výročná správa annual report 2008
výročná správa annual report 2008
výročná správa annual report 2008
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6. Bank loans<br />
7. Accruals/deferrals<br />
8. Negative working<br />
capital<br />
Bank loans are detailed in the table below:<br />
Currency<br />
Annual<br />
interest<br />
% p.a Maturity<br />
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 4 9<br />
Balance<br />
31 Dec <strong>2008</strong><br />
(TSKK)<br />
Balance<br />
31 Dec 2007<br />
(TSKK)<br />
Investment loan EUR 5.62 31.12.2009 423,647 94,509<br />
Investment loan SKK 4.93 31.12.2009 88,440 37,694<br />
Short-term loan SKK 3.10 29.10.2009 100,000 0<br />
Short-term loan EUR 2.77 7.1.2009 36,754 0<br />
Short-term loan SKK 2.18 7.1.2009 107,000 80,000<br />
Total short-term loans 755,841 212,203<br />
Investment loan EUR 4.85 31.12.2009 0 472,543<br />
Investment loan SKK 5.09 31.12.2009 0 88,440<br />
Total long-term loans 0 560,983<br />
Total 755,841 773,186<br />
The investment loan with a credit line amounting to TEUR 22,500 and TSKK 301,553 was provided<br />
by UniCredit Bank Slovakia a.s. The loan is secured by the Company’s bill of exchange guaranteed<br />
by VETROPACK MORAVIA GLASS, a.s. Czech Republic along with a business guarantee from<br />
VETROPACK MORAVIA GLASS, a.s. Czech Republic. The loan is also secured by a letter of support<br />
from the parent company Vetropack Holding S.A., Switzerland.<br />
The principal of the short-term loan granted from Tatra banka, a.s. is TSKK 400,000. At the year end,<br />
the Company has drawn the funds in total amount of TSKK 143,754, i.e. TSKK 107,000 and TEUR<br />
1,220 (TSKK 36,754), from this bank.<br />
In <strong>2008</strong>, an instalment loan in the amount of TSKK 100,000 was provided to the Company from<br />
Tatra banka, a.s. based on contract on refinancing loan with Exportno-importná banka Slovenskej<br />
republiky (EXIMBANKA SR). The loan is guaranteed by the Company’s bill of exchange and by the<br />
Company’s receivables.<br />
In previous year the deferred income in the amount of TSKK 16,571 relates to the emission quotas allocated<br />
free of charge to the Company. Based on actual consumption of emission quotas for <strong>2008</strong> the<br />
provision for the whole amount of emission quotas allocated free of charge in <strong>2008</strong> was created.<br />
As at 31 December <strong>2008</strong> the Company’s current assets amounted TSKK 682,529 and current liabilities<br />
TSKK 1,093,198, this means, the current liabilities exceeded the current assets by TSKK 410,669.<br />
In order to strengthen the Company’s working capital and to comply with the going concern assumption,<br />
the Company has been provided by a letter of financial support from the parent company. In<br />
addition, the Company plans to restructure the existing loans.
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