Výročná správa 2008 - Transpetrol

TRANSPETROL, a. s. Financial statements
Šumavská 38 for the year ended 31 December 2008
821 08 Bratislava
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19
The
Company records in the off balance sheet assets of SPP - Optic cable 36,489 m long, totalling SKK 6,499 thousand,
low value assets and material for special purpose.
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The Company has the following contingent liabilities that are not recorded in the Company’s account and are not shown
on the balance sheet:
i) � At the date of these financial statements, several lawsuits were pending relating to execution of 34% of
TRANSPETROL, a.s. shares. In 2007, these lawsuits were not competed.
In 2004, the court ruled on the suspension of the payment of dividends until
discharged. This ruling is still valid and
effective. The Company made a statement addressed to its shareholders based on which it prolonged the statute of
right to the payment of dividends.
The final result of the lawsuit and the possible impact on the financial statements of the Company cannot be
estimated reliably. No provision has been made as the Company’s management believes that it is not probable that
the Company will incur any significant loss.
ii)� The Company agreed from 2004 to compensate the dividend payments from the subsidiary BSP Bratislava -
Schwechat Pipeline GmbH to the shareholder – OMV in case that the subsidiary will not be able for any reasons to
pay the dividends to OMV. The subsidiary BSP Bratislava - Schwechat Pipeline GmbH agreed to pay the dividends
in the minimum amount of 5.5 % of its share capital which is EUR 6,253 thousand, provided that financial results so
permit and dividends are declared by shareholders.
In case of the financial insolvency or liquidation of the subsidiary company BSP Bratislava - Schwechat Pipelines
GmbH, the Company is liable for the settlement of the part of the share capital of BSP Bratislava - Schwechat
Pipelines GmbH which belongs to OMV in case of fraud or negligence by TRANSPETROL, a.s.
TRANSPETROL, a.s. bears all the risks and costs arising from or connected with the removal of the Bratislava
Schwechat pipeline which is planned to be built in future.
iii)�
Many areas of Slovak tax law have not been sufficiently tested in practice, so there is some uncertainty as to how
the tax authorities would apply them. The extent of this uncertainty cannot be quantified. It will be reduced only if
legal precedents or official interpretations are available.
iv)� Suppliers´ warranties related to the completed investment projects are covered by bank guarantees during the agreed
period and suppliers warranties related to the prepayment for projects under construction are covered by bank
guarantees until the prepayment is settled in a total amount of SKK 203,743 thousand as of 31 December 2008
(2007: 215,538 thousand).
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Capital
expenditures agreed in the contracts but not incurred based on the project plans represent as of 31 December
2008:
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Constructions in progress SKK 145.47 million,
�� Constructions not started SKK 229.79 million,
�� Constructions in the investor developm ent SKK 0.86 million.