Press release from the 21st regular meeting of Shareholders’ Assembly of the company 13.Jul-Plantaže
Skupština akcionara kompanije „13. Jul-Plantaže“ usvojila je Finansijski izvještaj i Izvještaj o poslovanju za Shareholders’ Assembly of the company 13.Jul-Plantaže has adopted the Financial Statement and Operational Statement for 2021.
The independent auditor BDO has given a positive opinion, without a reserve, on the Financial statement for 2021i revizor BDO dao pozitivno mišljenje bez rezerve na finansijski izvještaj za 2021. godinu
The twenty first regular meeting of the Shareholders of the company 13.Jul-Plantaže a.d., presided by Dr Zoran Miladinović, acting executive director of the company, was held today at the Wine cellar Šipčanik. Out of total number of shareholders, over 2/3 shareholders with ownership right attended the meeting, so the Assembly had a quorum for being held and decision making by all agenda points.
The meeting was attended by Mr Budimir Mugoša, as the representative of state capital, state secretary of the Ministry of Agriculture, as well as minor shareholders, members of the Board of Directors and management of the Company.
Today, at the meeting of the shareholders of the company 13.Jul-Plantaže, the Modifications and Amendments to the Articles of Association of the company, financial statements and Operational report for 2021 as well as the Auditor’s report on the conducted audits of the financial statements for 2021 have been adopted.
In 2021, the company 13.Jul-Plantaže produced 15.8 million kgs of wine grapes , of a very good quality
which is 15% more than the production, realised in 2020 and 1.47 million kgs of table grapes for sales, namely 23% more than in 2020. The production of peaches -1.100 tons was realised on the area, covering 83 ha which is for 37% more than in 2020 as well as production of 10 tons of apricots. In 2021, Plantaže produced 310.000 pcs of grapevine scions and 548.000 grapevine cuttings, 150 tons of fish and young fish or 9% more than in the previous year, as well as 49,373 kgs of olives. In 2021, the volume of 11,9 million bottles of final products was bottled which is for 33% more than in 2020. The value of realised investments in 2021 amounts € 1.7 million. In 2021, the wines of the company 13.Jul-Plantaže won 25 medals at prestigious international contests (Decanter World Wine Awards- London, AWC Vienna
and Balkan International Wine Competition – Sofia).
Clean balances demanded radical solutions , implying that the company management in 2021 recognizes the burdens from the previous periods which reflected on the business result at the end of 2021 year,
Expressing the loss in the amount of €20 million. More precisely, Plantaže should express over €13 million of the negative effects on the net result of the company in the balances, on the burden of previous periods( due to the effects of revaluation and modifications of the calculation of the inventories value).
By cleaning the balance positions in 2021, the company released itself from the old burdens and in this manner, it has made a good base for the balances in 2022 in which business and net result, achieved only within the current business year, will be stated.
- Fixed assets of the company in the balance sheet on the 31st of December, 2021 amounts €410 million and it is higher many times in relation to the one at the end of 2020, when the value of the fixed assets was €74 million.
This result was achieved thanks to entering 9 million m2 surface of land which has not been recorded in the company ledger. Therefore, the value of the fixed assets of Plantaže has not been considerably modified. One of four most prestigious audit companies in the world, Ernst&Young , has conducted the revaluation of the fixed assets.
- The total value of the company assets in 2021 amounts €465 million which is also important in relation to 2020 when the total value amounted €134 million.
- The value of the capital is €386 million, ie 4 times higher amount in relation to the end of the calculation period for 2020,
- Balance of cash flow from the operational activities was positive, over €1 million in relation to the previous year when it was negative €1,3 million.In 2021, supplier were paid almost 1 million euros more than the year before, so the key reduction of outflow (a few million)was due to the costs of salaries.
- The value of the inventories of wine in bulk, final products and work in progress was corrected in 2021.Thus, the calculation of the inventories was done in compliance with the International Accounting Standard (IAS 2) and stated as a true position. The value of the inventories in 2021 was expressed as a negative amount of €4,15 million, for the first time in previous years which influenced reduction of the operational incomes as well as the increased amount of the loss in the net result.
- Incomes from the sales in 2021 amounted cc € 23 million which is better result for almost €5 million in relation to 2020. Operational costs in 2021 were lower for €4.5 million, out of which the savings were achieved mostly at the costs of salaries which were lower for €1.3 million in relation to 2020.
Shareholders’ Assembly has also made a Decision on Election and Appointment of Auditors for 2022 by which the auditor’s house Konzorcijum, Cattaro Audit d.o.o. Kotor and MNA Montenegro Audit Group d.o.o. Podgorica were elected for the auditor.