ANNUAL REPORT - KORADO, as
ANNUAL REPORT - KORADO, as
ANNUAL REPORT - KORADO, as
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<strong>KORADO</strong> GROUP<br />
Notes to the Consolidated Financial Statements for the Year Ended 31 December 2010 (In thousand CZK)<br />
banks and Bulbank were fully repaid on 30 November 2010<br />
and replaced solely by loans from UniCredit Bank Czech Republic,<br />
a.s.<br />
The new investment loans are denominated in Czech crowns.<br />
An exchange rate gain from refinancing of CZK 26,377 thousand<br />
is included in the consolidated statement of comprehensive<br />
income.<br />
The UniCredit Bank Czech Republic, a.s. loan agreement<br />
includes covenants: equity ratio and net debt to EBITDA ratio<br />
(see Note 11 for detailed calculations) to be fulfilled by<br />
the Company so that the loan structure and interest can be<br />
maintained.<br />
Payables to factoring company represent payables relating to<br />
factoring company, Transfinance a.s., that pays an advance<br />
As at 31 December 2010, the Company failed to meet the Net<br />
Debt/EBITDA ratio. After the year-end the Company received<br />
a statement approving the breach of the ratio in question.<br />
Since the statement provided by the bank w<strong>as</strong> received after<br />
the balance sheet date, in accordance with IAS 1, Presentation<br />
of Financial Statements, the Company recorded the entire<br />
loan provided by UniCredit Bank Czech Republic, a.s., in<br />
current liabilities <strong>as</strong> at 31 December 2010.<br />
As at 31 December 2009, the loan covenants were fulfilled<br />
and the bank loans are cl<strong>as</strong>sified according to their contracted<br />
maturities.<br />
The aggregate maturities of bank loans <strong>as</strong>suming the loan covenants and terms are complied with:<br />
31 December 2010 31 December 2009<br />
2010 - 329,079<br />
2011 108,992 197,368<br />
2012 132,595 179,562<br />
2013 108,992 -<br />
2014 108,992 -<br />
2015 78,993 -<br />
Future minimum le<strong>as</strong>e payments for finance le<strong>as</strong>es are <strong>as</strong> follows:<br />
538,564 706,009<br />
31 December 2010 31 December 2009<br />
Within one year 80 465<br />
After one year but not more than five years - 108<br />
Total minimum le<strong>as</strong>e obligations 80 573<br />
Interest (13) (56)<br />
Present value of minimum le<strong>as</strong>e obligations 67 517<br />
Representing finance le<strong>as</strong>e liabilities:<br />
- current 67 422<br />
- non-current - 95<br />
13. Payables and Other Current Liabilities<br />
Current liabilities comprise of the following:<br />
31 December 2010 31 December 2009<br />
Trade payables 196,226 227,359<br />
Payables to factoring company 38,039 24,979<br />
Payables to employees 23,772 26,187<br />
Accruals and other current liabilities 40,036 43,687<br />
Total 298,073 322,212<br />
of 90 % of the maximum financing limit set in advance for<br />
each customer (see Note 8).<br />
Annual Report 2010 65
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