CESKE RADIOKOMUNIKACE a.s. Announces 1998 Full Year IAS Results.PRAGUE Prague (präg, prāg), Czech Praha, Ger. Prag, city (1993 pop. 1,216,500), capital and largest city of the Czech Republic and former capital of Czechoslovakia, on both banks of the Vltava (Ger. Moldau) River. , Czech Republic--(BUSINESS WIRE)--May 10, 1999-- Stable Increase in all Financial Results in 1998 RadioMobil Revenues Doubled CESKE RADIOKOMUNIKACE a.s., a leading Czech telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. company listed on the Prague and London Stock Exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , today announced its financial results for the twelve months to 31 December December: see month. 1998, prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with International Accounting Standards ("IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. "). The key results are as follows: -- Total revenues for CRa up 15.9% to CZK CZK In currencies, this is the abbreviation for the Czech Koruna. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2,125 million (US$71.2m) -- Gross income rose by 21.5% to CZK 1,618 million (US$ 54.2m) -- Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose by 1.0% to CZK 435 million (US$ 14.6m) -- Income before tax down 22.3% to CZK 283 million (US$ 9.5m) due to unrealised foreign exchange losses -- Net Income rose 460% to CZK 513 million (US$ 17.2m) resulting from CRa's share of RadioMobil's net income -- Revenues from telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. up 18.1% -- Television broadcasting revenues up 10.9% -- Radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. revenues up 4.5% -- CZK 255 million (US$ 8.5m) contribution from RadioMobil (CRa's 51%-owned mobile telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. business) -- RadioMobil's revenues more than doubled to CZK6.5 billion (US$ 217.7m) -- RadioMobil's customer base more than doubled to 373,000 as of 31 December 1998 Summary of 1998 Full Year IAS Results CESKE RADIOKOMUNIKACE a.s. has a leading position in the TV and radio transmission market in the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. . The company continued its growth in these areas, as well as in its telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. business. Two successful acquisitions contributed to impressive growth in the data services business. RadioMobil's contribution to CRa's net income continued to rise. The company continued to pursue the development of its data services business in the Czech market and worked successfully with two data services companies, project-oriented Datalink, s.r.o. and software-oriented Softlink, s.r.o. The relationships were confirmed by CRa's acquisition of both companies in the second half of 1998. In addition, on 22 January January: see month. , 1999, CRa and Danish telecoms operator, Tele Danmark, announced a joint venture (equal 50% ownership) to provide data and internet services in the Czech Republic. Furthermore it is intended the company will become a provider of voice telephony services following full liberalisation n. 1. Same as liberalization. Noun 1. liberalisation - the act of making less strict liberalization, relaxation alleviation, easement, easing, relief - the act of reducing something unpleasant (as pain or annoyance); "he asked the nurse of the Czech Republic's telecommunications market in 2001. The combined global offering and rights offering of 8,190,000 shares and GDRs in June June: see month. 1998 stimulated a large amount of interest from international investors. The offering, which was 6-times oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , raised a total of CZK 4,300 million (US$ 134m), making it the largest ever international equity offering from a Czech company. Net income was slightly lower in the twelve months to December 31, 1998, compared to 1997. This was primarily due to foreign exchange losses resulting from the strengthening of the Czech koruna The Czech koruna (koruna means "crown") has been the currency of the Czech Republic since February 8, 1993 when it and its Slovak counterpart both replaced the Czechoslovak koruna at par. Now 1 CZK is worth around 1.19 – 1.25 SKK. against the US dollar in the second half of 1998. The proceeds of the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. were received in US dollars. Revenues Total revenues for the year ending 31 December 1998 increased by 15.9% to 2,125 million CZK (US$ 71.2m). This was mainly attributable to the growth in revenues from the telecommunication services business. Revenues from telecommunications services provided over the company's microwave network totalled CZK 949 million (US$ 31.8m) and accounted for 44.7% of total revenues, up from 43.8% in 1997. While revenues from TV transmission rose 10.9% to CZK 563 million (US$ 18.9m) in 1998, the proportion of CRa's total revenues attributable to TV transmission fell to 26.5 % in 1998, compared to 27.7% in 1997. Radio transmission revenues rose 4.5% to CZK 354 million (US$ 11.9m) and accounted for 16.7% of total revenues in 1998 compared to 18.5% in 1997. Cost of Sales Cost of sales increased by 0.9% to CZK 507 million (US$ 17.0m) in 1998, but as a percentage of total revenues decreased from 27.4% in 1997 to 23.8% in 1998. Cost of sales increases were primarily attributable to a rise in service costs, including electricity costs and line leasing payments to SPT (Sectors Per Track) The number of sectors in one track. Telecom. Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Staff costs amounted to approximately CZK 464 million (US$ 15.6m) for the full year of 1998, an increase of 15.5% on 1997 reflecting rises in productivity per employee. Staff levels remained stable for the year, with a total of 1,553 employees as of 31 December, 1998. A further CZK 9.3 million (US$ 312,000) was added to CRa's staff costs following the acquisition of Datalink, s.r.o. and Softlink, s.r.o. Depreciation and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. expenses increased by 18.4% to CZK 560 million (US$ 18.8m) in the full year 1998. This was attributable primarily to the growth in CRa's fixed asset base by 18.4% to CZK 7, 575 million (US$ 253.7m) in the course of 1998, following on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" investment in transmission and telecommunications infrastructure. Income from Financial Operations Financial expenses for the twelve months to 31 December 1998 totalled CZK 152 million (US$ 5.1m). Unrealised foreign exchange losses of approximately CZK185.5 million (US$6.2m) were incurred as a result of the strengthening of the Czech koruna in the second half of 1998 against the US dollar, in which the proceeds of the IPO were received. Investments and Acquisitions Capital expenditure for 1998 totalled approximately CZK 981 million (US$ 32.9m). CRa's overall capital expenditure budget for 1999 is approximately CZK 1,685 million (US$ 56.4m). The largest proportion of investments was focused on the development of radio relay links - the backbone and access microwave network including data links, ATM technology and a new data satellite system VSAT (Very Small Aperture satellite Terminal) A small earth station for satellite transmission that handles up to 56 Kbits/sec of digital transmission. VSATs that handle the T1 data rate (up to 1.544 Mbits/sec) are called "TSATs. . The capacity of the backbone network A backbone network provides a path for the exchange of information between different LANs or subnetworks.[1] A backbone can tie together diverse networks in the same building, in different buildings in a campus environment, or over wide areas. was increased by building-up new radio relay lines, and the first steps towards building the company's own optical cables were also taken. The ATM network continued to grow, with operations commencing for a number of significant Czech companies This is a list of Czech corporations:
adv → in tutto il paese broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). ATM services in the Czech Republic. With regards to the access network, CRa continued a steady trend of building-up digital data connections. In addition to standard data connections by radio relay links, ways of connecting customers were extended by the completion of the construction and the launch of our VSAT data satellite system operations. Approximately a third of the capital expenditure budget was used for recovery and development of the company's telecommunications equipment. For TV and radio broadcasting it comprised mainly of improving the quality and coverage of signals by the construction of new transmitters and repeaters, new radio transmitters and by recovery of the existing equipment (predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. Czech TV 1 and 2, Prima TV
Prima TV is a Romanian commercial TV channel, famous mainly for the Cronica Cârcotaşilor show and some PSD-related scandals. transmitters). In the course of 1998, the company also continued its preparations for the future changeover (programming) changeover - The time when a new system has been tested successfully and replaces the old system. from analogue (electronics) analogue - (US: "analog") A description of a continuously variable signal or a circuit or device designed to handle such signals. The opposite is "discrete" or "digital". to digital broadcasting Digital broadcasting is the practice of using digital data rather than analogue waveforms to carry broadcasts over television channels or assigned radio frequency bands. It is becoming increasingly popular for television usage (especially satellite television) but is having a , with pilot projects for Digital Audio Broadcasting Digital radio. It is the digital successor to analog AM and FM radio. See HD Radio and DAB. (DAB (Digital Audio Broadcasting) The digital radio standard in most countries except for the U.S., which uses iBiquity's HD Radio, and Japan, which uses Terrestrial Integrated Services Digital Broadcasting (ISDB-T). ) and Digital Video Broadcasting (DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. ). The T-DAB T-DAB Terrestrial Digital Audio Broadcasting pilot radio broadcasting project in the Prague area began operations in March, 1999. Further investments were focused on the development of the information systems, on the construction activities of CRa, on control and measurement of its equipment and operations, and on an integrated electronic security solutions project. At the end of 1998, CRa successfully completed the acquisition of 100% of two data services providers in the Czech Republic, Datalink, s.r.o. and Softlink, s.r.o. These acquisitions were in line with CRa's strategic goal of developing its data services business in the country's rapidly growing data services market, boosting the technical level and quality of services and improving the network available to customers. CRa's investment projects for 1999 comprise the continuing development of the microwave network, including both the backbone network and access routes, the renewal and recovery of the TV and radio broadcasting equipment and focusing on the development of new technologies. Profitability Gross income increased by 21.5% in 1998 to CZK 1,618 million (US$ 54.2m), primarily attributable to the increase in revenues over the same period. Operating income totalled CZK 435 million (US$ 14.6m) in 1998, in line with 1997. Income before tax fell by 22.3% in 1998 to CZK 283 million (US$ 9.5m) reflecting the losses from foreign exchange operations. Net income increased to CZK 513 million (US$ 17.2m) for the full year of 1998 from CZK 92 million (US$ 2.6m) in 1997. This is attributable to the increase in profitability of the Company and to RadioMobil's contribution to net income. RadioMobil registered an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of CZK 899 million (US$ 30.1m) and net income of CZK 530 million (US$ 18.8m). CRa's share of RadioMobil's net profit was CZK 255 million (US$ 8.5m) for 1998. Global share offering and rights offering The global offering of 8,190,000 shares and GDRs and rights offering in June, 1998, raised CZK 4,300 million (US$134 million), representing the largest ever international equity offering by a Czech company. The offering stimulated a large amount of interest from international investors. The state's stake, represented by National Property Fund, was reduced to 51% from the original 70% as a result of the IPO. The proceeds of the IPO have been used for financing CRa's growth strategy. Partly to build local access infrastructure for expanding the company's telecommunications customer base, particularly those in the rapidly growing data services market, as well as to upgrade the capacity and quality of the digital backbone network. Part of the proceeds was also used to finance acquisitions and the remainder will be invested in years 1999-2000 in line with the strategic view of the Company. Short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. was also be reduced by around CZK 825 million (US$ 27.6m). RadioMobil, a.s During 1998 RadioMobil, CRa's 51%-owned subsidiary and one of the two GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. mobile networks in the Czech Republic, generated an operating income of CZK 899 million (US$30.1 m) and net income of CZK 530 million (US$18.8 m). RadioMobil's full year 1998 results were boosted by the addition of 200,000 new subscribers, taking the company's total number of customers to over 373,000 by 31 December, 1998. This represents an increase of 120% from the end of 1997. The number of subscribers reached 420,000 at the end of April 1999. RadioMobil's revenues more than doubled to CZK 6.5 billion (US$217.7 m) in the 12 months to 31 December 1998. Revenue per subscriber as of 31 December 1998 was CZK 1500 (US$50.24). As at 31 December 1998, the company's share of the GSM market in the Czech Republic reached 41%. RadioMobil's capital expenditure in 1999, which is expected to total approximately CZK 5 billion (US$ 167.5 m), is primarily directed towards the further development of the "Paegas" GSM network, increasing its capacity and improving network reception within buildings. Chairman's Comment Commenting on the full year 1998 results, Miroslav Miroslav is a Slavic name with the literal meaning "The one who loves peace". It may refer to:
"These results have fulfilled ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our expectations in line with our strategy of growth and maintaining existing market position. In 1998 a stable increase in all financial results continued and total revenues, which amounted to CZK 2,125 million (US$71.2m) increased by almost 16% compared to 1997. "During the first half of 1998 we successfully completed our global offering and rights offering of shares and global depositary receipts depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue . The trading of CRa's GDRs commenced on the London Stock Exchange on 26 May 1998, while the trading of CRa's new shares on the Prague Stock Exchange The Prague Stock Exchange or PSE (Czech: Burza cenných papírů Praha, a.s. or BCPP) is the main securities market organiser in the Czech Republic and currently (as of September 2005) the second biggest stock exchange in Central and Eastern Europe. commenced on October October: see month. 5, 1998, following the registration of the capital increase and the ten-for-one stock split of CRa's old shares. Currently a total of 30,765,220 fully fungible A description applied to items of which each unit is identical to every other unit, such as in the case of grain, oil, or flour. Fungible goods are those that can readily be estimated and replaced according to weight, measure, and amount. shares are traded. Shares of CESKE RADIOKOMUNIKACE a.s. are among the highest growth and most liquid Czech stocks available in Prague. "We strengthened our market position by successful acquisitions, mainly the 100% acquisition of Datalink, s.r.o. and Softlink, s.r.o., which provide state-of-the-art technology and know-how know-how n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical in the data services business. "During 1998 we continued preparing the agreement on establishing a joint venture with Tele Danmark, the Danish telecoms operator, which is CRa's second largest shareholder. The joint venture, operating under the name Contactel, was recently launched in the Czech Republic. "To prepare for the strong technological challenges of the next millennium, we continued to develop our digital broadcasting pilot projects (DAB and DVB), improved our microwave network through ATM technology, expanded our existing backbone network and access network capacity, and launched our VSAT satellite data system to improve the performance of our data transmission business. The first project of digital radio broadcasting T-DAB started operations in the beginning of 1999. "We are well prepared for the expected liberalisation of the Czech telecommunications market, which will experience substantial changes in the state's telecommunications policy, the telecommunications law and the further development of the GSM mobile communications network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. . It is further intended to offer voice telephony services through Contactel. "We look forward to a successful future in the Czech and international telecommunications and capital markets for CESKE RADIOKOMUNIKACE a.s." Managing Director of RadioMobil's Comment Commenting on the results for the full year, 1998, Mr. Klaus Tebbe, Managing Director of RadioMobil, a.s., said: "Only a few big international companies can show profit after two years of operations. RadioMobil is one such company. It entered into the market in 1996 and by 1998 it reported a pre-tax IAS profit of CZK 840 million. This number is not only the result of the hard work of our employees, but also reflects our very high quality services. At the end of 1998, RadioMobil had over 373,000 customers and had won a number of awards. "Paegas has already invested almost CZK 10 billion into the network construction since the beginning of its operation, and this amount is set to continue. We expect capital expenditure to reach around CZK5 billion. This year, significant amounts will be spent on increasing network capacity and improving signals inside buildings. RadioMobil's network is already very widespread, and the company is now focusing coverage in places where customers would not expect it. Since February, for example, every Paegas customer can call from 3 Prague underground stations - Muzeum, Mustek and I. P. Pavlova I. P. Pavlova is a Prague Metro station on Line C. It was opened on the 9th May 1974. It is named after Russian physiologist Ivan Petrovich Pavlov. Above it is Pavlak, the Pavel Square. It is also a major tram stop. . "In 1998, Paegas continued as one of the world's most dynamic GSM networks, implementing state-of-the-art GSM services GSM services are a standard collection of applications and features available to mobile phone subscribers all over the world. The GSM standards are defined by the 3GPP collaboration and implemented in hardware and software by equipment manufacturers and mobile phone operators. . Many of these services have been developed by RadioMobil and the company thus became the first operator in the world to launch its commercial operation. As a result, the company received the prestigious GSM MoU GSM MoU Global System for Mobile Communication Memorandum of Understanding Association award presented for "Best Technical Innovation in the GSM Market in 1999." Notes Copies of this press release are available from Citigate Dewe Rogerson at the following address: Emma Pickford Citigate Dewe Rogerson 3 London Wall London Wall was the defensive wall built by the Romans around Londinium, their strategically important port town on the River Thames in England. The name London Wall, as explained below, may also be used to refer to a road related to this wall. Buildings London Wall London EC2M 5SY Tel: +44 171 638 9571 1. Amounts and figures in the income statement and balance sheer have been translated into US$ at an exchange rate for 31 December, 1998, of CZK 29.855 = US$1 and at an exchange rate for 31 December, 1997, of CZK 34.636 = US$1. Proceeds from the global and rights offering of shares and GDRs were translated using CZK32.15 = US$1, which was specified in the Offering Memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. . 2. The attached income statement and balance sheet of CRa were reviewed by CRa's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , Deloitte & Touche. 3. Although the Company owns a majority of RadioMobil and certain decisions essential to the goals of the joint venture require the consent of the Company, the minority shareholder has operational control through the joint venture agreement, a majority representation on the Board of Directors and has a future equity purchase option contract to acquire majority ownership. Therefore, the Company's interest in RadioMobil has been reflected in these financial statements under the equity method of accounting in accordance with International Accounting Standards. -0-
CESKE RADIOKOMUNIKACE a.s.
INCOME STATEMENTS FOR THE YEAR ENDING DECEMBER 31, 1998 and
DECEMBER 31, 1997 (in accordance with International Accounting
Standards)
1998 1997
000 CZK 000 CZK
Revenues 2 124 753 1 833 480
Cost of Sales 506 587 501 899
--------------------------------
GROSS PROFIT 1 618 166 1 331 581
--------------------------------
Other Operating Income 17 735 106 958
Staff Costs 464 382 401 993
Depreciation & Amortisation 560 294 473 043
Other Operating Expenses 176 237 132 785
--------------------------------
OPERATING INCOME 434 988 430 718
Net Financial Expenses 152 361 66 948
INCOME BEFORE TAX 282 627 363 770
Taxes 22 927 107 279
--------------------------------
INCOME AFTER TAX 259 700 256 491
Net Income from Associates 254 964 -164 800
Minority Interest 1 177 0
================================
================================
NET PROFIT / (LOSS) 513 487 91 691
================================
--------------------------------
NET TURNOVER 2 124 753 1 833 480
--------------------------------
CESKE RADIOKOMUNIKACE a.s
BALANCE SHEET AS AT 31 DECEMBER 1998 and 31 DECEMBER 1997
(in accordance with International Accounting Standards)
31 December 98 31 December 97
000 CZK 000 CZK
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 2 754 026 89 303
Accounts Receivable and
Prepayment 280 187 150 952
Inventory 152 496 88 796
Other Current Assets 21 817 6 383
---------------------------------------
Total Current Assets 3 208 526 335 434
---------------------------------------
NON-CURRENT ASSETS
Property, Plant & Equipment 4 136 308 3 644 049
Intangible Assets 42 457 41 512
Investments 2 961 264 2 677 397
Goodwill 407 574 0
Long Term Receivables 27 526 33 000
---------------------------------------
Total Non-Current Assets 7 575 129 6 395 958
---------------------------------------
=======================================
TOTAL ASSETS 10 783 655 6 731 392
=======================================
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Payables 393 500 266 208
Bank Overdrafts and Loans 101 429 825 105
---------------------------------------
Total Current Liabilities 494 929 1 091 313
---------------------------------------
NON-CURRENT LIABILITITES
Deferred Tax Liability 83 954 81 839
Long Term Loans 22 857 124 285
Long Term Payables 178 606 68 203
---------------------------------------
Total Non-Current
Liabilities 285 417 274 327
---------------------------------------
CAPITAL AND RESERVES
Share Capital 3 078 482 2 259 498
Share Premium 3 303 104 0
Retained Earnings and Other
Reserves 3 621 723 3 106 254
Minority Interest 0 0
---------------------------------------
---------------------------------------
Total Equity 10 003 309 5 366 752
---------------------------------------
=======================================
TOTAL EQUITY AND LIABILITIES 10 783 655 6 731 392
=======================================
RadioMobil, a.s
INCOME STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER, 1998 AND
31 DECEMBER, 1997 (in accordance with International Accounting
Standards)
31 December 98 31 December 97
000 CZK 000 CZK
Revenues 6 467 518 2 981 290
Cost of Sales (3 065 141) (2 236 484)
-----------------------------------------
GROSS PROFIT 3 402 377 744 806
-----------------------------------------
Other Operating Income 31 312 55 873
Staff Costs (343 635) (216 825)
Depreciation & Amortisation (904 072) (493 207)
Other Operating Expenses (1 287 015) (883 391)
-----------------------------------------
OPERATING INCOME 898 967 792 744
Financial Income / (Expense) (59 312) 308 753
INCOME BEFORE TAX 839 655 (483 991)
Taxes (309 694) 141 752
-----------------------------------------
INCOME AFTER TAX 529 961 (342 239)
RadioMobil, a.s
BALANCE SHEET AS AT 31 DECEMBER, 1998 AND 31 DECEMBER, 1997
(in accordance with International Accounting Standards)
1998 1997
000 CZK 000 CZK
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 231 600 157 182
Accounts Receivable and
Prepayment 865 497 1 094 014
Inventory 318 397 208 543
Other Current Assets 308 136 120 723
-----------------------------------
Total Current Assets 1 723 630 1 580 462
-----------------------------------
NON-CURRENT ASSETS
Property, Plant & Equipment 7 859 037 5 474 399
Intangible Assets 446 473 432 851
Investments 208 749 518 443
Other Long Term Receivables 1 737 2 829
-----------------------------------
Total Non-Current Assets 8 515 996 6 428 522
-----------------------------------
===================================
TOTAL ASSETS 10 239 626 8 008 984
===================================
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Payables 1 893 913 2 247 017
Bank Overdrafts and Loans 2 395 808 678
-----------------------------------
Total Current Liabilities 1 896 308 3 055 695
-----------------------------------
NON-CURRENT LIABILITITES
Bank Loans 2 857 600 0
Other Long Term Payables 13 494 11 026
-----------------------------------
Total Non-Current Liabilities 2 871 094 11 026
-----------------------------------
CAPITAL AND RESERVES
Share Capital 400 000 400 000
Share Premium 5 344 110 5 344 110
Retained Earnings and Other
Reserves (271 886) (801 847)
-----------------------------------
Total Equity 5 472 224 4 942 263
-----------------------------------
===================================
TOTAL EQUITY AND LIABILITIES 10 239 626 8 008 984
===================================
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