Annual Report 2003

REPORT BY THE BOARD OF DIRECTORS 27 INCOME OF THE COMPANIES INCLUDED IN THE CONSOLIDATED INCOME Legal name and form Registered office Investm ent (1) Interest in share capital Participation Strategic companies ŽĎAS, a. s. Žďár n. Sázavou, Czechia 299 208 63,13% direct yes Tále, a. s. Horná Lehota, Slovakia 218 000 51,47% direct yes Production, sales and distribution companies ŽP Tažírny trub Svinov, spol. s r. o. Ostrava, Czechia 55 660 99,00% direct yes PIPEX International AG Nidau, Switzerland 45 896 85,00% direct yes PIPEX ITALIA S. p. A. Arona, Italy 10 089 95,00% direct yes SLOVRUR Sp. z o. o. Stalowa Wola, Poland 660 68,00% direct yes ZANINONI SLOVAKIA, s. r. o. Valaská, Slovakia 500 50,00% direct yes Spoločný ukr.-slov. podnik SUM (2) Mukačevo, Ukraine 161 49,00% direct yes TUBISTEEL, S. r. l. Flero, Italy - 48,45% indirect yes ŽĎAS SGS, GmbH Bonen, Germany - 42,30% indirect yes Services ŽP-Invest s. r. o. Brezno, Slovakia 62 120 95,57% direct yes ŽP - Gastroservis, s. r. o. Valaská, Slovakia 21 000 100,00% direct yes ŽP Šport, a. s. Podbrezová, Slovakia 5 320 99,44% direct yes ŽP BYTOS, s. r. o. Podbrezová, Slovakia 2 100 100,00% direct yes ŽP-ENERGO s. r. o. (3) Podbrezová, Slovakia 200 100,00% direct yes Other capital participation SLAVIA CAPITAL Group, a. s. Bratislava, Slovakia 165 000 19,88% direct no Hutnictví železa, a. s. Praha, Czechia 2 052 2,34% direct no SCRAPING, s. r. o. Ostrava, Czechia 32 40,79% direct and indirect yes 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 Financial investments as of December 31, 2003 in thous. SKK: The value of financial investments by Železiarne Podbrezová a.s. as of December 31, 2003, as shown in the Balance Sheet, amounted to gross 899 328 thousand SKK, this being 32,4% of the total net worth of the company. Consolidated