výročná správa annual report 2008

j) Deferred taxes
k) Accrued expenses
and deferred
income
l) Leasing
m) Foreign currency
n o t e s t o t h e f i n a n c i a l s t a t e M e n t s 3 5
Deferred taxes (deferred tax assets and deferred tax liabilities) relate to the following:
a) temporary differences between the carrying value of assets and the carrying value of liabilities
presented in the Balance Sheet and their tax base;
b) tax losses which are possible to carry forward to future periods, being understood as the possibility
of deducting these tax losses from the tax base in the future;
c) unused tax deductions and other tax claims, which are possible to carry forward to future
periods.
Accrued expenses and deferred income are presented in accordance with the matching principle in
terms of substance and time.
A proportional part of emission quotas valued at their replacement cost shall be credited to an account
of deferred income.
The deferred income shall be released in relation in terms of time and substance to use of emission
quotas allocated free of charge because of their sale or creation of provision or fulfilment of the obligation
to submit emission quotas.
Operating leases: assets leased through operating leases are presented by the owner, not by the
lessee.
Assets and liabilities denominated in a foreign currency are translated to the Slovak currency according
to the exchange rate announced by the National Bank of Slovakia as of the date of the accounting
transaction.
Assets and liabilities denominated in a foreign currency (except for assets and liabilities denominated
in Euro and except for advance payments made and advance payments received) are translated to
the Slovak currency at the Balance Sheet date according to the exchange rate announced by the
National Bank of Slovakia for this date, and are recorded with an impact on profit or loss.
In relation to the Euro conversion as of 1 January 2009 assets and liabilities denominated in Euro
(except for advance payments made and advance payments received) are translated to the Slovak
currency according to the Euro conversion rate (30.1260 SKK/EUR), not according to the exchange
rate announced by the National Bank of Slovakia, as of the Balance Sheet date and which date directly
preceding the Euro conversion date (i.e. 31 December 2008); and are recorded with an impact
on profit or loss (see E.a).
Advance payments made and advance payments received in foreign currencies are translated to the
Slovak currency according to the exchange rate announced by the National Bank of Slovakia as of
the date of accounting transaction. Advance payments are not translated to the Slovak currency as of
the Balance Sheet date (see E.a).