Annual Report 2003

REPORT BY THE BOARD OF DIRECTORS ANNUAL REPORT Ž E L E Z I A R N E P O D B R E Z O V Á 2 0 0 3 14 Due to unfavourable USD/EURO exchange rates, we have been losing throughout the year on all contracts signed with customers from the U.S.A. The export price level in general, compared with 2002, was stagnating or decreasing, mostly by seamless tubes which decreased by 5,6 %. This was caused by a constant effort for firm SKK/EURO rate through the whole 2003. Such a trend is being resumed in the context of Slovakia entering the European Union. Revenue in million SKK 1999 2000 2001 2002 2003 Slovakia 582 645 791 797 669 Czech Republic 741 885 1 141 1 185 1 285 EC countries 1 377 1 619 1 768 1 628 1 544 The rest of Europe 587 725 909 974 1 183 Other export 142 345 424 405 300 Total sale 3 429 4 219 5 033 4 989 4 981 from 500 to 1 300 million SKK REVENUE: from 100 to 500 million SKK from 50 to 100 million SKK from 10 to 50 million SKK less than 10 million SKK Sales territories in 2003: Sales per territories over five years period: PODBREZOVÁ BRATISLAVA