PDF (1265kB) - Philip Morris

ANNUAL REPORT 2005 | CONSOLIDATED FINANCIAL RESULTS
There is no concentration of credit risk with respect to trade receivables.
The Group does not have non-current receivables.
Receivables from related parties include interest bearing loans to related
parties. See Note 27 for an analysis of receivables from related parties.
11. CASH AND CASH EQUIVALENTS
December 31, 2005 December 31, 2004
Cash at bank 106 658
On demand deposits with related parties (Note 27) 6 711 1 436
Total cash and cash equivalents 6 817 2 094
12. SHARE CAPITAL
The Group’s registered capital of 2 745 386 shares has a nominal
value of CZK 1 000 each and is fully paid.
Both companies of the Group created their statutory reserve fund.
It may not be distributed to shareholders, but may be used to
offset losses.
No changes in the registered capital or the number and type
of shares have occurred during the last two years.
The statutory reserve fund of Philip Morris ČR a.s. equals to 20% of
the Company’s issued share capital and the statutory reserve fund
of Philip Morris Slovakia s.r.o. equals to 10% of its issued share capital.
The Group’s registered capital is allocated as follows:
Number of Shares
Value in CZK
Unregistered ordinary shares certificated 831 688 831 688 000
Registered ordinary shares dematerialised 1 913 698 1 913 698 000
Total ordinary shares 2 745 386 2 745 386 000
The same rights are attached to all shares.
The identification mark of the Group’s shares according to the
international numbering system is ISIN: CS0008418869.
Group’s shares are admitted for trading on the public market organized by
the Prague Stock Exchange and the RM-S - Czech Share Trading System.
At December 31, 2005, 2 745 386 shares were publicly held, of which
77.6% were held by the company Philip Morris Holland B.V.
13. TRADE AND OTHER PAYABLES
December 31, 2005 December 31, 2004
Trade payables to suppliers 305 292
Trade payables to related parties 269 174
Trade payables 574 466
Amounts due to employees 91 76
Social security and health insurance 40 41
Dividends payable 14 11
Accrued expenses 180 181
Other payables 14 13
Total trade and other payables 913 788
Trade payables to related parties as disclosed in Note 27. The Group has no long-term payables.
14. OTHER CURRENT TAX LIABILITIES
December 31, 2005 December 31, 2004
VAT payable 469 503
Excise tax liability 4 535 3 283
Other taxes 29 14
Total 5 033 3 800
15. BORROWINGS
The borrowings as at 31 December 2005 include the unsecured current
liability representing the bank borrowing. The bank borrowing is in the
form of bank overdraft and the total amount was CZK 412 million at
the balance sheet date. The total overdraft limit is CZK 536 million.
Current interest rate of the overdraft is calculated as BRIBOR + 0.25% p.a.
The exact interest rate is between 2.48–2.50% p.a.
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