Annual Report 2004

ANNUAL REPORT 2004 Ž E L E Z I A R N E P O D B R E Z O V Á 21 REPORT BY THE BOARD OF DIRECTORS ASSETS AND FINANCIAL MANAGEMENT Assets and funds As of 31 December 2004, assets of the Company increased by SKK 340,342 thousand, a rise of 6.3% in comparison with 2003. Non-current assets dropped by SKK 115,884 thousand due to a restrictive investment policy applied through the acquisition of fixed assets. Current assets increased by SKK 564,873 thousand, mainly in trade receivables and inventories as a result of an increased need for working capital due to the annual increase in turnover by 26%. Prepaid expenses dropped significantly by SKK 108,647 thousand as a result of reduced leasing liabilities. Within equity and liabilities, the own financing increased by SKK 221,133 thousand and liabilities increased by SKK 122,066 thousand. In 2004, the equity to assets coverage ratio improved and reached 52.5%. 100 40,99 % 55,90 % 80 60 40 20 0 2004 % 2003 rok 33,08 % 61,60 % 100 47,38 % 52,50 % 48,10 % 51,71 % 80 60 40 20 0 2004 % 2003 rok Current assets Non-current assets Liabilities Equity Asset structure Equity and liabilities Movements in liabilities over the two-year period: Provisions + 13 513 thousand SKK + 14,99% Non-current liabilities - 59 116 thousand SKK - 8,18% Current liabilities + 294 844 thousand SKK + 46,11% thereof: trade liabilities + 265 654 thousand SKK + 53,38% Bank loans and financial assistance - 127 175 thousand SKK - 11,23%