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

31 December 2007Type of commitment Total amount Balance at 31 Dec 2007Parent company debt acceptance EUR 60,000 thousand CZK 99,825 thousandGuarantee statements– to Group companies EUR 77 thousand CZK 2,050 thousandGuarantees– to other entities USD 1,279 thousand CZK 23,119 thousandEUR 750 thousand CZK 19,965 thousandCZK 5,000 thousand CZK 5,000 thousand31 December 2006Type of commitment Total amount Balance at 31 Dec 2006Parent company debt acceptance EUR 60,000 thousand CZK 515,531 thousandGuarantees– to other entities USD 729 thousand CZK 15,216 thousandEUR 750 thousand CZK 20,621 thousandCZK 5,000 thousand CZK 5,000 thousandCollateralising blank bills of exchange– to other entities SKK 500,000 thousand CZK 399,290 thousandEnvironmental LiabilitiesThe Company was subject to an environmental audit which highlighted the Companys environmental obligations. Based upon the audit, the Companyentered into an agreement with the National Property Fund of the Czech Republic for the settlement of expenses involved in removing environmentalliabilities up to CZK 514 million that had arisen prior to privatisation. As of 31 December 2008, 2007 and 2006, the Company drew CZK 335,735 thousand,CZK 299,316 thousand and CZK 259,744 thousand, respectively.Given the amendment to this contract concluded on 3 November 2008 with the Czech Republic – Ministry of Finance, the guarantee of the Ministryis capped at CZK 843.6 million. This guarantee covers environmental liabilities of the Company. For this reason, the Company released the reserve forenvironmental burdens (refer to Note 4.15).7. Post Balance Sheet EventsOn 21 January 2009, the Company increased its equity investment in ZAMECZEK BŁOGOCICE, Spółka z ograniczoną odpowiedzialnością, Poland, by43 percent, i.e. to a total of 88 percent.On 4 February 2009, the Company entered into a contract for the sale of the 100 percent equity investment in FERROMORAVIA, s.r.o.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 0 865