DARS_porocilo 2007 ANG.indd

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• Writedowns amounted to EUR 8,074,260 and were comprised of: • amortisation/depreciation in the amount of EUR 8,002,348, • operating expenses from the revaluation of intangible assets and property, plant and equipment in the amount of EUR 12,752, and • operating expenses from the revaluation of operating current assets in the amount of EUR 59,160. In comparison with 2006, writedowns decreased by 13 percent. • Other operating expenses amounted to EUR 1,834,670, of which: • EUR 273,698 represented costs not directly associated with operations (membership fees to chambers, contributions for the employment of disabled persons, charges for building site usage, costs related to holiday facilities, and similar) and • EUR 1,560,972 represented costs of long-term provisions, comprising: ◾ EUR 90,906 for long-term accrued costs of indemnity claims in lawsuits relating to the management and maintenance of motorways and for employee actions arising from employment in the amount of EUR 57,581, ◾ EUR 185,250 for long-term accrued costs arising from employment relations resulting from the transfer to the free-flow toll collection system, ◾ EUR 108,496 for the foreseen purchase of years of service and for severance pays to redundant employees as a result of the transfer to the free-flow toll collection system, ◾ EUR 968,709 for the formation of long-term accrued costs and deferred revenue for the settlement of contingent liabilities arising from sold electronic tags, i.e. for purchase price refunds upon the possible return of electronic tags (buyers of electronic tags have the possibility of returning their electronic tags within seven years), ◾ EUR 117,534 for the formation of provisions for termination benefits upon retirement and jubilees benefits, o EUR 32,497 for the formation of provisions for payments upon retirement to employees who, based on an agreement between the trade union and the Company, are not included in the pension scheme of collective voluntary supplementary pension insurance. • Financial expenses amounted to EUR 11,701 and represented 13 percent of the value of financial expenses in 2006. Financial expenses were related entirely to financial expenses from operating liabilities, and comprised foreign exchange losses and default interest expenses. • Other expenses amounted to EUR 17,471 and represented compensations paid on the basis of lawsuits and imposed contractual penalties. Profit The total profit of the Company for the period from 1 January to 31 December 2007 amounted to EUR 13,706,840 and increased by 124 percent over 2006. Following the deduction of corporate income tax in the amount of EUR 3,141,155 and deferred taxes in the amount of EUR 61,548, the net profit of the Company for 2007 amounted to EUR 10,504,137, which is 153 percent higher than the net profit for 2006. 29 ANNUAL REPORT DARS d.d. 2007 BUSINESS REPORT
Business Activities of the Company Corporate Affairs Division Internal Audit Department In 207 the Internal Audit Department, which began to operate in the Company in October 2006, outlined the bases for its further work. At the beginning of the year, the Department prepared an audit risk analysis and, on the basis thereof, a Strategic Plan of Work of the Internal Audit Department for the period from 2007-2009 and an Annual Plan of Work of the Internal Audit Department for 2007. After these documents were approved by the Management Board, the Department began to carry out internal auditing activities in accordance with the Annual Plan of Work of the Internal Audit Department for 2007. The objective of internal audits is primarily to ensure the establishment and functioning of the internal controls system and to assess their effectiveness. Two internal audits were conducted in 2007: 1. an audit of the purchasing function for the purpose of performing activities under the Concession Agreement, and 2. an audit for the purpose of implementing toll collection (toll collection process in the narrower sense). With respect to the processes under way in the above-mentioned areas, the Internal Audit Department provided assurance that internal controls had been established and were functioning, although some deficiencies had also been found. For the purpose of eliminating these deficiencies and improving operations in the audited areas, the Department made 40 recommendations and will verify their implementation in 2008. The Internal Audit Department also carries out consulting activities, and cooperates with external auditors and the auditors of the Court of Audit of the Republic of Slovenia. Purchasing Department The Purchasing Department was reorganised in 2007 and currently performs the following tasks: • carries out warehouse operations (warehouse employees now form part of the Purchasing Department staff), • conducts public procurements, and • carries out documentary checks (liquidation of invoices). In 2007, two sets of internal rules were prepared and implemented, i.e. the Rules on Warehouse Operations and the Rules on Service Operations, which regulate the warehouse and service operations unit on the Company level. For the purpose of rationalising procedures and simplifying work, public procurement procedures are now oriented towards the conclusion of long-term contracts, which provide suppliers with greater certainty and thus the possibility of lower prices. 30 ANNUAL REPORT DARS d.d. 2007 BUSINESS REPORT
Page 1 and 2: A N N U A L R E P O R T 2 0 0 7
Page 3 and 4: Contents 6 9 10 11 11 12 13 13 13 1
Page 5 and 6: 66 66 67 67 68 69 69 69 70 71 73 74
Page 7 and 8: LETTER OF THE MANAGEMENT BOARD A Ye
Page 9 and 10: 8 LETNO ANNUAL PORO»ILO REPORT DAR
Page 11 and 12: Financial Highlights 2007 2006 Shar
Page 13 and 14: Organisation The organisation of th
Page 15 and 16: Management Board As laid down in th
Page 17 and 18: 16 LETNO ANNUAL PORO»ILO REPORT DA
Page 19 and 20: Mission, Vision, Strategic Goals, a
Page 21 and 22: Key Business Events in 2007 • In
Page 23 and 24: Analysis of Business Performance To
Page 25 and 26: Completed Construction and Reconstr
Page 27 and 28: Revenue of DARS d.d. 2007 Revenue T
Page 29: Shares of individual types of expen
Page 33 and 34: International Cooperation Departmen
Page 35 and 36: Finance and Marketing Division Fina
Page 37 and 38: Toll Collection Division Toll colle
Page 39 and 40: The activities carried out in the a
Page 41 and 42: Within the scope of rehabilitation
Page 43 and 44: A new 48-fibre optical cable was in
Page 45 and 46: Owing to the exceptional increase i
Page 47 and 48: Environmental Management Environmen
Page 49 and 50: Staff Recruitments and Departures I
Page 51 and 52: 50 ANNUAL REPORT DARS d.d. 2007 FIN
Page 53 and 54: Notes to the Financial Statements T
Page 55 and 56: Accounting Policies The financial s
Page 57 and 58: Depreciation / Amortisation The car
Page 59 and 60: 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 and 112:
Income tax Income tax is levied und
Page 113 and 114:
Events after the Balance Sheet Date
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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