Laurin&Klement issued its very first Annual Report on
30 April, 1908, on the occasion of the first General Meeting. Issuing the Annual Report in 1908 was an obligation of the then automobile & motorcycle manufacturer arising from Laurin&Klement's transformation to a joint stock company in 1907. The Report contains key financial information, including a pre-tax profit of 220,887.07 crowns.
The main difference from the current
Annual Report format lies in the scope. The number of pages has increased from 12 to 174 over those hundred years. As far as the contents are concerned, the document still includes a description of the Company and its operations, as well as financial records which are still based on double-entry accounting, although the current accounting system is significantly simpler.
“
The sales of our products showed a very positive tendency this year, as we sold vehicles and motorcycles worth altogether 2,089,252.67 crowns. An aspect that is certainly worth mentioning is that most of our sales were achieved abroad where we compete against well-established automobile manufacturers. Besides the high quality of our products, these achievements are a result of our presence at automobile exhibitions in Leipzig, Paris, Berlin and St. Petersburg, as well as efficient work put in by our agents in Germany, Italy, England and Russia ,” says the Annual Report drafted in 1908.
The document also includes an
auditor's report. The chartered accountants signed under the review are Alois Hecht, Chief Clerk of the Land Bank in Prague, and Jan Kryšpín, Director of the Municipal Savings Bank in Mladá Boleslav. The Company was obliged to make the Report available to third parties.
What is dramatically different are the
absolute figures. A worker would earn about 1 crown an hour in 1907, the cheapest model of Laurin&Klement, type “A”, cost 3,600 crowns, the luxury “E” about 15,000 crowns. Although the model portfolio was made up of 8 vehicles including omnibuses, basically each vehicle was an original.