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 34 Despite generally difficult entrepreneurs’ milieu, the income achieved in 2003 by Železiarne Podbrezová a.s. is appreciable. This was the ninth year since 1995 that Železiarne Podbrezová has ended its economic year with profit. Rich experience of the staff headed by erudite and experienced management, resulted in a reasonable achievement under the optimal exploitation of technology, in the amount of after tax profit 88 956 thousand SKK, shown in individual financial statement, confirmed by the auditor's opinion. Daughter companies and subsidiaries contributed the total income of Železiarne Podbrezová considerably. The final consolidated figure of 2003 tops at 202 187 thousand SKK, of this Železiarne Podbrezová' share as an accounting unit amounts to 157 475 thousand SKK. Years of prosperity pose a guarantee in the region for the performance of medium and small entrepreneurs. The jobs and steady income provided by Železiarne Podbrezová a.s. and by its subsidiaries, create encouraging social background in the district of Brezno. The Board of Directors of Železiarne Podbrezová a.s. wish to hereby express their sincere gratitude and appreciation to all colleagues contributing inevitably to the year's achievement. Also we would like to extend our thanks to our suppliers, customers, to the banks and financial institutions and to all our business partners for this co-operation. We wish to resume our satisfying mutual relationship. Thank you for your trust. Podbrezová, May 2004 Approved by the decision of the board on April 28, 2004 Conclusion