CzeCh airlines - České aerolinie

Notes to the Consolidated Financial Statements
For the Year ended 31 December 2010
annual report 2010 | 125
12. LIABILITIES
Long-Term Payables
Short-Term Payables
31 December 2010
CZK’000
Trade and other payables have not been secured by the Group’s assets.
31 December 2009
CZK’000
Long term prepayments received 1,139 1,319
Interest rate swaps 53,996 58,051
Other payables 1,318 633
56,453 60,003
31 December 2010
CZK’000
31 December 2009
CZK’000
Trade payables - current 1,119,693 1,364,382
- overdue 10,791 6,354
1,130,484 1,370,736
Other payables - current 44,933 2,725,517
Estimated payables 1,160,469 1,792,049
Short-term trade payables overdue comprise of liabilities under complaint procedures.
Payables overdue more than 180 days amounted to CZK 4,356 thousand as at
31 December 2010 (2009: CZK 6,351 thousand).
As at 31 December 2010, the Group records liabilities for social security and health
insurance amounting to CZK 76,691 thousand (as at 31 December 2009: CZK 69,451
thousand). The recorded payables are not overdue.
Industry of the Czech Republic. The loan was provided by OSINEK, a.s. “in liquidation”
during 2009 and was due for repayment in November 2010. According to the
agreement dated 29 September 2009, the loan was transferred from OSINEK, a.s.
“in liquidation” to the Ministry of Trade and Industry of the Czech Republic. As at
14 May 2010, the right to manage the receivable was transferred to the Ministry of
Finance of the Czech Republic (Note 10). The loan carried a variable interest rate
based on PRIBOR.
In 2010, the interest rate fluctuated between 4.43% and 4.54% p.a. (2009: 4.90% and
5.52% p.a.).
The Government instructed the Ministry of Finance, in cooperation with the
Chairman of the Office for Protection and Competition, to ensure the notification of
the Restructuring Plan to the European Commission, which is undertaking a review
relating to the loan provided by OSINEK, a.s. “in liquidation”.
Other short-term payables also comprise of the fair value of derivatives as follows
(Note 14):
31 December 2010
CZK’000
31 December 2009
CZK’000
Currency swaps 1,166
Currency forwards 1,364 146,395
Commodity swaps 37,383
1,364 184,944
Estimated payables represent the volume of services provided to the Group in terms
of aircraft operation (for example, aviation fuel, handling, landing, navigation), not
yet invoiced as at the balance sheet date.
The Group has no tax arrears to the relevant tax authority.
As of 31 December 2009, the other liabilities also contain a non-banking loan in
the amount of CZK 2,500,000 thousand provided by the Ministry of Trade and