ANNUAL REPORT - KORADO, as

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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
KORADO, a.s. Financial Statements for the year ended 31 December 2010 c) Long-Term Financial Investments Summary of changes in long-term financial investments (in CZK thousands): Balance as at Additions Disposals Balance as at 31. 12. 2009 31. 12. 2010 Subsidiaries and associates 173,161 - (13,629) 159,532 Loans to subsidiaries 51,674 - (2,743) 48,931 Other long-term investments 849 - (849) - Acquisitions of financial investments 4,325 - (4,325) - Impairment provisions (173,606) - 15,179 (158,427) Total 56,403 - (6,367) 50,036 Subsidiaries and associates as at 31 December 2010 were as follows (in CZK thousands): Name KORADO KORADO KORADO KORADO KORADO KORADO Total Deutschland Croatia Bulgaria Polska Austria UK Registered office Germany Croatia Bulgaria Poland Austria Great Britain Percentage of ownership 100 51 98.2 100 100 100 - Total assets 24,703 4,767 93,291 15,347 286 29 138,423 Equity (12,786) 3,833 67,559 (53,135) (30) 29 5,470 Basic capital 627 7,153 20,931 45,486 26,313 29 100,539 Profit/loss for the current year - (2,408) 9,925 2,923 (26) - 10,414 Acquisition cost of interest 15,411 426 50,037 67,317 26,313 29 159,532 Nominal value of interest 627 3,648 20,554 45,486 26,313 29 96,657 Intrinsic value of interest - 1,955 66,343 - - 29 68,327 Impairment provision for investments (15,411) (426) - (67,317) (26,313) (29) (109,496) in subsidiaries and associates Impairment provision against loans - - - (48,931) - - (48,931) Impairment provision (12,786) (1,400) - (4,404) - - (18,590) against receivables In 2010, the Company was not able to exercise control over KORADO Croatia due to restrictions on the part of the other shareholder and pending arbitration proceedings. Subsidiaries and associates as at 31 December 2009 were as follows (in CZK thousands): Name KORADO KORADO KORADO KORADO KORADO KORADO Total Deutschland Croatia Bulgaria Polska Austria UK Registered office Germany Croatia Bulgaria Poland Austria Great Britain Percentage of ownership 100 51 98.2 100 100 100 - Total assets 35,554 7,714 88,719 23,022 353 30 155,392 Equity (6,700) 6,590 60,963 (57,290) (5) 30 3,588 Basic capital 662 7,528 22,106 46,495 27,789 30 104,610 Profit/loss for the current year - (2,784) 8,632 (4,172) (217) - 1,459 Acquisition cost of interest 26,183 450 51,229 67,480 27,789 30 173,161 Nominal value of interest 662 3,839 21,708 46,495 27,789 30 100,523 Intrinsic value of interest - 3,361 59,866 - - 30 63,257 Impairment provision against (26,183) (450) - (67,480) (27,789) (30) (121,932) investments in subsidiaries and associates Impairment provision against loans - - - (51,674) - - (51,674) Impairment provision against receivables (6,710) - - (5,615) - - (12,325) In 2009, the Company was not able to exercise control over the above company due to restrictions on the part of the other shareholder and pending arbitration proceedings. Financial information about KORADO Bulgaria was obtained from its standalone audited financial statements. Information about other companies was obtained from their standalone unaudited financial statements.. Annual Report 2010 37
Page 1 and 2: ANNUAL REPORT 2010
Page 4 and 5: 4 CONTENTS Foreword from the Managi
Page 6 and 7: 6 CORPORATE STRATEGY AND GOALS KORA
Page 8 and 9: 8 TABLE OF FINANCIAL INDICATORS 200
Page 10 and 11: 10 Management The Company is divide
Page 12 and 13: 12 KORADO Group consolidated revenu
Page 14 and 15: 14 DESCRIPTION OF SUBSIDIARIES AND
Page 16 and 17: 16 KORADO Bulgaria A.D. - was found
Page 18 and 19: 18 FINANCIAL POSITION The persistin
Page 20 and 21: 20 PRODUCTION MATERIAL PROCUREMENT
Page 22 and 23: 22 SALES AND MARKET POSITION The co
Page 24 and 25: 24 QUALITY MANAGEMENT SYSTEM AND TH
Page 26 and 27: 26 INDEPENDENT AUDITOR‘S REPORT T
Page 30 and 31: 30 BALANCE SHEET - LONG FORM Czech
Page 32 and 33: 32 CASH FLOW STATEMENT Czech Statut
Page 34 and 35: 34 KORADO, a.s. Financial Statement
Page 48 and 49: 48 KORADO Group CONSOLIDATED STATEM
Page 50 and 51: 50 KORADO Group CONSOLIDATED CASH F
Page 52 and 53: 52 KORADO GROUP Notes to the Consol
Page 72 and 73: 72 SWORN AFFIDAVIT We hereby certif
Page 74: KORADO, a.s. Bří Hubálků 869, 5

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