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8.2 Financial Statements for the Year Ended 31 December 2012 Prepared in Accordance with International Financial Reporting Standards

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8.2 Financial Statements for the Year Ended 31 December 2012 Prepared in Accordance with International Financial Reporting Standards 8.2 Financial statements for the year ended 31 December 2012 prepared in accordance with International Financial Reporting Standards Content Pages GENERAL INFORMATION 165 INDEPENDENT AUDITOR ’S REPORT 167 STATEMENT OF TOTAL COMPREHENSIVE INCOME 169 BALANCE SHEET 170 STATENEMENT OF CHANGES IN EQUITY 171 STATEMENT OF CASH FLOWS 172 ACCOUNTING POLICIES 173 NOTES TO THE FINANCIAL STATMENTS 194 2013 Annual Report Telefónica Czech Republic, a.s. 164 2013 Annual Report Telefónica Czech Republic, a.s. 165 2013 Annual Report Telefónica Czech Republic, a.s. 166 INDEPENDENT AUDITOR ’S REPORT 2013 Annual Report Telefónica Czech Republic, a.s. 167 2013 Annual Report Telefónica Czech Republic, a.s. 168 2013 Annual Report Telefónica Czech Republic, a.s. 169 2013 Annual Report Telefónica Czech Republic, a.s. 170 2013 Annual Report Telefónica Czech Republic, a.s. 171 2013 Annual Report Telefónica Czech Republic, a.s. 172 ACCOUNTING POLICIES Content Pages A Basis of preparation 174 B Foreign currencies 176 C Property, plant and equipment 176 D Intangible assets 177 E Non-current assets classified as held for sale 178 F Impairment of assets 179 G Investments and other financial assets 180 H Leases 182 I Inventories 182 J Trade receivables 183 K Cash and cash equivalents 183 L Financial debt 183 M Current and deferred income taxes 183 N Employee benefits 184 O Share-based compensation 185 P Provisions 185 Q Revenue and expenses 185 R Dividend distribution 187 S Financial instruments 187 T Use of estimates, assumptions and judgements 191 U Investments in estimates, assumptions and judgements 192 V Change in accounting policy 193 W Operating profit 193 X Merger accounting 193 2013 Annual Report Telefónica Czech Republic, a.s. 173 2013 Annual Report Telefónica Czech Republic, a.s. 174 2013 Annual Report Telefónica Czech Republic, a.s. 175 2013 Annual Report Telefónica Czech Republic, a.s. 176 2013 Annual Report Telefónica Czech Republic, a.s. 177 2013 Annual Report Telefónica Czech Republic, a.s. 178 2013 Annual Report Telefónica Czech Republic, a.s. 179 2013 Annual Report Telefónica Czech Republic, a.s. 180 2013 Annual Report Telefónica Czech Republic, a.s. 181 2013 Annual Report Telefónica Czech Republic, a.s. 182 2013 Annual Report Telefónica Czech Republic, a.s. 183 2013 Annual Report Telefónica Czech Republic, a.s. 184 2013 Annual Report Telefónica Czech Republic, a.s. 185 2013 Annual Report Telefónica Czech Republic, a.s. 186 2013 Annual Report Telefónica Czech Republic, a.s. 187 2013 Annual Report Telefónica Czech Republic, a.s. 188 2013 Annual Report Telefónica Czech Republic, a.s. 189 2013 Annual Report Telefónica Czech Republic, a.s. 190 2013 Annual Report Telefónica Czech Republic, a.s. 191 2013 Annual Report Telefónica Czech Republic, a.s. 192 2013 Annual Report Telefónica Czech Republic, a.s. 193 NOTES TO THE FINANCIAL STATEMENTS Content Pages 1 Segment information 195 2 Revenues and costs 197 3 Finance income and costs 198 4 Income tax 198 5 Earnings per share 199 6 Dividends and other distribution 200 7 Property, plant and equipment 201 8 Intangible assets 203 9 Inventories 205 10 Receivables 206 11 Cash and cash equivalents 207 12 Trade and other payables 208 13 Financial liabilities and financial assets 208 14 Deferred income taxes 212 15 Provisions for liabilities and charges 213 16 Contingencies 213 17 Commitments 217 18 Service concession arrangements 217 19 Share capital and reserves 218 20 Related party transactions 220 21 Subsidiaries, associates and joint ventures 224 22 Post balance sheet events 226 2013 Annual Report Telefónica Czech Republic, a.s. 194 2013 Annual Report Telefónica Czech Republic, a.s. 195 2013 Annual Report Telefónica Czech Republic, a.s. 196 2013 Annual Report Telefónica Czech Republic, a.s. 197 2013 Annual Report Telefónica Czech Republic, a.s. 198 2013 Annual Report Telefónica Czech Republic, a.s. 199 2013 Annual Report Telefónica Czech Republic, a.s. 200 2013 Annual Report Telefónica Czech Republic, a.s. 201 2013 Annual Report Telefónica Czech Republic, a.s. 202 2013 Annual Report Telefónica Czech Republic, a.s. 203 2013 Annual Report Telefónica Czech Republic, a.s. 204 2013 Annual Report Telefónica Czech Republic, a.s. 205 2013 Annual Report Telefónica Czech Republic, a.s. 206 2013 Annual Report Telefónica Czech Republic, a.s. 207 2013 Annual Report Telefónica Czech Republic, a.s. 208 2013 Annual Report Telefónica Czech Republic, a.s. 209 2013 Annual Report Telefónica Czech Republic, a.s. 210 2013 Annual Report Telefónica Czech Republic, a.s. 211 2013 Annual Report Telefónica Czech Republic, a.s. 212 2013 Annual Report Telefónica Czech Republic, a.s. 213 2013 Annual Report Telefónica Czech Republic, a.s. 214 2013 Annual Report Telefónica Czech Republic, a.s. 215 2013 Annual Report Telefónica Czech Republic, a.s. 216 2013 Annual Report Telefónica Czech Republic, a.s. 217 2013 Annual Report Telefónica Czech Republic, a.s. 218 2013 Annual Report Telefónica Czech Republic, a.s. 219 2013 Annual Report Telefónica Czech Republic, a.s. 220 2013 Annual Report Telefónica Czech Republic, a.s. 221 2013 Annual Report Telefónica Czech Republic, a.s. 222 2013 Annual Report Telefónica Czech Republic, a.s. 223 2013 Annual Report Telefónica Czech Republic, a.s. 224 2013 Annual Report Telefónica Czech Republic, a.s. 225 2013 Annual Report Telefónica Czech Republic, a.s. 226 2013 Annual Report Telefónica Czech Republic, a.s. 227 9. Other information for shareholders and investors Basic information: Corporate name: Telefónica Czech Republic, a.s. (Telefónica CR, the Company) Registered address: Praha 4, Za Brumlovkou 266/2, postal code 140 22 Company identification number: 60193336 Taxpayer registration number: CZ60193336 Date of incorporation: 16 December 1993 Legally existing from: 1 January 1994 Duration of the company: the company was founded for an indefinite period of time Legal form: joint-stock company Statute of law under which the issuer was incorporated: provisions of Section 171(1) and Section 172 (2) and (3) of the Commercial Code Commercial court: Prague Municipal Court Commercial court record number: Section B, File 2322 Trading in Telefónica CR shares in 2013 2013 2012 Number of shares (in millions) 1) 312.8 319.9 Net profit/(loss) per share (in CZK) 2) 18.4 18.5 Highest share price (in CZK) 3) 333.9 419.0 Lowest share price (in CZK) 3) 255.5 315.9 Share price at the end of period (in CZK) 3) 295.0 323.6 Market capitalisation (in CZK bn) 3) 93.1 104.2 1) Weighted average number of ordinary shares in circulation over the period 2) Unconsolidated net profit under IFRS 3) Source: Prague Stock Exchange In 2013, Telefónica CR once again ranked among the most important companies on the Czech capital markets according to market capitalization and trading volumes. The total volume of trades in company shares on the PSE stock market in 2013 was CZK 23.5 bn, compared to CZK 33.7 bn in 2012. Trading in Telefónica CR shares, measured by the total volume of shares traded, made up 13.4% of all trades on the PSE stock market. In 2013,Telefónica CR shares confirmed the position of the fourth most traded issue on the PSE from 2012. The market capitalisation as at 30 December 2013 (the last trading day on the PSE in 2013) was CZK 93.1 bn, which put Telefónica CR in the fifth position of the PSE stock market. The share price at the end of the last trading day of the year 2013 reached CZK 295.0, which was down 8.8% year on year, while the PX Index (the main index of the PSE) closed at 989.0 points, which is a year-on-year decline of 4.8%. The main reason for the drop in company shares in 2013 was negative trend in the share price of some telecommunications companies in the Central and Eastern Europe region, which was caused by their announcements of lower dividends. Another factor was 2013 Annual Report Telefónica Czech Republic, a.s. 228 the payment of dividends of CZK 20 per share for the year 2012 (record day fell on 14 October), and the payment of an amount corresponding to reduction of the share premium by CZK 10 (record day fell on 14 October). With the exclusion of these two factors, the share price of Telefónica CR would decline 0.4% over the course of the year The share price of Telefónic a CR reached its maximum of CZK 333.9 on 15 October 2013, and its minimum of CZK 255.5 on 10 July 2013. The average share price in 2013 was CZK 299.6, compared to CZK 380.7 in 2012. The above-average dividend yield in comparison with other telecommunications operators in Central and Eastern Europe, aided by the high free cash flow generation and a low level of debt, makes Telefónica CR still a very highly regarded investment opportunity by investors. Telefónica CR share performance against PX index in 2013 Telefónica CR PX 400 1 100 375 1 050 350 1 000 325 950 PX Index Index PX 300 900 Telefónica CR share price share CR Telefónica 275 850 250 800 Dividends At the Ordinary General Meeting of 7 May 2010 in Prague, the shareholders approved a dividend payment from a part of the 2009 net profit and a part of the retained earnings from previous years in the total amount of CZK 12.884 bn, i.e. CZK 40 per share of nominal value of CZK 100 and CZK 400 per share of nominal value of CZK 1 ths., before tax. The record day for the payment of dividends was 8 September 2010 and the disbursement date 6 October 2010.
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