ANNUAL REPORT 2013 - PBS · PDF fileranging from 500 kW to 10 MW for explosive ......

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1 ANNUAL REPORT 2013

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ANNUAL REPORT

2013

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TABLE OF CONTENTS

MANAGING DIRECTOR'S INTRODUCTION

BASIC DATA OF THE COMPANY

ORGANISATIONAL AND OWNERSHIP STRUCTURE

STATUTORY BODIES AND COMPANY MANAGEMENT

QUALITY MANAGEMENT

MANUFACTURING PROGRAM

ECONOMIC AND FINANCIAL DEVELOPMENT

ADDITIONAL INFORMATION

ANNEXES

REPORT BY THE SUPERVISORY BOARD

ANNUAL FINANCIAL STATEMENTS

REPORT ON THE RELATIONS

AUDITOR'S REPORT

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MANAGING DIRECTOR'S INTRODUCTION Ladies and Gentlemen, Let me present you with our results for the year 2013 which was very successful for PBS ENERGO, a.s. We managed to take advantage of the soon-to-expire legislation supporting power plants and heating plants burning biomass and residues of agricultural crops. We successfully designed, manufactured and commissioned three turbo-sets. The first turbo-set is installed in a bio power plant for burning straw located in Mostek near Dvůr Králové, and it features a condensing extraction turbine with maximum power on generator terminals of 5.4 MW. Another condensing extraction turbo-set of 1.7 MW now generates electricity in Návsí, the Frýdek-Místek District. In this case, the set is fuelled by wood chips. The third turbine – a steam back-pressure turbine of 1.1 MW – has been installed in the Mariánské Lázně Heating Plant. We successfully commissioned all three turbines within the required time-limits. In the first two cases we delivered a complete turbo-set including the accessories and the condensing part, while the third delivery consisted only of the turbo-set. Due to the subsidies of biomass electricity prices coming to an end in the Czech Republic, it was necessary to expand our business abroad. We succeeded in securing a very significant contract with a Hungarian chemical plant Nitrogenmüvek, which involves a turn-key delivery of a turbocharger. We continue to strengthen our position in the market with spare parts. In cooperation with our current business partners we are acquiring new customers – companies from Russia and the former Soviet Union countries. We support our foreign business activities by actively presenting ourselves at renowned energy industry trade-fairs RUSSIA POWER and POWER GEN. You may have seen us and our stalls in Vienna, Moscow or Orlando, USA, where we established many promising liaisons. In 2013, as every year, we successfully passed all certifications in the field of quality and environment management systems.

I would like to take this opportunity to thank all those who helped us to achieve the 2013 results – the company employees as well as our business partners.

I am confident that we can continue with the positive trend in 2014 and that we will achieve our ambitious objectives through collective effort of all employees and the company management.

Ing. Karel Jelínek Managing Director

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SCOPE OF BUSINESS ■ Manufacture, installation, and repair of electric machines and equipment, electronic and

telecommunication equipment

■ Manufacture, trade, and services not specified in Annexes 1 to 3 of the Trade Act

■ Installation, repair, inspection and tests of pressure equipment and gas vessels INTRODUCTION OF THE COMPANY PBS ENERGO, a.s. is an engineering company focusing particularly on the manufacture of rotary

machines according to its own know-how, and on the construction of steam, condensing and

expansion turbines of up to 10 MW for industrial purposes.

PBS ENERGO, a.s. is a direct successor and bearer of the tradition established by the companies

which manufactured the above listed devices in the past under the PBS brand. Long-term tradition

and decades of experience with development and manufacture guarantee high-quality and

successful activities of the company in the present.

BASIC DATA OF THE COMPANY

Trade name PBS ENERGO, a.s.

Legal form joint-stock company

Date of incorporation 8 March 2006

Company Reg. No. 27678741

Tax Reg. No. CZ27678741

Registration in the Commercial Register

The company is registered in the Commercial Register kept by the Regional Court in Brno, Section B, Entry 4590

Registered Capital

CZK 72,000,000

CONTACT DATA

Address Vlkovská 279, 595 01 Velká Bíteš, Czech Republic

Telephone +420 566 822 500

Fax +420 566 822 557

E-mail [email protected]

Website www.pbsenergo.cz

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ORGANISATIONAL STRUCTURE OF THE COMPANY

Managing

 

Director  

 

 Economic and

Financial

Commercial

Technical

Production

Technical Inspection

 Department

Director

Director

and Assembly

Department  

 

 Commercial

Procurement

Technology

Projects

Testing Laboratory

 Department

Department

and Design

and Development

  REGISTERED CAPITAL AND OWNERSHIP STRUCTURE The registered capital of PBS ENERGO, a.s. is CZK 72,000,000 and consists of the following issues: 7,200 registered stock certificates (in the nominal value of 10,000 CZK/pc) represent the total nominal value of 72,000,000 CZK, i.e. 100.0% of the company’s registered capital. Ownership structure Economic entity Registered office Accounting

period Share i.e. %

První brněnská strojírna Velká Bíteš, a.s. Vlkovská 279, 595 12 Velká Bíteš 36,720,000 51

PBS GROUP, a.s. Krakovská 583/9, 110 00 Prague 1 35,280,000 49

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STATUTORY BODIES BOARD OF DIRECTORS Position Name and surname Chairman

Ing. Milan Macholán

Deputy Chairman Ing. Martin Uhlíř Member Ing. Karel Jelínek

SUPERVIROSY BOARD Position Name and surname Chairman

Ing. Petr Kádner

Member Ing. Jaromír Dvořák Member Mr. František Hladík COMPANY MANAGEMENT Position Name and surname

Managing Director of the Company Commercial Director

Ing. Karel Jelínek Ing. František Ambrož

Sales Manager Technical Director

Ing. David Babák Ing. Kamil Branda

Technology and Design Manager Ing. Luboš Paták Economic and Financing Manager Ing. Libuše Tomková Production and Assembly Manager František Hladík Technical Inspection Manager Jiří Crha QUALITY MANAGEMENT PBS ENERGO, a.s. has created, applied and is maintaining a documented Quality and Environmental Management System in accordance with the ISO 9001/2008 and ISO 14001/2005 international standards. Clearly identified processes necessary for the QEMS management are applied within the entire company via the QSE, QSDE directives and the QIE operating instructions, which specify the hierarchy and interaction of these processes. The individual documents of the system stipulate criteria and methods necessary to ensure efficient process operation and management. The documented system ensures availability of resources and information required for monitoring, measuring and analysing of processes and also specifies the mechanisms of measures for achieving the established objectives, planned results and continual improvement aimed at effective deployment of all resources to ensure competitiveness of the entire company. Management of these processes complies with the above mentioned international

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standards; in case any external resources affecting the quality of the products are used, they are inspected and managed according to the procedures specified in the control and operational QEMS documents. The results of the company management declaration regarding the approach to Quality and Environmental Management System formulated in the Quality and Environmental Policy can be evaluated as positive for the past period of 1 Jan – 31 Dec 2013, as the intentions of the company management and the approach of all managers to QEMS can be evidenced in all activities. The financial funding necessary to ensure resources for cases of EMS emergency were secured. The management also provided resources and information to support the Quality and Environmental Management System and the measures necessary for the determination of efficiency and for decision-making during the process of specifying the appropriate measures (measuring the consumption of drinking water, thermal energy etc.). The Quality and Environmental Policy was communicated and understood within the entire company, throughout all levels. The objectives which are based on the Company Development Strategy and the Quality and Environmental Policy are specified for the individual departments and focus on meeting the strategic objectives and requirements for products and environment protection. The Quality and Environmental Policy of the company is being fulfilled, which is evidenced by the results stated in the reports of individual departments and by the conclusions from the company management meetings. PBS ENERGO, a.s. has successfully passed the follow-up audit and defended the ISO 9001 and ISO 14 001 certificates. MANUFACTURING PROGRAM Steam condensing turbines PBS ENERGO, a.s. offers and delivers steam condensing turbines of 500 kW to 10 MW. The company offers the supply of individual turbines as well as "turnkey" deliveries of complete power sets. Maximum shaft power: 10 MW Maximum inlet pressure: 6 MPa Maximum inlet temperature: 500 °C Maximum flow: 80 t/hr Gas expansion turbines

Turbines working with natural gas, mine gas, nitrogen or blast furnace gas, which utilise the pressure drop in the gas regulation stations as a bypass. The company manufactures turbo-sets ranging from 500 kW to 10 MW for explosive environments, and supplies them as complete sets including the gearbox, generator and control system. Maximum inlet pressure: 6 MPa Maximum inlet temperature: 500 °C (depending on the type of gas) Maximum outlet pressure: 2.5 MPa Flow rate: approx. up to 120,000 Nm3/hr Steam back-pressure turbines

The company delivers steam back-pressure turbines in the range of 100 kW to 10 MW. Maximum inlet pressure: 6.5 MPa Maximum inlet temperature: 500 °C Maximum flow: 130 t/hr

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Turbo-set accessories PBS ENERGO, a.s. manufactures the accessories or procures them from specialised manufacturers. The company performs the final assembly and the testing at its own testing laboratory and can thus assume responsibility for the entire turbo-set unit. Spare parts

PBS ENERGO, a.s. manufactures spare parts for the turbines manufactured by První brněnská strojírna Velká Bíteš, a.s. as well as for other turbines by První brněnská, either according to its own documentation or based on the documentation of the customer. The supplies of spare parts include the manufacture and repairs of governor and stop valves, nozzle and valve casings, regulation section of the shaft, cones, oil coolers, seal steam condensers, oil pumps and turbopumps, speed governors, transformers, and other equipment. Repairs

PBS ENERGO, a.s. ensures complete warranty as well as post-warranty servicing of the devices manufactured by both První brněnská strojírna Velká Bíteš, a.s. and PBS ENERGO, a.s., including the overhauls, vibration measuring, diagnostics and subsequent repairs, general overhauls, reconstruction and modernisation of the devices, repairs of steam turbine rotors of up to 50 MW, and more. Cooperation PBS ENERGO, a.s. ensures manufacturing cooperation for welding, soldering, machining, thread cutting, drilling, milling, shaping, grinding, electroerosive sparking and assembly of turbines and their accessories. ECONOMIC AND FINANCIAL DEVELOPMENT In 2013 PBS ENERGO, a.s. continued to fulfil its strategy, manufacturing program, and the set objectives. With total production of CZK 163,992 thousand, the company created a total profit of CZK 1,089 thousand for the 2013 accounting period. The assets of PBS ENERGO, a.s. reached CZK 162,614 thousand as of 31 December 2013. Fixed assets amounted to CZK 66,981 thousand, i.e. more than 41%; the current assets amounted to CZK 95,419 thousand, which represents almost 59%. Asset accruals reached CZK 214 thousand. Intangible fixed assets consisting mainly of know-how amounted to CZK 55,100 thousand as of 31 December 2013 – during 2013 the total amount decreased by CZK 3,186 thousand due to depreciation. Tangible fixed assets decreased from CZK 13,094 thousand to CZK 11,881 thousand over the course of 2013. Current assets rose from CZK 15,922 thousand to CZK 95,419 thousand: inventories increased by more than CZK 48 mil. (rise in unfinished production and in the received advance payments for inventories), short-term receivables increased by more than CZK 22 mil, and the financial assets rose by almost CZK 9 mil. The company has no financial assets.

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The equity amounting to CZK 63,486 thousand represents approx. 39% of the total liabilities; registered capital amounts to CZK 72,000 thousand. Liabilities amounting to CZK 99,095 thousand represent almost 61% of the total liabilities: short-term payables amounted to CZK 58,666 thousand (of which almost half is formed by received advance payments), bank loans amounted to CZK 30 mil., and long-term payables amounted to more than CZK 10 mil. Asset accruals reached approximately CZK 33 thousand. Proposal for distribution of profit for 2013 The net (after-tax) profit of PBS ENERGO, a.s. for 2013 amounts to CZK 1,088,792.71. The company Board of Directors proposes (after review by the Supervisory Board) to the General Meeting to distribute the profit from the 2013 accounting period in the following way: In accordance with the Articles of Association of the company, 5% of the profit (i.e. CZK 54,439.64) should be transferred to the company reserve fund (acc. 421). The remaining amount of the net profit, amounting to CZK 1,034,353.07, should be used to cover (decrease) the loss from past years reported in account 429. Additional information

• Information about significant facts which occurred after the balance sheet day No significant facts occurred after the balance sheet day.

• Expected development of the accounting entity's activities With the modification of the state subsidy policy in the field of ecological waste processing to be expected, the development activities in the area of ORC units for energy utilisation of low-potential waste heat will continue. Increase in output range of axial steam back-pressure and condensing turbines.

• Activities in the area of research and development In 2013 the company invested approx. CZK 2.3 mil. in the field of research and development of the small-size turbine stage in cooperation with Výzkumný a zkušební letecký ústav, a.s. (Aerospace Research and Test Establishment). The company was granted a subsidy for this area of research and development in the amount of CZK 541 thousand.

• Activities in the area of environment protection and employment-related matters The activities in the area of environment protection include the continuous reduction in the impacts – for example the formerly introduced dripping collecting basins, the provision of the emergency set, or the inspections of compliance with the operating regulations, to name just a few. The records of the chemical substances and preparations, as well as the handling of the chemicals, are periodically inspected. Separation of waste has been a matter of course since the establishment of the company. The company is not listed as a source of air pollution for the external surroundings.

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In the area of employment-related matters, the company has an extensive agenda: for example it arranges for canteen meals and provides subsidy to its employees amounting to 55% of the lunch price; it contributes to pension schemes and life insurance in the amount of up to CZK 2 thousand per month; it awards financial bonuses on the occasion of significant personal anniversaries; it arranges the cleaning of work clothes for the employees, at its own expenses; and it also enables the employees to work flexible working hours. It is also worth noting that the company provides to its employees time off with salary compensation beyond the statutory obligation in case of important obstacles to work, on the occasion of significant family events such as weddings, birth of a child, or death of a closed relative. The entire list, which would be very extensive, is beyond the scope and purpose of this document.

• Information about foreign branches of the company The accounting entity does not have any branches located abroad.

• Information about the acquisition of the company's own stock The company did not acquire its own stock or temporary certificates.

REPORT BY THE SUPERVISORY BOARD In accordance with the applicable statutory provisions and the Articles of Association of the joint-stock company, The Supervisory Board monitored the activities of the Board of Directors and the performance of the business activities, supervised the compliance with generally binding regulations, and dealt with the economic results of the company, the financial situation, and the business plan. Over the course of the year the Supervisory Board was regularly informed by the Managing Director of the company about the situation in the above-listed areas. In accordance with the obligations stipulated for the Supervisory Board by the Commercial Code and the Articles of Association of the company, the Supervisory Board addressed at its meeting the Annual Financial Statements of the company and the proposal of the Board of Directors for distribution of profit for 2013. The discussion of the above-mentioned documents by the Supervisory Board was based on the Annual Financial Statements of 2013. The economic performance of the company in the year 2013 resulted in the after-tax profit of CZK 1,088,792.71 with the sales amounting to CZK 126,640 thousand. After reading the Financial Statements the Supervisory Board has reviewed the proposal of the Board of Directors for distribution of profit for 2013, agrees with it, and recommends the General Meeting to approve it.

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In Velká Bíteš on 30 April 2014

Ing. Petr Kádner Chairman of the Supervisory Board PBS ENERGO, a.s.