Annual report 2009 - Adria Airways

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Other Short-Term Operating LiabilitiesOther Short-Term Operating Liabilities (EUR) 31. 12. 2009 31. 12. 2008Short-term operating liabilities to the government 490,972 487,417Short-term operating liabilities to the employees 2,352,604 2,629,708Other short-term operating liabilities 749,365 702,367Total 3,592,941 3,819,492As at 31 December 2009, no operatingliabilities are due to the management and thesupervisory board or the employees, otherthan the amounts due for December 2009wages and salaries.Other short-term operating liabilities mainlyrepresent court damages due to JAT AirwaysBeograd.6.1.15. Short-Term Accrued Costs and Deferred RevenueEUR 31.12.2009 31.12.2008Short-term accrued costs and deferred revenue 530,551 1,724,408A total € 530,551 of accrued costs and deferredrevenues comprise short-term accrued costs orexpenses (interests for credits) in the amountof € 61,114, and deferred revenues (charterflights and tickets sold for future flights) in theamount of € 469,435.6.1.16. Off-Balance Sheet Assets/LiabilitiesOff-Balance Sheet Assets/Liabilities (EUR) 31.12.2009 31.12.2008Mortgages 112,654,140 108,733,078Guarantees 4,528,798 3,211,466Other 28,474 28,474Total 117,211,412 111,973,018The increase in the mortgage volume isattributable to the insurance of received newlong-term loans and an additional insurance ofshort-term loans.The mortgage volume with a maturity longerthan five years amounts to € 91,244,166. Forall other items the period of obligations is notlonger than five years.The off-balance sheet records representmortgages (pledges) entered for the benefitof the local banks against long-term credits forthe purchase of aircraft and short-term creditsfor operating and fixed assets.As at 31 December 2010, a total of € 81,489,570of loans is secured with mortgages.Guarantees represent payment guaranteesgranted to the suppliers for the purchase ofgoods and services at home and abroad (€3,137,476.71), and guarantees received as asecurity against receivables (€ 1,391,321.58).The Company is involved in court proceedingseither as a plaintiff or a defendant. These courtactions mainly relate to breach of obligationsor labour disputes. As a result of a requestfor judicial protection, Adria Airways is alsosubject to procedures of the supervisory andgovernment institutions.No additional provisions were made for thesedisputes as we do not expect the outcome ofthese to have a significant financial impact.104
6.1.17. Financial InstrumentsFair ValueThe majority of investments recognisedthrough profit or loss and as available-for-saleinvestments, are recognised at fair value, whilstreceivables and loans are reported at amortisedcost.Since the majority of the receivables, liabilities,and loans are short-term, the fair value of thesefinancial instruments does not significantlydeviate from their carrying amount.Derivative Financial InstrumentsAt 31 December 2009, the Company reports the following outstanding financial instruments:Interest Rate Hedge InstrumentsInstrument (EUR) Notional amount Fair Value31, 12, 2009 31, 12, 2008 31, 12, 2009 31, 12, 2008Interest rate swap 22,727,273 848,485 -413,682 -6,408Interest rate collar 8,704,253 10,531,612 -265,432 -158,046Instrument (EUR) Notional amount Fair Value31, 12, 2009 31, 12, 2008 31, 12, 2009 31, 12, 2008Interest rate cap 27,705,000 9,002,500 -477,974 66,305The interest rate swaps and collars areaccounted for as future cash flow hedges.Interest rate caps are not entirely accounted forin 2009 as hedge accounting.Currency forwards(EUR) Notional amount Fair value31, 12, 2009 31, 12, 2008 31, 12, 2009 31, 12, 2008Currency acquisition 20,187,614 - -1,021,375 -Currency sales 26,951,082 - 354,507 -Interest Rate RiskThe interest rate risk, which the Group isexposed to, arises primarily from the financingof the Group as disclosed under the financialliabilities section, 6.1.13.Credit RiskThe Company is not exposed to any significantcredit risk concentration.Forwards for the Purchase of FuelPeriod% of the forward purchase of the plannedkerosene amountsJanuary –March 09April – June09July –September 09October –December 0935% 55% 40% 6%The valuation of the forwards for the purchaseof fuel at 31 December 2009 shows that thefair value decreased by € 421,376. The negativeeffect is recognised via the Company’s equity.Adria Airways / Annual Report 2009 / Financial Statements 105
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RepAnnual ReportPart 12
Page 6 and 7:
Introduction1. Ke y Ac h i e v e -m
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Development Indicators for Adria Ai
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1. 3. Letter from the Management Bo
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2.1. About the Company2. Ge n e ra
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Airbus A-320Length37.57 mHeight11.7
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2.4. Company Historynovember2009Mov
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Members of the Supervisory Board, s
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Business Report20
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flights from the home airport;• p
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has 305 card holders. In 2009, 36 n
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The cargo transport of the AEA air
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Index of Increase in Passengers,Fli
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Plans and Goals for 2010In 2010, th
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The secretof flying liesnot in thee
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the prices with the goal to put the
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Strategic goals of development in t
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theoretical trainings for the aircr
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Adria Airways pays a lot of attenti
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In 2009, we continued to maintain a
Page 47 and 48:
Risk Assessment - evaluation of the
Page 49 and 50:
cations running via IP networks is
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majority of our partner travel agen
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The economic recession and financia
Page 55 and 56: of 2009 but were on average still a
Page 57 and 58: In the structure of liabilities the
Page 59 and 60: passenger coupon and maintain the v
Page 61 and 62: ility Repor2005 2006 2007 2008 2009
Page 63 and 64: Adria Airways is a company that ise
Page 65: The corporate communication departm
Page 68 and 69: The Adria Airways d.d. Company got
Page 71 and 72: Company Management:Tadej Tufek,M.Sc
Page 73: MOSCOW, RussiaAdria AirwaysDerbenev
Page 77 and 78: Ta b l e o f Co n t e n t s1. Gener
Page 79 and 80: 2. St a t e m e n t o fResponsibili
Page 81 and 82: 4.1. Balance Sheet 14. Fi n a n c i
Page 83 and 84: No. Item 2009 2008A/ Cash flows fro
Page 85 and 86: Statement ofChanges in Equityfor 20
Page 87 and 88: Adria Airways d.d. converts the pur
Page 89 and 90: Investment propertyAn investment pr
Page 91 and 92: amount and are part of the operatin
Page 93 and 94: and equipment as an excess of their
Page 95 and 96: 6.1.2. Property, Plant and Equipmen
Page 97 and 98: Movements in Property, Plant and Eq
Page 99 and 100: 6.1.4. Long-Term Financial Investme
Page 101 and 102: 6.1.8. Short-Term Operating Receiva
Page 103 and 104: • € 2,691,263 from other revenu
Page 105: Classification of Long-Term Financi
Page 109 and 110: Compared to the previous year, the
Page 111 and 112: The majority of the financial expen
Page 113 and 114: Transactions with Major Shareholder
Page 117: Publisher: Adria Airways, Slovenski
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Annual report 2009 - Adria Airways

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