Economy
The year 2007 has brought to Z�padoslovensk� energetika, a.s. a profit of 21,672 million SKK. The final profit has been impacted by the unbundling process which caused separation of ZSE Distrib�cia, a.s. and ZSE Energia, a.s. on 1st July 2007.The average employment number did not exceed 1,340 employees.
Overview of Indicators |
SKK Millions | 2007 | 2006 | ||
Revenues | 16,737 | 26,863 | ||
EBIT (Earnings Before Interest and Taxes) | 22,283 | 4,150 | ||
EBIT � Margin (in %) | 133.1 | 15.4 | ||
EBITDA | 22,825 | 4,901 | ||
EBITDA � Margin (in %) | 136.4 | 18.2 | ||
Profit before taxation | 22,372 | 4,240 | ||
Net Profit | 21,672 | 3,383 | ||
Note: Financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union | ||||



Finance in 2007
Z�padoslovensk� energetika, a.s. appreciated its available financial resources in 2007 mainly through repo-transactions and short-term time deposits and earned interest of 111.543 million SKK.
Loans
Z�padoslovensk� energetika, a.s. has an available credit line of 500 million SKK from Citibank Slovakia, a.s. for drawing in SKK or EUR. A new 200 million SKK line of credit is available in Tatrabanka. Lines of credit are also available to the daughter companies ZSE Energia, a.s. and ZSE Distrib�cia, a.s. that were used only as bank guarantees.
Profit Distribution
The General Meeting of Z�padoslovensk� energetika, a.s. held on 31st May 2007, approved the proposal for 2006 profit distribution. In June 2007 the Company�s shareholders National Property Fund, E.ON Energie AG and EBRD, London received dividends totalling in 2,836 million SKK. Dividends were paid in Slovak Crowns. The value of one dividend is 477 SKK.
Cost of Financial Activities |
SKK Millions | 2007 | 2006 | ||
Earned interest | 124 | 97 | ||
Paid interest | 35 | 7 | ||
Financial costs/revenues � net | 89 | 90 | ||
Trade Receivables and Payables |
SKK Millions | 2007 | 2006 | 2005 | ||
Trade receivables and other receivables | 2,630 | 2,402 | 3,793 | ||
of which: overdue | 652 | 1,171 | 1,480 | ||
Trade payables and other payables | 1,827 | 2,765 | 3,249 | ||
of which: overdue | 19 | 6 | 167 | ||
Trade Receivables and Payables
Overdue trade receivables have decreased by 44.3% compared to the previous year while the overall number of trade receivables has increased by 9.5 percent.






Investments
The year 2007 was impacted by the unbundling process which resulted in an increase in uncompleted projects under new ownership of the newly established companies. This process also caused an increase in employee movement among individual companies and individualised assessments of these uncompleted projects.
In 2007 Z�padoslovensk� energetika, a.s. invested 1,285 million SKK. Structure of this investment was as follows:
Investment |
SKK Millions | 2007 | |||
Distribution (1st half of 2007) | 975 | |||
IT, telecommunication | 153 | |||
Facility Management | 84 | |||
Other assets and other investments | 73 | |||
Total | 1,285 | |||
The Most Important Investments by Volume | ||||
From January to June 2007 | SKK Thousands | |||
Distribution building 110/22kV Industrial Park Nitra Sever | 277,977 | |||
VHV power line � Industrial Park Levice-G��a | 222,373 | |||
VHV power line � Industrial Park Vr�ble | 214,591 | |||
Distribution building 110/22kV Bo��ca - Phase II | 122,976 | |||
New investments started at the same time were transferred under the ownership of a newly incorporated company ZSE Distrib�cia, a.s.
Z�padoslovensk� energetika, a.s. as a supplier to this newly established company, provided investment and construction services.
The significant investment of Z�padoslovensk� energetika, a.s. was:
The Significant Investment of ZSE | ||||
In the period July - December 2007 | SKK Thousands | |||
Central warehouse Nitra | 36,917 | |||
Forecast
There is no plan for changes in share capital. The estimate for next year in capital investment and reconstruction works is over 400 million SKK. Due to an increase in the number of construction projects and acquisition of tangible assets, an increase in the value of tangible assets is expected. A slightly expected increase in the amount of economic results will create room for the Company�s future development.
Risk and Uncertainties
Z�padoslovensk� energetika, a.s. provides services in the following areas to its subsidiaries ZSE Energia, a.s. and ZSE Distrib�cia, a.s.: customer services, financial services, accounting, controlling, general administrative services and other services. ZSE, being a service company, is not exposed to any serious risks.
Significant Events that Occurred after the End of 2007
Elections for the Supervisory Board of Z�padoslovensk� energetika, a.s. were held on Tuesday, 29th January 2008. A list of candidates from the election results of 129 cast votes was as follows:
1. Silvia �m�tralov� - 108 votes
2. Kamil Doman - 89 votes
3. Miroslav Franko - 70 votes
Silvia �m�tralov� and Kamil Doman will continue their work in the Supervisory Board for the next three years. Miroslav Franko will replace the current member of the Supervisory Board, Mr. Alojz Bahelka.
After 31st January 2008, the Supervisory Board has the following members: Chairman Milan Chorv�tik, Vice Chairman Walter Hohlefelder, members: Silvia �m�tralov�, Kamil Doman, Andrej Danko, �ubo� Majd�n, Iveta Pauhofov�, Ladislav Jan�o and Miroslav Franko.
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