grants, etc.
Revaluation operating revenue
Collected receivables written off
Sale of tangible fixed assets and intangible assets
Total
Breakdown of costs
Analysis of costs
Value write-offs
Depreciation
Operating expenses from revaluation of intangible and tangible
fixed assets and investment property
Revaluation operating expenses in respect of short-term assets,
except financial investments and investment property
Other operating expenses
Formation of long-term provisions
Other costs
Total
Significant cost items by natural types represent costs of using raw materials and materials in
production (EUR 42,357,944), the cost of a service item, the costs of transport services (EUR 5,380,187)
and cooperation, assembly and engineering services (EUR 5,790,791).
100
COSTS BY FUNCTIONAL GROUPS
Production
cost
Selling
cost
General and
administrative
cost
Total
5.354.283
42.068.628
14.798.874
5.082.807
31.953
1.423.418
2.338.481
257.364
2.304.475
3.672.447
5.354.283
42.357.944
18.526.767
11.093.735
1.800.989
192.700
2.028.478
670.667
30.325
200
233.905
9.702
2.065.219
192.700
2.028.478
680.569
Total 2015
71.997.426
3.824.377
6.477.892
82.299.695
Total 2014
60.640.756
3.353.650
4.987.226
68.981.632
(in EUR)
Costs of goods, material and services
Acquisition price of goods and material sold
Costs of used material
Service costs
Labour costs
Value write-offs
Depreciation
Operating expenses from revaluation of intangible and tangible
fixed assets and investment property
Revaluation operating expenses in respect of short-term assets,
except financial investments and investment property
Revaluation operating expenses in respect of labour costs
Other operating expenses
Financial revenue
FINANCIAL REVENUE
(in EUR)
2015
2014
19,554
-
18,001
23,502
Financial revenue from shares
Financial revenue from shares in Group companies
Financial revenue from shares in associated companies
Financial revenue from shares in other companies
Financial revenue from other investments
Financial revenue from loans granted
Financial revenue from loans granted to Group companies
Financial revenue from loans granted to others
Financial revenue from operating receivables
Financial revenue from operating receivables from Group companies
Financial revenue from operating receivables from others
52,491
-
1,516,141
2,082
174,465
40,695
103,125
Total
248,592
1,701,464
Financial revenue from shares in associated companies in the amount of EUR 19,554 relates to financial
revenue from the disposal of an investment in Trimex GmbH.
Financial revenue from loans granted to Group companies relates to payments of already adjusted
given loans.
Financial revenue from operating receivables due from Group companies and others include exchange
rate gains.
Financial revenue from loans to others in 2014 includes write-off of financial liabilities towards creditor
banks in the amount of EUR 1,505,835.
101
Financial expenses
FINANCIAL EXPENSES
(in EUR)
Financial expenses from financial investments
Financial expenses from financial liabilities
Financial expenses from loans received from Group companies
Financial expenses from loans received from banks
Financial expenses from other financial liabilities
Financial expenses from operating liabilities
Financial expenses from operating liabilities to Group companies
Financial expenses from other operating liabilities
Total
31.12.2015
31.12.2014
620,859
5,936,296
1,111,975
121,996
1,281,003
147,131
6,760
216,418
25,609
237,555
2,078,008
7,627,594
Financial expenses from financial investments are related to:



the impairment of long-term and short-term financial investments in subsidiaries in the
amount of EUR 473,740 ,
the impairment of other long-term and short-term financial investments in the amount of EUR
112,119,
the impairment of loans granted to Group companies in the amount of EUR 35,000.
Financial expenses arising from other operating liabilities are mostly related to exchange rate losses
and given discounts.
Other revenue
OTHER REVENUE
(in EUR)
2015
2014
Revenue from the disposal of investment property measured at fair value
Compensation received
Other revenue
6,940
3,239
658
5,384
82
10,837
5,466
2015
2014
Financial expenses from the valuation of investment property using
fair value model
Indemnities
Other expenses
139,807
400
23,438
139,807
24,173
Total
163,645
163,980
Total
Other expenses
OTHER EXPENSES
(in EUR)
102
Corporate income tax
CORPORATE INCOME TAX
(in EUR)
2015
2014
2,604,362
(122,553)
-5%
(4,658,945)
217,483
(1,364,010)
-5%
25%
2015
2014
87,145,709
(84,541,347)
2,604,362
17
442,742
72,114,261
(76,773,206)
(4,658,945)
17
(792,021)
Expenses that are not tax deductible
Revenue that is not subject to tax
Revenue that increases tax base
Tax relief
Change of temporary differences
Revenue from deferred tax resulting from previous unrecognised tax
loss
Other
161,659
(14,025)
27,891
(269,421)
(478,853)
824,091
(163,990)
43,274
(455,396)
(164,075)
7,454
(448,181)
9,771
Total tax in the income statement
(122,553)
(1,146,527)
Profit or loss before tax
Tax after corporate income tax return
Deferred taxes
Effective rate of taxation after tax return
Effective rate of taxation after tax expenses
(in EUR)
Revenue determined according to accounting regulations
Expenses determined according to accounting regulations
Accounting profit or loss
Tax rate - %
Corporate income tax using the statutory corporate tax rate
Revenue from the elimination of impairments or received payments for receivables whose
impairments were previously unrecognised and written-off receivables whose impairments were
previously not tax deductible influenced the decrease of the tax base. The tax base was also reduced
for used provisions that were completely or partly unrecognized upon formation; for financial
investments whose impairments were not tax deductible; for covering past tax loss; from investments
in research and development, for using the relief for investment.
The increase of the tax base is mostly a result of non-deductible expenses from revaluation of
receivables and expenses from the impairment of financial investments.
103
Other disclosures
Credit risk
The carrying amount of financial assets represents the highest exposure to credit risk. The highest
exposure to credit risk on 31 December 2015 is presented in the table below.
Credit risk
Book
value
(in EUR)
Long-term loans given
Short-term loans given
Receivables from customers
Other short-term receivables
Long-term operating receivables
89,721
80,745
14,603,730
684,243
2,353
Total
15,460,792
Insurance instruments used by the company for the insurance of credit risk are: insurance of foreign
receivables with SID First Credit Insurance company, up-to date recovery of receivables, advances paid
by customers and the use of bank guarantees and documented letters of credit. Larger receivables are
insured with a guarantee or bill of exchange, with authorisation to the bank for their realisation.
Liquidity risk
Trimo manages liquidity risk through daily monitoring and planning of cash flows. We pay special
attention to risks connected with possible payment delays as these make planning inflows, and
consequently daily cash flows, difficult. Regular recovery of receivables, diversification of financial
liabilities and coordination of maturity of receivables and liabilities enables efficient management of
cash flows and short-term liquidity risk.
Liquidity risk
Book
value
Contractual
cash
flows
Maturity
up to 1 year
Maturity
over 1 year
Loans received
Trade payables
Other operating liabilities
Other financial liabilities
25,833,453
15,177,175
983,945
1,705,766
25,833,453
15,177,175
983,945
2,283,806
2,200,000
15,177,175
983,945
229,563
23,633,453
2,054,243
Total
43,700,339
44,278,379
18,590,683
25,687,696
(in EUR)
104
Currency risk
Trimo manages foreign exchange risk through regular protection, where it strives to keep the planned
inflows and outflows in the same currency. When entering into a business deal in a foreign currency,
the company protects itself from foreign exchange risk through contractually agreed foreign exchange
clauses.
CURRENCY RISK
Currency
HUF
GBP
USD
HRK
CZK
NOK
PLN
Receivables from customers
Loans received
Trade payables
763.300
4.570
7.103
2.573.199
222.335
320.727
54.375
62.980
305.792
32.663
8.699
289.855
-
Balance sheet gross exposure
763.300
11.673
2.795.534
375.102
368.772
41.362
289.855
SEK
8.970
8.970
Interest rate risk
Trimo manages interest rate risk by constantly evaluating the influence of possible changes of the
reference interest rate on the amount of expenses from financing (interest) in credits
with a variable interest rate.
Interest rate risk
Book
value
(in EUR)
Financial instruments with a fixed interest rate
Given loans
Loans received and financial lease
-
Financial instruments with a variable interest rate
Given loans
Bank loans received and financial lease
170,466
27,538,252
The table below shows the effect of changes in interest rates on the amount of financial expenses due
to interest.
(in EUR)
Increase in the average interest rate by 1 percentage point
Increase in the average interest rate by 1.5 percentage point
Decrease in the average interest rate by 1 percentage point
Decrease in the average interest rate by 1.5 percentage point
Change in expenses
from interest
300,696
451,044
(300,696)
(451,044)
Adjusted expenses
from interest
1,517,132
1,667,480
915,740
765,392
105
The table below shows receivables, loans given and liabilities of Trimo to affiliated companies on 31
December 2015 in EUR.
Company
Balance as at
31.12.2015
Balance as at
31.12.2014
22,204
4,361
34,182
103,832
1,469
38,851
4,859
45,631
2,094
-2,094
2,094
-2,094
385,000
211,221
-596,221
385,000
191,971
-576,971
0
326,312
0
22,379
412,306
9
169,945
-169,945
169,945
-169,945
6,558
0
0
0
3,298,632
-3,298,632
461,658
30
219,107
92,993
89,721
544
-450,459
-271,897
7,157,133
548,153
24,851
235,630
83,992
0
0
-491,419
-314,845
6,727,793
451,162
0
-451,162
428,884
4,500
-428,884
AKRIPOL d.d.
Receivables
Liabilities
CBS Inštitut
Receivables
Liabilities
SIA TRIMO LATVIJA
Receivables
Revaluation of receivables
TEHNOPARK VJAZNIKI
Financial loan
Loan interest
Revaluation of given loans and interest
TINDE d.o.o.
Receivables
Liabilities
Liabilities - merchant credit interest
TRIMO BULGARIA ODD
Receivables
Revaluation of receivables
TRIMO DE
Advances given
TRIMO GRAĐENJE
Receivables
Revaluation of receivables
TRIMO INŽENJERING
Receivables
Liabilities
Short-term loan
Short-term loan interest
Long-term loan
Long-term loan interest
Revaluation of receivables
Revaluation of given loans and interest
Declaration of surety
TRIMO ITALIJA
Receivables
Advances received
Revaluation of receivables
106
Company
Balance as at
31.12.2015
Balance as at
31.12.2014
152,304
59,517
42,000
-18,232
40,000
212
-212
147,755
6,797
0
-18,232
0
0
5,541
178,584
64,236
49,358
153,421
0
0
436,976
1,721,693
0
-663,792
1,387,980
13,606
-593,373
1,848,145
38,416
-1,848,145
35,000
11
-35,011
1,015,341
2,166
-1,011,561
0
0
0
584,319
2,018,338
302,751
682,000
415,490
-584,319
-3,418,579
584,319
2,018,338
201,834
682,000
381,390
-584,319
-3,283,563
452,689
192,327
935,904
0
98,722
0
-3,817
220,085
19,258
0
TRIMO MAKEDONIJA DOOEL
Receivables
Liabilities
Advances given
Revaluation of receivables
Short-term loan
Short-term loan interest
Revaluation of given loans and interest
TRIMO MSS
Receivables
Advances received
Liabilities
Declaration of surety
TRIMO POLSKA
Receivables
Advances received
Revaluation of receivables
OOO TRIMO RUS
Receivables
Advances received
Revaluation of receivables
Long-term loan
Long-term loan interest
Revaluation of given loans and interest
TRIMO UAE
Receivables
Long-term loan
Long-term loan interest
Short-term loan
Short-term loan interest
Revaluation of receivables
Revaluation of given loans and interest
TRIMO UK
Receivables
Advances received
TRIMO VSK
Receivables
Advances received
Revaluation of receivables
107
Revenues of Trimo to affiliated companies, in the period 1-12 2015, are shown in the table below (in
EUR).
Name of subsidiary
Revenue in 2015
Revenue in 2014
161,365
124,806
18,227
26,438
1,016,548
664,508
94,994
1,437,416
TRIMEX GMBH
0
1,365,519
TRIMO - UAE FZE
0
110
TRIMO GRAĐENJE D.O.O
0
36,960
TRIMO MSS, D.D.
781,547
1,212,938
TRIMO INŽENJERING D.O.O.
967,333
316,629
12,942
0
510,935
129,524
TRIMO POLSKA SP.Z O.O.
2,944,665
2,505,727
TRIMO UK LTD.
6,281,172
9,866,167
TRIMO VSK OOO
1,167,232
2,067,043
13,956,961
19,753,787
AKRIPOL D.D.
CBS Inštitut d.o.o.
OOO TRIMO RUS
TINDE
TRIMO ITALIA S.R.L.
TRIMO MAKEDONIJA DOOEL
TOTAL
108
Information about the members of the Board of Directors, Supervisory Board members and employees according to individual contracts
Information about the remuneration that groups of persons received for performing their tasks in 2014 in accordance with Articles 69 and 294 of the Companies Act (ZGD-1)
applies to Trimo
in EUR without cents
Gross remuneration
Gross amount of
Gross amount of
from
remuneration from remuneration from reimbursement of
salaries
awards
costs
Board of Directors:
Igor Kržan - Chair of the Board of Directors
Bojan Gantar- Member of the Board of Directors
Members of the Supervisory Board
President/Member KRAJNC GREGOR - external
Deputy President/Member ŠKRLJ ANTON - external
Member ANGEL BLAŽ - external
Member VOJSK MATIJA - external
Member of the Audit Committee VIRANT DARINKA external; since 25 August 2015
Member POLANIČ STANE - external; until 11 July 2015
Member ŠTREKELJ PETER - employee; since 14 June 2015
Member DRČAR JOŽE - employee; since 14 June 2015
Member HOSTNIK STANISLAV - employee; until 13 June
2015
Member ŠTEFERL POPIT NATAŠA - employee; until 13 June 2015
102.088
98.011
8.499
8.159
2.313
1.728
17.868
5.650
15.157
14.828
806
99
297
366
9.252
19.416
1.352
8.044
6.373
6.373
65
428
38
16.857
27.286
6.620
6.620
Employed on the basis of a contract for which the tariff
part of the collective agreement does not apply
1.651.447
Total
1.924.356
105.544
Gross remuneration
from benefits in Gross remuneration
kind (insurance
from other
premiums, use of payments (holiday
the official car)
pay)
6.384
4.533
Gross payments
received in
subsidiaries
822
822
Total gross
remuneration in
2015
Total net
remuneration in
2015
120.105
118.253
54.008
58.761
120
18.674
5.749
15.454
15.314
14.022
4.196
11.540
8.138
60
60
822
822
1.418
8.472
16.545
26.670
1.031
6.493
7.491
13.651
2.856
638
26
26
822
822
27.180
35.392
10.553
15.320
96.272
5.614
1.753.306
941.315
105.904
16.823
2.162.532
1.146.519
4.932
5.000
5.000
Disclosure:
The salary of the Board of Directors is determined in the individual contract concluded by a Member of the Board of Directors with the Supervisory Board.
Remuneration of the members of the Supervisory Board includes remuneration for carrying out the function within the Supervisory Board.
Other remuneration of the Board of Directors and employees employed on the basis of a contract for which the tariff part of the collective agreement includes awards, benefits
holiday allowances, reimbursement of work-related costs, daily allowances and possible other remuneration (jubilee awards, severance payments, etc.).
The members of the Supervisory Board and the Board of Directors did not receive payments from profit. In the period from January to December 2015, Trimo
did not give or receive long-term or short-term loans from the members of the Board of Directors, Supervisory Board or internal owners.
109
The cost of auditing services
The cost of the audit of the financial statements of Trimo and the Trimo Group as at 31 December 2015
equals EUR 20,400.
Indicators
INDICATORS
31.12.2015
31.12.2014
Equity financing rate (capital/liabilities)
0.22
0.20
Long-term financing rate (sum of capital and long-term liabilities including longterm provisions/liabilities)
0.64
0.68
Operating fixed assets rate (fixed assets/assets)
0.51
0.57
Long-term assets rate (sum of fixed assets, investment properties, long-term
financial investments and long-term operating receivables/assets)
0.56
0.65
Capital coverage of fixed assets (capital/fixed assets)
0.44
0.35
Immediate solvency ratio (cash and short-term financial investments excluding
loans/short-term liabilities)
0.20
0.13
Quick ratio (sum of short-term financial investments, cash and short-term
receivables/short-term liabilities)
1.02
0.72
Current ratio (short-term assets/short-term liabilities)
1.36
1.02
Operating efficiency ratio (operating revenue/operating expenses)
1.06
1.02
19.48
-58.62
-
-
Labour cost per employee in EUR (labour cost/no. of employees from working
hours)
32,919
29,573
Added value per employee in EUR (gross operating revenue - cost of goods,
materials and services - other operating expenses/no. of employees from
working hours)
59,248
47,155
Book value per share in EUR
1.38
1.05
Number of employees based on working hours
337
360
Net return on equity ratio in % (net profit for the financial year/average capital)
Dividends to share capital ratio in % (sum of dividends for the financial
year/average share capital)
110
Events after the Balance Sheet date
The sales process of the Trimo Group
On 30 March 2016, the sales process of the company was completed, whereby 8,910,157 shares or
97.45% of all shares of Trimo d.d. were transferred from the bank syndicate to the acquirer European
Architectural Systems S.a.r.l. (hereinafter: EAS) based in Luxembourg. As part of the Agreement, EAS
also assumed the debt of Trimo d.d. and Trimo Inženjering Serbia totalling EUR 30,713,061. In addition
to the said shares and debt assumption, the Agreement covered the transfer of 11,226 shares or a
44.94% stake in Trimo MSS d.d. to EAS and the disposal of the entire interest in Akripol d.o.o. or
transfer thereof from Trimo d.d. to the bank syndicate.
After the completed transaction, EAS became a 97.45% owner of Trimo d.d., directly and through
Trimo d.d. the owner of 99.87% of Trimo MSS d.d. and a creditor to whom EUR 30,713,061 was due.
The interest in Akripol d.o.o. was completely disinvested from the Trimo Group.
Disposal of the investment in Trimo VSK
At the end of April, an agreement was concluded on the sale of a 51-percent equity stake of Trimo in
the Russian production company Trimo VSK to Spetstamozhstroy. With this transaction Trimo d.d. fully
disposed the investment in Trimo VSK. At the same time, a licence agreement was concluded on knowhow and the Trimo brand for 20 years, based on which Trimo VSK may produce, sell and put the Trimo
brand label on products in the territory of Russia.
Law suit regarding the land in Serbia
On 20 May 2016, Trimo d.d. was served a law suit from the District Court of Novo mesto due to the
termination of lease contract dated 1 February 2010 on long-term lease of the land plots 1807/1 and
1960, both c.m. Šimanovci. In the operative part of the law suit, the plaintiff requests the court to
determine that the lease contract on long-term lease of 99 years dated 1 February 2010 referring to
land plots 1807/1 and 1960 is terminated; the plaintiff further requests the court to find that the
contract was terminated through the fault of Trimo d.d. and that once the relevant judgement
becomes final, it is permitted to delete the entered lease right to the benefit of the lessee Trimo d.d.
and allow the entry of state property with the right of use to the benefit of the Pećinci Municipality.
Trimo d.d. in due time filed a statement of defence based on the fact that the plaintiff - Pećinci
Municipality has no legal interest to file suit for termination of contract dated 1 February 2010; that
the plaintiff - Pećinci Municipality failed to fulfil its contractual obligation, as it did not provide for
utility infrastructure of the land that was the subject matter of the contract, namely: the Pećinci
Municipality failed to provide utility infrastructure, sewage, electrical infrastructure and the path to
the border of the plots, whereby it failed to perform the contract and is at fault for the objective cause
for non-construction of the facility. Furthermore, Trimo d.d. stated that if the court finds in favour of
the Pećinci Municipality, the defendant shall claim damage suffered by Trimo due to non-performance
of contractual obligation by the Pećinci Municipality. Trimo would thus claim the legal right to
reimbursement of the rest of the lease paid and past investments in the relevant land. According to
an internal calculation, the company establishes that the reimbursement by the lessor in such a case
would be higher than the assessed value of real estate recorded in the statements of the company.
From the date of the consolidated financial statements up to the preparation of this Annual Report,
no events occurred that would have an effect on the truthfulness and fairness of the consolidated
financial statements as at 31 December 2015 and that would require adjustment of the consolidated
financial statements for 2015.
111
Contingent liabilities of the company
Until the day of the conclusion of the Annual Report for 2015, the company did not recognise additional
potential obligations that would have effect on the fair presentation of the financial state of the
company.
112
Statement of management responsibility
The Management Board confirms the financial statements of the company Trimo for the year that
ended on 31 December 2015 and the accounting policies applied as well as the notes to the financial
statements included in this Annual Report.
The Management Board is responsible for the preparation of the Annual Report in such a way that that
the Annual Report gives a true and fair view of the financial position of the company and the results of
its operations in 2015.
The Management Board confirms that suitable accounting policies were consistently applied and that
the accounting estimates were made according to the principle of prudence and due diligence. The
Management Board also confirms that the financial statements and the notes to the financial
statements have been prepared on the going concern assumption and in conformity with current
legislation and Slovenian Accounting Standards.
The Management Board is also responsible for properly managed accounting, for the adoption of
adequate measures to secure the assets, as well as for the prevention and detection of fraud and other
irregularities or illegalities.
The tax authorities are entitled to inspect the company’s operations at any time within five years after
the expiry of the year for which tax must be assessed, which could result in additional payment liability
for tax, default interest and penalty arising from corporate income tax or other taxes and duties. The
Management Board is not aware of any circumstances that might give rise to any material liability
arising from the above.
Date: 11 July 2016
Chief Executive Officer:
Maciej Radomski
Chief Procurement Officer - Member of Management Board:
Bartosz Paweł Jurkiewicz
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Auditor’s report
114
115
FINANCIAL REPORT
OF THE TRIMO GROUP
Consolidated financial statements of the Trimo Group
Fundamental accounting assumptions and policies used in the preparation of the financial
report
Basis for the preparation of consolidated financial statements
The Consolidated Financial Statements and the notes thereto have been compiled in accordance with
the Slovenian Accounting Standards (2006) and the applicable amendments and in compliance with
the Companies Act (ZGD-1) and the provisions of the Trimo Group Rules on Accounting adopted on 1
January 2012. The following basic accounting assumptions were considered: accrual basis and going
concern. The consolidated financial statements are compiled in euros.
They have been prepared on the basis of historical cost, while the fair value is considered in the
following financial assets and liabilities: land, buildings, important production lines and investment
property. In compiling the consolidated financial statements, the Management of the Group submits
assessments, estimates and assumptions that affect the application of policies, the stated amounts of
assets and the liabilities, revenues and expenses. The estimates and assumptions are based on
historical experience and other factors that are considered to be reasonable under the circumstances,
the results of which form the basis of making assessments about the carrying values of assets and
liabilities. Assessments and the stated assumptions need to be checked continuously. Adjustments to
accounting estimates are recognised only for the period in which the estimate is adjusted if the
adjustment affects only that period. They may be recognised for the period of the adjustment and
future years if the adjustment affects both current and future years.
In disclosing individual items in the consolidated annual report, the Group follows the principle of
materiality and assesses whether each disclosure to the consolidated financial statements significantly
influences the decisions of both internal and external users of the consolidated financial statements.
The management adopted the Annual Report of the Trimo Group on 11 July 2016.
Changes in accounting policies
In the period from January to December 2015, the Group companies did not make any changes to their
accounting policies.
Foreign exchange rate and conversion into local currency
Assets and liabilities denominated in foreign currencies were converted into euros in accordance with
the ECB's reference rate on 31 December 2015. The items of the income statement denominated in
foreign currencies are translated into euros at the average exchange rate of the ECB in 2015.
Composition of the Group
In addition to the controlling company, the consolidated financial statements also include the following
subsidiaries:
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Akripol, d.o.o., Slovenia
Trimo MSS, d.d., Slovenia
Tinde, d.o.o., Slovenia
Trimo Polska, Sp.z o.o., Poland
Trimo Inženjering, d.o.o., Serbia
Trimo UK, Ltd., Great Britain
OOO, Trimo VSK, Russia
OOO, Trimo RUS, Russia
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Limited review of Trimo MSS and Tinde was carried out in 2015. The subsidiaries Trimo Građenje and
Trimo UAE FZE were excluded from consolidation on 1 January 2015. The financial statements of other
subsidiaries included in the consolidated financial statements have been audited.
The controlling company Trimo d.d. had a long-term investment (100% equity stake) in the sales
subsidiary Trimo Građenje. On 6 October 2015, bankruptcy proceedings were initiated against the
company. The proceedings were finally completed on 23 October 2015. Due to the decision on
initiation of bankruptcy proceedings, reasons arose for derecognition of financial investment and when
the bankruptcy proceedings became final, reasons arose for derecognition of operating receivables
due from Trimo Građenje according to the accounting standards. As a result of these facts, the control
over the subsidiary ceased and Trimo Građenje was eliminated from consolidation.
Trimo UAE is inactive, it is not operating and thus the parent company does not meet the conditions
for control.
The effects of elimination of Trimo Građenje and Trimo UAE FZE from consolidation (as at 1 January
2015) increase the current operating result of the Trimo Group in the amount of EUR 1,637,972.
The consolidated financial statements do not include the companies CBS Inštitut, Trimo Macedonia,
Akripol-S, Akripol Zagreb and Tehnopark Vyazniki (the subsidiary Trimo RUS). The volume of business
of these companies does not influence the true and fair view of the operations of the Trimo Group.
In January 2015, the controlling company Trimo disinvested the stake in Trimex Handelsgesellschaft
m.b.h. with the sale of a 40-percent interest.
When the consolidated financial statements were prepared as at 31 December 2015, the following
items of receivables, liabilities, revenues and expenses were mutually set off or eliminated:

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
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
Loans to Group companies (short- and long-term) in the amount of EUR 437,375 and loans
from Group companies in an equal amount. The amount of excluded financial revenues or
expenses arising from loans among Group companies stood at EUR 62,046.
Intra-group receivables totalling EUR 5,517,623 and short-term advances made for inventories
in the amount of EUR 220,887. Short-term intra-group operating receivables were offset
against the short-term intra-group liabilities in an equal amount.
Long-term financial investments in subsidiaries of EUR 12,731,017 with the pertaining capital
of controlling owners in an equal amount.
Revenues from sales among Group companies in the amount of EUR 16,133,896 were offset
against the cost of goods and material sold equalling EUR 13,724,858 and the costs of services
totalling EUR 2,409,038.
The depreciation charge of property, plant and equipment of EUR 14,682 arose from the gains
on the sale of property, plant and equipment among Group companies in previous years
(2014).
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Assumptions for the preparation of consolidated financial statements
The following assumptions were applied in the preparation of the consolidated financial statements:
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

The assumption of a uniform company; the consolidated financial statements present the
assets, financial position and operating result as well as the changes in the financial position
and equity of the group of companies as a single economic entity. The following procedures
and effects of consolidation were taken into account:
-
The financial investments of the controlling company in the subsidiaries were excluded
from consolidation along with the relevant portion of the subsidiaries’ equity. The equity
of non-controlling owners is presented up to the amount attributable to the noncontrolling interest in the Group’s equity.
-
Intra-group operating receivables and liabilities were offset.
-
Operating and financial revenues arising from intra-group relations are excluded from
consolidated income statement, as are the attributable operating and financial expenses.
The assumption of a true and fair view of the assets and the financial position and operating
result
The assumption of group completeness
The assumption of completeness of the financial statements and the uniform capture of data
included therein
The assumption of same date
The assumption of consistent consolidation methods; the methods will be consistently applied
from one period to the next as specified in the first consolidation. For the purpose of consistent
format, the format and content were defined for individual items of the balance sheet, the
income statement according to version I, the cash flow statement and the statement of
changes in equity. For the purpose of consistent substance, we decided to apply equal
methods and procedures in compiling the financial statements in all periods.
The assumption of clarity and transparency
The assumption of cost-efficiency
The assumption of relevance; the consolidated financial statements include Group companies
and the items that are sufficiently relevant to influence the assessments and decisions of their
users.
Exposure to risks and risk management
Currency risk
Currency risk represents a risk of fluctuation in the value of financial instruments due to foreign
exchange rate changes. To ensure protection against currency risks, the Group companies use currency
clauses, the calculation of selling prices and regulation of assets and sources of assets in the same
currency. In the period from January to December 2015, the Group companies did not ensure
protection against currency risk by purchasing currency options.
Interest rate risk
Interest risk means the risk of fluctuation in the value of a financial instrument due to a change in
market interest rates and higher interest rates on the money and capital market. We strive to limit
interest rate risk by interest rate cap stipulation in loan agreements, when possible. We did not use
any derivatives in the past year for this purpose.
118
Credit risk
Credit risk represents a risk arising when a client involved in an agreement, regarding a financial
instrument, fails to fulfil their obligations, thereby causing the Group financial loss. Insurance
instruments used by the Group companies for the insurance of credit risk are: insurance of foreign
receivables with SID35 PKZ, up-to date recovery of receivables, advances paid by customers and the use
of bank guarantees and documented letters of credit. Larger receivables are insured with a guarantee
or bill of exchange, with authorisation to the bank for their realisation.
Insolvency risk
Insolvency risk is the risk of the company running into difficulties when collecting financial assets
necessary for the realisation of financial obligations. The Group companies actively manage insolvency
risk with basic tools used for the regulation of insolvency risks: cash-flow planning, liquidity reserve,
regulation of the maturity of assets and liabilities, spread of sources of financing, regular payment of
receivables.
Balance sheet
Intangible assets and long-term deferred costs and accrued revenue
Internally generated brands, publication titles, customer lists and items similar in substance shall not
be recognised as intangible assets except in the case of a transaction (acquisition of the company).
An investment in goodwill represents the difference between the acquisition cost of an acquiree or a
part thereof in excess of the determinable fair value of the assets acquired less any debt and contingent
liabilities.
Expenditure in research activities undertaken with the prospect of gaining new scientific or technical
knowledge and understanding is recognised in the Income Statement as an expense when incurred.
Expenditure in development activities where research results are used in planning and designing the
production of new or substantially improved products and processes is recognised under intangible
assets if the product or process is technically and commercially feasible, if there is an intention and
ability to complete the project and then use or sell it and expect economic benefits from the project,
if the company has sufficient resources to complete development and if it is able to measure reliably
the cost during development. The recognised expenditure incurred includes not only the costs caused
by its production and indirect costs that can be attributed to it and recognised by the market but also
the cost of borrowing in relation to its acquisition. Other expenditure incurred is recognised in the
Income Statement as an expense when incurred. The useful life is equal to the period of expected
future sales related to the project.
On initial recognition, an intangible asset is measured at cost. After initial recognition, the company
Group companies monitor intangible assets according to the cost model, whereby their cost is
decreased by any accumulated depreciation and any accumulated impairment losses.
Intangible assets are classified as those with finite useful lives and those with indefinite useful lives.
The carrying amount of an intangible asset with a finite useful life is reduced by depreciation and
impairments, if there are reasons for this. Depreciation of intangible fixed assets begins to be
calculated when the asset is available for use. The adequacy of the depreciation period and the
depreciation method are reviewed at least at each financial year-end. Any adjustments necessary are
35
Slovenian Export Corporation
119
accounted as a change in an accounting estimate. Depreciation is calculated on a straight-line basis,
beginning the following day in the month when the asset is available for use.
The depreciation rate used was 10 percent for the brand name, patents and long-term deferred
development costs. The depreciation rate for other property rights is from 10 to 50 percent.
Intangible assets with indefinite useful life and goodwill of a Group company are tested for impairment
at least on the balance sheet date. These assets are not subject to amortisation. The useful life is
reassessed to determine whether the assets need not be treated as having finite useful life, and the
effect is accounted as a change in an accounting estimate.
Property, plant and equipment (Tangible fixed assets)
An item of tangible fixed assets (property, plant and equipment) that qualifies for recognition as an
asset is on initial recognition measured at its cost. The acquisition cost comprises the asset's purchase
price, non-refundable purchase taxes, directly attributable costs of bringing the asset to the condition
necessary for the intended use and the estimate of the costs of dismantling and removing the item
and restoring the site on which it is located.
For subsequent measurement of land, buildings and important production lines, the Group companies
use the revaluation model. The individual groups of tangible fixed assets are carried at fair value
reduced by the accumulated depreciation value adjustment and impairment losses. The increase in
fair value of a group of tangible assets is recognised in equity as a revaluation surplus unless the
previous decrease in fair value was recognised in the Income Statement. The decrease in fair value of
a group of tangible fixed assets is recognised in the Income Statement upon prior elimination of the
revaluation surplus established in equity. Revaluation is performed periodically (usually every three
years) so that the carrying amount does not differ significantly from the fair value. Part of the
revaluation surplus is realised if the asset is used in the company, while each year a transfer from the
revaluation surplus to retained net profit is made, equalling the higher depreciation, without including
it in the Income Statement.
For subsequent measurement of other production equipment and other items that are recorded as
tangible fixed assets, the Group companies use the cost model. Tangible fixed assets are carried at
historical cost reduced by the accumulated depreciation value adjustment and impairment losses.
If the acquisition price of an item of tangible fixed assets is high, it is distributed among its significant
parts that may have different useful lives, and the Group company depreciates separately each such
part.
Depreciation is recognised on a straight-line basis over the useful lives of each item of tangible fixed
assets. Land does not depreciate. Depreciation of a tangible fixed asset begins on the first day of the
following month when the asset is available for use. The adequacy of the depreciation period and the
depreciation method are reviewed at least at each financial year-end. Any adjustments necessary are
accounted as a change in an accounting estimate. Amortisation rates (by major type) are as follows:
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Buildings: 2% to 6.6%
Production equipment: 10% to 33.3%
Motor vehicles: 15.8% to 25%
Computers: 20% to 50%
Other equipment: 10% to 33.3%
If not negligible, the remaining value is checked annually.
120
The difference between the sales value, decreased by the cost of sale, and carrying amount of a
disposed tangible fixed asset is transferred to operating revenue from revaluation if the former is
higher than the latter and to operating expenses from revaluation if the latter is higher than the
former. Upon the disposal of a revalued asset, the difference between its fair value, decreased by the
cost of sale, and last carrying amount must be corrected for the revaluation surplus connected to this
asset.
Leases, in terms of which a Group company assumes substantially all major risks and benefits of
ownership, are classified as financial leases. The assets under a financial lease are stated separately
from other assets of the same type.
The projected costs of high-value repairs are treated as part of tangible fixed assets and depreciated
at the rate that allows for the estimated amount to be recovered by the time the costs of high-value
repairs actually incur.
Costs that increase tangible fixed assets' future benefits or extend their useful life increase their
acquisition price. All other costs are recognised in the Income Statement under expenses as incurred.
Borrowing costs are recognised as expenses when incurred.
Items of small tools whose individual acquisition price does not exceed 500 euros are classified as
materials.
Investment property
Investment property is held to earn rental revenue, increase the long-term investment value or both.
At the beginning, the investment property is carried at cost, and transaction costs are included in the
amount of cost. For subsequent measurement of investment property, the revaluation model is used,
with investment property being recognised at its fair value. Changes in fair value of investment
property are recognised as other expenses or revenue in respect of investment property. Investment
property does not depreciate.
Impairment of long-term assets other than financial investments
At each reporting date, the Group companies assess whether there is any indication that an asset may
be impaired. If any such indications exist, a Group company must assess the recoverable amount of
the asset.
The recoverable amount is considered the fair value, decreased by costs of sale or value upon use,
depending on which amount is higher. Assessing the value in use comprises assessing receipts and
disbursements arising from the further use of the asset and its final disposal and applying the
appropriate discount rate to those future cash flows. Value in use may also be established for a cashgenerating unit, which is the minimum identifiable group of assets, the continued use of which is a
source of future cash receipts, predominantly independent of cash receipts from other assets or asset
groups. Its carrying amount is reduced to its recoverable amount only if the recoverable amount is
lower than the carrying amount. This reduction is treated as impairment loss. Any impairment loss
measured under the cost model is recognised in the Income Statement. Any impairment loss measured
under the revaluation model is debited directly to each revaluation surplus before the difference is
recognised in the Income Statement.
Impairment losses recognised for an item in prior periods are reversed if, and only if, the assessment
applied to determine the recoverable amount of that item changed after the recognition of the last
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impairment loss. In such a case, the carrying amount of the asset is increased to its recoverable
amount. That increase is a reversal of an impairment loss. The increased carrying amount of an asset
due to a reversal of the impairment loss shall not exceed the carrying amount that would have been
determined (net of depreciation) had no impairment loss been recognised for the asset in prior years
unless such increase resulted from revaluation. Any reversal of the impairment loss measured under
the cost model is recognised in the Income Statement. Any reversal of the impairment loss measured
under the revaluation model is attributed directly to the revaluation surplus. If the impairment loss of
the same revalued asset was recognised in the Income Statement, the reversal of such an impairment
loss shall also be recognised in the Income Statement.
Financial investments
In accordance with the SAS, the Group companies classify long-term and short-term financial
investments into four groups of financial investments:
1st group: financial investments designated at fair value through the Income Statement
2nd group: held-to-maturity investments
3rd group: loans and receivables
4th group: available-for-sale investments
Investments in non-negotiable securities or shares are classified in the fourth group.
At the end of the financial year, if this is allowed and appropriate, the Group companies appropriately
reclassify individual long-term and short-term financial investments into a different group.
For financial investments classified in any of the four groups, the trade date is consistently used.
Upon recognition, the financial investment is measured at cost. In the case of a financial investment
measured at amortised cost and a financial investment measured at fair value through the revaluation
surplus and a financial investment measured at cost, the fair value is supplemented by the transaction
costs that are directly attributable to the acquisition of the financial investment. The valuation of
financial investments depends on which group an individual investment is classified into.
Financial investments classified into the 1st and 4th groups are valued at fair value. Fair value is based
on market value (average share price, published daily value of a mutual fund unit, a single bond price,
...). A change in the fair value of financial investments in the 1st group is recognised in the Income
Statement as financial revenue or expense. A change in the fair value of financial investments in the
4th group is recognised under revaluation surplus. Financial revenue resulting from the elimination of
the revaluation surplus for financial investments in the 4th group is recognised upon the sale of the
financial investment or its derecognition.
Financial investments classified into the 2nd and 3rd groups are valued at amortised cost. Amortised
cost is the amount at which the financial investment is measured at initial recognition minus principal
repayments, plus or minus the depreciation of the discount or premium (using the effective interest
method) and less any possible impairment.
Financial investments in non-negotiable securities classified in the fourth group are measured at cost.
Financial investments in subsidiary companies are measured at cost in separate financial statements.
A financial investment is derecognised when the contractual rights expire to receive cash flows from
the said investment.
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At each reporting date, the Group companies assess whether there is objective evidence of impairment
of a financial investment. If any such evidence exists, it must be assessed to determine the amount of
the impairment loss. Losses resulting from revaluation from impairment, which could not be settled
with the revaluation surplus, are recognised as a financial expense in the Income Statement. For
financial investments measured at cost and when assessing whether they need to be impaired - the
Group companies comply with the provisions of Note 1 to SAS 3, according to which the impairment
test should be performed if the value of the financial investment exceeds the associated capital by
more than 20%.
In the case of financial investments held to maturity and loans and receivables that are carried at
amortised cost, the impairment loss is reversed if the subsequent increase in recoverable amount can
be related objectively to an event occurring after the impairment loss was recognised. Impairment
losses are reversed through profit or loss. The amount of the loss is measured as the difference
between the asset's carrying amount and the present value of expected future cash flows (excluding
future credit losses that have not yet been incurred), discounted at the original effective interest rate
of a financial asset (i.e. the effective interest rate computed at initial recognition).
Impairment losses that are recognised for the available-for-sale financial investments measured at cost
cannot be eliminated. The amount of the loss is measured as the difference between the financial
asset's carrying amount and the present value of expected future cash flows, discounted at the current
market rate of return for a similar financial asset.
Impairment losses recognised for a financial investment in an equity instrument classified as available
for sale cannot be reversed through profit or loss. If the fair value of a debt instrument classified as
available for sale increases and the increase can be objectively related to an event occurring after the
impairment loss was recognised in the profit or loss, it is necessary to reverse the impairment loss
through the profit or loss as financial revenue. The amount of losses on available-for-sale financial
investments at fair value are measured as the difference between the acquisition price and the current
fair value, less any impairment loss on that financial asset previously recognised in the profit or loss.
Inventories
Inventories are assets in tangible form that will be used for the creation of products or performance
of services or be sold in the ordinary course of business.
The Group companies disclosed the following types of inventories:
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materials and small tools,
work-in-progress and semi-finished products,
finished products,
merchandise.
The inventories of material and merchandise are disclosed according to the average purchase price
method. The inventories of materials in the process of completion or modification are disclosed in
inventories in a special record and their value should be appreciated by the costs of completion and/or
modification once the materials are returned.
Units of quantity of products or work-in-progress are valued at contracted full cost. Contracted full
cost comprises production costs in narrow sense, indirect purchasing and selling costs and general
overheads, whereas direct selling costs and borrowing costs are not included. When disclosing
inventories of work-in-progress and products, the company uses fixed prices with appropriate
deviations.
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The inventories of material are not revalued upwards nor are work-in-progress and inventory of
products. Inventories are revalued for impairment if their carrying amount, including the amount
established using the latest actual purchase prices or acquisition cost, exceeds their market value or if
the latter is higher than the net realisable value. A decrease of inventories of raw and other materials
as well as small tools is charged against the operating expenses from revaluation, whereas a decrease
of inventories of work-in-progress, products and merchandise is charged against relevant operating
expenses.
Net realisable value of inventories of material, finished goods and merchandise, which is more than a
year old, is considered individually. The administrator of inventories prepares an estimate of the net
realisable value. Inventories of finished goods and merchandise older than one year are revalued due
to impairment, if the carrying value of the inventories exceeds the estimated net realisable value.
Operating receivables
In terms of maturity, receivables are divided into long-term and short-term receivables.
Long-term operating receivables are from issued deposits or merchant or consumer credits with
maturities longer than one year and deferred security.
Short-term portions of long-term operating receivables due in the next year reduce the balance of
long-term commodity credits and are included in the Balance Sheet under short-term operating
receivables.
Short-term operating receivables are divided into short-term trade receivables (domestic and foreign),
advances (advances for inventories, tangible fixed assets and intangible assets are recognised in the
Balance Sheet under the category to which they relate), short-term operating receivables from
operations for the account of third parties, short-term operating receivables associated with financial
revenue and other short-term operating receivables. They are shown separately as receivables from
subsidiary and associated companies. Receivables from group companies are classified by the
individual components of the operating receivables.
Receivables that are not settled within a regular maturity period are considered doubtful receivables,
and if they cause judicial proceedings, they are considered disputable receivables. The term regular
deadline implies a deadline determined in accordance with a contract or other corresponding
document.
The revaluation of receivables is a change in their carrying amount. It occurs primarily in the form of
revaluation of receivables due to their impairment or revaluation of receivables due to cancellation of
impairment. It is performed throughout the year during the preparation of monthly financial
statements on the basis of empirical corrections of value adjustments. At the end of the financial year,
the state of the value adjustments of receivables is verified according to the policy on forming value
adjustments of receivables described in the continuation.
For receivables denominated in foreign currency and those where their exchange rate is changed after
their initial recognition, or the contracting parties agreed on a revaluation to preserve their real value,
reducing receivables by exchange rate differences increases financial expenses, and increasing
receivables by exchange rate differences increases financial revenue.
Receivables are revalued due to impairment if their carrying amounts exceed their fair values.
The Group companies assess the need to impair receivables based on consideration of criteria for
maturity or insurance of receivables that are furthermore corrected through individual evaluation.
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Receivables from companies that have gone bankrupt are written off at 100 percent, except when
receivables from those companies are insured (in that case, an adjustment equalling the uninsured
part of the receivables is made) or when at least a partial repayment is possible, subject to the debtor’s
assets.
Adjustments are calculated according to individual receivables in accordance with the following
criteria:
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
receivables from customers whose financial state has weakened considerably or they are in
the process of compulsory composition;
receivables in judicial proceedings;
receivables from companies in bankruptcy;
receivables which are not coordinated.
Subsequent write-offs of individual receivables are, based on a corresponding document, covered by
forming the revaluation adjustments of receivables.
Cash
Cash consists of cash on hand, deposit money and cash in transit. Cash also includes cash equivalents
that represent investments that can be converted into cash amounts, known in advance, quickly or in
the near future, and where the risk of changes to the value is insignificant. These include short-term
deposits and bank deposits and similar investments and are intended to ensure solvency. Cash is
shown in the amounts denoted on the corresponding documents. Cash expressed in foreign currencies
is converted to the local currency using the reference exchange rate of the European Central Bank and,
for justifiable reasons, the appropriate exchange rate of a commercial bank may also be used.
Exchange rate differences arising may increase or decrease the original value of cash shown, with
regular financial revenue or financial expenses arising in connection with cash.
Overdrafts in transaction accounts are disclosed as loans received.
Equity
Total equity consists of:
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
called-up capital,
capital reserves,
profit reserves,
revaluation surplus,
retained net profit or loss,
net profit or loss for the financial year,
revaluation reserve,
non-controlling interest.
Acquired treasury shares or business shares are deducted from equity. Upon purchase, sale, issue or
cancellation, any profit or loss from the transaction is not recognised in the Income Statement and any
differences are offset against equity.
Dividends are recognised as a liability in the period in which the general meeting decides that they
should be distributed.
A revaluation surplus refers to preliminary recognised strengthening of assets, both of the total
amount as well as off-set with future effects of asset impairments prior to them being collected. The
recognised positive or negative revaluation surplus may be the result of revaluation according to the
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revaluation model applied to tangible fixed assets and financial investments classified under availablefor-sale financial investments, according to their fair values and derivative financial instruments.
Provisions and long-term accrued costs and deferred revenue
The Group companies disclose provisions in the Balance Sheet if they have, as the result of a past
event, a present legal or indirect obligation and if it is probable that they will be required to settle the
obligation through an outflow of resources embodying economic benefits. Where the effect of the
time value of money is material, provisions are determined by discounting the expected future cash
flows at a pre-tax rate. This reflects current assessments of the time value of money and, if needed,
the risks specific to the liability. Effect arising from discounting is recorded as a financial expense or
revenue.
If a Group company expects with great certainty that some or all of the expenditure required to settle
a provision will be reimbursed by another party, the reimbursement is recognised as a separate asset
that does not exceed the amount of the provision. In this context, expenses for provisions are offset
by revenue from the recognition of an asset.
Provisions are reduced directly for costs or expenses for which they were made, which means that
they no longer appear in the Income Statement except in the case of provisions for onerous contracts
and long-term deferred revenue, the consumption of which is transferred to operating revenue in line
with depreciation calculated.
In compliance with the law, collective agreement and internal rules, the Group companies are
obligated to pay jubilee benefits and retirement severance to employees for whom they form longterm provisions. Other pension liabilities do not exist. Provisions are made in the amount equalling the
expected amount of future jubilee benefits and severance payments, discounted as at the date of the
Balance Sheet. A calculation was made for every employee, taking into account the costs of severance
payments upon retirement and the costs of all projected jubilee benefits until retirement. The
calculation based on a projected unit is prepared by a certified actuary. If the Group company’s
management estimates that in the financial year there were no events that would have a significant
impact on the amount of the recognised long-term provisions for jubilee benefits and retirement
severance, the state of recognised long-term provisions is changed simply because of interim jubilee
benefits and severance payments. The actuarial calculation is performed at least every third financial
year.
Provisions for onerous contract costs are recognised when the unavoidable costs of non-compliance
with contractual obligations exceed the economic benefits expected on the basis of the contract.
The Group companies recognise in their financial statements the provisions for ongoing major lawsuits
in terms of their amount. Every year, they verify the eligibility of the provisions formed with regard to
the status of the dispute and the likelihood of a favourable or an unfavourable outcome. The amount
of provisions is determined based on the amount of the claim or the expected likely amount if the
actual claim is not yet known. If the outcome of litigation is not sufficiently certain along with the
amount of future outflows, it is shown as a contingent liability outside the Balance Sheet.
The Group companies form long-term provisions with regard to issued warranties upon the sale of
products and major contracts that include guarantees on work performed, construction and roofs, if
the estimated amounts are relevant. Long-term provisions from contracts that include a guarantee on
work performed, construction and roofs are formed on the basis of several years of experience and
actual costs related to past complaints. Long-term provisions for given warranties upon the sale of
126
products are created in line with the percentage that the Group company determines on the basis of
the average share of the number of complaints concerning products in relation to the production
output of the last five years. Provisions are as a rule available for use for a period of three years, but
no longer than up to the date when the warranty period expires. The use of provisions formed is carried
out using the linear method. The amount of operating revenue calculated in the current year is defined
based on this.
The utilisation of these provisions decreases expenses in the current financial year in the amount of
the actual identified complaints in the financial year, whereas the difference between the excess
provisions is eliminated in favour of profit.
Based on experience of the Quality Sector, the majority of complaints arise in the first three years after
the handover of the building, which is why provisions are created for a period of three years.
Liabilities
Liabilities may be of a long-term, short-term, financial or operating nature. Long-term liabilities
represent a liability with regard to the financing of company’s own assets whose maturities are longer
than one year following their appearance or date of the Balance Sheet.
Long-term liabilities are broken down into:


long-term financial liabilities that represent long-term loans acquired on the basis of loan
agreements or acquired deposits and liabilities to lessors through financial leasing,
long-term operating liabilities that comprise long-term supplier credit for purchased goods or
services and long-term security received.
Long-term liabilities are divided into long-term liabilities to Group companies and other entities. Longterm liabilities are also classified into long-term liabilities obtained from banks and other legal and
natural persons at home and abroad.
Short-term liabilities are recognised liabilities connected to the financing of the company’s own assets
that must be settled within a year’s time at the latest.
Short-term liabilities are divided into:


financial liabilities that arise when creditors place cash into a company or pay its business
events with cash,
operating liabilities that arise when suppliers place into company elements required for
production and the performance of services.
The Group companies disclose short-term liabilities acquired from banks and other legal and natural
persons at home and abroad separately.
Liabilities are measured at amortised cost using the effective interest method. If significant amounts
do not bear interest, they are recognised at a discounted amount, taking into consideration the
average interest rate achieved by the Group company in comparable transactions. If the actual or
agreed interest rate does not materially differ from the effective interest rate, they are recognised in
the Balance Sheet at their initial recognised amounts less repayments.
Short-term accruals and deferrals
Short-term accruals and deferrals are receivables and other assets and liabilities that are expected to
arise within a year’s time and whose occurrence is probable.
127
Accrued revenue and deferred costs include short-term deferred costs or short-term deferred
expenses and short-term accrued revenue. They are shown and classified separately by the type of
accrued revenue and deferred costs.
Accrued costs and deferred revenue include short-term accrued costs or expenses and short-term
deferred revenue. They are shown and classified separately by the type of accrued costs and deferred
revenue. Accrued costs related to engineering projects are also shown in accrued costs and deferred
revenue.
Costs or expenses calculated in advance arise on the basis of a uniform burdening of activities, profit
and loss or inventories. Short-term deferred revenue arises if the work has not yet been performed
and the costs of the services have already been invoiced or paid. Similarly, it can arise if the entitlement
to the recognition of revenue in the profit or loss is doubtful at the moment of sale.
Income Statement
The Income Statement has been prepared according to Version I in accordance with SAS 25.5. The
Income Statement represents the fundamental financial statement and gives a realistic and fair
overview of the profit or loss for the current and previous financial year. The structure of items
presented in the Income Statement refers to the total revenue attained in an individual financial year.
Revenue
Revenue represents increases in economic benefits in the accounting period in the form of increased
assets or decreased liabilities. Through its effect on profit or loss, revenue influences the capital
amount.
Revenue is classified into operating revenue, financial revenue and other revenue.
Revenue from the sale of products is recognised in the Income Statement when the Group company
has transferred to the customer the significant risks and rewards of ownership of the goods. Revenue
from the sale of products, merchandise and materials is measured at selling prices stated in invoices
or other documents, less discounts and rebates approved either when the sale is made or
subsequently, including those granted for early payment. Revenue from services rendered is
recognised in the Income Statement in proportion to the stage of completion of the transaction at the
Balance Sheet date. The stage of completion is assessed by reference to surveys of work performed.
No revenue is recognised if there are uncertainties regarding the recovery of the consideration due,
associated costs, the possible return of goods or continuing management involvement with the goods.
Rental revenue from investment property is recognised in revenue evenly during the lease term.
A government grant is initially recognised in the financial statement as deferred revenue when there
is reasonable assurance that the Group company will comply with the conditions attached to it and
receive it. Government grants received for covering costs are recognised strictly as revenue over the
periods necessary to match them with the related costs that they are intended to compensate for.
Government grants associated with assets are recognised in the Income Statement strictly as other
operating revenue over the useful life of that asset.
Interest revenue is recognised in the Income Statement as it accrues using the effective interest rate
method. Dividend revenue is recognised in the Income Statement on the date when the shareholder's
right to receive payment is exercised. Financial revenue in the Income Statement also includes
exchange rate gains and gains on hedging instruments and other revenue derived from financial
investments.
128
Revenue from engineering projects is recognised in the Income Statement in proportion to the stage
of completion of the project. If, in individual projects, it is determined that the costs incurred exceed
the planned costs, the estimated overall loss on the project is recognised as an expense of the
accounting period.
Expenses
Expenses are broken down into operating, financial and other expenses.
The acquisition price of goods sold includes the net invoiced value of goods sold, expenses for customs
and other import duties that are levied according to the supplier's price, transportation costs,
insurance costs and other associated acquisition expenses.
Production costs of goods sold and cost of sales and general operations are dependent on inventory
valuation methods described under Inventories.
Operating expenses from revaluation arise from impairment of fixed, current assets and investment
property measured at cost as well as from the loss on disposal of intangible assets, tangible fixed assets
and investment properties in comparison to their carrying amount.
Financial expenses comprise interest payable on loans calculated using the effective interest rate
method, exchange rate losses, losses on hedging instruments and other expenses that arise from
financial investments.
Deferred taxes
Corporate income tax for the financial year comprises current and deferred tax. Current tax is the tax
payable on the taxable profit for the financial year, using tax rates enacted at the Balance Sheet date,
and any adjustment to tax payable in regard to previous financial years. Deferred tax is recognised
using the Balance Sheet liability method, providing for temporary differences between the carrying
amounts of assets and liabilities and the amounts used for taxation purposes.
Deferred tax liabilities are recognised for all temporary differences except for:


goodwill that is not deductible for tax purposes;
the initial recognition of an asset or liability in an event other than a merger, division, exchange
of capital shares and transfer of activities and that does not affect the accounting or taxable
profit.
Deferred tax assets are recognised for all temporary differences, unused tax credits and tax losses in
the amount for which it is probable that there will be future taxable profit available against which the
said asset can be debited, except if:

differences arise from the initially recognised assets or liabilities in an event that at the time
of occurrence affects neither the accounting profit nor taxable profit, except in the case of
receivables from business mergers, divisions, exchange of capital shares or transfer of
activities.
When compiling the Balance Sheet, the Group companies reassess previously unrecognised deferred
tax assets and recognises them if it is probable that future taxable profit will allow for the utilisation
of deferred tax assets. The Group company reduces the carrying amount of a deferred tax asset if it is
no longer probable that sufficient taxable profit will be available. Any such reduction is reversed if it
becomes probable that sufficient taxable profit will be available.
129
Corporate income tax is disclosed in the Income Statement, except where it refers to items directly
disclosed as equity, in which case it is disclosed under equity.
Insignificant amounts of receivables and deferred tax liabilities are not recognised.
Business and geographical segments
The Group companies do not monitor operations by business and geographical segments.
130
Consolidated financial statements as at 31 December 2015
The consolidated financial statements comprise:





Consolidated Balance Sheet,
Consolidated Income Statement,
Consolidated Cash Flow Statement,
Consolidated Statement of Changes in Equity,
Consolidated Statement of Other Comprehensive Income.
131
Consolidated Balance Sheet
BALANCE SHEET AS AT 31 DECEMBER 2015
(in EUR)
ASSETS
Long-term assets
Intangible assets and long-term deferred costs and accrued
revenue
Long-term property rights
Goodwill
Long-term deferred development costs
Property, plant and equipment (Tangible fixed assets)
Land and buildings
Land
Buildings
Production and other equipment
Tangible fixed assets under acquisition
Tangible fixed assets under construction and manufacture
Advances for the acquisition of tangible fixed assets
Investment property
Long-term financial investments
Long-term financial investments except for loans
Shares and stakes in Group companies
Shares and stakes in associated companies
Other shares and stakes
Long-term operating receivables
Long-term operating receivables due from customers
Long-term operating receivables due from others
Deferred tax assets
Short-term assets
Inventories
Materials
Work-in-progress
Products and merchandise
Advance payments for inventories
Short-term financial investments
Short-term financial investments except for loans
Shares and stakes in Group companies
Other shares and stakes
Other short-term financial investments
Short-term loans
Short-term loans to Group companies
Short-term loans to others
Short-term operating receivables
Short-term operating receivables from Group companies
Short-term operating receivables from customers
Short-term operating receivables from others
Cash
Short-term accrued revenue and deferred costs
31.12.2015
98,176,826
58,780,006
31.12.2014
93,920,081
61,317,834
9,386,141
11,013,844
6,033,177
1,325,608
2,027,356
43,019,904
29,573,253
10,275,568
19,297,685
13,307,272
139,379
139,379
7,822,571
1,325,608
1,865,665
42,991,590
28,602,963
8,361,391
20,241,572
13,910,556
478,071
174,434
3,195,245
449,524
449,524
66,729
382,795
102,795
94,953
7,842
2,626,397
38,270,535
10,724,018
7,193,936
1,070,862
1,720,822
738,398
282,456
242,456
7,500
118,956
116,000
40,000
40,000
20,830,062
335,457
18,266,220
2,228,385
6,433,999
1,126,285
303,637
3,378,622
650,547
650,547
153,127
20,447
476,973
315,764
185,612
130,152
2,967,467
31,062,593
11,042,412
6,210,356
831,387
1,736,314
2,264,355
138,203
136,897
136,897
1,306
1,306
16,780,119
471,961
14,366,630
1,941,528
3,101,859
1,539,654
132
BALANCE SHEET AS AT 31 DECEMBER 2015
(in EUR)
LIABILITIES
Equity
Called–up capital
Share capital
Revenue reserves
Legal reserves
Reserves for treasury shares and stakes
Treasury shares and stakes
Statutory reserves
Revaluation surplus
Retained net profit or loss
Net profit or loss for the financial year
Translation reserve
Non-controlling interest
Provisions and long-term accrued costs and deferred revenue
Provisions for pensions and similar obligations
Other provisions
Long-term accrued costs and deferred revenue
Long-term liabilities
Long-term financial liabilities
Long-term financial liabilities to banks
Other long-term financial liabilities
Other operating liabilities
Long-term operating liabilities to suppliers
Other long-term operating liabilities
Deferred tax liabilities
Short-term liabilities
Short-term financial liabilities
Short-term financial liabilities to banks
Other short-term financial liabilities
Short-term operating liabilities
Short-term operating liabilities to Group companies
Short-term operating liabilities to suppliers
Short-term operating liabilities from advances
Other short-term operating liabilities
Short-term accrued costs and deferred revenue
31.12.2015
98,176,826
19,064,592
9,143,567
9,143,567
81,095
27,964
511
(511)
53,131
8,454,847
(173,703)
877,482
(625,192)
1,306,496
4,508,848
1,242,280
1,183,745
2,082,823
37,450,825
35,198,198
33,599,212
1,598,986
657,427
6,394
651,033
1,595,200
31,006,449
4,204,701
4,167,890
36,811
26,801,748
133,616
21,225,648
2,321,982
3,120,502
6,146,112
31.12.2014
93,920,081
14,009,374
18,287,134
18,287,134
32,881
(32,881)
8,503,867
(9,169,208)
(2,286,407)
(2,201,316)
875,304
5,519,470
1,323,555
1,906,003
2,289,912
33,960,281
32,175,524
30,347,853
1,827,671
6,381
6,381
1,778,376
37,780,127
9,075,397
8,981,346
94,051
28,704,730
310,568
21,578,958
2,955,898
3,859,306
2,650,829
133
Consolidated Income Statement
INCOME STATEMENT
(in EUR)
2015
2014
129,726,963
110,919,183
371,686
332,606
145,332
2,177,513
(100,848,158)
(78,176,336)
(22,671,822)
(18,337,896)
(14,099,745)
(908,808)
(1,594,840)
(1,734,503)
(7,335,589)
(3,619,863)
(225,276)
(3,490,450)
(1,622,435)
4,277,416
1,657,526
19,554
1,637,972
22,998
1,986,123
2,074
4,262,769
(86,822,582)
(67,079,498)
(19,743,084)
(18,656,650)
(14,945,369)
(845,868)
(987,074)
(1,878,339)
(7,783,767)
(4,153,400)
(854,559)
(2,775,808)
(1,584,415)
669,218
41,503
18,001
23,502
1,580,742
5,050
1,575,692
1,495,992
213,737
1,282,255
(223,776)
(1,304,796)
(2,249,469)
(18)
(2,591,737)
(1,398,353)
221,672
(231,871)
(2,791,186)
(4,290)
(2,611,747)
(175,149)
(1,920,979)
(615,751)
(1,305,228)
(2,898,724)
317,667
(864,116)
2,868,864
(2,775,955)
(91,676)
17,653
(266,260)
586,927
NET PROFIT OR LOSS FOR THE ACCOUNTING PERIOD
2,794,841
(2,455,288)
Net profit or loss of the controlling owner
Net profit or loss of the non-controlling owners
3,126,220
(331,379)
(2,286,407)
(168,881)
Net sales revenues
Change in the value of product inventories and work-in-progress
Capitalised own products and services
Other operating revenues (including operating revenues from revaluation)
Costs of goods, material and services
Cost of goods and materials sold and costs of used materials
Costs of services
Labour costs
Costs of salaries and wages
Costs of social security
Pension insurance costs
Other labour costs
Value write-offs
Depreciation/amortisation
Operating expenses from revaluation of intangible and tangible fixed assets
Operating expenses for revaluation of current assets
Other operating expenses
OPERATING PROFIT OR LOSS
Financial revenue from shares
Financial revenue from shares in Group companies
Financial revenue from other investments
Financial revenue from loans granted
Financial revenues from loans to Group companies
Financial revenue from loans granted to others
Financial revenue from operating receivables
Financial revenue from operating receivables from Group companies
Financial revenues from operating receivables due from others
Financial expenses from impairment and write-offs of financial
investments
Financial expenses from financial liabilities
Financial expenses from loans received from Group companies
Financial expenses from loans received from banks
Finance expenses from other financial liabilities
Finance expenses from operating liabilities
Financial expenses from operating liabilities to Group companies
Financial expenses from liabilities to suppliers and bills payable
Financial expenses from other operating liabilities
PROFIT OR LOSS FROM FINANCING ACTIVITIES
Other revenue
Other expenses
PROFIT OR LOSS BEFORE TAX
Corporate income tax
Deferred taxes
-
22,998
1,986,123
-
-
(1,967,063)
(282,406)
(2,591,755)
-
134
Consolidated Statement of Other Comprehensive Income
Statement of Other Comprehensive Income
(in EUR)
2015
2014
Net profit or loss for the period
Change in the revaluation surplus of tangible fixed assets
Derivatives and financial investments
Exchange rate differences
Other elements of comprehensive income
2,794,841
707,691
429,344
759,622
(2,455,288)
(2,193,630)
(550,257)
1,620,486
Total comprehensive income for the accounting period
4,691,498
(3,578,689)
Total comprehensive income of the controlling owner
Total comprehensive income of the non-controlling owners
4,624,026
67,472
(3,033,691)
(544,998)
135
Consolidated Cash Flow Statement
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015
(in EUR)
2015
2014
Cash flows from operating activities
Income statement items
Operating revenue (except revaluation) and financial revenue
from operating receivables
133,454,797 117,828,676
Operating expenses excluding depreciation or amortisation (except revaluation)
and financial expenses from operating liabilities
(127,091,210) (113,896,820)
Income tax and other taxes not included in operating expenses
47,879
(48,777)
Changes in net current assets in Balance Sheet items (including
accruals and deferrals,
provisions and deferred tax
assets and liabilities)
Opening less closing operating receivables
Opening less closing deferred costs and accrued revenue
Opening less closing deferred tax assets
Opening less closing assets (disposal groups) held for sale
Opening less closing inventories
Closing less opening operating liabilities
Closing less opening accrued costs and deferred revenue and provisions
Closing less opening deferred tax liabilities
(4,345,691)
206,386
139,711
190,631
2,761,100
2,778,936
(108,591)
1,336,490
3,764,859
155,002
1,707,982
(8,884,149)
334,356
(157,484)
8,033,948
2,140,135
195,280
47,000
58,355
-
51,809
458,879
430,395
132,378
Disbursements from investing activities
Disbursements for the acquisition of intangible assets
Disbursements for the acquisition of tangible fixed assets
Disbursements for the acquisition of investment property
Disbursements for the acquisition of long-term financial investments
Disbursements for the acquisition of short-term financial investments
(104,770)
(789,632)
(149,721)
(159,500)
(162,540)
(506,773)
(57,268)
Net receipts/disbursements from investing activities
(902,988)
346,880
Net receipts/disbursements from operating activities
Cash flows from investing activities
Receipts from investing activities
Interest and profit participation received from
investing activities
Receipts from the disposal of intangible assets
Receipts from the disposal of tangible assets
Receipts from the disposal of investment property
Receipts from the disposal of long-term financial investments
Receipts from the disposal of short-term financial investments
136
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015 - CONTINUED
(in EUR)
2015
2014
787,615
117,229
3,000,000
302,000
Cash flow from financing activities
Receipts from financing activities
Receipts from paid-up capital
Receipts from the increase in long-term financial liabilities
Receipts from the increase in short-term financial liabilities
Disbursements for financing activities
Interest paid on financing activities
Disbursements for the repayment of equity
Disbursements for the repayment of long-term financial liabilities
Disbursements for the repayment of short-term financial liabilities
Dividends and other profit shares paid
Net receipts/disbursements from financing activities
(2,051,187) (1,469,040)
(335,277)
(198,478)
(2,317,200) (1,283,711)
(3,798,820)
350,771
Closing balance of cash
6,433,999
3,101,859
Cash for the period
Opening balance of cash
3,332,140
3,101,859
2,837,786
264,073
137
Consolidated Statement of Changes in Equity
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2015
(in EUR)
As at 31 December 2014
Changes in equity – transactions with owners
Disposal or withdrawal of treasury shares and interests
Exclusion of subsidiary from consolidation
Total comprehensive income for the period
Entry of the net profit or loss for the reporting period
Change in the surplus from fixed assets
Exchange rate differences
Other elements of comprehensive income
Capital restructuring
Allocation of the remaining portion of net profit for the
comparative
reporting period to other equity components
Allocation of part of net profit for the reporting period to other
elements of capital in accordance with a resolution passed
by management or supervisory bodies
Allocation of part of net profit to additional reserves in
accordance with the General Meeting resolution
Settlement of loss as a deduction component of capital
Formation of reserves for treasury shares and interests from
other equity components
Release of reserves for treasury shares and stakes
Other changes in equity
At 31 December 2015
Share
capital
Uncalled
capital
Total
called-up
capital
Capital
revenue
Legal
revenue
Reserves for
own stakes
and shares
Treasury
stakes and
shares
Statutory
revenue Other reserves
Total
revenue
profit
Revaluation
surplus
revaluation
18.287.134
-
18.287.134
-
-
32.881
(32.881)
-
-
-
8.503.867
-
-
-
-
-
(32.370)
(32.370)
32.370
32.370
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(61.742)
-
-
-
-
-
-
-
-
-
-
12.722
-
-
-
-
-
-
-
-
-
-
(49.020)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27.964
-
-
53.131
-
81.095
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53.131
-
81.095
-
53.131
-
81.095
8.454.847
(9.143.567)
-
-
(9.143.567)
-
(9.143.567)
-
(9.143.567)
-
27.964
-
9.143.567
-
9.143.567
-
27.964
511
(511)
Net profit
Net
profit or loss
Net
profit or loss
for the year
(9.169.208)
(2.286.407)
Equity
of non-controlling
Translation
owners
reserves
(2.201.316)
Total
875.304
14.009.374
363.720
363.720
363.720
363.720
-
-
-
401.067
3.126.220
-
401.067
3.126.220
-
398.859
746.900
1.145.759
67.472
(2.286.407)
-
2.286.407
-
-
-
-
-
2.167.643
(2.248.738)
-
9.143.567
(430.365)
8.594.438
(173.703)
(331.379)
368.366
30.485
-
2.794.841
707.691
429.344
759.622
4.691.498
-
-
-
-
-
-
-
-
37.669
877.482
430.365
-
19.064.592
430.365
(625.192)
1.306.496
138
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014
(in EUR)
As at 31 December 2013
Changes in equity – transactions with owners
Entry of additional capital payments
Other changes in equity
Total comprehensive income for the period
Entry of the net profit or loss for the reporting period
Change in the surplus from fixed assets
Other elements of comprehensive income
Share
capital
Uncalled
capital
Total
called-up
capital
Capital
revenue
Legal
revenue
Reserves for
own stakes
and shares
4.538.336
-
4.538.336
-
-
32.881
17.198.804
-
-
17.198.804
-
-
-
-
17.198.804
-
17.198.804
-
-
-
-
-
-
-
-
-
Treasury
stakes and
shares
(32.881)
Statutory
revenue Other reserves
Total
revenue
profit
Revaluation
surplus
revaluation
Net profit
Net
profit or loss
-
-
-
10.697.497
-
-
-
-
-
-
1.780.432
-
-
-
-
-
-
1.780.432
-
-
-
-
-
-
(2.193.630)
-
1.936.337
-
-
-
-
-
-
-
(2.193.630)
1.936.337
Capital restructuring
Allocation of the remaining portion of net profit for the comparative
reporting period to other equity components
Settlement of loss as a deduction component of capital
(3.450.006)
Other changes in equity
-
-
(3.450.006)
-
-
-
-
-
-
-
-
-
-
-
(13.229.943)
3.450.006
(3.106.040)
(3.450.006)
-
(3.450.006)
-
-
-
-
-
-
-
-
(12.885.977)
18.287.134
-
18.287.134
-
-
32.881
-
-
-
8.503.867
(9.169.208)
As at 31 December 2014
ACCUMULATED LOSS
(32.881)
(9.169.208)
Net
profit or loss
for the year
(13.229.943)
-
(2.286.407)
(2.286.407)
13.229.943
13.229.943
(2.286.407)
(2.286.407)
Equity
Translation
of non-controlling
reserves
owners
(3.036.933)
Total
1.420.302
389.259
1.325.608
-
17.198.804
3.106.040
1.325.608
-
20.304.844
(489.991)
(168.881)
(188.683)
(187.434)
(489.991)
(544.998)
-
-
-
-
(2.201.316)
875.304
(2.455.288)
(2.382.313)
1.258.912
(3.578.689)
(3.106.040)
(3.106.040)
14.009.374
(11.455.615)
139
Disclosures and notes to the consolidated financial statements
Disclosures and notes to the Consolidated Balance Sheet
Intangible assets
CHANGES IN INTANGIBLE ASSETS
Property
rights
and
other rights
Intangible
assets in
acquisition
Good
will
Total
734,907
13,056,655
1,554,268
1,325,608
16,671,438
-
-
106,523
340,306
-
106,523
340,306
-
106,523
(81,090)
(3,625)
(1,697,306)
(106,523)
-
-
(81,090)
(3,625)
(1,697,306)
734,907
11,381,157
1,894,574
1,325,608
15,336,246
31 December 2014
423,510
5,234,084
-
-
5,657,594
Amortization for the year
Disposals
Exchange rate differences
178,615
-
200,932
(81,092)
(5,944)
-
-
379,547
(81,092)
(5,944)
31 December 2015
602,125
5,347,980
-
-
5,950,105
31 December 2014
311,397
7,822,571
1,554,268
1,325,608
11,013,844
31 December 2015
132,782
6,033,177
1,894,574
1,325,608
9,386,141
Development
costs
(in EUR)
Cost
31 December 2014
Acquisitions
Acquisitions - own manufacture
Transfer from investments in
progress
Disposals
Exchange rate differences
Transfer to land
31 December 2015
Accumulated value adjustment
Carrying amount
The increase in the acquisition price of intangible assets is related to the purchase of computer
software and certificates, registration of brands and property rights to land. The development costs of
the products of the Qbiss One family are disclosed in deferred development costs.
Intangible assets in acquisition are related to the development costs of Qbiss Air products. Their
capitalisation amounted to EUR 340,306 in 2015.
In 2014, the controlling company Trimo and the company Trimo Inženjering d.o.o transferred from
fixed assets to other property rights the land in the Republic of Serbia, Pečinci Municipality, leased for
99 years. Trimo d.d. undertook to build facilities on that land within three years after the conclusion
140
of the lease contract. Due to objective reasons, the facility has not yet been constructed on the entire
land, even after the expiry of the deadline. A plant was constructed on an area representing 53% of
the total land, the title to which was transferred by Trimo Inženjering d.o.o. According to the lease
contract concluded with the Pečinci Municipality and in line with the applicable legislation of the
Republic of Serbia, the companies may convert the right to lease applying to the remaining land into
property right when the condition of facility construction is fulfilled.
In 2015, Trimo successfully entered in the accounts the ownership right on the part of land that was
adequately recorded within tangible fixed assets. On 4 December 2015, Trimo submitted a request for
the conversion of the lease right of the remaining part of the land into the ownership right at the real
estate register of Pečinci on the basis of the change in the legislation. This part of land is still recorded
as other property right. The company assessed the value of the leased land on the basis of the valuation
of the real estate performed by a certified appraiser for real estate in the Republic of Serbia. In the
event of proceedings by the lessor in the direction of attempted termination of contract, the company
will exercise entitlements to reimbursement of the rest of the lease payments and past investments in
that land. According to an internal calculation, the company establishes that the reimbursement by
the lessor in such a case would be higher than the assessed value of real estate recorded in the
statements of the company. Based on this, the company establishes that the value of the entitlement
is not recorded as too high. Further procedures are described in events after the balance sheet date.
On 29 January 2015, Trimo received a request in relation to property rights for leased land in the
Republic of Serbia (the Municipality of Pečinci), sent by the Municipality of Pečinci, requesting the
rescission of the lease contracts concluded on 1 February 2010 and 6 December 2007 because of a
breach of contractual commitments with regard to investment. Trimo was prepared to undertake
consensual termination of the contract and requested that the Municipality of Pečinci reimburse the
proportional part of lease payments and compensate for the increase in land value resulting from the
investment of Trimo, in accordance with the law and contract provisions.
As at 31 December 2015, the Group does not disclose significant commitments for the acquisition of
intangible fixed assets.
141
Property, plant and equipment (Tangible fixed assets)
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(in EUR)
Land
Production
machinery and
Buildings other equipment
Fixed
assets being
acquired
Advances
for fixed
assets
Total
Cost
31 December 2014
Adjustments
8.361.391
-
33.236.081
(309.756)
61.669.252
(1.838.777)
174.435
-
303.637
-
103.744.796
(2.148.533)
1 January 2015
8.361.391
32.926.325
59.830.475
174.435
303.637
101.596.263
(24.999)
(62.716)
2.001.892
-
4.406
(206.628)
(245.476)
183.479
153.301
(341.518)
(1.670.334)
(477.740)
993.752
386.170
(5.717)
96.806
1.016.325
(140.506)
(415.509)
-
11.501
(315.138)
-
555.378
(578.862)
(1.915.810)
(540.456)
1.177.231
2.384.376
(140.506)
10.275.568
-
32.758.912
-
59.363.755
-
139.379
-
-
102.537.614
-
-
12.994.509
(309.756)
12.684.753
47.758.697
(1.838.777)
45.919.920
-
-
60.753.206
(2.148.533)
58.604.673
-
938.480
(99.420)
(62.586)
-
2.301.836
(1.578.913)
(157.329)
(289.089)
(139.942)
-
-
-
-
3.240.316
(1.678.333)
(219.915)
(289.089)
(139.942)
-
13.461.227
46.056.483
-
-
59.517.710
8.361.391
8.361.391
10.275.568
20.241.572
20.241.572
19.297.685
13.910.555
13.910.555
13.307.272
174.435
174.435
139.379
303.637
303.637
-
42.991.590
42.991.590
43.019.904
Acquisitions
Acquisitions – own manufacture
Transfer from investments in progress
Exchange rate differences
Disposals
Transfer to short-term assets
Impairments
Reconciliation with fair value
Adjustments other
Transfer to investment property
Transfer
Adjustments other
31 December 2015
-
Accumulated value adjustment
31 December 2014
Adjustments
1 January 2015
Depreciation for the year
Increase due to acquisition
Disposals
Exchange rate differences
Transfer to short-term assets
Impairments
Reconciliation with fair value
Transfer from investment property
Transfer to investment property
Adjustments other
31 December 2015
-
Carrying amount
31 December 2014
1 January 2015
31 December 2015
In the scope of drafting the Consolidated Annual Report for 2015 we again reviewed the opening
balance of tangible fixed assets and adjusted them to the actual balance.
The acquisitions of production devices and equipment are related to production line upgrades,
purchase of production and computer equipment as well as passenger cars under financial lease.
The Group companies state the land, buildings and key production lines at fair value for the purpose
of accounting. If the carrying amount of fixed assets was assessed to be inconsistent with the actual
fair value, the Group companies re-examined the fair value of the assets for the purpose of accounting
as at 31 December 2015 according to the parent company’s policies. The assessment was made by
certified appraisers of real estate and equipment. The effect of revaluation of land to fair value for
142
accounting purposes as at 31 December 2015 is reflected in the decrease in the value of land by EUR
62,716. The reconciliation of land with fair value for accounting purposes is reflected in the total
amount in operating expenses from revaluation of fixed assets.
The reconciliation of buildings with fair value for accounting purposes based on appraisal or market
value of buildings as at 31 December 2015 is reflected in EUR 183,479 higher value of buildings. The
reconciliation of buildings for accounting purposes is reflected in the increase of the corresponding
revaluation surplus in the amount of EUR 174,462 and deferred tax liabilities in the amount of EUR
9,017.
The reconciliation of key production lines with fair value for accounting purposes as at 31 December
2015 is reflected in the decrease of the key production lines’ value in the amount of EUR 188,651 and
the increase in the key production lines’ value of EUR 993,752. The reconciliation of key production
lines’ value for accounting purposes is reflected in operating expenses from revaluation of fixed assets
in the amount of EUR 188,651.
If the Group companies evaluated land, buildings and key production lines using the cost model, the
carrying amount of tangible fixed assets as at 31 December 2015 would total EUR 32,956,331.
In 2015, the Group companies did not change depreciation rates. As at 31 December 2015, the Group
companies did not disclose significant commitments for the purchase of fixed assets.
The book value of the pledged land, buildings and equipment for the payment of liabilities as at 31
December 2015 was EUR 36,620,221.
The property given to the creditor as security cannot be disposed of by the company without its
permission.
FIXED ASSETS UNDER FINANCIAL LEASE
(in EUR)
31.12.2015
31.12.2014
Book value of the buildings under financial lease
Book value of the equipment under financial lease
312,048
372,556
Total
312,048
372,556
Investment property
INVESTMENT PROPERTY
(in EUR)
Investment property:
31.12.2015
31.12.2014
Buildings
3,195,245
3,378,622
Total
3,195,245
3,378,622
Revenues from leasing investment property in 2015 equal EUR 339,766. Costs of investment property
in 2015 equal EUR 171,015.
143
TABLE OF CHANGES IN INVESTMENT PROPERTY
Investment
property
(in EUR)
Fair value as at 31/12/2014
3,378,622
Disposals
Exchange rate differences
Reconciliation with fair value through IS
(40,060)
(3,510)
(139,807)
Fair value as at 31 December 2015
3,195,245
The book value of investment property reflects its fair value.
Long-term financial investments
LONG-TERM FINANCIAL INVESTMENTS
(in EUR)
Long-term financial investments:
31.12.2015
31.12.2014
Long-term financial investments except for loans
Shares and stakes in Group companies
Shares and stakes in associated companies
Other shares and stakes
66,729
382,795
153,127
20,447
476,973
Total
449,524
650,547
31.12.2015
31.12.2014
Available-for-sale financial investments
449,524
650,547
Total
449,524
650,547
(in EUR)
Long-term financial investments:
144
CHANGES IN LONG-TERM FINANCIAL INVESTMENTS
(in EUR)
Gross value
Balance as at 31/12/2014
Financial investments
available
Loans
for sale
Total
-
889,133
889,133
2,514,632
112,917
-
1,425,398
25,000
3,940,030
112,917
25,000
(429)
-
2,627,549
(20,446)
2,318,656
(20,446)
4,946,205
-
238,586
238,586
2,514,632
112,917
1,425,398
205,148
3,940,030
318,065
2,627,549
1,869,132
4,496,681
Net value 31.12.2014
-
650,547
650,547
Net value 31.12.2015
-
449,524
449,524
Increases
Elimination of subsidiaries from consolidation
Addition of interest
New loans, purchases, recapitalisation
Accrued profit
Exchange rate differences
Definitive write-off
Decreases
Repayments, sales
Revaluation - exchange rate differences
Transfer to short-term investments
Definitive write-off
Revaluation to fair value
Balance as at 31/12/2015
(429)
-
Value adjustment
Balance as at 31/12/2014
Increases
Elimination of subsidiaries from consolidation
Formed value adjustments in the year
Decreases
Collected receivables previously written off
Definitive write-off
Transfer to short-term part
Balance as at 31/12/2015
The decrease of financial investments available for sale is related to the sale of a share of Trimex GmbH.
The increase of financial investments available for sale is related to the investment in Trimo DE.
Value adjustment of financial investments available for sale refers to Trimo Macedonia (EUR 107,250)
and other investments (EUR 97,898).
145
LONG-TERM FINANCIAL INVESTMENTS IN AFFILIATED COMPANIES
Capital
share
%
(in EUR)
Stakes in Group companies
Country:
CBS d.o.o.
Abroad:
TRIMO MAKEDONIJA dooel
TRIMO DE GmbH
31.12.2015
100
41,729
100
100
25,000
Total
(in EUR)
Stakes in associated companies:
Abroad:
TRIMEX GMBH
Total
66,729
Capital
share
%
40
31.12.2015
31.12.2014
-
20,447
-
20,447
The investment into the associated company Trimex GmbH was disposed of on 23 January 2015 due
to the sale of a 40-percent share.
As at 31 December 2015, the company has no pledged long-term financial investments in associated
companies.
146
Long-term operating receivables
LONG-TERM OPERATING RECEIVABLES
(in EUR)
31.12.2015
31.12.2014
7,842
777,203
(682,250)
245,384
12,639
1,034,400
(976,659)
102,795
315,764
Long-term operating receivables
Long-term advances and securities
Other long-term operating receivables
Impairments
Total
In 2015, the parent company reclassified short-term operating receivables from customers in the
amount of EUR 682,250 to long-term operating receivables from customers and at the same time it
formed value adjustment of receivables.
Value adjustments of long-term receivables
(in EUR)
31.12.2015
31.12.2014
976,659
916,888
622,479
59,771
As at 1 January
Increases
Formed value adjustments in the year
Decreases
Transfer to short-term operating receivables
(916,888)
As at 31 December
682,250
976,659
Deferred tax assets
DEFERRED TAX ASSETS
(in EUR)
Depreciation exceeding the legally set rate
Revaluation or impairment of financial investments
Impairments of operating receivables
Provisions for costs and expenses
Deconsolidation of subsidiaries
Unused retained tax losses
31.12.2014
Adjustments
Deferred
tax through
profit or loss
1,845
173,243
1,296,213
159,968
1,336,198
121
1
1,036
(764)
(222,632)
(729)
(39,682)
18,763
2,456
(48,658)
(50,982)
1,237
133,562
1,316,012
161,660
(48,658)
1,062,584
2,967,467
(222,238)
(118,832)
2,626,397
31.12.2015
Receivables for deferred tax in the amount of EUR 2,626,397 are related to deductible temporary
differences between the financial and tax balance sheets of the Group companies. The balance of
receivables for deferred tax is related to non-deductible impairments of financial investments, value
adjustments to receivables, long-term provisions for jubilee benefits and severance payments upon
147
retirement, provisions for given warranties and unused tax loss. Receivables for deferred tax are
calculated at the applicable corporate income tax rate in line with the local tax legislation adhered to
by the Group companies.
Inventories
INVENTORIES
(in EUR)
Material and raw material
Work-in-progress
Products and merchandise
Advance payments for inventories
Total
31.12.2015
31.12.2014
7,193,936
1,070,862
1,720,822
738,398
6,210,356
831,387
1,736,314
2,264,355
10,724,018
11,042,412
CHANGES IN VALUE ADJUSTMENTS OF INVENTORIES
(in EUR)
As at 1 January
Increases
Formed value adjustments in the year
Decreases
Reversal of value adjustment
Elimination of subsidiaries from consolidation
2015
1,057,875
(190,863)
(601,958)
As at 31 December
265,054
In 2015, Group companies made value adjustment of inventories in the amount of EUR 190,863, all of
which refers to material and raw material.
During regular annual inventory count, the Group companies recorded no surplus or deficits of
significant values.
The book value of inventories equals at least the net marketable value.
The carrying amount of the pledged inventories as at 31 December 2015 equaled EUR 8,439,959.
148
Short-term financial investments
SHORT-TERM FINANCIAL INVESTMENTS
(in EUR)
Short-term financial investments:
Short-term financial investments except for loans
Shares and stakes in Group companies
Other shares and stakes
Other short-term financial investments
Short-term loans
Short-term loans to Group companies
Short-term loans to others
Total
(in EUR)
Short-term financial investments:
Loans
Available-for-sale financial investments
Total
31.12.2015
31.12.2014
7,500
118,956
116,000
136,897
40,000
-
1,306
282,456
138,203
31.12.2015
31.12.2014
40,000
242,456
1,306
136,897
282,456
138,203
Short-term loans granted bear interest at a fixed rate or interest rate for related parties plus a
contractually agreed premium. Short-term loan granted refers to Trimo Macedonia in the amount of
EUR 40,000.
Shares and stakes in Group companies are related to the 100-percent ownership share in Akripol SPV
d.o.o., which was established in 2015 with the purpose of the transfer of the ownership of shares of
Akripol d.o.o. to Akripol SPV d.o.o. The ownership was transferred in 2016.
The carrying amount of the pledged short-term financial investments for loans acquired from creditor
banks as at 31 December 2015 equals EUR 0 (the impairment of value is completely recognised for the
pledged short-term financial investments).
149
CHANGES IN SHORT-TERM FINANCIAL INVESTMENTS
(in EUR)
Gross value
Balance as at 31/12/2014
Financial investments
available
Loans
for sale
Total
3,039,044
464,502
3,503,546
40,000
1,063,390
53,562
123,500
-
163,500
1,063,390
53,562
(1,306)
4,194,690
(345,546)
242,456
(345,546)
(1,306)
4,437,146
3,037,738
327,605
3,365,343
1,063,390
53,562
17,941
1,063,390
71,503
4,154,690
(345,546)
0
(345,546)
4,154,690
Net value 31.12.2014
1,306
136,897
138,203
Net value 31.12.2015
40,000
242,456
282,456
Increases
New loans, purchases
Exclusion of Trimo UAE from consolidation
Addition of interest
Decreases
Definitive write-off
Exclusion of Trimo Građenje from consolidation
Balance as at 31/12/2015
Value adjustment
Balance as at 31/12/2014
Increases
Exclusion of Trimo UAE from consolidation
Formed value adjustments in the year
Decreases
Definitive write-off of investments
Balance as at 31/12/2015
Value adjustment of financial investments available for sale refers to the impairment of the investment
in the shares of Thermana Laško in the amount of EUR 17,941.
The definitive write-off is related to the disposal of the investment in the shares of Thermana Laško by
decision of the Creditors' committee of THERMANA d.d. creditors with the right to separate settlement
on the simplified reduction of the share capital for the purpose of covering the loss so that the share
capital amounts to EUR 0 and a simultaneous reversal of all shares.
The increase in short-term financial investments available for sale refers to the investment in Akripol
SPV d.o.o. in the amount of EUR 7,500 and long-term deposits of Tinde d.o.o. (EUR 112,000) and
Akripol d.o.o. (EUR 4,000).
150
Short-term operating receivables
SHORT-TERM OPERATING RECEIVABLES
(in EUR)
31.12.2015
31.12.2014
Short-term operating receivables from customers
18,266,220
14,366,630
335,457
471,961
2,228,385
1,941,528
20,830,062
16,780,119
31.12.2015
31.12.2014
14,095,547
10,303,943
2,785,983
641,605
180,558
289,295
273,232
1,716,784
561,140
551,391
397,741
835,632
18,266,220
14,366,630
Short-term operating receivables from Group companies
Short-term operating receivables from others
Age structure of receivables
(in EUR)
Receivables not yet fallen due
Fallen due to:
- 30 days
- 60 days
- 90 days
- 180 days
- over 180 days
The age structure of receivables includes trade receivables and the short-term part of long-term
operating receivables.
In 2015, the Group companies made value adjustments totalling EUR 2,476,017. Value adjustments of
short-term operating receivables that are significant in terms of value, by Group company, are as
follows:







Trimo EUR 828,796 (without value adjustments of receivables from Group companies excluded
from consolidation),
Trimo MMS EUR 11,371,
Tinde EUR 124,
Trimo UK EUR 1,799,
Trimo VSK EUR 365,379, of which value adjustment of trade receivables totals EUR 122,900
and value adjustment of advances made EUR 242,479,
Trimo RUS EUR 1,263,313, of which value adjustment of trade receivables totals EUR 140,059
and the rest is accounted for value adjustment of advances made,
Akripol in the amount of EUR 5,235.
Collateralised receivables as at 31 December 2015 totalled EUR 16,049,941 and non-collateralised
receivables EUR 2,216,279.
The book value of the pledged receivables as at 31 December 2015 was EUR 13,389,165.
151
Short-term retained assets of the controlling company as at 31 December 2015 amounted to EUR
441,536.
Cash
CASH
(in EUR)
31.12.2015
31.12.2014
Cash in bank accounts
Short-term deposits
2,753,698
3,680,301
1,197,617
1,904,242
Total
6,433,999
3,101,859
The carrying amount of the pledged cash as at 31 December 2015 equals EUR 10,301.
Short-term deferred costs and accrued revenue
SHORT-TERM DEFERRED COSTS AND ACCRUED REVENUE
(in EUR)
31.12.2015
31.12.2014
Short-term deferred costs and short-term accrued revenue
1,126,285
1,539,654
Total
1,126,285
1,539,654
Short-term deferred costs refer to insurance premiums and rents as well as other service costs. Shortterm accrued revenue refers to accrued revenue from subsidies for covering costs and short-term
accrued revenue in accordance with the IAS 11 - construction contracts. The reason for the lower shortterm accrued revenue in comparison to 2014 is, above all, the smaller volume of uninvoiced work
performed on projects at the end of 2015 in comparison to the year before.
Called–up capital
The share capital of the company is recognised in the amount entered in the court register. The share
capital of Trimo is divided into 9,143,567 ordinary shares with a nominal value of EUR 1. Shares are
issued in non-material form and are registered at the Central Securities Clearing Corporation (Klirinška
depotna družba). In March 2015, the parent company performed a simplified decrease of share capital
in the amount of EUR 9,143,567 to cover the retained loss from previous years.
Capital surplus
As at 31 December 2015, the Group does not disclose capital surplus.
Revenue reserves
In 2015, after covering the retained net loss for previous years, the parent company formed legal
reserves in the amount of 5 percent of the rest of net profit for the current year (EUR 27,964) and
statutory reserves in the amount of 10 percent of the rest of net profit for the current year after
covering the retained net loss and formation of legal reserves (EUR 53,131).
Revenue reserves also include reserves for treasury shares of the controlling company equalling EUR
511. Trimo owns 511 treasury shares.
152
Revaluation surplus
CHANGES IN REVALUATION SURPLUS
(in EUR)
Tangible
fixed
assets
As at 31 December 2014
8,503,867
Changes of revaluation surplus actuarial surplus/deficit
Adjustments to fair value
Gross value
Effect of deferred taxes
Exchange rate differences
Elimination for the benefit of retained earnings
Gross value
Effect of deferred taxes
16,088
306,624
369,427
(62,803)
28,611
(400,343)
(482,331)
81,988
Closing balance as at 31 December 2015
8,454,847
Net profit or loss for 2015
In 2015, the net profit or loss per share to which the controlling owners are entitled is calculated as
the ratio between the net profit or loss of the controlling owner equalling EUR 3,126,220 and the
weighted average number of ordinary shares outstanding. The weighted average number of ordinary
shares outstanding in 2015 equalled 11,096,915 (the number of issued shares is reduced by the
number of treasury shares). The adjusted net profit or loss per share to which the controlling owners
are entitled is the same as the net profit or loss per share.
NET PROFIT/LOSS PER SHARE
Weighted average number of ordinary shares outstanding
11,096,915
(in EUR)
2015
Net profit/loss per share
0.28
TOTAL COMPREHENSIVE INCOME PER SHARE
(in EUR)
2015
Total comprehensive income per share
0.42
In 2015, the net profit per share of the controlling owner equals EUR 0.28 (in 2014: EUR -0.19). In 2015,
the total comprehensive income per share of the controlling owner equals EUR 0.42 (in 2014: EUR 0.30).
153
Provisions and long-term accrued costs and deferred revenue
CHANGES IN PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES
(in EUR)
Balance as at 31 December 2014
Pensions,
Received
jubilee benefits Provisions grants for
severances
for given
fixed
Legal
Other
upon retirement warranties
assets proceedings Provisions
1,323,554
845,328
845,608
1,060,675 1,444,305
Total
5,519,470
Changes in the year:
Formation
Use
Reversed
Actuarial gains
Exchange rate differences
155,732
(56,653)
(189,903)
Balance as at 31 December 2015
1,242,280
9,550
386,311
(294,680)
(183,590) (129,227)
(149)
753,220
716,381
230,222
(799,177)
(61,011)
(184)
201,424
973,689
(279,287) (1,429,797)
- (563,731)
9,217
430,525 1,366,442
4,508,848
In 2015, the Group companies paid their employees jubilee benefits and retirement severance totalling
EUR 56,653. Payment of these was debited to long-term provisions without prejudice to the Income
Statement. The balance of long-term provisions for jubilee benefits and severances upon retirement
was harmonised with the actuarial calculation as at 31 December 2015.
Provisions for given warranties relate to provisions for performance guarantees and provisions for the
elimination of defects during the warranty period (EUR 753,220). In 2015, the Group companies
formed EUR 386,311 of provisions for given warranties and drew on the provisions in the amount of
EUR 294,680. The reversal of provisions for given warranties equalling EUR 183,590 is disclosed under
operating revenue from revaluation.
Grants received for the purchase of fixed assets are transferred to other operating revenue in
accordance with the calculated depreciation of the subsidised part of fixed assets.
Provisions for legal proceedings apply to claims and they are formed in the amount of the estimated
amount of the payment to the plaintiff.
Other provisions refer to assigned contributions for social security in payroll accounting of employees
in a company employing disabled people.
154
Long-term financial liabilities
LONG-TERM FINANCIAL LIABILITIES
(in EUR)
31.12.2015
31.12.2014
Long-term financial liabilities to Group companies
Long-term financial liabilities to banks
Other long-term financial liabilities
33,599,212
1,598,986
30,347,853
1,827,671
Total
35,198,198
32,175,524
The sum of minimum future rents for financial leases of the controlling company Trimo was EUR
1,704,799 as at 31 December 2015. In the period up to one year, liabilities from financial leasing in the
amount of EUR 132,935 fall due, whereas in the period from one year to five years, liabilities from
financial leasing in the amount of EUR 728,151 fall due. The financial liabilities falling due in more than
5 years as at 31 December 2015 amounted to EUR 1,036,454, arising from reprogrammed UCB
receivables in the part secured by SID policy, which, once the sum insured was paid, was transferred
to the Republic of Slovenia, which is represented by the insurer SID as agent.
As at 31 December 2015, the parent company has an approved undrawn revolving credit in the amount
of EUR 2,000,000.
On 31 January 2014, the parent company signed the Master Restructuring Agreement (MRA) with
creditor banks that included all financial liabilities towards banks on the stated date. Banks conducted
the process of selling Trimo d.d. and the financial receivables included in the MRA. In the period from
31 December 2015 to the issuing of this report, the receivables of banks were sold to the new owner
of Trimo d.d. as stated in the part of the report on events following balance sheet date.
Interest rates on bank loans received range from 3.89 % to 17.95 %.
Liabilities from long-term bank loans of the controlling company are insured by mortgages on real
estate and equipment, the pledge of inventories and receivables, the pledge of business shares and
securities as well as with the pledge of brands36. Bills of exchange are also issued for insurance
purposes.
Liabilities arising from concluded long-term loan agreements of subsidiaries are collateralised by the
guarantee of the controlling company, mortgaged real estate, pledged movable property and
inventories.
36
Pledged brands are the following: Trimoterm, Trimoval, TRIMO, TRIMO-sign, INVISIO, TRIMO-THERM, Q-Biss, Q-Biss by Trimo – sign.
155
Long-term operating liabilities
LONG-TERM OPERATING RECEIVABLES
(in EUR)
31.12.2015
31.12.2014
Long-term operating liabilities to suppliers
Other long-term operating liabilities
6,394
651,033
6,381
Total
657,427
6,381
Deferred tax liabilities
DEFERRED TAX LIABILITIES
Deferred
tax through
(in EUR)
Deferred
tax through
provisions for
profit or loss
revaluation
31.12.2014
Adjustment
1,742,816
35,559
(28,121)
(27,864)
(98,898)
(2,213)
9,017
-
1,624,814
5,482
-
278
(35,374)
-
(35,096)
1,778,375
(55,707)
(136,485)
9,017
1,595,200
Revaluation of tangible fixed
assets to fair value
Other deferred tax liabilities
Revaluation of inv. property to
fair value
31.12.2015
The balance of deferred tax liabilities refers to revaluation of tangible fixed assets to fair value for
accounting purposes. The decrease of deferred tax liabilities with regard to the balance as at 31
December 2014 refers to revaluation of tangible fixed assets to fair value for accounting purposes as
at 31 December 2015. The reversal of deferred taxes through profit or loss refers to depreciation
charge on revalued fixed assets and disposed fixed assets.
Short-term financial liabilities
SHORT-TERM FINANCIAL LIABILITIES
(in EUR)
31.12.2015
31.12.2014
Short-term financial liabilities to banks
Other short-term financial liabilities
4,167,890
36,811
8,981,346
94,051
Total
4,204,701
9,075,397
156
Other short-term financial liabilities include the short-term part of liabilities from financial lease and
the short-term liabilities related to profit distribution in the amount of EUR 967.
The controlling company discloses EUR 2,200,000 of short-term financial liabilities to banks.
The subsidiary Akripol has EUR 725,615 of liabilities under short-term financial liabilities to banks,
representing the short-term part of long-term loans in the amount of EUR 275,000 and a short-term
loan in the amount of EUR 450,615.
Trimo VSK discloses, under short-term financial liabilities to banks, the full liability to banks arising
from drawn revolving loans in the amount of EUR 1,053,628.
The subsidiary Trimo Inženjering has EUR 188,647 of liabilities under short-term financial liabilities to
banks, representing the short-term part of long-term loans.
Short-term operating liabilities
SHORT-TERM OPERATING LIABILITIES
(in EUR)
31.12.2015
31.12.2014
Short-term liabilities to Group companies
Short-term liabilities to suppliers
Short-term liability based on advances, security
Other short-term operating liabilities
133,616
21,225,648
2,321,982
3,120,502
310,568
21,578,958
2,955,898
3,859,306
Total
26,801,748
28,704,730
31.12.2015
31.12.2014
Accrued costs and short-term deferred revenue
6,146,112
2,650,829
Total
6,146,112
2,650,829
Short-term accrued costs and deferred revenue
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUE
(in EUR)
Accrued costs refer to accrued costs, in accordance with the IAS 11, by projects and sales tasks and to
other accrued costs. Short-term differed revenue refers to deferred revenue from subsidies and shortterm deferred revenue in accordance with IAS 11 - construction contracts. The parent company most
contributes to the increase in accrued costs and deferred revenue. The reason for the higher shortterm deferred revenue in comparison to 2014 is, above all, greater difference between the
contractually agreed method of charging on projects and the work actually performed.
Off-balance-sheet records
The Trimo Group has no contingent liabilities.
157
Disclosures and notes to the Consolidated Income Statement
Net sales revenue and changes in the value of inventories
Revenue from the sale of products, merchandise and materials is measured at selling prices stated in
invoices or other documents, less discounts and rebates approved either when the sale is made or
subsequently, including those granted for early payment. Revenue from the sale of services, except for
those already performed, that lead to financial revenue are measured at the sales prices of completed
services or at the sales prices of not yet completed services, depending on their degree of completion.
Total revenue refers to the sales of facilities, roofs, façades, containers and steel structures.
NET SALES REVENUES
(in EUR)
Revenue from the sale of products and services on the domestic market
Revenue from the sale of products and services on foreign markets
Revenue from the sale of merchandise and material on the domestic market
Revenue from the sale of merchandise and material on foreign markets
Rental revenue
Total
2015
2014
14,206,413
91,507,555
2,953,397
20,789,435
270,163
12,305,638
82,766,811
3,050,179
12,539,780
256,775
129,726,963
110,919,183
CHANGE IN THE VALUE OF PRODUCT INVENTORIES AND WORK-IN-PROGRESS
(in EUR)
2015
2014
Changes in inventory values of products and work-in-progress
371,686
332,606
Total
371,686
332,606
Capitalised own products and services
CAPITALISED OWN PRODUCTS AND SERVICES
(in EUR)
2015
2014
From intangible assets
From tangible fixed assets
145,332
2,074
Total
145,332
2,074
158
Other operating revenue
Other operating revenue
(in EUR)
2015
2014
Revenue from reversal and consumption of long-term provisions
Other operating revenue
Subsidies, grants, etc.
Operating revenue from revaluation
Collected written-off receivables
Sale of tangible fixed assets and intangible assets
258,732
1,524,907
162,980
382,996
1,629,855
449,455
212,248
18,647
1,676,868
123,595
Total
2,177,513
4,262,769
Breakdown of costs
Analysis of costs
(in EUR)
31.12.2015
31.12.2014
100,848,158
16,676,976
61,499,360
22,671,822
86,822,582
15,879,524
51,199,974
19,743,084
18,337,896
14,099,745
908,808
1,594,840
1,734,503
18,656,650
14,945,369
845,868
987,074
1,878,339
Value write-offs
Depreciation/amortisation
Operating expenses from revaluation of intangible and tangible
fixed assets and investment property
Revaluation operating expenses in respect of short-term assets,
except financial investments and investment property
7,335,589
3,619,863
7,783,767
4,153,400
225,276
854,559
3,490,450
2,775,808
Other operating expenses
Formation of long-term provisions
Other costs
1,622,435
973,689
648,746
1,584,415
907,216
677,199
128,144,078
114,847,414
Costs of goods, material and services
Cost of goods and materials sold
Cost of materials used
Costs of services
Labour costs
Costs of salaries and wages
Costs of social security
Costs of supplementary pension insurance
Other labour costs
Total
Significant cost items by natural types represent costs of using raw materials and materials in
production, the cost of a service item, the costs of transport services and cooperation, assembly and
engineering services.
159
Costs by functional group
(in EUR)
Costs of goods, materials and services
Costs of goods and materials sold
Costs of materials used
Costs of services
Labour costs
Write-downs
Depreciation/amortisation
Operating expenses from revaluation of intangible, tangible
fixed assets and investment property
Operating expenses from revaluation of current assets,
except financial assets and investment property
Operating expenses from revaluation of labour costs
Other operating expenses
Production
costs
Costs
of sales
Costs
of general
activities
Total
12.356.139
60.821.935
16.144.869
9.103.829
4.313.333
74.305
1.975.598
2.655.767
7.504
603.120
4.551.355
6.578.300
3.048.192
32.354
539.317
16.676.976
61.499.360
22.671.822
18.337.896
3.619.863
208.457
1
16.817
225.276
2.623.334
1.520.615
855.024
71.834
12.093
29.985
3.490.450
1.622.434
Total in 2015
105.827.371
9.978.216
12.338.491 128.144.077
Total in 2014
97.303.953
7.259.546
10.283.916 114.847.414
Financial revenue
FINANCIAL REVENUE
(in EUR)
Financial revenue from shares
Financial revenue from shares in Group companies
Financial revenue from other investments
Financial revenue from loans granted
Financial revenues from loans to Group companies
Financial revenue from loans granted to others
Financial revenue from operating receivables
Financial revenue from operating receivables from Group companies
Financial revenues from operating receivables due from others
Total
2015
2014
19,554
1,637,972
18,001
23,502
22,998
5,050
1,575,692
1,986,123
213,737
1,282,255
3,666,647
3,118,237
Financial revenue from shares in associated companies in the amount of EUR 19,554 relates to financial
revenue from the disposal of an investment in the associated company Trimex GmbH.
Financial revenue from other investments in the amount of EUR 1,637,972 refers to the elimination of
Trimo UAE and Trimo Građenje from consolidation.
Financial revenue from operating receivables due from others mainly relates to exchange rate gains.
160
Financial expenses
FINANCIAL EXPENSES
(in EUR)
Financial expenses from financial investments
Financial expenses from financial liabilities
Financial expenses from loans received from Group companies
Financial expenses from loans received from banks
Finance expenses from other financial liabilities
Finance expenses from operating liabilities
Financial expenses from operating liabilities to Group companies
Financial expenses from liabilities to suppliers
Financial expenses from other operating liabilities
Total
2015
2014
223,776
1,304,796
1,967,063
282,406
4,290
2,611,747
175,149
18
2,591,737
615,751
1,305,228
5,065,000
6,016,961
Financial expenses from financial investments are related to:


the impairment of long-term financial investments in subsidiaries in the amount of EUR
111,656,
the impairment of other long-term and short-term financial investments in the amount of EUR
112,120.
Financial expenses arising from other operating liabilities are mostly related to exchange rate losses.
Other revenue
OTHER REVENUE
(in EUR)
2015
2014
Compensation received and other revenue
221,672
317,667
Total
221,672
317,667
2015
2014
231,871
231,871
864,116
864,116
Other expenses
OTHER EXPENSES
(in EUR)
Other expenses
Total
161
Corporate income tax
CORPORATE INCOME TAX
(in EUR)
Profit before income tax
Tax after corporate income tax return
Deferred taxes
Effective rate of taxation after tax return
Effective rate of taxation after tax expenses
(in EUR)
Revenue determined according to accounting regulations
Expenses determined according to accounting regulations
Accounting profit or loss
Tax rate - %
Corporate income tax using the statutory corporate tax rate
Expenses that are not tax deductible
Revenue that is not subject to tax
Revenue that increases tax base
Tax allowance
Change of temporary differences
The effect of deconsolidation and consolidation posting
The effect of various tax rates
Deferred tax expense arising from write-off of previously recognised deferred tax
asset
Other
Total tax in the income statement
2015
2,868,864
91,676
(17,654)
3.2%
2.6%
2015
136,309,813
(133,440,949)
2,868,864
17
487,707
187,608
(33,040)
27,891
(371,681)
(518,287)
48,658
(27,066)
306,587
(34,355)
74,022
Revenue from the elimination of impairments or received payments for receivables whose
impairments were previously unrecognised and written-off receivables whose impairments were
previously not tax deductible influenced the decrease of the tax base. The tax base was also reduced
by used provisions that were completely or partly unrecognised upon formation; by financial
investments whose impairments were not tax deductible; by covering past tax loss; by investments in
research and development, for using the relief for investment.
The increase of the tax base is mostly a result of non-deductible expenses from revaluation of
receivables and expenses from the impairment of financial investments.
162
The cost of auditing services
The cost of the audit of the financial statements of the controlling company and the Trimo Group as at
31/12/2015 totalled EUR 20,400. The cost of the audit of the financial statements of the subsidiaries
for the financial year 2015 was EUR 55,268 and the cost of other assurance services totalled EUR 5,500.
Events after the Balance Sheet Date
The sales process of the Trimo Group
On 30 March 2016, the sales process of the company was completed, whereby 8,910,157 shares or
97.45% of all shares of Trimo d.d. were transferred from the bank syndicate to the acquirer European
Architectural Systems S.a.r.l. (hereinafter: EAS) based in Luxembourg. As part of the Agreement, EAS
also assumed the debt of Trimo d.d. and Trimo Inženjering Serbia totalling EUR 30,713,061. In addition
to the said shares and debt assumption, the Agreement covered the transfer of 11,226 shares or a
44.94% stake in Trimo MSS d.d. to EAS and the disposal of the entire interest in Akripol d.o.o. or
transfer thereof from Trimo d.d. to the bank syndicate.
After the completed transaction, EAS became a 97.45% owner of Trimo d.d., directly and through
Trimo d.d. the owner of 99.87% of Trimo MSS d.d. and a creditor to whom EUR 30,713,061 was due.
The interest in Akripol d.o.o. was completely disinvested from the Trimo Group.
Disposal of the investment in Trimo VSK
At the end of April, an agreement was concluded on the sale of a 51-percent equity stake of Trimo in
the Russian production company Trimo VSK to Spetstamozhstroy. With this transaction Trimo d.d. fully
disposed the investment in Trimo VSK. At the same time, a licence agreement was concluded on knowhow and the Trimo brand for 20 years, based on which Trimo VSK may produce, sell and put the Trimo
brand label on products in the territory of Russia.
Law suit regarding the land in Serbia
On 20 May 2016, Trimo d.d. was served a law suit from the District Court of Novo mesto due to the
termination of lease contract dated 1 February 2010 on long-term lease of the land plots 1807/1 and
1960, both c.m. Šimanovci. In the operative part of the law suit, the plaintiff requests the court to
determine that the lease contract on long-term lease of 99 years dated 1 February 2010 referring to
land plots 1807/1 and 1960 is terminated; the plaintiff further requests the court to find that the
contract was terminated through the fault of Trimo d.d. and that once the relevant judgement
becomes final, it is permitted to delete the entered lease right to the benefit of the lessee Trimo d.d.
and allow the entry of state property with the right of use to the benefit of the Pećinci Municipality.
Trimo d.d. in due time filed a statement of defence based on the fact that the plaintiff - Pećinci
Municipality has no legal interest to file suit for termination of contract dated 1 February 2010; that
the plaintiff - Pećinci Municipality failed to fulfil its contractual obligation, as it did not provide for
utility infrastructure of the land that was the subject matter of the contract, namely: the Pećinci
Municipality failed to provide utility infrastructure, sewage, electrical infrastructure and the path to
the border of the plots, whereby it failed to perform the contract and is at fault for the objective cause
for non-construction of the facility. Furthermore, Trimo d.d. stated that if the court finds in favour of
the Pećinci Municipality, the defendant shall claim damage suffered by Trimo due to non-performance
of contractual obligation by the Pećinci Municipality. Trimo would thus claim the legal right to
reimbursement of the rest of the lease paid and past investments in the relevant land. According to
an internal calculation, the company establishes that the reimbursement by the lessor in such a case
would be higher than the assessed value of real estate recorded in the statements of the company.
163
From the date of the consolidated financial statements up to the preparation of this Annual Report,
no events occurred that would have an effect on the truthfulness and fairness of the consolidated
financial statements as at 31 December 2015 and that would require adjustment of the consolidated
financial statements for 2015.
Contingent Liabilities
As at 31 December 2015, the Group had no contingent liabilities that were not suitably included and
disclosed in the consolidated financial statements as at 31 December 2015.
164
Ratios
RATIOS
2015
2014
Equity financing rate (capital/liabilities)
0.19
0.15
Long-term financing rate (sum of capital and long-term liabilities including longterm provisions/liabilities)
0.62
0.57
Operating fixed assets rate (fixed assets/assets)
0.53
0.58
Long-term assets rate (sum of fixed assets, investment properties, long-term
financial investments and long-term operating receivables/assets)
0.57
0.62
Capital coverage of fixed assets (capital/fixed assets)
0.36
0.26
Immediate solvency ratio (cash and short-term financial investments excluding
loans/short-term liabilities)
0.21
0.09
Quick ratio (sum of short-term financial investments, cash and short-term
receivables/short-term liabilities)
0.89
0.53
Current ratio (short-term assets/short-term liabilities)
1.23
0.82
1.033
1.006
0.17
-0.02
Labour cost per employee in EUR (labour cost/no. of employees from working
hours)
25,224
23,766
Added value per employee in EUR (gross operating revenue - cost of goods,
materials and services - other operating expenses/no. of employees from
working hours)
41,198
34,535
727
785
Operating efficiency ratio (operating revenue/operating expenses)
Net return on equity ratio in % (net profit for the financial year/average capital)
Number of employees based on working hours
165
Statement of management responsibility
The Management Board of the controlling company confirms the financial statements of the Trimo
Group for the year that ended on 31 December 2015 and the accounting policies applied as well as the
notes to the financial statements included in this Annual Report.
The Management Board is responsible for the preparation of the Annual Report in such a way that that
the Annual Report gives a true and fair view of the financial position of the Group and the results of its
operations in 2015.
The Management Board of the controlling company confirms that suitable accounting policies were
consistently applied and that the accounting estimates were made according to the principle of
prudence and due diligence. The Management Board of the controlling company also confirms that
the financial statements and the notes to the financial statements have been prepared on the going
concern assumption and in conformity with current legislation and Slovenian Accounting Standards.
The Management Board of the controlling company is responsible for properly managed accounting,
for the adoption of adequate measures to secure the assets, as well as for the prevention and detection
of fraud and other irregularities or illegalities
Date: 11 July 2016
Chief Executive Officer:
Maciej Radomski
Chief Procurement Officer - Member of Management Board:
Bartosz Paweł Jurkiewicz
166
Auditor’s report
167
168
Trimo, d.d.,
Prijateljeva cesta 12,
8210 Trebnje, Slovenia
T: 07 34 60 200
F: 07 34 60 127
[email protected]
www.trimo.eu