TÅ½ Annual Report 2008 in pdf, 7.5 MB - TÅineckÃ© Å¾elezÃ¡rny

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CONSOLIDATED CASH FLOW STATEMENT(CZK thousand)Year ended 31.12.2008 Year ended 31.12.2007 Year ended 31.12.2006P. Cash and cash equivalents at the beginning of the accounting period 3 449 247 2 044 296 1 233 834Cash flows from ordinary activitiesZ. Profit/(loss) from ordinary activities before tax 1 753 874 5 124 935 3 593 271A.1. Adjustments for non-cash transactions 2 032 007 1 327 042 918 024A.1.1. Depreciation of fixed assets (+) excluding net book value of fixed assets1 298 092 1 356 884 1 254 707sold, amortisation of goodwill and goodwill on consolidationA.1.2. Change in provisions and reserves 674 253 –151 038 –401 220A.1.3. Profit/(loss) on the sale of fixed assets (-/+) –29 239 –7 758 –11 503A.1.4. Revenues from dividends and profit shares (-), with the exception of dividends–5 417 12 118 –894paid by Group entitiesA.1.5. Interest expense (+) excluding capitalized interest and interest income (-) 45 116 66 427 90 462A.1.6. FX differences and other non-cash transactions 49 202 50 409 –13 528A.* Net cash flow from operating activities before tax, movements3 785 881 6 451 977 4 511 295in working capital and extraordinary itemsA.2. Change in non-cash component of working capital –699 954 725 017 –421 463A.2.1. Change in receivables from operating activities(+/-), deferred expenses,658 211 189 860 180 865accrued income and estimated assetsA.2.2. Change in short-term payables from operating activities (+/-), accrued293 772 542 585 22 105expenses, deferred income and estimated liabilitiesA.2.3. Change in inventory –1 688 769 –259 909 –790 965A.2.4. Change in current financial assets not included in cash and cash36 832 252 481 166 532equivalentsA.** Net cash flow from operating activities before tax and extraordinary3 085 927 7 176 994 4 089 832itemsA.3. Interest paid (-), except interest capitalized –118 300 –114 135 –126 192A.4. Interest received (+) 70 973 46 998 42 077A.5. Income tax paid from operating activities, additional tax paid for previous–988 388 –954 943 –649 004periods (-)A.6. Receipts and expenditures relating to extraordinary activities, which form–104 84 413extraordinary profit or loss, including income tax paid from extraordinaryactivities (+/-)A.7. Received dividends and profit shares (+) 50 785 42 281 88 895A.*** Net cash flow from operating activities 2 100 893 6 197 279 3 446 021Cash flows from investing activities 0B.1. Fixed assets expenditures –2 339 629 –1 784 181 –1 656 487B.2. Receipts from fixed assets sold 41 904 132 755 328 059B.4. Cash flows from the acquisition of business or its part –1 039 408 –344 634B.*** Net cash flow from investing activities –3 337 133 –1 996 060 –1 328 428Cash flow from financial activitiesC.1. Change in long-term or short-term payables which fall into cash and cash314 549 –771 162 –477 984equivalent in financing activitiesC.2. Impact on cash and cash equivalents due to change in equity –19 950 –2 025 106 –829 147C.2.1. Increase in cash and cash equivavalents due to a change in share capital,share premium, reserve fund, including prepayments made for thisincrease (+)C.2.5. Payments made from funds (-) 627 –280 –3 219C.2.6. Dividends and profit shares paid, including withholding tax related to these–20 577 –2 024 826 –825 928claims and including financial settlement with partners (-), exceptfor dividends and profit shares paid between Group entitiesC.*** Net cash flow from financial activities 294 599 –2 796 268 –1 307 131F. Net increase or decrease of cash and cash equivalents –941 641 1 404 951 810 462R. Cash and cash equivalents at the end of the accounting period 2 507 606 3 449 247 2 044 296A 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 0 871
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1. General Information1.1. Incorporation and Description of the BusinessTŘINECKÉ ŽELEZÁRNY, a. s. (henceforth the “Company”) was formed by the National Property Fund of the Czech Republic on the basis of a Deed ofFoundation as a joint stock company registered in Třinec, Czech Republic, and was incorporated following its registration in the Register of Companiesof the Regional Court in Ostrava on 21 March 1991. The Company is primarily engaged in metallurgy with a closed metallurgical cycle. In addition to theproduction of coke, pig iron and steel, the range of principal products provided by the Company involves the products of rolling mills, namely blooms,slabs, billets, rods, reinforcing bars and thin, medium and heavy sections. The Company benefits from its incumbent status of being the Czech monopolyin respect of the manufacture of rails.The Companys registered office is located in Třinec-Staré Město, Průmyslová 1000, 739 70.The Companys issued share capital is CZK 8,109,863 thousand.The following table shows individuals and corporate entities with ownership interest greater than 20 percent and the amount of their interest:ShareholderOwnership percentageMORAVIA STEEL a. s. 69.05 %Other legal entities and individuals 30.95 %Total 100.00 %1.2. Group IdentificationThe Company is included in the MORAVIA STEEL a.s. Group. MORAVIA STEEL a.s. is controlled by FINITRADING a.s. and R.F.G., a.s., acting in concert.1.3. Board of Directors and Supervisory Board as of 31 December 2006PositionNameBoard of Directors Chairman Jiří Cienciala1st Vice Chairwoman Jaroslava Ciahotná2nd Vice Chairman Jan CzudekMemberJan LasotaMemberČeslav MarekMemberPetr MatuszekSupervisory Board Chairman Tomáš Chrenek1st Vice Chairman Ján Moder2nd Vice Chairman Hanns K. ZöllnerMemberFrantišek LigockiMemberEvžen BalkoMemberRoman MitręgaMemberVladislav HeczkoMemberJozef BlaškoMemberPablo Alarcón EspinosaDuring the year ended 31 December 2008, the following changes were made to the composition of the Companys Supervisory Board:Supervisory Board:Position Original member New member Date of the changeMember Oldřich Cieslar Roman Mitręga 14 Nov 2008Member Jiří Stašák Vladislav Heczko 14 Nov 2008On 21 January 2009, the change in the name of the Chairman of the Board of Directors from Jiří Cienciala to Jiří Cieńciała was recorded in the Registerof Companies.72F I N A N C I A L P A R T
Page 1 and 2:
Třinecké železárny, a. s. / Ann
Page 3 and 4:
1.Company ProfileTŘINECKÉ ŽELEZ
Page 5 and 6:
3.Characteristics of the Production
Page 7 and 8:
4. Events of 2008JanuaryIn 2007, a
Page 9 and 10:
5.Selected Economic Indicators 2004
Page 11 and 12:
7.Introductory Word of the Chairman
Page 13 and 14:
8. Board of Directors’ ReportDeve
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Production and Position on the Mark
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Investments and ModernisationThe te
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A total of 38 technological project
Page 21 and 22: Environmental InvestmentsIn 2008, t
Page 23 and 24: Table: The average adjusted count o
Page 25 and 26: Trends of total revenues during the
Page 27 and 28: 9.Report of the Supervisory BoardTh
Page 29 and 30: 10.Auditor‘s Opinion on the Annua
Page 31 and 32: 30F I N A N C I A L P A R T
Page 34 and 35: LIABILITIES AND EQUITY(CZK thousand
Page 36 and 37: STATEMENT OF CHANGES IN EQUITYShare
Page 38 and 39: NOTES TO THE FINANCIAL STATEMENTS1.
Page 40 and 41: 3. Summary of Significant Accountin
Page 42 and 43: 3.5. ReceivablesUpon origination, r
Page 44 and 45: 4. Additional Information on the Ba
Page 46 and 47: 4.1.3. Assets Held under Finance an
Page 48 and 49: 31 December 2007 (CZK thousand)Comp
Page 50 and 51: 31 December 2006 (CZK thousand)Comp
Page 52 and 53: 4.4.3. Intercompany ReceivablesShor
Page 54 and 55: 4.8. Reserves (CZK thousand)Reserve
Page 56 and 57: 4.9.5. Intercompany PayablesShort-T
Page 58 and 59: 4.11. Assets and Liabilities Denomi
Page 60 and 61: Eligibleexpenses in2004Allowedstate
Page 62 and 63: 2006 (CZK thousand)EntityRelationGo
Page 64 and 65: 2007 (CZK thousand)EntityRelationNo
Page 66 and 67: 31 December 2007Type of commitment
Page 68 and 69: CONSOLIDATED BALANCE SHEET - FULL V
Page 70 and 71: CONSOLIDATED PROFIT AND LOSS ACCOUN
Page 74 and 75: 2. Definition Of the Consolidated G
Page 76 and 77: AssociatesName of the company Regis
Page 78 and 79: Objects from precious metals acquir
Page 80 and 81: Deferred TaxDeferred tax is account
Page 82 and 83: 4. Analysis of Impacts on Profit/Lo
Page 84 and 85: 5. Additional Consolidated Balance
Page 86 and 87: Net Book Value(CZK thousand)Net boo
Page 88 and 89: 31 December 2006 (CZK thousand)Desc
Page 90 and 91: Investment Acquisition cost Descrip
Page 92 and 93: 5.8. Inventory (CZK thousand)Struct
Page 94 and 95: 5.9.4. Intercompany ReceivablesShor
Page 96 and 97: The reserves for repairs of tangibl
Page 98 and 99: 5.15. Deferred Tax Liability and De
Page 100 and 101: 5.17. Bank Loans and Borrowings5.17
Page 102 and 103: 5.18. Temporary Liabilities (CZK th
Page 104 and 105: 6.1.3. The Group’s Income from Or
Page 106 and 107: 6.9. Related Party Transactions6.9.
Page 108 and 109: 7. Employees, Management and Statut
Page 110 and 111: 8. Post Balance Sheet EventsOn 21 J
Page 112 and 113: CZK’ 000 2008* 2007 2006Equity 56
Page 114 and 115: CZK’ 000 2008* 2007 2006Equity 19
Page 116 and 117: Barrandov Lands a.s. registered at
Page 118 and 119: whereby the performance fee exclusi
Page 120 and 121: D. Description of the Companys Rela
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TÅ½ Annual Report 2008 in pdf, 7.5 MB - TÅineckÃ© Å¾elezÃ¡rny

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TÅ½ Annual Report 2008 in pdf, 7.5 MB - TÅineckÃ© Å¾elezÃ¡rny