ANNUAL REPORT 2004 - merkur.eu
ANNUAL REPORT 2004 - merkur.eu ANNUAL REPORT 2004 - merkur.eu
PULA RIJEKA SAMOBOR KARLOVAC ZADAR LEGEND: ČAKOVAC ZAGREB present sales centers new sales centers in 2005 present steel centres new steel centres in 2005 new sales centers in 2006 - 2010 new steel centres in 2006 - 2010 new steel centres in 2006 - 2010, acquired through leasing or partnerships Business in 2004 DEVELOPMENT OF SALES OUTLETS AND STEEL CENTRES ABROAD UNTIL 2005 AND PROJECTION UNTIL 2010 ŠIBENIK SPLIT SISAK BANJA LUKA OSIEJK SLAVONSKI BROD TUZLA SARAJEVO NOVI SAD PANČEVO BEOGRAD ČAČAK KRAGUJEVAC NIŠ MACEDONIA SKOPJE Last year, Perles Merkur Italia increased the sales of ferrous and non-ferrous metal products, tools and spare parts. The company promoted its brand name Perles and certain other own brand names. The Italian subsidiary plans to pay even more attention to business operations and specialisation in the future as well. Merkur International Praha and Merkur MI Handels München mostly import ferrous and nonferrous metal products and certain technical items for the Merkur Group. They have also started developing their own niche programmes. Both companies have launched preliminary activities to start selling ferrous and non-ferrous metal products on their respective markets. The development of the group in the future will focus on an even greater increase in sales of ferrous and non-ferrous metal products on foreign markets, DIY, household, audio and video appliances, apparatuses, and other home products, development of the Group’s own sales network, and distribution of assorted products, especially to the markets of Croatia, Serbia, Bosnia and Montenegro. 25 AR 2004
26 AR 2004 TRENDS IN THE SLOVENE ECONOMY IN 2004 The year 2004 marked a milestone in the Slovene economy. Slovenia became a member state of the European Union at the beginning of May 2004, and was included in the ERM2 system at the end of June. Both events will influence the Slovene economy in the long-term, and have already altered certain economic conditions. International exchange has increased, the level of inflation has become similar to the levels in other countries of the European Union, the exchange rate for the Tolar has been stabilised, and this means that the element of stability has been introduced into the business environment. In 2004, the gross domestic product increased by 4.6%. The economic growth was the highest since 1999. Buying power of the domestic market went up by approximately 3%. Domestic enquiries grew, mostly due to the investments of the business companies who invested into the equipment and machinery, dwellings, roads and infrastructure. Households increased their expenditures because of the 2% increase in wages and salaries and higher indebtedness at lower interest rates. International trade grew essentially and exceeded the expectations in 2004. Exports rose by approximately 9%, and import by between 10 and 11%, so the growth in real terms saw the highest increase after the year 2000. The supplies to the new European Union members retained their high levels of the previous two years. This was especially true for the Czech Republic and Hungary. The export to Croatia, Serbia and Montenegro intensified. Slovenia successfully decreased its inflation rate. In 2004, the average inflation presented by higher consumer prices totalled 3.6%, which was two percentage points less than in 2003. Producers increased the prices of manufactured goods by approximately 4.3% (in 2003 by a mere 2.5%), which were at the end of 2004 higher by 4.9% than at the end of 2003. In 2004, industrial production saw a 4.8% increase in comparison to the year before - the highest rise in the past three years. The processing industries produced 4.9% more than in 2003. However, the output of the processing industries depends tightly on the already high and still growing prices of raw materials, and this incites further cost increase. In 2004, the favourable 2002 and 2003 trends continued in the construction industry. The construction of buildings increased substantially, whilst the civil engineering retained the high 2003 rate. In 2004, the construction works total increased by 11.2% nominally, and in real terms by 2.5%. In 2004, sales revenues in retail sales grew by 3.8% in real terms. Sales revenues in non-food items saw the largest increase in the following segments: sales through mail (21%), specialised furniture shops, household appliances and construction materials (10.7%), pharmaceutical, medical, cosmetic and items for personal hygiene (6.1%). Thanks to substantial economic growth and increased production in industries essential for Merkur’s operations (metal processing, construction), the sales to companies grew in 2004 as well. Merkur’s sales, however, exceeded the growth in both industries, and the company appeared to be highly competitive. Thanks to the increased individual consumption, sales to end-consumers went up as well. Merkur’s sales to end-consumers increased by 10% in real terms. This indicates that the company exerted excellent market control, and won a certain part of the market share over the less successful competitors.
- Page 1 and 2: ANNUAL REPORT 2004
- Page 3 and 4: 2 AR 2004 ANNUAL REPORT OF MERKUR,
- Page 5 and 6: 4 AR 2004 HIGHLIGHTS ON OPERATIONS
- Page 7 and 8: 6 AR 2004 CONTENTS page BUSINESS RE
- Page 9 and 10: 8 AR 2004 PRESENTATION OF THE MERKU
- Page 11 and 12: 10 AR 2004 CORE PROGRAMME CONSTRUCT
- Page 13 and 14: 12 AR 2004 LETTER FROM THE CHAIRMAN
- Page 15 and 16: 14 AR 2004 REPORT BY THE SUPERVISOR
- Page 17 and 18: 16 AR 2004 MILESTONES OF 2004 REDUC
- Page 19 and 20: 18 AR 2004 BUSINESS IN 2004 MERKUR,
- Page 21 and 22: 20 AR 2004 Merkur has been developi
- Page 23 and 24: 22 AR 2004 THE MERKUR GROUP The Mer
- Page 25: 24 AR 2004 Kovinotehna’s main obj
- Page 29 and 30: 28 AR 2004 INTEREST RISK The intere
- Page 31 and 32: 30 AR 2004 INVESTMENTS On 31 Decemb
- Page 33 and 34: 32 AR 2004 RESEARCH AND DEVELOPMENT
- Page 35 and 36: 34 AR 2004 MERKUR’S SHARE Merkur
- Page 37 and 38: 36 AR 2004 DIVIDENDS In 2004, Merku
- Page 39 and 40: 38 AR 2004 STAFF STAFF BY MERKUR GR
- Page 41 and 42: 40 AR 2004 QUALIFICATION PROFILE OF
- Page 43 and 44: 42 AR 2004 EMPLOYEE ADVANTAGES Merk
- Page 45 and 46: 44 AR 2004 Merkur set aside a fund
- Page 47 and 48: 46 AR 2004
- Page 49 and 50: 48 AR 2004 FINANCIAL HIGHLIGHTS OF
- Page 51 and 52: 50 AR 2004 INCOME STATEMENT OF MERK
- Page 53 and 54: 52 AR 2004 STATEMENT OF CHANGES IN
- Page 55 and 56: 54 AR 2004 DISTRIBUTABLE PROFIT FOR
- Page 57 and 58: 56 AR 2004 AUDITED CONSOLIDATED FIN
- Page 59 and 60: 58 AR 2004 CONSOLIDATED CASH FLOW S
- Page 61 and 62: 60 AR 2004 CONSOLIDATED STATEMENT O
- Page 63 and 64: 62 AR 2004 NOTES AND DISCLOSURES TO
- Page 65 and 66: 64 AR 2004 LONG-TERM INVESTMENTS Th
- Page 67 and 68: 66 AR 2004 The revaluation of short
- Page 69 and 70: 68 AR 2004 SELLING COSTS AND GENERA
- Page 71 and 72: 70 AR 2004 4. NOTES AND DISCLOSURES
- Page 73 and 74: 72 AR 2004 In 2004, Merkur Group ca
- Page 75 and 76: 74 AR 2004 4.3. LONG-TERM INVESTMEN
PULA<br />
RIJEKA<br />
SAMOBOR<br />
KARLOVAC<br />
ZADAR<br />
LEGEND:<br />
ČAKOVAC<br />
ZAGREB<br />
present sales centers<br />
new sales centers in 2005<br />
present steel centres<br />
new steel centres in 2005<br />
new sales centers in 2006 - 2010<br />
new steel centres in 2006 - 2010<br />
new steel centres in 2006 - 2010,<br />
acquired through leasing or partnerships<br />
Business in <strong>2004</strong><br />
DEVELOPMENT OF SALES OUTLETS AND STEEL CENTRES ABROAD UNTIL 2005<br />
AND PROJECTION UNTIL 2010<br />
ŠIBENIK<br />
SPLIT<br />
SISAK<br />
BANJA LUKA<br />
OSIEJK<br />
SLAVONSKI<br />
BROD<br />
TUZLA<br />
SARAJEVO<br />
NOVI SAD<br />
PANČEVO<br />
BEOGRAD<br />
ČAČAK<br />
KRAGUJEVAC<br />
NIŠ<br />
MACEDONIA<br />
SKOPJE<br />
Last year, Perles Merkur Italia increased the sales of ferrous and non-ferrous metal products, tools and<br />
spare parts. The company promoted its brand name Perles and certain other own brand names. The Italian<br />
subsidiary plans to pay even more attention to business operations and specialisation in the future as well.<br />
Merkur International Praha and Merkur MI Handels München mostly import ferrous and nonferrous<br />
metal products and certain technical items for the Merkur Group. They have also started<br />
developing their own niche programmes. Both companies have launched preliminary activities to start<br />
selling ferrous and non-ferrous metal products on their respective markets.<br />
The development of the group in the future will focus on an even greater increase in sales of ferrous<br />
and non-ferrous metal products on foreign markets, DIY, household, audio and video appliances,<br />
apparatuses, and other home products, development of the Group’s own sales network, and distribution<br />
of assorted products, especially to the markets of Croatia, Serbia, Bosnia and Montenegro.<br />
25<br />
AR <strong>2004</strong>
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