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

4.9.3. Income Tax on Ordinary and Extraordinary Activities (CZK thousand)Balance at 31 Dec 2008 Balance at31 Dec 2007 Balance at 31 Dec 2006Profit before tax 1 517 170 4 523 727 3 414 638Tax at the domestic income tax rate of 21 % (24 %, 24 %) 318 606 1 085 694 819 513Tax effect of expenses that are not deductible in determining taxable profit –3 719 –206 068 –75 909Additional taxes of prior years –2 137 10 987 –13 114Total income tax on ordinary and extraordinary activities 312 750 890 613 730 4904.9.4. Short-Term Payables (CZK thousand)Balance at 31 Dec 2008 Balance at 31 Dec 2007 Balance at 31 Dec 2006Short-term payables– suppliers 3 108 662 2 726 759 2 203 324– bills of exchange to be settled 0 26 620 27 495Totals 3 108 662 2 753 379 2 230 819Aging of short-term trade payables(CZK thousand)Period Category Before due date Past due date Total1 – 90 days 91 – 180 days 181 – 360 days 1 – 2 years 2 years and greater2008 Short-term 3 063 898 44 722 40 2 0 0 3 108 6622007 Short-term 2 724 083 26 952 2 051 293 0 0 2 753 3792006 Short-term 2 213 708 15 598 595 18 900 0 2 230 819Payables typically fall due for settlement within 30 days. Significant payables past due more than 90 days predominantly arise from offset agreements inprogress.Other PayablesAs of 31 December 2008, payables associated with social security and the state employment policy contribution amounted to CZK 52,289 thousand, healthinsurance payables totalled CZK 22,305 thousand, and pension insurance payables totalled CZK 2,612 thousand. The Company has no past due socialsecurity or health insurance payables.The category State – tax payables and subsidies principally comprises payables arising from the personal income tax and received research and developmentsubsidies under which the Company received CZK 16,452 thousand for operating activities and CZK 48 thousand for investments.Estimated payables mainly consist of unbilled supplies of work and services, estimated amount for outstanding vacation days and annual bonuses includinginsurance.Other payables primarily relate to employee deductions.54F I N A N C I A L P A R T