VÝROČNÍ ZPRÁVA ANNUAL REPORT - Philip Morris

ANNUAL REPORT 2008 | FINANCIAL RESULTS
18. PROVISIONS
In 2008, management of the Company approved a plan related to the restructuring of sales and distribution and to the transfer of certain procurement and
information services activities to the regional shared service centres in Madrid and Krakow. The estimated restructuring expense representing termination
payments to those made redundant were CZK 20 million as at December 31, 2008. The estimate was based on the number of employees identified in the plans
and the Collective Labour Agreement valid in 2008, which specified the amount to be paid to those affected.
As at the December 31, 2007, there were no provisions recognised.
19. OTHER OPERATING INCOME
(in CZK million) 2008 2007
Exchange rate gains 265 120
Gains on sale of materials 10 6
Gains on sale of PP&E 39 9
Other income 3 7
Total 317 142
20. OTHER OPERATING EXPENSE
(in CZK million) 2008 2007
Exchange rate losses 252 105
Bank charges 22 18
Other taxes & fees 4 3
Loss on sale of materials - 2
Other expense 4 7
Total 282 135
21. NET PROFITS AND LOSSES FROM FINANCIAL INSTRUMENTS
Cash
2008 (in CZK million) Receivables equivalents Payables Total
Operating income
Foreign exchange gain 139 80 46 265
Interest income - 85 - 85
Operating expense
Foreign exchange losses (106) (76) (70) (252)
Net gain / (loss) 33 89 (24) 98
Cash
2008 (in CZK million) Receivables equivalents Payables Total
Financial expense
Interest expense - (9) - (9)
Net loss - (9) - (9)
Cash
2007 (in CZK million) Receivables equivalents Payables Total
Operating income
Foreign exchange gain 26 21 73 120
Interest income - 92 - 92
Operating expense
Foreign exchange losses (71) (11) (23) (105)
Net gain / (loss) (45) 102 50 107
Cash
2007 (in CZK million) Receivables equivalents Payables Total
Financial expense
Interest expense - (1) - (1)
Net loss - (1) - (1)
87