CzeCh airlines - ÄeskÃ© aerolinie

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NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2010 annual report 2010 | 73 Other short-term receivables mainly comprise the fair value of derivatives as follows (Note 15): 31 December 2010 CZK’000 31 December 2009 CZK’000 Currency swaps 436 Commodity collars 119,997 Commodity swaps 73,572 41,445 Currency forwards 2,368 10,818 75,940 172,696 The short-term prepayments principally include prepayments for telecommunication, reservation and check-in systems, refreshment and brokerage. The estimated receivables relate to provided services, not yet invoiced as at balance sheet date. It mainly includes provided overhauls of landing gears and estimations related to accounting of maintenance provision due to overhauls of leased aircraft and engines, which the Company paid to a third party. The net book value of short-term receivables transferred to the subsidiaries as nonmonetary contribution during 2010 is mentioned in Note 28. The net book value of short-term receivables transferred as part of the Company during 2010 is mentioned in Note 28. The change in the allowance for doubtful receivables may be analysed as follows: 2010 CZK’000 The creation of the allowance relating to receivables in 2009 primarily relates to the lease of aircraft with the crew for a customer who did not fulfil the contracted obligations. The Company revalued the allowance to receivables denominated in foreign currencies at the balance sheet date. The revaluation is recognized in the profit and loss account as a change in allowances and provisions relating to operating activities. Receivables from related parties are disclosed in Note 26. 2009 CZK’000 Opening balance as at 1 January 265,381 31,414 Increase of allowance 56,735 248,083 Contribution to subsidiaries (277,201) Decrease of allowance (9,160) (3,793) Decrease of allowance – writtenoff receivables (17,974) (10,323) Closing balance as at 31 December 17,781 265,381
NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2010 annual report 2010 | 74 10. OTHER ASSETS As at the balance sheet date, deferred expenses primarily represent finance lease payments for Airbus A319/A320 aircraft, aircraft and other property operating lease payments. As at the balance sheet date, accrued income largely includes air coupons of other <strong>airlines</strong> when the flights were realized by the Company, for which the income will occur in the following period. The net book value of other assets transferred to the subsidiaries as non-monetary contribution during 2010 is mentioned in Note 28. The net book value of other assets transferred as part of the Company during 2010 is mentioned in Note 28. 11. EQUITY Authorized and Issued Share Capital Ordinary shares in nominal value CZK 5 thousand each, fully paid No. 31 December 2010 CZK’000 No. 31 December 2009 CZK’000 1,047,102 5,235,510 547,102 2,735,510 As of 3 May 2010, the Government of the Czech Republic approved the capitalization of the state receivable related to the loan provided by OSINEK, a.s. “in liquidation” (Note 13). Based on the decision of the extraordinary general meeting held on 20 May 2010, the share capital of the Company was increased by the monetary contribution with subscription of 500 thousand pieces of new ordinary shares with a nominal value of CZK 5 thousand per share by the Ministry of Finance of the Czech Republic. At the same time, the offsetting agreement was signed to offset the receivable from the Ministry of Finance of the Czech Republic relating to the loan provided by OSINEK, a.s. “in liquidation” and receivable of the Company for payment of the new shares’ issue price. By this agreement, CZK 2,500,000 thousand was transferred from liabilities to equity. The change was recorded in the Commercial Register on 19 July 2010. The principal shareholders exceeding 20% of the share capital are as follows: 31 December 2010 – % 31 December 2009 – % Ministry of Finance of the Czech Republic 95,69 91,75 Other shareholders 4,31 8,25 The statutory reserve fund may not be distributed to shareholders, but may be used to offset accumulated losses. The Company is required by its Statute and the Commercial Code to transfer 5% of its annual net profits to the statutory reserve fund until the balance of this reserve reaches 20% of the issued share capital. Based on the decisions of the general meeting held on 28 June 2010, the loss in the amount of CZK 3,756,125 thousand for 2009 was transferred to Accumulated losses brought forward. Revaluation of Assets and Liabilities The Company records the fair value remeasurement of assets in equity as follows: Revaluation of assets and liabilities includes: 100 100 31 December 2010 CZK’000 31 December 2009 CZK’000 Commodity derivatives – swaps 73,572 (9,676) Currency derivatives – forwards 1,003 (135,576) Currency derivatives – forwards (hedging aircraft) (414,702) (462,629) Deferred tax asset / (liability) 115,497 Other 4 (340,127) (492,380) ▶ replaced commodity derivatives with a negative impact on revaluation in the amount of CZK 0 thousand as at 31 December 2010 (as at 31 December 2009: CZK 13,738 thousand); the derivatives will be recognized in the profit and loss account as an expense in the periods during which the hedged item affects the profit and loss account (fuel expenses); and ▶ currency derivatives with a negative impact on revaluation in the amount of CZK 414,702 thousand as at 31 December 2010 (as at 31 December 2009: CZK 462,629 thousand), which were already settled and the loss is accrued to finance lease expenses over the duration of the finance lease of aircraft.
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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
Page 23 and 24: Aircraft Fleet annual report 2010 |
Page 25 and 26: Czech Airlines Security annual repo
Page 27 and 28: Punctuality of Operations annual re
Page 29 and 30: Environmental Care annual report 20
Page 31 and 32: Human resources annual report 2010
Page 33 and 34: subsidiary companies annual report
Page 35 and 36: Subsidiary companies annual report
Page 37 and 38: Subsidiary companies annual report
Page 39 and 40: REPORT OF THE SUPERVISORY BOARD OF
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Page 45 and 46: CAS financial statements of České
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Page 99 and 100: Notes to the Consolidated Financial
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Notes to the Consolidated Financial
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CZECH AIRLINES COMMERCIAL TRANSPORT
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REPORT OF THE STATUTORY BODY OF THE
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ANNEX NO. 2 TO THE REPORT ON RELATI
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Equity holdings of Czech Airlines i
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Glossary and Abbreviations annual r
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