annual report 2004 - Severočeské doly a.s.

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30 —— 31 How Investments are Financed The company financed its investments in tangible and intangible fixed assets solely from depreciation. Thanks to its long-term stable financial strength, the company did not have to draw on any external sources of financing (i.e. loans, bank credit, bonds, or bills of exchange). Capital Interests Subsidiaries at 31 December 2004 Company Number of shares Shareholding at nominal Share in registered value (CZK’000) capital (%) SD – Vrtné a trhací práce, a.s. 12,308 83,694 100.00 Skládka Tušimice, a.s. 13,735 137,350 98.00 SD – Autodoprava, a.s. 317,294 330,785 100.00 SD – 1.strojírenská, a.s. 67 67,000 100.00 SD – Kolejová doprava, a.s. 400 370,000 100.00 SD – Humatex, a.s. 25 25,000 100.00 PRODECO, a.s. 253 10,036 50.50 Subsidiaries total 1,023,865 SD – Vrtné a trhací práce was established in 1997 by the spin-off of Severočeské doly’s drilling and blasting unit to form a separate company. The core business of the company is blasting work and the research, production, disposal, defusing, processing, purchase, and sale of explosives. In November 2004, this subsidiary’s capital structure was optimized when the registered capital was reduced by CZK 9,846,000. The company’s stake in Skládka Tušimice indicates its organizational and legal interest in the management of solid municipal and other hazardous waste. This subsidiary’s co-shareholders are large towns and cities in the region. Its core business is waste management and the mediation of waste management services. In November 1997, Severočeské doly’s Doly Bílina truck transport operations were spun off and now do business as a subsidiary of Severočeské doly a.s. under the name SD – Autodoprava. Later, in 2001, part of the truck operations at Doly Nástup Tušimice were integrated into this subsidiary. This company’s core business is road freight and passenger transport, motor vehicle repairs, and motor vehicle rentals. In October 2004, this subsidiary optimized its capital structure by reducing its registered capital by CZK 36,422,000. The subsidiary SD – 1.strojírenská was established at the end of 2001. At the beginning of 2002, Severočeské doly’s workshop unit and mine technology operating unit were spun off from Severočeské doly and transferred to this subsidiary, which is involved in the mechanical engineering sector. SD – Kolejová doprava was founded at the end of 2001 to run the operations of selected railway activities which were spun off from Severočeské doly at the beginning of 2002. In the wake of a decision to spin off the manufacture of oxyhumolite-based chemical products from Severočeské doly, the subsidiary SD – Humatex was established at the end of 2002. This company launched operations at the beginning of 2003. By making a joint capital investment with Sokolovská uhelná into PRODECO (formerly VÍTKOVICE – PRODECO), in 2002 Severočeské doly gained control of this supplier of important excavating technology. During 2003, Severočeské doly purchased an additional 1% of shares, making PRODECO a subsidiary.
Other Capital Interests at 31 December 2004 Company Number of shares Shareholding at nominal Share in registered value (CZK’000) capital (%) Equity investments in associates Výzkumný ústav pro hnědé uhlí a.s. 27,399 27,399 38.97 SHD – KOMES a.s. 168,235 168,235 46.33 Coal Energy, a.s. 1 10,000 20.00 ENETECH a.s. 56 10,500 50.00 Other investment securities and participating interests Sokolovská uhelná, a.s. 1 1 0.00 Total other capital interests 216,135 The company’s stake in Výzkumný ústav pro hnědé uhlí (the Brown Coal Research Institute) allows it to participate in the management and supervision of the activities of the Institute, which is a key institution for applied research in fields crucial to the development of the brown coal industry. The stake in SHD – KOMES is an instrument of control over one of the largest suppliers of materials consumed by Severočeské doly’s operations. At the same time, the stake is a long-term investment in SHD – KOMES’s fixed tangible assets that are useful in the commercial, service and tourism sectors. In April 2004, Severočeské doly sold a 34.22% stake in the registered capital of Teplárna Ústí nad Labem. In 2002, a project was implemented with ČEZ, Mostecká uhelná společnost, Sokolovská uhelná, and CARBOUNION BOHEMIA to establish the joint venture Coal Energy. This company started operating as an exporter of electricity generated at conventional Czech coal power stations in a move intended to eliminate the negative impact of putting Temelín Nuclear Power Station into service. The main incentive behind the investment into ENETECH was to acquire a stake in a company with important mining technology know-how. Personnel and Social Policies The aim of the company’s personnel and social strategy is to ensure the development of skilled, highly motivated employees, who are the cornerstone of success as the company seeks to meet its targets. The incentive programme focuses on employee bonuses, financial and non-financial employee benefits, and employee training. The social programme concentrates on promoting safety and health at work. The basic document for the company’s personnel and social policy is the collective agreement concluded for the period from 2004 to 2006. Number of Employees At the end of 2004, the company had a headcount of 3,685 employees, i.e. 97 employees fewer than at year-end 2003, continuing the downward trend of previous years. By reducing its number of employees, the company was responding to influences from the energy market, in particular the startup of Temelín Nuclear Power Station and the need to increase the efficiency of production, ensuring a rise in labour productivity. In 2001–2003, the company released 1,084 employees to subsidiaries. In 2004, Employee age structure (%) up to 25 1.6% 25–35 17.8% 35–45 26.5% 45–55 36.9% over 55 17.2% 0 10 20 30 40
Page 1 and 2: SEVEROČESKÉ DOLY a.s. — annual
Page 3 and 4: Severočeské doly a.s. is the larg
Page 5 and 6: RAM The operating part of a heavy t
Page 7 and 8: CONCERTINA The protective concertin
Page 9 and 10: Most Important Events of 2004 Janua
Page 12 and 13: 10 —— 11 Interview with the Cha
Page 14 and 15: 12 —— 13 Directors and Officers
Page 16 and 17: 14 —— 15 Jaroslav Volšický (*
Page 18 and 19: 16 —— 17 Executive Management T
Page 20 and 21: 18 —— 19 Company Profile Severo
Page 22 and 23: 20 —— 21 Report of the Board of
Page 24 and 25: 22 —— 23 Sales and Marketing Sa
Page 26 and 27: 24 —— 25 Product structure (%)
Page 28 and 29: 26 —— 27 Developments in coal e
Page 30 and 31: 28 —— 29 Developments in invest
Page 34 and 35: 32 —— 33 Employee education str
Page 36 and 37: 34 —— 35 municipalities and oth
Page 38 and 39: 36 —— 37 tion plants based on t
Page 40 and 41: 38 —— 39 on the innovation of t
Page 42 and 43: 40 —— 41 Financial Performance
Page 44 and 45: 42 —— 43 sumption of materials
Page 46 and 47: 44 —— 45 Shares and Shareholder
Page 48 and 49: 46 —— 47 Right to a Dividend 1.
Page 50 and 51: 48 —— 49 Strategy and Outlook f
Page 52 and 53: 50 —— 51 Outlook for 2005 Terri
Page 54 and 55: 52 —— 53 Report of Independent
Page 56 and 57: 54 —— 55 Consolidated Statement
Page 58 and 59: 56 —— 57 Notes to Consolidated
Page 60 and 61: 58 —— 59 Held-to-maturity inves
Page 62 and 63: 60 —— 61 Segments The Group has
Page 64 and 65: 62 —— 63 6. Investments in Asso
Page 66 and 67: 64 —— 65 Deferred Taxes, Net At
Page 68 and 69: 66 —— 67 The effect on retained
Page 70 and 71: 68 —— 69 Cash and In-kind Incom
Page 72 and 73: 70 —— 71 Organizational Chart G
Page 74 and 75: 72 —— 73 Shareholder Financial
Page 76 and 77: 74 —— 75 Persons Responsible fo
Page 78: Consulting and production: © B.I.G

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