AnnuAl report 2010 - ZSSK Cargo

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13. PROPERTY, PLANT AND EQUIPMENT (In thousands of EUR) Land and buildings Machines, equipment, other assets Assets under construction Acquisition cost at 1 January 2010 133,500 816,344 9,720 959,564 additions - - 80,061 80,061 Disposals (18) (27,455) (71) (27,544) Transfers 2,101 75,759 (77,860) - At 31 December 2010 135,583 864,648 11,850 1,012,081 Accumulated depreciation at 1 January 2010 (32,285) (251,070) - (283,355) Charge for the period (2,409) (59,144) - (61,553) Disposals 7 25,061 - 25,068 Impairment loss (1,993) (5,592) (538) (8,123) At 31 December 2010 (36,680) (290,745) (538) (327,963) Net book value at 31 December 2010 98,903 573,903 11,312 684,118 Total (In thousands of EUR) Land and buildings Machines, equipment, other assets Assets under construction Total Acquisition cost at 1 January 2009 127,276 739,654 14,541 881,471 additions - - 86,672 86,672 Disposals (20) (8,211) (348) (8,579) Transfers 6,244 84,901 (91,145) - At 31 December 2009 133,500 816,344 9,720 959,564 Accumulated depreciation at 1 January 2009 (29,713) (186,280) (518) (216,511) Charge for the period (2,150) (52,349) - (54,499) Disposals 13 8,121 - 8,134 Transfers 4 (4) - - Impairment loss (439) (20,558) 518 (20,479) At 31 December 2009 (32,285) (251,070) - (283,355) Net book value at 31 December 2009 101,215 565,274 9,720 676,209 36
Included within land and buildings are halls used in the repair of locomotives and wagons, depots, stores, workshops and administrative buildings; and included within machines, equipment and other assets are locomotives and wagons, cranes, trucks, cars and other vehicles, tools and equipment used in repair and maintenance, boilers and other heating equipment and office equipment, including computers, printers and other IT equipment. The Company booked impairment losses on assets individually assessed as damaged or not capable for further use. The impairment losses were recorded in amount of actual damage and/or in carrying amount as at 31 December 2010 respectively. The impairment test of assets as required by IaS 36 was performed by the management of the Company at the year end. The recoverable amount of an assets is a higher of its fair value less costs to sell and its value in use. The fair value less cost to sell of an asset was determined as a its selling price adjusted for costs associated with the sale of the asset. The value in use of the asset was determined by discounted cash flows method. The Company as a whole is considered as a single cash generating unit. No impairment losses were identified based on impairment test by comparing the recoverable amounts of the assets and its book carrying values. The relevant cash flows were estimated based on approved 2011 business plan updated for available information as at balance sheet date and on forecasts of future periods based on best estimates using all available information. The future cash flows were estimated for next 14 years which is an average remaining useful life of the cash generating unit‘s assets. The cash flows include unavoidable investment expenditures required to maintain ability of the cash generating unit to generate revenues and proceeds from scrap value at the end of the useful life. The calculation model incorporates expected increase in revenues, the decrease of the rail infrastructure fees, decrease of personal costs as result of employment termination program and cost cutting measures in accordance with railway revitalization project approved by the government. The discount rate in amount 11.2 % used in calculation was determined based on average cost of capital as at 31 December 2010 and was adjusted for industry risks and uncertainties regarding future cash flows. The Company recorded impairment losses in amount EUR 8,123 thousand on assets which based on individual assessment were identified as damaged or incapable for further use. The impairment loss is presented net off impairment loss reversal in amount EUR 11,164 thousand recorded for specific wagons in previous years. The impairment is included in depreciation, amortization and impairment item. Within property, plant and equipment are wagons acquired by means of finance lease with an aggregate value of EUR 117,036 thousand (EUR 88,653 thousand at 31 December 2009). Property, plant and equipment in the ownership of the Company with a value of EUR 17,991 thousand (EUR 17,991 thousand at 31 December 2009) is registered by the State as protected for cultural purposes. Property, plant and equipment are insured against (i) natural disaster, (ii) theft and vandalism and (iii) machinery (all risk cover). Risks (i) and (ii) are covered to a maximum of EUR 332,935 thousand (EUR 331,939 thousand in 2009) and (iii) to a maximum of EUR 560,145 thousand (EUR 560,977 thousand in 2009). In addition, motor vehicles have third party and accident insurance cover, the cost of which is immaterial. 37
Page 1: ZSSK CARGO Annual report 2010 Žele
Page 4 and 5: IntroDuCtorY SpeeCH BY tHe CHAIrMAn
Page 6 and 7: lISt oF uSeD ABBreVIAtIonS BTS CAS
Page 8 and 9: FreIGHt trAnSport Development of Tr
Page 10 and 11: StruCture oF DrV Development of DRV
Page 12 and 13: QuAlItY MAnAGeMent SYSteM In order
Page 14 and 15: SeleCteD eConoMIC InDICAtorS Calcul
Page 16: 14 InDepenDent AuDItorS’ report
Page 19 and 20: StAteMent oF FInAnCIAl poSItIon AS
Page 21 and 22: StAteMent oF CASH FloWS For tHe YeA
Page 23 and 24: nature of the Company’s activitie
Page 25 and 26: tives. Management determines at eac
Page 27 and 28: maturities and which the Company ha
Page 29 and 30: mentation includes identification o
Page 31 and 32: tion of a qualifying asset are reco
Page 33 and 34: 5. CONSUMABLES AND SERVICES (In tho
Page 35 and 36: 11. INCOME TAX The tax charge for t
Page 37: 12. INTANGIBLE ASSETS (In thousands
Page 41 and 42: at 31 December 2010 overdue receiva
Page 43 and 44: 20. INTEREST-BEARING LOANS AND BORR
Page 45 and 46: 22. PROVISIONS (In thousands of EUR
Page 47 and 48: 23. TRADE AND OTHER PAYABLES, AND O
Page 49 and 50: for international transportation du
Page 51 and 52: 26. FINANCIAL RISK MANAGEMENT The C
Page 53: (In thousands of EUR) 31 December 2
Page 56: 54 InDepenDent AuDItorS’ report
Page 59 and 60: ConSolIDAteD StAteMent oF FInAnCIAl
Page 61 and 62: ConSolIDAteD StAteMent oF CASH FloW
Page 63 and 64: al accounting Standards Board (“I
Page 65 and 66: 2.4 SUMMARY OF SIGNIFICANT ACCOUNTI
Page 67 and 68: allowance for impairment. This calc
Page 69 and 70: of changes in fair value or cash fl
Page 71 and 72: measured at the amount expected to
Page 73 and 74: 4. OTHER REVENUES (In thousands of
Page 75 and 76: 9. OTHER FINANCE COSTS (In thousand
Page 77 and 78: 12. INTANGIBLE ASSETS (v tis. EUR)
Page 79 and 80: Included within land and buildings
Page 81 and 82: 16. TRADE AND OTHER RECEIVABLES (In
Page 83 and 84: 18. SHAREHOLDER’S EQUITY Register
Page 85 and 86: 21. EMPLOYEE BENEFITS (In thousands
Page 87 and 88: a new contract which involved diffe
Page 89 and 90:
ČD CaRgo, a.s. filed a lawsuit aga
Page 91 and 92:
(In thousand of EUR) 31 December 20
Page 93 and 94:
27. EVENTS AFTER THE BALANCE SHEET
Page 95 and 96:
ContACtS Železničná spoločnosť
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AnnuAl report 2010 - ZSSK Cargo

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