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Consolidated Annual Report 2018 Aimtec Group
Page 2 | Consolidated Annual Report Aimtec 2018
Content
Content .....................................................................................................................................................2
Figures for 2018 .......................................................................................................................................6
Independent Auditor's Report and Consolidated Financial Statements ................................................ 11
Independent Auditor's Report and Consolidated Financial Statements AIMTEC a.s. .......................... 36
Page 3 | Consolidated Annual Report Aimtec 2018
The Aimtec Group The Aimtec Group is made up of Czech companies with a global reach: a parent company – AIMTEC
a.s. – and two subsidiaries: AIMTEC Consulting s.r.o. and AIMTEC Outsourcing s.r.o. More detailed
identifying information for all of these companies is provided in point 1 of the Consolidated Notes to the
Financial Statements. Where not stated otherwise, the information in this Annual Report concerns the
entire group, and all numerical data is given in a consolidated form.
Contact Information
Phone: +420 377 225 215
E-mail: [email protected]
Website: www.aimtecglobal.com
Who We Are
We're Aimtec. Since our very founding, the digitalisation of manufacturing and logistics has been our
speciality. We develop bespoke software solutions for our customers – solutions that bring Industry 4.0
to life. Besides development, we also engage in consulting and advisory activities connected with
optimising internal company processes and deploying new technologies.
We're global. As we work with our customers around the world, we deploy procedures, solutions and
technological innovations with them and monitor their real-world business impact. We then choose the
best out of them and apply them in our products and services. This enables us to give mid-sized
companies access to the same innovative and successful solutions that are deployed by the largest
manufacturers. Our global success is built upon the ability to listen, learn, and find creative solutions.
We enable companies with multiple branches worldwide to use solutions that are standardised, yet still
reflect each country’s and plant’s specifics. Their management thus has all data available in a unified
form despite the differing processes at their individual branches.
We're creators. We’re constantly building upon our existing products and services. We have our own
team developing new features for our products so that our software will remain a modern tool and helper
for implementing Industry 4.0. We also work hard to adapt our systems and develop new bespoke
features for our customers whenever the situation demands it. Furthermore, we’re testing completely
new technologies within our own R&D platform.
The company’s headquarters, along with the entire team, is located in Pilsen, Czech Republic, from
where we provide our full support. We’re confident that concentrating all of the people involved in both
developing and supporting our systems into one place bolsters cooperation, communication and the
exchange of know-how and experience. Whenever needed, we gladly travel out to our customers
worldwide. In today’s digitalised world, distances are fading away, and so we are capable of handling
non-standard situations on every continent. After all, no branch is ever close enough when you need a
response in minutes.
Page 4 | Consolidated Annual Report Aimtec 2018
Our companies are not beholden to any financial group. And indeed, co-owners Jaroslav Follprecht and
Roman Žák take a direct and active part in their management. They’ve been manning the helm since
the individual companies were born. Besides managing the companies, they also play an important part
in communicating their own visions and strategies to employees.
Products and Services
Our product portfolio includes IT solutions for manufacturing and logistics companies, and it covers
every process inside of an enterprise, as well as integration with customers and suppliers. The DCIx
system that we’ve developed automates and manages logistics processes in warehouses and
manufacturing halls, collects data on manufacturing status and progress and enables our customers to
integrate automated warehousing technologies such as conveyors, trains and AGVs. Similarly, the
solutions in our Sappy group manage warehouses and manufacturing and offer a quality-control
environment within SAP ERP.
Advanced Planning and Scheduling is another important area of our work. For this area, we’ve teamed
up with the Japanese company Asprova, which has developed a system of the same name for
manufacturing companies and for detailed creation of plans that take into account all capacities,
constraints and manufacturing processes. Even though we are not the developers of this software, we
are able to add new features so as to ensure that each of our customers receives a solution that’s tailor-
made to their needs.
Besides automating and managing processes inside of companies, we also work to integrate the
supplier-customer chain. Our integration division creates solutions for B2B communication and
automated electronic data interchange. Here we additionally offer our customers the option of using
cloud services. In 2018, we began working on an an entirely new service named aimtec.cloud that
unites and expands our cloud services portfolio. In the coming years we plan to provide all of our services
in both on-premise and cloud versions, in order to accommodate the trends arriving in industry as much
as possible.
The Aimtec Support division is available to our customers as well; it offers 24/7 support 365 days a
year and not only helps whenever something is unclear in a solution we’ve installed, but also actively
monitors the operations of our applications, so that we can catch any errors e.g. in transmitted data
sooner than the customer does.
We likewise offer customers the option of purchasing hardware (readers, terminals etc.) alongside all
of our products, and we fully integrate it with the needed systems.
Besides deploying our own solutions, we also offer product-independent consulting – we analyse
internal processes and, based on this analysis, we present a a logistics audit and set of recommended
projects and their priorities.
Page 5 | Consolidated Annual Report Aimtec 2018
Our Customers in 2018
Manufacturing Companies and Automotive Industry AAS Automotive, ACPS AUTOMOTIVE, Adient, ADLER Czech, Agor Tech, AISIN EUROPE
MANUFACTURING, AKT plastikářská technologie Čechy, Alfmeier, Amphenol, ANTOLIN LIBAN, Aptiv
Mobility Services, Ardagh, ARGO-HYTOS, ASMO Czech, Autoneum, Avire, BILSTEIN CEE, BOS,
BOSAL, Budějovický Budvar, Continental, COVERIS, DAIHO, Daikin Industries, DANA Italia, Delphi,
Denso Manufacturing, Devro, DONGWON, Doosan Bobcat, DŘEVO TRUST, Eissmann Automotive,
Erich Jaeger, ETD TRANSFORMÁTORY, Faurecia Automotive, Fehrer Bohemia, Frauenthal
Automotive, Fremach, Futaba Czech, GENERIX, Greiner, GUMOTEX, Hanon Systems, Hanwha,
HAUK, HP-Pelzer, Hydro Extrusion Hungary, IAC Group, KBA-Grafitec, KDK Automotive, KOH-I-NOOR
HARDTMUTH, KOITO CZECH, KOSTAL CR, KYB Manufacturing Czech, Lasselsberger, LENA –
hračky, LISI AUTOMOTIVE FORM, Ljunghall, LUKOV Plast, MAagna Exteriors, MATADOR Automotive,
MATADOR, Metaldyne, Nokian Tyres, NOVASPORT, Paccor, Panasonic Automotive Systems Czech,
PEKM Kabeltechnik, PEPSICO, Pivovary Staropramen, Plastic Omnium, PLASTIKA, PRICOL WIPING
SYSTEMS, Prodrive Technologies, PROFIMED, Ravensburger, REHAU, RINGFEDER POWER
TRANSMISSION, ROSSO STEEL, Saar Gummi, SAINT-GOBAIN, Sellier & Bellot, SEOYON E-HWA
AUTOMOTIVE, Schneeberger, Steel Center Europe, Soag Europe, ŠKODA ELECTRIC, ŠKODA
TRANSPORTATION, TI Automotive, TORMAX Production, VAFO PRAHA, VISCOFAN, Wacker-
Chemie, Weltbild, WOLTERS PACKAGING, YAPP
Distribution companies A3 SPORT, Alza.cz, El nino parfum, OKAY, OLYMPTOY, Sportisimo
Logistics companies 4PX Express, CEVA Logistics, JK Logistika, PST CLC, PKZ Slovakia, METRANS, Sumisho Global
Logistics, SAPE BOHEMIA, EWALS CARGO CARE, SCHENKER, HÖDLMAYR INTERNATIONAL,
Perfect Distribution, VPS Logistics
Page 6 | Consolidated Annual Report Aimtec 2018
Figures for 2018
Consolidated revenue in millions of CZK
Consolidated profit before taxes
23.7 million CZK
Number of employees
219.04247.96
293.76314.58
2015 2016 2017 2018
Revenue growth
7%
Employee count
growth
-0.02%
Page 7 | Consolidated Annual Report Aimtec 2018
Employee structure
Products and services
Delivery 47% Development 26% Management and support divisions 15% Sales and marketing 12%
Consulting 61% Software 19% Hardware 16% SaaS 4%
Page 8 | Consolidated Annual Report Aimtec 2018
Contribution of the group's divisions to revenue
Consolidated revenue by sector
Where Aimtec is active
This graph assigns projects to territories by the headquarters of the entity to which a
delivery is invoiced.
DCI 43% INT 22% SAP 20% ASP 7% SUP 2% Other 5%
Automotive 55% Information technology 11% Distribution 10% Manufacturing 9% Plastics manufacturing 7% Logistics 4% Other 3%
Czech Republic 55% Germany 17% Netherlands 7% Slovakia 5% Great Britain 4% United States 4% France 2% Other 6%
Page 9 | Consolidated Annual Report Aimtec 2018
Summary of 2018 and Our Vision for 2019
Aimtec’s 2018 was all about maintaining the positive trends we established in previous years. We remain
focused on our three pillars – the Digital Factory, Digital Delivery and Expert Know-how. Together, they
reflect our main mission towards our clients: helping manufacturing companies with their digital
transformation, and eliminating all bottlenecks within manufacturing and internal logistics processes,
thereby making these companies function in a new and more efficient way.
In the second half of the year, we worked intensely on preparing our new aimtec.cloud service and
bringing it to market. We’re confident that cloud services for industry contain enormous potential. We
have thus decided to devote a part of our capacity towards developing cloud versions for that portion of
our solutions that we have so far had as on-premise only. We officially brought aimtec.cloud to market
in April 2019, but most of the preparations for it were in 2018. Next year, we wish to continue developing
this new service and building awareness of it among the wider public.
At the start of 2018, a contract for the rental of new offices for our group was signed as well. This new
custom-built headquarters promises to radiate greater prestige towards both our clients and our
employees, while keeping Aimtec in Pilsen. We believe that our decision to only spread the offices out
among only two floors will help to simplify communication among individual teammates and divisions.
The expected moving-in date is in 2020.
In 2019, we will continue working on our products’ development and seeking new solutions for our
customers so as to help them to be modern, competitive and successful companies. After all, it is only
thanks to our clients’ successes that we ourselves can succeed.
In Pilsen on 27 June 2019
-------------------------------------------------------------------------------------------
Jaroslav Follprecht, Vice Chairman AIMTEC a.s.
Page 10 | Consolidated Annual Report Aimtec 2018
Independent Auditor's Report and Consolidated Financial Statements 31 December 2018
Page 11 | Consolidated Annual Report Aimtec 2018
Independent Auditor's Report
Page 12 | Consolidated Annual Report Aimtec 2018
Consolidated Balance Sheet ASSETS 31 Dec 2018 31 Dec 2017
Net Net
Thousands CZK
TOTAL ASSETS 191 670 168 152
B. Fixed assets 38 575 35 784
B. I. Intangible fixed assets 10 033 7 992
B. I.2. Valuable rights 10 033 7 902
B.I.2.1. Software 10 019 7 876
B.I.2.2. Other valuable rights 14 26
B.I.4. Other intangible fixed assets 0 90
B.II. Tangible fixed assets 19 808 18 521
B.II.2. Tangible movable assets and sets of tangible movable assets
19 808 18 521
B.IV. Consolidation difference 8 734 9 271
Positive consolidation difference 8 734 9 271
C. Current assets 142 088 119 459
C.I. Inventory 319 1 027
C.I.3. Products and goods 319 1 027
C.I.3.2. Goods 319 1 027
C.II. Receivables 84 619 65 999
C.II.1. Long-term receivables 3 382 214
C.II.1.4. Deferred tax receivable 148 0
C.II.1.5. Other receivables 3 234 214
C.II.1.5.2. Long-term prepayments made 3 234 214
C.II.2. Short-term receivables 81 237 65 785
C.II.2.1. Trade receivables 78 245 61 550
C.II.2.4. Receivables – other 2 992 4 234
C.II.2.4.3. State – tax receivables 1 325 1 550
C.II.2.4.4. Short-term prepayments made 814 1 062
C.II.2.4.5. Estimated receivables 45 880
C.II.2.4.6. Sundry receivables 809 742
C.IV. Current financial assets 57 150 52 434
C.IV.2. Cash at bank 57 150 52 434
D. Accrued assets 11 007 12 908
D.1. Deferred expenses 6 103 5 708
D.3. Accrued income 4 903 7 200
Page 13 | Consolidated Annual Report Aimtec 2018
LIABILITIES 31 Dec 2018 31 Dec 2017
Net Net
Thousands CZK
TOTAL LIABILITIES 191 670 168 152
A. Equity 101 460 89 214
A. I. Share capital 2 000 2 000
A. I. 1. Share capital 2 000 2 000
A. IV. Consolidated retained earnings (+/-) 80 714 62 881
A. IV. 1. Retained consolidated earnings from previous years 80 714 62 881
A. V. Consolidated profit or loss for the current period (+/-)
18 746 24 333
B. + C. Liabilities 61 530 59 955
C. Payables 61 530 59 955
C.I. Long-term payables 5 123 5 176
C.I.8. Deferred tax liability 1 083 1 523
C.I.9. Payables – other 4 039 3 653
C.I.9.3 Sundry payables 4 039 3 653
C.II. Short-term payables 56 407 54 779
C.II.4. Trade payables 22 988 17 076
C.II.8. Other payables 33 419 37 703
C.II.8.1. Payables to partners 4 4
C.II.8.3. Payables to employees 9 665 9 806
C.II.8.4. Social security and health insurance payables 5 689 5 987
C.II.8.5. State – tax payables and subsidies 5 393 7 752
C.II.8.6. Estimated payables 8 053 8 310
C.II.8.7. Sundry payables 4 615 5 844
D. Deferred expenses 28 680 18 982
D.1. Accrued expenses 218 802
D.2. Deferred income 28 461 18 180
Page 14 | Consolidated Annual Report Aimtec 2018
Consolidated Profit and Loss Statement 2018 2017
Thousands CZK
I. Revenue from sales of goods and services 257 046 236 635
II. Sales of goods 54 134 52 381
A. Purchased consumables and services 115 189 102 465
A.1. Cost of goods sold 43 658 40 046
A.2. Consumed material and energy 10 450 8 277
A.3. Services 61 082 54 142
C. Own work capitalised (+/-) -7 593 -6 123
D. Staff costs 159 853 144 414
D.1. Payroll costs 116 501 104 532
D.2. Social security and health insurance costs and other charges 43 352 39 882
D.2.1. Social security and health insurance costs 39 238 35 554
D.2.2. Other charges 4 114 4 328
E. Adjustment to values in operating activities 16 230 13 134
E.1. Adjustments to values of intangible and tangible fixed assets 14 341 12 495
E.1.1. Adjustments to values of intangible and tangible fixed assets – permanent 14 341 12 495
Accounting treatment of the positive consolidation difference 537 537
E.3. Adjustment to values of receivables 1 351 101
III. Other operating income 1 221 2 026
III.1. Sales of fixed assets 335 595
III.3. Sundry operating income 886 1 431
F. Other operating expenses 1 449 1 653
F.1. Net book value of fixed assets sold 175 255
F.3. Taxes and charges 1 142 745
F.5. Other operating expenses 132 653
* Consolidated operating profit or loss (+/-) 27 274 35 499
G. Costs of equity investments sold 0 1 086
VI. Interest income and similar income 5 2
VI.2. Interest income and similar income 5 2
I. Adjustments to values and reserves relating to financial activities 0 -1 059
J. Interest expenses and similar expenses 375 337
J.2. Other interest expenses and similar expenses 375 337
VII. Other financial income 2 170 2 715
K. Other financial expenses 5 391 6 885
* Consolidated financial profit or loss (+/-) -3 591 -4 532
** Consolidated profit or loss before tax (+/-) 23 683 30 967
L. Income tax 4 936 6 634
L.1. Due income tax 5 525 6 658
L.2. Deferred income tax (+/-) -588 -24
** Consolidated profit or loss net of tax (+/-) 18 746 24 333
*** Consolidated profit or loss for the current period (+/-) 18 746 24 333
* Net consolidated turnover for the accounting period 314 576 293 759
Page 15 | Consolidated Annual Report Aimtec 2018
Notes to the Consolidated Financial Statements
1 Group Description Consolidating Accounting Unit
Company name: AIMTEC a.s.
Registered office: Hálkova 1203/32, 301 22, Pilsen, Czech Republic
Legal form: joint-stock company
ID: 25201816
The company is registered in section B, file no. 558 of the Commercial Register maintained by the
Regional Court in Pilsen (date of registration: 23 July 1996).
The company’s main activity is consulting in the field of information technology.
Consolidated Accounting Units
Company name: AIMTEC Consulting s.r.o.
Registered office: Hálkova 1203/32, 301 22, Pilsen, Czech Republic
Legal form: limited company
ID: 26320975
The company is registered in section C, file no. 13476 of the Commercial Register maintained by the
Regional Court in Pilsen (date of registration: 16 January 2001).
The company’s main activity is consulting in the field of management.
The consolidating accounting unit holds a 100% share in the equity of this consolidated accounting unit.
2018 2017
Equity Profit or Loss Equity Profit or Loss
AIMTEC Consulting s.r.o. 2 345 1 496 1 848 238
Company name: AIMTEC Outsourcing s.r.o.
Registered office: Hálkova 1203/32, 301 22, Pilsen, Czech Republic
Legal form: limited company
ID: 26127407
The company is registered in section C, file no. 14356 of the Commercial Register maintained by the
Regional Court in Pilsen (date of registration: 9 November 1999).
The company’s main activity is consulting in the field of information technology.
The consolidating accounting unit holds a 100% share in the equity of this consolidated accounting unit.
2018 2017
Equity Profit or Loss Equity Profit or Loss
AIMTEC Outsourcing s.r.o. 19 782 3 887 15 898 1 835
Since 1 January 2011, all three of the companies that are members of the group have been registered
as VAT payers at the City of Pilsen Financial Office. The group’s acting member is AIMTEC a.s.
Page 16 | Consolidated Annual Report Aimtec 2018
2 FOUNDATIONAL ASSUMPTIONS FOR THE DRAFTING OF THE CONSOLIDATED FINANCIAL STATEMENT
The consolidated financial statement was prepared in accord with the Accounting Act, with the
government decree on whose basis certain provisions of the Accounting Act are implemented, and with
the Czech Accounting Standards in their wording applicable for 2018 and 2017.
Under Section 1(c)(2) of the Accounting Act, the AIMTEC group of companies is, as of December 31,
2018, a mid-sized group of accounting units. The consolidated financial statement compiled as of 31
December 2018 will be verified by an auditor, in accord with the relevant provisions of the Accounting
Act. In accord with the provisions of Section 22 of the Accounting Act, the consolidating company
AIMTEC a.s. does not compile an annual report; the corresponding information will be included in the
consolidated annual report.
The consolidated financial statement as of 31 December 2018 was compiled by direct consolidation; the
full-consolidation method was used.
3 POSITIVE CONSOLIDATION DIFFERENCE
AS OF 31 DEC 2018
Company
Acquisition
date
Purchase
price
Equity Consolidation
difference
Accumulated
amortisation
Net book value
AIMTEC Consulting s.r.o. 8 Apr 2015 20 000 2 345 9 154 1 678 7 475
AIMTEC Outsourcing s.r.o. 14 Nov
2011
4 000 20 658 1 590 331 1 259
Total 24 000 10 744 2 009 8 734
as of 31 Dec 2017
Company
Acquisition
date
Purchase
price
Equity Consolidation
difference
Accumulated
amortisation
Net book value
AIMTEC Consulting s.r.o. 8 Apr 2015 20 000 1 848 9 154 1 221 7 933
AIMTEC Outsourcing s.r.o. 14 Nov
2011
4 000 15 898 1 590 252 1 338
Total 24 000 10 744 1 473 9 271
The consolidation difference will be written off in accord with the provision of the Czech Accounting
Standards over the course of 20 years.
Page 17 | Consolidated Annual Report Aimtec 2018
4 GENERAL ACCOUNTING POLICIES, PROCEDURES, VALUATION AND DEPRECIATION
In preparing the consolidated financial statements for 2018 and 2017, the consolidating accounting unit
used the following accounting principles, procedures, and valuation and depreciation methods:
INTANGIBLE FIXED ASSETS
Intangible fixed assets are valued at acquisition cost. The group's companies do not book low-value
intangible assets (up to and including 60 thousand CZK) on the fixed assets accounts, but directly to
expenses instead. Intangible fixed assets generated internally are valued at own costs.
TANGIBLE FIXED ASSETS
Tangible fixed assets are valued at acquisition cost. Interest and other financial expenses related to
their acquisition are not included in their valuation. The group's companies do not book low-value
tangible assets (up to and including 40 thousand CZK) on the fixed assets accounts, but directly to
expenses instead. The costs of technical improvements of fixed assets over 40 thousand CZK increase
their purchase price. Technical improvements to the leased assets are posted separately on the account
on which the improved leased assets would be posted.
THE METHOD OF ESTABLISHING THE DEPRECIATION PLAN
Accounting depreciation is calculated based on the estimated useful life and is charged monthly on the
last day of the month. The company decides on the specific form of depreciation plan for fixed assets
included after 31 December 2001 when the asset is put into use, while accounting depreciation is not
governed by tax depreciation. Assets included to this date are further depreciated according to the
original depreciation plan, thus accounting depreciation is consistent with accelerated depreciation
under Act No. 586/1992 Coll., the Income Tax Act, as amended at 31 December 2002, if the law
governed the tax depreciation for the relevant type of asset.
LONG-TERM FINANCIAL ASSETS
Equity interests in unconsolidated subsidiaries and controlled companies and companies under
substantial influence are valued at their purchase price, taking into account any reduction in value.
CURRENT FINANCIAL ASSETS
Current financial assets consist of stamps and money in bank accounts.
INVENTORY
Purchased inventory is valued at purchase prices. Given its nature and manner of its movement, the
inventory is accounted for using method B.
RECEIVABLES
Receivables are stated at their nominal value. As of the financial statements date, the value of doubtful
receivables is reduced by provisions charged to expenses. When determining the method of calculating
the provisions, the company follows Act No. 593/1992 Coll., on reserves for determining the income tax
base, as amended.
Estimated receivables are valued on the basis of expert estimates and calculations.
Page 18 | Consolidated Annual Report Aimtec 2018
EQUITY
The registered capital of the parent company is stated at the amount recorded in the Commercial
Register. Other capital funds are established at the company's sole discretion under the statutes.
LIABILITIES
Both long-term and short-term liabilities are stated at nominal values.
Long-term and short-term liabilities towards credit institutions are stated at their nominal values. Short-
term liabilities towards credit institutions are considered to also include that portion of long-term liabilities
towards credit institutions that is payable within one year from the balance-sheet date.
Estimated payables are valued on the basis of expert estimates and calculations.
FOREIGN CURRENCY TRANSACTIONS
Assets and liabilities denominated in foreign currencies are translated into Czech crowns using the
current daily exchange rate published by the Czech National Bank valid at the time of their inception
and at the time of the financial statements, they are translated at the rate published by the Czech
National Bank valid on the last day of the reporting period.
In the case of purchase and sale of foreign currency for the Czech currency, the foreign currency is
translated using the rate at which these values were actually purchased and/or sold.
Both realised and unrealised foreign exchange gains and losses are charged to the income, or
respectively to the expenses of the current year.
USE OF ESTIMATES
The preparation of consolidated financial statements requires the use of estimates and assumptions
that affect the reported amounts of assets and liabilities at the balance sheet date and the reported
amounts of revenues and expenses for the reporting period. These estimates and assumptions were
determined by the persons responsible on the basis of all relevant information available to them.
Nevertheless, as is implied by the nature of estimation, the actual future values may differ from these
estimates.
REVENUE AND EXPENSE ACCOUNTING
Revenues and expenses are posted on an accrual basis, i.e. in the period to which they relate, both in
substance and in time, based on the handover of goods or services, irrespective of the time of payment.
Exceptions are laid down in the Accrued Expenses and Revenues company directive.
Revenues are booked inclusive of discounts and exclusive of VAT.
Estimated items are charged to expenses or revenues in the amounts known as at the balance sheet
date. Revenues from unfinished customer projects are posted at the balance sheet date based on expert
estimates provided by the corresponding divisions’ directors.
INCOME TAX
Income tax expense is calculated separately for the individual companies of the consolidated group
based on the applicable tax rate and from the accounting profit increased or decreased by the
permanently or temporarily non-tax-deductible expenses and non-taxable revenue. The income tax
expense in the consolidated profit and loss statement is the sum of the income tax expenses for the
companies in the consolidated group.
Deferred tax is calculated separately for each company in the group and reflects the tax effects of
temporary differences between the residual asset and liability values from the financial reporting
standpoint and for the purpose of income tax base assessment, taking into account the period of
realisation. The consolidated deferred liability and receivable is the sum of the deferred tax liabilities and
receivables of the companies in the consolidated group.
Page 19 | Consolidated Annual Report Aimtec 2018
5 FIXED ASSETS
INTANGIBLE FIXED ASSETS
Purchase price
Thousands CZK
Balance as of
1 Jan 2018
Acquisition Disposal Balance as of
31 Dec 2018
Software 52 343 8 616 0 60 959 *
Other valuable rights 60 0 0 60
Other intangible fixed assets 265 0 0 265 **
Total 52 668 8 616 0 61 284
*of which the company's own software comprises 57,787 thousand CZK
**promotional videos for the company's own software solutions on offer
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2018
Depreciation incl.
net book value at
disposal
Disposal Balance as of
31 Dec 2018
Software 44 468 6 472 0 50 940
Other valuable rights 34 12 0 46
Other intangible fixed assets 174 90 0 265
Total 44 676 6 574 0 51 251
Net book value 7 992 10 033
Purchase price
Thousands CZK
Balance as of
1 Jan 2017
Acquisition Disposal Balance as of
31 Dec 2017
Software 45 358 7 500 515 52 343 *
Other valuable rights 60 0 0 60
Other intangible fixed assets 168 97 0 265 **
Intangible fixed assets under
construction
103 7 417 7 520 0
Total 45 689 15 014 8 035 52 668
*of which the company's own software comprises 47 527 thousand CZK
**promotional videos for the company's own software solutions on offer
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2017
Depreciation incl.
net book value at
disposal
Disposal Balance as of
31 Dec 2017
Software 40 220 4 763 515 44 468
Other valuable rights 22 12 0 34
Other intangible fixed assets 9 165 0 174
Total 40 251 4 940 515 44 676
Net book value 5 437 7 992
Page 20 | Consolidated Annual Report Aimtec 2018
TANGIBLE FIXED ASSETS
Purchase price
Thousands CZK
Balance as of
1 Jan 2018
Acquisition Disposal Balance as of
31 Dec 2018
Tangible movable assets and sets of
tangible movable assets
48 888 9 230 3 816 54 301
cars 39 085 5 873 2 015 42 942
hardware 9 091 2 715 1 801 10 005
furniture 495 584 0 1 079
other 217 58 0 275
Total 48 888 9 230 3 816 54 302
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2018
Depreciation
incl.
net book value
at disposal
Disposal Balance as of
31 Dec 2018
Tangible movable assets and sets of
tangible movable assets
30 367 7 941 3 816 34 493
Total 30 367 7 941 3 816 34 493
Net book value 18 521 19 808
Purchase price
Thousands CZK
Balance as of
1 Jan 2017
Acquisition Disposal Balance as of
31 Dec 2017
Tangible movable assets and sets of
tangible movable assets
45 006 6 268 2 387 48 888
cars 36 015 5 457 2 387 39 085
hardware 8 279 811 0 9 091
furniture 495 0 0 495
other 217 0 0 217
Total 45 006 6 268 2 387 48 888
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2017
Depreciation
incl.
net book value
at disposal
Disposal Balance as of
31 Dec 2017
Tangible movable assets and sets of
tangible movable assets
24 944 7 809 2 387 30 367
Total 24 944 7 809 2 387 30 367
Net book value 20 062 18 521
As of 31 December 2018, the total amount of tangible assets not stated in the balance sheet, in
acquisition prices, was 4 277 thousand CZK (as of 31 December 2017: 4 608 thousand CZK).
For 30 passenger cars financed via credit from ČSOB Leasing a.s. or UniCredit Leasing CZ s.r.o. with
a total acquisition value in the amount of 17 887 thousand CZK, a security transfer of title has been
contractually arranged.
The company's management does not believe that the market value of the tangible fixed assets differs
significantly from the book value of those assets.
Page 21 | Consolidated Annual Report Aimtec 2018
6 INVENTORY Purchase price
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Software 41 74
Hardware 278 461
Hardware – goods being delivered 0 492
Total 319 1 027
These are products purchased from suppliers at the end of the current year that were supplied to
customers at the beginning of the following year.
7 RECEIVABLES
LONG-TERM PREPAYMENTS MADE
Thousands CZK
Company
Amount prepaid
2018
Amount prepaid
2017
Purpose of the prepayment
CCS Česká společnost pro
platební karty s.r.o.
152 152 Guarantees for the CCS cards issued
Hamburk Business Center
s.r.o.
3 020 0 Rental of the new Aimtec offices – security
deposit
Jiří Dvořák JUDr. 55 55 Rental of the offices at Hálkova 24 –
permanent deposit
TESLA investiční společnost,
a.s.
7 7 Office rental in Prachatice – permanent
deposit
Total 3 234 214
TRADE RECEIVABLES
Thousands CZK Balance as of 31 Dec 2018 Balance as of 31 Dec 2017
Within due date 62 935 51 403
Overdue 17 401 10 270
Currency exchange differences -272 -190
Adjustments -1 819 -473
Total 78 245 61 550
As of 31 December 2018, the group does not register any liabilities with a maturity of longer than 5
years, nor did it have any as of 31 December 2017.
All the group's companies closely follow receivables past due and evaluate all acquired information
continuously.
Page 22 | Consolidated Annual Report Aimtec 2018
Adjustments
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Tax provisions 24 0
50% of the total value of the receivable 24 0
Accounting provisions 1 795 473
50% of the total value of the receivable 430 469
75% of the total value of the receivable 905 0
100% of the total value of the receivable 460 4
Total 1 819 473
8 ACCRUALS AND DEFERRALS – ASSETS
DEFERRED EXPENSES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Sub-deliveries for customer projects that will be invoiced to customers
in the following accounting periods
4 145
4 570
Licences and maintenance for internal software 502 501
Marketing costs 151 21
Office furniture (acquired in 2016 in the total value of 302 thousand CZK,
accrued for 4 years)
142
217
New Aimtec offices (Hamburk Business Center) 625 0
Other (rental of parking spaces for the next accounting period,
contribution to private pension and life insurance of employees for the
month of January of the following year, recruitment advertising, air
tickets and travel insurance for the following year, withholding tax that
could not be included etc.)
538
399
Total 6 103 5 708
ACCRUED INCOME
Thousands CZK Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Services provided for customer projects as of 31 December of the current
year that will be invoiced in the following accounting periods in accord with
contracts.
4 903
6 999
Bonus (rebate) for overachieving supplier target 0 201
Total 4 903 7 200
Page 23 | Consolidated Annual Report Aimtec 2018
9 LONG-TERM PAYABLES
DEFERRED TAX LIABILITY
Thousands CZK Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Difference between the accounting and tax carrying values of
fixed assets
-6 859 -8 632
Bonuses for current year paid in the following year (including
taxes etc.)
1 158 615
Basis for deferred tax -5 701 -8 017
Deferred tax (19%) -1 083 -1 523
SUNDRY PAYABLES
On the account for other long-term liabilities, AIMTEC a.s. and AIMTEC Outsourcing s.r.o. register the
balances of credits provided for the purchase of fixed assets with a maturity of more than 1 year.
The portion of the liabilities payable within one year is stated on the balance sheet as other short-term
payables.
2018
Provider
Number
Amount of Credit
Total
Thousands CZK
Payables due
within 1 year
Thousands CZK
Payables over 1
year
Thousands CZK
Interest rate
%
ČSOB Leasing a.s. 1 518 15 0 3.5
UniCredit Leasing CZ s.r.o. 29 16 336 4 352 4 039 3.5
Total 30 16 854 4 367 4 039
2017
Provider
Number
Amount of Credit
Total
Thousands CZK
Payables due
within 1 year
Thousands CZK
Payables over 1
year
Thousands CZK
Interest rate
%
ČSOB Leasing a.s. 15 8 542 2 181 15 3.5
UniCredit Leasing CZ s.r.o. 19 10 787 3 448 3 638 3.5
Total 34 19 329 5 629 3 653
Information on the security transfer of title to the subject-matter of financing provided by credit agreements is
provided in the section entitled "Fixed Assets".
Page 24 | Consolidated Annual Report Aimtec 2018
10 SHORT-TERM PAYABLES
TRADE PAYABLES
Thousands CZK
Balance as of 31 Dec 2018
Balance as of 31 Dec 2017
Within due date 22 386 16 929
Overdue 664 152
Overpayments 0 14
Currency exchange
differences
-62 -20
Total 22 988 17 076
PAYABLES TO EMPLOYEES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Salaries for December of the current year paid in January of the following year 8 947 9 526
Travel expenses for December of the current year paid in January of the following year 718 280
Total 9 665 9 806
SOCIAL SECURITY AND HEALTH INSURANCE PAYABLES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Social security – December of the current year 3 956 4 126
Health insurance – December of the current year 1 733 1 861
Total 5 689 5 987
All payables were paid within the due dates in the following period according to applicable legal regulations.
STATE – TAX PAYABLES AND SUBSIDIES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Corporate income tax 370 2 526
Personal income tax – prepayments (December of the current year) 2 155 2 393
Withholding tax abroad (December of the current year) 44 5
VAT – tax liability (December of the current year) 3 674 2 975
VAT refunds unclaimed during the current year - 1 200 -355
Road tax – balance outstanding for the current year 3 5
Payment to the state for non-fulfillment of the quota of employees with health impairments
345 203
Total 5 393 7 752
Page 25 | Consolidated Annual Report Aimtec 2018
All payables were paid within the due dates in the following period according to applicable legal regulations. Excess tax deductions
were claimed in regular tax returns the following year.
ESTIMATED PAYABLES
Thousands CZK Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Services connected with the rental of offices for the current year invoiced by the renter
in the year following
801
924
Sub-deliveries supplied but not invoiced as at the balance-sheet date 525 352
Rebate from SAP SE (calculation based on the volume of deliveries for the current year) 1 642 1 643
Reduction of revenue according to the rate agreed in the contract with Axway if the
number of hours invoiced is exceeded
930
0
Licensing fees 0 4 736
Wage bonuses for the current year paid in the following year (including taxes etc.) 4 115 615
Invoices not received as at the date of closing the books 40 40
Total 8 053 8 310
SUNDRY PAYABLES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Credit agreements – repayments due within 1 year * 4 367 5 629
Contribution to employees' pension insurance for January of the
following year
96 92
Statutory employer liability insurance for the fourth quarter of the
current year
127 123
Wage garnishment 24 0
Total 4 615 5 844
11 DEFERRED EXPENSES
DEFERRED INCOME
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Maintenance for the following year invoiced to customers at the end of the current
year
17 115 11 652
Reserved services for the following year invoiced to customers at the end of the
current year
1 205
717
Services for customer projects as of 31 December of the current year invoiced in
accord with contractual provisions, which will however not be provided until the
following account period
10 140
5 806
Agreed interest on loan (due in the following year) 0 5
Total 28 461 18 180
Page 26 | Consolidated Annual Report Aimtec 2018
12 LEASING The company does not have any financial leasing contracts running as of 31 December 2018, and
likewise did not as of 31 December 2017.
13 OFF-BALANCE SHEET ITEMS
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Low-value fixed assets 921 4 608
Off-balance sheet items, total 921 4 608
Assets repurchased after the end of the finance lease with the subsequent
purchase of the leased item (hardware, furniture)
1 411
1 411
Issued advance invoices outstanding at the balance sheet date 0 2 580
Received advance invoices outstanding at the balance sheet date 2 2
Operations items, total 1 413 3 194
14 INFORMATION ON TRANSACTIONS WITH ASSOCIATED PARTIES
Thousands CZK
Shareholders
as of 31 Dec 2018
Board members
as of 31 Dec
2018
Shareholders
as of 31 Dec 2017
Board members
as of 31 Dec
2017
Receivables 393 0 119 0
Provided loans 0 0 0 0
Guarantees 0 0 0 0
Trade receivables 393 0 119 0
Payables 5 316 0 0 0
Received loans 0 0 0 0
Credit 0 0 0 0
Trade payables 5 316 0 0 0
Other benefits 1 652 3 382 1 666 4 977
Monetary 0 0 0 0
Non-monetary 1 652 3 382 1 666 4 977
cars in use 1 580 3 310 1 594 4 905
provided services 0 0 0 0
pension insurance 24 24 24 24
private life insurance 48 48 48 48
Page 27 | Consolidated Annual Report Aimtec 2018
15 RESEARCH AND DEVELOPMENT COSTS In 2018, none of the companies had research and development costs; the same applies for 2017.
16 SIGNIFICANT ITEMS IN THE PROFIT AND LOSS ACCOUNT STATEMENT
STRUCTURE OR REVENUES FROM THE SALE OF SERVICES AND GOODS
Thousands CZK
2018
Domestic
Foreign
2017
Domestic
Foreign
Total revenues from services 123 529 133 517 126 389 110 246
Consulting 66 824 76 535 76 981 80 403
Maintenance (self-provided and purchased) 21 010 11 960 19 974 8 613
Periodic support payments 17 714 17 300 7 197 8 135
Sales of own software 10 902 20 378 14 133 10 658
Other (consultants' travel expenses, marketing,
private fuel costs for employees, handling,
shipping etc.)
7 079
7 344
8 104
2 437
Revenues from the sales of goods, total 43 820 10 315 35 355 17 026
Hardware 37 198 8 814 31 264 6 975
Software 6 622 1 501 4 091 10 051
STRUCTURE OF FOREIGN REVENUE BY COUNTRY
2018
Thousands
CZK
Share in foreign sales
2017
Thousands
CZK
Share in foreign sales
Europe, total 129 188 89.82% 119 782 94.11%
Germany 53 097 36.91% 72 970 57.33%
Netherlands 22 555 15.68% 693 5.44%
Slovakia 17 211 11.97% 12 811 10.07%
Great Britain 11 889 8.27% 17 170 13.49%
France 5 382 3.74% 3 110 2.44%
Other countries 19 054 13.25% 12 578 9.88%
United States of America 12 174 8.46% 4 258 3.35%
Morocco 820 0.57% 604 0.47%
Mexico 763 0.53% 486 0.38%
China 616 0.43% 1 232 0.97%
Russia 145 0.10% 573 0.45%
Tunisia 105 0.07% 337 0.26%
Israel 21 0.01% 0 0%
Total 143 832 127 272
Page 28 | Consolidated Annual Report Aimtec 2018
SERVICES (costs)
Thousands CZK 31 Dec 2018 31 Dec 2017
Sub-deliveries for customer projects (consulting services, maintenance) 18 979 16 788
Employees' travel expenses 11 581 5 905
Promotion costs 9 936 9 525
Other 20 586 21 924
Total 61 082 54 142
OWN WORK CAPITALISED
Thousands CZK 31 Dec 2018 31 Dec 2017
Programming work delivered by employees in developing the company's DCIx
proprietary software
2 964 2 897
Programming work delivered by employees in developing the company's
ClouEDI proprietary software
4 629 3 226
Total 7 593 6 123
OTHER COSTS (EMPLOYEE BENEFITS)
Thousands CZK 31 Dec 2018 31 Dec 2017
Contribution to employee meal vouchers 1 916 1 869
Contribution to private pension insurance for employees 1 105 1 114
Other 1 093 1 345
Total 4 114 4 328
OTHER FINANCIAL INCOME
Other financial income mainly comprises currency exchange gains (2 170 thousand CZK).
OTHER FINANCIAL EXPENSES
Thousands CZK 31 Dec 2018 31 Dec 2017
Currency exchange losses 2 116 3 772
Gifts 847 853
Insurance 2 158 2 039
Bank charges 270 221
Total 5 391 6 885
Page 29 | Consolidated Annual Report Aimtec 2018
17 ASSUMPTION OF THE GROUP'S CONTINUED OPERATION
The consolidated financial statements of the group as of 31 December 2018 were prepared on a going
concern basis. The included financial statement therefore does not contain any provisions that might
result from uncertainty in this regard.
18 SIGNIFICANT EVENTS AFTER THE BALANCE-SHEET DATE
No significant events occurred between the balance sheet date and the date of the consolidated financial
statements.
Processed by: Michaela Brožová
Balance-sheet date: 31 December 2018
Date of drafting of the consolidated financial statements: 27 June 2019
-------------------------------------------------------------------------------------------
Jaroslav Follprecht, Vice Chairman AIMTEC a.s.
Page 30 | Consolidated Annual Report Aimtec 2018
Report on Relationships AIMTEC a.s. 2018
Page 31 | Consolidated Annual Report Aimtec 2018
Report pursuant to Section 82 et seq. of the Business Corporations Act on relationships between a controlled entity and a controlling entity and relationships between a controlled entity and other entities controlled by the same controlling entity, for the 2018 accounting period
19 STRUCTURE OF RELATIONSHIPS BETWEEN THE CONTROLLING ENTITY AND THE ENTITIES CONTROLLED BY THE SAME CONTROLLING ENTITY
19.1 Controlled Entity AIMTEC a.s., ID: 25201816, with registered office at Hálkova 1203/32, Pilsen, Czech Republic, postal
code: 301 22, registered in section B, file no. 558 of the Commercial Register maintained by the Regional
Court in Pilsen
19.2 Controlling Entities Jaroslav Follprecht (born 9 January 1960, permanent residence Havlíčkova 9, Pilsen, Czech Republic) Roman Žák (born 13 May 1967, permanent residence V Mokřinách 495, Zruč-Senec, Czech Republic)
19.3 Entities Controlled by the Same Controlling Entity AIMTEC Consulting s.r.o., ID: 26320975, with registered office at Hálkova 32, Pilsen, Czech Republic, postal code: 301 22, registered in section C, file no. 13476 of the Commercial Register maintained by the Regional Court in Pilsen. AIMTEC Outsourcing s.r.o., ID: 26127407, with registered office at Hálkova 1203/32, Pilsen, Czech
Republic, postal code: 301 22, registered in section C, file no. 14356 of the Commercial Register
maintained by the Regional Court in Pilsen.
19.4 Description of Relationships
The controlling entities, Mr. Jaroslav Follprecht and Mr. Roman Žák, each own 50% of the registered shares in the controlled entity and thus indirectly control both AIMTEC Consulting and AIMTEC Outsourcing.
Page 32 | Consolidated Annual Report Aimtec 2018
In relation to AIMTEC a.s., Mr. Jaroslav Follprecht and Mr. Roman Žák are persons acting in agreement under Section 78 of the Business Corporations Act. AIMTEC a.s. has a 100% share in the companies listed in point 1.3. Within these companies, it exercises a direct, controlling influence in the sense of Sections 74 and 75 of the Business Corporations Act and forms a group together with these entities.
20 ROLE OF THE CONTROLLED ENTITY Within the group of the three above-mentioned companies, no clear-cut roles are set for each individual
one. All of these companies provide IT solutions for the automotive industry and for manufacturing,
logistics and distribution firms. Within the individual companies, different types of offered products
dominate slightly in the provision of these services – in the case of AIMTEC a.s. these are its own
products DCIx and ClouEDI, along with the supplier-provided product ASPROVA.
When making transactions with third parties, all three of these companies work on the basis of shared
terms and conditions applicable for the entire group.
21 METHOD AND MEANS OF CONTROL The entity is controlled through the General Meeting and the Board of Directors. The controlling persons
are in the positions of Chairman and Vice Chairman of the Board of Directors.
22 OVERVIEW OF MUTUAL CONTRACTS
22.1 AIMTEC a.s. and Mr. Jaroslav Follprecht, Mr. Roman Žák
▪ License agreement
- “ClouEDI” trademark
▪ License agreement
- “AIMTEC” trademark
▪ License agreement
- “aimagazine” trademark
▪ License agreement
- “Be Digital.Faster.AIMTEC” trademark
The above-stated trademarks are owned by Mr. Jaroslav Follprecht and Mr. Roman Žák, who
grant Aimtec a.s. the right to use them under the license agreements.
Page 33 | Consolidated Annual Report Aimtec 2018
22.2 AIMTEC a.s. and AIMTEC Outsourcing s.r.o.
▪ Contract on Mutual Provision of Consulting Services
- Two contracts for mutual performance
▪ Contract on Mutual Rental of Company Vehicles
- Two contracts for mutual performance
▪ Contract on the Provision of Moderation and Organisation Services in the Framework of an
Industry Conference
- AIMTEC Outsourcing s.r.o. provides services to AIMTEC a.s.
▪ Contract on Cooperation for the Organising of the Trends in Automotive Logistics 2018
(TAL18) Conference and Accompanying Events on 10 October 2018
- The contract between all three of the group’s companies that governs the distribution of the
overall costs of organising the conference
22.3 AIMTEC a.s. and AIMTEC Consulting s.r.o.
▪ Contract on Mutual Provision of Consulting Services
- Two contracts for mutual performance
▪ Contract on Cooperation for the Organising of the Trends in Automotive Logistics 2018
(TAL18) Conference and Accompanying Events on 10 October 2018
- The contract between all three of the group’s companies that governs the distribution of the
overall costs of organising the conference
▪ Contract on the Performance of Services Connected with the Organisation of an Industry
Conference
- AIMTEC a.s. provides the organisation team for the Trends in Automotive Logistics conference
22.4 AIMTEC Outsourcing s.r.o. and AIMTEC Consulting s.r.o.
▪ Contract on Mutual Provision of Consulting Services
- Two contracts for mutual performance
▪ Contract on Cooperation for the Organising of the Trends in Automotive Logistics 2018
(TAL18) Conference and Accompanying Events on 10 October 2018
- The contract between all three of the group’s companies that governs the distribution of the
overall costs of organising the conference
Page 34 | Consolidated Annual Report Aimtec 2018
23 EVALUATION OF WHETHER OR NOT ANY HARM WAS CAUSED TO THE CONTROLLED ENTITY, AND EVALUATION OF ITS SETTLEMENT UNDER SECTIONS 71 AND 72
The companies maintain standard supplier-customer relations, in which the usual prices apply. For this reason it can be concluded that none of the controlling or controlled entities were placed at an advantage or disadvantage.
24 ADVANTAGES AND DISADVANTAGES ARISING FROM THE RELATIONSHIPS BETWEEN THE CONTROLLING ENTITY AND THE CONTROLLED ENTITIES
The relationships among the entities listed in point 1 of this Annual Report lead to advantages for AIMTEC a.s.; these primarily include a better market position, the possibility of using trademarks, and the use of the know-how of the associated entities. No disadvantages and no risks arise for the controlled entity from the relationships mentioned above. In Pilsen on 29 March 2019 ...................................................... Jaroslav Follprecht Vice Chairman AIMTEC a.s.
Page 35 | Consolidated Annual Report Aimtec 2018
Independent Auditor's Report and Financial Statements AIMTEC a. s. 31 December 2018
Page 36 | Consolidated Annual Report Aimtec 2018
Independent Auditor's Report
Page 37 | Consolidated Annual Report Aimtec 2018
Balance sheet ASSETS 31 Dec 2018 31 Dec 2017
Gross Adjustment Net Net
Thousands CZK
TOTAL ASSETS 245 046 68 535 176 511 156 647
B. Fixed assets 113 827 66 724 47 103 44 560
B. I. Intangible fixed assets 50 449 40 448 10 001 7 932
2. Valuable rights 50 184 40 183 10 001 7 843
2.1. Software 50 124 40 137 9 987 7 817
2.2. Other valuable rights 60 45 14 26
4. Other intangible fixed assets 265 265 0 89
B. II. Tangible fixed assets 39 378 26 276 13 102 12 628
2. Tangible movable assets and sets of tangible movable assets 39 378 26 276 13 102 12 628
B. III. Long-term financial assets 24 000 0 24 000 24 000
1. Shares – controlled or controlling entity 24 000 0 24 000 24 000
C. Current assets 120 824 1 811 119 013 100 620
C. I. Inventory 319 0 319 1 027
3. Products and goods 319 0 319 1 027
3.2. Goods 319 0 319 1 027
C. II. Receivables 77 168 1 811 75 357 59 414
1. Long-term receivables 3 215 0 3 215 195
1.5. Receivables – other 3 215 0 3 215 195
1.5.2. Long-term prepayments made 3 215 0 3 215 195
2. Short-term receivables 73 953 1 811 72 142 59 219
2.1. Trade receivables 69 011 1 811 67 200 56 616
2.4. Receivables – other 4 942 0 4 942 2 603
2.4.3. State – tax receivables 1 061 0 1 061 0
2.4.4. Short-term prepayments made 814 0 814 1 062
2.4.5. Estimated receivables 45 0 45 854
2.4.6. Sundry receivables 3 022 0 3 022 687
C. IV. Current financial assets 43 337 0 43 337 40 179
2. Cash at bank 43 337 0 43 337 40 179
D. Accruals and deferrals – assets 10 395 0 10 395 11 467
1. Deferred expenses 5 938 0 5 938 5 586
3. Accrued income 4 457 0 4 457 5 881
Page 38 | Consolidated Annual Report Aimtec 2018
LIABILITIES 31 Dec 2018 31 Dec 2017
Net Net
Thousands CZK
TOTAL LIABILITIES 176 511 156 647
A. Equity 94 600 86 199
A. I. Share capital 2 000 2 000
1. Share capital 2 000 2 000
A. IV. Retained earnings (+/-) 77 699 61 403
1. Retained earnings or accumulated losses of previous years (+/-) 77 699 61 403
A. V. Profit or loss for the current period (+/-)
14 901 22 796
B. + C. Liabilities 56 220 52 065
C. Payables 56 220 52 065
C.I. Long-term payables 3 208 1 144
8. Deferred tax liability 1 083 1 144
9. Payables – other 2 125 2 357
9.3. Sundry payables 2 125 2 357
C.II. Short-term payables 53 012 48 564
4. Trade payables 39 798 23 339
6. Payables – controlled or controlling entity 0 5 725
8. Other payables 13 214 19 500
8.3. Payables to employees 3 211 3 188
8.4. Social security and health insurance payables 1 762 1 864
8.5. State – tax payables and subsidies 3 275 5 797
8.6. Estimated payables 2 514 4 969
8.7. Sundry payables 2 452 3 682
D. Accruals and deferrals 25 691 18 383
D.1. Accrued expenses 59 565
D.2. Deferred income 25 632 17 818
Page 39 | Consolidated Annual Report Aimtec 2018
Profit and Loss Statement 2018 2017
Thousands CZK
I. Revenue from sales of goods and services 217 497 173 617
II. Sales of goods 53 031 49 886
A. Purchased consumables and services 172 011 123 073
1. Cost of goods sold 42 823 38 319
2. Consumed material and energy 5 962 4 504
3. Services 123 226 80 250
C. Own work capitalised (-) -976 0
D. Staff costs 53 116 50 074
1. Payroll costs 39 186 36 437
2. Social security and health insurance costs and other charges 13 930 13 637
2.1. Social security and health insurance costs 12 664 12 005
2.2. Other charges 1 266 1 632
E. Adjustment to values in operating activities 13 053 10 333
1. Adjustments to values of intangible and tangible fixed assets 11 709 10 232
1.1. Adjustments to values of intangible and tangible fixed assets – permanent 11 709 10 232
3. Adjustment to values of receivables 1 344 101
III. Other operating income 4 571 8 654
1. Sales of fixed assets 62 595
3. Sundry operating income 4 509 8 059
F. Other operating expenses 17 536 16 915
1. Net book value of fixed assets sold 88 254
3. Taxes and charges 411 379
5. Other operating expenses 17 037 16 282
* Operating profit or loss (+/-) 20 359 31 762
IV. Revenues from long-term financial assets – ownership interests 1 000 0
1. Revenues from equity interests – controlled or controlling entity 1 000 0
G. Costs of equity investments sold 0 1 086
VI. Interest income and similar income 5 2
2. Interest income and similar income 5 2
I. Financial value adjustments and reserves 0 -1 059
J. Interest expenses and similar expenses 197 219
2. Other interest expenses and similar expenses 197 219
VII. Other financial revenues 1 939 2 110
K. Other financial expenses 4 094 5 102
* Profit or loss from financial operations (+/-) -1 347 - 3 236
** Profit or loss before taxation 19 012 28 526
L. Income tax 4 111 5 730
1. Due income tax 4 172 5 744
2. Deferred income tax (+/-) -61 -14
** Profit or loss after taxation (+/-) 14 901 22 796
*** Profit or loss for the accounting period (+/-) 14 901 22 796
* Net turnover for the accounting period 278 043 234 269
Page 40 | Consolidated Annual Report Aimtec 2018
Notes to the Financial Statements
1 COMPANY DESCRIPTION
Company name: AIMTEC a.s.
Registered office: Hálkova 1203/32, 301 22, Pilsen, Czech Republic
Legal form: joint-stock company
ID: 25201816
The company is registered in section B, file no. 558 of the Commercial Register maintained by the
Regional Court in Pilsen (date of registration: 23 July 1996).
Bank account: Komerční banka, Pilsen
Account number: 4822530287/0100
The company’s main activity is consulting in the field of information technology.
On 1 January 2011, the company became a member of the group registered for VAT with the City of
Pilsen Financial Office. The Company is the representative member of the group; the other members of
the group are AIMTEC Consulting s.r.o. (ID 26320975) and AIMTEC Outsourcing s.r.o. (ID 26127407).
As of 31 December 2018, the company is a small accounting unit pursuant to Section 1(b)(2) of the
Accounting Act As of 31 December 2017 and 31 December 2018, the company exceeded two threshold
values pursuant to Section 1(b)(2) of the Accounting Act and it will become a medium-sized accounting
unit starting from 1 January 2019.
In accord with Section 20(1) of the Accounting Act, the financial statements prepared as of 31 December
2018 will be verified by an auditor.
AIMTEC a.s. is the consolidating accounting unit for a mid-sized group of accounting units that also
comprises AIMTEC Consulting s.r.o. and AIMTEC Outsourcing s.r.o. (consolidated accounting units).
The consolidated financial statement will be prepared in accord with Czech accounting regulations. In
accord with the provisions of Section 22 of the Accounting Act, AIMTEC a.s. does not compile an annual
report; the corresponding information will be included in the consolidated annual report.
Average number of employees in 2018: 37
2 FOUNDATIONAL ASSUMPTIONS FOR THE DRAFTING OF THE FINANCIAL STATEMENT
Accounts are kept on the basis of the legal regulations applicable on the territory of the Czech Republic.
The financial statement was prepared in accord with the Accounting Act, with the government decree
Page 41 | Consolidated Annual Report Aimtec 2018
on whose basis certain provisions of the Accounting Act are implemented, and with the Czech
Accounting Standards in their wording applicable for 2018.
3 GENERAL ACCOUNTING POLICIES, PROCEDURES, VALUATION AND DEPRECIATION
The company applied the following accounting principles, procedures, valuation and depreciation
methods in preparing the annual financial statements for 2018:
INTANGIBLE FIXED ASSETS
Intangible fixed assets are valued at acquisition cost. The company does not book low-value intangible
assets (up to and including 60 thousand CZK) on the fixed assets accounts, but directly to expenses
instead. Intangible fixed assets generated internally are valued at own costs.
TANGIBLE FIXED ASSETS
Tangible fixed assets are valued at acquisition cost. Interest and other financial expenses related to
their acquisition are not included in their valuation. The company does not book low-value tangible
assets (up to and including 40 thousand CZK) on the fixed assets accounts, but directly to expenses
instead. The costs of technical improvements of fixed assets over 40 thousand CZK increase their
purchase price. Technical improvements to the leased assets are posted separately on the account on
which the improved leased assets would be posted.
THE METHOD OF ESTABLISHING THE DEPRECIATION PLAN
Accounting depreciation is calculated based on the estimated useful life and is charged monthly on the
last day of the month. The company decides on the specific form of depreciation plan for fixed assets
included after 31 December 2001 when the asset is put into use, while accounting depreciation is not
governed by tax depreciation. Assets included to this date are further depreciated according to the
original depreciation plan, thus accounting depreciation is consistent with accelerated depreciation
under Act No. 586/1992 Coll., the Income Tax Act, as amended at 31 December 2002, if the law
governed the tax depreciation for the relevant type of asset.
LONG-TERM FINANCIAL ASSETS
The shares in the registered capital of companies are stated at acquisition prices. If the accounting value
of financial investments drops, the difference is treated as a temporary impairment and is stated as a
provision.
Page 42 | Consolidated Annual Report Aimtec 2018
CURRENT FINANCIAL ASSETS
Current financial assets consist of stamps and money in bank accounts.
INVENTORY
Purchased inventory is valued at purchase prices. Given its nature and manner of its movement, the
inventory is accounted for using method B.
RECEIVABLES
Receivables are stated at their nominal value. As of the financial statements date, the value of doubtful
receivables is reduced by provisions charged to expenses, shown in the balance sheet in the
“adjustment” column.
When determining the method of calculating the provisions, the company follows Act No. 593/1992 Coll.,
on reserves for determining the income tax base, as amended.
Estimated receivables are valued on the basis of expert estimates and calculations.
EQUITY
The registered capital of the company is stated at the amount recorded in the Commercial Register.
Other capital funds are established at the company's sole discretion under the statutes.
LIABILITIES
Both long-term and short-term liabilities are stated at nominal values.
Long-term and short-term liabilities towards credit institutions are stated at their nominal values. Short-
term liabilities towards credit institutions are considered to also include that portion of long-term liabilities
towards credit institutions that is payable within one year from the balance-sheet date.
Estimated payables are valued on the basis of expert estimates and calculations.
FOREIGN CURRENCY TRANSACTIONS
Assets and liabilities denominated in foreign currencies are translated into Czech crowns using the
current daily exchange rate published by the Czech National Bank valid at the time of their inception
and at the time of the financial statements, they are translated at the rate published by the Czech
National Bank valid on the last day of the reporting period.
In the case of purchase and sale of foreign currency for the Czech currency, the foreign currency is
translated using the rate at which these values were actually purchased and/or sold.
Both realised and unrealised foreign exchange gains and losses are charged to the income, or
respectively to the expenses of the current year.
USE OF ESTIMATES
The preparation of financial statements requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities at the balance sheet date and the reported amounts of
revenues and expenses for the reporting period. These estimates and assumptions were determined by
Page 43 | Consolidated Annual Report Aimtec 2018
the persons responsible on the basis of all relevant information available to them. Nevertheless, as is
implied by the nature of estimation, the actual future values may differ from these estimates.
REVENUE AND EXPENSE ACCOUNTING
Revenues and expenses are posted on an accrual basis, i.e. in the period to which they relate, both in
substance and in time, based on the handover of goods or services, irrespective of the time of payment.
Exceptions are laid down in the Accrued Expenses and Revenues company directive.
Revenues are booked inclusive of discounts and exclusive of VAT.
Estimated items are charged to expenses or revenues in the amounts known as at the balance sheet
date. Revenues from unfinished customer projects are posted at the balance sheet date based on expert
estimates provided by the corresponding divisions’ directors.
INCOME TAX
Current income tax is calculated based on the applicable tax rate and from the book income increased
and/or decreased by the permanently or temporarily non-deductible expenses and non-taxable income.
Deferred tax is determined from all temporary differences arising from different accounting and tax
perspectives on items declared in assets and liabilities. The difference observed is multiplied by the
income tax rate applicable in the following tax period. If the rate changes, the deferred tax is recalculated.
MUTUAL SETTLEMENTS
In the case of mutual receivables and payables between AIMTEC a. s., AIMTEC Consulting s.r.o. and
AIMTEC Outsourcing s.r.o. (the AIMTEC group) the company proceeds in accordance with Section
58(2) of Decree No. 500/2002 Coll., as amended, and declares these mutual receivables and payables
in the amount of the actual balance.
TRANSFER PRICING AND COST ALLOCATION WITHIN THE AIMTEC GROUP
On the basis of a Contract on Mutual Provision of Consulting Services, consulting/programming services
are charged between the companies on a monthly/quarterly basis. Every year, always as of the last day
of the accounting period, on the basis of a calculation and the total number of hours invoiced in the
current year, additional one-off billing will be performed at the current rate, always as of 31 December.
The specific amounts for the consulting services mutually provided within the group in 2018 are
presented in the section entitled Significant Items in the Profit and Loss Statement.
The services performed by the employees of the subsidiary AIMTEC Outsourcing for internal projects
commissioned by the parent company will be settled as of 31 December of the current year. The rate
for the internal project services is applied in line with the above paragraph.
As of 31 December of the current year, the employee capacity of the subsidiary AIMTEC Outsourcing
s.r.o. reserved for the needs of the parent company is also accounted for; the rate applied for this
purpose is set at 15% of the standard hourly rate under the first paragraph.
The specific amounts for internal project services and the human resources earmarked for them are
presented in the section entitled Significant Items in the Profit and Loss Statement.
The group’s internal services are also mutually settled as of 31 December of the current year. The
specific amounts for 2018 are presented in the section entitled Significant Items in the Profit and Loss
Statement.
Page 44 | Consolidated Annual Report Aimtec 2018
The mutual settlement of other items (generally due to the issuing of supplier invoices for a single
member of the group only) is performed either continually on the basis of supplier invoices, if the precise
amount pertaining to the other members of the group is known, or as a one-time settlement as of 31
December of the current year, on the basis of a suitably selected allocation key. In both of these cases,
the settlement is performed without any additional charges, strictly in the amount of the actual costs
incurred. When transferring the costs over the course of the year, a credit to the other liabilities account
occurs for the group member to whom the supplier issued the invoice, and a debit to the cost account
occurs for the group member to whom the cost actually pertains. When a settlement is not performed
until the end of the year, the group member to whom the supplier issued the invoice debits its cost
account; at the end of the year, this member issues an invoice to the group member to whom the cost
actually pertains and credits this same cost account with the amount of the invoice. The group member
to whom this internal invoice was issued debits the corresponding cost account.
Since 2017, the allocation of the costs of rent, energy and related services among the AIMTEC Group
members has changed. In connection with the recruitment of a large number of new employees, the
organisation of the offices for the individual divisions and departments was changed, and the cost
allocation used to date ceased to be relevant. The subleasing contracts that governed this subject until
2015, and within which specific spaces were assigned to the individual companies, were terminated,
and the costs for rent, energy, and related office space rental services are now always allocated as of
the balance-sheet date. The allocation is based on the number of employees in the individual companies
who utilise the offices in all three of the buildings. Within AIMTEC a.s., the allocation of these costs is
credited to the corresponding cost accounts; for the remaining members of the group, meanwhile, it is
debited to the same accounts. The specific amounts are presented in the section entitled Significant
Items in the Profit and Loss Statement.
4 FIXED ASSETS
INTANGIBLE FIXED ASSETS
Purchase price
Thousands CZK
Balance as of
1 Jan 2018
Acquisition Disposal Balance as of
31 Dec 2018
Software 41 508 8 616 0 50 124 *
Other valuable rights 60 0 0 60
Other intangible fixed assets 265 0 0 265 **
Total 41 833 8 616 0 50 449
*of which the company's own software comprises 48,030 thousand CZK
**promotional videos for the company's own software solutions on offer
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2018
Depreciation incl.
net book value at
disposal
Disposal Balance as of
31 Dec 2018
Software 33 691 6 446 0 40 137
Other valuable rights 34 12 0 46
Other intangible fixed assets 176 90 0 265
Total 33 901 6 548 0 40 448
Net book value 7 932 10 001
Page 45 | Consolidated Annual Report Aimtec 2018
Purchase price
Thousands CZK
Balance as of
1 Jan 2017
Acquisition Disposal Balance as of
31 Dec 2017
Software 34 601 7 422 515 41 508 *
Other valuable rights 60 0 0 60
Other intangible fixed assets 168 97 0 265 **
Intangible fixed assets under
construction
103 7 417 7 520 0
Total 34 932 14 936 8 035 41 833
* of which the company's own software comprises 36 770
**promotional videos for the company's own software solutions on offer
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2017
Depreciation incl.
net book value at
disposal
Disposal Balance as of
31 Dec 2017
Software 29 577 4 629 515 33 691
Other valuable rights 22 12 0 34
Other intangible fixed assets 9 166 0 176
Total 29 608 4 807 515 33 901
Net book value 5 324 7 932
TANGIBLE FIXED ASSETS
Purchase price
Thousands CZK
Balance as of
1 Jan 2018
Acquisition Disposal Balance as of
31 Dec 2018
Tangible movable assets and sets of
tangible movable assets
34 478 5 759 858 39 378
cars 27 804 2 402 712 29 494
hardware 5 962 2 715 146 8 531
furniture 495 584 0 1 079
other 217 58 0 275
Total 34 478 5 759 858 39 378
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2018
Depreciation
incl.
net book value
at disposal
Disposal Balance as of
31 Dec 2018
Tangible movable assets and sets of
tangible movable assets
21 850 5 283 858 26 276
Total 21 850 5 283 858 26 276
Net book value 12 628 13 102
Page 46 | Consolidated Annual Report Aimtec 2018
Purchase price
Thousands CZK
Balance as of
1 Jan 2017
Acquisition Disposal Balance as of
31 Dec 2017
Tangible movable assets and sets of
tangible movable assets
32 049 4 815 2 387 34 478
cars 26 187 4 004 2 387 27 804
hardware 5 150 811 0 5 962
furniture 495 0 0 495
other 217 0 0 217
Prepayments for tangible assets
made
300 0 300 0
Total 32 349 4 815 2 687 34 478
Accumulated amortisation
Thousands CZK
Balance as of
1 Jan 2017
Depreciation
incl.
net book value
at disposal
Disposal Balance as of
31 Dec 2017
Tangible movable assets and sets of
tangible movable assets
18 558 5 679 2 687 21 850
Total 18 558 5 679 2 687 21 850
Net book value 13 791 12 628
As of 31 December 2018, the total amount of tangible assets not stated in the balance sheet, in
acquisition prices, was 3 356 thousand CZK (as of 31 December 2017: 4 034 thousand CZK).
For 14 passenger cars financed via credit from ČSOB Leasing a.s. or UniCredit Leasing CZ s.r.o. with
a total acquisition value in the amount of 9 484 thousand CZK, a security transfer of title has been
contractually arranged.
The company's management does not believe that the market value of the tangible fixed assets differs
significantly from the book value of those assets.
LONG-TERM FINANCIAL ASSETS
AS OF 31 DEC 2018
Company
Acquisition
cost of share
Thousands CZK
Share in
registered capital
%
Equity
Thousands
CZK
Profit or loss
Thousands CZK
Profit share
Thousands CZK
AIMTEC Outsourcing s.r.o. 4 000 100 19 782 3 887 0
AIMTEC Consulting s.r.o. 20 000 100 2 345 1 496 1 000
As of 31 Dec 2017
Company
Acquisition
cost of share
Thousands CZK
Share in
registered capital
%
Equity
Thousands
CZK
Profit or loss
Thousands CZK
Profit share
Thousands CZK
AIMTEC Outsourcing s.r.o. 4 000 100 15 895 1 835 0
AIMTEC Consulting s.r.o. 20 000 100 1 848 238 0
Page 47 | Consolidated Annual Report Aimtec 2018
A share of profits from the subsidiary AIMTEC Consulting s.r.o. in 2018 was paid out on the basis of a
Partner Decision dated 4 June 2018; the sum of 1 000 thousand CZK was credited to AIMTEC a.s. on
14 August 2018.
Financial data for AIMTEC Outsourcing s.r.o. was obtained from a financial statement verified by an
auditor; in the case of AIMTEC Consulting s.r.o., a financial statement not verified by an auditor was
used.
5 INVENTORY Purchase price
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Software 41 74
Hardware 278 461
Hardware – goods being delivered 0 492
Total 319 1 027
These are products purchased from suppliers at the end of the current year that were supplied to
customers at the beginning of the following year.
6 LONG-TERM RECEIVABLES
LONG-TERM PREPAYMENTS MADE
Thousands CZK
Company
Amount prepaid
2018
Amount prepaid
2017
Purpose of the prepayment
CCS Česká společnost pro
platební karty s.r.o.
133 133 Guarantees for the CCS cards issued
Hamburk Business Center
s.r.o.
3 020 0 Rental of the new Aimtec offices – security
deposit
Jiří Dvořák JUDr. 55 55 Rental of the offices at Hálkova 24 –
permanent deposit
TESLA investiční společnost,
a.s.
7 7 Office rental in Prachatice – permanent
deposit
Total 3 215 195
Page 48 | Consolidated Annual Report Aimtec 2018
7 SHORT-TERM RECEIVABLES
TRADE RECEIVABLES
Thousands CZK
Customers
2018
AIMTEC
Group
Total
Customers
2017
AIMTEC
Group
Total
Within due date 54 947 104 55 051 45 705 301 46 006
Overdue 13 436 754 14 190 9 731 1 536 11 267
Currency exchange
differences
-230 0 -230 -184 0 -184
Adjustments -1 811 0 -1 811 -476 0 -476
Total 66 342 858 67 200 54 776 1 837 56 616
As of 31 December 2018, the company does not register any liabilities with a maturity of longer than 5
years, nor did it have any as of 31 December 2017.
Mutual receivables and payables within the AIMTEC Group are settled as of the financial statements
date in accordance with the relevant provision of the pertinent decree. The amounts of mutual
settlements as of 31 December 2018 and 31 December 2017 were as follows:
Thousands CZK
Opening
balance
2018
Compensation
Compensated
balance
Opening
balance
2017
Compensation
Compensated
balance
AIMTEC Consulting s.r.o. 1 812 954 858 1 837 0 1 837
AIMTEC Outsourcing
s.r.o.
65 574 65 574 0 20 494 20 494 0
Total 67 386 66 528 858 22 331 20 494 1 837
Receivables within the AIMTEC Group are paid by the subsidiaries on the fly based on their current
cash flow status, which is known to the accounting unit in detail. Because of this, these receivables are
considered recoverable, and no provisions are created for them. Due receivables and payables are also
mutually settled periodically, on the basis of the applicable provision of the Czech Civil Code.
The company closely follows receivables past due and evaluates all acquired information continuously.
Adjustments
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Tax provisions 24 0
50% of the total value of the receivable 24 0
Accounting provisions 1 787 473
50% of the total value of the receivable 422 469
75% of the total value of the receivable 905 0
100% of the total value of the receivable 460 4
Total 1 811 473
Page 49 | Consolidated Annual Report Aimtec 2018
STATE – TAX RECEIVABLES
The receivable arises from an overpayment of corporate income tax prepayments against the actual tax
liability for 2018.
SUNDRY RECEIVABLES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Receivables from employees 72 45
Receivables from fixed term operations 652 514
VAT receivables within the AIMTEC Group 2 296 0
Insurance overpayment (loan provided in 2017) 1 128
Total 3 022 687
Mutual receivables and payables within the AIMTEC Group are settled as of the financial statements
date in accordance with the relevant provision of the pertinent decree. As regards the receivables on
the grounds of VAT (the actual tax paid by individual group members to the group’s representative
member), the compensation stated below was performed as of 31 December 2018, and a set-off of
liabilities was performed as of 31 December 2017:
Thousands CZK
Opening
balance
2018
Compensati
on
Compensated
balance
Opening
balance
2017
Compensati
on
Compensated
balance
AIMTEC Consulting s.r.o. 2 296 0 2 296 0 0 0
AIMTEC Outsourcing s.r.o. 1 527 1 527 0 0 0 0
Total 3 823 1 527 2 296 0 0 0
8 ACCRUALS AND DEFERRALS – ASSETS
DEFERRED EXPENSES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Sub-deliveries for customer projects that will be invoiced to customers
in the following accounting periods
4 145
4 570
Licences and maintenance for internal software 502 501
Marketing costs 151 21
Office furniture (acquired in 2016 in the total value of 302 thousand CZK,
accrued for 4 years)
142
217
New Aimtec offices (Hamburk Business Center) 625 0
Other (rental of parking spaces for the next accounting period,
contribution to private pension and life insurance of employees for the
month of January of the following year, recruitment advertising, air
tickets and travel insurance for the following year, withholding tax that
could not be included etc.)
373
277
Total 5 938 5 586
Page 50 | Consolidated Annual Report Aimtec 2018
ACCRUED INCOME
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Services provided for customer projects as of 31 December of the current
year that will be invoiced in the following accounting periods in accord with
contracts.
4 457
5 680
Bonus (rebate) for overachieving supplier target 0 201
Total 4 457 5 881
9 LONG-TERM PAYABLES
DEFERRED TAX LIABILITY
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Difference between the accounting and tax carrying values of
fixed assets
-6 859 -6 309
Bonuses for current year paid in the following year (including
taxes etc.)
1 158 286
Basis for deferred tax -5 701 -6 023
Deferred tax (19%) -1 083 -1 144
SUNDRY PAYABLES
On the account for sundry long-term liabilities, the company registers the balances of credits provided
for the purchase of fixed assets (passenger cars) that have a maturity of more than 1 year.
The portion of the liabilities payable within one year is stated on the balance sheet as other short-term
payables.
2018
Provider
Number
Amount of Credit
Total
Thousands CZK
Payables due
within 1 year
Thousands CZK
Payables over 1
year
Thousands CZK
Interest rate
%
ČSOB Leasing a.s. 1 518 15 0 3.5
UniCredit Leasing CZ s.r.o. 13 8 530 2 372 2 125 3.5
Total 14 9 048 2 387 2 125
2017
Provider
Number
Amount of Credit
Total
Thousands CZK
Payables due
within 1 year
Thousands CZK
Payables over 1
year
Thousands CZK
Interest rate
%
ČSOB Leasing a.s. 9 5 945 1 721 15 3.5
UniCredit Leasing CZ s.r.o. 9 6 205 1 889 2 342 3.5
Total 18 12 150 3 610 2 357
Page 51 | Consolidated Annual Report Aimtec 2018
Information on the security transfer of title to the subject-matter of financing provided by credit agreements is
provided in the section entitled "Fixed Assets".
10 SHORT-TERM PAYABLES
TRADE PAYABLES
Thousands CZK
Suppliers
2018
AIMTEC
Group
Total
Suppliers
2017
AIMTEC
Group
Total
Within due date 20 326 18 918 39 244 16 208 7 058 23 266
Overdue 616 0 616 79 0 79
Currency exchange
differences
-62 0 -62 -20 0 -20
Total 20 880 18 918 39 798 16 281 7 058 23 339
Mutual receivables and payables within the AIMTEC Group are settled as of the financial statements
date in accordance with the relevant provision of the pertinent decree. The amounts of mutual
settlements as of 31 December 2018 and 31 December 2017 were as follows:
Thousands CZK
Opening
balance
2018
Compensation
Compensated
balance
Opening
balance
2017
Compensation
Compensated
balance
AIMTEC Consulting s.r.o. 954 954 0 0 0 0
AIMTEC Outsourcing
s.r.o.
86 019 67 101 18 918 27 552 20 494 7 058
Total 86 973 68 055 18 918 27 552 20 494 7 058
PAYABLES – CONTROLLED OR CONTROLLING ENTITY
This was a payable towards the controlled entity AIMTEC Outsourcing s.r.o. in 2017 on the grounds of
compensation for increased costs caused by decisions made by the controlling company; the sum due
was paid on 6 March 2018.
Page 52 | Consolidated Annual Report Aimtec 2018
PAYABLES TO EMPLOYEES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Salaries for December of the current year paid in January of the following year 2 814 3 038
Travel expenses for December of the current year paid in January of the following year 397 151
Total 3 211 3 188
SOCIAL SECURITY AND HEALTH INSURANCE PAYABLES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Social security – December of the current year 1 216 1 268
Health insurance – December of the current year 546 596
Total 1 762 1 864
All payables were paid within the due dates in the following period according to applicable legal regulations.
STATE – TAX PAYABLES AND SUBSIDIES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Corporate income tax 0 2 397
Personal income tax – prepayments (December of the current year) 714 771
Withholding tax abroad (December of the current year) 44 5
VAT – tax liability (December of the current year) 3 674 2 975
VAT refunds unclaimed during the current year - 1 200 -355
Road tax – balance outstanding for the current year 4 3
Payment to the state for non-fulfillment of the quota of employees with health impairments
38 0
Total 3 275 5 797
All payables were paid within the due dates in the following period according to applicable legal regulations. Excess tax deductions
were claimed in regular tax returns the following year.
Page 53 | Consolidated Annual Report Aimtec 2018
ESTIMATED PAYABLES
Thousands CZK Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Services connected with the rental of offices for the current year invoiced by the renter
in the year following
801
755
Sub-deliveries supplied but not invoiced as at the balance-sheet date 525 352
Licensing fees 0 3 546
Wage bonuses for the current year paid in the following year (including taxes etc.) 1 158 286
Invoices not received as at the date of closing the books 30 30
Total 2 514 4 969
SUNDRY PAYABLES
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Credit agreements – repayments due within 1 year * 2 387 3 610
Contribution to employees' pension insurance for January of the
following year
30 35
Statutory employer liability insurance for the fourth quarter of the
current year
35 37
Total 2 452 3 682
11 DEFERRED EXPENSES
DEFERRED INCOME
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Maintenance for the following year invoiced to customers at the end of the current
year
15 472 11 652
Reserved services for the following year invoiced to customers at the end of the
current year
1 205
717
Services for customer projects as of 31 December of the current year invoiced in
accord with contractual provisions, which will however not be provided until the
following account period
8 955
5 443
Agreed interest on loan (due in the following year) 0 5
Total 25 632 17 818
Page 54 | Consolidated Annual Report Aimtec 2018
12 LEASING The company does not have any financial leasing contracts running as of 31 December 2018, and
likewise did not as of 31 December 2017.
13 OFF-BALANCE SHEET ITEMS
Thousands CZK
Balance as of
31 Dec 2018
Balance as of
31 Dec 2017
Low-value fixed assets 3 356 4 034
Off-balance sheet items, total 3 356 4 034
Assets repurchased after the end of the finance lease with the subsequent
purchase of the leased item (hardware, furniture)
1 077
1 077
Issued advance invoices outstanding at the balance sheet date 0 1 781
Received advance invoices outstanding at the balance sheet date 2 2
Operations items, total 1 079 2 860
14 INFORMATION ON TRANSACTIONS WITH ASSOCIATED PARTIES
Thousands CZK
Shareholders
as of 31 Dec 2018
Board members
as of 31 Dec
2018
Shareholders
as of 31 Dec 2017
Board members
as of 31 Dec
2017
Receivables 393 0 119 0
Provided loans 0 0 0 0
Guarantees 0 0 0 0
Trade receivables 393 0 119 0
Payables 5 316 0 0 0
Received loans 0 0 0 0
Credit 0 0 0 0
Trade payables 5 316 0 0 0
Other benefits 1 652 3 382 1 666 4 977
Monetary 0 0 0 0
Non-monetary 1 652 3 382 1 666 4 977
cars in use 1 580 3 310 1 594 4 905
provided services 0 0 0 0
pension insurance 24 24 24 24
private life insurance 48 48 48 48
Page 55 | Consolidated Annual Report Aimtec 2018
15 RESEARCH AND DEVELOPMENT COSTS In 2018, the company did not incur any research and development costs; the same applies for 2017.
16 SIGNIFICANT ITEMS IN THE PROFIT AND LOSS ACCOUNT STATEMENT
STRUCTURE OR REVENUES FROM THE SALE OF SERVICES AND GOODS
Thousands CZK
2018
Domestic
Foreign
2017
Domestic
Foreign
Total revenues from services 111 340 106 157 112 099 61 518
Consulting 62 959 50 448 66 430 32 131
Maintenance (self-provided and purchased) 16 198 11 892 15 422 8 541
Periodic support payments 14 256 16 381 10 278 7 892
Sales of own software 10 902 20 378 14 133 10 658
Consultants' travel expenses 251 4 708 255 1 411
Car rental 2 268 0 2 033 0
Other (marketing, private fuel costs for employees,
handling, shipping etc.)
4 506
2 350
3 548
885
Revenues from the sales of goods, total 42 716 10 315 32 917 16 969
Hardware 36 976 8 814 30 607 6 921
Software 5 741 1 501 2 310 10 048
Sub-deliveries of consulting services for customer projects within the AIMTEC Group
Thousands CZK 2018 2017
AIMTEC Consulting s.r.o. 1 868 1 156
AIMTEC Outsourcing s.r.o. 4 669 3 897
Total 6 537 5 053
Page 56 | Consolidated Annual Report Aimtec 2018
STRUCTURE OF FOREIGN REVENUE BY COUNTRY
2018
Thousands
CZK
Share in foreign sales
2017
Thousands
CZK
Share in foreign sales
Europe, total 101 899 87.49% 71 067 90.55%
Germany 31 459 27.01% 28 962 36.90%
Netherlands 22 555 19.36% 693 0.88%
Slovakia 17 211 14.78% 12 811 16.32%
Great Britain 11 401 9.79% 16 653 21.22%
France 4 291 3.68% 1 083 1.38%
Switzerland 2 365 2.03% 480 0.61%
Other countries (less than 2% share of
foreign sales in 2018)
12 617 10.83% 10 385 13.23%
United States of America 12 105 10.39% 4 188 5.34%
Morocco 820 0.70% 604 0.77%
Mexico 763 0.65% 486 0.62%
China 616 0.53% 1 232 1.57%
Russia 145 0.12% 573 0.73%
Tunisia 105 0.09% 337 0.43%
Israel 21 0.02 % 0 0%
Total 116 472 78 487
SERVICES (costs)
Services primarily include sub-deliveries for customer projects (consulting services and maintenance)
in the amount of 51 million CZK, with 42 million CZK of this being for consulting services within the
Aimtec group.
Employees of the subsidiary AIMTEC Outsourcing s.r.o. provided services worth CZK 40 million to the
parent company for its internal projects. The subsidiary also invoiced the parent company for the
reserved capacity of its consultants and programmers in the amount of 5 million CZK.
SUNDRY OPERATING INCOME
Thousands CZK 2018 2017
Services within the group 3 847 6 830
Insurance benefits 586 1 196
Other (settlement of estimated items etc.) 76 33
Total 4 509 8 059
Page 57 | Consolidated Annual Report Aimtec 2018
Services within the Group (Revenues)
Thousands CZK
2018
AIMTEC
Consulting s.r.o.
AIMTEC
Outsourcing s.r.o.
2017
AIMTEC
Consulting s.r.o.
AIMTEC
Outsourcing s.r.o.
Human resources management 0 0 0 471
Technical support (IIS) 0 468 0 1 018
Technical support (ITC) 0 3 199 0 1 854
Technical support (OTH) 0 180 0 1 259
Strategic management 0 0 2 228
Total 0 3 847 0 6 830
OTHER OPERATING EXPENSES
Thousands CZK 2018 2017
In-house services 16 936 9 907
Compensation of costs incurred by a subsidiary 0 5 725
Others (withholding tax that could not be included; compensation for
damages incurred by customers due to system malfunction)
101
650
Total 17 037 16 282
Services within the Group (Costs)
Thousands CZK
2018
AIMTEC
Consulting s.r.o.
AIMTEC
Outsourcing s.r.o.
2017
AIMTEC
Consulting s.r.o.
AIMTEC
Outsourcing s.r.o.
Sales activities 0 11 821 0 7 796
Human resources management 0 275 0
Marketing activities 0 1 503 0 1 168
Accounting and finance 0 505 0 491
Office management 0 828 0 452
Strategic management 0 2 004 0
Total 0 16 936 0 9 907
OTHER FINANCIAL EXPENSES
Thousands CZK 2018 2017
Currency exchange losses 1 777 2 868
Gifts 846 853
Insurance 1 260 1 209
Bank charges 211 172
Total 4 094 5 102
Page 58 | Consolidated Annual Report Aimtec 2018
17 ASSUMPTION OF THE COMPANY'S CONTINUED OPERATION
The company's financial statements as of 31 December 2018 were prepared on a going concern basis.
The included financial statement therefore does not contain any provisions that might result from
uncertainty in this regard.
18 SIGNIFICANT EVENTS AFTER THE BALANCE-SHEET DATE
No significant events occurred between the balance sheet date and the date of the financial statements.
Processed by: Michaela Brožová
Balance-sheet date: 31 December 2018
Date of drafting of the financial statements: 6 May 2019
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Jaroslav Follprecht, Vice Chairman AIMTEC a.s.
Statement of Changes in Equity as of 31 Dec 2018
Thousands CZK
Share capital
Capital funds
Funds from
profit and the
reserve fund
Retained
earnings from
previous years
Accumulated
losses from
previous years
Profit or loss for
the current
period
TOTAL EQUITY
Balance as of 31 Dec 2016 2 000 -26 200 40 737 0 20 466 63 377
Distribution of profit or loss 20 466 -20 466 0
Change in registered capital 0
Profit shares paid 0
Settlement of funds from profit and reserve
funds
-200 200 0
Gains or losses from the revaluation of assets
and liabilities
26 26
Profit or loss for the current period 22 796 22 796
Balance as of 31 Dec 2017 2 000 0 0 61 403 0 22 796 86 199
Distribution of profit or loss 16 296 -16 296 0
Change in registered capital 0
Profit shares paid -6 500 -6 500
Settlement of funds from profit and reserve
funds
0
Gains or losses from the revaluation of assets
and liabilities
0
Profit or loss for the current period 14 901 14 901
Balance as of 31 Dec 2018 2 000 0 0 77 699 0 14 901 94 600
The registered capital comprises 40 registered certificated shares with a nominal value of 25 thousand CZK each and 100 registered certificated shares with a nominal
value of CZK 10 thousand CZK each (paid up).
Page 60/61 | Consolidated Annual Report Aimtec 2018
In 2018, dividends totalling 6 500 thousand CZK were paid to shareholders on the basis of a decision of the General Meeting dated 4 June 2018 and the remaining part
of profit for 2017 in the amount of 16 296 thousand CZK was transferred to retained earnings.
In 2017, on the basis of a decision of the General Meeting dated 15 June 2017, the profit of 2016 in the amount of 20 466 thousand CZK and the reserve fund of 200
thousand CZK were transferred to the retained earnings account.