O S P A  
Annual Report
Management and Audit
Company Details
5. Reporting, profit and profit distribution

5.1 The financial year of the Agency shall start on January 1 and end on December 31.

•5.2 All of the company’s receipts and expenditures are reflected in a balanced budget which is drawn up in conformity with the company’s financial plan, with the rules concerning budget position set out in section 6 of the State Budget Act, with the rule concerning net debt set out in section 10 of the same Act, and with any limitations established in accordance with section 11 of the same Act.

•5.3 Each year, the company draws up and presents, in accordance with the rules set out in section 12 of the State Budget Act, a financial plan to serve as the basis for the preparation of the company’s budget. 

•5.4 The Management Board shall organise the accounting of the Agency. After the end of the financial year, the Management Board shall prepare the annual accounts and management report (the balance sheet, the income statement and the notes on the annual accounts) within the term provided by law and present the annual accounts and management report (annual report) along with the auditor's report to the general meeting.

5.5 The audited and approved annual accounts' copy shall be presented to the Minister of Finance and to the State Audit Office in four months after the end of the financial year. Together with the copy, an overview of the organizing, directing and supervising work of the Supervisory Board shall be presented, and the amount of remuneration paid to the Supervisory Board and the Management Board shall be shown.

•5.6 The Management Board shall submit the approved annual report to the commercial register along with the annexes prescribed by the Commercial Code no later than within the deadline prescribed by law.

•5.7 According to the Liquid Fuel Stocks Act, if the total amount of stockpiling fee paid within a calendar year exceeds the actual costs incurred upon holding of the stocks of that calendar year, the amount received in excess shall be taken into account on the next occasion of establishment of the rate of a stockpiling fee. Due to this, the stockpiling fee in excess is reported as other reserves, which is used to cover operating expenses in the next periods. Pursuant to the mentioned liability, the excess stockpiling fee cannot be reported in retained profit and therefore it is reported as reserve for excess stockpiling fees.

•5.8 For the purpose of avoiding loss upon the sale of fuel, subsection 17 of the Liquid Fuel Stocks Act provides that the Agency has the right to sell stocks only at the market price, which shall not be lower than the weighted average acquisition cost of the relevant type of fuel. Sale at a price lower than the acquisition cost is only permitted with the authorisation of the Minister of Economic Affairs and Communications.

•5.9 The Management Board has the right to make advance payments to the shareholders with the consent of the Supervisory Board after the end of a financial year and before approval of the annual report on account of the presumed profit in the amount of up to one half of the amount subject to distribution among the shareholders.