DARS_porocilo 2007 ANG.indd

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in the amount paid by users, which only partly covers the full cost of an ETC tag. At the end of each accounting period, long-term provisions are restated to reflect the present value of expenses expected to be required to settle liabilities. In previous periods, reversed long-term provisions were used to purchase new ETC tags, and simultaneously increased the Company’s liabilities to the State arising from the portion of tolls earmarked for investments in property, plant and equipment. As of 1 January 2004, ETC tags are no longer purchased with state-owned assets under management, but instead with company-owned assets, which is why the related provisions have been included in the Balance Sheet under company-owned assets. The reversal of long-term provisions set up in previous periods represents an additional source of funds to finance motorway construction. Long-term Financial Liabilities to banks Arising from Borrowings to Acquire Property, Plant and Equipment under Management This item comprises long-term domestic and foreign borrowings to finance motorway construction. Long-term financial liabilities maturing in a period of less than one year after the balance sheet date are recorded under short-term financial liabilities. Long-term financial liabilities are initially recognised at the amounts indicated in relevant documents evidencing the receipt of cash. Foreign currency-denominated liabilities are translated into national currency on the date they are incurred using the applicable middle exchange rate of the Bank of Slovenia. At the end of an accounting period, long-term financial liabilities related to foreign borrowings are translated into national currency using the middle exchange rate of the Bank of Slovenia applicable on the balance sheet date. The revaluation of long-term financial liabilities decreases the Company’s longterm liability to the State. Interest paid on long-term borrowings to finance motorway construction increases the cost of relevant motorway sections for as long as they are under construction. Once they are opened for traffic, the interest paid on borrowings decreases the Company’s liabilities by the amount of interest paid. Pursuant to ZDARS and the Agreement on the Performance of Contracts, the Company borrows to finance motorway construction and reconstruction on its own behalf and for the account of the State. Liabilities arising from these borrowings are secured by the State’s guarantee. Long-term financial liabilities from bonds issued to finance the acquisition of property, plant and equipment under management Long-term financial liabilities from bonds are initially recognised at amounts indicated in relevant documents evidencing the receipt of cash. Interest paid on bonds issued to finance motorway construction increases the cost of relevant motorway sections for as long as they are under construction. Once they are opened to traffic, the interest paid decreases the liabilities by the amount of interest paid. Pursuant to ZDARS and the Agreement on the Performance of Contracts, the Company issues bonds to finance motorway construction and reconstruction on its own behalf and for the account of the State. Liabilities arising in connection with these bonds are secured by the State’s guarantee. 67 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
Long-term Operating Liabilities Arising from State-owned assets under Management These liabilities comprise the following: • the value of constructed motorways and motorways under construction transferred by the State to the Company for management upon its establishment; • the effects of revaluation of capitalised constructed motorways and motorways under construction carried out in 1994-2001 by use of the cost of living index; • funds earmarked for motorway construction and reconstruction (interest-bearing until 31 March 2002) obtained pursuant to the Act on the Allocation of Funds for the Construction of Roads Determined in the National Motorway Construction Programme (Official Gazette of RS, nos. 57/98 and 18/02); • collected tolls which, pursuant to the current LP ROAC and the budget, were up to 31 December 2003 earmarked for motorway construction, reconstruction of roadways, facilities and equipment (repairs and maintenance), repayment of principal of and interest on investment borrowings, as well as for the acquisition of property, plant and equipment (motorway maintenance equipment); • insurance benefits received until 31 December 2002 as a compensation for damages on motorways; • interest received on investments made and on sight deposits in the account designated for motorway construction; • the effects of a subsequent revaluation of constructed motorways and motorways under construction carried out in 2001; • concession tax, which is, pursuant to ZDARS, determined in the Concession Agreement as a long-term source for the repayment of principal of and interest on borrowings for motorway construction and reconstruction; • the paid-in surplus related to bonds issued; • funds received from the Cohesion Fund for motorway construction; • value of land obtained free of charge for motorway construction; • funds obtained from the European Fund for Regional Development — technical assistance, • financial support from the European Union for the TEN-T project, and • European Union funds for the TEMPO international programme. Long-term operating liabilities arising from state-owned assets under management are then reduced by the following: • the amount of revaluation of long-term domestic and foreign borrowings; • the amount of revaluation of balances in foreign currency-denominated accounts and certificates; • writedowns related to assets under management, given that this expense is not included in the price of motorway usage and that no funds are provided by the State to cover it; • the value of property, plant and equipment transferred free of charge to other operators; • interest paid on borrowings and bonds issued for the acquisition of property, plant and equipment under management; and • the amount of additional allowance for constructed motorways and motorways under construction transferred by the State to the Company for management upon the Company’s establishment (reassessment carried out in 2001). 68 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 and 66: Valutation Method Applied to the St
Page 67: Short-term Investments in other Ent
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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