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VUJE, a.s. | Annual Report 2012 11VUJE, a.s. | Annual Report 2012
Contents
Company History 2
Company Strategy 3
Line of Business of the Company 3
Important Projects 4
Organisation Structure 5
Ownership Interests in other Companies 6
Employees’ Care 7
Public Corporate Activities 9
Quality and Environment – Integrated Management System 10
Development of Business Activities 11
Research and Development 11
Significant Customers and Contractors 13
Financial Position 14
Assets and Liabilities 14
Revenues and Expenses 15
Investment Activities 16
Profit/Loss and Proposal for Profit Distribution 17
Forecast of Future Development 18
2
VUJE formation is closely connected with the history of the Nuclear Power Plant (NPP) in Bohunice. The team of research and development employees in the Bohunice NPP formed the basis for the foundation of Výskumný ústav jadrových elektrární (Nuclear Power Plant Research Institute – hereinafter referred to as VUJE or the Company) which started its activity on 1 January 1977 as a concern company of Slovenské energetické podniky (Slovak Power Enterprises). A year later, VUJE became an independent entity controlled directly by the Federal Ministry of Fuel and Energy of the CSSR. In 1983, due to its excellent results, VUJE was charged by Federal Government with leading the scientific commissioning of all nuclear power plants in Czechoslovakia. In 1983 VUJE started to run its own education and training centre which was equipped with a full scope simulator of a WWER 440/213 reactor unit next year. This centre gradually achieved an international level. The International Atomic Energy Agency (IAEA) also carried out training courses here.
Even though VUJE moved its headquarters to Trnava in 1985, multiple experimental facilities, development workshops, and some laboratories remained in the area of Jaslovské Bohunice NPP. At the end of the eighties, VUJE had 759 employees and gained an important position not only within the Czechoslovak nuclear power industry, but also abroad.
Significant social changes in 1989 affected the company’s future. The Company maintained its professional focus and was transformed into a state-owned enterprise. The joint-stock company established by the employees bought the state research institute within the following privatisation. In November 1994, the institute was transformed into a private joint-stock company called Výskumný ústav jadrových elektrární Trnava, a.s.. Ján Korec, PhD. became the first Chairman of the Board and the first General Director. Under his leadership the Company started projects which ensured its future development. VUJE has gradually changed its focus from a research institute to an engineering and design company carrying out important projects in the nuclear power industry. Over the years VUJE broadened its activities also into the areas of power grids, conventional power industry and use of renewable energy sources.
In July 2004 the company name was changed to VUJE, a.s. (hereinafter referred to as VUJE or the company). VUJE remains the joint-stock company whose exclusive shareholders are current and former employees or their heirs.
The company demonstrated through its participation in various significant projects that it is a capable organiser of cooperation between foreign and Slovak suppliers of works, technologies and components in a specialised field such as NPP modernisation and completion, and also in other power industry sectors. Due to achievements, VUJE belongs to the important European research and development, engineering and design companies.
Company History
VUJE, a.s. | Annual Report 2012 3
Company Strategy
VUJE makes effort to promote the nuclear energy sector, the field closely connected to VUJE foundation and the field where it has been operating for more than three decades. Extensive experience in engineering and design activities guarantee us success even in times of growing competition and deteriorating economic conditions in this sector.
The company’s strategy is based on the expected development of the sector within European area and Asia. VUJE has set its objectives so as to be able to cope with the competitive environment, to meet the needs of its customers and to fulfil expectations of shareholders as well as its employees.
Strategic priorities:
> To maintain and strengthen the company’s position in the field of power generation on the domestic and foreign market after it is open,
> To increase the company value,
> To offer its business partners new and complex products in order to increase their satisfaction,
> Respect for our customers and employees creates the essentials of our team work.
> To develop employees’ competence and to share information effectively within the company,
> To contribute to environmental protection and development,
Practical implementation of strategic objectives can be defined as follows:
> to strengthen its position as a leading engineering and design organisation in the field of Slovak nuclear power sector by providing quality and complex solutions,
> to increase its market share within engineering and design activities for the nuclear power sector in Central Europe and thus to continue with the territorial diversification,
> to integrate higher requirements concerning safe operation of nuclear facilities into tasks implementation,
> to increase its share in the market segment of engineering, design and supply activities for the conventional power engineering, electric grid and distribution networks in accordance with services diversification,
> to focus on new technology and new resources preparation.
VUJE line of business comprises project, implementation, engineering and training activities for nuclear and conventional power plants and for the processing industry.
VUJE provides comprehensive solutions for nuclear power industry particularly in the following areas:
> design of new NPP-s,
> start-up of new NPP-s,
> activities related to NPP-s operation and maintenance (nuclear safety, diagnostics of nuclear power facilities, NPP radiation control, safety documentation development, NPP units safety assessment),
> NPP modernisation, power uprate and lifetime extension,
> NPP decommissioning and disposal, radioactive waste management,
> NPP personnel training.
VUJE performs following services within the power generation sector:
> design and construction of power generating facilities and technologies as well as their implementation,
> construction and reconstruction of power generating facilities,
> analyses of technical, economic and environmental aspects of power generation, distribution and consumption,
> operation of substations.
Line of Business of the Company
4
The most significant projects executed by the company are listed below:
> gradual reconstruction of Bohunice V-1 NPP (in consortium with Siemens),
> modernisation of Bohunice V-2 NPP units,
> commissioning of Bohunice, Mochovce, Dukovany and Temelin NPP-s,
> completion of the Republic Spent Fuel Repository in Mochovce,
> participation in the project of Mochovce NPP- Units 1 and 2 completion,
> seismic upgrading and extension of storage capacity of the interim spent fuel storage facility in Jaslovské Bohunice,
> decommissioning of Bohunice A-1 NPP,
> complex environmental assessment in regions where power installations of Slovenské elektrárne, a.s. are situated,
> integrated information system of Slovenské elektrárne, a.s.,
> development and operation of simulators for nuclear reactors of WWER V-230 and V-213 types and simulators for distribution companies,
> construction of a high voltage transmission line Varín – Sučany,
> construction and assembly of technological equipment of Slovenský energetický dispečing in Žilina,
> reconstruction of a power supply facility in Smrečina Holding I, a.s.,
> reconstruction of 400 kV substation in Križovany,
> completion of Mochovce NPP - Units 3 and 4,
> national research and development programmes.
Important Projects
VUJE, a.s. | Annual Report 2012 55VUJE, a.s. | Annual Report 2012
Organisation Structure
9900
0200
0300
0400
0500
0600
0700
0800
0900
1000
1200
1700
0100
Office of the Board
Division for Nuclear Safety
Division for Diagnostics of Nuclear Power Components
Division for Preparation of NPP Operation
Division for Support of NPP Operation
Division for NNP Personnel Training Centre
Division for Radiation Safety, NPP Decommissioning and Radwaste Management
Division for Information Technologies
Division for Commerce, Engineering Activities and Services
Division for Economy
Division for Support of Electric Grid Control and Operation
Division for preparation and construction of new nuclear power installations
General DirectorDepartments of General Director
The accounting entity does not have any establishment abroad.
6
As at 31 December 2012 VUJE had capital interests in the following companies:
Subsidiaries
VUJE contribution
to equity*Share
(%)*
Net profit/loss as at 31 Dec
2012 (EUR)
Book value as at 31 Dec 2012
(EUR)
DECOM, a. s. 172 640 € 100.0 3 757 373 531
DECONTA, a. s. 100 000 € 100.0 1 245 110 000
EGP, s. r. o. 6 639 € 100.0 0 88 562
VÚJE Česká republika, s. r. o. 1 380 T CZK 93.2 3 022 54 870
ENERGOMONT, s. r. o. 67 716 € 51.0 6 872 1 991 635
AITEN, a. s. 100 000 € 51.0 -372 678 400 755
ENERGOPROJEKT Slovakia, a. s. 21 905 € 66.0 137 993 68 189
Affiliated companies
VÚJEST, s. r. o. 28 320 € 50.0 -5 584 28 652
ENERGOPROJEKT, spoločnosť s ručením obmedzeným, Košice 3 320 € 50.0 661 99.582
ENERGOPROJEKTY, a. s. 33 864 € 34.0 -9.580 37.244
Nuclear Safety & Technology Centre s. r. o. 40 T CZK 20.0 589 1.590
* voting share is equal to the share capital
Between 31st December 2012 and the General Meeting held on 7th June 2013, VUJE became 100% owner of AITEN, a.s., VUJEST, s.r.o. and JOMA Slovakia, spol. s r.o.
Ownership Interests in other Companies
DECOM, a.s. develops conceptual plans for NPP decommissioning and safety analyses.
DECONTA, a.s. provides advisory and consulting activities in the fields of nuclear installations decommissioning, radioactive waste management, and spent nuclear fuel.
VÚJEST s.r.o. provides small-scale co-operation for the parent company.
VÚJE Česká republika s.r.o. focuses exclusively on power industry and mainly on the corporate sector. It implements projects for the Czech power industry companies and for technology suppliers.
ENERGOMONT s.r.o. focuses on technological equipment in power industry and mechanical engineering, repair and maintenance of electrical equipment, production of steel structures and steel tanks and other activities.
AITEN deals with system integration in the field of information technologies, project management related to information technologies and consultancy in the field of information systems implementation.
ENERGOPROJEKT Slovakia, a.s. carries out architectural and engineering services and related technical consultancy.
ENERGOPROJEKT, spol. s.r.o., Košice performs design works in substations, automated system of dispatching equipment (ASDR) and industrial distribution.
ENERGOPROJEKTY a.s. focuses on the design of buildings, develops studies, provides professional consultancy, static calculations as well as budgeting.
JOMA Slovakia, spol. s r.o. provides services in the field of building industry.
VUJE, a.s. | Annual Report 2012 7
Number of employees
As at 31 December 2012 VUJE employed 780 people representing a decrease by 2 employees compared to the end of 2011. In 2012 VUJE employed 209 women and their share constituted 26,7% of the total number of employees. Compared to 2011 it represents a decrease by 1.3%.
Qualification structure in 2012:
39 employees PhD degree
437 employees
University degree (Bachelor’s or Master’s degree)
304 employees Secondary education
In comparison to 2011, the number of employees with the university degree increased by 1.8% and thus the number of employees with secondary education decreased by 1.8%.
Age structure in 2012:
Age category Number of employees Percentage
to 30 82 employees 10.5%
30—40 166 employees 21.2%
40—50 180 employees 23.0%
50—60 242 employees 31.0%
over 60 110 employees 14.1%
Employees’ Care
50–6
0
40–50
30–40
< 30> 60
56%
39%
5%
8
Employees’ education and training
The aim of employees’ education is to prepare and maintain highly skilled and qualified professionals as well as competence personnel necessary for implementation of demanding projects and tasks of our company. Qualification improvement is provided in various forms. Emphasis is on competence and special competence personnel (in accordance with the Act No. 541/2004 Coll. - Atomic Act and Decree No. 52/2006 Coll.) represented mainly by training staff from VUJE training centre (trainers of theoretical training for selected and special competence personnel and trainers training on a full-scope simulator) as well as competence personnel for decommissioning of nuclear facilities (Experimental incinerator and bitumenisation line) – 38 employees in total.
Total number of trained employees decreased from 2180 in 2011 by 868 employees - 26.4%. The decrease was caused by periodicity of training in the field of occupational safety and health at work, fire protection and nuclear legislation.
Employees are provided also with other forms of training, namely vocational training for electricians after 5 years executed by VUJE Training centre, elementary training for NPP personnel - 1st and 2nd category, internships in Jaslovské Bohunice NPP, periodic training of selected personnel after 2 years, a certificate of European Welding Engineer and Welding Technologist, language courses. 14 employees studied at universities (external study), out of it 4 agreements were concluded in 2012.
The system of employees’ education and training is described in documents of Integrated Management System (IMS) and is certified by LRQA. The system was assessed and certified by LRQA audit (17th - 20th July 2012), NRA SR inspection (18th September 2012), and external customer audits.
Employees’ care
Employees’ care creates a part of human resources management in VUJE. In addition to the financial elements of remuneration such as collective, target, or extraordinary bonuses, VUJE provides variety of employees’ benefits. These are provided not only in VUJE internal rules, but also in higher-level collective agreements and the company collective agreement concluded for 2011 - 2013.
VUJE provides following employees’ benefits:
> meals for employees,
> comprehensive preventive medical examinations,
> allowances to supplementary pension savings,
> childbirth and the life jubilees allowances,
> electricity consumption allowances,
> favourable stays in VUJE recreation facilities,
> language education and training support,
> additional days off for mothers and single fathers, and other.
Cooperation with universities and talented students support
Cooperation with universities is carried out mainly through the provision of expert consultations in the preparation of bachelor’s, master’s and doctoral theses, as well as through the role of opponents. VUJE provides students with the opportunity to attend practical training or study stays. VUJE rewards talented students of the Slovak University of Technology in Bratislava and the Technical University of Košice within the project Ján Korec Foundation Award. Thanks to Ján Korec Foundation the company can also support the education of talented students from socially weak and disadvantaged backgrounds.
VUJE, a.s. | Annual Report 2012 9
VUJE is an active member of the following organisations:
> Zväz zamestnávateľov energetiky Slovenska (Union of Employers of Power Industry in Slovakia)
> Zväz priemyselných, výskumných a vývojových organizácií (Union of Industrial, Research and Development Companies)
> Centrum pre rozvoj energetiky (Center for Energy Development)
> Slovenské jadrové fórum (Slovak Nuclear Forum)
> Republiková únia zamestnávateľov (National Union of Employers)
> Slovenská nukleárna spoločnosť (Slovak Nuclear Society)
> Slovenská obchodná a priemyselná komora a jej sekcia energetiky (Slovak Chamber of Commerce and Industry - Energy Section)
> Halden Reactor Project
As mentioned above, VUJE by Ján Korec Foundation supports not only talented students and socially weak students, but also the development of children and youth, contributes to the development and protection of spiritual and cultural values and to humanitarian aid.
Public Corporate Activities
10
VUJE has established an integrated management system consisting of three subsystems:
> Quality management system,
> Environmental management system,
> Occupational health and safety management system,
in accordance with ISO 9001, ISO 14001, OHSAS 18001 international standards and related legal regulations aimed at improvement of nuclear installations operational safety, environment protection and occupational safety and health at work. It respects also the IAEA recommendations.
Particular subsystems of VUJE integrated management system were certified by Lloyd’s Register Quality Assurance as follows:
> 1999 (Quality management system),
> 2003 (Environmental management system),
> 2009 (Occupational safety and health management system).
VUJE operates following accredited laboratories certified in accordance with STN EN ISO/IEC 17025:2005 standard:
> Calibration temperature and pressure laboratory
> Testing laboratory – department for control of nuclear power facilities
> Testing laboratory – department of Structural analyses
> Testing laboratory of chemical regimes and physical and chemical analyses
> Testing laboratory of electromagnetic fields
> Testing laboratory – laboratory of equipment qualification
> Testing laboratory of radiation dosimetry
> Testing laboratory – department of power transformers measurement
VUJE has built up a certification authority for certification of classified equipment for nuclear power plants in accordance with STN EN 45011:2000.
VUJE operates the authorised centre (authorised body) according to the Act No 142/2000 Coll. on Metrology as amended by the Act No 431/2004 Coll. for verification of certain gauges – combined temperature sensors designated for nuclear power plants of WWER 440 types. The authorisation is valid until 2018.
VUJE also operates the authorised centre (authorized body) according to the Act No 142/2000 Coll. on Metrology as amended by the Act No 431/2004 Coll. for verification of certain gauges – current measuring transformers, voltage measuring transformers, combined measuring transformers of current and voltage used in conjunction with the electrometers. The authorisation is valid until 2017.
VUJE has been the holder of Industrial Safety Certificate issued by the National Security Authority of the Slovak Republic since 2005.
Quality and Environment – Integrated Management System
VUJE, a.s. | Annual Report 2012 11
VUJE currently uses its long-term experience in the field of research, development, engineering and implementation activities in the power sector. In 2012 VUJE focused its activities mainly on the projects implementation in the power sector. The most important projects:
> Mochovce NPP - Units 3, 4 completion,
> Bohunice NPP - A-1 decommissioning - stage II,
> Remote control of Veľký Ďúr ES and connection of Mochovce NPP - Units 3 and 4,
> Modification of MCP Impellers for V2 NPP - project documentation, delivery and implementation of pre-operational and commissioning testing,
> D4 - Reconstruction of 400kV line V406 - section Sučany - Hubová,
> Extension of Medzibrod substation - T401/T402,
> Delivery of compact containers for the spent fuel storage,
> A5-C – Modification of Cooling and Service Water Systems, and Raw Water Inlet System,
> Bošáca substation reconstruction,
> Feasibility study of a new nuclear unit, related and induced investments,
> NPP personnel training,
> DTS – dispatcher training simulator,
> D2-C7-C Treatment of historical waste,
> Development of operating procedures for Mochovce NPP - Units 3 and 4 - secondary circuit,
> Research and development tasks (see chapter 11).
In addition to the above listed projects, VUJE implemented further projects for power industry and other companies in Slovakia and abroad and operated five electrical substations in 2012.
Development of Business Activities
Research, development and innovation activities in Slovakia
VUJE in orientation to selected areas of significant impor-tance in the field of research, development and innovations meets all preconditions for effective research and develop-ment:
> Excellent science (prime top research teams in the field of power sector and related technologies)
> Interconnection of research with education, social and economic practice (pilot projects ensuring implementation within common premises of the Slovak University of Technology in Bratislava and the Technical University of Košice)
> Research and development for needs of industry and society (stages of building key infrastructures and new energy sources)
> Innovations (primary initiatives in building key industry sectors, preparation of “Allegro” project)
> Research and development infrastructure (research teams concentration – the Technical Centre for Power Sector)
The position of VUJE profiled significantly within represen-tation in the governing bodies of research, development and innovations, participation in newly formed departments of Parliamentary Committee on economic affairs, in the Energy commission, in the Commission for preparation of research and development (R&D) strategic materials, in the field of R&D infrastructure development, in activities of state administration bodies (Ministry of Education, Science, Research and Sport of the Slovak Republic - ASFEU-Agency for EU structural Funds, Slovak Research and Development Agency and Ministry of Economy of the Slovak Republic - SIEA), employers’ associations ( National Union of Employ-ers, Association of Research and Development Industrial Organizations, Union of Employers of Power Industry in Slovakia, Association of Electro-technical Industry of the Slovak Republic, especially the Centre for Power Sector Development) and bodies of Slovak Chamber of Commerce.
In 2012, VUJE continued the following research and devel-opment tasks:
> Increase of energy security in the Slovak Republic (07/2010 – 12/2013)
> Population protection against the effects of electromagnetic fields in Slovakia. (01/2011 – 12/2014)
> Computational models of spatial phenomena and processes in materials and fluids (01/2011-12/2013)
Research and Development
12
VUJE started the project supported by the Agency of Minis-try of Education, Science, Research and Sport of the Slovak Republic for EU structural funds:
> Improving safety of nuclear installations during seismic events (06/2012 – 11/2014)
VUJE also submitted 6 project proposals within the call of the Agency for R&D support for grants.
Science and Technology promotion
In 2012, VUJE participated in the international fair ELOSYS 2012 and was awarded the “Unique object of the Year” for the exhibit “Modern exchange modules for cooperation with remotely controlled manipulator for ET progressive testing methods of heat exchange tubes - SG 440/1000 (MODULE X-PROBE and MODULE ET - DOUBLE)”
VUJE took part in the international conference and exhibi-tion European Nuclear Conference – ENC 2012 with the Company presentation in Manchester.
International projects
In 2012 VUJE participated in 6 projects within the 7th EU framework programme. VUJE participated in preparation of three projects within the last call of the 7th EU framework programme Euratom. These are classified as three the most important priorities with a high probability of successful negotiation. This call represents transition to a new programme called Horizon 2020 which will run over next seven years.
VUJE researchers participate mainly in the fields of nuclear safety, safety calculations and analyses, emergency management and radiation monitoring, computational codes validation, life time extension and long term operation of nuclear units, radioactive waste management and storage, nuclear installations disposal, new nuclear systems, conceptual issues of nuclear power safe use and human factor reliability.
Results of international cooperation in European projects and with IAEA in Vienna are used for Slovak customers, namely for Slovenské elektrárne, a.s. and Nuclear Regulatory Authority of the Slovak Republic.
Preparatory activities of the Allegro project aimed at construction of a new experimental nuclear facility funded from EU structural funds took place. The consortium consists of the Czech Republic, Hungary and the Slovak Republic supported by France. Poland joined the consortium with interest in the technology for production of industrial heat from nuclear sources. Switzerland has also expressed interest.
New activities abroad, particularly in Indonesia, Vietnam and Turkey were prepared. Tenders monitoring (EU, EBRD, Tacis, EuropeAid) and tenders submission mainly to the Ukraine also took place.
VUJE, a.s. | Annual Report 2012 13
VUJE customers
The most important Slovak customers (sales over EUR 500 thousand) in 2012 are listed below:
> Slovenské elektrárne, a.s.
> Jadrová a vyraďovacia spoločnosť, a.s.
> Slovenská elektrizačná a prenosová sústava, a.s.
> ÚJV Řež, a.s
> Agentúra ministerstva školstva SR (Agency of Ministry of Education, Science, Research and Sport of the Slovak Republic)
> Ministerstvo hospodárstva SR (Ministry of Economy of the Slovak Republic)
> ŠKODA JS, a.s.
In 2012, foreign sales reached EUR 3 426 thousand compared to EUR 4 447 thousand in 2011 it decreased by 23%.
Exports to the Czech Republic reached EUR 2 282 thousand representing an increase by 24% compared to 2011. The part of Czech deliveries was executed by the permanent establishment in the territory of the Czech Republic.
The most important customers in the Czech Republic in 2012 were as follows:
> ČEZ, a.s.
> Škoda JS a.s.
> Ústav jaderného výzkumu Řež a.s.
Foreign sales were reduced significantly from EUR 2 607 thousand in 2011 to EUR 1 144 thousand in 2012. The most important transactions were carried out with the following foreign customers in 2012:
> OOO INNOVAZIONNAYA FIRMA (Russian Federation)
> MVM OVIT Orzságos (Hungary)
> CORYS T.E.S.S. (France)
VUJE suppliers
The most important Slovak suppliers in 2012 (listed by turnover):
> ZTS VVU Košice, a. s.,
> ENERGOMONT, s. r. o.,
> ABB, s. r. o.,
> ELCON Bratislava, a.s.
> SAG Elektrovod, a. s.,
> UniNet-CsI, a. s.,
> TECHNOS, a.s.,
> CHESTREAL PROGRESS, a. s.,
> AMEC Nuclear Slovakia, s. r. o.,
> PPA ENERGO, s.r.o.
The total import decreased from EUR 9 915 thousand in 2011 to EUR 4 491 thousand in 2012.
The imports from the Czech Republic reached EUR 3 017 thousand in 2012 and represented a decrease compared to EUR 4 523 thousand in 2011. The most important Czech suppliers in 2012:
> ZVVZ Enven Engineering, a.s.
> Ústav jaderného výzkumu Řež, a.s.
> Zemědelské družstvo Rpety
Imports from outside the Czech Republic decreased from EUR 5 392 thousand in 2011 to EUR 1 473 thousand. The most important foreign suppliers (excluding the Czech companies) in 2012 are listed below:
> MIRION TECHNOLOGIES
> Rolls-Royce Civil Nuclear
> ALSTOM Grid GmbH
Significant Customers and Contractors
14
Financial accounts of the company amounted to EUR 16 151 thousand as at 31 December 2012 representing a decrease by 26% The company did not draw any bank loans as at 31 December 2012.
The total state of bank guarantees issued by banks and insurance companies at the request of VUJE amounted to EUR 41 393 453 and USD 50 000 as at 31 December 2012.
As at 31 December 2012, one stand-by letter of credit No. IM001811 in the amount of EUR 930,000 in favour of Allianz – Slovenská poisťovňa ,a.s, valid until 31 December 2013, issued by UniCredit Bank Slovakia, a.s. was valid.
As at 31 December 2012, the Company registered in its favour four bank guarantees totalling EUR 1 599 172.
The overview of bank guarantees issued by banks and insurance companies at the request of VUJE and in its favour as at 31 December 2012 is given in the Notes to the Financial Statements.
Financial Position
Assets
The company assets reached EUR 92 491 thousand as at 31 December 2012 and decreased by EUR 8 601 thousand representing a decrease by 8.51% compared to 2011. The structure of the basic categories of assets did not undergo any considerable changes.
Non-current assets decreased from EUR 14 231 thousand in 2011 to EUR 13 129 thousand in 2012.
Non-current intangible assets decreased by EUR 141 thousand, property, plant and equipment decreased by EUR 578 thousand and non-current financial assets decreased by EUR 384 thousand.
Current assets decreased from EUR 86 290 thousand in 2011 to EUR 78 979 thousand. The decrease of current assets was caused mainly by a decrease of inventory by EUR 604 thousand, of current receivables by EUR 1 881 thousand, and of accruals/deferrals by EUR 188 thousand. Non-current receivables increased by EUR 941 thousand.
Equity and liabilities
The company’s equity increased by EUR 8 246 thousand due to retained earnings from the previous period. Liabilities decreased significantly, in case of non-current liabilities, it was by EUR 7 922 thousand and in case of current liabilities by EUR 9 529 thousand.
The company does not own its own shares.
Assets and Liabilities
VUJE, a.s. | Annual Report 2012 1515VUJE, a.s. | Annual Report 2012
Revenues
In 2012 the company reported revenues totalling EUR 110 508 thousand representing a decrease by 8.13% compared to 2011.
The structure of revenues was as follows:
Income from operations EUR 110 059 thousand
Income from financing activities EUR 449 thousand
Revenues from operations are represented mainly by the implementation of projects and construction contracts.
Revenues from the sale of own products and services and of merchandise were structured as follows:
Projects EUR 85 467 thousand
Construction contracts EUR 18 780 thousand
Other services EUR 535 thousand
Products and merchandise EUR 5 354 thousand
In 2012, revenues from the financing activities totalled EUR 449 thousand.
The Company did not report any extraordinary income in 2012.
Expenses
In 2012, total expenses reached the amount of EUR 101 306 thousand and compared to 2011, they decreased by EUR 8 304 thousand. The decrease in expenses was caused mainly by reduction of direct production consumption by approximately EUR 8 442 thousand.
In 2012, personnel expenses constituted 25% of the total company expenses and compared to 2011 it represented an increase by 1.4%. Other cost items did not undergo any significant changes.
Company did not report any extraordinary expenses in 2012.
Revenues and Expenses
1616
In 2012, capital expenditure amounted to EUR 1 473 thousand representing a decrease by approximately EUR 500 thousand compared to 2011.
The structure of investments is in the table below:
Intangible assets EUR 271 782
Property, plant and equipment EUR 974 941
- computers, PC network EUR 569 528
- measuring equipment EUR 157 984
- reprographic equipment EUR 35 327
- simulator technical evaluation (div. 0600) EUR 5 962
- machine tools EUR 79 720
- vehicles EUR 64 320
- air-conditioning EUR 40 715
- other EUR 21 385
advanced payments made and not accounted EUR 107 930
Land, structures EUR 118 044
- land EUR 107 500
- other EUR 10 544
TOTAL INVESTMENTS EUR 1 472 697
Investment Activities
VUJE, a.s. | Annual Report 2012 1717VUJE, a.s. | Annual Report 2012
Profit/Loss and Proposal for Profit Distribution
Profit / loss 2012
Profit from operations EUR 12 400 230
Profit from financing activities EUR -368 354
Profit from operations before tax EUR 12 031 876
Income tax on ordinary activities EUR 2 829 432
Profit after tax EUR 9 202 444
In the accounting period of 2012, the company reported a profit of EUR 9 202 444 compared to EUR 9 013 539 in 2011 representing an increase by 2.1%. The increase reflects higher profit from operations and reduction of loss from financing activities.
No extraordinary profit was generated.
Development of profit from operations and financing activities is shown in the following graph (2005–2012).
2005 2006 2007 2008 2009 2010 2011 2012
0
-2
2
4
8
6
10
12
14 (mil. €)
profit from operations
profit from financing activities
The General Meeting held on 7th June 2013 starting at 2 pm at the company headquarters: > approved the Individual Financial Statements for the year 2012
> approved the profit distribution for the year 2012 as follows:
Profit after tax EUR 9 202 444.11
Profit share paid to employees - shareholders and employees without shareholdings EUR 300 000.00
Dividends to shareholders EUR 18 270.00
Royalties to the Board of Directors EUR 556 180.00
Royalties to the Board of Supervisors EUR 43 820.00
Retained earnings EUR 8 284 174.11
18
Business activities
In 2013, the company will address the following important projects:
> Completion of Mochovce NPP – Units 3, 4,
> Decommissioning of Jaslovské Bohunice NPP - A-1 –stage II,
> Remote control of Veľký Ďúr ES and connection of Mochovce NPP - Units 3 and 4,
> Modification of MCP Impellers for V2 NPP - project documentation, delivery and implementation of pre-operational and commissioning testing,
> Extension of Medzibrod substation - T401/T402.
> The company will deal also with projects in the field of engineering and design activities, as well as subcontracts for nuclear power industry:
> PAMS, BORON, INCORE – Mochovce NPP – Units 3, 4,
> Information system ICS – SAM and control elements of SAM components - Bohunice NPP - Units 3, 4,
> Emergency electric power source,
> Emergency coolant source.
In addition to these key areas, the company will also operate in the area of reconstructions and supplies for the Slovak transmission system and the grid and will provide services and supplies for energy companies and companies in other sectors in Slovakia and abroad.
Research and development
In 2012, VUJE will continue with the following tasks in the field of research and development:
> Increase of energy security (07/2010-12/2013)
> Improving safety of nuclear installations during seismic events (06/2012-11/2014)
> Population protection against the effects of electromagnetic fields in Slovakia (01/2011-12/2014)
> Computational models of spatial phenomena and processes in materials and fluids
Research and development analyses as well as analysis of participation in the 7th EU framework programme (2007 - 2012) identified strong points of research and development where it is possible to define significant areas for needs of industry and society as crucial for years 2014 – 2020. In the field of sustainable energy, VUJE will have these priority research activities:
> Prototype of a gas-cooled fast reactor,
> Improving safety and efficiency of NPP decommissioning and waste management,
> Improving safety of operated NPP-s as well as those under construction,
> Increase of transmission capacity and safety of transmission system in Slovakia.
Forecast of Future Development
VUJE, a.s.Okružná 5, 918 64 Trnava, Slovak RepublicP +421 33 599 1111, F +421 33 599 1200E [email protected], W www.vuje.sk
