annual report 2004 - Severočeské doly a.s.

More documents

Recommendations

Info

52 —— 53 Report of Independent Auditors To the Board of Directors and the Supervisory Board of Severočeské doly a.s.: We have audited the accompanying consolidated balance sheet of Severočeské doly a.s. and its subsidiaries (“the Group”) as of December 31, 2004 and the related consolidated statements of income, shareholders’ equity, cash flows and the related notes 1 to 18 for the year ended December 31, 2004. These consolidated financial statements are the responsibility of the management of Severočeské doly a.s. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of December 31, 2004, and the results of its operations and its cash flows for the year ended December 31, 2004, in accordance with International Financial Reporting Standards. Ernst & Young ČR, s.r.o. February 18, 2005
Consolidated Financial Statements in Accordance with IFRS Consolidated Balance Sheets at December 31, 2004 and 2003 (in CZK million) Note 2004 2003 ASSETS Property, plant and equipment: Plant in service 28,483 28,052 Less accumulated provision for depreciation (17,216) (16,318) Net plant in service 4 11,267 11,734 Construction work in progress 684 518 Total property, plant and equipment 11,951 12,252 Other non-current assets: Investments 5 6,544 6,819 Investments in associates 6 304 789 Deferred tax assets 12 449 140 Intangible assets, net 84 105 Total other non-current assets 7,381 7,853 Current assets: Cash and cash equivalents 8 233 258 Investments 5 4,078 4,373 Accounts receivable, net 7 939 957 Materials and supplies, net 164 141 Other current assets 31 28 Total current assets 5,445 5,757 Total assets 24,777 25,862 LIABILITIES AND SHAREHOLDERS’ EQUITY Shareholders’ equity: Share capital 11 9,081 9,000 Net unrealized gains on available-for-sale assets 54 49 Retained earnings 11 5,646 7,569 Total shareholders’ equity 14,781 16,618 Minority interests 3 3 Non-current liabilities: Provision for decommissioning, reclamation and mining damages 3 8,792 7,783 Deferred tax liability 12 44 53 Total non-current liabilities 8,836 7,836 Current liabilities: Accounts payable 9 665 814 Income tax payable 207 298 Accrued and other liabilities 10 285 293 Total current liabilities 1,157 1,405 Total liabilities and shareholders’ equity The accompanying notes are an integral part of these financial statements. 24,777 25,862
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 32 and 33: 30 —— 31 How Investments are Fi
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 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
show all

annual report 2004 - Severočeské doly a.s.

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?