Annual report 2014

Železiarne Podbrezová a.s. Annual report 2014 23 6)P368 32 A77)87 A2( *-2A2'-A0 1A2A+)1)28 Assets and *unds 8Le 'oQpan]ŭs total assets reGoKnised as at (eGeQber in aGGordanGe [itL -nternational *inanGial 6eportinK 7tandards -*67 aQounted to )96 tLousand a ]ear on ]ear deGrease oJ )96 tLousand. A part oJ tLe disposals oJ assets results JroQ tLe deGrease oJ )96 tLousand in Gurrent assets in partiGular a lo[er bal - anGe oJ reGeivables and inventories oJ seQi ƤnisLed Koods Kenerated internall] [LiGL [ere aGGuQulated Jor tLe start up period oJ a ne[ JaGilit] Jor tLe Gontinuous GastinK oJ steel in tLe previous ]ear. 8Le otLer part oJ tLe disposals oJ assets non Gurrent assets b] )96 tLousand arises JroQ a lo[er investQent rate in GoQpared to tLe aQortisa - tion oJ tLe 'oQpan]ŭs propert] plant and eUuipQent. 8Le struGture oJ asset GoveraKe JundinK iQproved in . )Uuit] inGreased b] )96 tLousand and total liabilities deGreased b] )96 tLousand. &otL lonK terQ and sLort terQ interest bearinK loans and borro[inKs deGreased in b] )96 tLousand and tLe KearinK is report - ed at . as at (eGeQber . 8Le balanGe oJ trade reGeivables and trade pa]ables is perQanentl] stable. As at (eGeQber reGeivables aQounted to )96 tLousand and pa]ables to )96 tLousand. 8LrouKLout tLe period overdue trade reGeivables and over - due trade pa]ables did not e\Geed to oJ tLeir total aQount. 8Le eUuit] to total assets ratio inGreased to . . *inanGial 1anaKeQent 8o ƤnanGe its operation and 'AP)< needs Železiarne Pod - brezová a.s. uses ŰGlub ƤnanGinKű provided b] several banO - inK institutions [LiGL Lelps to Qaintain ƤnanGial stabilit] uniJ] terQs Jor its provision and JaGilitate loan QanaKe - Qent. 9nder tLe inteKrated doGuQentation tLe 'oQpan] Gan dra[ variable aQounts JroQ tLe ƤnanGial Junds provid - ed in tLe JorQ oJ lonK terQ loans Ƥ\ed tranGLes or operative ƤnanGinK tLrouKL overdraJt JaGilities. 8Le Glub Gredit line GontraGted in [itL 8atra banOa a.s. 7lovensOá sporiteʺ˂a a.s. and /oQerʏnɳ banOa a.s. poboʏOa zaLraniʏneN banO] Jalls due in .ul] and aGGounts Jor oJ tLe total Gredit liQit available to tLe 'oQpan] in . 8Le reQaininK Gredit liQit is optiQall] GoQpleQented b] separate GontraGtual arranKeQents Jor sLort terQ ƤnanG - inK [itL tLree GoQQerGial banOs and )<-1&A2/A 76. At tLe end oJ tLe 'oQpan] Lad tLe option oJ dra[inK banO loans in tLe aQount oJ )96 tLousand and Lad dra[n onl] )96 tLousand as at (eGeQber . 8Le averaKe dra[inK durinK aQounted to )96 . Qillion and tLe banO Gredit e\posure deGreased ]ear on ]ear JroQ . to . . &anO loan interest is derived JroQ tLe )uribor variable QarOet interest rate. 8LanOs to lo[ interest rates in tLe averaKe interest rate [as . [LiGL Gorresponds [itL tLe absolute aQount oJ paid interest oJ )96 tLousand. As at (eGeQber tLe 'oQpan] reGorded no derivative positions. 'redit JaGilities are seGured b] a pledKe over tLe tanKible in - tanKible and ƤnanGial assets oJ tLe 'oQpan]. 8Le value oJ tLe assets pledKed in Javour oJ a banO is proportionate to tLe 'oQpan]ŭs Gredit e\posure [itL a speGiƤG banO. -n order to ensure ƤnanGial stabilit] tLe 'oQpan] reGeived an interGoQpan] loan in tLe aQount oJ )96 . Qillion [LiGL siKniƤGantl] Gontributes to ensurinK stabilit] in Ƥnan - Gial QanaKeQent.