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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3
Acquired non-current assets are stated at cost, which includes the acquisition price and the related acquisition cost
(customs duty, import charge, transport, assembly, insurance etc.).
In the current year the Company has not developed any non-current assets internally.
The depreciation of the non-current intangible assets is defined on their expected economic useful lives. Depreciation
begins as of the first day of the month following that in which the asset was first put into use. Low-value, non-current
intangible assets with an acquisition cost (or own cost) not exceeding SKK 50,000 are accounted as an expense to the
account no. 518 – other services during the commencement of use.
The expected useful life, depreciation method and the annual depreciation rate are shown in the following table:
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Software 4
Decreasing balance,
Linear
25
Other intangible assets 4 Linear 25
The depreciation of non-current tangible assets is defined on the basis of their expected economic useful lives and
expected wear and tear. Depreciation begins as of the first day of the month following that in which the asset was first
put in use. Low-value, non-current tangible assets with an acquisition cost (or own cost) not exceeding SKK 30,000 are
expensed when put in use. Land is not depreciated.
The expected economic useful life, depreciation method, and annual depreciation rate are shown in the following table:
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Buildings (including oil pipelines) 40 Linear 2.5 to 3.2
Other buildings 30 Linear 2.5 to 5
Machinery and equipment 4 to 15
Decreasing balance,
Linear
6.6 to 25
Means of transport 4 to 8
Decreasing balance,
Linear
16.6 to 25
Software, machinery and equipment and means of transport put in use until 2002 are depreciated on a decreasing balance
using the appropriate rate in accordance with the act on income taxes.
In case of a temporary diminution in the value-in-use of a non-current asset identified during stocktaking that is
significantly lower than its carrying value (after deducting the accumulated depreciation), a valuation allowance is
set up to reflect the asset’s lower value-in-use.
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When acquired, securities and ownership interests are stated at cost, which includes the acquisition price and the related
acquisition costs. The acquisition cost is decreased by provision charge against the value of securities and shares for any
diminution in value. The equity method of accounting is not used by the Company.