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

Short-term securities and equity investments as of 31 December 2008 include depository notes of Komerční banka, a.s. of CZK 807,051 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 equity investments as of 31 December 2007 include depository notes of Komerční banka, a.s. of CZK 1,208,145 thousand, Raiffeisenbank,a.s. of CZK 300,090 thousand, HSBC Bank plc. of CZK 101,010 thousand, Citibank, a.s. of CZK 69,007 thousand, ČSOB, a.s. of CZK 558,259thousand and tradable securities of CZK 18,596 thousand.Current securities and investments as of 31 December 2006 include depository bills of exchange of Komerční banka, a.s., Československá obchodní banka,a.s. and Raiffeisenbank, a.s. in the amounts of CZK 575,105 thousand, CZK 24,752 thousand and CZK 9,626 thousand, respectively, marketable securitiesof CZK 716 thousand and an equity investment in Beskydská golfová, a.s. of CZK 93,048 thousand decreased by a provision, which was sold in February2007.5.11. Temporary Assets (CZK thousand)31 Dec 2008 31 Dec 2007 31 Dec 2006Deferred expenses 93 967 104 251 48 139Deferred expenses – lease contracts 80 602 14 914 21 872Other deferred expenses – studies, projects, interest,13 365 89 337 26 267subscription paymentsComplex deferred expenses 18 820 30 550 50 153Accrued income 2 900 704 228Total deferred expenses and accrued income 115 687 135 505 98 520Deferred expenses principally consist of deferred finance lease instalments, projects, and analyses relating to repairs scheduled for the coming period.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.5.12. EquityMovements in equity are reported in a standalone consolidated statement of changes in equity.Allocations to the statutory reserve fund are made at 5 percent of net profits until the fund reaches 20 percent of the Companys share capital as requiredby legislation.Gains and losses from revaluation comprise the gain or loss from the revaluation of available-for-sale securities net of the deferred tax liability.The General Meeting of Shareholders decided not to declare dividends for 2007, gross dividends for 2006 were CZK 250 per share and gross dividendsfor 2005 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 on 28September 2004 became statute barred. The amount of these dividends of CZK 1,640 thousand was written off to other financial income.5.12.1. 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 thousandper share.The Extraordinary General Meeting held on 19 November 2007 approved a change of the book-entry to the certificate form of shares. The change of theform of the Companys shares was registered in the Register of Companies on 13 December 2007. The shares were deregistered from the Prague Stock Exchangein 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 84,119.5.13. Reserves (CZK thousand)Reserves under special legislation Other reserves Total reservesReserve for repairs Reserve for restorationof tangible FABalance at 1 Jan 2006 597 904 3 398 187 108 788 410Creation 64 657 305 148 439 213 401Use 360 908 1 350 63 298 425 556Balance at 31 Dec 2006 301 653 2 353 272 249 576 255New acquisition 644 0 0 644Creation 20 571 257 270 290 291 118Use 170 281 331 47 554 218 166Balance at 31 Dec 2007 152 587 2 279 494 985 649 851New acquisition 29 908 0 100 30 008Creation 21 908 136 478 071 500 115Use 100 995 376 571 749 673 120Balance at 31 Dec 2008 103 408 2 039 401 407 506 85494F I N A N C I A L P A R T