Minimal binding extent of information in compliance with Edict No. 500/2002 of the Collection of Laws | BALANCE SHEET in full format | Business or other name of accounting unit Visual Connection a.s. |
The accounting unit shall forward 1 copy of its financial statement, together with one copy of its income tax declaration, to the competent Inland Revenue office. | as of 30 September 2008 | Registered office or permanent address of accounting unit and place of business if differing from permanent address |
(in thousands of CZK) | Praha 3 130 00 | |
Slezská 2526/113 |
Year | Month | Identification Number | ||
2008 | 09 | 18630758 |
Prior | |||||||||||||||
accounting | |||||||||||||||
Line | Current accounting period | period | |||||||||||||
Identification | ASSETS | no. | Gross | Correction | Net | Net | |||||||||
a | b | c | 1 | 2 | 3 | 4 | |||||||||
TOTAL ASSETS | 001 | 129 021 | -17 854 | 111167 | 110904 | ||||||||||
A. | Receivables for subscriptions | 002 | 1 | ||||||||||||
B. | Fixed assets | 003 | 27 296 | -17 317 | 9 979 | 11299 | |||||||||
B. | I. | Intangible fixed assets | 004 | 2618 | -1 559 | 1 059 | 1096 | ||||||||
B. | I. | 1. | Incorporation expenses | 005 | |||||||||||
2. | Intangible results of research and development | 006 | |||||||||||||
3. | Software | 007 | 2 618 | -1 559 | 1 059 | 1096 | |||||||||
4. | Valuable rights | 008 | |||||||||||||
5. | Goodwill | 009 | |||||||||||||
6. | Other intangible fixed assets | 010 | |||||||||||||
7. | Intangible fixed assets under construction | 011 | |||||||||||||
8. | Advance payments for intangible fixed assets | 012 | |||||||||||||
B. | II. | Tangible fixed assets | 013 | 22 526 | -15 758 | 6 768 | 10051 | ||||||||
B. | II. | 1. | Land | 014 | |||||||||||
2. | Buildings, halls and structures | 015 | 617 | -38 | 579 | 52 | |||||||||
3. | Movable fixed assets | 016 | 19 689 | -15 332 | 4 357 | 7814 | |||||||||
4. | Perennial crops | 017 | |||||||||||||
5. | Breeding and draught animals | 018 | |||||||||||||
6. | Other tangible fixed assets | 019 | 2 200 | -388 | 1812 | 2185 | |||||||||
7. | Tangible fixed assets under construction | 020 | |||||||||||||
8. | Advance payments for tangible fixed assets | 021 | 20 | 20 | |||||||||||
9. | Adjustments to acquired assets | 022 | |||||||||||||
B. | III. | Financial investments | 023 | 2 152 | 2 152 | 152 | |||||||||
B. | III. | 1. | Shares and ownership interests with controlling influence in enterprises | 024 | 2 152 | 2 152 | 152 | ||||||||
2. | Shares and ownership interests with substantial influence in enterprises | 025 | |||||||||||||
3. | Other securities and ownership interests | 026 | |||||||||||||
4. | Intercompany loans | 027 | |||||||||||||
5. | Other financial investments | 028 | |||||||||||||
6. | Financial investments in progress | 029 | |||||||||||||
7. | Advance payments for financial investments | 030 |
Print (c) Atlas consulting spol. s r.o. Ostrava
Official stamp: | ||
Inland Revenue Office Prague 3 | allocated | |
Ref. No.: | ||
Presented personally 12 Dec. 2008 | revenue stamps | |
Date: | ||
Attachments | signs |
Prior accounting | |||||||||||||||
Line | Current accounting period | period | |||||||||||||
Identification | ASSETS | no. | Gross | Correction | Net | Net | |||||||||
a | b | c | 1 | 2 | 3 | 4 | |||||||||
C. | Current assets | 031 | 101 231 | -537 | 100 694 | 99096 | |||||||||
C. | I. | Inventory | 032 | 46 529 | 46 529 | 50630 | |||||||||
C. | I. | 1. | Materials | 033 | |||||||||||
2. | Work-in-progress and semi-finished products | 034 | 3 278 | 3278 | 16100 | ||||||||||
3. | Finished products | 035 | |||||||||||||
4. | Animals | 036 | |||||||||||||
5. | Merchandise | 037 | 43 251 | 43 251 | 34530 | ||||||||||
6. | Advance payments for inventory | 038 | |||||||||||||
C. | II. | Long-term receivables | 039 | ||||||||||||
C | II. | 1 | Trade receivables | 040 | |||||||||||
2. | Receivables from companies with controlling influence | 041 | |||||||||||||
3. | Receivables from companies with substantial influence | 042 | |||||||||||||
4. | Receivables from partners and participants in association | 043 | |||||||||||||
5. | Long-term advances paid | 044 | |||||||||||||
6. | Asset reserves | 045 | |||||||||||||
7. | Other receivables | 046 | |||||||||||||
8. | Deferred tax receivable | 047 | |||||||||||||
C. | III. | Short-term receivables | 048 | 53 007 | -537 | 52 470 | 46954 | ||||||||
C. | III. | 1. | Trade receivables | 049 | 45 454 | -537 | 44917 | 36218 | |||||||
2. | Receivables from companies with controlling influence | 050 | |||||||||||||
3. | Receivables from companies with substantial influence | 051 | |||||||||||||
4. | Receivables from partners and participants in association | 052 | 1035 | ||||||||||||
5. | Social security and health insurance | 053 | |||||||||||||
6. | Due from state-tax receivables | 054 | 69 | 69 | 2571 | ||||||||||
7. | Short-term advances paid | 055 | 6085 | ||||||||||||
8. | Asset reserves | 056 | |||||||||||||
9. | Other receivables | 057 | 2 413 | 2 413 | 1045 | ||||||||||
C. | IV. | Short-term financial assets | 058 | 1 695 | 1 695 | 1512 | |||||||||
C. | IV. | 1. | Cash | 059 | 1 117 | 1 117 | 258 | ||||||||
2. | Bank accounts | 060 | 578 | 578 | 1254 | ||||||||||
3. | Short-term securities and interests | 061 | |||||||||||||
4. | Short-term financial assets in progress | 062 | |||||||||||||
D. | I. | Accruals | 063 | 494 | 494 | 508 | |||||||||
D. | I. | 1. | Deferred expenses | 064 | 494 | 494 | 508 | ||||||||
2. | Complex deferred expenses | 065 | |||||||||||||
3. | Accrued revenues | 066 |
Print (c) Atlas consulting spol. s r.o. Ostrava
Line | Accounting period | ||||||||||
Identification | LIABILITIES | no. | Current | Prior | |||||||
a | b | c | 1 | 2 | |||||||
TOTAL LIABILITIES | 067 | 111 167 | 110 904 | ||||||||
A. | Equity | 068 | 8 954 | 12 251 | |||||||
A. | I. | Registered capital | 069 | 10 000 | 10 000 | ||||||
A. | I. | 1. | Registered capital | 070 | 10 000 | 10 000 | |||||
2. | Own shares and own business interests (-) | 071 | |||||||||
3. | Changes in registered capital | 072 | |||||||||
A. | II. | Capital funds | 073 | ||||||||
A. | II. | 1. | Share premium | 074 | |||||||
2. | Other capital funds | 075 | |||||||||
3. | Gains or losses from revaluation of assets and liabilities | 076 | |||||||||
4. | Gains or losses from revaluation as a result of changes | 077 | |||||||||
A. | III. | Reserve funds, indivisible fund and other funds created from profit | 078 | 849 | 793 | ||||||
A. | III. | 1. | Statutory reserve fund / indivisible fund | 079 | 849 | 793 | |||||
2. | Statutory and other funds | 080 | |||||||||
A. | IV. | Profit (loss) of previous years | 081 | 1 402 | 335 | ||||||
A. | IV. | 1. | Retained earnings from previous years | 082 | 1 402 | 335 | |||||
2. | Accumulated losses from previous years | 083 | |||||||||
A. | V. | Profit (loss) of current period | 084 | -3 297 | 1 123 | ||||||
B. | Not-own capital | 085 | 102 069 | 97 967 | |||||||
B. | I. | Reserves | 086 | ||||||||
B. | I. | 1. | Reserves according to special legal regulations | 087 | |||||||
2. | Reserves for pensions and similar liabilities | 088 | |||||||||
3. | Income tax reserve | 089 | |||||||||
4. | Other reserves | 090 | |||||||||
B. | II. | Long-term payables | 091 | 176 | |||||||
B. | II. | 1. | Trade payables | 092 | |||||||
2. | Payables to companies with controlling influence | 093 | |||||||||
3. | Payables to companies with substantial influence | 094 | |||||||||
4. | Payables to partners and participants in association | 095 | |||||||||
5. | Long-term advances received | 096 | |||||||||
6. | Issued obligations | 097 | |||||||||
7. | Long-term bills of exchange to be paid | 098 | |||||||||
8. | Liability reserves | 099 | |||||||||
9. | Other payables | 100 | 176 | ||||||||
10. | Deferred tax liability | 101 |
Print (c) Atlas consulting spol. s r.o. Ostrava
Line | Accounting period | ||||||||||
Identification | LIABILITIES | no. | Current | Prior | |||||||
a | b | c | 1 | 2 | |||||||
B. | III. | Short-term payables | 102 | 49 915 | 48 976 | ||||||
B | III. | 1. | Trade payables | 103 | 34 730 | 27 186 | |||||
2. | Payables to companies with controlling influence | 104 | |||||||||
3. | Payables to companies with substantial influence | 105 | 152 | ||||||||
4. | Payables to partners and participants in association | 106 | -883 | ||||||||
5. | Payables to employees | 107 | 1 884 | 1 587 | |||||||
6. | Payables to social security and health insurance | 108 | 861 | 521 | |||||||
7. | Due to state-taxes and subsidies | 109 | 1 442 | 5 | |||||||
8. | Short-term advances accepted | 110 | 9 212 | 18 834 | |||||||
9. | Obligations issued | 111 | |||||||||
10. | Liability reserves | 112 | 1 026 | 500 | |||||||
11. | Other payables | 113 | 1 643 | 196 | |||||||
B. | IV. | Bank loans and assistance | 114 | 52 154 | 48 815 | ||||||
B. | IV. | 1. | Long-term bank loans | 115 | 654 | 751 | |||||
2. | Short-term bank loans | 116 | 51 500 | 48 064 | |||||||
3. | Short-term financial assistance | 117 | |||||||||
C. | I. | Accruals | 118 | 144 | 686 | ||||||
C. | I. | 1. | Accrued expenses | 119 | 142 | ||||||
2. | Deferred revenues | 120 | 144 | 544 |
Produced on: 12 Dec. 2008 | Signature of statutory body of accounting unit or signature of private individual - accounting unit | ||
Legal form of accounting unit: stock corporation | Registered business activities: purchase of goods to be resold | Legal form of accounting unit: stock corporation |
Print (c) Atlas consulting spol. s r.o. Ostrava
Featuring the minimal binding extent of information in compliance with Edict No. 500/2002 Coll. of the Ministry of Finance | PROFIT AND LOSS STATEMENT in full format | Business or other name of accounting unit Visual Connection a.s. | ||
The accounting unit shall forward 1 copy of its financial statement, together with one copy of its income tax declaration, to the competent Inland Revenue office. | as of 30 September 2008 (in thousands of CZK) | Registered office or permanent address of accounting unit and place of business if differing from permanent address Praha 3 130 00 Slezská 2526/113 |
Year | Month | Identification Number | ||
2008 | 09 | 18630758 |
Inland Revenue Office Prague 3 | allocated |
Ref. No.: | |
Presented personally 12 Dec. 2008 | revenue stamps |
Attachments | signs |
Line | Accounting period | |||||||||
Identification a | TEXT b | no. c | Current 1 | Prior 2 | ||||||
I. | Revenues from merchandise | 01 | 111 139 | 135 434 | ||||||
A. | Cost of goods sold | 02 | 82 686 | 85 995 | ||||||
+ | Sales margin | 03 | 28 453 | 49 439 | ||||||
II. | Production | 04 | 37 447 | 67 890 | ||||||
II. | 1. | Revenues from own products and services | 05 | 50 056 | 58 962 | |||||
2. | Change of inventory of own production | 06 | -12822 | |||||||
3. | Capitalisation | 07 | 212 | 8 928 | ||||||
B. | Production consumption | 08 | 49 888 | 93 823 | ||||||
B. | 1. | Materials and energy consumption | 09 | 1 902 | 6 936 | |||||
2. | Services | 10 | 47 986 | 86 887 | ||||||
+ | Added value | 11 | 16 012 | 23 506 | ||||||
C. | Personnel expenses | 12 | 19573 | 18 268 | ||||||
C. | 1. | Wages and salaries | 13 | 15 993 | 13 977 | |||||
2. | Remuneration of board and coop members | 14 | ||||||||
3. | Social security expenses | 15 | 3 394 | 3 967 | ||||||
4. | Social expenses | 16 | 186 | 324 | ||||||
D. | Taxes and fees | 17 | 27 | 86 | ||||||
E. | Depreciation of long-term tangible and intangible assets | 18 | 1166 | 1 557 | ||||||
III. | Proceeds from disposals of fixed assets and materials | 19 | 80 | |||||||
III. | 1. | Proceeds from disposals of long-term assets | 20 | 80 | ||||||
2. | Proceeds from disposals of materials | 21 | ||||||||
F. | Net book value of fixed assets and materials sold | 22 | ||||||||
F. | 1. | Net book value of fixed assets sold | 23 | |||||||
2. | Materials sold | 24 | ||||||||
G. | Change in reserves and adjustments in operating area and complex expenses | 25 | 537 | |||||||
IV. | Other operating revenues | 26 | 6 211 | 2 899 | ||||||
H. | Other operating expenses | 27 | 2 299 | 738 | ||||||
V. | V. | Transfer of operating revenues | 28 | |||||||
I. | Transfer of operating expenses | 29 |
Print (c) Atlas consulting spol. s r.o. Ostrava
Line | Accounting period | |||||||||
Identification a | TEXT b | no. c | Current 1 | Prior 2 | ||||||
VI. | Proceeds from sales of securities and ownership interests | 31 | ||||||||
J | Securities and ownership interests sold | 32 | ||||||||
VI. | Revenues from long-term financial assets | 33 | ||||||||
VI. | 1. | Revenues from intercompany securities and ownership interests | 34 | |||||||
2. | Revenues from other long-term securities and ownership interests | 35 | ||||||||
3. | Revenues from other long-term financial assets | 36 | ||||||||
VII. | Revenues from short-term financial assets | 37 | ||||||||
K | Cost of financial assets | 38 | ||||||||
IX. | Revenues from revaluation of securities and derivatives | 39 | ||||||||
L. | Cost of revaluation of securities and derivatives | 40 | ||||||||
M. | Change in reserves and adjustments in financial area | 41 | ||||||||
X. | Interest revenue | 42 | 2 | 27 | ||||||
N. | Interest expense | 43 | 1 424 | 1 950 | ||||||
XI. | Other financial revenues | 44 | 847 | 1 409 | ||||||
O. | Other financial expenses | 45 | 1 420 | 2 789 | ||||||
XII. | Transfer of financial revenues | 46 | ||||||||
P. | Transfer of financial expenses | 47 | ||||||||
* | Profit (loss) from financial operations | 48 | -1 995 | - 3 303 | ||||||
Q | Income tax on ordinary income | 49 | 1 330 | |||||||
Q | 1. | - due | 50 | 1 330 | ||||||
2. | - deferred | 51 | ||||||||
** | Ordinary income | 52 | -3294 | 1 123 | ||||||
XIII. | Extraordinary revenues | 53 | ||||||||
R. | Extraordinary expenses | 54 | ||||||||
S. | Income tax on extraordinary income | 55 | ||||||||
S. | 1. | - due | 56 | |||||||
2. | - deferred | 57 | ||||||||
* | Extraordinary income | 58 | ||||||||
T. | Transfer of profit or loss to partners | 59 | ||||||||
*** | Profit (loss) of current accounting period | 60 | -3294 | 1 123 |
Produced on: 12 Dec. 2008 | Signature of statutory body of accounting unit or signature of private individual - accounting unit |
Legal form of accounting unit: stock corporation | Registered business activities: purchase of goods to be resold | Note: |
Print (c) Atlas consulting spol. s r.o. Ostrava
APPENDIX TO THE ANNUAL REPORT
for the period 1 April 2008 – 30 September 2008
1. Basic Identification of the Accounting Unit
Name: | Visual Connection, a.s. |
Registered office: | Praha 3, Slezská 2526/113 |
Legal form: | Stock corporation |
Registered business activities: | Purchase of goods to be resold |
Provision of software |
Official stamp: | |
Inland Revenue Office Prague 3 | allocated |
Ref. No.: | |
revenue stamps | |
Date: | |
Attachments | signs |
Date of establishment of the Accounting Unit: 8 August 1991
2. Proprietary or contractual interests of the Accounting Unit in other companies
Proprietary interests exceeding 20%
Company Name | Registered Office | Share of Basic Capital | Amount of Basic Capital | ||||
VISUAL CONNECTION, spol. s r.o. | Bratislava, Seberiniho 4B, Slovakia | 100.00 | % | SKK | 200,000.00 | ||
Visual Media Services | Prague 3, Chrudimska 2/1418,Czech Republic | 100.00 | % | CZK | 2,000,000.00 | ||
Agreements and contracts concluded among associates (shareholders) guaranteeing decisive rights:
5. Accounting Methods, General Accounting Principles and Evaluation Methodology
The company’s Financial Statement has been produced in compliance with Act. No. 563/1991 Coll. on accounting, and in compliance with the edict of the Ministry of Finance of the Czech Republic specifying the content of financial statements and the procedures to be used for accounting purposes by commercial subjects.
The company’s Financial Statement is being presented for a period of six months. All current details concern the said six months period, whilst compared to prior period totalling 12 months.
1. Asset Evaluation Methodology
1.1 Evaluation of Inventories
All inventories are entered into accounts in compliance with the A method of asset evidence.
All inventories released from stock are evaluated in average prices.
All purchased inventories are evaluated in compliance with their real acquisition price, including:
- acquisition costs
- additional acquisition expenses:
- customs duty
- transportation costs
1.2 Evaluation of Tangible and Intangible Assets Produced through Own Activities
none
1.3 Evaluation of Securities and Proprietary Interests
none
1.4 Evaluation of Increase of the Number of Drought and Breeding Animals
none
2. Calculation of the Reproduction Cost of Acquisition
Type of Asset Evaluated by the Reproduction Cost of Acquisition during the Accounting Period under Review | Calculation Method of the Reproduction Cost of Acquisition | |
3. Changes in Evaluation, Depreciation and Accounting Procedures
No changes took place during the accounting period under review.
4. Provisions to Assets
No provisions to assets were created.
5. Depreciation
The Accounting Unit’s plan of accounting depreciation of tangible fixed assets has been produced in compliance with its internal regulation. The Accounting Unit’s accounting and tax depreciation are not the same.
The Accounting Unit’s plan of accounting depreciation of intangible fixed assets has been produced in compliance with Art. 28, Sec. 3, Act No. 563/1991 Coll. on accounting. It is based on the principle of full depreciation of each asset entered into books 3 years after its acquisition at the latest. The Accounting Unit’s accounting and tax depreciation are not the same.
Tax depreciation – methodology:
- accelerated depreciation
Depreciation of small fixed assets:
- all assets acquired for up to CZK 5,000.00 are recorded in account no. 501
- all assets acquired for CZK 5,000.00 – CZK 40,000.00 are subject to 12-months depreciation
- all assets acquired for up to CZK 40,000.00 are subject to depreciation in accordance with individual depreciation categories
6. Conversion of Foreign Currencies to CZK
All foreign currencies are converted in accordance with the actual daily rates of the Czech National Bank.
8. Basic Capital
1. Shares Issued during the Accounting Period under Review
Type of Share | Nominal Value | Evaluation | |||
8 bearer shares | CZK | 1 000 000 each | 8 000 000 | ||
80 personal shares | CZK | 25 000 each | 2 000 000 | ||
2. Exchangeable Obligations
Type of Obligation | Nominal Value | Evaluation | ||
3. Changes in Basic Capital
Current Period | Prior Period | |||
Ordinary stock | 10 000 | 10 000 | ||
Indivisible fund | ||||
Statutory and other funds | 793 | 121 | ||
Retained profit of past periods | 335 | |||
Unsettled loss of past periods | ||||
Profit/loss of current period | 1 123 | 3 798 | ||
Total basic capital | 12 251 | 13 919 |
(in thousands of CZK)
Profit distribution method of past periods:
CZK | 1 176 471.00 | |
- Profit share of Jakub Vaněk | CZK | 1 176 471.00 |
CZK | 672 006.00 | |
- Retained profit | CZK | 335 080.20 |
Loss settlement method of past periods:
Proposed profit distribution of current period:
4. Equity
Limited liability company last year
Current Period | ||||||
Associate | Share | Unsettled Investment | Maturity | |||
Prior Period | ||||||
Associate | Share | Unsettled Investment | Maturity | |||
Note XX Summary of significant difference between Czech GAAP and U.S. GAAP
The annual financial statements included herein of Visual Connection, a.s. were prepared in accordance with accounting principles generally accepted in the Czech Republic (Czech GAAP) which differ in certain significant respects from U.S. GAAP, as described below.
1. Leases
Under U.S GAAP, a lease is either an operating lease or a capital lease. An operating lease records no asset or liability on the financial statements, the amount is expensed as incurred. A capital lease is recorded as both an asset and a liability on the financial statements, at the present value of the lease payments. The basic criteria for capitalization of a lease by lessee are as follows
• The lessor transfers ownership of the asset to the lessee at the end of the lease term.
• A bargain purchase option is given to the lessee. This is an option that allows the lessee, upon termination of the lease, to purchase the leased asset at a price significantly lower than the expected fair market value of the asset.
• The life of the lease is equal to or greater than 75% of the economic life of the asset.
• The present value of the minimum lease payments is equal to or greater than 90% of the fair market value of leased property.
In accordance with Czech GAAP, the Company records all leases as operating leases with no asset or liability on the financial statements and the amount is expensed as incurred.