Consolidated Annual Report 2018 Aimtec Group · Page 4 | Consolidated Annual Report Aimtec 2018 Our...

Consolidated Annual Report 2018 Aimtec Group

https://www.aimtecglobal.com/

| Consolidated Annual Report Aimtec 2018

Content

Content .....................................................................................................................................................2

Figures for 2018 .......................................................................................................................................6

Independent Auditor's Report and Consolidated Financial Statements ................................................ 11

Independent Auditor's Report and Consolidated Financial Statements AIMTEC a.s. .......................... 36



The Aimtec Group The Aimtec Group is made up of Czech companies with a global reach: a parent company – AIMTEC

a.s. – and two subsidiaries: AIMTEC Consulting s.r.o. and AIMTEC Outsourcing s.r.o. More detailed

identifying information for all of these companies is provided in point 1 of the Consolidated Notes to the

Financial Statements. Where not stated otherwise, the information in this Annual Report concerns the

entire group, and all numerical data is given in a consolidated form.

Contact Information

Phone: +420 377 225 215

E-mail: [email protected]

Website: www.aimtecglobal.com

Who We Are

We're Aimtec. Since our very founding, the digitalisation of manufacturing and logistics has been our

speciality. We develop bespoke software solutions for our customers – solutions that bring Industry 4.0

to life. Besides development, we also engage in consulting and advisory activities connected with

optimising internal company processes and deploying new technologies.

We're global. As we work with our customers around the world, we deploy procedures, solutions and

technological innovations with them and monitor their real-world business impact. We then choose the

best out of them and apply them in our products and services. This enables us to give mid-sized

companies access to the same innovative and successful solutions that are deployed by the largest

manufacturers. Our global success is built upon the ability to listen, learn, and find creative solutions.

We enable companies with multiple branches worldwide to use solutions that are standardised, yet still

reflect each country’s and plant’s specifics. Their management thus has all data available in a unified

form despite the differing processes at their individual branches.

We're creators. We’re constantly building upon our existing products and services. We have our own

team developing new features for our products so that our software will remain a modern tool and helper

for implementing Industry 4.0. We also work hard to adapt our systems and develop new bespoke

features for our customers whenever the situation demands it. Furthermore, we’re testing completely

new technologies within our own R&D platform.

The company’s headquarters, along with the entire team, is located in Pilsen, Czech Republic, from

where we provide our full support. We’re confident that concentrating all of the people involved in both

developing and supporting our systems into one place bolsters cooperation, communication and the

exchange of know-how and experience. Whenever needed, we gladly travel out to our customers

worldwide. In today’s digitalised world, distances are fading away, and so we are capable of handling

non-standard situations on every continent. After all, no branch is ever close enough when you need a

response in minutes.


mailto:[email protected]

http://www.aimtecglobal.com/


Our companies are not beholden to any financial group. And indeed, co-owners Jaroslav Follprecht and

Roman Žák take a direct and active part in their management. They’ve been manning the helm since

the individual companies were born. Besides managing the companies, they also play an important part

in communicating their own visions and strategies to employees.

Products and Services

Our product portfolio includes IT solutions for manufacturing and logistics companies, and it covers

every process inside of an enterprise, as well as integration with customers and suppliers. The DCIx

system that we’ve developed automates and manages logistics processes in warehouses and

manufacturing halls, collects data on manufacturing status and progress and enables our customers to

integrate automated warehousing technologies such as conveyors, trains and AGVs. Similarly, the

solutions in our Sappy group manage warehouses and manufacturing and offer a quality-control

environment within SAP ERP.

Advanced Planning and Scheduling is another important area of our work. For this area, we’ve teamed

up with the Japanese company Asprova, which has developed a system of the same name for

manufacturing companies and for detailed creation of plans that take into account all capacities,

constraints and manufacturing processes. Even though we are not the developers of this software, we

are able to add new features so as to ensure that each of our customers receives a solution that’s tailor-

made to their needs.

Besides automating and managing processes inside of companies, we also work to integrate the

supplier-customer chain. Our integration division creates solutions for B2B communication and

automated electronic data interchange. Here we additionally offer our customers the option of using

cloud services. In 2018, we began working on an an entirely new service named aimtec.cloud that

unites and expands our cloud services portfolio. In the coming years we plan to provide all of our services

in both on-premise and cloud versions, in order to accommodate the trends arriving in industry as much

as possible.

The Aimtec Support division is available to our customers as well; it offers 24/7 support 365 days a

year and not only helps whenever something is unclear in a solution we’ve installed, but also actively

monitors the operations of our applications, so that we can catch any errors e.g. in transmitted data

sooner than the customer does.

We likewise offer customers the option of purchasing hardware (readers, terminals etc.) alongside all

of our products, and we fully integrate it with the needed systems.

Besides deploying our own solutions, we also offer product-independent consulting – we analyse

internal processes and, based on this analysis, we present a a logistics audit and set of recommended

projects and their priorities.



Our Customers in 2018

Manufacturing Companies and Automotive Industry AAS Automotive, ACPS AUTOMOTIVE, Adient, ADLER Czech, Agor Tech, AISIN EUROPE

MANUFACTURING, AKT plastikářská technologie Čechy, Alfmeier, Amphenol, ANTOLIN LIBAN, Aptiv

Mobility Services, Ardagh, ARGO-HYTOS, ASMO Czech, Autoneum, Avire, BILSTEIN CEE, BOS,

BOSAL, Budějovický Budvar, Continental, COVERIS, DAIHO, Daikin Industries, DANA Italia, Delphi,

Denso Manufacturing, Devro, DONGWON, Doosan Bobcat, DŘEVO TRUST, Eissmann Automotive,

Erich Jaeger, ETD TRANSFORMÁTORY, Faurecia Automotive, Fehrer Bohemia, Frauenthal

Automotive, Fremach, Futaba Czech, GENERIX, Greiner, GUMOTEX, Hanon Systems, Hanwha,

HAUK, HP-Pelzer, Hydro Extrusion Hungary, IAC Group, KBA-Grafitec, KDK Automotive, KOH-I-NOOR

HARDTMUTH, KOITO CZECH, KOSTAL CR, KYB Manufacturing Czech, Lasselsberger, LENA –

hračky, LISI AUTOMOTIVE FORM, Ljunghall, LUKOV Plast, MAagna Exteriors, MATADOR Automotive,

MATADOR, Metaldyne, Nokian Tyres, NOVASPORT, Paccor, Panasonic Automotive Systems Czech,

PEKM Kabeltechnik, PEPSICO, Pivovary Staropramen, Plastic Omnium, PLASTIKA, PRICOL WIPING

SYSTEMS, Prodrive Technologies, PROFIMED, Ravensburger, REHAU, RINGFEDER POWER

TRANSMISSION, ROSSO STEEL, Saar Gummi, SAINT-GOBAIN, Sellier & Bellot, SEOYON E-HWA

AUTOMOTIVE, Schneeberger, Steel Center Europe, Soag Europe, ŠKODA ELECTRIC, ŠKODA

TRANSPORTATION, TI Automotive, TORMAX Production, VAFO PRAHA, VISCOFAN, Wacker-

Chemie, Weltbild, WOLTERS PACKAGING, YAPP

Distribution companies A3 SPORT, Alza.cz, El nino parfum, OKAY, OLYMPTOY, Sportisimo

Logistics companies 4PX Express, CEVA Logistics, JK Logistika, PST CLC, PKZ Slovakia, METRANS, Sumisho Global

Logistics, SAPE BOHEMIA, EWALS CARGO CARE, SCHENKER, HÖDLMAYR INTERNATIONAL,

Perfect Distribution, VPS Logistics



Figures for 2018

Consolidated revenue in millions of CZK

Consolidated profit before taxes

23.7 million CZK

Number of employees

219.04247.96

293.76314.58

2015 2016 2017 2018

Revenue growth

7%

Employee count

growth

-0.02%



Employee structure

Products and services

Delivery 47% Development 26% Management and support divisions 15% Sales and marketing 12%

Consulting 61% Software 19% Hardware 16% SaaS 4%



Contribution of the group's divisions to revenue

Consolidated revenue by sector

Where Aimtec is active

This graph assigns projects to territories by the headquarters of the entity to which a

delivery is invoiced.

DCI 43% INT 22% SAP 20% ASP 7% SUP 2% Other 5%

Automotive 55% Information technology 11% Distribution 10% Manufacturing 9% Plastics manufacturing 7% Logistics 4% Other 3%

Czech Republic 55% Germany 17% Netherlands 7% Slovakia 5% Great Britain 4% United States 4% France 2% Other 6%



Summary of 2018 and Our Vision for 2019

Aimtec’s 2018 was all about maintaining the positive trends we established in previous years. We remain

focused on our three pillars – the Digital Factory, Digital Delivery and Expert Know-how. Together, they

reflect our main mission towards our clients: helping manufacturing companies with their digital

transformation, and eliminating all bottlenecks within manufacturing and internal logistics processes,

thereby making these companies function in a new and more efficient way.

In the second half of the year, we worked intensely on preparing our new aimtec.cloud service and

bringing it to market. We’re confident that cloud services for industry contain enormous potential. We

have thus decided to devote a part of our capacity towards developing cloud versions for that portion of

our solutions that we have so far had as on-premise only. We officially brought aimtec.cloud to market

in April 2019, but most of the preparations for it were in 2018. Next year, we wish to continue developing

this new service and building awareness of it among the wider public.

At the start of 2018, a contract for the rental of new offices for our group was signed as well. This new

custom-built headquarters promises to radiate greater prestige towards both our clients and our

employees, while keeping Aimtec in Pilsen. We believe that our decision to only spread the offices out

among only two floors will help to simplify communication among individual teammates and divisions.

The expected moving-in date is in 2020.

In 2019, we will continue working on our products’ development and seeking new solutions for our

customers so as to help them to be modern, competitive and successful companies. After all, it is only

thanks to our clients’ successes that we ourselves can succeed.

In Pilsen on 27 June 2019

-------------------------------------------------------------------------------------------

Jaroslav Follprecht, Vice Chairman AIMTEC a.s.



Independent Auditor's Report and Consolidated Financial Statements 31 December 2018



Independent Auditor's Report



Consolidated Balance Sheet ASSETS 31 Dec 2018 31 Dec 2017

Net Net

Thousands CZK

TOTAL ASSETS 191 670 168 152

B. Fixed assets 38 575 35 784

B. I. Intangible fixed assets 10 033 7 992

B. I.2. Valuable rights 10 033 7 902

B.I.2.1. Software 10 019 7 876

B.I.2.2. Other valuable rights 14 26

B.I.4. Other intangible fixed assets 0 90

B.II. Tangible fixed assets 19 808 18 521

B.II.2. Tangible movable assets and sets of tangible movable assets

19 808 18 521

B.IV. Consolidation difference 8 734 9 271

Positive consolidation difference 8 734 9 271

C. Current assets 142 088 119 459

C.I. Inventory 319 1 027

C.I.3. Products and goods 319 1 027

C.I.3.2. Goods 319 1 027

C.II. Receivables 84 619 65 999

C.II.1. Long-term receivables 3 382 214

C.II.1.4. Deferred tax receivable 148 0

C.II.1.5. Other receivables 3 234 214

C.II.1.5.2. Long-term prepayments made 3 234 214

C.II.2. Short-term receivables 81 237 65 785

C.II.2.1. Trade receivables 78 245 61 550

C.II.2.4. Receivables – other 2 992 4 234

C.II.2.4.3. State – tax receivables 1 325 1 550

C.II.2.4.4. Short-term prepayments made 814 1 062

C.II.2.4.5. Estimated receivables 45 880

C.II.2.4.6. Sundry receivables 809 742

C.IV. Current financial assets 57 150 52 434

C.IV.2. Cash at bank 57 150 52 434

D. Accrued assets 11 007 12 908

D.1. Deferred expenses 6 103 5 708

D.3. Accrued income 4 903 7 200



LIABILITIES 31 Dec 2018 31 Dec 2017

Net Net

Thousands CZK

TOTAL LIABILITIES 191 670 168 152

A. Equity 101 460 89 214

A. I. Share capital 2 000 2 000

A. I. 1. Share capital 2 000 2 000

A. IV. Consolidated retained earnings (+/-) 80 714 62 881

A. IV. 1. Retained consolidated earnings from previous years 80 714 62 881

A. V. Consolidated profit or loss for the current period (+/-)

18 746 24 333

B. + C. Liabilities 61 530 59 955

C. Payables 61 530 59 955

C.I. Long-term payables 5 123 5 176

C.I.8. Deferred tax liability 1 083 1 523

C.I.9. Payables – other 4 039 3 653

C.I.9.3 Sundry payables 4 039 3 653

C.II. Short-term payables 56 407 54 779

C.II.4. Trade payables 22 988 17 076

C.II.8. Other payables 33 419 37 703

C.II.8.1. Payables to partners 4 4

C.II.8.3. Payables to employees 9 665 9 806

C.II.8.4. Social security and health insurance payables 5 689 5 987

C.II.8.5. State – tax payables and subsidies 5 393 7 752

C.II.8.6. Estimated payables 8 053 8 310

C.II.8.7. Sundry payables 4 615 5 844

D. Deferred expenses 28 680 18 982

D.1. Accrued expenses 218 802

D.2. Deferred income 28 461 18 180



Consolidated Profit and Loss Statement 2018 2017

Thousands CZK

I. Revenue from sales of goods and services 257 046 236 635

II. Sales of goods 54 134 52 381

A. Purchased consumables and services 115 189 102 465

A.1. Cost of goods sold 43 658 40 046

A.2. Consumed material and energy 10 450 8 277

A.3. Services 61 082 54 142

C. Own work capitalised (+/-) -7 593 -6 123

D. Staff costs 159 853 144 414

D.1. Payroll costs 116 501 104 532

D.2. Social security and health insurance costs and other charges 43 352 39 882

D.2.1. Social security and health insurance costs 39 238 35 554

D.2.2. Other charges 4 114 4 328

E. Adjustment to values in operating activities 16 230 13 134

E.1. Adjustments to values of intangible and tangible fixed assets 14 341 12 495

E.1.1. Adjustments to values of intangible and tangible fixed assets – permanent 14 341 12 495

Accounting treatment of the positive consolidation difference 537 537

E.3. Adjustment to values of receivables 1 351 101

III. Other operating income 1 221 2 026

III.1. Sales of fixed assets 335 595

III.3. Sundry operating income 886 1 431

F. Other operating expenses 1 449 1 653

F.1. Net book value of fixed assets sold 175 255

F.3. Taxes and charges 1 142 745

F.5. Other operating expenses 132 653

* Consolidated operating profit or loss (+/-) 27 274 35 499

G. Costs of equity investments sold 0 1 086

VI. Interest income and similar income 5 2

VI.2. Interest income and similar income 5 2

I. Adjustments to values and reserves relating to financial activities 0 -1 059

J. Interest expenses and similar expenses 375 337

J.2. Other interest expenses and similar expenses 375 337

VII. Other financial income 2 170 2 715

K. Other financial expenses 5 391 6 885

* Consolidated financial profit or loss (+/-) -3 591 -4 532

** Consolidated profit or loss before tax (+/-) 23 683 30 967

L. Income tax 4 936 6 634

L.1. Due income tax 5 525 6 658

L.2. Deferred income tax (+/-) -588 -24

** Consolidated profit or loss net of tax (+/-) 18 746 24 333

*** Consolidated profit or loss for the current period (+/-) 18 746 24 333

* Net consolidated turnover for the accounting period 314 576 293 759



Notes to the Consolidated Financial Statements

1 Group Description Consolidating Accounting Unit

Company name: AIMTEC a.s.

Registered office: Hálkova 1203/32, 301 22, Pilsen, Czech Republic

Legal form: joint-stock company

ID: 25201816

The company is registered in section B, file no. 558 of the Commercial Register maintained by the

Regional Court in Pilsen (date of registration: 23 July 1996).

The company’s main activity is consulting in the field of information technology.

Consolidated Accounting Units

Company name: AIMTEC Consulting s.r.o.


Legal form: limited company

ID: 26320975

The company is registered in section C, file no. 13476 of the Commercial Register maintained by the

Regional Court in Pilsen (date of registration: 16 January 2001).

The company’s main activity is consulting in the field of management.

The consolidating accounting unit holds a 100% share in the equity of this consolidated accounting unit.

2018 2017

Equity Profit or Loss Equity Profit or Loss

AIMTEC Consulting s.r.o. 2 345 1 496 1 848 238

Company name: AIMTEC Outsourcing s.r.o.


Legal form: limited company

ID: 26127407

The company is registered in section C, file no. 14356 of the Commercial Register maintained by the

Regional Court in Pilsen (date of registration: 9 November 1999).


The consolidating accounting unit holds a 100% share in the equity of this consolidated accounting unit.

2018 2017

Equity Profit or Loss Equity Profit or Loss

AIMTEC Outsourcing s.r.o. 19 782 3 887 15 898 1 835

Since 1 January 2011, all three of the companies that are members of the group have been registered

as VAT payers at the City of Pilsen Financial Office. The group’s acting member is AIMTEC a.s.



2 FOUNDATIONAL ASSUMPTIONS FOR THE DRAFTING OF THE CONSOLIDATED FINANCIAL STATEMENT

The consolidated financial statement was prepared in accord with the Accounting Act, with the

government decree on whose basis certain provisions of the Accounting Act are implemented, and with

the Czech Accounting Standards in their wording applicable for 2018 and 2017.

Under Section 1(c)(2) of the Accounting Act, the AIMTEC group of companies is, as of December 31,

2018, a mid-sized group of accounting units. The consolidated financial statement compiled as of 31

December 2018 will be verified by an auditor, in accord with the relevant provisions of the Accounting

Act. In accord with the provisions of Section 22 of the Accounting Act, the consolidating company

AIMTEC a.s. does not compile an annual report; the corresponding information will be included in the

consolidated annual report.

The consolidated financial statement as of 31 December 2018 was compiled by direct consolidation; the

full-consolidation method was used.

3 POSITIVE CONSOLIDATION DIFFERENCE

AS OF 31 DEC 2018

Company

Acquisition

date

Purchase

price

Equity Consolidation

difference

Accumulated

amortisation

Net book value

AIMTEC Consulting s.r.o. 8 Apr 2015 20 000 2 345 9 154 1 678 7 475

AIMTEC Outsourcing s.r.o. 14 Nov

2011

4 000 20 658 1 590 331 1 259

Total 24 000 10 744 2 009 8 734

as of 31 Dec 2017

Company

Acquisition

date

Purchase

price

Equity Consolidation

difference

Accumulated

amortisation

Net book value

AIMTEC Consulting s.r.o. 8 Apr 2015 20 000 1 848 9 154 1 221 7 933

AIMTEC Outsourcing s.r.o. 14 Nov

2011

4 000 15 898 1 590 252 1 338

Total 24 000 10 744 1 473 9 271

The consolidation difference will be written off in accord with the provision of the Czech Accounting

Standards over the course of 20 years.



4 GENERAL ACCOUNTING POLICIES, PROCEDURES, VALUATION AND DEPRECIATION

In preparing the consolidated financial statements for 2018 and 2017, the consolidating accounting unit

used the following accounting principles, procedures, and valuation and depreciation methods:

INTANGIBLE FIXED ASSETS

Intangible fixed assets are valued at acquisition cost. The group's companies do not book low-value

intangible assets (up to and including 60 thousand CZK) on the fixed assets accounts, but directly to

expenses instead. Intangible fixed assets generated internally are valued at own costs.

TANGIBLE FIXED ASSETS

Tangible fixed assets are valued at acquisition cost. Interest and other financial expenses related to

their acquisition are not included in their valuation. The group's companies do not book low-value

tangible assets (up to and including 40 thousand CZK) on the fixed assets accounts, but directly to

expenses instead. The costs of technical improvements of fixed assets over 40 thousand CZK increase

their purchase price. Technical improvements to the leased assets are posted separately on the account

on which the improved leased assets would be posted.

THE METHOD OF ESTABLISHING THE DEPRECIATION PLAN

Accounting depreciation is calculated based on the estimated useful life and is charged monthly on the

last day of the month. The company decides on the specific form of depreciation plan for fixed assets

included after 31 December 2001 when the asset is put into use, while accounting depreciation is not

governed by tax depreciation. Assets included to this date are further depreciated according to the

original depreciation plan, thus accounting depreciation is consistent with accelerated depreciation

under Act No. 586/1992 Coll., the Income Tax Act, as amended at 31 December 2002, if the law

governed the tax depreciation for the relevant type of asset.

LONG-TERM FINANCIAL ASSETS

Equity interests in unconsolidated subsidiaries and controlled companies and companies under

substantial influence are valued at their purchase price, taking into account any reduction in value.

CURRENT FINANCIAL ASSETS

Current financial assets consist of stamps and money in bank accounts.

INVENTORY

Purchased inventory is valued at purchase prices. Given its nature and manner of its movement, the

inventory is accounted for using method B.

RECEIVABLES

Receivables are stated at their nominal value. As of the financial statements date, the value of doubtful

receivables is reduced by provisions charged to expenses. When determining the method of calculating

the provisions, the company follows Act No. 593/1992 Coll., on reserves for determining the income tax

base, as amended.

Estimated receivables are valued on the basis of expert estimates and calculations.



EQUITY

The registered capital of the parent company is stated at the amount recorded in the Commercial

Register. Other capital funds are established at the company's sole discretion under the statutes.

LIABILITIES

Both long-term and short-term liabilities are stated at nominal values.

Long-term and short-term liabilities towards credit institutions are stated at their nominal values. Short-

term liabilities towards credit institutions are considered to also include that portion of long-term liabilities

towards credit institutions that is payable within one year from the balance-sheet date.

Estimated payables are valued on the basis of expert estimates and calculations.

FOREIGN CURRENCY TRANSACTIONS

Assets and liabilities denominated in foreign currencies are translated into Czech crowns using the

current daily exchange rate published by the Czech National Bank valid at the time of their inception

and at the time of the financial statements, they are translated at the rate published by the Czech

National Bank valid on the last day of the reporting period.

In the case of purchase and sale of foreign currency for the Czech currency, the foreign currency is

translated using the rate at which these values were actually purchased and/or sold.

Both realised and unrealised foreign exchange gains and losses are charged to the income, or

respectively to the expenses of the current year.

USE OF ESTIMATES

The preparation of consolidated financial statements requires the use of estimates and assumptions

that affect the reported amounts of assets and liabilities at the balance sheet date and the reported

amounts of revenues and expenses for the reporting period. These estimates and assumptions were

determined by the persons responsible on the basis of all relevant information available to them.

Nevertheless, as is implied by the nature of estimation, the actual future values may differ from these

estimates.

REVENUE AND EXPENSE ACCOUNTING

Revenues and expenses are posted on an accrual basis, i.e. in the period to which they relate, both in

substance and in time, based on the handover of goods or services, irrespective of the time of payment.

Exceptions are laid down in the Accrued Expenses and Revenues company directive.

Revenues are booked inclusive of discounts and exclusive of VAT.

Estimated items are charged to expenses or revenues in the amounts known as at the balance sheet

date. Revenues from unfinished customer projects are posted at the balance sheet date based on expert

estimates provided by the corresponding divisions’ directors.

INCOME TAX

Income tax expense is calculated separately for the individual companies of the consolidated group

based on the applicable tax rate and from the accounting profit increased or decreased by the

permanently or temporarily non-tax-deductible expenses and non-taxable revenue. The income tax

expense in the consolidated profit and loss statement is the sum of the income tax expenses for the

companies in the consolidated group.

Deferred tax is calculated separately for each company in the group and reflects the tax effects of

temporary differences between the residual asset and liability values from the financial reporting

standpoint and for the purpose of income tax base assessment, taking into account the period of

realisation. The consolidated deferred liability and receivable is the sum of the deferred tax liabilities and

receivables of the companies in the consolidated group.



5 FIXED ASSETS


Purchase price

Thousands CZK

Balance as of

1 Jan 2018

Acquisition Disposal Balance as of

31 Dec 2018

Software 52 343 8 616 0 60 959 *

Other valuable rights 60 0 0 60

Other intangible fixed assets 265 0 0 265 **

Total 52 668 8 616 0 61 284

*of which the company's own software comprises 57,787 thousand CZK

**promotional videos for the company's own software solutions on offer

Accumulated amortisation

Thousands CZK

Balance as of

1 Jan 2018

Depreciation incl.

net book value at

disposal

Disposal Balance as of

31 Dec 2018

Software 44 468 6 472 0 50 940


Other intangible fixed assets 174 90 0 265

Total 44 676 6 574 0 51 251

Net book value 7 992 10 033

Purchase price

Thousands CZK

Balance as of

1 Jan 2017


31 Dec 2017

Software 45 358 7 500 515 52 343 *



Intangible fixed assets under

construction

103 7 417 7 520 0

Total 45 689 15 014 8 035 52 668

*of which the company's own software comprises 47 527 thousand CZK



Thousands CZK

Balance as of

1 Jan 2017

Depreciation incl.

net book value at

disposal


31 Dec 2017

Software 40 220 4 763 515 44 468



Total 40 251 4 940 515 44 676





Purchase price

Thousands CZK

Balance as of

1 Jan 2018


31 Dec 2018

Tangible movable assets and sets of

tangible movable assets

48 888 9 230 3 816 54 301

cars 39 085 5 873 2 015 42 942

hardware 9 091 2 715 1 801 10 005

furniture 495 584 0 1 079

other 217 58 0 275

Total 48 888 9 230 3 816 54 302


Thousands CZK

Balance as of

1 Jan 2018

Depreciation

incl.

net book value

at disposal


31 Dec 2018



30 367 7 941 3 816 34 493

Total 30 367 7 941 3 816 34 493


Purchase price

Thousands CZK

Balance as of

1 Jan 2017


31 Dec 2017



45 006 6 268 2 387 48 888

cars 36 015 5 457 2 387 39 085

hardware 8 279 811 0 9 091

furniture 495 0 0 495

other 217 0 0 217

Total 45 006 6 268 2 387 48 888


Thousands CZK

Balance as of

1 Jan 2017

Depreciation

incl.

net book value

at disposal


31 Dec 2017



24 944 7 809 2 387 30 367

Total 24 944 7 809 2 387 30 367


As of 31 December 2018, the total amount of tangible assets not stated in the balance sheet, in

acquisition prices, was 4 277 thousand CZK (as of 31 December 2017: 4 608 thousand CZK).

For 30 passenger cars financed via credit from ČSOB Leasing a.s. or UniCredit Leasing CZ s.r.o. with

a total acquisition value in the amount of 17 887 thousand CZK, a security transfer of title has been

contractually arranged.

The company's management does not believe that the market value of the tangible fixed assets differs

significantly from the book value of those assets.



6 INVENTORY Purchase price

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Software 41 74

Hardware 278 461

Hardware – goods being delivered 0 492

Total 319 1 027

These are products purchased from suppliers at the end of the current year that were supplied to

customers at the beginning of the following year.

7 RECEIVABLES

LONG-TERM PREPAYMENTS MADE

Thousands CZK

Company

Amount prepaid

2018

Amount prepaid

2017

Purpose of the prepayment

CCS Česká společnost pro

platební karty s.r.o.

152 152 Guarantees for the CCS cards issued

Hamburk Business Center

s.r.o.

3 020 0 Rental of the new Aimtec offices – security

deposit

Jiří Dvořák JUDr. 55 55 Rental of the offices at Hálkova 24 –

permanent deposit

TESLA investiční společnost,

a.s.

7 7 Office rental in Prachatice – permanent

deposit

Total 3 234 214

TRADE RECEIVABLES

Thousands CZK Balance as of 31 Dec 2018 Balance as of 31 Dec 2017

Within due date 62 935 51 403

Overdue 17 401 10 270

Currency exchange differences -272 -190

Adjustments -1 819 -473

Total 78 245 61 550

As of 31 December 2018, the group does not register any liabilities with a maturity of longer than 5

years, nor did it have any as of 31 December 2017.

All the group's companies closely follow receivables past due and evaluate all acquired information

continuously.



Adjustments

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Tax provisions 24 0

50% of the total value of the receivable 24 0

Accounting provisions 1 795 473




Total 1 819 473

8 ACCRUALS AND DEFERRALS – ASSETS

DEFERRED EXPENSES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Sub-deliveries for customer projects that will be invoiced to customers

in the following accounting periods

4 145

4 570

Licences and maintenance for internal software 502 501

Marketing costs 151 21

Office furniture (acquired in 2016 in the total value of 302 thousand CZK,

accrued for 4 years)

142

217

New Aimtec offices (Hamburk Business Center) 625 0

Other (rental of parking spaces for the next accounting period,

contribution to private pension and life insurance of employees for the

month of January of the following year, recruitment advertising, air

tickets and travel insurance for the following year, withholding tax that

could not be included etc.)

538

399

Total 6 103 5 708

ACCRUED INCOME

Thousands CZK Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Services provided for customer projects as of 31 December of the current

year that will be invoiced in the following accounting periods in accord with

contracts.

4 903

6 999

Bonus (rebate) for overachieving supplier target 0 201

Total 4 903 7 200



9 LONG-TERM PAYABLES

DEFERRED TAX LIABILITY


31 Dec 2018

Balance as of

31 Dec 2017

Difference between the accounting and tax carrying values of

fixed assets

-6 859 -8 632

Bonuses for current year paid in the following year (including

taxes etc.)

1 158 615

Basis for deferred tax -5 701 -8 017

Deferred tax (19%) -1 083 -1 523

SUNDRY PAYABLES

On the account for other long-term liabilities, AIMTEC a.s. and AIMTEC Outsourcing s.r.o. register the

balances of credits provided for the purchase of fixed assets with a maturity of more than 1 year.

The portion of the liabilities payable within one year is stated on the balance sheet as other short-term

payables.

2018

Provider

Number

Amount of Credit

Total

Thousands CZK

Payables due

within 1 year

Thousands CZK

Payables over 1

year

Thousands CZK

Interest rate

%

ČSOB Leasing a.s. 1 518 15 0 3.5

UniCredit Leasing CZ s.r.o. 29 16 336 4 352 4 039 3.5

Total 30 16 854 4 367 4 039

2017

Provider

Number

Amount of Credit

Total

Thousands CZK

Payables due

within 1 year

Thousands CZK

Payables over 1

year

Thousands CZK

Interest rate

%

ČSOB Leasing a.s. 15 8 542 2 181 15 3.5


Total 34 19 329 5 629 3 653

Information on the security transfer of title to the subject-matter of financing provided by credit agreements is

provided in the section entitled "Fixed Assets".



10 SHORT-TERM PAYABLES

TRADE PAYABLES

Thousands CZK

Balance as of 31 Dec 2018

Balance as of 31 Dec 2017

Within due date 22 386 16 929

Overdue 664 152

Overpayments 0 14

Currency exchange

differences

-62 -20

Total 22 988 17 076

PAYABLES TO EMPLOYEES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Salaries for December of the current year paid in January of the following year 8 947 9 526

Travel expenses for December of the current year paid in January of the following year 718 280

Total 9 665 9 806

SOCIAL SECURITY AND HEALTH INSURANCE PAYABLES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Social security – December of the current year 3 956 4 126

Health insurance – December of the current year 1 733 1 861

Total 5 689 5 987

All payables were paid within the due dates in the following period according to applicable legal regulations.

STATE – TAX PAYABLES AND SUBSIDIES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Corporate income tax 370 2 526

Personal income tax – prepayments (December of the current year) 2 155 2 393

Withholding tax abroad (December of the current year) 44 5

VAT – tax liability (December of the current year) 3 674 2 975

VAT refunds unclaimed during the current year - 1 200 -355

Road tax – balance outstanding for the current year 3 5

Payment to the state for non-fulfillment of the quota of employees with health impairments

345 203

Total 5 393 7 752



All payables were paid within the due dates in the following period according to applicable legal regulations. Excess tax deductions

were claimed in regular tax returns the following year.

ESTIMATED PAYABLES


31 Dec 2018

Balance as of

31 Dec 2017

Services connected with the rental of offices for the current year invoiced by the renter

in the year following

801

924

Sub-deliveries supplied but not invoiced as at the balance-sheet date 525 352

Rebate from SAP SE (calculation based on the volume of deliveries for the current year) 1 642 1 643

Reduction of revenue according to the rate agreed in the contract with Axway if the

number of hours invoiced is exceeded

930

0

Licensing fees 0 4 736

Wage bonuses for the current year paid in the following year (including taxes etc.) 4 115 615

Invoices not received as at the date of closing the books 40 40

Total 8 053 8 310

SUNDRY PAYABLES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Credit agreements – repayments due within 1 year * 4 367 5 629

Contribution to employees' pension insurance for January of the

following year

96 92

Statutory employer liability insurance for the fourth quarter of the

current year

127 123

Wage garnishment 24 0

Total 4 615 5 844

11 DEFERRED EXPENSES

DEFERRED INCOME

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Maintenance for the following year invoiced to customers at the end of the current

year

17 115 11 652

Reserved services for the following year invoiced to customers at the end of the

current year

1 205

717

Services for customer projects as of 31 December of the current year invoiced in

accord with contractual provisions, which will however not be provided until the

following account period

10 140

5 806

Agreed interest on loan (due in the following year) 0 5

Total 28 461 18 180



12 LEASING The company does not have any financial leasing contracts running as of 31 December 2018, and

likewise did not as of 31 December 2017.

13 OFF-BALANCE SHEET ITEMS

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Low-value fixed assets 921 4 608

Off-balance sheet items, total 921 4 608

Assets repurchased after the end of the finance lease with the subsequent

purchase of the leased item (hardware, furniture)

1 411

1 411

Issued advance invoices outstanding at the balance sheet date 0 2 580

Received advance invoices outstanding at the balance sheet date 2 2

Operations items, total 1 413 3 194

14 INFORMATION ON TRANSACTIONS WITH ASSOCIATED PARTIES

Thousands CZK

Shareholders

as of 31 Dec 2018

Board members

as of 31 Dec

2018

Shareholders

as of 31 Dec 2017

Board members

as of 31 Dec

2017

Receivables 393 0 119 0

Provided loans 0 0 0 0

Guarantees 0 0 0 0

Trade receivables 393 0 119 0

Payables 5 316 0 0 0

Received loans 0 0 0 0

Credit 0 0 0 0

Trade payables 5 316 0 0 0

Other benefits 1 652 3 382 1 666 4 977

Monetary 0 0 0 0

Non-monetary 1 652 3 382 1 666 4 977

cars in use 1 580 3 310 1 594 4 905

provided services 0 0 0 0

pension insurance 24 24 24 24

private life insurance 48 48 48 48



15 RESEARCH AND DEVELOPMENT COSTS In 2018, none of the companies had research and development costs; the same applies for 2017.

16 SIGNIFICANT ITEMS IN THE PROFIT AND LOSS ACCOUNT STATEMENT

STRUCTURE OR REVENUES FROM THE SALE OF SERVICES AND GOODS

Thousands CZK

2018

Domestic

Foreign

2017

Domestic

Foreign

Total revenues from services 123 529 133 517 126 389 110 246

Consulting 66 824 76 535 76 981 80 403

Maintenance (self-provided and purchased) 21 010 11 960 19 974 8 613

Periodic support payments 17 714 17 300 7 197 8 135

Sales of own software 10 902 20 378 14 133 10 658

Other (consultants' travel expenses, marketing,

private fuel costs for employees, handling,

shipping etc.)

7 079

7 344

8 104

2 437

Revenues from the sales of goods, total 43 820 10 315 35 355 17 026

Hardware 37 198 8 814 31 264 6 975

Software 6 622 1 501 4 091 10 051

STRUCTURE OF FOREIGN REVENUE BY COUNTRY

2018

Thousands

CZK

Share in foreign sales

2017

Thousands

CZK


Europe, total 129 188 89.82% 119 782 94.11%

Germany 53 097 36.91% 72 970 57.33%

Netherlands 22 555 15.68% 693 5.44%

Slovakia 17 211 11.97% 12 811 10.07%

Great Britain 11 889 8.27% 17 170 13.49%

France 5 382 3.74% 3 110 2.44%

Other countries 19 054 13.25% 12 578 9.88%

United States of America 12 174 8.46% 4 258 3.35%

Morocco 820 0.57% 604 0.47%

Mexico 763 0.53% 486 0.38%

China 616 0.43% 1 232 0.97%

Russia 145 0.10% 573 0.45%

Tunisia 105 0.07% 337 0.26%

Israel 21 0.01% 0 0%

Total 143 832 127 272



SERVICES (costs)

Thousands CZK 31 Dec 2018 31 Dec 2017

Sub-deliveries for customer projects (consulting services, maintenance) 18 979 16 788

Employees' travel expenses 11 581 5 905

Promotion costs 9 936 9 525

Other 20 586 21 924

Total 61 082 54 142

OWN WORK CAPITALISED


Programming work delivered by employees in developing the company's DCIx

proprietary software

2 964 2 897

Programming work delivered by employees in developing the company's

ClouEDI proprietary software

4 629 3 226

Total 7 593 6 123

OTHER COSTS (EMPLOYEE BENEFITS)


Contribution to employee meal vouchers 1 916 1 869

Contribution to private pension insurance for employees 1 105 1 114

Other 1 093 1 345

Total 4 114 4 328

OTHER FINANCIAL INCOME

Other financial income mainly comprises currency exchange gains (2 170 thousand CZK).

OTHER FINANCIAL EXPENSES


Currency exchange losses 2 116 3 772

Gifts 847 853

Insurance 2 158 2 039

Bank charges 270 221

Total 5 391 6 885



17 ASSUMPTION OF THE GROUP'S CONTINUED OPERATION

The consolidated financial statements of the group as of 31 December 2018 were prepared on a going

concern basis. The included financial statement therefore does not contain any provisions that might

result from uncertainty in this regard.

18 SIGNIFICANT EVENTS AFTER THE BALANCE-SHEET DATE

No significant events occurred between the balance sheet date and the date of the consolidated financial

statements.

Processed by: Michaela Brožová

Balance-sheet date: 31 December 2018

Date of drafting of the consolidated financial statements: 27 June 2019

-------------------------------------------------------------------------------------------




Report on Relationships AIMTEC a.s. 2018



Report pursuant to Section 82 et seq. of the Business Corporations Act on relationships between a controlled entity and a controlling entity and relationships between a controlled entity and other entities controlled by the same controlling entity, for the 2018 accounting period

19 STRUCTURE OF RELATIONSHIPS BETWEEN THE CONTROLLING ENTITY AND THE ENTITIES CONTROLLED BY THE SAME CONTROLLING ENTITY

19.1 Controlled Entity AIMTEC a.s., ID: 25201816, with registered office at Hálkova 1203/32, Pilsen, Czech Republic, postal

code: 301 22, registered in section B, file no. 558 of the Commercial Register maintained by the Regional

Court in Pilsen

19.2 Controlling Entities Jaroslav Follprecht (born 9 January 1960, permanent residence Havlíčkova 9, Pilsen, Czech Republic) Roman Žák (born 13 May 1967, permanent residence V Mokřinách 495, Zruč-Senec, Czech Republic)

19.3 Entities Controlled by the Same Controlling Entity AIMTEC Consulting s.r.o., ID: 26320975, with registered office at Hálkova 32, Pilsen, Czech Republic, postal code: 301 22, registered in section C, file no. 13476 of the Commercial Register maintained by the Regional Court in Pilsen. AIMTEC Outsourcing s.r.o., ID: 26127407, with registered office at Hálkova 1203/32, Pilsen, Czech

Republic, postal code: 301 22, registered in section C, file no. 14356 of the Commercial Register

maintained by the Regional Court in Pilsen.

19.4 Description of Relationships

The controlling entities, Mr. Jaroslav Follprecht and Mr. Roman Žák, each own 50% of the registered shares in the controlled entity and thus indirectly control both AIMTEC Consulting and AIMTEC Outsourcing.



In relation to AIMTEC a.s., Mr. Jaroslav Follprecht and Mr. Roman Žák are persons acting in agreement under Section 78 of the Business Corporations Act. AIMTEC a.s. has a 100% share in the companies listed in point 1.3. Within these companies, it exercises a direct, controlling influence in the sense of Sections 74 and 75 of the Business Corporations Act and forms a group together with these entities.

20 ROLE OF THE CONTROLLED ENTITY Within the group of the three above-mentioned companies, no clear-cut roles are set for each individual

one. All of these companies provide IT solutions for the automotive industry and for manufacturing,

logistics and distribution firms. Within the individual companies, different types of offered products

dominate slightly in the provision of these services – in the case of AIMTEC a.s. these are its own

products DCIx and ClouEDI, along with the supplier-provided product ASPROVA.

When making transactions with third parties, all three of these companies work on the basis of shared

terms and conditions applicable for the entire group.

21 METHOD AND MEANS OF CONTROL The entity is controlled through the General Meeting and the Board of Directors. The controlling persons

are in the positions of Chairman and Vice Chairman of the Board of Directors.

22 OVERVIEW OF MUTUAL CONTRACTS

22.1 AIMTEC a.s. and Mr. Jaroslav Follprecht, Mr. Roman Žák

▪ License agreement

- “ClouEDI” trademark


- “AIMTEC” trademark


- “aimagazine” trademark


- “Be Digital.Faster.AIMTEC” trademark

The above-stated trademarks are owned by Mr. Jaroslav Follprecht and Mr. Roman Žák, who

grant Aimtec a.s. the right to use them under the license agreements.



22.2 AIMTEC a.s. and AIMTEC Outsourcing s.r.o.

▪ Contract on Mutual Provision of Consulting Services

- Two contracts for mutual performance

▪ Contract on Mutual Rental of Company Vehicles


▪ Contract on the Provision of Moderation and Organisation Services in the Framework of an

Industry Conference

- AIMTEC Outsourcing s.r.o. provides services to AIMTEC a.s.

▪ Contract on Cooperation for the Organising of the Trends in Automotive Logistics 2018

(TAL18) Conference and Accompanying Events on 10 October 2018

- The contract between all three of the group’s companies that governs the distribution of the

overall costs of organising the conference

22.3 AIMTEC a.s. and AIMTEC Consulting s.r.o.







▪ Contract on the Performance of Services Connected with the Organisation of an Industry

Conference

- AIMTEC a.s. provides the organisation team for the Trends in Automotive Logistics conference

22.4 AIMTEC Outsourcing s.r.o. and AIMTEC Consulting s.r.o.









23 EVALUATION OF WHETHER OR NOT ANY HARM WAS CAUSED TO THE CONTROLLED ENTITY, AND EVALUATION OF ITS SETTLEMENT UNDER SECTIONS 71 AND 72

The companies maintain standard supplier-customer relations, in which the usual prices apply. For this reason it can be concluded that none of the controlling or controlled entities were placed at an advantage or disadvantage.

24 ADVANTAGES AND DISADVANTAGES ARISING FROM THE RELATIONSHIPS BETWEEN THE CONTROLLING ENTITY AND THE CONTROLLED ENTITIES

The relationships among the entities listed in point 1 of this Annual Report lead to advantages for AIMTEC a.s.; these primarily include a better market position, the possibility of using trademarks, and the use of the know-how of the associated entities. No disadvantages and no risks arise for the controlled entity from the relationships mentioned above. In Pilsen on 29 March 2019 ...................................................... Jaroslav Follprecht Vice Chairman AIMTEC a.s.



Independent Auditor's Report and Financial Statements AIMTEC a. s. 31 December 2018



Independent Auditor's Report



Balance sheet ASSETS 31 Dec 2018 31 Dec 2017

Gross Adjustment Net Net

Thousands CZK

TOTAL ASSETS 245 046 68 535 176 511 156 647

B. Fixed assets 113 827 66 724 47 103 44 560

B. I. Intangible fixed assets 50 449 40 448 10 001 7 932

2. Valuable rights 50 184 40 183 10 001 7 843

2.1. Software 50 124 40 137 9 987 7 817

2.2. Other valuable rights 60 45 14 26

4. Other intangible fixed assets 265 265 0 89

B. II. Tangible fixed assets 39 378 26 276 13 102 12 628

2. Tangible movable assets and sets of tangible movable assets 39 378 26 276 13 102 12 628

B. III. Long-term financial assets 24 000 0 24 000 24 000

1. Shares – controlled or controlling entity 24 000 0 24 000 24 000

C. Current assets 120 824 1 811 119 013 100 620

C. I. Inventory 319 0 319 1 027

3. Products and goods 319 0 319 1 027

3.2. Goods 319 0 319 1 027

C. II. Receivables 77 168 1 811 75 357 59 414

1. Long-term receivables 3 215 0 3 215 195

1.5. Receivables – other 3 215 0 3 215 195

1.5.2. Long-term prepayments made 3 215 0 3 215 195

2. Short-term receivables 73 953 1 811 72 142 59 219

2.1. Trade receivables 69 011 1 811 67 200 56 616

2.4. Receivables – other 4 942 0 4 942 2 603

2.4.3. State – tax receivables 1 061 0 1 061 0

2.4.4. Short-term prepayments made 814 0 814 1 062

2.4.5. Estimated receivables 45 0 45 854

2.4.6. Sundry receivables 3 022 0 3 022 687

C. IV. Current financial assets 43 337 0 43 337 40 179

2. Cash at bank 43 337 0 43 337 40 179

D. Accruals and deferrals – assets 10 395 0 10 395 11 467

1. Deferred expenses 5 938 0 5 938 5 586

3. Accrued income 4 457 0 4 457 5 881



LIABILITIES 31 Dec 2018 31 Dec 2017

Net Net

Thousands CZK

TOTAL LIABILITIES 176 511 156 647

A. Equity 94 600 86 199

A. I. Share capital 2 000 2 000

1. Share capital 2 000 2 000

A. IV. Retained earnings (+/-) 77 699 61 403

1. Retained earnings or accumulated losses of previous years (+/-) 77 699 61 403

A. V. Profit or loss for the current period (+/-)

14 901 22 796

B. + C. Liabilities 56 220 52 065

C. Payables 56 220 52 065

C.I. Long-term payables 3 208 1 144

8. Deferred tax liability 1 083 1 144

9. Payables – other 2 125 2 357

9.3. Sundry payables 2 125 2 357

C.II. Short-term payables 53 012 48 564

4. Trade payables 39 798 23 339

6. Payables – controlled or controlling entity 0 5 725

8. Other payables 13 214 19 500

8.3. Payables to employees 3 211 3 188

8.4. Social security and health insurance payables 1 762 1 864

8.5. State – tax payables and subsidies 3 275 5 797

8.6. Estimated payables 2 514 4 969

8.7. Sundry payables 2 452 3 682

D. Accruals and deferrals 25 691 18 383

D.1. Accrued expenses 59 565

D.2. Deferred income 25 632 17 818



Profit and Loss Statement 2018 2017

Thousands CZK

I. Revenue from sales of goods and services 217 497 173 617

II. Sales of goods 53 031 49 886

A. Purchased consumables and services 172 011 123 073

1. Cost of goods sold 42 823 38 319

2. Consumed material and energy 5 962 4 504

3. Services 123 226 80 250

C. Own work capitalised (-) -976 0

D. Staff costs 53 116 50 074

1. Payroll costs 39 186 36 437

2. Social security and health insurance costs and other charges 13 930 13 637

2.1. Social security and health insurance costs 12 664 12 005

2.2. Other charges 1 266 1 632

E. Adjustment to values in operating activities 13 053 10 333

1. Adjustments to values of intangible and tangible fixed assets 11 709 10 232

1.1. Adjustments to values of intangible and tangible fixed assets – permanent 11 709 10 232

3. Adjustment to values of receivables 1 344 101

III. Other operating income 4 571 8 654

1. Sales of fixed assets 62 595

3. Sundry operating income 4 509 8 059

F. Other operating expenses 17 536 16 915

1. Net book value of fixed assets sold 88 254

3. Taxes and charges 411 379

5. Other operating expenses 17 037 16 282

* Operating profit or loss (+/-) 20 359 31 762

IV. Revenues from long-term financial assets – ownership interests 1 000 0

1. Revenues from equity interests – controlled or controlling entity 1 000 0

G. Costs of equity investments sold 0 1 086

VI. Interest income and similar income 5 2

2. Interest income and similar income 5 2

I. Financial value adjustments and reserves 0 -1 059

J. Interest expenses and similar expenses 197 219

2. Other interest expenses and similar expenses 197 219

VII. Other financial revenues 1 939 2 110

K. Other financial expenses 4 094 5 102

* Profit or loss from financial operations (+/-) -1 347 - 3 236

** Profit or loss before taxation 19 012 28 526

L. Income tax 4 111 5 730

1. Due income tax 4 172 5 744

2. Deferred income tax (+/-) -61 -14

** Profit or loss after taxation (+/-) 14 901 22 796

*** Profit or loss for the accounting period (+/-) 14 901 22 796

* Net turnover for the accounting period 278 043 234 269



Notes to the Financial Statements

1 COMPANY DESCRIPTION

Company name: AIMTEC a.s.


Legal form: joint-stock company

ID: 25201816

The company is registered in section B, file no. 558 of the Commercial Register maintained by the

Regional Court in Pilsen (date of registration: 23 July 1996).

Bank account: Komerční banka, Pilsen

Account number: 4822530287/0100


On 1 January 2011, the company became a member of the group registered for VAT with the City of

Pilsen Financial Office. The Company is the representative member of the group; the other members of

the group are AIMTEC Consulting s.r.o. (ID 26320975) and AIMTEC Outsourcing s.r.o. (ID 26127407).

As of 31 December 2018, the company is a small accounting unit pursuant to Section 1(b)(2) of the

Accounting Act As of 31 December 2017 and 31 December 2018, the company exceeded two threshold

values pursuant to Section 1(b)(2) of the Accounting Act and it will become a medium-sized accounting

unit starting from 1 January 2019.

In accord with Section 20(1) of the Accounting Act, the financial statements prepared as of 31 December

2018 will be verified by an auditor.

AIMTEC a.s. is the consolidating accounting unit for a mid-sized group of accounting units that also

comprises AIMTEC Consulting s.r.o. and AIMTEC Outsourcing s.r.o. (consolidated accounting units).

The consolidated financial statement will be prepared in accord with Czech accounting regulations. In

accord with the provisions of Section 22 of the Accounting Act, AIMTEC a.s. does not compile an annual

report; the corresponding information will be included in the consolidated annual report.

Average number of employees in 2018: 37

2 FOUNDATIONAL ASSUMPTIONS FOR THE DRAFTING OF THE FINANCIAL STATEMENT

Accounts are kept on the basis of the legal regulations applicable on the territory of the Czech Republic.

The financial statement was prepared in accord with the Accounting Act, with the government decree



on whose basis certain provisions of the Accounting Act are implemented, and with the Czech

Accounting Standards in their wording applicable for 2018.

3 GENERAL ACCOUNTING POLICIES, PROCEDURES, VALUATION AND DEPRECIATION

The company applied the following accounting principles, procedures, valuation and depreciation

methods in preparing the annual financial statements for 2018:


Intangible fixed assets are valued at acquisition cost. The company does not book low-value intangible

assets (up to and including 60 thousand CZK) on the fixed assets accounts, but directly to expenses

instead. Intangible fixed assets generated internally are valued at own costs.


Tangible fixed assets are valued at acquisition cost. Interest and other financial expenses related to

their acquisition are not included in their valuation. The company does not book low-value tangible

assets (up to and including 40 thousand CZK) on the fixed assets accounts, but directly to expenses

instead. The costs of technical improvements of fixed assets over 40 thousand CZK increase their

purchase price. Technical improvements to the leased assets are posted separately on the account on

which the improved leased assets would be posted.

THE METHOD OF ESTABLISHING THE DEPRECIATION PLAN

Accounting depreciation is calculated based on the estimated useful life and is charged monthly on the

last day of the month. The company decides on the specific form of depreciation plan for fixed assets

included after 31 December 2001 when the asset is put into use, while accounting depreciation is not

governed by tax depreciation. Assets included to this date are further depreciated according to the

original depreciation plan, thus accounting depreciation is consistent with accelerated depreciation

under Act No. 586/1992 Coll., the Income Tax Act, as amended at 31 December 2002, if the law

governed the tax depreciation for the relevant type of asset.


The shares in the registered capital of companies are stated at acquisition prices. If the accounting value

of financial investments drops, the difference is treated as a temporary impairment and is stated as a

provision.



CURRENT FINANCIAL ASSETS

Current financial assets consist of stamps and money in bank accounts.

INVENTORY

Purchased inventory is valued at purchase prices. Given its nature and manner of its movement, the

inventory is accounted for using method B.

RECEIVABLES

Receivables are stated at their nominal value. As of the financial statements date, the value of doubtful

receivables is reduced by provisions charged to expenses, shown in the balance sheet in the

“adjustment” column.

When determining the method of calculating the provisions, the company follows Act No. 593/1992 Coll.,

on reserves for determining the income tax base, as amended.

Estimated receivables are valued on the basis of expert estimates and calculations.

EQUITY

The registered capital of the company is stated at the amount recorded in the Commercial Register.

Other capital funds are established at the company's sole discretion under the statutes.

LIABILITIES

Both long-term and short-term liabilities are stated at nominal values.

Long-term and short-term liabilities towards credit institutions are stated at their nominal values. Short-

term liabilities towards credit institutions are considered to also include that portion of long-term liabilities

towards credit institutions that is payable within one year from the balance-sheet date.

Estimated payables are valued on the basis of expert estimates and calculations.

FOREIGN CURRENCY TRANSACTIONS

Assets and liabilities denominated in foreign currencies are translated into Czech crowns using the

current daily exchange rate published by the Czech National Bank valid at the time of their inception

and at the time of the financial statements, they are translated at the rate published by the Czech

National Bank valid on the last day of the reporting period.

In the case of purchase and sale of foreign currency for the Czech currency, the foreign currency is

translated using the rate at which these values were actually purchased and/or sold.

Both realised and unrealised foreign exchange gains and losses are charged to the income, or

respectively to the expenses of the current year.

USE OF ESTIMATES

The preparation of financial statements requires the use of estimates and assumptions that affect the

reported amounts of assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses for the reporting period. These estimates and assumptions were determined by



the persons responsible on the basis of all relevant information available to them. Nevertheless, as is

implied by the nature of estimation, the actual future values may differ from these estimates.

REVENUE AND EXPENSE ACCOUNTING

Revenues and expenses are posted on an accrual basis, i.e. in the period to which they relate, both in

substance and in time, based on the handover of goods or services, irrespective of the time of payment.

Exceptions are laid down in the Accrued Expenses and Revenues company directive.

Revenues are booked inclusive of discounts and exclusive of VAT.

Estimated items are charged to expenses or revenues in the amounts known as at the balance sheet

date. Revenues from unfinished customer projects are posted at the balance sheet date based on expert

estimates provided by the corresponding divisions’ directors.

INCOME TAX

Current income tax is calculated based on the applicable tax rate and from the book income increased

and/or decreased by the permanently or temporarily non-deductible expenses and non-taxable income.

Deferred tax is determined from all temporary differences arising from different accounting and tax

perspectives on items declared in assets and liabilities. The difference observed is multiplied by the

income tax rate applicable in the following tax period. If the rate changes, the deferred tax is recalculated.

MUTUAL SETTLEMENTS

In the case of mutual receivables and payables between AIMTEC a. s., AIMTEC Consulting s.r.o. and

AIMTEC Outsourcing s.r.o. (the AIMTEC group) the company proceeds in accordance with Section

58(2) of Decree No. 500/2002 Coll., as amended, and declares these mutual receivables and payables

in the amount of the actual balance.

TRANSFER PRICING AND COST ALLOCATION WITHIN THE AIMTEC GROUP

On the basis of a Contract on Mutual Provision of Consulting Services, consulting/programming services

are charged between the companies on a monthly/quarterly basis. Every year, always as of the last day

of the accounting period, on the basis of a calculation and the total number of hours invoiced in the

current year, additional one-off billing will be performed at the current rate, always as of 31 December.

The specific amounts for the consulting services mutually provided within the group in 2018 are

presented in the section entitled Significant Items in the Profit and Loss Statement.

The services performed by the employees of the subsidiary AIMTEC Outsourcing for internal projects

commissioned by the parent company will be settled as of 31 December of the current year. The rate

for the internal project services is applied in line with the above paragraph.

As of 31 December of the current year, the employee capacity of the subsidiary AIMTEC Outsourcing

s.r.o. reserved for the needs of the parent company is also accounted for; the rate applied for this

purpose is set at 15% of the standard hourly rate under the first paragraph.

The specific amounts for internal project services and the human resources earmarked for them are

presented in the section entitled Significant Items in the Profit and Loss Statement.

The group’s internal services are also mutually settled as of 31 December of the current year. The

specific amounts for 2018 are presented in the section entitled Significant Items in the Profit and Loss

Statement.



The mutual settlement of other items (generally due to the issuing of supplier invoices for a single

member of the group only) is performed either continually on the basis of supplier invoices, if the precise

amount pertaining to the other members of the group is known, or as a one-time settlement as of 31

December of the current year, on the basis of a suitably selected allocation key. In both of these cases,

the settlement is performed without any additional charges, strictly in the amount of the actual costs

incurred. When transferring the costs over the course of the year, a credit to the other liabilities account

occurs for the group member to whom the supplier issued the invoice, and a debit to the cost account

occurs for the group member to whom the cost actually pertains. When a settlement is not performed

until the end of the year, the group member to whom the supplier issued the invoice debits its cost

account; at the end of the year, this member issues an invoice to the group member to whom the cost

actually pertains and credits this same cost account with the amount of the invoice. The group member

to whom this internal invoice was issued debits the corresponding cost account.

Since 2017, the allocation of the costs of rent, energy and related services among the AIMTEC Group

members has changed. In connection with the recruitment of a large number of new employees, the

organisation of the offices for the individual divisions and departments was changed, and the cost

allocation used to date ceased to be relevant. The subleasing contracts that governed this subject until

2015, and within which specific spaces were assigned to the individual companies, were terminated,

and the costs for rent, energy, and related office space rental services are now always allocated as of

the balance-sheet date. The allocation is based on the number of employees in the individual companies

who utilise the offices in all three of the buildings. Within AIMTEC a.s., the allocation of these costs is

credited to the corresponding cost accounts; for the remaining members of the group, meanwhile, it is

debited to the same accounts. The specific amounts are presented in the section entitled Significant

Items in the Profit and Loss Statement.

4 FIXED ASSETS


Purchase price

Thousands CZK

Balance as of

1 Jan 2018


31 Dec 2018

Software 41 508 8 616 0 50 124 *



Total 41 833 8 616 0 50 449

*of which the company's own software comprises 48,030 thousand CZK



Thousands CZK

Balance as of

1 Jan 2018

Depreciation incl.

net book value at

disposal


31 Dec 2018

Software 33 691 6 446 0 40 137



Total 33 901 6 548 0 40 448




Purchase price

Thousands CZK

Balance as of

1 Jan 2017


31 Dec 2017

Software 34 601 7 422 515 41 508 *



Intangible fixed assets under

construction

103 7 417 7 520 0

Total 34 932 14 936 8 035 41 833

* of which the company's own software comprises 36 770



Thousands CZK

Balance as of

1 Jan 2017

Depreciation incl.

net book value at

disposal


31 Dec 2017

Software 29 577 4 629 515 33 691



Total 29 608 4 807 515 33 901



Purchase price

Thousands CZK

Balance as of

1 Jan 2018


31 Dec 2018



34 478 5 759 858 39 378

cars 27 804 2 402 712 29 494

hardware 5 962 2 715 146 8 531

furniture 495 584 0 1 079

other 217 58 0 275

Total 34 478 5 759 858 39 378


Thousands CZK

Balance as of

1 Jan 2018

Depreciation

incl.

net book value

at disposal


31 Dec 2018



21 850 5 283 858 26 276

Total 21 850 5 283 858 26 276




Purchase price

Thousands CZK

Balance as of

1 Jan 2017


31 Dec 2017



32 049 4 815 2 387 34 478

cars 26 187 4 004 2 387 27 804

hardware 5 150 811 0 5 962

furniture 495 0 0 495

other 217 0 0 217

Prepayments for tangible assets

made

300 0 300 0

Total 32 349 4 815 2 687 34 478


Thousands CZK

Balance as of

1 Jan 2017

Depreciation

incl.

net book value

at disposal


31 Dec 2017



18 558 5 679 2 687 21 850

Total 18 558 5 679 2 687 21 850


As of 31 December 2018, the total amount of tangible assets not stated in the balance sheet, in

acquisition prices, was 3 356 thousand CZK (as of 31 December 2017: 4 034 thousand CZK).

For 14 passenger cars financed via credit from ČSOB Leasing a.s. or UniCredit Leasing CZ s.r.o. with

a total acquisition value in the amount of 9 484 thousand CZK, a security transfer of title has been

contractually arranged.

The company's management does not believe that the market value of the tangible fixed assets differs

significantly from the book value of those assets.


AS OF 31 DEC 2018

Company

Acquisition

cost of share

Thousands CZK

Share in

registered capital

%

Equity

Thousands

CZK

Profit or loss

Thousands CZK

Profit share

Thousands CZK


AIMTEC Consulting s.r.o. 20 000 100 2 345 1 496 1 000

As of 31 Dec 2017

Company

Acquisition

cost of share

Thousands CZK

Share in

registered capital

%

Equity

Thousands

CZK

Profit or loss

Thousands CZK

Profit share

Thousands CZK


AIMTEC Consulting s.r.o. 20 000 100 1 848 238 0



A share of profits from the subsidiary AIMTEC Consulting s.r.o. in 2018 was paid out on the basis of a

Partner Decision dated 4 June 2018; the sum of 1 000 thousand CZK was credited to AIMTEC a.s. on

14 August 2018.

Financial data for AIMTEC Outsourcing s.r.o. was obtained from a financial statement verified by an

auditor; in the case of AIMTEC Consulting s.r.o., a financial statement not verified by an auditor was

used.

5 INVENTORY Purchase price

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Software 41 74

Hardware 278 461

Hardware – goods being delivered 0 492

Total 319 1 027

These are products purchased from suppliers at the end of the current year that were supplied to

customers at the beginning of the following year.

6 LONG-TERM RECEIVABLES

LONG-TERM PREPAYMENTS MADE

Thousands CZK

Company

Amount prepaid

2018

Amount prepaid

2017

Purpose of the prepayment

CCS Česká společnost pro

platební karty s.r.o.

133 133 Guarantees for the CCS cards issued

Hamburk Business Center

s.r.o.

3 020 0 Rental of the new Aimtec offices – security

deposit

Jiří Dvořák JUDr. 55 55 Rental of the offices at Hálkova 24 –

permanent deposit

TESLA investiční společnost,

a.s.

7 7 Office rental in Prachatice – permanent

deposit

Total 3 215 195



7 SHORT-TERM RECEIVABLES

TRADE RECEIVABLES

Thousands CZK

Customers

2018

AIMTEC

Group

Total

Customers

2017

AIMTEC

Group

Total

Within due date 54 947 104 55 051 45 705 301 46 006

Overdue 13 436 754 14 190 9 731 1 536 11 267

Currency exchange

differences

-230 0 -230 -184 0 -184

Adjustments -1 811 0 -1 811 -476 0 -476

Total 66 342 858 67 200 54 776 1 837 56 616

As of 31 December 2018, the company does not register any liabilities with a maturity of longer than 5

years, nor did it have any as of 31 December 2017.

Mutual receivables and payables within the AIMTEC Group are settled as of the financial statements

date in accordance with the relevant provision of the pertinent decree. The amounts of mutual

settlements as of 31 December 2018 and 31 December 2017 were as follows:

Thousands CZK

Opening

balance

2018

Compensation

Compensated

balance

Opening

balance

2017

Compensation

Compensated

balance

AIMTEC Consulting s.r.o. 1 812 954 858 1 837 0 1 837

AIMTEC Outsourcing

s.r.o.

65 574 65 574 0 20 494 20 494 0

Total 67 386 66 528 858 22 331 20 494 1 837

Receivables within the AIMTEC Group are paid by the subsidiaries on the fly based on their current

cash flow status, which is known to the accounting unit in detail. Because of this, these receivables are

considered recoverable, and no provisions are created for them. Due receivables and payables are also

mutually settled periodically, on the basis of the applicable provision of the Czech Civil Code.

The company closely follows receivables past due and evaluates all acquired information continuously.

Adjustments

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Tax provisions 24 0


Accounting provisions 1 787 473




Total 1 811 473



STATE – TAX RECEIVABLES

The receivable arises from an overpayment of corporate income tax prepayments against the actual tax

liability for 2018.

SUNDRY RECEIVABLES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Receivables from employees 72 45

Receivables from fixed term operations 652 514

VAT receivables within the AIMTEC Group 2 296 0

Insurance overpayment (loan provided in 2017) 1 128

Total 3 022 687


date in accordance with the relevant provision of the pertinent decree. As regards the receivables on

the grounds of VAT (the actual tax paid by individual group members to the group’s representative

member), the compensation stated below was performed as of 31 December 2018, and a set-off of

liabilities was performed as of 31 December 2017:

Thousands CZK

Opening

balance

2018

Compensati

on

Compensated

balance

Opening

balance

2017

Compensati

on

Compensated

balance

AIMTEC Consulting s.r.o. 2 296 0 2 296 0 0 0


Total 3 823 1 527 2 296 0 0 0

8 ACCRUALS AND DEFERRALS – ASSETS

DEFERRED EXPENSES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Sub-deliveries for customer projects that will be invoiced to customers

in the following accounting periods

4 145

4 570

Licences and maintenance for internal software 502 501

Marketing costs 151 21

Office furniture (acquired in 2016 in the total value of 302 thousand CZK,

accrued for 4 years)

142

217

New Aimtec offices (Hamburk Business Center) 625 0

Other (rental of parking spaces for the next accounting period,

contribution to private pension and life insurance of employees for the

month of January of the following year, recruitment advertising, air

tickets and travel insurance for the following year, withholding tax that

could not be included etc.)

373

277

Total 5 938 5 586



ACCRUED INCOME

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Services provided for customer projects as of 31 December of the current

year that will be invoiced in the following accounting periods in accord with

contracts.

4 457

5 680

Bonus (rebate) for overachieving supplier target 0 201

Total 4 457 5 881

9 LONG-TERM PAYABLES

DEFERRED TAX LIABILITY

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Difference between the accounting and tax carrying values of

fixed assets

-6 859 -6 309

Bonuses for current year paid in the following year (including

taxes etc.)

1 158 286

Basis for deferred tax -5 701 -6 023

Deferred tax (19%) -1 083 -1 144

SUNDRY PAYABLES

On the account for sundry long-term liabilities, the company registers the balances of credits provided

for the purchase of fixed assets (passenger cars) that have a maturity of more than 1 year.

The portion of the liabilities payable within one year is stated on the balance sheet as other short-term

payables.

2018

Provider

Number

Amount of Credit

Total

Thousands CZK

Payables due

within 1 year

Thousands CZK

Payables over 1

year

Thousands CZK

Interest rate

%

ČSOB Leasing a.s. 1 518 15 0 3.5


Total 14 9 048 2 387 2 125

2017

Provider

Number

Amount of Credit

Total

Thousands CZK

Payables due

within 1 year

Thousands CZK

Payables over 1

year

Thousands CZK

Interest rate

%

ČSOB Leasing a.s. 9 5 945 1 721 15 3.5


Total 18 12 150 3 610 2 357



Information on the security transfer of title to the subject-matter of financing provided by credit agreements is

provided in the section entitled "Fixed Assets".

10 SHORT-TERM PAYABLES

TRADE PAYABLES

Thousands CZK

Suppliers

2018

AIMTEC

Group

Total

Suppliers

2017

AIMTEC

Group

Total

Within due date 20 326 18 918 39 244 16 208 7 058 23 266

Overdue 616 0 616 79 0 79

Currency exchange

differences

-62 0 -62 -20 0 -20

Total 20 880 18 918 39 798 16 281 7 058 23 339


date in accordance with the relevant provision of the pertinent decree. The amounts of mutual

settlements as of 31 December 2018 and 31 December 2017 were as follows:

Thousands CZK

Opening

balance

2018

Compensation

Compensated

balance

Opening

balance

2017

Compensation

Compensated

balance

AIMTEC Consulting s.r.o. 954 954 0 0 0 0

AIMTEC Outsourcing

s.r.o.

86 019 67 101 18 918 27 552 20 494 7 058

Total 86 973 68 055 18 918 27 552 20 494 7 058

PAYABLES – CONTROLLED OR CONTROLLING ENTITY

This was a payable towards the controlled entity AIMTEC Outsourcing s.r.o. in 2017 on the grounds of

compensation for increased costs caused by decisions made by the controlling company; the sum due

was paid on 6 March 2018.



PAYABLES TO EMPLOYEES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Salaries for December of the current year paid in January of the following year 2 814 3 038

Travel expenses for December of the current year paid in January of the following year 397 151

Total 3 211 3 188

SOCIAL SECURITY AND HEALTH INSURANCE PAYABLES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Social security – December of the current year 1 216 1 268

Health insurance – December of the current year 546 596

Total 1 762 1 864

All payables were paid within the due dates in the following period according to applicable legal regulations.

STATE – TAX PAYABLES AND SUBSIDIES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Corporate income tax 0 2 397

Personal income tax – prepayments (December of the current year) 714 771

Withholding tax abroad (December of the current year) 44 5

VAT – tax liability (December of the current year) 3 674 2 975

VAT refunds unclaimed during the current year - 1 200 -355

Road tax – balance outstanding for the current year 4 3

Payment to the state for non-fulfillment of the quota of employees with health impairments

38 0

Total 3 275 5 797

All payables were paid within the due dates in the following period according to applicable legal regulations. Excess tax deductions

were claimed in regular tax returns the following year.



ESTIMATED PAYABLES


31 Dec 2018

Balance as of

31 Dec 2017

Services connected with the rental of offices for the current year invoiced by the renter

in the year following

801

755

Sub-deliveries supplied but not invoiced as at the balance-sheet date 525 352

Licensing fees 0 3 546

Wage bonuses for the current year paid in the following year (including taxes etc.) 1 158 286

Invoices not received as at the date of closing the books 30 30

Total 2 514 4 969

SUNDRY PAYABLES

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Credit agreements – repayments due within 1 year * 2 387 3 610

Contribution to employees' pension insurance for January of the

following year

30 35

Statutory employer liability insurance for the fourth quarter of the

current year

35 37

Total 2 452 3 682

11 DEFERRED EXPENSES

DEFERRED INCOME

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Maintenance for the following year invoiced to customers at the end of the current

year

15 472 11 652

Reserved services for the following year invoiced to customers at the end of the

current year

1 205

717

Services for customer projects as of 31 December of the current year invoiced in

accord with contractual provisions, which will however not be provided until the

following account period

8 955

5 443

Agreed interest on loan (due in the following year) 0 5

Total 25 632 17 818



12 LEASING The company does not have any financial leasing contracts running as of 31 December 2018, and

likewise did not as of 31 December 2017.

13 OFF-BALANCE SHEET ITEMS

Thousands CZK

Balance as of

31 Dec 2018

Balance as of

31 Dec 2017

Low-value fixed assets 3 356 4 034

Off-balance sheet items, total 3 356 4 034

Assets repurchased after the end of the finance lease with the subsequent

purchase of the leased item (hardware, furniture)

1 077

1 077

Issued advance invoices outstanding at the balance sheet date 0 1 781

Received advance invoices outstanding at the balance sheet date 2 2

Operations items, total 1 079 2 860

14 INFORMATION ON TRANSACTIONS WITH ASSOCIATED PARTIES

Thousands CZK

Shareholders

as of 31 Dec 2018

Board members

as of 31 Dec

2018

Shareholders

as of 31 Dec 2017

Board members

as of 31 Dec

2017

Receivables 393 0 119 0

Provided loans 0 0 0 0

Guarantees 0 0 0 0

Trade receivables 393 0 119 0

Payables 5 316 0 0 0

Received loans 0 0 0 0

Credit 0 0 0 0

Trade payables 5 316 0 0 0

Other benefits 1 652 3 382 1 666 4 977

Monetary 0 0 0 0

Non-monetary 1 652 3 382 1 666 4 977

cars in use 1 580 3 310 1 594 4 905

provided services 0 0 0 0

pension insurance 24 24 24 24

private life insurance 48 48 48 48



15 RESEARCH AND DEVELOPMENT COSTS In 2018, the company did not incur any research and development costs; the same applies for 2017.

16 SIGNIFICANT ITEMS IN THE PROFIT AND LOSS ACCOUNT STATEMENT

STRUCTURE OR REVENUES FROM THE SALE OF SERVICES AND GOODS

Thousands CZK

2018

Domestic

Foreign

2017

Domestic

Foreign

Total revenues from services 111 340 106 157 112 099 61 518

Consulting 62 959 50 448 66 430 32 131

Maintenance (self-provided and purchased) 16 198 11 892 15 422 8 541

Periodic support payments 14 256 16 381 10 278 7 892

Sales of own software 10 902 20 378 14 133 10 658

Consultants' travel expenses 251 4 708 255 1 411

Car rental 2 268 0 2 033 0

Other (marketing, private fuel costs for employees,

handling, shipping etc.)

4 506

2 350

3 548

885

Revenues from the sales of goods, total 42 716 10 315 32 917 16 969

Hardware 36 976 8 814 30 607 6 921

Software 5 741 1 501 2 310 10 048

Sub-deliveries of consulting services for customer projects within the AIMTEC Group

Thousands CZK 2018 2017

AIMTEC Consulting s.r.o. 1 868 1 156

AIMTEC Outsourcing s.r.o. 4 669 3 897

Total 6 537 5 053



STRUCTURE OF FOREIGN REVENUE BY COUNTRY

2018

Thousands

CZK


2017

Thousands

CZK


Europe, total 101 899 87.49% 71 067 90.55%

Germany 31 459 27.01% 28 962 36.90%

Netherlands 22 555 19.36% 693 0.88%

Slovakia 17 211 14.78% 12 811 16.32%

Great Britain 11 401 9.79% 16 653 21.22%

France 4 291 3.68% 1 083 1.38%

Switzerland 2 365 2.03% 480 0.61%

Other countries (less than 2% share of

foreign sales in 2018)

12 617 10.83% 10 385 13.23%

United States of America 12 105 10.39% 4 188 5.34%

Morocco 820 0.70% 604 0.77%

Mexico 763 0.65% 486 0.62%

China 616 0.53% 1 232 1.57%

Russia 145 0.12% 573 0.73%

Tunisia 105 0.09% 337 0.43%

Israel 21 0.02 % 0 0%

Total 116 472 78 487

SERVICES (costs)

Services primarily include sub-deliveries for customer projects (consulting services and maintenance)

in the amount of 51 million CZK, with 42 million CZK of this being for consulting services within the

Aimtec group.

Employees of the subsidiary AIMTEC Outsourcing s.r.o. provided services worth CZK 40 million to the

parent company for its internal projects. The subsidiary also invoiced the parent company for the

reserved capacity of its consultants and programmers in the amount of 5 million CZK.

SUNDRY OPERATING INCOME


Services within the group 3 847 6 830

Insurance benefits 586 1 196

Other (settlement of estimated items etc.) 76 33

Total 4 509 8 059



Services within the Group (Revenues)

Thousands CZK

2018

AIMTEC

Consulting s.r.o.

AIMTEC

Outsourcing s.r.o.

2017

AIMTEC

Consulting s.r.o.

AIMTEC

Outsourcing s.r.o.

Human resources management 0 0 0 471

Technical support (IIS) 0 468 0 1 018

Technical support (ITC) 0 3 199 0 1 854

Technical support (OTH) 0 180 0 1 259

Strategic management 0 0 2 228

Total 0 3 847 0 6 830

OTHER OPERATING EXPENSES


In-house services 16 936 9 907

Compensation of costs incurred by a subsidiary 0 5 725

Others (withholding tax that could not be included; compensation for

damages incurred by customers due to system malfunction)

101

650

Total 17 037 16 282

Services within the Group (Costs)

Thousands CZK

2018

AIMTEC

Consulting s.r.o.

AIMTEC

Outsourcing s.r.o.

2017

AIMTEC

Consulting s.r.o.

AIMTEC

Outsourcing s.r.o.

Sales activities 0 11 821 0 7 796

Human resources management 0 275 0

Marketing activities 0 1 503 0 1 168

Accounting and finance 0 505 0 491

Office management 0 828 0 452

Strategic management 0 2 004 0

Total 0 16 936 0 9 907

OTHER FINANCIAL EXPENSES


Currency exchange losses 1 777 2 868

Gifts 846 853

Insurance 1 260 1 209

Bank charges 211 172

Total 4 094 5 102



17 ASSUMPTION OF THE COMPANY'S CONTINUED OPERATION

The company's financial statements as of 31 December 2018 were prepared on a going concern basis.

The included financial statement therefore does not contain any provisions that might result from

uncertainty in this regard.

18 SIGNIFICANT EVENTS AFTER THE BALANCE-SHEET DATE

No significant events occurred between the balance sheet date and the date of the financial statements.

Processed by: Michaela Brožová

Balance-sheet date: 31 December 2018

Date of drafting of the financial statements: 6 May 2019

-------------------------------------------------------------------------------------------



Statement of Changes in Equity as of 31 Dec 2018

Thousands CZK

Share capital

Capital funds

Funds from

profit and the

reserve fund

Retained

earnings from

previous years

Accumulated

losses from

previous years

Profit or loss for

the current

period

TOTAL EQUITY

Balance as of 31 Dec 2016 2 000 -26 200 40 737 0 20 466 63 377

Distribution of profit or loss 20 466 -20 466 0

Change in registered capital 0

Profit shares paid 0

Settlement of funds from profit and reserve

funds

-200 200 0

Gains or losses from the revaluation of assets

and liabilities

26 26

Profit or loss for the current period 22 796 22 796

Balance as of 31 Dec 2017 2 000 0 0 61 403 0 22 796 86 199

Distribution of profit or loss 16 296 -16 296 0

Change in registered capital 0

Profit shares paid -6 500 -6 500

Settlement of funds from profit and reserve

funds

0

Gains or losses from the revaluation of assets

and liabilities

0

Profit or loss for the current period 14 901 14 901

Balance as of 31 Dec 2018 2 000 0 0 77 699 0 14 901 94 600

The registered capital comprises 40 registered certificated shares with a nominal value of 25 thousand CZK each and 100 registered certificated shares with a nominal

value of CZK 10 thousand CZK each (paid up).

/61 | Consolidated Annual Report Aimtec 2018

In 2018, dividends totalling 6 500 thousand CZK were paid to shareholders on the basis of a decision of the General Meeting dated 4 June 2018 and the remaining part

of profit for 2017 in the amount of 16 296 thousand CZK was transferred to retained earnings.

In 2017, on the basis of a decision of the General Meeting dated 15 June 2017, the profit of 2016 in the amount of 20 466 thousand CZK and the reserve fund of 200

thousand CZK were transferred to the retained earnings account.

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