Download Annual Report of Financial Statements 2014

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.
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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..
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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
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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
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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)
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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)
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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.
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