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BALANCE SHEET
as of December 31, 2003
(in thousands of CZK)
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Ident. ASSETS Current financial year financial financial
year 2002 year 2001
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Gross Adjustment Net Net Net
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TOTAL ASSETS 322 005 070 000 000 000 000 000 000 198 874 194 000 000 000
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A. Receivables on registered
capital subscription
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B. Fixed assets 299 393 140 103 673 303 195 719 837 169 714 320 174 452 554
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B. I. Intangible fixed assets 2 592 264 1 474 437 1 117 827 1 018 929 1 030 775
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B. I. 1. Incorporation expenses
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2. Research and development
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3. Software 1 996 541 1 457 459 539 082 665 276 758 384
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4. Patents, licenses, and know-how 222 591 16 978 205 613 9 917 6 812
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5. Goodwill
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6. Other intangible fixed assets
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7. Intangible fixed assets in progress 373 132 373 132 343 636 264 578
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8. Advances for intangible fixed assets 100 1 001
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B. II. Tangible fixed assets 247 626 735 99 994 299 147 632 436 156 798 818 161 367 111
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B. II. 1. Land 691 666 691 666 699 955 663 093
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2. Buildings, halls, and structures 71 139 586 26 708 779 44 430 807 37 752 458 27 125 687
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3. Separate movable items and groups
of movable items 169 534 780 73 285 520 96 249 260 73 388 194 42 171 735
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4. Perennial crops
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5. Livestock
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6. Other tangible fixed assets 13 952 13 952 13 679 13 854
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7. Tangible fixed assets in progress 4 431 343 4 431 343 38 344 336 84 291 167
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8. Advances for tangible fixed assets 1 815 408 1 815 408 6 600 196 7 101 424
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9. Adjustment to acquired assets 151
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B. III. Financial investment 49 174 141 2 204 567 46 969 574 11 896 573 12 054 668
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B. III.1. Shareholdings in controlled entities 37 846 134 914 541 36 931 593 5 709 769 5 791 117
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2. Shareholdings in accounting units 10 309 612 661 651 9 647 961 4 196 795 4 268 536
under substantial influence
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3. Other long-term securities and shares 178 139 178 139 1 693 844 1 078 664
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4. Loans to controlled entities and accounting
units under substantial influence
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5. Other financial investment 72 050 12 900 59 150 289 339 916 351
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6. Financial investment in progress 768 206 615 475 152 731 6 826
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7. Advances for financial investment
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C. Current assets 22 268 564 411 297 21 857 267 28 913 059 24 304 923
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C. I. Inventory 14 356 264 270 14 355 994 15 004 374 15 037 254
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C. I. 1. Materials 14 339 767 270 14 339 497 15 000 816 15 027 712
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2. Work in progress and semi-finished products 1 1
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3. Finished products
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4. Animals
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5. Goods
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6. Advances for inventory 16 497 16 497 3 557 9 541
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C. II. Long-term receivables 81 843 81 843 2 220 730 2 681 601
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C. II. 1. Trade receivables 20 403 20 403 15 947 76 586
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2. Receivables from controlled entities 2 137 732 2 565 278
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3. Receivables from accounting entities
under substantial influence
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4. Receivables from partners and members
of associations
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5. Estimated receivables
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6. Other receivables 61 440 61 440 67 051 39 737
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7. Deferred taxes
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C. III. Short-term receivables 4 941 650 411 027 4 530 623 7 859 169 4 312 840
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C. III.1. Trade receivables 4 127 680 336 390 3 791 290 3 163 442 3 533 216
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2. Receivables from controlled entities 464 546 479 170
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3. Receivables from accounting entities 1 430 1 430
under substantial influence
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4. Receivables from partners and members
of associations
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5. Social security and health insurance
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6. Tax receivables - due from state 48 790 48 790 1 993 614 3 439
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7. Other advances 183 524 183 524 145 780 129 165
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8. Estimated receivables 22 451 22 451 505 723 74 712
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9. Other receivables 557 775 73 207 484 568 1 586 064 93 138
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C. IV. Current financial investment 2 888 807 2 888 807 3 828 786 2 273 228
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C. IV. 1. Cash 3 150 3 150 3 128 3 287
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2. Bank accounts 2 139 202 2 139 202 2 341 093 1 445 532
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3. Short-term securities and shares 746 455 746 455 1 484 565 824 409
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4. Current financial investment in progress
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D. I. Accruals 343 366 343 366 246 815 615 838
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D. I. 1. Deferred expenses 342 616 342 616 246 495 180 422
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2. Complex deferred expenses
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3. Accrued revenues 750 750 320 1 237
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4. Exchange rate losses x x x x 1 434 179
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Ident. LIABILITIES Current financial Previous financial Previous financial
year year 2002 year 2001
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LIABILITIES 000 000 000 198 874 194 000 000 000
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A. Shareholders' equity 000 000 000 128 194 872 123 897 070
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A. I. Registered capital 59 151 668 59 040 794 59 050 449
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A. I. 1. Registered capital 59 221 084 59 221 084 59 208 846
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2. Own shares (-) -69 416 -180 290 -158 397
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3. Changes in registered capital
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A. II. Capital funds 430 981 859 551 1 661 341
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A. II. 1. Share premium
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2. Other capital funds 1 659 057 1 659 500 1 661 341
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3. Gains and losses from revaluation of assets and -1 228 076 -799 949
liabilities
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4. Gains and losses from revaluation from transformations
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A. III. Reserve funds and other funds from profit 9 265 086 9 038 840 8 729 798
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A. III. 1. Legal reserve fund 9 096 890 8 872 094 8 528 479
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2. Statutory and other funds 168 196 166 746 201 319
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A. IV. Profit/loss of previous years 56 236 206 52 542 282 48 021 040
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A. IV. 1. Retained earnings of previous years 56 236 206 52 542 282 48 021 040
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2. Accumulated losses from previous years
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A. V. Profit/loss of current financial year 13 931 028 6 713 405 6 434 442
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B. Liabilities 78 224 940 69 873 654 76 932 589
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B. I. Reserves 18 183 201 16 175 071 15 926 330
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B. I. 1. Reserves under special legal regulations 7 985 464 7 646 252 6 419 671
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2. Reserve for pensions and other liabilities
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3. Reserve for income tax
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4. Other reserves 10 197 737 8 528 819 8 370 079
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5. Reserve for exchange rate losses x x 1 136 580
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B. II. Long-term liabilities 25 016 789 27 786 508 30 381 896
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B. II. 1. Trade payables
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2. Payables to controlled entities 11 047 412 11 685 098 13 450 117
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3. Payables to accounting entities under substantial
influence
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4. Payables to partners and members of associations
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5. Long-term advances received 182 220
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6. Bonds issued 8 563 117 11 339 419 13 000 000
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7. Long-term notes payable
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8. Estimated payables
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9. Other payables
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10. Deferred taxes 5 406 260 4 761 991 3 749 559
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B. III. Short-term liabilities 21 427 973 8 889 995 6 136 105
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B. III. 1. Trade payables 11 378 616 3 936 675 3 477 978
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2. Payables to controlled entities
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3. Payables to accounting entities under substantial
influence
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4. Payables to partners and members of associations 22 705 10 255 10 255
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5. Payables to employees 166 218 154 885 146 678
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6. Social security and health insurance payables 107 491 98 612 96 316
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7. Taxes and subsidies - due to state 3 287 029 256 715 1 124 010
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8. Short-term advances received 125 464 564 488 559 786
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9. Bonds issued 3 000 000
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10. Estimated payables 233 217 331 831 486 793
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11. Other payables 3 107 233 3 536 534 234 289
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B. IV. Bank loans 13 596 977 17 022 080 24 488 258
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B. IV. 1. Long-term bank loans 9 609 594 12 786 980 19 131 974
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2. Short-term bank loans 3 987 383 4 235 100 5 356 284
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3. Short-term financial assistance
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C. I. Accruals 680 561 805 668 1 543 656
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C. I. 1. Accrued expenses 660 567 802 536 815 889
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2. Deferred revenues 19 994 3 132 202 669
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3. Exchange rate gains x 525 098
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PROFIT AND LOSS STATEMENT
as of December 31, 2003
(in thousands of CZK)
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Identification Text Financial year
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Current previous 2002 previous 2001
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I. Revenues from goods sold 8 749 7 352
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A. Costs of goods sold 6 970 5 626
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+ Sales margin 1 779 1 726
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II. Production 54 549 282 49 919 670 52 276 354
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II. 1. Revenues from own products and services 54 445 309 49 492 738 51 851 799
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2. Change in inventory of own production -1
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3. Capitalization 103 974 426 932 424 555
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B. Consumption production 26 940 445 26 029 665 26 256 579
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B.1. Consumption of material and energy 19 918 462 19 178 491 19 250 312
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2. Services 7 021 983 6 851 174 7 006 267
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+ Value added 27 608 837 23 891 784 26 021 501
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C. Personnel expenses 3 713 089 3 622 573 3 727 581
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C.1. Wages and salaries 2 536 975 2 496 682 2 446 154
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2. Remuneration of board members 9 662 10 552 9 571
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3. Social security and health insurance expenses 922 021 891 912 879 482
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4. Social expenses 244 431 223 427 392 374
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D. Taxes and fees 1 680 194 1 126 929 1 085 934
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E. Amortization and depreciation of intangible and
tangible fixed assets 12 285 601 10 080 930 8 079 961
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III. Revenues from fixed assets and material sold 660 621 488 561 195 902
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III. 1. Revenues from fixed assets sold 617 133 437 089 134 956
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2. Revenues from material sold 43 488 51 472 60 946
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F. Net book value of fixed assets and material sold 377 622 661 149 643 676
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F.1. Net book value of fixed assets sold 272 487 461 231 190 010
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2. Material sold 105 135 199 918 453 666
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G. Change in operating reserves and provisions and
in complex deferred expenses 1 582 323 1 394 581 1 612 127
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IV. Other operating revenues 430 107 406 459 878 356
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H. Other operating expenses 615 191 386 013 409 567
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V. Transfer of operating revenues
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I. Transfer of operating expenses -170 088 -420 500
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* Operating results 8 615 633 7 935 129 11 536 913
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VI. Revenues from sale of securities and shares 20 531 409 717 911 5 952
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J. Sold securities and shares 8 029 499 315 154 8 619
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VII. Revenues from financial investment 739 409 210 054 131 160
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VII. 1. Revenues from shares in controlled entities and 739 409 183 053 112 753
accounting units under substantial influence
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2. Revenues from other securities and shares 27 001 18 407
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3. Revenues from other financial investment
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VIII. Revenues from current financial investment 1 282
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K. Costs of financial assets
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IX. Revenues from revaluation of securities and derivatives
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L. Costs of revaluation of securities and derivatives
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M. Change in financial reserves and provision 2 108 099 -1 167 586 -809 860
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X. Interest revenues 227 148 302 492 385 379
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N. Interest expenses 2 491 239 2 601 235 3 309 596
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XI. Other financial revenues 2 431 773 3 436 932 444 158
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O. Other financial costs 1 416 426 2 860 939 539 313
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XII. Transfer of financial revenues
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P. Transfer of financial expenses
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* Results from financial activities 9 884 476 57 647 -2 079 737
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Q. Income tax on ordinary activity 4 668 038 1 317 973 2 958 234
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Q.1. - due 4 023 769 305 541 1 910 407
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2. - deferred 644 269 1 012 432 1 047 827
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** Results from ordinary activity 13 832 071 6 674 803 6 498 942
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XIII. Extraordinary revenues 428 140 472 795 26 038
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R. Extraordinary expenses 301 776 433 891 105 944
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S. Income tax on extraordinary activity 27 407 302 -15 406
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S.1. - due 27 407 302 -15 406
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2. - deferred
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* Results from extraordinary activity 98 957 38 602 -64 500
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*** Profit/loss of current financial year 13 931 028 6 713 405 6 434 442
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Pre-tax profit/loss 18 626 473 8 031 680 9 377 270
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Cash Flow Statement for January-December 2003
(in thousands of CZK)
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Identification Text Financial year
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current previous 2002 previous 2001
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P. Cash and cash equivalents at the beginning of financial year
3 828 786 2 273 228 3 072 579
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Cash provided by operating activities
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Z. Pre-tax profit from ordinary activity 18 500 109 7 992 776 9 457 176
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A.1. Adjustments by non-cash transactions 5 672 621 13 782 762 13 114 330
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A.1.1. Depreciation and amortization of fixed assets and receivables
writing-off 12 304 351 10 096 458 8 139 744
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A.1.1.1. Depreciation and amortization of fixed assets 12 289 475 10 090 151 8 130 663
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A.1.1.2. Receivables writing-off 14 876 6 307 9 081
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A.1.2. Change in provisions, reserves, and accruals 3 609 624 486 731 1 992 648
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A.1.2.1. Change in provisions 1 681 598 -21 897 317 599
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A.1.2.2. Change in reserves 2 008 130 248 741 484 651
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A.1.2.3. Change in the balance of accruals -80 104 259 887 1 190 398
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A.1.3. Gain/loss on fixed assets and own shares -12 846 557 -378 615 57 721
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A.1.4. Interest expenses and revenues accounted 2 264 091 2 298 743 2 924 217
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A.1.4.1 Interest expenses accounted 2 491 239 2 601 235 3 309 596
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A.1.4.2. Interest revenues accounted -227 148 -302 492 -385 379
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A.1.5. Unrealized losses on hedge derivatives 341 112 1 279 445
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A.* Net cash provided by operating activities before taxes, changes
in working capital,and extraordinary items 24 172 730 21 775 538 22 571 506
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A.2. Change in non-cash items of working capital 2 267 865 947 189 -2 012 486
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A.2.1. Change in receivables from operating activities 1 861 853 667 402 -45 733
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A.2.2. Change in short-term payables from operating activities -242 362 234 485 -221 024
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A.2.3. Change in inventory 648 374 45 302 -1 745 729
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A.** Net cash provided by operating activities before taxes and
extraordinary items 26 440 595 22 722 727 20 559 020
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A.3. Interest paid, excluding capitalized interest -2 460 192 -2 477 872 -3 135 622
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A.4. Interest received 228 552 301 575 535 104
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A.5. Income tax paid, including additionally assessed taxes for the
previous periods 924 170 -3 021 191 -1 816 557
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A.6. Revenues and expenses related to extraordinary accounting items 234 777 44 210 -77 645
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A.*** Net cash provided by operating activities 25 367 902 17 569 449 16 064 300
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Cash provided by investment activities
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B.1. Expenses on fixed assets acquisition -40 609 056 -6 034 629 -9 420 704
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B.1.1. Tangible fixed assets acquisition -3 842 415 -5 674 804 -7 907 714
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B.1.2. Intangible fixed assets acquisition -453 809 -304 236 -381 919
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B.1.3. Change in financial investment -43 601 085 33 902 -639 536
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B.1.4. Change in payables from investing activity 7 288 253 -91 639 -493 930
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B.1.5. Change in balance of exchange rate differences pertaining to
foreign currency payables due to fixed assets acquisition 2 148 2 395
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B.2. Proceeds from sales of fixed assets 21 034 695 1 038 498 98 767
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B.2.1. Proceeds from sales of tangible fixed assets 617 133 437 086 134 960
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B.2.2. Proceeds from sales of intangible fixed assets 3 -4
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B.2.3. Proceeds from sales of financial investment 20 425 047 540 562 5 952
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B.2.4. Change in receivables from sales of fixed assets -7 485 60 847 -42 141
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B.*** Net cash related to investing activities -19 574 361 -4 996 131 -9 321 937
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Cash provided by financing activities
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C.1. Change in long-term liabilities and short-term loans -4 062 789 -9 413 417 -6 075 906
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C.1.1. Change in long-term loans -3 177 386 -6 344 994 -5 530 866
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C.1.2. Change in short-term loans and financial assistance -247 717 -1 121 184 -4 295
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C.1.3. Change in long-term bond payables
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C.1.4. Change in other long-term liabilities -637 686 -1 947 239 -540 745
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C.2. Impact of changes in shareholders' equity on cash -2 670 731 -1 604 343 -1 465 808
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C.2.1. Monetary donations and subsidies to shareholders' equity
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C.2.2. Direct payments debited to funds -124 801 -109 572 -123 866
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C.2.3. Paid-out/returned dividends and profit shares -2 652 291 -1 490 432 -1 183 545
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C.2.4. Purchase/sale of own shares 000 000 -0 339 -158 397
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C.*** Net cash related to financing activities -6 733 520 -11 017 760 -7 541 714
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F. Net increase/decrease in cash -939 979 1 555 558 -799 351
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R. Cash and cash equivalents at the end of financial year 2 888 807 3 828 786 2 273 228
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12
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Payables and receivables as of December 31, 2003
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thousands of CZK
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Long-term payables 25 016 789
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of which: not immediately due 25 016 789
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overdue 0
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Short-term payables 21 427 973
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of which: trade payables 11 378 616
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of which: not immediately due 11 378 616
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overdue 0
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of which: less than 30 days 0
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30 to 90 days 0
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90 to 365 days 0
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more than 365 days 0
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Long-term receivables 81 843
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of which: not immediately due 81 843
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overdue 0
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Short-term receivables 4 941 650
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of which: trade receivables 4 127 680
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of which: not immediately due 3 705 712
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overdue 421 968
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of which: less than 30 days 26 491
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30 to 90 days 16 109
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90 to 365 days 44 426
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more than 365 days 334 942
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