Annual Report 2010 - Savatech

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ANNUAL REPORT 2010 ∂ FINANCIAL REPORT2.4.5DEFERRED TAX RECEIVABLESMovement of deferred tax receivables€ in thousands2010 2009* 2009Balance at 01/01 303 533 506Increase in receivables due to revaluation of securities to fair value- in other comprehensive income 0 0 0Decrease in receivables due to revaluation of securities to fair value- in other comprehensive income 0 0 0Decrease in receivables due to sales of securities - in other comprehensive income 0 0 0Decrease in receivables due to sale of securities - through profit or loss 0 0 0Increase in receivables due to impairment of securities - through profit or loss 0 0 0Increase in receivables for provisions for retirement severance pay - through profit or loss 8 0 0Decrease in receivables for provisions for retirement severance pay- through profit or loss 0 -41 -38Other changes - in other comprehensive income 0 0 0Other changes - through profit or loss 60 -189 -189Final balance at 31/12 371 303 279* After merging the company Sava – GTI d.o.o.2.4.6.INVENTORIESInventories by type are evident from the balancesheet. The item B/II/3 products and merchandise isfurther broken down in:• finished products €2,792 thousand• merchandise €382 thousandAt the end of the year, the company comparedthe carrying amount with the net saleable valueof inventories, and recognised impairment in theamount of €13 thousand. Due to the unsalable goodsthe company carried out impairment in the amountof €20 thousand.2.4.7.SHORT-TERM FINANCIAL INVESTMENTSShort-term financial investments totalling €15,801thousand were by 39.8% higher than in the previousyear.They represented:• Short-term loan to the company Sava d.d. in theamount of €11,799 thousand, of which the amount€3,045 thousand represented transfer from thelong-term portion. The interest rate fluctuates from1.25 to 5.90%.• Short-term loan to the company Terme Ptuj inthe amount of €4,000 thousand at interest rate5.60%.• The remaining part represented loan to otherentities and was transferred from the long-termportion (it matures in 2011).2.4.8.SHORT-TERM OPERATING RECEIVABLESThe company has receivables insured with SloveneExport Company in the amount of 57.46% of totalsales revenues. Receivables due from the Sava Groupin Slovenia are not insured, as well as receivables duefrom companies, with which mutual compensationsare carried out.Short-term operating receivables€ in thousands31/12/2010TOTAL Due Not dueIV) Short-term operating receivables 17,832 2,032 15,8001. Short-term receivables due from Group companies 4,325 138 4,1872. Short-term trade receivables 12,470 1,894 10,5763. Short-term operating liabilities to other entities 1,037 0 1,03766
ANNUAL REPORT 2010 ∂ FINANCIAL REPORTMovement of value adjustments in short-term operating receivables€ in thousands2010 2009Balance at 1/1 141 44Increase of impairment (+) 66 138Reversal of impairment (-) -22 -41Balance at 31/12 185 1412.4.9CAPITALThe capital in the amount of €33,480 thousand hada 35% share in the structure of financing sources. In2010, it increased by:• the value of capital of the merged company GTIin the amount of €2,455 thousand (share capital€861 thousand, capital reserves €1,509 thousand,legal reserves €85 thousand).• legal reserves in the amount of €179 thousand.• the generated net profit of the financial year in theamount of €3,394 thousand.The capital decreased by the payment of profit toSava d.d. in the amount of €3,528 thousand.2.4.10PROVISIONS AND LONG-TERM ACCRUEDCOSTS AND DEFERRED REVENUESMovement of provisions and long-term accrued costs and deferred revenues€ in thousandsProvisions forretirement severancepay and similar liabilitiesOther provisionsLong-term accruedcosts and deferredrevenuesBalance at 31/12/2009 1,546 0 24 1,570Merging GTI 132 0 0 132Balance at 01/01 1,678 0 24 1,702Newly formed provisions 329 598 0 927Reversal of provisions 0 0 0 0Drawing of provisions -121 0 -5 -126Balance at 31/12/2010 1,886 598 19 2,503TotalProvisions and long-term accrued costs and deferredrevenues totalling €2,503 thousand representedprovisions for retirement amounts and anniversaryrewards in the amount of €1,886 thousand, provisionsfor the claimed products in the amount of €598thousand, and accrued costs and deferred revenuesin the amount of €19 thousand. Due to the increasedemployee number in 2010, the company formedprovisions for retirement amounts anew and that inthe amount of €329 thousand, whereas the amountof €121 thousand was utilised.2.4.11SHORT-TERM LIABILITIESShort-term financial liabilitiesShort-term financial liabilities represented loans grantedby domestic banks in the amount of €16,700 thousandat interest rate from 5.6 to 5.9%. A part of the loantotalling €7,000 thousand referred to a long-term loanobtained in the middle of 2010, but since it maturesin 2011, it was entirely transferred under a short-termpart. The loan is insured with bills of exchange andsecurities of Sava d.d.67
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ANNUAL REPORT 2010 ∂ INTRODUCTION
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