Annual Report • May 30, 2012
Annual Report
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
Consolidated financial statements for the year ended December 31, 2011
$\hat{\boldsymbol{\gamma}}$
| Page | |
|---|---|
| Balance Sheet | $3 - 4$ |
| Income Statement | 5 |
| Statement of Changes in Shareholder's Equity | 6 |
| Cash Flow Statement | $7 - 8$ |
| Notes to the Financial Statements | $9 - 62$ |
| 31 December 2011 | 31 December 2010 | |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 5,070 | 4,970 |
| Investment property | 60,997 | 70,086 |
| Investments | 539 | 1,236 |
| Intangible assets | 27 | 50 |
| 66,634 | 76,342 | |
| Current assets | ||
| Inventories | 42,994 | 47,670 |
| Trade receivables | 11,341 | 13,939 |
| Prepayments and other | 51 | 44 |
| receivables | ||
| Cash and cash equivalents | 2,121 | 7,742 |
| 56,507 | 69,394 | |
| Total Assets | 123,140 | 145,736 |
| EQUITY AND LIABILITIES | ||
| Capital and reserves | ||
| Issued capital | 56,846 | 57,340 |
| Capital paid in excess of par value | 19,455 | 19,683 |
| Revaluation surplus | 1,991 | 2,072 |
| Accumulated result - profit | 14,175 | 26,007 |
| 92,468 | 105,101 | |
| Minority interest | -7 | 21 |
| Non-current liabilities | ||
| Borrowings | 14,992 | 22,990 |
| Deferred incomes | 4,808 | 6,540 |
| 19,800 | 29,529 | |
| Current liabilities | ||
| Trade and other payables | 4,072 | 4,626 |
| Short term borrowings | 0 | 0 |
| Current portion of interest-bearing | 6,248 | 5,956 |
| borrowings | ||
| Provisions | 559 | 502 |
| 10,879 | 11,084 | |
| Total Equity and Liabilities | 123,140 | 145,736 |
The consolidated financial statements along with the Notes to the financial statements presented from page 9 to page 62 have been authorised to be issued on 18 May 2012 by the Executie Manager and signed by:
Carmen Sandulescu
Lidia Varzaru
Chief Accounting Officer
(all amounts are expressed in thousands EUR, unless stated otherwise)
| 2011 | 2010 | |
|---|---|---|
| Turnover | 2,267 | 6,169 |
| Effects from IAS 40 - revenue/(cost) | $-8,251$ | $-23,756$ |
| Other operating income | 3,362 | 3,068 |
| Change in inventory of finished goods and work in progress |
$-6,580$ | $-5,293$ |
| Work performed by the enterprise and capitalised |
5,816 | 2,454 |
| Raw material and consumables | $-714$ | $-532$ |
| Staff costs | $-392$ | $-674$ |
| Depreciation and amortization expenses | $-414$ | $-474$ |
| Other operating expenses | $-6,647$ | $-8,334$ |
| Net finance cost | $-1,601$ | $-412$ |
| Income from associates | -8 | 293 |
| Profit before tax | $-13,161$ | $-27,492$ |
| Income tax | 1,679 | 3,856 |
| Profit after tax | $-11,482$ | $-23,636$ |
| Minority interest | 23 | $-3$ |
| Net profit for the period | $-11,459$ | $-23,639$ |
(all amounts are expressed in thousands EUR, unless stated otherwise)
| Description | Share capital |
Capital paid in excess of par value |
Revaluation surplus |
Retained earnings |
Translation adjustments |
Total |
|---|---|---|---|---|---|---|
| Balance as at Dec. 31, 2010 |
57,340 | 19,683 | 2,072 | 37,981 | $-11,974$ | 105,102 |
| Investimob | $-390$ | 6 | $-384$ | |||
| Exchange diff. (*) | $-159$ | $-81$ | 143 | $-132$ | $-229$ | |
| Net result of the period |
$-11,459$ | $\overline{\phantom{a}}$ | $-11,459$ | |||
| Dividends distributed | $\mathbf 0$ | |||||
| Losses from shares redeemed |
$-69$ | $-69$ | ||||
| Losses related to equity instruments |
$-494$ | $-494$ | ||||
| Revaluation reserved | $\mathbf 0$ | |||||
| Decrease in fixed assets value, previously recognised in revaluation surplus |
$\bf{0}$ | |||||
| Balance as at Dec. 31, 2011 |
56,846 | 19,455 | 1,992 | 26,275 | $-12,100$ | 92,468 |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| 2011 | 2010 | |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before taxation | $-13,161$ | -27,492 |
| Adjustments for: | ||
| Translation adjustments | $-647$ | $-1,608$ |
| Revenues from investment property | 8,251 | 23,756 |
| Minority interest | $-4$ | $-11,599$ |
| Depreciation | 414 | 474 |
| Loss / (profit) on disposals of non-current assets | 6 | $-222$ |
| Increase / (Decrease) in provisions for risks and charges | 202 | 486 |
| Increase / (Decrease) in allowances for bad debts | 41 | 546 |
| Increase / (Decrease) in allowances for inventories | 3 | 0 |
| Increase / (Decrease) in impairment for participations | 713 | |
| Interest income | $-480$ | $-1,379$ |
| Interest expenses | 1,370 | 1,544 |
| Other finance (income)/expenses, net | -8 | -3 |
| Operating profit before working capital changes | $-3,301$ | $-15,496$ |
| Decrease / (Increase) in trade and other receivable | 4,754 | 1,090 |
| Decrease / (Increase) in inventories | 3,845 | 8,893 |
| Increase / (Decrease) in trade and other payable | $-446$ | $-2,028$ |
| Cash generated from operations | 4,852 | $-7,541$ |
| Income tax paid | $-24$ | $-47$ |
| Net cash from operating activities | 4,828 | $-7,588$ |
| Cash flows from investing activities | ||
| Aquisition of other financial assets | $-16$ | |
| Purchase of property, plant and equipment | $-3,176$ | 8,481 |
| Proceeds from sale of non current assets | 1,533 | 516 |
| Net cash used in investing activities | $-1,660$ | 8,997 |
| Cash flows from financing activities | ||
| Proceeds from issuance capital | $\Omega$ | 122 |
| Movements in long term loans | $-7,697$ | $-5,076$ |
| Movements in leasing contracts | -8 | $-62$ |
| Interest (paid)/received, net | $-1,033$ | $-10$ |
| Other finance expenses paid, net | 8 | 3 |
| Dividends paid/profit share to employees | $-60$ | $-3$ |
| Net cash used in financing activities | $-8,789$ | $-5,026$ |
| Net increase/(decrease) in cash and cash equivalents | $-5,621$ | $-3,617$ |
| Cash and cash equivalents at beginning of period | 7,742 | 11,395 |
| Cash and cash equivalents at end of period | 2,121 | 7,742 |
Impact Developer & Contractor S.A. is one of the first private companies active in this industry, having been founded in 1991 by public subscription. Initially, its main activities were the lease and maintenance of luxury villas in the Bucharest area. In 1995, Impact introduced the concept of the "residential compound" to the Romanian market and thereafter progressively evolved into a pure real estate developer. Since 1996, Impact has been the only local developer to be listed on the Bucharest Stock Exchange (BSE). In 2006, the company's shares were promoted to the first tier of the stock market, becoming the first company in the real estate development and building sector to do so.
Initially a developer of small, residential properties in Bucharest, Impact now focuses mainly in the development of large-scale projects having initiated mixed-use projects in Bucharest.
Since 1995, Impact has expanded its activities nationally and developed over 2,200 dwellings as well as 25,000 sqm of office and retail space. Impact completed 16 small and medium projects in the last 19 years. The company is currently involved in four developments, each with a distinct project time frame and at a different stage of completion. Its pipeline is dominated by one major project: the Greenfield developments from Bucharest.
In 2011 the total number of the contracts signed for residential dwellings increased from 118 contracts signed in 2010 to 150 contracts signed in 2011. From the total number of 150 dwellings, 69 were sales contracts paid in full or paid in installments, and the rest of 81 dwellings were rented. The renting contracts increased with 84% compared with the previous year, so in 2011 there was registered a preference for renting over purchasing residential units comparing with 2010. In 2011 there were also sold small land plots for housing and small businesses in Bucharest-Ilfov and Ploiesti, totaling 6350 sqm.
Management keeps an eye on the market's pulse and responds appropriately to any changes in demand by adapting very quickly to the market changes.
In 2011, in the fourth year of the financial crisis, Romania's strong performance in industrial production, as well as its solid export performance helped the recovery of the country's GDP. Favorable economic conditions, including lower unemployment rates started a slight recovery in domestic demand. Although sentiment has improved globally with sharp declines showing signs of leveling off, both investors and lenders remain risk averse and investment and lending activity remain very restrictive.
Regarding the company strategy, IMPACT, in 2011 had as goals:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
IMPACT Company is led by the General Shareholders' Meeting which, through the Managing Board chosen by the shareholders, takes the decisions pertaining to the company's strategy. The executive power is exercised by the CEO of the company. The company has also an executive director.
IMPACT must identify a clean setting, linked to the city by modern roads, must offer level plans and facades which can cover a larger area of the financial possibilities of its clients, accomplish durable and high quality construction and fittings, grant performance guarantees and more flexible payment mechanisms, adapted to the financial availability of the clients.
In order to draw respect and exceed the expectations of the real estate market, the corporation IMPACT promotes its values, abiding by them in any activity.
The Company's organisational culture has as a basis the following set of values:
• Client satisfaction – translated as client orientation, by the provision of high quality products, adapted to its needs:
• Communication - we believe that efficient communication is at the core of development;
. People - concern for people is translated through the attention offered to representing the interests of our employees and shareholders;
IMPACT Developer & Contractor is permanently concerned for the quality of the products and services that it provides but also for the improvement of the life quality of its employees and for the protection and development in a systematical and conscientious mode of the environment.
The company was ISO certified in 2005: ISO 9001: 2000 and 2004: ISO 14001, the integrated management system being re-acknowledged by an auditing survey in the 2006.
By the implementation of this integrated management system IMPACT Developer& Contractor S.A succeeded in ensuring the coherence of the three aspects (quality, environment, occupational health and security) inside the processes, in minimizing the dissipation of responsibilities and, at an equal extent, in having a unitary vision upon the development projects or upon the provided products and services. Also, the integrated management system allowed the constitution of the framework for the putting into application in an efficient way of the specific concepts and techniques of project management.
On external plan, the concern for quality, environment, occupational health and security took shape by an attentive keeping under control of the outsourced processes for the execution of construction works and of installations afferent to these. Thus, IMPACT Developer& Contractor S.A imposed to all its partners to apply consequently its quality, environment and occupational health and security policies.
Impact has successfully developed a diverse range of projects in the Northern part of Bucharest, allowing it to become the most prominent residential developer in Northern Bucharest.
Starting with 2003 Impact expanded also in Constanta, Ploiesti and Oradea and developed more that 500 units in this locations also.
The company is currently involved in four developments, each with a distinct project time frame and with a different completion stage. Its pipeline is dominated by one major project: the GreenfieldProject.
Greenfield, one of the largest mixed-use development projects in Romania, is located in the northern area of Bucharest, bordered on two sides by Baneasa Forest and Tunari Forest. This provides a relaxed and unpolluted environment together with landscaped green areas.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
Greenfield is based on a "neighbourhood" concept, providing all types of facilities required by habitants of a modern city: residential neighbourhoods – flats, office buildings, shopping malls and commercial galleries, hotels, public facilities - schools, health care facilities, kindergarten, and leisure areas - tennis courts, playgrounds, parks.
The project was conceived in two phases, Greenfield 1 (phase 1) and Greenfield 2 (Phase 2 - Phase which is divided in 7 sub-phases).
Greenfield I (phase 1) is located in the South-Eastern part of the project and is developed on 9 ha. It is a residential project and it comprises over 670 residential units divided in 5 compounds:
Rubin, Topaz, Blue, Onix and Quartz
Rubin, Topaz and Onix compounds were finalized in 2008, Blue compound in 2009 and the Quartz compound was finalized in July 2010. The dwellings from Quartz compound can be delivered either completely finished or without finishing depending on the client's choice.
The summary of significant accounting policies and principles adopted in preparation of the accompanying financial statements is as follows:
Impact Developer & Contractor SA (the Company) presents these consolidated financial statements. These consolidated financial statements incorporate the results of the Company and its subsidiaries: Bipact 1995 SRL, Hobbit Intermediere Asigurari SRL, Actual Invest House SRL, Millenium Consult Invest 2002 SRL, Intop Construction SRL and Clearline SA as detailed in Note 23 "Principal subsidiaries".
The accompanying financial statements are prepared in accordance with and comply with International Financial Reporting Standards (IFRS). These financial statements have been prepared under the going concern assumption on the basis of the statutory accounts. They are not the statutory accounts of the Group.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
The Group companies maintain and prepare their statutory records ("Statutory Financial Statements") in accordance with Romanian Law and Romanian Accounting Standards ("RAS") and practice, in Romanian historical currency ("RON"). The accompanying financial statements ("IFRS Financial Statements") are based on RAS records, which are maintained under the historical cost convention with adjustments and reclassifications recorded for the purpose of fair presentation in accordance with IFRS.
The consolidated financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.
IAS 21 "The effects of changes in foreign exchange rates" requires that the financial statements of a foreign entity that reports in the currency of a hyperinflationary economy should be restated in accordance with IAS 29 "Financial reporting in the Hyperinflationary Economies" before being translated into a different reporting currency. The restatement of financial statements in accordance with IAS 29 requires the use of a general price index that reflects changes in general purchasing power of reporting currency.
It is a consensus that Romania ceased to be a hyperinflationary economy during the year 2004. Therefore, the Group companies discontinue the preparation and presentation of the financial statements in accordance with provision of IAS 29, but according to provision of IAS 21 it will use for reporting purposes the amounts expressed in the measuring unit current at the date of discontinuation (31 December 2003) as historical cost for translation into EUR.
The primary guidelines followed in translation of the financial statements of the Group companies are as follows:
the general price index to 31 December 2003 before being translated at the closing exchange rates existing at the date of each balance sheet presented.
All exchange differences resulting from the translation of the current year financial statements are recognized directly to the equity while the effect of translation on the Company's net monetary position until date of discontinuance was included in the income statement as translation gain or loss.
The preparation of consolidated financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Estimates have principally been made in respect of estimated impairment allowance, provisions for risks and charges, allowances for doubtful debts and for old and slow moving inventories and deferred tax. Although these estimates are based on the management's best knowledge of current events and actions, actual results may differ from these estimates.
Non-current tangible assets are stated in the balance sheet by applying the closing exchange rate RON/EUR rates existing at the date of each balance sheet presented to their either historical costs or revaluated value in RON. Historical cost for the assets acquired until date of discontinuance is expressed the measuring unit current at the 31 December 2003 before being expressed in EUR.
When assets are sold or retired, their cost and accumulated depreciation are eliminated from the accounts and any gain or loss resulting from their disposals is included in the income statement. The initial cost of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes and any direct attributable costs of bringing the asset to its working condition and location for its intended use.
Straight-line depreciation is recorded based on the following estimated useful lives:
| Years | |
|---|---|
| Buildings | 40 |
| Equipment, furniture and fixtures | $3 - 12$ |
| Vehicles |
Intangible assets are stated in the balance by applying the same approach as for Property, plant and equipment. Intangible assets are amortized on a straight-line basis over 3 years.
Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in income for items carried at cost.
The recoverable amount is the higher of an asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of an asset in an arm's length transaction while value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cashgenerating unit.
Reversal of impairment losses recognized in prior years is recorded when there is an indication that the conditions leading to the impairment losses recognized for the asset no longer exist or has decreased. The reversal is recorded in income.
The Group has ownership over properties that are not held for a specific purpose. The properties consist in land held in different locations. The Group has adopted in 2006 for the first time the provisions of IAS 40 "Investment properties". As disclosed in Note 11 "Revenues from investment properties", the changes in value of the investment properties are reported directly to the income statement.
Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has the power to govern the financial and operating policies, are consolidated. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when
assessing whether the Group controls another entity.
Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.
If some subsidiaries do not have significant influence to the Group figures then the subsidiary's figures have not been consolidated. The investment of parent company in those subsidiaries is presented at cost under "Financial investment" line in balance sheet. Also, the investments in companies where the voting rights are below fifty percent are presented at cost under the same line in balance sheet.
Inventories are valued at the lower of acquisition/production cost and net realizable value, after provision for obsolete items. Cost is calculated on a first-in-first-out (FIFO) basis.
According to the economic reality and the policy of Impact, land being intended for sale to their greatest extent, they are considered raw materials. Due to their special character, the method to calculate the cost is the Weighted Average Cost (WAC) and includes besides the proper acquisition cost other expenses as well caused by their bringing into the shape intended for sale.
Where necessary, an allowance is created for slow moving and obsolete inventories in order to arrive at the net realizable value, so a 50% provision for inventories without any movement for a period of three months.
Net realizable value is the selling price in the ordinary course of business, less the costs of completion, marketing and distribution. Obsolete inventories are identified individually and provided in full.
For slow moving inventories the allowance is created based on an estimation of the age of inventories by each main category is made, considering the stock turnover by each main category and inventories older than one year, estimated as described above.
Receivables are stated at cost net of a provision for doubtful debts, estimated based on known relevant factors affecting collectability. Ultimate losses may vary from the current estimates.
Cash includes cash on hand and cash with banks. The cash in bank and in hand in foreign currencies was reevaluated with the exchange rate communicated by the National Bank of Romania at the end of the period. The exchange differences related to the revaluation were recorded in the Income Statements.
A provision is recognized when, and only when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable (i.e. more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditures expected to be required to settle the obligation. When discounting is used, the increase in provision reflecting the passage of time is recognized as interest expense.
Revenue is recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably.
Revenue from sale of goods is recognized when all the following conditions, including the above, have been satisfied:
Revenues and expenses exclude Value Added Tax and are recorded on an accrual basis.
Interest is charged to income statement on accrual basis.
The taxation charge is calculated in accordance with Romanian taxation regulations and is based on the results reported in the income statement of the Company prepared under RAS after adjustments for tax purposes. Current income taxes are provided on statutory income, as adjusted for certain items by tax legislation, at a rate of 16%.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
In accordance with IAS 12 ("Income Taxes (revised)"), deferred tax liabilities and assets are recognized for the tax effects attributable to differences between the tax and book bases of assets and liabilities (i.e. future deductible or taxable temporary differences) and carry forwards, using the currently enacted tax rates. The measurement of deferred tax assets are then reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized.
For the deferred tax we applied a current rate of 16%.
For the purpose of the accompanying financial statements, the parent company and the companies identified by the Company as being associated with it are considered and referred to as related parties.
Contingent liabilities are not recognised in the accompanying financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
A contingent asset is not recognized in the accompanying financial statements but disclosed when an inflow of economic benefits is probable.
The Company does not sponsor any pension or other post retirement benefits plans for its employees. All the employees of the Company are members of pensions plan sponsored by the Romanian government. The Company has no further obligations with respect to pension plan.
Where necessary, the comparative figures have been adjusted to conform to changes in presentation in the current year.
The shares included into the loyalty program developed by IMPACT DEVELOPER & CONTRACTOR S.A. have a nominal value of 1 RON. The company's shares are traded on the category I of the Bucharest Stock Exchange.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| Description | Land& Buildings |
Investment property |
Plant & equipment, Vehicles |
Office equipment |
Fixed assets under construction |
TOTAL |
|---|---|---|---|---|---|---|
| Cost | ||||||
| At 31.12.2010 | 4,629 | 70,086 | 1,686 | 199 | 46 | 76,646 |
| Exchange diff | $-37$ | $-566$ | $-14$ | $-2$ | $\Omega$ | $-619$ |
| Additions | 9,420 | 1,708 | 49 | $\overline{0}$ | 5,582 | 16,760 |
| Change in | ||||||
| investment | $-8,251$ | $-8,251$ | ||||
| property (*) | ||||||
| Disposals | $-8,926$ | $-1,980$ | $-37$ | $-11$ | $-5,629$ | $-16,583$ |
| At 31.12.2011 | 5,086 | 60,997 | 1,685 | 187 | $\bf{0}$ | 67,954 |
| Depreciation | ||||||
| At 31.12.2010 | 204 | 0 | 1,248 | 138 | $\bf{0}$ | 1,590 |
| Exchange diff | $-2$ | 0 | $-10$ | $-1$ | 0 | $-13$ |
| Charge | 655 | 0 | 121 | 25 | $\overline{0}$ | 801 |
| Disposals | $-468$ | 0 | $-23$ | $-1$ | $\overline{0}$ | $-492$ |
| At 31.12.2011 | 389 | $\bf{0}$ | 1,336 | 161 | $\bf{0}$ | 1,886 |
| Impairment | ||||||
| At 31.12.2011 | 0 | 0 | $\overline{0}$ | 0 | $\overline{0}$ | $\bf{0}$ |
| Net Book Value | ||||||
| 31.12.2010 | 4,425 | 70,086 | 438 | 61 | 46 | 75,056 |
| 31.12.2011 | 4,697 | 60,997 | 349 | 25 | $\bf{0}$ | 66,068 |
The Group's tangible assets have been revaluated in 1994, 1998, 2000, 2003, 2006, 2009 and 2010.
At the end of the year 2011 there took place a revaluation of construction-type fixed assets. The revaluation was made by Parker Lewis for the land and by the valuation expert Vasile Monica for the rest of the properties. The revaluation was made on the basis of real value. Following this revaluation there resulted both positive and negative differences, cumulatively the value of assets decreasing. According to the accounting regulations, when the revaluation result is a decrease of net accounting value, this is treated as an expense with the entire depreciation value, when in the revaluation reserve is not registered an amount related to that asset.
(*) The Group decided to adopt starting with 2006 the alternative treatment recommended by IAS 40 "Investment properties", recording part of the land owned and the rented units at their market value. An authorised external evaluator has revaluated these properties. The difference between the historical cost of the land and the revaluated amount has been recognised directly to income statement.
In the year 2011, due to the existing economic context, work was done only in order to finish the started units from the residential compounds. For this reason, the value of the construction works compared to the preceding year is much diminished. In the range of the products offered by the company there are included both completely finished dwelling units, and some dwelling units on red stage, and others on plaster, so as the clients may purchase the products that are the most fit for their needs.
In August 2011 there were finished the approaches for the sale of a new real estate type P+3 within the Greenfield assembly, with a total built area of 919 sqm placed on the afferent land, plus a land plot with a surface of 693 sqm adjacent to the construction. The transaction was concluded on the date of 1st August, having a value of 1 million Euros plus V.A.T. The concluded transaction consolidates the existing advantages for the inhabitants of the Greenfield urban pole, as it allows the expansion of the volume and range of services afferent to education, sports and free time available for the children of the families in the area. On the third quarter there were terminated the contracts afferent to 33 constructions following the beneficiary entering liquidation. Following this termination there was recorded a minus per revenues from the sale of products in an amount of 12.07 mil lei. At present these constructions were recorded in inventories, 17 constructions with a value of 5.12 mil lei as finished products and 16 constructions with a value of 4.19 mil lei as tangible assets.
At the end of the month of December 2011 there existed a number of 395 houses and apartments of which 216 units are rented or held for lease, 176 units are held in stock for sale and 3 units are fixed assets.
In the year 2009 there was started a new assembly in Greenfield - RFR, with 46 apartments in the first phase. For the moment the capitalized costs comprise design, taxes, advices, etc. The investment afferent to the Dealul Lomb project is in an amount of 4,473 keuro representing investments in Dealul Lomb project (PUZ, roads, water and electricity networks etc). These were established by the framework contract no. 55423/04.07.2007 concluded between Impact Developer&Contractor SA and Cluj-Napoca Local Council as a prerequisite for the establishment of the company Clearline Development (former Lomb SA). In the year 2011 Impact summons for trial the Local Council of the Municipality Cluj-Napoca (file 79/1285/2012) requesting its obligation to pay damages and the afferent legal interest. According to the estimates of an independent law office there are significant chances that these costs would be recovered from the Cluj-Napoca Local Council.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
The inventories consist of the followings:
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| Land and advances for land | 17.971 | 17,971 |
| Raw materials and production supplies | 3 | 419 |
| Allowance for old and slow moving raw materials and production supplies |
$-271$ | $-322$ |
| Work in progress | 12,779 | 13,078 |
| Finished goods | 12,458 | 13,099 |
| Merchandise | 0 | 3,350 |
| Advance payments | 55 | 75 |
| Total | 42.994 | 47.670 |
The accounts receivable comprise:
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| Trade accounts and notes receivable | 9,264 | 9,567 |
| Allowance for bad and doubtful debts | -696 | $-358$ |
| Income tax receivable | 694 | 698 |
| Sundry debtors | 1,183 | 2.471 |
| Allowance for sundry debtors | -485 | -638 |
| VAT and other state budget receivable | 886 | 1,019 |
| Interest receivable | 30 | 45 |
| Short term investments (*) | 0 | 567 |
| Advances to suppliers | 466 | 570 |
| Total | 11,341 | 13,939 |
(*) Short term investments position is containing own shares bought by the Group from the stock market, at market value.
On 26 May 2011, according to the decision of the BoD as of 27.04.2011 Impact Developer&Contractor SA alienates the receivables held to the Pasteur Institute to Sortway LTD for the amount of 1,500,000 Euros, that makes that the balance of the "Sundry Debtors" account would decrease by the amount of 6,913,637 lei on 31 December 2011. This receivable assignment had as its purpose the insurance of immediate liquidities to the company, without recording a loss related to the amounts registered in the books, resulting only a small loss due to the exchange rate difference from the payment performance moment and the moment of collecting the amounts related to the receivable assignment.
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| Prepayments | 51 | 44 |
| Total | 51 | 44 |
Cash and cash equivalents consist of the following:
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| Cash in bank | 2,090 | 3,227 |
| Short term investments | 0 | 4,502 |
| Cash and cash equivalents | 30 | 13 |
| Total cash and cash equivalents | 2,121 | 7.742 |
| 31 December 2011 |
31 December 2010 |
|
|---|---|---|
| Nominal share capital Inflation adjustment to share capital |
197,866,574 47,691,754 245,558,328 |
200,000,000 45,690,586 245,690,586 |
| Closing exchange rate: | 4.3197 | 4.2848 |
| Share capital in EUR: | 56,846,153 | 57,340,036 |
SC Impact SA was established in the year 1991, on the grounds of Law 31/1990. On the date of 04.10.2006 the company moves its registered office from Bucharest 1st District in Ilfov, the town Voluntari in the Construdava Business Centre. Also on this date the company changes its denomination as well. The identification data of the company are:
Denomination: IMPACT DEVELOPER & CONTRACTOR SA
Address : Voluntari, Pipera-Tunari Road no. 4C, Construdava Business Center, fl. 6, Ilfov County
Tel.: 021-230.75.70/71/72, fax: 021-230.75.81/82/83
Registered with the O.R.C. from T.M.B. under no. J 23/1927/2006
C.I.F. RO1553483
The subscribed and paid-up share capital of the company as at $31st$ of December 2011 is of 197,866,574 RON. The nominal value of a share is of 1 RON.
On the date of 11 October 2011, the Extraordinary General Meeting of Shareholders approved the decrease of the share capital, from the amount of 200,000,000 RON, respectively 200,000,000 shares, by the cancellation of the shares acquired by the company in a number of 2,133,426 shares. The share capital of the company, following this operation, became 197,866,574 RON. The registration date approved by EGMS was 28.10.2011, and the operation of the share capital decrease with Depozitarul Central SA took place as at 06.02.2012.
The structure of the shareholding as at $31st$ of December 2011 was the following:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| Shareholder | Holding $-$ according to the statement of Depozitarul Central |
Holding - corroborated with the D.EGMS for share capital decrease |
|---|---|---|
| Popp loan Dan | 16.34% | 16.52% |
| Sandulescu Carmen Daniela | 9.59% | 9.69% |
| SALINK LIMITED | 10.00% | 10.10% |
| Artio International Equity Fund | 8.46% | 8.55% |
| TEMPLETON G.I.T-T.EM.MKTS SMALL CAP FUND | 6.09% | 6.15% |
| FONDUL DE PENSII ADMINISTRAT PRIVAT ING | 5.81% | 5.88% |
| Other legal entities, out of which | 23.79% | 22.97% |
| - foreign entities | 15.38% | 15.55% |
| Other natural persons, out of which | 19.92% | 20.14% |
| - foreign pers | 0.44% | 0.45% |
| Total | 100.00% | 100.00% |
The company Impact Developer & Contractor SA has been traded to the Bucharest Stock Exchange since the year 1996, and beginning from the year 2006 its shares, at present in a number of 197,866,574, have been quoted in the 1st category.
25.93% of the company shares were held, as at 31.12.2011, by the company management.
In the year 2011 the number of employees decreased from 51 to 27, a decrease also reflected in the expenses with personnel remuneration.
| Description | 31.12.2010 | 31.12.2011 |
|---|---|---|
| indemnifications for the Board of Directors | 81,624 | 151,814 |
| salaries of directly productive employees | 132,994 | 9,042 |
| salaries of TESA | 1,469,350 | 750,491 |
| exp. with social insurances and protection | 425,863 | 217,081 |
| TOTAL | 2,028,207 | 1,128,428 |
The current members of the Board of Directors were reelected by the Decision of GMS no. 3/11.10.2011, for a mandate of four years, except for Mr. Radu Bugica that was elected in the position of administrator for a mandate of four years by the Decision of GMS no. 1 / 16.04.2011.
Until 25.04.2012, Mr. Dan Ioan Popp occupied the position of Chairman of the Board of Directors. After this date, this possision is occupied by Mr. Dimitris Sophocleous who is the former finance director of mobile division Romtelecom.
The rights, powers and operating mode of the Board of Directors are in accordance with art. 8, art. 9, respectively art. 10 in the Articles of Association of the company Impact Developer & Contractor SA.
According to the Decision of GAS nr. 1/25.04.2012, the members of the BoD have the right to a monthly gross allowance with a value of 5,000 RON t, and the chairman of the Board of Directors has the right to a monthly gross allowance with a value of 10,000 RON.
| Name | Position | Identification Data |
|
|---|---|---|---|
| Popp Ioan Dan | Chairman of BoD | 1570411400459 | |
| 2. | Ionescu Valeriu Nicolae | Administrator | 1520411400095 |
| 3. | Bugica Radu | Administrator | 1651213384184 |
| Citizenship | |||
|---|---|---|---|
| Surname | Name | Position | |
| Sandulescu | Carmen Daniela | Executive Director | Romanian |
| (Economic) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| Description | 31 December 2011 |
31 December 2010 |
|
|---|---|---|---|
| Long and medium term bank loans | 20,637 | 28,169 | |
| Bonds - long term | 0 | 0 | |
| Financial leases | 4 | 12 | |
| Guarantees - long term | 599 | 765 | |
| Total borrowings | 21,240 | 28.946 |
The statement of the credits under performance at the end of the month of December 2011 is presented below.
At chapter subsequent events there appears the statement as at 31.03.2012 of the balance of credits.
Credit contract no. 301/30.08.2006 Value: 12,807,256 EUR Due date: 31.07.2015
Object: financing in a proportion of 85% of the acquisition of a land plot situated in Bucharest, 6th district, Prelungirea Ghencea no. 402 - 412.
Interest: EURIBOR at 3 months plus a margin of 6 percentage points per year, the calculation of interests will be performed for the daily balance of the credit account and will be reported to a 360-days year.
Penalties: Annual rate by 6 percentage points higher than the interest rate.
The balance of drawings from this credit as at 31.12.2011 is of: 9,605,441.74 EUR
Reimbursement: the reimbursement of the Facility will be made according to the reimbursement schedule annexed to the Contract and an integral part hereto.
Guarantees: 3 blank promissory notes with the mention without protest and movable real guarantee upon the balance of all the current accounts opened by Impact with Piraeus Bank and mortgages on lands according to the situation below
Credit contract no. 10/11.01.2007 Value : 257,927 EURO Due date 03.10.2012
Object : issue of two security letters with a value of 257,926.57 EURO, with a maturity on 03.10.2012.
Interest: EURIBOR at 3 months plus a margin of 3.15 percentage points per year.
Penalties : Annual rate by 6 percentual points higher than the interest rate
Reimbursement : reimbursement of the Facility will be made integrally on the due date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
The statement of the mortgaged assets for Piraeus Bank is presented below:
| Type of receivable | Cadastral No. | Mortgaged surface |
No. of Mortgage Contract | Real estate |
Address/Residential compound |
|---|---|---|---|---|---|
| first rank mortgage; second rank mortgage |
6515/2/6/1 | 258,925.36 | 2781/31.08.2006; second rank by 129/23.01.2009 |
land | Bucharest, Prelungirea Ghencea no. 402-412, District 6 |
| first rank mortgage; second rank mortgage; third rank mortgage; fourth rank mortgage; fifth rank mortgage |
$10252 -$ Constanta |
31,400.00 | 2044/08.07.2005; second rank by 129/23.01.2009; third rank by 273/05.05.2011; fourth rank by 274/05.05.2011; fifth rank by 583/23.08.2011 |
land | Constanta, Constanta county, P VN 269 |
| first rank mortgage; second rank mortgage; third rank mortgage; fourth rank mortgage; fifth rank mortgage |
10250 Constanta |
9,100.00 | 2044/08.07.2005; second rank by 129/23.01.2009; third rank by 273/05.05.2011; fourth rank by 274/05.05.2011; fifth rank by 583/23.08.2011 |
land | Constanta, Constanta county, P VN 264 |
| first rank mortgage; second rank mortgage; third rank mortgage; fourth rank mortgage; fifth rank mortgage |
10253- Constanta |
13,600.00 | 2044/08.07.2005; second rank by 129/23.01.2009; third rank by 273/05.05.2011; fourth rank by 274/05.05.2011; fifth rank by 583/23.08.2011 |
land | Constanta, Constanta county, P VN 267/2 |
Contract of credit facility on term no. 58/23.09.2005
Value: "First subfacility" in an amount of up to 4,500,000 EUR; "Second subfacility" in an amount of 4,600,000 EUR; "Third subfacility" in an amount of 2,000,000 EUR; "Third subfacility bis" in an amount of 5,000,000 EUR; "Fourth subfacility" in an amount of 2,900,000 EUR. The undrawn amounts from the "first subfacility" will supplement "the fourth subfacility" "Fifth subfacility" in an amount of 2,000,000 EUR; Validity: 7 years from the signing date of the credit contract.
Interest: EURIBOR at 3 months plus a margin of 3 percentage points per year.
The interest will be calculated as of the drawing date on the basis of the number of effective days reported to a 360-day year and is due and payable monthly, on the last day of the current month. The interest will be
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
accumulated daily, being calculated on the basis of the following formula: (credit balance x interest rate provided for in the previous paragraph)/360 days.
If the Borrower does not reimburse on the due date any part of the credit drawn from the Facility, the outstanding amount will lead to the payment of an increased interest rate equal to the amount of the provided interest rate and a margin of 3%.
The reimbursement date of the last installment of the Facility, according to the schedule, is 22.09.2012.
On 31.12.2011 there remained in the balance the value of 683,925.09 EUR from the second subfacility, intended for the financing of the "Europa" residential project. The other due subfacilities were integrally reimbursed on the 25.07.2007, summing up 12,795,602 EUR, for their payment being contracted other two credits with Banca Romaneasca.
The statement of mortgaged assets for Bancpost is presented below:
| Type of receivable |
Cadastral No. |
Mortgaged surface |
No. of Mortgage Contract | Real estate | Address/Residential compound |
|---|---|---|---|---|---|
| first rank mortgage |
1916/3/70 | 25,245.90 | 747/16.03.2007 Euros; 2864/21.10.2005 Euros |
land | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/6 | 498.45 | 747/16.03.2007 Euros; 2283/04.10.2005 Euros |
land | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/5 | 1,376.76 | 747/16.03.2007 Euros; 2283/04.10.2005 Euros |
land | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/7 | 235.52 | 747/16.03.2007 Euros; 2283/04.10.2005 Euros |
land | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/1 | 1,376.78 | 747/16.03.2007 Euros; 2283/04.10.2005 Euros |
construction | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/2 | 498.45 | 747/16.03.2007 euro; 2283/04.10.2005 Euro |
construction | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/4 | 223.42 | 747/16.03.2007 Euros; 2283/04.10.2005 Euros |
construction | Voluntari, 50/Junior, Drumul Bisericii St. |
| first rank mortgage |
1916/3/11 | 143.5 | 747/16.03.2007 Euros; 2864/21.10.2005 |
$land +$ construction |
Voluntari, 50/Junior, Drumul Bisericii St. |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
Contract for investment credit 50070065/25.07.2007. Value : 7,993,204 EUR. Validity: 7 years, 25.07.2007 -24.07.2014 Object:
a) Refinancing of some credit facilities being in balance at SC BANCPOST SA, credit facilities that had as a destination the financing of the different real estate projects/real estate acquisitions or acquisition of shares in companies that owned such real estates.
b) Financing of the commission for anticipated reimbursement charged by Bancpost in case of credits that follow to be taken over from Bancpost by the present facility. Interests:
a) Current interest rate: EURIBOR $(1M) + 2.5\%$ p.y.
b) Penalty interest rate: Current interest rate plus 50% of the Current interest rate
Reimbursement: the credit facility will be reimbursed on a quarterly basis, in equal installments.
Contract for investment credit 50070066/25.07.2007. Value: 22,306,796 EUR. Validity: 7 years, 25.07.2007 -24.07.2014. Object:
a) Refinancing of credits being in balance at SC BANCPOST SA, credits that had as an object the financing of the construction works for the Project;
b) Financing of the commission for anticipated reimbursement charged by Bancpost in case of credits that follow to be taken over from Bancpost by the present facility;
c) Financing / refinancing of construction costs related to the Project under development;
d) The amount of 3,000,000 EUR from the total of the present credit facility may be also used for the financing in a proportion of up to 100 % of the acquisition cost afferent to some lands where the Project will be developed, including for the acquisition by the Borrower of shares issued by companies that own such lands, but only on the prior agreement of the Bank.
Grace period: 18 months from the date of the first use
a) Current interest rate: EURIBOR (1M) + 2.5% p.y. The current interest is calculated according to the used balance of the credit facility, beginning with the date of the first use and is paid until the integral reimbursement of the Facility.
b) Penalty interest rate: Current interest rate plus 50% of the Current interest rate
Reimbursement: The credit facility will be reimbursed on a quarterly basis in equal installments after the finish of the grace period. Also, the credit facility will be reimbursed on a pro-rata basis from the collections related to the sale of each apartment/villa that is a part of the project.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
The ratio that defines pro-rata is the following: Amount to be reimbursed = Value of Credit Facility * surface of apartment/villa sold according to the sale-purchase contract signed by the Borrower with the final client / Total surface of the Project.
On the date of 31.12.2011 the amount to be paid in balance afferent to these credits from Banca Romaneasca was of 9,746,194.30 EUR.
The statement of the assets mortgaged to Banca Romaneasca is presented below:
| Type of receivable |
Cadastral No. | Mortgage d surface |
No. of Mortgage Contract |
Real estate | Address/ Residential compound |
|---|---|---|---|---|---|
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | land and | Padurea Neagra no. | ||
| mortgage | 20254 | 6,732.86 | 2049/09.07.2008 | constructions | 52-54 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | land and | Padurea Neagra no. | ||
| mortgage | 23574 | 4,837.44 | 2049/09.07.2008 | constructions | 52-54 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | land and | Padurea Pustnicu no. | ||
| mortgage | 22705 | 12,373.22 | 2049/09.07.2008 | constructions | 125-135 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | land and | Padurea Neagra no. | ||
| mortgage | 21763 | 23,959.37 | 2049/09.07.2008 | constructions | 56-64 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 18217/2/1 | 17,053.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
| Type of receivable |
Cadastral No. | Mortgage d surface |
No. of Mortgage Contract |
Real estate | Address/ Residential compound |
|---|---|---|---|---|---|
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 18217/2/2 | 3,817.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 18217/2/3 | 23,041.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 18216/2 | 19,931.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 26525/1 | 22,166.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 26525/2 | 2,186.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
| first rank | |||||
| mortgage; | |||||
| second rank | 2648/25.07.2007; | ||||
| mortgage | 26525/3 | 33,074.00 | 2049/09.07.2008 | land | Bucharest, district 1 |
Credit contract no. 15/21.07.2009 value 9,000,000 RON, due date 20.07.2014.
Object: financing of current activity - finish of the projects being under development.
Interest: ROBOR at 6 months to which there is added the bank margin of 5.94%. The annual interest rate is fluctuating, being able to modify during the entire credit duration, according to the evolution of interests on the banking market.
Penalties: the penalty interest to credit is of 20%/an.
Reimbursement: The credit will be reimbursed in monthly instalments, according to the reimbursement schedule.
The anticipated reimbursement can only be made with the prior and express agreement of the Bank.
The balance afferent to the drawings from this credit as at 31.12.2011 is of 2,596,310.79 RON.
For the purpose of fulfilling the obligations that derive from the credit contract, between Impact and Banca Transilvania there were signed a series of receivable assignment contracts by which Impact constitutes in favour of the bank first rank guarantees having as an object the present and future receivables.
The statement of the assets mortgaged to Banca Transilvania is presented below:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| Type of receivable |
Cadastral No. | Mortgage d surface |
No. of Mortgage Contract |
Real estate |
Address/ Residential compound |
|---|---|---|---|---|---|
| first rank mortgage |
20254/36/1;2;6 | 101.91 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 52- 54 |
| first rank mortgage |
20254/36/1;3;8 | 109.84 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 52- 54 |
| first rank mortgage |
20254/40/2;1;3 | 90.61 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 52- 54 |
| first rank mortgage |
23574/1/1/6 | 22.01 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 22- 28 |
| first rank mortgage |
21763/1/2/6/2/1;1;6 | 59.60 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/6/2/1;2;9 | 59.60 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/7/2/1;2;9 | 53.48 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/7/2/2;2;8 | 40.45 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/9/2/1;2;8 | 44.60 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/9/2/2;1;4 | 74.85 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/10/2/2;2;9 | 63.70 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/11/2/1;1;5 | 46.99 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/11/2/1;2;7 | 49.83 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
21763/1/2/11/2/2;2;7 | 78.97 | 218/21.07.2009 | land and constructi ons |
Padurea Neagra no. 56- 64 and Padurea Pustnicu no. 145 |
| first rank mortgage |
7603 | 321.00 | 218/21.07.2009 | Land and constructi ons |
26, George Palade St., Oradea, Bihor |
| first rank | 7604 | 375.00 | 218/21.07.2009 | Land and | 26, George Palade St., |
| Type of receivable |
Cadastral No. | Mortgage d surface |
No. of Mortgage Contract |
Real estate |
Address/Residential compound |
|---|---|---|---|---|---|
| mortgage | constructi ons |
Oradea, Bihor | |||
| first rank mortgage |
153317 | 220.00 | 218/21.07.2009 | Land and constructi ons |
38, George Palade St., Oradea, Bihor |
| first rank mortgage |
153318 | 83.00 | 218/21.07.2009 | Teren | 38, George Palade St., Oradea, Bihor |
| first rank mortgage |
7610 | 200.00 | 218/21.07.2009 | Land and constructi ons |
40, George Palade St., Oradea, Bihor |
| first rank mortgage |
7613 | 200.00 | 218/21.07.2009 | Land and constructi ons |
46, George Palade St., Oradea, Bihor |
| first rank mortgage |
7689 | 342.00 | 218/21.07.2009 | Land and constructi ons |
95, George Palade St., Oradea, Bihor |
| first rank mortgage |
7537 | 470.00 | 305/04.06.2010 | Land and constructi ons |
152, George Palade St., Oradea, Bihor |
| first rank mortgage |
7752 | 200.00 | 305/04.06.2010 | Land and constructi ons |
131, George Palade St., Oradea, Bihor |
| first rank mortgage |
7541 | 325.00 | 120/09.03.2010 | Land and constructi ons |
160, George Palade St., Oradea, Bihor |
| first rank mortgage |
7540 | 362.00 | 120/09.03.2010 | Land and constructi ons |
158, George Palade St., Oradea, Bihor |
In total, the total accounting value of the assets mortgaged to the banks is of about 213.5 million RON. During the year 2011 there were finished the controls of the Bucharest District 1 local authorities with regard to the mode of establishment and payment of the local taxes owed for the buildings and lands held under property. The differences established by the control bodies were to recover 200,860 lei tax on land paid in addition, from District I.
Deferred tax consists in:
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| Deferred tax | 4,808 | 6,540 |
| Total | 4,808 | 6,540 |
The movement on the deferred tax liabilities is as follows:
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| As at 1 st of January | 6.540 | 10.509 |
| Foreign exchange difference | -53 | -139 |
| Charge / (Release) | $-1.679$ | $-3,830$ |
| As at 31st of December | 4,808 | 6.540 |
The temporary differences arise from: the re-measurement of land treated according IAS 40 (see Note 3) and from the different depreciation rule applied in accounting comparing to fiscal purposes.
Cumulative effect of temporary differences is:
| a) IAS 40 | 1,320 |
|---|---|
| b) Provision for taxes | 359 |
| Total | 1,679 |
Currently, enacted tax rate of 16% is used to determine deferred income tax.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
Trade and other payables consist in:
| Description | 31 December 2011 |
31 December 2010 |
|---|---|---|
| Trade accounts and notes payable | 2,369 | 2,826 |
| Suppliers of non current assets | 1 | 1 |
| Advances from customers | 168 | 116 |
| Dividends payable | 31 | 91 |
| Accrued interest | 11 | 169 |
| Accruals related to employees | 184 | 188 |
| Income tax payable | 0 | 19 |
| Liabilities to State Budget | 111 | 137 |
| Deferred income | 900 | 965 |
| Other creditors | 100 | -91 |
| Guarantees | 196 | 205 |
| Total | 4,072 | 4.626 |
The Group has recorded its net turnover as follow:
| Sales of services | 312 | 587 |
|---|---|---|
| Sales of merchandise | 204 | 30 |
| Sales of finished goods | 1,751 | 5,552 |
| Description | 2011 | 2010 |
The Group decided to adopt starting with year 2006 the alternative treatment recommended by IAS 40 "Investment properties", recording a part of the land owned and the rented units at their market value. An authorised external evaluator has revaluated these properties. The difference between the historical cost of the land and the revaluated amount has been fully recognised directly to income statement.
The effect of changing the treatment to fair value model is presented below:
| Description | Area (sqm) |
Cost of acquisition (RON) |
Revalued amount 31.12.2010 (RON) |
Difference (RON) |
Difference (EUR) |
|---|---|---|---|---|---|
| Teisani (Buc, Sector 1) | 205,495 | 25,810,172 | 109,431,279 | 83,621,107 | 19,731,732 |
| Zenit (Constanta) | 38,000 | 6,877,620 | 12,728,908 | 5,851,288 | 1,380,705 |
| Prelungirea Ghencea (Buc, Sector 6) |
180,000 | 37,629,000 | 65,317,677 | 27,688,677 | 6,533,584 |
| Faget (Oradea) | 24,460 | 1,446,564 | 4,565,923 | 3,119,359 | 736,062 |
| Europa (Oradea) | 644 | 42,709 | 83,457 | 40,748 | 9,615 |
| Neptun (Constanta) | 37,562 | 1,896,879 | 5,067,008 | 3,170,129 | 748,042 |
| TOTAL LAND | 486,161 | 73,702,944 | 197,194,252 | 123,491,307 | 29,139,741 |
| 216 housing units held for renting | 65,549,330 | 66,294,875 | 745,545 | 175,923 | |
| Net effect of IAS 40 | 139,252,274 | 263,489,126 | 124,236,852 | 29,315,664 |
The amount of 29.316 thousand EUR is divided as follows:
| Description | Amount $(k$ EUR) |
|
|---|---|---|
| Revenue recognized until 31 | ||
| December 2010 | 37.945 | |
| Exchange differences (*) | -378 | |
| Revenues recognized in 2011 | $-8,251$ | |
| ΤΟΤΑΙ | 29,316 |
(*) The exchange differences are determined based on annual average exchange rates used in calculation of Euro amounts.
Other operating incomes includes as follows:
| Description | 2011 | 2010 |
|---|---|---|
| Revenue from sundry services | 753 | 996 |
| Sales of residual goods | 1 | 1 |
| Rent | 546 | 420 |
| Proceeds from sales of fixed assets | 71 | 516 |
| Proceeds from sales of investments | 1,462 | |
| Penalties from customers | 420 | 258 |
| Miscellaneous | 109 | 877 |
| Totai | 3.362 | 3.068 |
Raw material and consumables costs includes as follows:
| Description | 2011 | 2010 |
|---|---|---|
| Raw material | 283 | 293 |
| Auxiliary materials | 159 | 92 |
| Merchandise | 222 | 88 |
| Packing materials | 0 | 0 |
| Other consumables | 51 | 60 |
| Total | 714 | 532 |
The structure of staff costs is presented in the table bellow:
| Description | 2011 | 2010 |
|---|---|---|
| Wages and salaries | 266 | 491 |
| Civil contract staff | 46 | 44 |
| Social security expenses | 80 | 139 |
| Total | 392 | 674 |
This position in the income statement includes as follow:
| Description | 2011 | 2010 |
|---|---|---|
| Depreciation | 346 | 419 |
| Amortization - impairment $\sim$ |
68 | 55 |
| Total | 414 | 474 |
Other operating expenses includes as follows:
| Description | 2011 | 2010 |
|---|---|---|
| Third parties services | 2,084 | 2,987 |
| Heat, light and power | 609 | 728 |
| Rent | 480 | 975 |
| Commissions and fees | 48 | 56 |
| Promotion and advertising | 158 | 126 |
| Taxes to State Budget | 281 | 758 |
| Bad and doubtful debts | 44 | 546 |
| Protocol | ||
| Disposals at net book value | 77 | 294 |
| Foreign exchange differences (gain) / loss |
358 | 408 |
| Bank commissions | 142 | 120 |
| Working inventories | 35 | 29 |
| Maintenance and repairs | 140 | 99 |
| Provision for risks and charges | 202 | 486 |
| Insurance | 105 | 139 |
| Postage and telecommunication | 61 | 97 |
| Transport of goods and personnel | 12 | 32 |
| Travel | $\Omega$ | 3 |
| Penalties and fines | 14 | 75 |
| Cost of disposed investments | 1,380 | 24 |
| Penalties for commercial contracts | $\Omega$ | 0 |
| Old and damages inventories | 0 | 0 |
| Miscellaneous | 416 | 350 |
| Total | 6,647 | 8,334 |
The table below details the finance (income) / costs:
| Description | 2011 | 2010 |
|---|---|---|
| Interest income | -480 | $-1,379$ |
| Interest expenses | 1,370 | 1,544 |
| Other finance income | -8 | -3 |
| Other finance expenses | 0 | 244 |
| Discount received | 6 | 7 |
| Impairment losses of participations | 713 | |
| Total | 1.601 | 412 |
| Description | 2011 | 2010 |
|---|---|---|
| Income tax expenses Differed tax expense/ (income) |
9 $-1,688$ |
30 $-3,886$ |
| Total | -1,679 | $-3,856$ |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
In the year 2011, the company IMPACT SA realised trade relationships with a number of companies that are related parties. The list of the related parties with which Impact realised trade relationships is the following:
| Number and date of Denomination of company- contract related party: |
Type of services/products purchased |
||
|---|---|---|---|
| J3009/30.12.2011 | Supplier (construction services) | ||
| SMART FIN INTERNATIONAL | CC/20.05.2011 | Supplier | |
| AD CONSULT LAND | J2780/31.10.07 | Supplier (management services) |
The prices of the contracts concluded with the affiliated party companies are established under market conditions. In the year 2011, the company realised transactions with the related parties, as follows:
| Sales to: | 31.12.2011 | 31.12.2010 |
|---|---|---|
| SMART FIN INTERNATIONAL | 0.62 | 1.25 |
| AD CONSULT LAND | 1.21 | 0.29 |
| Total | 1.82 | 1.55 |
| Purchases from: | 31.12.2011 | 31.12.2010 |
|---|---|---|
| SMART FIN INTERNATIONAL | 8.16 | 25.28 |
| AD CONSULT LAND | 97.04 | 116.02 |
| TOTAL | 105.20 | 141.30 |
Following the transactions with the related party companies, there resulted the following balances as at 31st of December 2011:
| Receivables from/Advances granted to: | 31.12.2011 | 31.12.2010 |
|---|---|---|
| SMART FIN INTERNATIONAL | በ በՋ | |
| AD CONSULT LAND |
(all amounts are expressed in thousands EUR, unless stated otherwise)
| $\sim$ т. -- -------------------------------------- ----- |
$\sim$ ------- ---- |
|
|---|---|---|
| ------------------ ____ PERSONAL PROPERTY AND INCOME. TOTAL --------------- ___ --------------------------------------- |
л л 4.LO -------------------------------------- ____ |
~ ------ |
| Debts to/Advances received from: | 31.12.2011 | 31.12.2010 |
|---|---|---|
| SMART FIN INTERNATIONAL | ||
| AD CONSULT LAND | 9.70 | |
| TOTAL | $\sim$ | 9.70 |
On the date of 31st of March 2012, the statement of the banking loans was the following:
| No. of Contract | Name | Currency | Val. of contract |
Balance as эt 31.12.2011 |
Balance as at 31.03.2012 |
|---|---|---|---|---|---|
| Piraeus Bank Greece, Londra | |||||
| 301/30.08.2006 | br. | EURO | 12,807,270 | 9,605,441.74 | 8.965,078.96 |
| 58/23.09.2005 | Bancpost Floreasca | EURO | 21,000,000 | 683,925.09 | 513,275.88 |
| 50070065/25,07,2007 | Banca Romaneasca | EURO | 7,993,204 | 3,140,187.22 | 2,854,715.65 |
| 50070066/25,07,2007 | Banca Romaneasca | EURO | 22,306,796 | 6,606,007.08 | 6,411,546.13 |
| 15/21.07.2009 | Banca Transilvania | RON | 9,000,000 | 2,596,310.79 | 2,155,712.33 |
In March 2012 on the request of the representative of the Public Ministry, the court of the Bucharest Tribunal disposed the institution of the ensuring distraint upon the goods of Impact Developer& Contractor SA up to the accomplishment of the amount of 16,823,946 lei in favour of ANAF. Against this decision the company filed for recourse. During the last two weeks there were made significant approaches for the clarification of the situation created by the court by the mode the session conclusion was made on the date of 28/03/2011, so as the activity of the company would not be blocked. On the 10th of April ANAF signed a pledge on a land of 52,234 sq.m located in Bucharest, district I which covers 150% from the amount asked by the Public Ministry
During the period 7 December 2011 - 27 March 2012 the company was subject to a fiscal Inspection for V.A.T. reimbursement, a control that was ended on the date of 2 April 2012. The checked period was 01.01.2009 -30.09.2011. By the taxation decision no. F-MC 91/30.03.2012 communicated on 2 April 2012 there was established V.A.T. to be reimbursed with a value of 1,807,123 lei.
With regard to the project Business Support Centre - Greenfield 2 of SC MILLENIUM CONSULT INVEST 2002 SA, on the first quarter of 2012, following the second visit on site from December 2011, the project financing was dismissed, because of the fact that a portion of approximately 400 m of the public road Aleea Teisani, District 1, Bucharest, being under the administration of the City Hall of the Municipality Bucharest, where the access to the designed project is provided, is not accomplished on a rigid structure (asphalt, concrete, pavings, cubic stone).
SC MILLENIUM CONSULT INVEST 2002 SA challenged the decision of AM POR for the project financing dismissal, because AM POR did not take into account the fact that the modernization / execution of a public road cannot be put in the charge and control of a private petitioner / economic operator. On the other hand, AM POR issued regulations regarding the characteristics of the access road, subsequently to the project submission, and these cannot be opposable to the project, retroactively, according to the law norms in force.
Impact also launched in February 2012 the product houses on land, in the extension from Junior and in the Amber area in Greenfield.
The Board of Directors proposed the issue of convertible bonds that is on the agenda of GMS as of 25 April 2012. According to the Call the amount proposed for the issue of bonds is of about 10 million EUR, that should cover the need of liquidities until the half of the year 2014, a moment on which most of the credit contracts will be reimbursed.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
The principal subsidiaries consolidated within the Group, including the degree of control exercised by Impact Developer&Contractor SA, are as follows:
| Entity | December 31, 2011 | December 31, 2010 |
|---|---|---|
| % share | % share | |
| Actual Invest House SRL | 100% | 99% |
| Bipact 1995 SRL | 63% | 63% |
| Hobbit Intermediere Asigurari SRL | 95% | 95% |
| Investimob SA | 0% | 99% |
| Intop Construction SRL | 99% | 99% |
| Clearline | 100% | 100% |
| Development&Management SRL | ||
| Millenium Consult Invest SRL | 45% | 45% |
| BIZ-AR SRL | 0% | 95% |
| Prest RV 2003 SRL | 0% | 95% |
During the year 2011, according to the decisions of the BoD from the year 2010 and from May 2011, in order to decrease the participations of Impact in other companies, the companies Biz-ar and Prest RV were closed, Prest RV in February 2011 on the basis of the resolution no. 16047 as of 24.02.2011 and Biz-Ar in April 2011 on the basis of the resolution no. 35838 as of 21.04.2011. Following liquidation, the profit of Impact was negatively influenced by the amount of 380 RON.
Investimob was merged in 2011 into Rot Apact. Along this merger, Intop Construction, initial owner of Investimob, got a 42% of the respective company. In December 2011, Intop sold its participation in Rot-Apact to several natural persons, and consequently, Investimob was not included in consolidation process.
On the basis of the same decisions to restructure the holdings of Impact, in December 2011 the Board of Directors of Impact decides the alienation to their nominal value of 36 social parts that it holds in Bipact 1995 SRL, from the total participation of 975 lei. Following this transaction, the participation held by Impact in Bipact decreased from 63% to 4.83%, respectively from 975 to 75 lei.
Impact owns shares with a pair value of 539 keuro (45%) in Millennium Consult Invest 2002 S.A. The applicabil standard is IAS28, Investments in Associates.
The company SC Millenium Consult Invest 2002 SA is the titulary of a project that supposes the accomplishment and operation of a business support structure that would offer services for the SMEs in the Region Bucharest-Ilfov. It is about the Business Support Centre - Greenfield 2, a project submitted to be cofinanced from the European Regional Development Fund, by the Regional Operational Programme.
The project was submitted in March 2010, in April 2010 the administrative compliance and project eligibility assessment were successfully finished, and in November 2010 the project was declared accepted for financing. In January 2011 the technical design compliance was finished, and in April 2011 there took place the visit on site, before the signing of the financing contract.
During the period May - November 2011 the contracting process was suspended because of a notice received from the owner of a land plot situated a few hundreds of meters far from the implementation place of the above mentioned project, that claimed the existence of some litigations with regard to the Zoning Plan.
The person that made the notice to the Bucharest-Ilfov Regional Development Agency filed for several actions in court, requesting the cancellation of the Zoning Plan, against Impact Developer & Contractor - the beneficiary of the PUZ, actions that he lost.
During the project contract suspension period the Management Authority for the Regional Operational Programme documented with regard to the case appeared and following the ascertainment of the eligibility conditions, it disposed the continuation of the contracting process with the remake of the visit on site (at the moment of the AM POR decision to continue the contracting, the sentences regarding the dismissal of the petitioner's actions were not ruled yet).
At the end of November 2011, the contracting process was resumed, and in this respect the visit on site was remade in December 2011.
Following the second visit on site from December 2011, the project financing was dismissed, because of the fact that a portion of approximately 400 m of the public road Aleea Teișani, District 1, Bucharest, being under the administration of the City Hall of the Municipality Bucharest, where the access to the designed project is provided, is not accomplished on a rigid structure (asphalt, concrete, paving, cubic stone).
SC MILLENIUM CONSULT INVEST 2002 SA challenged the decision of AM POR for the project financing dismissal, because AM POR did not take into account the fact that the modernization / execution of a public road cannot be put in the charge and control of a private entity / economic operator. On the other hand, AM POR issued regulations regarding the characteristics of the access road, subsequently to the project submission, and these cannot be opposable to the project, retroactively, according to the law norms in force.
S.C. LOMB S.A. was established in the year 2008 as a share trade company that had as shareholders the Local Council of the Municipality Cluj-Napoca (51%) and S.C. IMPACT DEVELOPER & CONTRACTOR S.A. (49%). Impact subscribed in the year 2008 the amount of 45,445,027.51 RON to the share capital of the project company Lomb SA. This was the cash participation of Impact, that represented the participation of 49%, the Cluj-Napoca Local Council having the obligation to bring the land to the share capital of the project company.
In the autumn of the year 2010, due to the fact that the shareholder the Cluj-Napoca Local Council did not fulfil its obligation to deposit to the share capital the 179 ha of land that represented the land subscribed by the Cluj-Napoca Local Council, the Board of Directors of SC Lomb SA decided the cancellation of the shares of the Local Council in accordance with the provisions of Law 31/1990 with its subsequent modifications. Following this fact the share capital of LOMB SA was diminished, and at present Impact holds shares in a percentage of 100% in the company Lomb SA. On the date of 03 June 2011 following the Extraordinary General Assembly of Shareholders there was decided the decrease of the share capital up to the value of 26,900,000 lei, the change of the legal form from share company in limited liability company with a sole associate. The denomination of the company was changed from S.C. Lomb S.A. to S.C. Clearline Development & Management SRL.
RSM SCOT SRL is a company that develops its business in the field of professional services of financial accounting and audit, supplied in accordance with the Romanian and international accounting standards and also with the international audit standards.
RSM SCOT ensures to its clients fiscal consultancy and assistance, and also any other professional services specific to the activity field.
The team of RSM SCOT is composed by professionals, chartered accountants and financial auditors.
RSM SCOT has its headquarters in Bucharest and was set up by Otilia and Dan Schwartz in the year 1994, by the merger of the clients of two small consultancy companies where the two were associates.
RSM SCOT is a member of the Romanian Association of Chartered and Certified Public Accountants (C.E.C.C.A.R.) since 1994 and of the Romanian Chamber of Auditors since its set-up in 1999.
(all amounts are expressed in thousands EUR, unless stated otherwise) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Next, we will present the list of significant litigations (according to the Bucharest Stock Exchange Code) where the company is a party.
| - "more impact has the quality of a plaintim. |
|---|
| -------------------------------------- |
| r |
| ency Curr |
RON | RON | RON | EUR | ||
|---|---|---|---|---|---|---|
| Claims of parties |
16,025,023 | 14,855,309 | 13,442,674 | 2,500,000 | ||
| Observations | challenges. Impact made a challenge for a receivable in an amount of approximately IDC formulated a request of admission to RECORD of Impact IN THE PRELIMINARY the creditor group. For the judgment of 15,000,000 RON. THE PROVISIONAL TABLE OF THE RECEIVABLE OF 15,047,995.76 LEI |
suspended according to art. 36 Law 85/2006 |
IDC recorded to the creditor group with the amount of $13,442,674$ lei |
action for return of advance and damages PASTEUR SA, admits the appeal declared and the cancellation of pre-contract; IDC The action was modified from action to unstamped the appeal declared by the oblige Pasteur to sell the land to us to appealing defendant S.N. INSTITUTUL assigned the receivable; Cancels as |
||
| Term | 06-Apr-12 | no term | $31 - 1an - 12$ | no term | ||
| Trial | stage | instance first |
nstance First |
instance first |
leadde | |
| Adverse party | Romconstruct | Romconstruct | (former Summa Construction Romania SA) Floreasca |
Institutul Pasteur |
||
| đ Position |
Impact | plaintiff- creditor |
plaintiff | plaintiff | recurring plaintiff- |
|
| 【^:::: ハ ト フ ::: ハ :::: ス :::::::::::::::::::::::: | Object | insolvency procedure | delay of execution of the delay penalties for the Romconstruct to pay constructions in the Rubin assembly Obligation of |
insolvency procedure | 5988/2/2 obligation to make | |
| o. No. of |
€⊪ | 7034/10 5/2010 |
39469/3/ 2008 |
63835/3/ 2011 |
011 | |
| Court | Tribunal Prahova |
Bucharest Tribunal |
Bucharest Tribunal |
Bucharest Court of Appeal |
||
| Pos. | $\overline{\mathbf{c}}$ | $\omega$ | ₹ |
$-46-$
| ì |
|---|
| t |
| j í į |
| i i ľ í |
(all amounts are expressed in thousands EUR, unless stated otherwise) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| Curr | ency | RON | RON | RON | RON |
|---|---|---|---|---|---|
| Claims of | parties | 7,602,445 | 6,149,792 | 4,008,222 | 3,403,000 |
| Observations | according to the penal clause. Obliges the 28,475.5 lei legal expenses (stamp charge respect that it admits the second request reason as well and obliges the defendant 1,250,000 Euros representing damages commercial sentence attacked in the by the appellant - plaintiff SORTWAY to pay to the plaintiff the amount of appellant - defendant to pay to the appellant - plaintiff the amount of LIMITED. Partially changes the in appeal) |
dismisses the action/appeal. Impact declared recourse |
challenge to the forced execution begun no. 14.519/02.07.2004". Dismosses the according to the joint venture contract by CLO for amounts as "penalties recourse as ungrounded. |
115/19.05.2010 and the fiscal inspection resulted following the revaluation of the respectively with regard to the tax on Partially admits the challenge. Partly profit in an amount of 760,957 lei land purchased and resold by SC cancels the taxation decision no. report no. 33.364/18.05.2010 |
|
| Term | $17 - Oct - 12$ | no term | $11 -$ Apr-12 | no term | |
| stage Trial |
recourse | recourse | instance lfirst |
instance first |
|
| Adverse party | Romania SA SC Summa |
Local Council of Mun. Oradea |
Local Council of Municipality Jui the |
ANAF | |
| Position of Impact |
recurring | plaintiff | plaintiff | plaintiff | |
| Object | action for finding | Challenge to execution | 79/1285/ termination of contract | obligations established in administrative document regarding the additional fiscal inspection report underwritten by the the charge of the cancellation of payment fiscal |
|
| os No. of tie |
23619/3/ 2009 |
4376/27 1/2010 |
2012 | 11833/2/ 2010 |
|
| Court | High Court and Justice Cassation ৳ |
Court of Oradea $\epsilon$ |
Tribunal đuj |
Bucharest Court of Appeal |
|
| Pos. | in, | Ф | $\overline{\phantom{1}}$ | $\infty$ |
$-47-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| ency Curr |
EUR 200,000 |
RON 772,979 |
RON 559,503 |
RON 485,408 |
RON 113,091 |
|
|---|---|---|---|---|---|---|
| Claims of parties |
||||||
| Observations | to the solving mode of the challenge with decision no. 266/29.09.2010 with regard regard to the previously mentioned tax. Patagonia Invest SRL. Partly cancels With recourse in 15 days from communication |
term for transaction | dismisses the challenge of execution for moratory damages deriving from execution contract. Irrevocable. |
execution itself and the cancellation of all involved parties to pay to the challenger forced execution. Dismisses the request expenses. With right of recourse within the execution documents performed in Disposes the cancellation of the forced remaining without object. Obliges the constituted at B.E.J. Georgiana Jalbă, being cancelled the right to request the amount of 8,090.63 lei, as legal Admits the challenge to execution. to suspend forced execution, as the execution file no. 8E/2011 15 days from communication. |
dismisses the request. Amicable settlement. |
dismisses the recourse as ungrounded. Irrevocable |
| Term | 02 Apr 12 | no term | no term | no term | no term | |
| stage Trial |
instance first |
instance First |
instance first |
instance first |
nuled in first |
|
| Adverse party | Tomis / Orban Lucian and Steluta |
PIRAEUS BANK, CONSTNATIN BEJ G JALBA BODOGAN AUREL & |
Bodogan Aurel and Bodogan Constantin |
Consulting SRL Keops |
Bodogan Aurel and Bodogan |
|
| đ Impact Position |
plaintiff | plaintiff | challenger | plaintiff | plaintiff | |
| Object | dec. that take place to v- c/obligation to make |
Challenge of forced execution |
challenge of exec, with prov. susp. |
payment ordinance | challenge of execution | |
| No.of tile |
15426/1 18/2011 |
00/2010 11725/3 |
16650/2 99/2011 |
41894/3/ 2010 |
11874/3 00/2009 |
|
| Court Pos. |
Constanta Tribunal O) |
District 2 Court of Law of $\overline{a}$ |
District 1 Court of Law of $\overline{1}$ |
Bucharest [ribunalu $\overline{2}$ |
Court of law of $\frac{3}{11}$ |
$-48-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| Curr | ency | RON | RON | RON | RON | RON | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Claims of | parties | 100,222 | 100,123 | 73,916 | 72,931 | 71,850 | ||||||||||||||||||||||
| Observations | 85/2006, ascertains there intervened the On the grounds of art. 36 in Law no. |
suspension of right of trial | first term after refusal in civil section. | Suspended by art. 36 in Law 85/2006 | we periodically collect 3,800 RON until | the complete payment acc. to reorganization plan. |
Obliges the defendants to pay to the | plaintiff the amount of 43,539 lei, | representing the countervalue of the rent | owed for the period January 2009 | December 2010, the amount of 24,711.22 | lei, representing delay penalties afferent | to the amount of 43,539 lei, and the | amount of 4,681.31 lei, representing | amounts owed according to the | administration contract concluded | between the parties. Obliges the | defendants to pay to the plaintiff the | amount of 4,346 lei, as legal expenses, | representing stamp and judicial tax. | PARTIALLY ADMITS THE ACTION | ASCERTAINS THE RIGHT OF THE | PLAINTIFF TO USE THE AREA WITHOUT | THE PAYMENT OF THE USE TAX | BEGINNING FROM THE DATE OF | 1.01.2009. OBLIGES THE DEFENDANT TO PAY TO THE PLAINTIFF THE AMOUNT OF |
||
| Term | no term | no term | no term | no term | 02-Apr-12 | |||||||||||||||||||||||
| Trial | stage | instance | instance first |
first | instance | First | instance | first | instance | recourse | ||||||||||||||||||
| Huma Andreea | Huma Danut | |||||||||||||||||||||||||||
| Adverse party | Constantin | Romania SA Summa |
SC Summa | Romania SA | Dafora | Structuri | Vasilica and | CNADR | ||||||||||||||||||||
| $\overline{5}$ Position |
Impact | plaintiff | plaintiff- | defendant | plaintiff | plaintiff | plaintiff- | recurring | ||||||||||||||||||||
| Object | claims deriving from incompliant works, |
executed by SUMMA | claims, legal expenses | bankruptcy | claims, lease contract | action for the return of | tax paid for the gas pipe | in Boreal | ||||||||||||||||||||
| No.of | file Fil |
10191/3 2010 |
21136/2 | 99/2009 | 305/137 | 1/2008 | 4393/94/ | 2011 | 13729/1 | 18/2010 | ||||||||||||||||||
| Court | District 2 | Bucharest Tribunal $\overline{4}$ |
Court of 긥 |
District 1 Law of |
Mures $\overline{5}$ |
Tribunal | Court of $\overline{17}$ |
Law of | Buftea | Constanta $\frac{8}{10}$ |
Court of | Appeal |
$-49-$
(all amounts are expressed in thousands EUR, unless stated otherwise) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| Curr | ency | RON | RON | RON | RON | RON | RON | RON | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Claims of | parties | 50,292 | 50,000 | 43,997 | 39,210 | 33,782 | 33,486 | 31,222 | ||
| Observations | 30,940.78 LEI AS A USE TAX FOR ROAD AREA PENALTIES, LEGAL INTEREST |
On the grounds of art. 36 in Law no. | 85/2006, ascertains as intervened the suspension of right of trial |
dismisses the complaint. First term of recourse. |
evidence | reconventional request as ungrounded. Dismisses the main request as ungrounded. Dismisses the Recourse was filed for. |
judgment of reason 3 of request. Obliges amount of 2034.27 lei representing legal the defendant to pay to the plaintiff the plaintiff 22480 lei representing rent and 7591.46 lei delay penalties. Ascertains Obliges the defendant to pay to the the waiver of the plaintiff to the expenses. |
admits the action/undrafted decision. Irrevocable by the cancellation of the ecourse as unstamped |
evidence | |
| Term | no term | 11-Sep-12 | 24-Apr-12 | $18 - Jan - 13$ | no term | no term | 09-Apr-12 | |||
| Trial | stage | first | instance | instance first |
instance first |
instance first |
instance First |
instance First |
||
| Adverse party | Floreasca | (former Summa Romania SA) Construction |
Cofaru Dumitru Gabriel |
Ciubotaru Pavel recourse | Manu Elena | PATURESCU CORNEL |
||||
| Position of | Impact | plaintiff | ANRE plaintiff |
plaintiff | recurring plaintiff- |
plaintiff | plaintiff | Cominstal Group plaintiff |
||
| Object | claims of incompliant | works | contraventional complaint |
claims-green spaces | recoveries of receivables, price index according to the contract |
claims, lease contract | ndex communicated by Action for claims for recovering the price INS, according to contract |
Recovery of expenses that came to Impact incompliances of following the |
||
| No.of | de | 9807/94/ | 2010 | 8499/94/ 2011 |
00/2010 12758/3 |
8274/29 9/2009 |
4392/94/ 2011 |
14599/3 00/2008 |
37677/3/ 2010 |
|
| Court | Court of $\overline{a}$ |
Law of Buftea |
Tribunal llfov $\mathcal{L}$ |
District 2 Court of Law of $\overline{21}$ |
Bucharest Tribunal $\overline{2}$ |
Court of Law of Buftea $\overline{23}$ |
District 2 Court of Law of $\frac{1}{2}$ |
Bucharest Tribunal 25 |
$-50-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| No.of | Object | ৳ Position |
Adverse party | Trial | Term | Observations | Claims of | Curr | |
|---|---|---|---|---|---|---|---|---|---|
| tile | Impact | stage | parties | ency | |||||
| Cominstal works | |||||||||
| 12633/9 4/2011 |
contraventional complaint |
plaintiff | ANRE | instance first |
19-Mar-12 | first term | 25,000 | RON | |
| 5235/21 2/2011 |
contraventional complaint |
petitioner | dues and other CL Constanta, Serv of taxes, revenues |
recourse | 04-Apr-12 | evidence | 25,000 | RON | |
| 2010 | 10402/3/ | eviction/termination for failure to observe lease contract |
plaintiff | Draghici Jenica Laura |
instance First |
no term | partially admits the action. Irrevocable by not declaring recourse. |
25,000 | RON |
| 4785/29 9/2009 |
failure to pay utilities and claims deriving from rent |
plaintiff | SC Patru Ace ដូ |
instance first |
11-Feb-13 | partially admits the action. First term of the recourse declared by them |
22,389 | NON | |
| 13314/1 11/2011 |
action for ascertaining | plaintiff | Compania de Apa Oradea |
instance first |
03-Apr-12 | evidence | 20,000 | RON | |
| 2269/94/ 2011 |
contraventional complaint |
petitioner | Sistem de Gosp Apele Romane- Administratia a Apelor Ilfov |
instance first |
08-May-12 | first term of recourse. | 17,500 | RON | |
| 2010 | 6946/94/ termination of lease contract/claims |
plaintiff | Florentin Muscalu Teodor |
instance first |
no term | admits the action/decision not drafted. No data about declaring recourse. |
13,310 | RON | |
| 34961/2 99/2010 |
claims, rents | plaintiff | Patru Ace SRL | instance first |
02-Dec-12 | drafted. Impact declared recourse. dismisses the action. Decision not |
12,142 | RON | |
| 4372/94/ 2010 |
contravention protocol, cancellation of cash register |
plaintiff | MEF-GFIIfov | recourse | no term | dismisses the recourse as ungrounded. | 8,000 | RON |
$-51 -$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| ency Curr |
RON | N/A N/A | N/A N/A | N/A N/A | |||
|---|---|---|---|---|---|---|---|
| Claims of parties |
5,500 | 3,629 RON | $N/A$ $N/A$ | N/A N/A | |||
| Observations | dismisses the request | Dismisses the action. IDC declared recourse |
suspend the decision of ANRE with regard to the electric power distribution service supply in the Class compound. Dismisses DC requested to the court to cancel the recourse as ungrounded |
206/04.02.2010. Oblies the defendant to approval of distribution tariffs in the ass. amount of 15,146.8 lei as legal expenses approve the tariffs for the activity of the plaintiff of electric power distribution as expertise report drafted in the case and of Voluntari; Admits the action. Cancels the response to objections. Obliges the the Decision of the ANRE president no. IDC requested the cancellation of the defendant to pay to the plaintiff the results from the judicial accounting ANRE decision with regard to the |
dismisses the request. | dismisses the request. | dismisses the recourse as ungrounded. |
| Term | no term | 21-Nov-12 | no term | no term | $22 - Feb - 12$ | 22-Feb-12 | no term |
| stage Trial |
instance first |
recourse | instance first |
instance First |
instance first |
instance first |
Recourse |
| Adverse party | IPCT Instalatii | Coca Adina | ANRE | ANRE | ANRE | ANRE | Consumatorului CJ, CR pentru Protectia |
| ზ Impact Position |
debtor | recurring plaintiff- |
plaintiff | plaintiff | plaintiff | plaintiff | recurring plaintiff- |
| Object | Payment call | claims | 834/2010/suspension of cancellation of ANRE documents, decision decision |
Attack of decision 206/2010 ANRE |
complaint/cancellation of documents issued by ANRE |
complaint/cancellation of documents issued by ANRE |
contravention prot. cancellation of |
| To.of ₽ |
50746/3/ 2011 |
5700/30 0/2009 |
2927/2/2 010 |
2975/2/2 OIO |
6390/2/2 $\frac{1}{10}$ |
6391/2/2 $\overline{c}$ |
18/2010 12377/1 |
| Court pos. |
Bucharest Tribunal $\frac{1}{35}$ |
Bucharest Tribunal $\frac{1}{36}$ |
Bucharest Court of Appeal $\overline{5}$ |
Bucharest Court of Appeal $\frac{1}{38}$ |
Bucharest Court of Appeal 39 |
Bucharest Court of Appeal $\frac{1}{4}$ |
Constanta Court of Appeal $\overline{11}$ |
$-52-$
(all amounts are expressed in thousands EUR, unless stated otherwise) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| Curr | ency | ≸ | N/A N/A | $\frac{4}{\sqrt{2}}$ | $\sum_{i=1}^{n}$ | ∕ N∕ |
N/A N/A | $\frac{4}{2}$ $\frac{4}{2}$ | N/A N/A | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Claims of | parties | $\frac{4}{2}$ | $\frac{1}{2}$ | $\frac{4}{2}$ | $\frac{4}{2}$ | ||||||||||||||||||
| Observations | admits the recourse of Impact. | dismisses the recourse. | there is judged the ascertainment of | termination of contracts no. | 878P/01.01.2008 și 879P/1.01.2008. 8761/1.01.2008, 867P/01.01.2008, |
administration of evidence: documents + examination |
first term, after disjunction | other procedural interventions, | intervention requests. | Dismisses the specified action as ungrounded |
IDC requested to the court to ascertain | contract termination; partially admits the that there intervened the execution |
request | first term. | |||||||||
| Term | no term | no term | $19 - Apr - 12$ | 01-Mar-12 | 23-Apr-12 | no term | no term | 06-Nov-12 | |||||||||||||||
| Trial | stage | first | instance | Recourse | recourse | First | instance | defendan | instance First |
First | instance | instance first |
|||||||||||
| Adverse party | ANAF | ANRE | Public Service | of Sewage and | Water | Public Service | of Sewage and Water |
Regia Nationala | a Padurilor- | Forest | Directorate | Bucharest | Pusca loan | MTS Leasing; | Ban Liviu | Ionescu Elena Ani Mihaela |
|||||||
| đ Position |
Impact | plaintiff | plaintiff- | recurring | plaintiff- | recurring | plaintiff | plaintiff | plaintiff | plaintiff | plaintiff | ||||||||||||
| Object | suspension of | execution, decision administrative act 35/15/12/2010 |
cancellation of ANRE | decision 485/2010 | contract termination | contract termination | obligation to make | compensatory damages | eviction/termination | Action for ascertainment | eviction | ||||||||||||
| No. of | tile | 465/2/20 | $\overline{1}$ | 3191/2/2 | 010 | 11416/9 | 4/2010(4 | 0089/3/2 (010) |
11416/9 | 4/2011 | 9122/29 | 9/2007 | 99/2010 55912/2 |
10401/3, 2010) |
3555/11 | 1/2010 | 25336/3/ 2011 |
||||||
| Court Pos. |
High Court $\overline{5}$ |
and Justice Cassation 5 |
High Court $\overline{43}$ |
$\overline{\circ}$ | and Justice Cassation |
Court of $\frac{1}{4}$ |
law of Buftea |
Court of 45 |
Law of Buftea |
Court of $\overline{46}$ |
Law of | District 1 | Court of Law of $\overline{4}$ |
District 1 | Bihor $\frac{8}{48}$ |
Tribunal | Bucharest Tribunal $\frac{6}{4}$ |
$-53-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| ă | ency | $N/A$ $N/A$ | AINIA | $\frac{4}{2}$ $\frac{4}{2}$ | N/A N/A | $\frac{4}{N}$ $\frac{1}{2}$ |
|---|---|---|---|---|---|---|
| Claims of | parties | |||||
| Observations | 29-Nov-12 first term | 26-Nov-12 first term. | admits the action, disposes the eviction of the defendant. |
evidence. | ||
| Term | no term | 24-Apr-12 | 27-Mar-12 first term | |||
| Trial | stage | instance first |
instance first |
instance first |
first | instance First |
| of Adverse party | Hristeno Nicolae |
Stefan Costin Mihalache |
Exquisite SRL DF Broker |
Construction Srl instance Rothav |
Apele Romane | |
| Position | Impact | plaintiff | plaintiff | plaintiff | plaintiff | plaintiff |
| Object | termination/claims 33822/3/ eviction action, |
Court of Law of Buftea 49736/3/ eviction-refused from |
62268/3/ Subscription termination | |||
| No.of | file F |
29651/3/ eviction 2011 |
29652/3/ eviction 2011 |
2010 | 2011 | 2011 |
| Court | 50 Bucharest Tribunal |
51 Bucharest Tribunal |
52 Bucharest Tribunal |
53 Bucharest Tribunal |
54 Bucharest Tribunal |
|
| s. 2 |
B. List of litigations where impact has the quality of defendant:
$B_{\cdot \cdot \cdot}$
| ă ency |
|||
|---|---|---|---|
| Claims of parties |
16,823,946 RON | 9.155,118 RON | 9,138,140 RON |
| Observations | 16-Mar-12 administration of evidence | Dismisses the appeal as ungrounded. With recourse |
Cancels the attacked sentence and sends the case, to be rejudged, to the first court. Impact declared recourse |
| Term | no term | 24-May- $\mathbf{r}$ |
|
| Adverse party Trial stage | instance first |
leədde | recourse |
| ± द द |
Management SC Brooklyn Property ឝ |
Management SC Brooklyn Property รี่ยี่ |
|
| Position of Impaci |
civil liable party |
||
| Object | takeover by assignment receivables of Summa Romania from contr. by the plaintiff of 42/2007 |
takeover by assignment receivables of Summa Romania from contr. by the plaintiff of 6/2007 |
|
| No.of e # |
60772/3/ $ $ Civil liability 2011 |
32826/3/ Claims coming from the defendan 2010 |
2010 |
| Court | 1 Bucharest Tribunal |
2 Bucharest Court of Appeal |
3 High Court $\,$ 32874/3/ Claims coming from the $\,$ defendan and Justice Cassation á |
$-54-$
| ׇ֘֝֬֝ |
|---|
| ď t |
| i Ī ļ |
| li T ľ |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (all amounts are expressed in thousands EUR, unless stated otherwise)
| ency $\overline{a}$ |
RON | EUR | EUR | EUR | RON | EUR |
|---|---|---|---|---|---|---|
| Claims of parties |
8,018,174 | 1,250,000 | 490,940 | 317,422 | 234,119 | 34,692 |
| Observations | for administration of evidence | anymore in this file as it assigned the evidence; IDC does not have quality quality of defendant |
dismisses the request as ungrounded. With appeal in 15 days from the communication |
dismisses the recourse as ungrounded, suspension until the final solving of file maintains the measure of case 23619/3/2009 |
main action and obliges impact to pay the approximately 160,000 RON by the forced amount of 8080.96 lei, as legal expenses. the recourse as ungrounded. Obliges the Partially changed the appealed sentence execution procedure return. Dismisses in the respect that partially admits the admits the appeal declared by Impact. execution accomplished by intimates, Impact has to recover the amount of recurring to pay to the intimate the amount of 102,784. Following the |
dismisses the action. |
| Term | $11-Apr-12$ | 25-Apr-12 | no term | no term | no term | no term |
| Trial stage | instance first |
instance First |
recourse | instance First |
recourse | lesdde |
| Adverse party | Romconstruct & BRD SG |
Institutul Pasteur |
ROMANIA SA SC SUMMA |
ROMANIA SA SC SUMMA |
Constantin and Bodogan Aurel |
Peter John Leigh |
| ŏ Impact Position |
defendant | defendant | defendant | detendant | defendant | defendant |
| Object | Action for contractual damages |
IP requests the payment the failure to conclude of damages following the sale-purchase contract |
return of the guarantee action by which there letter countervalue was requested the |
Return of guarantee etter countervalue |
claims (legal expenses) | return of advance and penalties |
| No.of iie |
2011(19) 35939/3/ 105/201 $\delta$ |
30348/3/ 2010 |
45882/3/ 2009 |
45886/3/ 2009 |
5028/94/ 2009 |
10892/3/ 2010 |
| Court | Bucharest Tribunal |
Bucharest Tribunal |
Bucharest Tribunal $\overline{6}$ |
Bucharest Court of Appeal N |
Bucharest Court of Appeal $\infty$ |
Bucharest Court of Appeal Ō, |
| pos. | $\blacktriangleleft$ | ທ |
$-55-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| ency Curr |
RON | EUR | RON | RON | RON | N/A N/A |
|---|---|---|---|---|---|---|
| Claims of parties |
131,446 | 26,186 | 39,923 | 35,000 | 31,824 | |
| Observations | dismisses the action | amount of 13519.61 lei representing legal action. Dismisses the action of plaintiff as CONTRACTOR SA. Entirely changes the action. Obliges the intimate plaintiff to appealed sentence in the respect that being prescribed the material right to appellant SC IMPACT DEVELOPER & prescription of the material right to admits the exception regarding the expenses for appeal. With recourse pay to the appellant defendant the Admits the appeal declared by the |
the plaintiff gave up the action | first term of the recourse declared by impact ruled |
Dismisses the action as ungrounded | cancels the appeal as unstamped. |
| Term | $24-0ct-11$ | 29-May- $\overline{1}$ |
no term | 14-Dec-12 | no term | no term |
| Trial stage | instance First |
instance First |
instance first |
cassation instance after first |
instance first |
first |
| Adverse party | Peter John Leigh |
ROMANIA SA STYLE MODA |
consulting srl Farming |
Stefanica Mihaela |
Bobeica Andrei Sorin |
Nicolae si Visan instance Visan Petre |
| đ Impact Position |
defendant | defendant | defendant | ≝ defendar |
defendant | سه defendan |
| Object | under private signature Termination of SPC and payment of penalties |
claims/contract termination |
claims (damages for construction vices) |
servitude by authentic delay of constituting document |
decis. authentic SPC | |
| No.of file |
45236/3/ 2010 |
48002/3/ return of land value 2009 |
2278/94/ 2011 |
15895/3 99/2006 32099/2 (2010) |
claims-damages for 6283/94/ 2010 |
18/2010 17735/1 |
| Court Pos. |
Bucharest Tribunal $\overline{a}$ |
Bucharest Court of Appeal $\mathbf{H}$ |
Court of Law of Buitea $\overline{12}$ |
Bucharest Tribunal $\overline{3}$ |
Court of Law of Buftea $\overline{4}$ |
Genica Constanta Tribunal 15 |
$8.2.$
$-56 -$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| Curre | 'nςγ | €UR | EUR | RON | RON | RON | RON | |
|---|---|---|---|---|---|---|---|---|
| Claims of | parties | 1,487,001 | 500,000 | 584,713 | 110,000 RON | 100,123 | 59,116 | 49,357 |
| Observations | term for evidence | dismisses the action, with appeal | For solving the litigation in an amicable Vew |
admits the exception for the prescription of action material right. Dismisses the action as prescribed. |
registration to the creditor group | counterclaim formulated by Impact in the approximately 65,000 RON. Cancels the appellant to pay to the intimate the amount of 2480 lei, legal expenses appeal, as unstamped. Obliges the action was dismissed. Admits the respect that obliges the plaintiff- defendant to pay the amount of representing the lawyer fee |
first term of recourse. | |
| Term | $29-MaV$ - $\overline{c}$ |
no term | 20 Apr 12 | no term | no term | no term | 23-May- $\mathfrak{a}$ |
|
| Trial stage | instance first |
instance first |
cancellatio arbitral ruling n of |
nstance first |
instance first |
appeal | instance first |
|
| Adverse party | Oradea prin Municipiul Primaria Oradea |
Sava Mircea Aurelian |
Construdava Degi SRL |
Dumitrescu Doina |
Romania SA SC Summa |
Plescan Petruta | Georgescu Maricica |
|
| ð Position |
Impact | defendant | defendant | defendant | defendant | plaintiff- defendant |
곧 defendan plaintiff |
defendant |
| Object | request to pay contractual penalties |
claims grounded on sale- respectively interests for payment in installments, purchase contract with installments paid in advance and moral damages |
commercial arbitration- claims for construction vices Degi |
claims of damages for vices |
claims | resolution of contract for payment of outstanding vices, IDC formulated counterclaim for the nstallments |
document cancellation dismembering |
|
| No.of | € | 9297/1 11/201 $\circ$ |
212/20 40442/ $\overline{a}$ |
9761/2 /2011 |
5876/3 /2010 |
299/20 21136/ $\overline{9}^*$ |
3/2010 20014/ |
5540/9 4/2007 |
| Court | ||||||||
| Tribunal Oradea $\overline{91}$ |
Constanta Tribunal $\mathbf{L}$ |
Bucharest Court of Appeal $\overline{3}$ |
Bucharest Tribunal $\frac{9}{1}$ |
District 1 Court of Law of $\overline{5}$ |
Court of Ploiesti Appeal $\overline{1}$ |
Court of law of $\overline{21}$ |
$-57-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| Curre | ρčγ | RON | RON | RON | RON | RON | $\frac{1}{2}$ | |
|---|---|---|---|---|---|---|---|---|
| Claims of | parties | 33,150 | 30,811 | 15,182 | 11,611 | 4,552 | $\frac{1}{2}$ | |
| Observations | for the performance of technical expertise of constructions |
dismisses the ordinance request as ungrounded. |
intimate the amount of 1200 lei expense. Dismisses the recourse as ungrounded. Obliges the recurring to pay to the |
suspended according to art. 36 Law 85/2006 |
value of each request reason according to the plaintiff was requested to specify the report to establish the stamping to this the value established by the expertise value |
dismisses the action as inadmissible; the plaintiffs declared appeal |
||
| Term | 30-Apr-12 | no term | no term | no term | 29-Mar- $\mathbf{1}^{\mathbf{2}}$ |
28-Mar- 12 |
||
| Trial stage | cassation after |
cassation instance after first |
instance first |
recourse | instance First |
instance First |
appeal | |
| Adverse party | Petcuta Danut | Viab Consulting 厉 |
Antonescu Adrian |
Romconstruct $\mathfrak{F}$ S, |
Contabilitate Maricica S.C.Isac |
Radio Consult, Paicu Claudia, & Amariucai, Ispas Daniel, Ermis Ioana, Humeniuc, Stanescu, Salom, |
||
| ៉ិ Position |
Impact | defendant | defendant | J. defendant recurring |
defendant | defendant | $\mathcal{F}$ defendani intimate |
|
| Object | documents)/claims | to make; countervalue of claims (reason separated lack of use) |
there is requested the payment call by which amounts for which payment of some services were not supplied |
Action for penalty claim | Action for recovery of incompliant works |
claims deriving from construction vices |
Mihailesc Networks |
|
| No.of | file | from the file for obligation 11190./ 299/20 G |
297/94 /2011 |
3/2011 44218/ |
4/2010 7602/9 |
81/118 /2009 |
4/2010) 3/2010( 1003/9 31608/ |
|
| Court | Buftea | District 1 Court of law of $\overline{23}$ |
Court of Law of Buftea 24 |
Bucharest Tribunal 25 |
Court of Buftea ho wel 26 |
Constanta Tribunal 27 |
Bucharest Court of Appeal $\overline{28}$ |
$-58-$
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(all amounts are expressed in thousands EUR, unless stated otherwise)
| Curre řεγ |
N/A N/A | N/A N/A | $\frac{d}{dz}$ $\frac{d}{dz}$ | |
|---|---|---|---|---|
| Claims of parties |
||||
| Observations | remained to be ruled | dismisses the recourse as ungrounded. CGMB and lonita Florian made a challenge for cancellation |
dismisses the action as ungrounded. | |
| Term | 14-Mar- 57 |
no term | $21 - Dec-11$ | |
| instance first |
Recourse | |||
| Adverse party Trial stage | Go West, Flash Man, Timpu A, Mihai, Clinciu, Majed Samer, Rotaru, Oeru, Maftei, Paul Ionel, Paun SC Rudyal, Naftanaila Grigoriu C, Antonesc, Ciocan D, Cristinel, Onirom, Models |
Ionita Florian | CGMB / Mayor Municipality Bucharest/ of the Ionita |
Ionita Florian - municipiului Bucharest General al Consiliul |
| đ Impact Position |
Cioaca, | intimate | defendant | intervenient |
| Object | resolution of prosecutor complaint against Nup |
Decision of the General Cancellation of the no. 263/2008 |
administrative document cancellation of |
|
| No. of file |
299/20 /15067 $\vec{a}$ |
(6108/2 Council of Mun. Bucharest 3/2009 23136/ (2011) |
3/2009) (43654) 5415/3 /2009 |
|
| Court | District 1 Court of Law of $\overline{29}$ |
Bucharest Tribunal ន្ត |
Bucharest Tribunal $\overline{51}$ |
$-59-$
| (all amounts are expressed in thousands EUR, unless stated otherwise) STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL |
|
|---|---|
| lated as significant, the company also has ongoing a number of litigations with different debtors of Besides the above presented litigations appreci |
|
| the company coming from the supply of utilities or other small receivables as value. These litigations (approximately 100) comprise a total value of IDC | |
| claims of approximately 120,000 RON. | |
| In order to better understand the situation of the litigations, these are grouped in some more important categories, namely: | |
| $\overline{1}$ | e of the present notes drafting, remained only two, are litigations coming from two construction Litigations with Romconstruct that, on the dat |
| execution contracts concluded in the year 2006, their cause being the very long delays of the constructor in the finishing of the works and its claims | |
| œ orks. The litigations are in the following situation: At position 1 in the litigations where Impact is to receive amounts of money for unfinished w |
|
| plaintiff by which there was admitted the provisional registration of Impact to the creditor group of Romconstruct for the amount of 16,025,023 | |
| delays of the works were recognized, and respectively at position 4 in the situation of the litigations RON, so the claims of Impact coming from the |
|
| where Impact is a defendant, where Romconstruct requests the countervalue of the unpaid works and penalties. This file is pending on the dockets | |
| of the Bucharest Tribunal. A third file, from position 2 on list A, where Impact requests the payment of the delay penalties was suspended, being | |
| found in fact in the file from position 1 on list A; | |
| $\dot{\mathbf{c}}$ | Summa Romania SA) and respectively Brooklyn Property Management SRL come from execution Litigations with Floreasca Construction (former |
| contracts signed in the year 2006 where Summa was executant and Impact beneficiary. These contracts were very much delayed and appeared | |
| from the part of Impact requests for penalties and from the part of Summa the request for the payment of some executed works. In the year 2008 | |
| Summa assigned the receivables to the company in the Brooklyn Group, that is a party in some of the trials that have the same origin. At present | |
| there are files on the list A, litigations from positions 5, 14, 15 and 19, that are either suspended due to the beginning of the insolvency procedure, | |
| in the amount with which Impact is registered to the creditor group of Summa, respectively position or under recourse, but whose values are found |
|
| 3 in list A. On list B1 at positions 2, 6, 7 there appear claims of Summa/Brooklyn that were dismissed until at present. | |
| $\vec{a}$ | 5 where there was taken over the trial quality by Sortway Ltd following the assignment of Litigations with Pasteur from positions A 4 and B1 |
| receivable and sale of litigious rights that took place in the year 2011 | |
$-60-$
| stated otherwise) STATEMENTS (all amounts are expressed in thousands EUR, unless NOTES TO THE CONSOLIDATED FINANCIAL |
|
|---|---|
| Litigations with the Oradea Local Council coming from the so-called "penalties according to the joint-venture contract as of 02.07.2004" from $\vec{r}$ |
|
| position B2 16 for which the forced execution was also attempted by the CL Oradea, that was dismissed (position A6). | |
| uni | Litigations with CL Cluj by which Impact requests amounts coming from the investments accomplished by Impact and respectively the project |
| SRL for the accomplishment of the Lomb project to which CL Cluj-Napoca did not bring the land, so company Clearline Development&Management |
|
| he total amount requested until at present is of over 21 million lei plus legal interests, but that does the project cannot be accomplished anymore. Ti |
|
| not include the unaccomplished benefit requested by Impact by the conciliation call. For these amounts a separate action follows to be filed for. | |
| Ġ | Litigations with ANAF following the protocol drafted in the year 2010 by which Impact challenged the amounts and penalties established by the |
| in the first instance, from the total amount afferent to the main reason, the action of Impact was control document. Following the court decision |
|
| admitted for the amount of 760,957 lei, so, also the penalties of 1,214,786 lei afferent to this amount are not due. Thus, from the total amount | |
| only the difference of 1,427,257 lei; there remained to be challenged in the recourse |
|
| $\ddot{\sim}$ | Litigations with Bodogan Aurel and Bodogan Constantin for amounts requested as penalties, positions A 10, 11, 13 and B1 8, are litigations that |
| have begun from 2008, for which Impact was executed for amounts as penalties, but in the year 2011 there was admitted the request of Impact | |
| from position A 11 and the procedures for execution return were begun; that these amounts are no longer due in the file |
|
| $\dot{\infty}$ | There is also a number of litigations with authorities for certain issued documents or illegal sanctions, positions A 18, 20, 26, 27, 34, 37, 38, 39, |
| 40, 41, 42, 43, 44, 46, 54 and B2 30. These litigations do not have significant value, but the management has the obligation to attack all the illegal | |
| administrative documents; | |
| o, | There is also a number of litigations with smaller values by which Impact requests damages and rents until the release of the real estates for the |
| installments that were terminated: positions A 17, 24, 29, 33, 50, 51, 52, 53 lease contracts or the contracts with payment in |
|
| ere impact is called to be liable as a civil liable party for deeds performed by other persons, facts 10. With regard to the file being at position B1, wh |
|
| beed administered evidence in the file, the representative of the Prosecutor's Office requested the unconfirmed by court decisions, without having |
|
| 16,823,946 lei upon the goods of Impact, reasoned by the fact that the goods of the defendant institution of the distraint for the amount of |
$-61-$
(all amounts are expressed in thousands EUR, unless stated otherwise) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
the distraint upon the patrimony of Impact for the entire amount of 16,823,946 lei, the company Impact declared recourse. The companies Fondamento Forte and Patagonia Invest were called in this file as civil liable parties for the deed of Mrs. Stegaru Ruxandra. As the companies Fondamento Forte and Patagonia do not exist anymore, Impact was summoned as a successor in rights of the two companies that it absorbed (Stegaru Ruxandra) upon which the distraint was put are insufficient to cover the prejudice. Against the measure disposed by the court to institute
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