DARS_porocilo 2007 ANG.indd

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Performance ratios 31 Dec 2007 31 Dec 2006 1. FINANCING STATE RATIOS Equity financing ratio in % Equity Liabilities 0,96 0,87 Long-term financing ratio in % Equity + provisions + long-term liabilities Liabilities 95,62 94,65 Short-term financing ratio in % Short-term liabilities (including short-term accrued expenses and deferred revenue) 4,38 5,35 Liabilities 2. INVESTMENT RATIOS Fixed assets investment ratio in % Fixed assets (at carrying amount) Assets 98,24 98,36 Long-term investment ratio in % Fixed assets + long-term investments + long-term operating receivables 98,25 98,38 Assets 3. HORIZONTAL FINANCIAL STRUCTURE RATIOS Quick ratio in % Liquid assets + short-term receivables Short-term liabilities 17,17 23,36 Current ratio in % Current assets Current liabilities 4. EFFICIENCY RATIOS 39,52 29,93 Operating efficiency ratio in % Operating revenue Operating expenses Operating profit rate in % Operating profit Operating revenue 106,17 101,76 5,81 2,32 Net profit margin in % Net profit Revenue 4,94 2,30 5. PROFITABILITY RATIOS Net return on equity Net profit for the period Average equity (without net profit for the period) 0,28 0,12 112 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
Events after the Balance Sheet Date • On 25 April 2008, the National Assembly of the Republic of Slovenia passed the Act Amending the Public Roads Act. Pursuant to this Act, motorcycles, passenger and combined vehicles with a maximum admissible weight of 3.5 tons or less will be required to have a vignette when driving on motorways and expressways in Slovenia. The vignette system will be introduced with effect as of 1 July 2008. Trucks will be subject to the existing toll system until the introduction of the satellite system. The cost of an annual vignette shall be 55 EUR (the vignette will be valid in the calendar year of purchase and in January of the following year). The cost of a semi-annual vignette shall be 35 EUR (it will be valid for six successive months from the date of purchase). The cost of a vignette for motorcycles will be half the cost of a vignette for passenger vehicles. The vignette system will be introduced on all roads managed and maintained by the toll road manager (DARS d.d.). Before the introduction of the vignette system, the toll road manager shall provide for an adequate quantity of stickers — vignettes. The proper affixing of a vignette on a motor vehicle and its validity will indicate that the respective road toll for the use of toll roads in a certain period of time has been paid. The toll payment and the proper use of vignettes will be controlled by the toll road manager (DARS d.d.) and, in case of any violations, its authorised officials (road supervisors) will conduct a quick violations procedure against violators and decide accordingly. In addition to road supervisors, the vignettes will also be controlled by the Police, the Transport Inspectorate of the Republic of Slovenia, and the Customs Administration of the Republic of Slovenia. In addition to their own authorisations, they will also be granted authorisation for road supervision. All the above-mentioned bodies are also violation bodies, i.e. they will be entitled to impose a fine at the scene of a violation. An analysis of the consequences of the introduction of the vignette system and a financial analysis of the change in the toll system are currently being prepared and have not yet been discussed by the Company’s bodies. • On 22 January 2008, the Government of the Republic of Slovenia appointed Uroš RožiË to the Supervisory Board of the Company. In April 2008, Dimitrij Likar was relieved of his office by the Workers Council and, in his place, Matej JelušiË was appointed member of the Supervisory Board. Vito Meško and Darko KodriË were reappointed by the Workers Council to the Supervisory Board. • On 31 March 2008, a loan contract in the amount of EUR 145 million was concluded with Nova Ljubljanska banka d.d.. • In May 2008, the National Assembly of the Republic of Slovenia approved the 2008 Annual Motorway Development and Reconstruction Plan (AMDRP) amounting to a total EUR 832 million, and passed the Act on the Consent and Guarantee of the Republic of Slovenia to DARS, d.d. in the amount of EUR 544 million. 113 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
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A N N U A L R E P O R T 2 0 0 7
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Contents 6 9 10 11 11 12 13 13 13 1
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66 66 67 67 68 69 69 69 70 71 73 74
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LETTER OF THE MANAGEMENT BOARD A Ye
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8 LETNO ANNUAL PORO»ILO REPORT DAR
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Financial Highlights 2007 2006 Shar
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Organisation The organisation of th
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Management Board As laid down in th
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16 LETNO ANNUAL PORO»ILO REPORT DA
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Mission, Vision, Strategic Goals, a
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Key Business Events in 2007 • In
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Analysis of Business Performance To
Page 25 and 26:
Completed Construction and Reconstr
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Revenue of DARS d.d. 2007 Revenue T
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Shares of individual types of expen
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Business Activities of the Company
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International Cooperation Departmen
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Finance and Marketing Division Fina
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Toll Collection Division Toll colle
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The activities carried out in the a
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Within the scope of rehabilitation
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A new 48-fibre optical cable was in
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Owing to the exceptional increase i
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Environmental Management Environmen
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Staff Recruitments and Departures I
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50 ANNUAL REPORT DARS d.d. 2007 FIN
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Notes to the Financial Statements T
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Accounting Policies The financial s
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Depreciation / Amortisation The car
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Short-term investments In accordanc
Page 61 and 62: Short-term Operating Liabilities Sh
Page 63 and 64: Expenses Expenses are recognised if
Page 65 and 66: Valutation Method Applied to the St
Page 67 and 68: Short-term Investments in other Ent
Page 69 and 70: Long-term Operating Liabilities Ari
Page 71 and 72: Financial Statements of DARS d.d. T
Page 73 and 74: in EUR 31 Dec 2007 31 Dec 2006 (wit
Page 75 and 76: Consolidated cash flow statement fo
Page 77 and 78: Statement of changes in equity in t
Page 79 and 80: Notes to the Financial Statemants N
Page 81 and 82: Intangible assets Intangible assets
Page 83 and 84: Pursuant to the Concession Agreemen
Page 85 and 86: Short-term operating receivables in
Page 87 and 88: Equity The movement in equity is sh
Page 89 and 90: Short-term operating liabilities in
Page 91 and 92: Notes to the balance sheet of state
Page 93 and 94: Property, plant and equipment and i
Page 95 and 96: Off balance sheet items Off balance
Page 97 and 98: a) Borrowings from the Consortium o
Page 99 and 100: h) Borrowings from Kreditanstalt f
Page 101 and 102: Long-term liabilities from motorway
Page 103 and 104: Short-term trade liabilities in EUR
Page 105 and 106: Additional disclosures in the incom
Page 107 and 108: Costs of materials and services in
Page 109 and 110: The remunerations of members of the
Page 111: Income tax Income tax is levied und
Page 115 and 116: 115 ANNUAL REPORT DARS d.d. 2007 FI
Page 117 and 118: 117 ANNUAL REPORT DARS d.d. 2007 AU
Page 119 and 120: 119 LETNO PORO»ILO DARS d.d. 2007
Page 121 and 122: 121 ANNUAL REPORT DARS d.d. 2007 AU
Page 123 and 124: The Company does not implement the
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