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Notes to the Financial Statements
5. FINANCIAL INVESTMENTS
Financial investments as of December 31, 2001 and 2000 are as follows (in CZK million):
| 2001 | 2000 | |
| Investments in subsidiaries | 598 | 595 |
| Investments in associates, net | 131 | 121 |
| Held-to-maturity investments | 99 | 99 |
| Available-for-sale investments | 3,247 | 2,444 |
| Loan to Teplárna Ústí nad Labem, a.s. | 228 | 285 |
| Total | 4,303 | 3,544 |
Held-to-maturity financial investments comprise long-term deposits which the Company intends and is able to hold until their redemption date in 2010.
Available-for-sale investments consist primarily of government bonds, commercial debentures and eurobonds. The fair value of available-for-sale investments was assessed by reference to the quoted price at the relevant Stock Exchange.
6. ACCOUNTS RECEIVABLE, NET
The composition of accounts receivable at December 31, 2001 and 2000 is as follows (in CZK million):
| 2001 | 2000 | |
| Trade receivables | 1,285 | 1,305 |
| Stock subscriptions receivable | - | 142 |
| Other receivables | 415 | 15 |
| Less: allowance for doubtful accounts | (158) | (170) |
| Total | 1,542 | 1,292 |
7. OTHER CURRENT ASSETS
The composition of other current assets at December 31, 2001 and 2000 is as follows
(in CZK million):
| 2001 | 2000 | |
| Prepayments | 30 | 30 |
| Deferred interest income | 150 | 143 |
| Other | 9 | 18 |
| Total | 189 | 191 |
8. CASH AND CASH EQUIVALENTS
The composition of cash at December 31, 2001 and 2000 is as follows
(in CZK million):
| 2001 | 2000 | |
| Bank accounts and cash in hand | 266 | 79 |
| Held-to-maturity short-term investments | 4,390 | 3,883 |
| Available-for-sale short-term investments | 250 | - |
| Total | 4,906 | 3,962 |
Held-to-maturity short-term investments comprise state treasury bills, commercial debentures and certificates of deposits which the Company holds until redemption
date.
Available-for-sale short-term investments consist of mutual fund units. The carrying value of short-term available-for-sale investments approximates its fair value because
of the short maturity of these investments.
9. ACCRUED AND OTHER LIABILITIES
The composition of accrued and other liabilities at December 31, 2001 and 2000 is as follows
(in CZK million):
| 2001 | 2000 | |
| Accruals | 179 | 135 |
| Social and donations fund | 94 | 84 |
| Total | 273 | 219 |
10. LONG-TERM DEBT
Long-term debt at December 31, 2001 and 2000 is as follows (in CZK million):
| Bank loans | Interest rate | 2001 | 2000 |
| Komerční banka | 6.0 % | - | 50 |
| Komerční banka | 6.0 % | - | 488 |
| Total long-term debt | - | 538 | |
| Current portion of long-term debt | - | (225) | |
| Long-term debt, net of current portion | - | 313 | |
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