ANNUAL REPORT - KORADO, as
ANNUAL REPORT - KORADO, as
ANNUAL REPORT - KORADO, as
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64<br />
<strong>KORADO</strong> GROUP<br />
Notes to the Consolidated Financial Statements for the Year Ended 31 December 2010 (In thousand CZK)<br />
Bank loans consist of the following:<br />
2010<br />
Bank Terms Interest rate (%) Maturity Total limit Amount Amount<br />
(thousands) in foreign in CZK<br />
currency thousands<br />
(in thousands)<br />
<strong>KORADO</strong>, a.s.<br />
UniCredit Bank Investment 1M PRIBOR+1.95% 31. 12. 2015 CZK 550,000 - 520,000<br />
Czech Republic, a.s.<br />
UniCredit Bank Operational overdraft 1D PRIBOR+1.6% 25. 11. 2012 CZK 30,000 - 11,245<br />
Czech Republic, a.s.<br />
UniCredit Bank Operational overdraft 1D EURIBOR+1.6% 25. 11. 2012 EUR 3,500 EUR 493 12,357<br />
Czech Republic, a.s.<br />
Bank charges (5,038)<br />
Total 538,564<br />
Less current<br />
portion and short-term<br />
bank loans *(538,564)<br />
Net -<br />
* A total of CZK 429,571 thousand out of this amount w<strong>as</strong> cl<strong>as</strong>sified within current liabilities due to the failure to meet one<br />
of the specified ratios (see below) <strong>as</strong> at 31 December 2010. However, if all loan covenants were fulfilled, the respective<br />
amount would be presented within non-current liabilities.<br />
2009<br />
Bank Terms Interest rate (%) Maturity Total limit Amount Amount<br />
(thousands) in foreign in CZK<br />
currency thousands<br />
(in thousands)<br />
1) <strong>KORADO</strong>, a.s.<br />
UniCredit Bank Investment 1M PRIBOR+2.1% 31. 12. 2012 CZK 495,000 - 180,000<br />
Czech Republic, a.s.<br />
UniCredit Bank Investment 1M PRIBOR+2.1% 31. 12. 2012 CZK 200,000 - 120,000<br />
Czech Republic, a.s.<br />
UniCredit Bank Investment 1M EURIBOR+2.1% 31. 12. 2012 EUR 18,000 EUR 10,800 285,822<br />
Czech Republic, a.s.<br />
UniCredit Bank Operational overdraft 1M EURIBOR+2.1% 31. 12. 2010 EUR 4,300 EUR 4,177 110,545<br />
Czech Republic, a.s.<br />
Bank charges (3,440)<br />
2) <strong>KORADO</strong> Bulgaria AD<br />
Bulbank Investment 1M LIBOR+2.75% 20. 4. 2012 EUR 560 EUR 294 7,789<br />
Bulbank Operational 1W EURIBOR+6% 15. 5. 2010 EUR 1,250 EUR 200 5,293<br />
Total 706,009<br />
Less current<br />
portion and short-term<br />
bank loans (329,079)<br />
Net 376,930<br />
The interest expense (net of capitalized interest) related to<br />
bank loans for the years ended 31 December 2010 and 2009<br />
amounted to CZK 18,618 thousand and CZK 39,133 thousand.<br />
Bank loans provided to the Group are secured by pledged<br />
<strong>as</strong>sets at carrying values of CZK 1,349,625 thousand and<br />
CZK 1,784,930 thousand <strong>as</strong> at 31 December 2010 and 2009,<br />
respectively (see Note 3). Bank loans of the Parent Company<br />
are also secured by the cession of receivables from property<br />
insurance benefits exceeding CZK 5,000 thousand per insurance<br />
claim.<br />
As at 25 November 2010, a new bank loan agreement<br />
between <strong>KORADO</strong>, a.s. and UniCredit Bank Czech Republic<br />
a.s. w<strong>as</strong> concluded. Existing bank loans from a syndicate of<br />
Annual Report 2010
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