Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto
Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto
Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
NOTES TO THE FINANCIAL STATEMENTS <strong>2006</strong><br />
Company information<br />
Foundation and company enterprises<br />
ŠKODA AUTO a.s. was established as a legal entity on 20 November 1990. The Company’s principal business activities are the<br />
development, production and sale of vehicles and related accessories.<br />
Registered office<br />
ŠKODA AUTO a.s.<br />
Tř. Václava Klementa 869<br />
293 60 Mladá Boleslav<br />
Czech Republic<br />
IČ: 00177041<br />
www address: www.skoda-auto.cz<br />
The Company is registered in the Commercial Register maintained with the Municipal Court in Prague, Section B, Inset 332, with File<br />
No. Rg. B 332.<br />
Organisational structure of the company is divided into the following main areas:<br />
– Chairman of the Board’s Department;<br />
– Technical development;<br />
– Production and logistic;<br />
– Sales and marketing;<br />
– Commercial affairs; and<br />
– Human resource management.<br />
The Company has its main production plant in Mladá Boleslav and two other production plants in Vrchlabí and Kvasiny.<br />
1. Summary of significant accounting policies and principles<br />
1.1 Summary statement<br />
These financial statements are separate financial statements of ŠKODA AUTO a.s. (“the Company”) for the year ended 31 December <strong>2006</strong><br />
and relate to the consolidated financial statements of ŠKODA AUTO a.s. and its subsidiaries and associates for the year ended<br />
31 December <strong>2006</strong>. Users of these separate financial statements should read them together with the consolidated financial statements for<br />
the year ended 31 December <strong>2006</strong> in order to obtain full information on the financial position, results of operations and changes in<br />
financial position of the Group as a whole.<br />
See Company information note for the Company’s details.<br />
All International Financial Reporting Standards issued by the IASB and effective at the time of preparing these separate financial statements<br />
have been adopted by the European Union through the endorsement procedure established by the European Commission, with the<br />
exception of the International Accounting Standard IAS 39 "Financial Instruments: Recognition and Measurement". Following the<br />
Accounting Regulatory Committee decision of October 2004, the Commission adopted the Regulation 2086/2004 requiring the use of IAS 39,<br />
minus certain provisions on portfolio hedging of core deposits, by all listed companies from 1 January 2005.’ As of 31 December <strong>2006</strong> the<br />
Council of the European Union has not endorsed following standards and interpretations: IFRS 8, IFRIC 10, IFRIC 11 and IFRIC 12.<br />
The Company as an issuer of listed bonds is obliged under paragraph 19 (9) of Act No.563/1991 on Accounting to prepare financial<br />
statements and annual report in accordance with IFRS.<br />
101