TŽ Annual Report 2008 in pdf, 7.5 MB - Třinecké železárny

5.18. Temporary Liabilities (CZK thousand)31 Dec 2008 31 Dec 2007 31 Dec 2006Accrued expenses 52 936 55 222 46 057– Interest 7 522 9 322 13 481– Invoices, credit notes 45 414 45 900 32 576Deferred income 645 1 045 9 613Total accrued expenses and deferred income 53 581 56 267 55 6705.19. Other off Balance Sheet LiabilitiesTŘINECKÉ ŽELEZÁRNY, a. s.Type of liabilityAggregate amount at Balance at 31 Dec 2008 Balance at 31 Dec 2007 Balance at 31 Dec 200631 Dec 2008Parent company debt acceptance 0 0 CZK 99,825 thousand CZK 515,531 thousandGuarantee statements– to Group companies EUR 77 thousand CZK 2,074 thousand CZK 2,050 thousand –Guarantees– to other entities USD 705 thousand CZK 13,641 thousand CZK 23,119 thousand CZK 15,216 thousandEUR 750 thousand CZK 20,198 thousand CZK 19,965 thousand CZK 20,621 thousandCZK 5,000 thousand CZK 5,000 thousand CZK 5,000 thousand CZK 5,000 thousandCollateralising blank bills of exchange– to other entities 0 0 0 CZK 399,290 thousandThe Company was subject to an environmental audit which indicates the Companys liabilities relating to the environment. Pursuant to the audit, theCompany entered into a contract with the Czech Property Fund for the settlement of expenses incurred for the settlement of the environmental liabilitiesbefore the privatisation up to CZK 514 million. As of 31 December 2008, 2007 and 2006, the Company drew the funds in the amounts of CZK 335,735thousand, CZK 299,316 thousand and CZK 259,744 thousand, respectively.Given that the Company concluded an amendment to this contract with the Czech Republic – Ministry of Finance on 3 November 2008, the guaranteeof the Ministry amounts up to CZK 843.6 million. This guarantee covers environmental liabilities of the Company, therefore the reserve for environmentalburdens was released.ENERGETIKA TŘINEC, a.s.(CZK thousand)Type of liability Aggregate amount Balance at 31 Dec 2008 Balance at 31 Dec 2007 Balance at 31 Dec 2006Blank bills of exchange –200 000 200 000 200 000 200 000collateral for long-term bank loansBlank bills of exchange –100 000 100 000 100 000 100 000collateral for overdraft loansTotal 300 000 300 000 300 000 300 000The company provides no guarantees for liabilities to third parties.The company holds the ČSN EN ISO 14001 certificate and successfully passed an EMS compliance audit in 2008 performed by EZU, a.s. Praha. Accordingto the results of the audit, no extraordinary environmental expenses are anticipated to be incurred in the future periods. As of 31 December 2008, thecompany was involved in no significant legal dispute, the outcome of which would significantly impact the company.The company is not aware of any material contingent losses.VÁLCOVNA TRUB TŽ, a.s.The companys off-balance sheet records show payables of CZK 1,190 thousand arising from outstanding default interest charged until 2000.As of 31 December 2008, the company was involved in no significant legal dispute, the outcome of which would significantly impact the company.As of 31 December 2008, there was no environmental audit of the company. As a result, the companys management cannot estimate contingent liabilitiespertaining to damage caused by prior activities or liabilities related to the prevention of potential future damage.Strojírny Třinec, a.s.The company received non-payment bank guarantees from Komerční banka, a.s. for the prepayments to customers.As of 31 December 2008, the company was involved in no significant legal dispute, the outcome of which would significantly impact the company.At the balance sheet date, the company recorded future liabilities as a result of the contracted capital expenditure of CZK 19,433 thousand.As of 31 December 2008, there was no environmental audit of the company. As a result, the companys management cannot estimate contingent liabilitiespertaining to damage caused by prior activities or liabilities related to the prevention of potential future damage.A N N U A L R E P O R T T Ř I N E C K É Ž E L E Z Á R N Y , a . s . 2 0 0 8101