DARS_porocilo 2007 ANG.indd

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Short-term investments in EUR 31 Dec 2007 31 Dec 2006 (without cents) Short-term investments 0 - other short-term investments 6,300,000 0 Total 6,300,000 0 Other short-term investments comprise short-term deposits with banks in the amount of EUR 6,300,000, with average maturity of 5 days and an average weighted interest rate of 4.15%. Short-term operating receivables in EUR 31 Dec 2007 31 Dec 2006 (without cents) Short-term trade receivables 971,886 499,425 Short-term operating receivables due from others 25,682,027 37,000,810 - interest receivable 44,369 35,672 - European funds receivable 1,427,255 0 - input VAT receivable 20,496,282 36,964,987 - other receivables 3,714,121 151 Total 26,653,913 37,500,235 Breakdown of short-term trade receivables by maturity: in EUR not yet due overdue overdue in Total (without cents) up to excess of 60 days 60 days Short-term trade receivables 217,211 545,735 208,940 971,886 Cash in EUR 31 Dec 2007 31 Dec 2006 (without cents) Cash in bank accounts, except foreign currency 117,984 92,062 Foreign currency in bank accounts 2,845 664,922 Total 120,829 756,984 Cash earmarked for motorway construction and reconstruction is kept in a separate transaction account. 94 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
Off balance sheet items Off balance sheet items in the sub-balance sheet of assets under management comprise: • contingent cash or receivables from encashment of performance guarantees or warranties or other securities received from contractors, which amounted to EUR 297,695,819 as at 31 December 2007; • contingent liabilities arising from the claims relating to motorway construction and set up on the basis of the company’s lawyer’s letter in the amount of EUR 77,793,846; and • contingent receivables or liabilities arising from the hedge of interest rate risks associated with borrowings for motorway construction and reconstruction in the amount of EUR 821,648. In 2007, three deals were concluded with UniCredit Banka Slovenija d.d. to provide hedging of interest rate risk on borrowings for motorway construction and reconstruction. In accordance with the policy of active risk management in the financial area, the Company decided to reduce exposure to interest rate movements in the market. As at 31 December 2007, the share of exposure to floating interest rate represented 53% of the value of the debt portfolio, the share of exposure to fixed interest rate represented 45% of the debt portfolio, and the remaining 2% referred to an interest-free borrowing. a) Hedging of interest rate risk — EUR 30 million A deal was concluded in 2007 for hedging interest rate risk in the amount of EUR 30,000,000 with a 3-year maturity. The deal was concluded to partly hedge the two borrowings from Banka Koper and UniCredit Banka Slovenija. The borrowings were hedged for a period of 3 years with a fixed interest rate linked to the CHF currency and the option of conversion to CHF upon maturity of the deal. b) Hedging of interest rate risk — EUR 40 million A deal was concluded in 2007 for hedging interest rate risk in the amount of EUR 40,000,000 with a 3-year maturity. The deal was concluded to partly hedge the borrowing from UniCredit Banka Slovenija. The borrowing was hedged for a period of 3 years with a fixed interest rate and the option of extension by a further 7 years. c) Hedging of interest rate risk — EUR 50 million A deal was concluded in 2007 for hedging interest rate risk in the amount of EUR 50,000,000 with a 3- year maturity. The deal was concluded to partly hedge the borrowing from Nova Ljubljanska banka. The borrowing was hedged for a period of 2 years with a fixed interest rate and the option of extension by a further 3 years. The applied interest rates and interest calculation methods are contractually defined and considered confidential. Long-term accrued costs and deferred revenue Long-term accrued costs and deferred revenue comprise liabilities arising from the sale of ETC tags up to 31 December 2003. These liabilities were set up in an amount co-financed by the users of ETC tags up to the full cost of the ETC tags, and referred to the liability to return purchase money in case of the possible return of ETC tags. Depreciation accumulated at 14.29% per annum. In previous periods, depreciation represented a source of funds for the purchase of new ETC tags and was recorded under liabilities arising from a part of tolls intended for investments in property, plant and equipment. Since 2004, depreciation represents a source of funds for motorway construction. As at 31 December 2007, liabilities amounted to EUR 97,141 and decreased by 79% over the previous year’s figure. 95 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
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 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: Property, plant and equipment and i
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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