výročná správa annual report 2008

2. Property leased to
other parties
1. Contingent liabilities
2. Other financial commitments
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 5 9
The Company leases part of the administrative, storage, and non-residential premises in the overall
area of 3,358 m² to a third party. Annual leasing income is approximately TSKK 1,604. The lease
contracts are made for indefinite period.
L. INFORMATION ON OFF -BALANCE SHEET ASSETS
AND OFF -BALANCE SHEET LIABILITIES
The Company has the following contingent liabilities, which are not recorded in balance sheet accounts:
– There is a legal action pending against the Company for an interference of the ownership rights
of person. It is a conflict where the Company is charged with the nuisance of the plaintiff by noise
and vibrations of the factory railway, which is the property of the Company. The Company predicts
that the conflict could be settled by a provision of substitute real estate. The law suit has not
been decided on the first degree of jurisdiction yet, however, there is an anticipation that a judgment
on the merits of the Company will be made in course of the year 2009.
– The Company secures a credit line in the amount of TSKK 400,000 provided by Tatra banka, a.s.
by its bill of exchange and by its receivables. The Company has drawn a loan in the amount of
107,000 TSKK and 1,220 TEUR (TSKK 36,754) by the end of the year.
– The Company secures a loan provided by Tatra banka, a.s. (provided based on refinancing loan
with EXIMBANKA SR). The loan is guaranted by the Company’s bill of exchange and by the Company’s
receivable. The Company has drawn a loan in the amount of TSKK 100,000 by the end of
the year.
– Many parts of Slovak tax legislation remain untested and there is uncertainty about the interpretation
that the tax authorities may apply in a number of areas. The effect of this uncertainty cannot
be quantified and will only be resolved as legislative precedents are set or when the official interpretations
of the authorities are available.
Other financial commitments, which are not recorded in balance sheet accounts, are as follows:
The Company leases (operating lease) personal cars and low low-value non-current tangible assets
from a third party. Annual leasing costs amount to approximately TSKK 2,624.
The Company entered into a license agreement with its parent company for the use of the trademark
and logo. The license fee for the use of the trademark is calculated as 2% of the net sales to the third
parties.
M. INFORMATION ON INCOME AND EMOLUMENTS OF MEMBERS
OF THE STATUTORY BODIES, SUPERVISORY BODIES, AND OTHER BODIES
OF THE ACCOUNTING ENTIT Y
No payments to members of the Company’s statutory and supervisory bodies for their activities for
the Company during 2008 and 2007 were provided to them.