DARS_porocilo 2007 ANG.indd

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