Annual Report 2009

A N N U A L R E P O R T 2 0 0 9 26 REPORT BY THE BOARD OF DIRECTORS Expenses, Revenues and Results of Operations for 2009 In 2009, the Company incurred a loss of EUR 6 614 thousand, which was the difference between total revenues in the amount of EUR 138 421 thousand and total expenses in the amount of EUR 144 734 thousand. The loss incurred in 2009 was also due to one-off expenses and revenues, which have to be disclosed separately when commenting on the results of FY 2009: - Severance payments to redundant employees ....................................... - EUR 2 071 thousand - Remeasurement of internally developed inventories ............................ - EUR 5 378 thousand - Dividends received from subsidiaries ............................................................. EUR 7 013 thousand Otherwise, the structure of expenses was similar to previous years: - Consumed material ............................................................................................................................... 41.1% - Consumed energy ................................................................................................................................ 15.5% - Cost of goods sold .................................................................................................................................. 1.7% - Services ........................................................................................................................................................ 7.8% - Personnel expenses ............................................................................................................................ 25.5% - Depreciation of non-current assets .................................................................................................. 4.6% - Financial expenses .................................................................................................................................. 1.3% - Taxes and fees ......................................................................................................................................... 0.2% - Other expenses ........................................................................................................................................ 2.3% The return of total expenses and the return of total income were -4.36% and -4.56%, respectively. The data presented in the Annual Report are consistent with the data disclosed in the separate financial statements. To comply with the requirement of the Slovak legislation, Act No. 431/2002 Coll. on Accounting, the Company prepared its separate financial statements for the period from 1 January 2009 to 31 December 2009 in accordance with International Financial Reporting Standards as adopted by the European Union. For 2009 For 2008 Revenues 135 239 305 409 Changes in inventories of finished products and work in progress -10 037 2 153 Own work capitalised 5 563 8 547 Raw material and consumables used -84 316 -210 959 Services -11 284 -19 763 Personnel expenses -36 840 -53 731 Depreciation and amortisation -6 721 -8 222 Other operating revenues/expenses (-), net -3 349 -840 Interest income 27 375 Interest expense -1 638 -3 254 Other financial income/expenses (-), net 7 385 -3 186 Profit/loss (-) before tax -5 970 16 531 Income tax expense -343 -3 360 Profit/loss (-) for the year -6 314 13 171 Other comprehensive income and losses Hedging derivatives -355 -5 832 Deferred tax related to other comprehensive income 68 1 108 Other comprehensive income and losses after tax -288 -4 724 Total profit/loss (-) for the year -6 602 8 447 Data from Separate IFRS Statement of Comprehensive Income For the year ended 31 December 2009 (in EUR thousand)