CzeCh airlines - ÄeskÃ© aerolinie

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Notes to the Consolidated Financial Statements For the Year ended 31 December 2010 annual report 2010 | 113 At 31 December 2009: Cost 1 January 2009 CZK’000 Consolidated the first time CZK’000 Additions / transfers CZK’000 Disposals / transfers CZK’000 31 December 2009 CZK’000 Land 26,822 171,279 (5,665) 192,436 Buildings, halls and structures 732,783 203 134,204 (576,959) 290,231 Machinery and equipment 2,801,015 7,260 118,423 (223,541) 2,703,157 Aircraft 772,632 387,813 (30,027) 1,130,418 Vehicles 493,760 13,801 4,957 (37,694) 474,824 Furniture and fixtures 354,831 1,417 18,257 (28,249) 346,256 Other tangible fixed assets 58,335 6,601 (5,110) 59,826 Tangible assets under construction 441,075 1,690 747,101 (831,737) 358,129 Advances paid for fixed assets – aircraft Airbus 111,165 21,211 132,376 Advances paid for fixed assets – aircraft Boeing 1,277,411 (287,095) 990,316 Advances paid for fixed assets – other 35,465 684 575 (1,259) 35,465 7,105,294 25,055 1,610,421 (2,027,336) 6,713,434 Accumulated Depreciation 1 January 2009 CZK’000 Consolidated the first time CZK’000 Charge for the year CZK’000 Sale, contribution, damages CZK’000 Disposals CZK’000 31 December 2009 CZK’000 Buildings, halls and structures (196,362) (128) (26,084) (480,770) 576,959 (126,385) Machinery and equipment (1,435,802) (6,056) (228,700) (29,439) 204,840 (1,495,157) Aircraft (527,388) (44,279) (1,886) 30,026 (543,527) Vehicles (356,720) (6,471) (35,689) (2,057) 37,694 (363,243) Furniture and fixtures (326,879) (1,287) (31,579) (48) 28,220 (331,573) Other tangible fixed assets (23,718) (7,437) 5,110 (26,045) (2,866,869) (13,942) (373,768) (514,200) 882,849 (2,885,930) Allowance for diminution in value (100,548) (308,405) Net book value 4,137,877 3,519,099
Notes to the Consolidated Financial Statements For the Year ended 31 December 2010 annual report 2010 | 114 Allowance for Diminution in Value Buildings, halls and structures Machinery and equipment Tangible assets under construction 1 January 2009 CZK’000 Charge for the year CZK’000 In 2009, the Group mainly created the allowance for rotables in the amount of CZK 243,395 thousand as it is expected that their value will be covered by sale rather than by use. In 2010, the financial leasing of three Boeing B737 was expired and the aircraft were added to the assets at acquisition costs of CZK 484,996 thousand. Furthermore, the financial leasing of other four B737 aircraft was prematurely expired and the aircraft were added to the assets at acquisition costs of CZK 736,954 thousand. The finance lease of three Boeing B737-500 expired in 2009 and the aircraft were added to the assets of the Group at the acquisition cost of CZK 383,518 thousand. Significant Fixed Assets Disposals in 2010 Release during the year CZK’000 (15,798) 15,798 31 December 2009 CZK’000 (24,037) (244,091) 22,580 (245,548) (60,713) (2,553) 409 (62,857) (100,548) (246,644) 38,787 (308,405) Revenue from the sale CZK’000 Net book value CZK’000 Hangar F including land 815,886 129,648 6 aircraft Boeing B737 1,186,039 1,005,313 Land around the APC building 68,894 53,325 Land around Hangar F 34,089 34,089 Land under Hangar G 89,025 89,025 Significant Fixed Assets Disposals in 2009 Revenue from the sale CZK’000 Net book value CZK’000 Aircraft Airbus A310 247,125 1,886 APC building including land 606,710 437,910 Advances The advances paid in the amount of CZK 503,145 thousand as of 31 December 2010 (as of 31 December 2009: CZK 132,376 thousand) represent advances for 8 Airbus A319 aircraft, which will be delivered in 2011 – 2014. The Group has an option for the purchase of these aircraft. The prepayments are classified as unrefundable and they are recalculated using a historical foreign exchange rate. The advances in the amount of CZK 0 thousand as of 31 December 2010 (as of 31 December 2009: CZK 990,316 thousand) related to Boeing B737 aircraft are not refinanced by a finance lease and became part of the acquisition costs of the respective aircraft at the expiry of the finance lease when the aircraft became property of the Group. The decrease of the advances of CZK 990,316 thousand in 2010 relates to the expiry of financial leasing of seven Boeing B737 and its addition to the assets of the Company. The decrease in the advances in 2009 in the amount of CZK 287,095 thousand relates to the expiry of the finance leasing of three Boeing B737 aircraft and their addition to the assets of the Group. Allowance for Diminution in Value The Group creates an allowance for assets under construction – technical improvement of aircraft under finance lease, when the lessor did not approve the depreciation thereof. The Group further creates an allowance if the carrying value of an asset is greater than its estimated recoverable value; the carrying value is then reduced by an allowance to the recoverable value. The fair value of aircraft purchased by the Parent Company after the expiry of the finance leases is significantly higher than their carrying amount.
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Czech airlines A n n u a l R e p o
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contents annual report 2010 | 2 4 T
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the Company and the group annual re
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Company Profile annual report 2010
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Important Developments during 2010
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Selected Financial and Economic Ind
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Corporate Governance and Management
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Corporate Governance and Management
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Organizational Chart of the Group a
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Areas of Business annual report 201
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sales and marketing annual report 2
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Aircraft Fleet annual report 2010 |
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Czech Airlines Security annual repo
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Punctuality of Operations annual re
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Environmental Care annual report 20
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Human resources annual report 2010
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subsidiary companies annual report
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Subsidiary companies annual report
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Subsidiary companies annual report
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REPORT OF THE SUPERVISORY BOARD OF
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Independent Auditor’s Report to t
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Independent Auditor’s Report to t
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CAS financial statements of České
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NOTES TO THE FINANCIAL STATEMENTS F
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Page 63 and 64: NOTES TO THE FINANCIAL STATEMENTS F
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Page 99 and 100: Notes to the Consolidated Financial
Page 113: Notes to the Consolidated Financial
Page 141 and 142: CZECH AIRLINES COMMERCIAL TRANSPORT
Page 143 and 144: REPORT OF THE STATUTORY BODY OF THE
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Page 159 and 160: Equity holdings of Czech Airlines i
Page 161 and 162: Glossary and Abbreviations annual r
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