Výročná správa 2008 - Transpetrol

TRANSPETROL, a. s. Financial statements
Šumavská 38 for the year ended 31 December 2008
821 08 Bratislava
13
In accordance with its internal rules approved by the General Meeting, the Company set up statutory and other reserves
that include reserves for remuneration and a capital development reserve. In accordance with the decision of the General
Meeting, contributions to the reserves are made from the net profit. The use of the reserves is regulated by internal rules
approved by the General Meeting. In 2008, statutory and other reserves for remuneration of employees were used in the
amount of balance brought forward from the previous years (SKK 7,516 thousand) since the profit for the year 2007 has
not been distributed.
The distribution of profit for the year 2007 in the amount of SKK 466,384 thousand was not approved as of 31 December
2008 since the General Meeting was not held yet. In accordance with the Accounting Act the profit was transferred to
retained profit. The proposal of profit distribution for the year 2007 is as follows:
Dividends *
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350,000
Contribution to Social fund 7,739
Contribution to Statutory and other funds 15,000
Royalties 33,600
Transfer to retained earnings 60,045
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* The cumulative dividends of SKK 1,138,195 thousand as of 31 December 2008 (as of 31 December 2007: SKK
1,138,195 thousand) have not been paid because of the preliminary court’s decision imposed on the Company on 5 May
2004 (in connection with the law suit over 34% of the Company�s shares as stated in the Note K.a).
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An overview of provisions is presented in the table below:
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Provision for financial accounts 388 -
-
-
388
Provision for business risks 727 -
(14) 713
Employees retirement and life and
work jubilees
27,073 2,700 (149) - 29,624
Provision for purchase of oil 8,536 27,670 -
- 36,206
Litigation provision 2,000 - (1,215) (485) 300
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Untaken holiday including social
security
6,688 9,950 (6,688) - 9,950
Employee bonuses including social
security
15,511 15,570 (15,511) - 15,570
Provision for management trainings 2,000 900 (2,000) 900
Non-invoiced deliveries 29,327 22,729 (27,607) (2,251) 22,198
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Provision for employees’ retirement and life and work jubilees was created in accordance with collective labour
agreement using the actuarial methods.
Provision for purchase of oil results from technological needs of the Company due to normal oil losses with objective of
maintaining continuous operation for its customers. Provision represents the estimated volume of oil losses occurred in
the past and that will require replacement. The Company records provision in the amount of SKK 36,206 thousand that
will be carried forward to the following years for oil losses replacement resulting from the regular operation of pipelines.