DARS_porocilo 2007 ANG.indd

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Long-term financial liabilities under bank borrowings for acquisition of property, plant and equipment under management In accordance with the Motorway Company in the Republic of Slovenia Act (ZDARS) and the Agreement on the Performance of Contracts, the Company borrows funds in its own name and for the account of the State for the purpose of financing motorway construction and reconstruction. The applied interest rates and interest calculation methods are contractually defined and considered confidential. Long-term financial liabilities relate in total to motorway construction and reconstruction. in EUR 31 Dec 2007 in % 31 Dec 2006 Index (without cents) 2007/2006 Long-term borrowings from domestic banks 839,075,672 41 606,167,709 138 Long-term borrowings from foreign banks 1,160,207,326 57 913,709,311 127 Long-term borrowings from foreign entities 39,014,874 2 34,234,241 114 Total 2,038,297,872 100 1,554,111,261 131 The borrowings are secured by the State’s guarantee issued under relevant contracts concluded between the State and lenders. Long-term portion of the principal amount of bank borrowings by lender: Lender 31 Dec 2007 in EUR (without cents) Consortium of Slovene Banks 395,344,664 Hypo Alpe Adria Bank 60,866,378 Bank Austria Creditanstalt 107,531,297 Banka Koper 30,333,333 NLB I 245,000,000 European Bank for Reconstruction and Development 1 1,801,038 European Investment Bank 904,347,867 Kreditanstalt für Wiederaufbau 29,058,421 Depfa Bank 225,000,000 Avtovie Venete S.p.A. 39,014,874 Total 2,038,297,872 1 The EBRD loan was extended in USD and translated into the national currency euro at the middle exchange rate of the Bank of Slovenia effective at the balance sheet date (EUR 1 = USD 1.4692). 96 ANNUAL REPORT DARS d.d. 2007 FINANCIAL REPORT
a) Borrowings from the Consortium of Slovene Banks The Company made seven borrowings from domestic banks in the period from 1996 to 2004. Long-term liabilities to the Bank Consortium and the period of repayment: Class of borrowings Period of repayment in EUR (without cents) I from 2002 to 2016 116,142,254 II from 2004 to 2019 42,949,394 III from 2007 to 2019 68,692,279 IV from 2008 to 2020 34,097,213 V from 2007 to 2020 39,105,562 VI from 2009 to 2021 32,960,051 VII from 2012 to 2024 61,397,911 Total 395,344,664 b) Borrowings from Hypo Alpe Adria Bank In the years 2003, 2004 and 2005, three borrowings were made from Hypo Alpe Adria Bank. Long-term liabilities to Hypo Alpe Adria Bank and the period of repayment: Class of borrowings Period of repayment in EUR (without cents) I from 2011 to 2023 24,991,257 II from 2012 to 2024 15,010,491 III from 2014 to 2023 20,864,630 Total 60,866,378 c) Borrowings from UniCredit Banka Slovenija In 2005 and 2006, two borrowings were made from UniCredit Banka Slovenija. They were utilised in their total amount in these two years. The borrowing made in 2006 was used for refinancing or advance repayment of borrowings from Kreditanstalt für Wiederaufbau. Long-term liabilities to UniCredit Banka Slovenija and the period of repayment: Class of borrowings Period of repayment in EUR (without cents) I from 2011 to 2023 20,864,630 II from 2007 to 2021 86,666,667 Total 107,531,297 97 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
Page 7 and 8:
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
Page 15 and 16:
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
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 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: Off balance sheet items Off balance
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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