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Republika e Kosovës Republika Kosova - Republic of Kosovo Qeveria - Vlada – Government Ministria e Financave Ministarstvo za Finansije – Ministry of Finance - Këshilli i Kosovës për Raportim Financiar KFRC - Kosovo Financial Reporting Council KKRF KSFI - Kosovski Savet za Financijko Izveštavanje Annual Report of Financial Statements 2014 Kosovo Council for Financial Reporting Annual Report 2014 on the performance of large enterprises in Kosovo Kosovo Council for Financial Reporting Tring Smajli, Prishtinë,10000 038 20034625 038 20034627 11/24/2014 The content 1. Introduction. 2. Basic indicators of large enterprises in Kosovo. 3. The financial results of large commercial companies according to the type of ownership. 1 -Introduction Based on the Law on Accounting, Financial Reporting and Auditing No. 04 / L-014, the financial statements of large companies in Kosovo shall be audited in accordance with international auditing standards, by auditing firms that are licensed by KFRC. Simultaneously, large commercial companies pursuant to Article 11 of the Law, are obliged to submit and publish financial statements at Kosovo Council for Financial Reporting (KFRC). Whereas the financial statements of large companies shall be produced in conformity with international financial reporting standards. The financial statements submitted to the KFRC are part of the annual financial statements registry at the country level. The annual financial statements Registry serves as a central source of information activity of large companies in Kosovo and their financial position. The main aim of creating an annual register of financial statements is enhancement of financial transparency of large commercial companies which have significant impact on the economy. Hence the creation of such a registry is a step towards the harmonization of Kosovo's legislation with that of the European Union. Deadline for submission of financial statements of large commercial companies is 30th of April of the following year. The number of large commercial companies which have submitted the financial statements at KFRC for the financial year ending on 31st December 2012 is 209. While the large commercial companies which have submitted financial statements for the financial year ending 31 December 2013 is 218, excluding banks and insurance companies that are not subject to the Law on Accounting, Financial Reporting and Auditing. 2 Basic indicators of large enterprises in Kosovo The value of the large commercial companies’ assets in 2012 was EUR 3.3 billion, while in 2013 the value of the assets of large commercial companies reached the amount of EUR 3.5 billion, higher for 260 million Euros, respectively 8% compared to the year 2012. Therefore the total asset value of large commercial companies reaches up to 65.3% of GDP for 2012 and 66.9% of GDP for 2013. Description Assets Revenues Pre-tax Profit Loss before tax Profit tax Profit after tax Loss after tax No. of enterprises Employees in Euro ('000) 2012 3,306,502 3,256,585 253,573 -18,828 23,677 231,800 -20,732 209 39,319 In Euro ('000) 2013 3,567,021 3,504,576 286,616 -20,884 21,254 265,359 -20,882 218 43,590 2012/2013 Index 1.08 1.08 1.13 1.11 0.90 1.14 1.01 1.04 1.11 While, in 2012 the commercial companies in Kosovo have earned revenues in the amount of EUR 3.2 billion, in 2013 revenues earned reach the amount of EUR 3.5 billion, which compared with 2012 marked an increase by EUR 248 million, respectively 8%. Pre-tax profit for this category of commercial companies in 2012 was EUR 253.5 million, while in 2013 profit before tax was EUR 286.6 million, pre-tax profit has increased by EUR 33 million or 13% compared to the previous year. Profit after tax in 2012 was in the amount of EUR 231.8 million, or 14% lower compared to the profit after tax amounted to EUR 265.3 million in 2013. Also in 2013, 26 commercial companies completed the financial year with a loss after tax in the amount of EUR 20.8 million, while in 2012, 37 commercial companies ended the financial year with a loss in the amount of EUR 20.7 million. The number of companies which have operated at a loss is reduced (to 11 commercial companies) comparing to the previous year, while the loss is increased in the amount of EUR 149 thousand. Profit Tax for large companies for 2013 is in the amount of EUR 21.2 million, while in 2012 was in the amount of EUR 23.6 million. It is worth to mention the important role of large commercial companies in the employment market in Kosovo, employing a total 43.590 employees in 2013, while in 2012 the total employed were 39.319, thus the number of employees in this category of businesses has increased to 11% compared to 2012.. 3 Chart 1.: The trend of assets at large commercial companies during 2012/2013 Assets 12/13 4500000 4000000 3500000 3000000 2500000 2000000 1500000 1000000 500000 0 Asetet 12/13 2012 2013 Chart 2: The trend of revenues at large commercial companies during 2012/2013 Revenues 12/13 3,550,000 3,500,000 3,450,000 3,400,000 3,350,000 3,300,000 3,250,000 3,200,000 3,150,000 3,100,000 Të hyrat 12/13 2012 2013 4 Chart 3: The trend of employees’ number at large commercial companies during 2012/2013 Employees 12/13 44,000 43,000 42,000 41,000 Të punësuarit 12/13 40,000 39,000 38,000 37,000 2012 2013 5 The financial results of large commercial companies according to the type of ownership In the last decade in the economy of Kosovo, the process of privatization of public/social undertakings has marked particular influence, as it is characterized by a continued increase in the private sector. The above trends are also reflected in the financial results presented in the following tables for the public and private sector. Table 2: The trend of the of large commercial companies' assets by type of ownership Public Sector in Euro ('000) 1,089,675 936,261 0.86 Year 2012 2013 Index Private Sector in Euro ('000) 2,216,827 2,630,759 1.19 Total 3,306,502 3,567,021 1.08 Viewed in the aspect of commercial companies’ assets, private sector continues to have a dominant role in relation to public sector within large commercial companies. Simultaneously, it is worth noting the continuous growth of the assets in private sector, a growth which amounted to 19% during 2013, compared to the previous year (2012). Chart 3: The trend of the of large commercial companies' assets by type of ownership 3,000,000 2,500,000 2,000,000 2012 1,500,000 2013 1,000,000 500,000 0 Sektori Publik në Euro ('000) Sektori Privat në Euro ('000) 6 Table 3: The trend of revenues of commercial companies by type of ownership Public Sector in Euro ('000) 442,970 426,302 0.96 Year 2012 2013 Indeksi Private Sector in Euro ('000) 2,813,615 3,078,274 1.09 Total 3,256,585 3,504,576 1.08 Similar to the dominant trend of large companies' assets from the private sector, the revenues from private sector in relation to revenues earned in the public sector continue to have a dominant role. Simultaneously, it is worth noting the growing trend of revenues to 9% in this sector during 2013, compared to the revenues of the previous year. While the trend of revenue earned in the public sector during 2013 decreased by 4% compared to the previous year. Chart 4: The trend of revenues of commercial companies by type of ownership 3,500,000 3,000,000 2,500,000 2012 2,000,000 2013 1,500,000 1,000,000 500,000 0 Sektori Publik në Euro ('000) Sektori Privat në Euro('000) 7 Table 4: Number of employees by the sector Year 2012 2013 Index Public Sector 15,181 16,482 1.09 Private Sector 24,138 27,108 1.12 Total 39,319 43,590 1.11 Being the largest generator of revenues, the private sector is also the sector with the highest employment, which also experienced an increase compared to last year. Compared with the previous year in 2013 the number of employees has increased to 2,970 jobs in private sector. While in 2012 a worker has generated some of Euro 117 thousand in the year, in 2013, a worker in this sector has generated Euro 113 thousand, as the number of employees in this sector marked an increase by 12%, while the revenues from this sector have increased by only 9%. It is worth to mention that the total number of employees in 2013 was higher for 4.271 jobs, compared to previous year. Chart 5: Number of employees by the sector 25,000 20,000 15,000 2012 2013 10,000 5,000 0 sektori publikë sektori privat All records presented above are prepared based on the audited statements and submitted to the KFRC for large commercial companies, as defined under the Law on Accounting, Financial Reporting and Auditing, and additional records submitted by aforementioned companies for the purpose of preparing the general registry of enterprises. In order to increase the transparency of financial reporting and providing the information on this category of businesses to the wide public, which according to their size fit in to the public interest group of companies, all the records will be published on the KFRC web site. -----------****------------ 8