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

4.5. Current Financial Assets (CZK thousand)Balance at 31 Dec 2008 Balance at 31 Dec 2007 Balance at 31 Dec 2006Cash 1 016 1 483 1 216Current accounts 36 998 921 422 1 036 365Current deposit – special-purpose funds of the received state aid 0 35 444 246 216Short-term securities and equity investments 2 112 472 2 240 719 673 247Provision against current financial assets 0 0 –11 709Total current financial assets 2 150 486 3 199 068 1 945 335Short-term securities and equity investments as of 31 December 2008 include depository notes of Komerční banka, a.s. of CZK 774,051 thousand, ČSOB,a.s. of CZK 25,001 thousand Raiffeisenbank, a.s. of CZK 610,033 thousand, Česká spořitelna, a.s. of CZK 688,038 thousand and tradable securities of CZK15,349 thousand.Short-term securities and equit y investments as of 31 December 2007 include depositor y notes of Komerční banka, a.s. of CZK 1,195,145 thousand, Raiffeisenbank, a.s. ofCZK 300,090 thousand, HSBC Bank plc. of CZK 101,010 thousand, Citibank, a.s. of CZK 69,007 thousand, ČSOB, a.s. of CZK 558,259 thousand and tradablesecurities of CZK 17,208 thousand.Short-term securities and equity investments as of 31 December 2006 included depository notes of Komerční banka, a.s. of CZK 545,105 thousand, Československáobchodní banka, a.s. of CZK 24,752 thousand and Raiffeisenbank, a.s. of CZK 9,626 thousand, tradable securities of CZK 716 thousand andequity interest in Beskydská golfová, a.s. of CZK 93,048 thousand, reduced by a provision, which was sold in January 2007.4.6. Deferred Expenses and Accrued Income (CZK thousand)Balance at 31 Dec 2008 Balance at 31 Dec 2007 Balance at 31 Dec 2006Deferred expenses 72 381 91 516 36 962Deferred expenses – lease contracts 4 079 9 983 17 882Other deferred expenses – studies, projects, interest, subscription payments, right of68 302 81 533 19 080useComplex deferred expenses 14 356 30 399 50 044Accrued income 685 205 305Total deferred expenses and accrued income 87 422 122 120 87 311Deferred expenses principally consist of deferred finance lease instalments, projects, and analyses relating to repairs scheduled for the coming period.As of 31 December 2008, a significant portion of deferred expenses relates to the right to use new technologies.Complex deferred expenses primarily consist of deferred implementation of information systems.4.7. Shareholders’ EquityAllocations to the statutory reserve fund are made at 5 percent of net profits until the fund reaches 20 percent of the Companys share capital, that is, thelevel required by law.Gains and losses from revaluation comprise the gain or loss from the revaluation of available-for-sale securities, net of the deferred tax liability.At the General Meeting held on 23 June 2008, the shareholders approved the allocation of the profit of CZK 3,633,114 thousand generated in 2007 asfollows:(CZK thousand)Allocation to the statutory reserve fund 181 656Retained earnings 3 451 458The General Meeting of Shareholders decided not to declare dividends for 2007, gross dividends for 2006 were CZK 250 per share and gross dividends for2005 were CZK 100 per share.On 28 September 2008, the payment of dividends for 2003 declared by the General Meeting of the Company held on 28 June 2004 which were due on28 September 2004 became statute barred. The amount of these dividends of CZK 1,640 thousand was written off to other financial income.4.7.1. Share CapitalThe Companys share capital is composed of 8,109,863 ordinary registered shares, fully subscribed and paid up, with a nominal value of CZK 1 thousand pershare. The Extraordinary General Meeting held on 19 November 2007 approved a change of the book-entry to the certificate form of shares. The change ofthe form of the Companys shares was registered in the Register of Companies on 13 December 2007. The shares were deregistered from the Prague StockExchange in 2002.On 16 December 2008, the Companys shares in the certificate form which were not collected by their owners after the change of the book-entry to thecertificate form of shares were auctioned. The shares were not sold, and a repeated enforced auction will be held in 2009. As of 31 December 2008, thenumber of uncollected shares was 84,119.52F I N A N C I A L P A R T