DARS_porocilo 2007 ANG.indd

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The cost of motorways constructed or under construction comprises the following: • the revalued cost and accumulated depreciation of motorways transferred by the State to the Company for management upon its establishment in 1994; and • the costs, at invoice value, required to bring motorways, facilities or maintenance centres into service: costs related to technical-document preparation, land acquisition, valuation of compensation payable to third persons for land acquired, change of land use, engineering (until the end of 2003), the Agreement for the Performance of Contracts (the agency services provided), and financing (interest on borrowings drawn down until the completion of construction works, bank charges on borrowings) incurred until final acceptance by the investor, as well as other construction-related costs (archaeological excavations, audits, quality controls, etc.). The above-mentioned cost also comprises the revaluation of cost carried out by use of the cost of living index up to the end of 2001. The depreciation of property, plant and equipment under management is carried out on an item-by-item basis and begins on the first day of the month following the month in which the asset was first made available for use. Property, plant and equipment under management start being used on the day when a motorway is opened for traffic, even if there are still defects to be corrected. The Company employs the straight-line depreciation method. The basis for depreciation is the full cost of property, plant and equipment under management. The basis for depreciation also includes capitalised subsequent investments that increase the future economic benefits of property, plant and equipment under management. Subsequent expenses related to existing motorways that result in an extension of their useful life (reconstruction of roadways, facilities and equipment) reduce their accumulated depreciation. The legal basis for depreciation of state-owned assets under management by the Company is the Accounting Act (Official Gazette of RS, no. 23/1999) and, on the basis thereof, the adopted “Rules on the method and rates of depreciation applying to intangible assets and property, plant and equipment” (Official Gazette of RS, no. 45/2005). Pursuant to the above mentioned rules, the Company used the following depreciation rates in 2007: Item of property, plant and equipment Depreciation rate Motorway parts: surface structure 5 % substructure - facilities (tunnels, viaducts, bridges) 2 % Facilities operated by others - Buildings 3 % / 4 % State-owned equipment (average rate) 20.9 % Property, plant and equipment transferred to authorised operators are not depreciated (they will be transferred at their cost to authorised operators, who will decide how to revalue and depreciate them). The depreciation expense related to property, plant and equipment under management is charged against long-term liabilities to the State, as this expense is not included in the price for motorway usage and the State has not allocated any special funds for this purpose. Property, plant and equipment under management were not revalued in 2007. 65 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
Short-term Investments in other Entities In line with ZDARS, the Company is required to invest any surplus cash in State or own securities, debt securities, or deposits with first-class banks domiciled in Slovenia. Short-term investments denominated in foreign currency are translated into the national currency (euro) using the middle exchange rate of the Bank of Slovenia applicable on the balance sheet date. Any exchange rate difference arising from translation increases or decreases the Company’s long-term liabilities to the State. Short-term Operating Receivables Short-term operating receivables comprise short-term trade receivables, short-term input VAT receivable, short-term European funds receivable, and short-term interest receivable on sight and other deposits. Short-term operating receivables are initially recognised at amounts indicated in relevant documents, provided their collection can be assumed. Interest is calculated in accordance with the relevant contract upon maturity and on the balance sheet date. There are no foreign currency-denominated receivables among short-term trade receivables under state-owned assets managed by the Company. Cash This item comprises balances in bank accounts denominated in local or foreign currencies. The latter are translated into local currency using the middle exchange rate of the Bank of Slovenia applicable on the balance sheet date. Exchange rate differences arising from translation increase or decrease the Company’s long-term liabilities to the State. Mutual Relations Between the State and the Company The Balance Sheet showing state-owned assets under management of the Company also comprises the State’s receivables due from the Company associated with the use of state-owned assets under management to finance company-owned assets. The Balance Sheet showing company-owned assets and liabilities comprises the Company’s liabilities to the State in the same amount. The Balance Sheet showing state-owned assets under management also comprises liabilities to the Company associated with the use of company-owned assets to finance state-owned assets under management. The Balance Sheet showing company-owned assets and liabilities comprises the Company’s receivables due from the State in the same amount. The Consolidated Balance Sheet does not include the above-mentioned transactions, as they are offset against one other. Provisions and Long-term Accrued Costs and Deferred Revenues Long-term accrued costs and deferred revenues set up in the previous periods are reduced by the amounts used in accordance with the plan and purpose for which they were set up. Until 1 January 2004, long-term accrued costs and deferred revenue were set up under state-owned assets under management in the amount equal to the share co-financed by the users of ETC tags. These are long-term provisions for guarantees given for ETC tags or liabilities to reimburse the non-depreciated portion of purchase money for such tags in the event that they are returned by users (the Company has given users a period of 7 years to return the tags). These long-term provisions are initially recognised 66 ANNUAL REPORT DARS d.d. 2007 FINANCIAL 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 and 30: Shares of individual types of expen
Page 31 and 32: Business Activities of the Company
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: Valutation Method Applied to the St
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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