Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto
Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto
Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto
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5. Investments in subsidiaries (CZK million)<br />
The Company has investments in the following subsidiaries:<br />
Country Book value Shareholding<br />
of incorporation 31.12.<strong>2006</strong> 31.12.2005 %<br />
Subsidiaries:<br />
Škoda<strong>Auto</strong> Deutschland GmbH Germany 198 198 100<br />
ŠKODA AUTO Slovensko, s.r.o. Slovakia 49 49 100<br />
<strong>Skoda</strong> <strong>Auto</strong> Polska S.A. Poland 1 1 51<br />
<strong>Skoda</strong> <strong>Auto</strong> India Private Ltd. India 360 360 100<br />
Total 608 608<br />
The subsidiaries are fully consolidated by the Company.<br />
The subsidiaries paid dividends to the Company in the amount of CZK 13 million in <strong>2006</strong> (2005: CZK 27 million).<br />
6. Investments in associates<br />
The Company acquired a 37,5% share in the amount of CZK 187 million in the company OOO VOLKSWAGEN RUS at 26 October <strong>2006</strong>.<br />
7. Other non-current and current receivables and financial assets (CZK million)<br />
Balance at 31.12.2005 Within one year After one year Book value Fair value<br />
Loans to employees 20 193 213 213<br />
Loans to VW group companies (note 28) 11,208 – 11,208 11,208<br />
Tax receivables (excluding income taxes) 2,462 – 2,462 2,462<br />
Positive fair value of derivatives 229 – 229 229<br />
Available for sale financial assets – 180 180 180<br />
Other 304 – 304 304<br />
Total 14,223 373 14,596 14,596<br />
Balance at 31.12.<strong>2006</strong> Within one year After one year Book value Fair value<br />
Loans to employees 16 228 244 244<br />
Loans to VW group companies (note 28) 23,721 – 23,721 23,721<br />
Tax receivables (excluding income taxes) 2,593 – 2,593 2,593<br />
Positive fair value of derivatives 1,157 – 1,157 1,157<br />
Loans to associated companies 250 – 250 250<br />
Available for sale financial assets – 160 160 160<br />
Other 367 – 367 367<br />
Total 28,104 388 28,492 28,492<br />
The weighted effective interest rate based on carrying amount of loans provided to VW group companies as of 31 December <strong>2006</strong> was<br />
2.43% (31 December 2005: 2%).<br />
Other receivables and financial assets include mainly other receivables from employees and advances paid. There are no significant<br />
restrictions regarding the rights of use imposed on the other receivables and financial assets. Potential risks of delay or default on<br />
payments are accounted for by means of accumulated impairment losses recognised.<br />
The carrying value (less impairment provision, if any) of other receivables and financial assets are assumed to approximate their fair values<br />
due to the short-term nature of these financial assets.<br />
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