012 - ČEZ Distribuce

ČEZ Distribuce, a. s. Notes to the Financial Statements as of December 31, 2012
7. Short-term Financial Assets
The Company is a part of cash pooling system for the companies in the ČEZ Group managed by Komerční banka, a.s. Cash in
CZK provided to the parent company ČEZ, a. s., within the cash pooling bears an interest rate of PRIBID O/N -0.21% p.a. with
0.05% p.a. at minimum (receivables); cash in CZK provided by the parent company within the cash pooling bears an interest
rate of PRIBOR +0.35% p.a. (payables).
The balance of cash transferred to the parent company ČEZ, a. s., within the cash pooling system was CZK 2,955,973 thousand
and CZK 1,891,156 thousand as at 31 December 2012 and 2011, respectively. The balance is reported as short-term receivable
in the balance sheet caption “Receivables to group companies with majority control” as at 31 December 2012 and 2011.
8. Other Assets
Prepaid expenses include in particular a fee of CZK 32,426 thousand for arranging a loan and a payment of CZK 7,391
thousand for lease of land in Hladké Životice and are charged to income for the year in which they were incurred.
9. Equity
The basic capital of the Company consists of 600 registered shares in a certificate form with a nominal value of
CZK 100,000,000 per share. The shares are transferrable only with the consent of the Board of Directors which is based on a
prior approval by the Supervisory Board. All shares are fully subscribed and paid.
The movements in the capital accounts were as follows (in CZK thousands)
Balance as at Increase Decrease Balance as at Increase Decrease Balance as at
31/12/2010 31/12/2011 31/12/2012
Number of shares 600 – – 600 – – 600
Basic capital 60,000,000 – – 60,000,000 – – 60,000,000
Other capital funds 617 – – 617 159 – 776
Legal reserve fund 12,000,000 – – 12,000,000 – – 12,000,000
Retained earnings 10,542,258 – (1,857,094) 8,685,164 1,173,797 – 9,858,961
065
The Annual General Meetings held on 13 June 2012 and 20 June 2011 approved the following profit distribution for 2011
and 2010 (in CZK thousands):
Profit for 2010 4,042,906 Profit for 2011 5,673,797
Dividend distribution (4,042,906) Dividend distribution (4,500,000)
Undistributed profits added to retained earnings – Undistributed profits added to retained earnings 1,173,797
Retained earnings as at 31/12/2010 10,542,258 Retained earnings as at 31/12/2011 8,685,164
Dividend distribution (1,857,094) Dividend distribution –
Retained earnings as at 31/12/2011 8,685,164 Retained earnings as at 31/12/2012 9,858,961
10. Provisions
The movements in the provision accounts were as follows (in CZK thousands)
Provisions Balance as at Additions Deductions Balance as at Additions Deductions Balance as at
31/12/2010 31/12/2011 31/12/2012
Provision for income tax 1,148,800 1,462,444 (1,148,800) 1,462,444 90,093 (1,462,444) 90,093
Other provisions 230,385 19,107 (8,527) 240,965 26,602 (38,812) 228,755
As at 31 December 2012, the provision for corporate income tax was offset against paid prepayments and the resulting liability
is recorded in the caption “Provision for income tax”. As at 31 December 2011, no offset between the paid prepayments and
the income tax provision was done.
In 2012 and 2011, other provisions in the amount of CZK 228,755 thousand and CZK 206,703 thousand, respectively were
created for retirement benefits and 50 years jubilee bonuses paid under collective agreement. In 2011, in addition to provision
for employee benefits and bonuses, other provisions included a provision for organizational changes planned in 2012.