annual report 2004 - Severočeské doly a.s.

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54 —— 55 Consolidated Statements of Income for the Years Ended December 31, 2004 and 2003 (in CZK million) Note 2004 2003 Revenues: Sales of coal 7,361 7,520 Other sales 592 594 Total revenues 7,953 8,114 Expenses: Repairs, maintenance and other services (1,620) (1,517) Personnel 13 (1,752) (1,721) Depreciation and amortization (1,478) (1,573) Spare parts and other materials (892) (824) Energy (629) (674) Other operating expenses, net (970) 283 Total expenses (7,341) (6,026) Operating income 612 2,088 Other income/(expenses): Income from associates 6 28 60 Interest income 394 397 Interest on provisions 3 (420) (414) Other financial expenses, net (363) (16) Total other income/(expenses) (361) 27 Profit before income taxes 251 2,115 Income taxes 12 (72) (704) Profit after income taxes 179 1,411 Minority interests — — Net profit from ordinary activities 179 1,411 Net profit per share (CZK per share) (Note 11) Basic 20 157 Diluted 20 157 Average number of shares outstanding (shares) (Note 11) Basic 9,000,055 8,999,958 Diluted The accompanying notes are an integral part of these financial statements. 9,006,898 8,999,958 Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2004 and 2003 (in CZK million) Note Number Share capital Net unrealized Retained Total equity of shares gains/(losses) earnings Balance at December 31, 2002 8,997,530 9,000 106 6,698 15,804 Dividends paid — — — (540) (540) Capital contribution 11 2,525 — — — — Net loss on available-for-sale investments — — (57) — (57) Net profit — — — 1,411 1,411 Balance at December 31, 2003 9,000,055 9,000 49 7,569 16,618 Dividends paid — — — (2,113) (2,113) Capital contribution 11 — 81 — 11 92 Net gain on available-for-sale investments — — 5 — 5 Net profit — — — 179 179 Balance at December 31, 2004 9,000,055 9,081 54 5,646 14,781 The accompanying notes are an integral part of these financial statements.
Consolidated Statements of Cash Flows for the Years Ended December 31, 2004 and 2003 (in CZK million) 2004 2003 Operating activities: Profit before income taxes 251 2,115 Adjustments to reconcile profit before income taxes to net cash provided by operating activities: Depreciation and amortization 1,478 1,573 Interest income, net (394) (397) Change in provisions 1,650 420 Change in allowances — 18 Gain on fixed asset retirements (29) (37) Loss from the sale of associate 308 — Income from associates (28) (60) Changes in assets and liabilities: Receivables and other current assets 57 153 Spare parts and other materials (25) (35) Accounts payable, accrued and other liabilities (74) (88) Cash generated from operations 3,194 3,662 Income taxes paid (682) (493) Net cash provided by operating activities 2,512 3,169 Investing activities: Purchase of property, plant and equipment (1,360) (1,047) Payments for financial investments (1,144) (3,441) Proceeds from sale of property, plant and equipment 37 57 Proceeds from sale of financial investments 2,101 2,129 Interest received 218 165 Payments for reclamation and restoration of mining damages (477) (576) Total cash used in investing activities (625) (2,713) Financing activities: Dividends paid (1,912) (521) Total cash used in financing activities (1,912) (521) Net decrease in cash and cash equivalents (25) (65) Cash and cash equivalents at beginning of year 258 323 Cash and cash equivalents at end of year The accompanying notes are an integral part of these financial statements. 233 258
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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 54 and 55: 52 —— 53 Report of Independent
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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