ANNUAL REPORT - KORADO, as

36
KORADO, a.s.
Financial Statements for the year ended 31 December 2010
b) Tangible Fixed Assets (in CZK thousands)
COST
At beginning Additions Disposals Transfers At end
of year of year
Land 25,785 - (320) - 25,465
Buildings 1,677,038 - (559) 418 1,676,897
Machinery and equipment 2,565,115 - (253) 18,911 2,583,773
Vehicles 8,039 - - - 8,039
Other tangibles 33,184 - - 451 33,635
Art works and collections 25,860 - - - 25,860
Tangibles in progress 2,541 44,401 - (15,244) 31,698
Advances for tangibles 3,758 2,031 - (4,536) 1,253
2010 Total 4,341,320 46,432 (1,132) - 4,386,620
2009 Total 4,406,120 10,546 (75,346) - 4,341,320
ACCUMULATED DEPRECIATION
At beginning Depreciation Disposals At end Net book
of year of year value
Land - - - - 25,465
Buildings (508,171) (39,003) 468 (546,706) 1,130,191
Machinery and equipment (1,842,826) (96,837) 253 (1,939,410) 644,363
Vehicles (4,333) (1,771) - (6,104) 1,935
Other tangibles (27,470) (1,651) - (29,121) 4,514
Art works and collections - - - - 25,860
Tangibles in progress - - - - 31,698
Advances for tangibles - - - - 1,253
2010 Total (2,382,800) (139,262) 721 (2,521,341) 1,865,279
2009 Total (2,275,210) (144,192) 36 602 (2,382,800) 1,958,520
As at 31 December 2010 and 2009, assets with a cost of
CZK 55,483 thousand and CZK 54,468 thousand, respectively,
and a net book value of CZK 41,409 thousand and CZK
42,389 thousand, respectively, were not used by the Company
for production (primarily paintings and recreational facilities
including their equipment). Management believes that
the recoverable value is no less then the recorded net book
value.
As at 31 December 2010 and 2009, assets (buildings, land,
machinery and equipment) with a cost of CZK 2,440,234
thousand and CZK 2,826,467 thousand, respectively and
a net book value of CZK 1,287,878 thousand and CZK
1,491,601 thousand, respectively were pledged as security
for loans from UniCredit Bank Czech Republic, a.s. (see Note
13).
The total value of small tangible fixed assets, which are not
reflected in the accompanying balance sheet, was CZK
14,928 thousand and CZK 14,148 thousand as at 31 December
2010 and 2009, respectively.
As at 31 December 2009, the Company sold the KORADO
Hotel including the land. Revenues from the sale were CZK
17,002 thousand; the net book value including an impairment
provision as at the date of sale was CZK 23,674 thousand.
In connection with the sale, an impairment provision
against tangible fixed assets of CZK 13,929 thousand was
released in 2009.
Annual Report 2010