ANNUAL REPORT - KORADO, as

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28 INDEPENDENT AUDITOR‘S REPORT To the Board of Directors of KORADO, a.s.: We have audited the accompanying financial statements of KORADO, a.s., which comprise the balance sheet as at 31 December 2010, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. For details of KORADO, a.s., see Note 1 to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the Czech Republic, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Act on Auditors and International Standards on Auditing as amended by implementation guidance of the Chamber of Auditors of the Czech Republic. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial Ernst & Young Audit, s.r.o. License No. 401, Represented by partner statements. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 15 March 2011 Prague, Czech Republic In our opinion, the financial statements present fairly, in all material respects, the financial position of KORADO, a.s. as at 31 December 2010, and its financial performance and its cash flows for the year then ended in accordance with accounting principles generally accepted in the Czech Republic. Petr Vácha Auditor, License No. 1948 Annual Report 2010
BALANCE SHEET - LONG FORM Czech Statutory Financial Statement Forms (in thousands of Czech crowns) Current year Prior year 2009 Gross Provisions Net Net TOTAL ASSETS 5 060 489 (2 871 521) 2 188 968 2 359 256 A. STOCK SUBSCRIPTION RECEIVABLE B. FIXED ASSETS 4 772 025 (2 837 937) 1 934 088 2 031 702 B. I. Intangible assets 176 942 (158 169) 18 773 16 779 B. I. 1 Foundation and organization expenses 895 (895) - - 2 Research and development - - - - 3 Software 168 210 (155 709) 12 501 15 473 4 Patents, royalties and similar rights 2 404 (1 565) 839 871 5 Goodwill - - - - 6 Other intangible assets - - - - 7 Intangible assets in progress 5 433 - 5 433 435 8 Advances granted for intangible assets - - - - B. II. Tangible assets 4 386 620 (2 521 341) 1 865 279 1 958 520 B. II. 1 Land 25 465 - 25 465 25 785 2 Buildings 1 676 897 (546 706) 1 130 191 1 168 867 3 Separate movable items and groups of movable items 2 591 812 (1 945 514) 646 298 725 995 4 Perennial crops - - - - 5 Livestock - - - - 6 Other tangible assets 59 495 (29 121) 30 374 31 574 7 Tangible assets in progress 31 698 - 31 698 2 541 8 Advances granted for tangible assets 1 253 - 1 253 3 758 9 Gain or loss on revaluation of acquired property - - - - B. III. Financial investments 208 463 (158 427) 50 036 56 403 B. III. 1 Subsidiaries 159 532 (109 496) 50 036 51 229 2 Associates - - - - 3 Other long-term securities andinterests - - - - 4 Loans to subsidiaries and associates 48 931 (48 931) - - 5 Other long-term investments - - - 849 6 Acquisitions of financial investments - - - 4 325 7 Advances granted for long-term investments - - - - C. CURRENT ASSETS 270 573 (33 584) 236 989 315 381 C. I. Inventory 131 857 (1 718) 130 139 122 716 C. I. 1 Materials 96 963 (1 358) 95 605 82 948 2 Work in progress and semi-finished production 8 338 - 8 338 6 926 3 Finished products 21 486 (287) 21 199 26 352 4 Livestock - - - - 5 Goods 5 070 (73) 4 997 6 468 6 Advances granted for inventory - - - 22 C. II. Long-term receivables 1 192 - 1 192 1 464 C. II. 1 Trade receivables 1 192 - 1 192 1 464 2 Receivables from subsidiaries - - - - 3 Receivables from associates - - - - 4 Receivables from partners, co-operative members - - - - and participants in association 5 Long-term advances granted - - - - 6 Unbilled revenue - - - - 7 Other receivables - - - - 8 Deferred tax asset - - - - C. III. Short-term receivables 133 662 (31 866) 101 796 145 194 C. III. 1 Trade receivables 127 756 (31 866) 95 890 141 422 2 Receivables from subsidiaries - - - 76 3 Receivables from associates - - - - 4 Receivables from partners, co-operative members - - - - and participants in association 5 Social security and health insurance - - - - 6 Due from government - tax receivables 2 267 - 2 267 2 668 7 Short-term advances granted 2 535 - 2 535 - 8 Unbilled revenue 859 - 859 767 9 Other receivables 245 - 245 261 C. IV. Short-term financial assets 3 862 - 3 862 46 007 C. IV. 1 Cash 468 - 468 433 2 Bank accounts 3 394 - 3 394 45 574 3 Short-term securities and interests - - - - 4 Short-term financial assets in progress - - - - D. OTHER ASSETS - TEMPORARY ACCOUNTS OF ASSETS 17 891 - 17 891 12 173 D. I. Accrued assets and deferred liabilities 17 891 - 17 891 12 173 D. I. 1 Prepaid expenses 12 527 - 12 527 11 281 2 Prepaid expenses (specific-purpose expenses) - - - - 3 Unbilled revenue 5 364 - 5 364 892 Annual Report 2010 29
Page 1 and 2: ANNUAL REPORT 2010
Page 4 and 5: 4 CONTENTS Foreword from the Managi
Page 6 and 7: 6 CORPORATE STRATEGY AND GOALS KORA
Page 8 and 9: 8 TABLE OF FINANCIAL INDICATORS 200
Page 10 and 11: 10 Management The Company is divide
Page 12 and 13: 12 KORADO Group consolidated revenu
Page 14 and 15: 14 DESCRIPTION OF SUBSIDIARIES AND
Page 16 and 17: 16 KORADO Bulgaria A.D. - was found
Page 18 and 19: 18 FINANCIAL POSITION The persistin
Page 20 and 21: 20 PRODUCTION MATERIAL PROCUREMENT
Page 22 and 23: 22 SALES AND MARKET POSITION The co
Page 24 and 25: 24 QUALITY MANAGEMENT SYSTEM AND TH
Page 26 and 27: 26 INDEPENDENT AUDITOR‘S REPORT T
Page 30 and 31: 30 BALANCE SHEET - LONG FORM Czech
Page 32 and 33: 32 CASH FLOW STATEMENT Czech Statut
Page 34 and 35: 34 KORADO, a.s. Financial Statement
Page 46 and 47: 46 INDEPENDENT AUDITOR‘S REPORT T
Page 48 and 49: 48 KORADO Group CONSOLIDATED STATEM
Page 50 and 51: 50 KORADO Group CONSOLIDATED CASH F
Page 52 and 53: 52 KORADO GROUP Notes to the Consol
Page 72 and 73: 72 SWORN AFFIDAVIT We hereby certif
Page 74: KORADO, a.s. Bří Hubálků 869, 5

ANNUAL REPORT - KORADO, as

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