The Mystery of the Disappearance of 16 Pages of Rimac Group’s Financial Report

The company Rimac Group d.o.o. has published incomplete documentation regarding its financial operations for the year 2021. Specifically, in the financial reports, which are essentially just Notes to the financial statements, submitted to FINA for the year 2021 and publicly available through the Court Register, the first 16 pages are missing from the documentation, which should contain the opinion of professional auditors on the company’s operations. The interested public cannot ascertain whether the auditors believe that all published financial data is positive, negative, or if there are reservations regarding certain items.

Namely, every financial report submitted to FINA must, according to the Accounting Act, include the corresponding auditor’s opinion. Rimac Group is obligated to submit financial reports for each year, as are many entrepreneurs in Croatia.

However, the report does provide some insight into how Rimac Group d.o.o. operated in 2021. The company’s total revenue amounted to 1.46 billion kuna, profit was 644 million kuna, and in the previous year, 1.13 billion kuna in capital was raised from investors. EU and state subsidies amounted to 17 million kuna. Whether this is all positive, negative, or if there are reservations about it remains unknown for now.

In response to a query from Lider, Mate Rimac personally stated that his company submitted everything to FINA as required, including the first 17 pages and the auditor’s opinion.

– Since the portal for 2021 was closed, we submitted a physical copy of the report to FINA. They may have made a mistake in scanning. Or perhaps it is all a conspiracy so that Lider does not see the terrible auditor’s opinion, which would surely tarnish and bury us. But I agree, we should be reported immediately and, if possible, burned at the stake – Mate Rimac replied to us.

From Marte Longin, Rimac’s spokesperson, we received shortly after the publication of the text on the portal the disputed 16 pages with the auditor’s opinion. The document is signed by Berislav Horvat, CEO and authorized auditor at EY.

– Attached you will find the revised financial statements for 2021. Also, a confirmation that we submitted everything to FINA. We physically submitted the documentation (hard copy) because it was not possible to upload it to the portal, as it was closed for uploads related to the year 2021. The confirmation states that FINA will not even consider the documentation submitted until it is determined that complete documentation has been provided. Otherwise, they must inform us to make a supplement. If FINA has determined through its control that the documentation is complete, it registers it in the Register. By the mere fact that FINA did not contact us to supplement the documentation and that it published our reports, we can be sure that we submitted everything properly – Longin replied to us.

We are in possession of a response from FINA received by an accountant stating that “upon reviewing the Register of Annual Financial Statements, it was determined that the submitted documentation is incomplete, and based on this, FINA contacted Rimac Group d.o.o. with a notice to correct the documentation for the year 2021, i.e., to submit complete documentation in the prescribed manner.”