DARS_porocilo 2007 ANG.indd

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Provisions and long-term accrued costs and deferred revenue Movement in provisions and long-term accrued costs and deferred revenue in 2007: in EUR Balance Use in 2007 Reversal Additional Balance (without cents) 1 Jan 2007 in 2007 setting 31 Dec 2007 up in 2007 Claims relating to motorway operation and maintenance 863,007 11,230 133,478 90,906 809,205 Claims relating to employment 521,288 88,873 318,710 57,581 171,286 Redundancies due to a change in the toll system Provisions for termination benefits upon retirement 599,297 8,685 293,746 884,358 1,196,686 52,407 62,129 1,206,408 Provisions for jubilee benefits 524,646 60,055 55,405 519,996 Provisions for supplementary pension insurance Depreciation of holiday facilities and apartments 35,804 15,974 32,497 52,327 37,936 12,692 160,705 185,949 Return of ETC tags 1,109,784 1,941 264,808 968,709 1,811,744 Total 4,888,448 243,172 725,681 1,721,678 5,641,273 Provisions and long-term accrued costs and deferred revenue were made as follows: a) Provisions were made for long-term accrued costs of contingent loss arising from claims in association with motorway operation and maintenance in the amount of EUR 809,205 and claims by employees under labour disputes in the amount of EUR 171,286; b) In 2007, provisions (the third quarter) were made in the amount of EUR 293,746 for long-term accrued costs relating to employment as a result of a transition to the new satellite toll system. The estimated number of redundancies due to the change in the toll system is 300. A number of redundant employees will be requalified for other jobs, particularly for toll control, in line with internal needs. The remaining quarter of estimated costs relating to employment will be charged against the results of the Company’s operations in 2008. c) Based on the actuarial calculation, provisions for termination benefits upon retirement and jubilee benefits were made as at 31 December 2007 in the amount of EUR 117,534. d) As at 31 December 2007, provisions were made in the amount of EUR 32,497 for termination pays upon retirement to those employees not included in the pension scheme of collective supplementary pension insurance under the agreement concluded between trade unions and the Company. e) In previous periods, long-term accrued costs and deferred revenue were set up from donations in an amount equal to the cost of holiday facilities and apartments to cover depreciation expense for holiday facilities, including furniture, and apartments over the entire useful life. In 2007, these provisions were reduced by depreciation expense in the amount of EUR 12,692 EUR. Additional provisions were set up for the acquisition of furniture for holiday facilities in the amount of EUR 1,889 and for the transfer of the Hrušica residential block, whose ownership had been transferred, under contract, by the Republic of Slovenia to the Public Company for Road Maintenance in 1991, from the register of the state-owned assets to the register of company-owned assets, in the carrying amount of EUR 158,816. f) Provisions were made for contingent liabilities arising from the return of purchase money upon the possible return of ETC tags in the amount of EUR 1,811,744 (the buyers of ETC tags are entitled to return ETC tags within seven years from the date of purchase). 87 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
Short-term operating liabilities in EUR 31 Dec 2007 (without cents) Trade payables 9,250,664 Advances payable 16,059 Payables to employees 1,817,257 Payables to the state 3,844,448 - income tax payable 1,253,248 - VAT payable 2,286,819 - employer’s taxes and contributions payable 304,381 Payables to others 191,072 Total 15,119,500 Short-term operating liabilities increased by 28% over the previous year’s figure. The major share (61%) of these liabilities includes trade payables, which relate to current trade payables for motorway operation and maintenance. The majority (97%) of trade payables is not overdue. Payables to employees include payables for wages, salaries, continued pay and refund of work-related expenses for December 2007 paid out in January 2008. 88 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
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 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: Equity The movement in equity is sh
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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