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 27 REPORT BY THE BOARD OF DIRECTORS BUSINESS REPORT OF CONSOLIDATED SUBSIDIARIES The value of financial investments held by Železiarne Podbrezová a.s. as of 31 December 2004, as shown in the Balance Sheet, amounted to net SKK 880.1 million, 29.3% of the total net assets of the Company. Financial investments as at 31 December 2004 Legal name and form Registered office Invest- ment in thousand SKK (1) Interest in share capital Partici- pation Consoli- dated Strategic companies ŽĎAS, a.s. Žďár n. Sázavou, Czechia 300 628 63,13 % direct yes Tále, a.s. Horná Lehota, Slovakia 209 637 51,47 % direct yes Production, sales and distribution companies ŽP Tažírny trub Svinov, spol. s r.o. Ostrava, Czechia 55 924 99,00 % direct yes PIPEX International AG Nidau, Switzerland 43 711 85,00 % direct yes PIPEX ITALIA S.p.A. Arona, Italy 9 509 95,00 % direct yes SLOVRUR Sp. z o.o. Stalowa Wola, Poland 624 68,00 % direct yes ZANINONI SLOVAKIA, s.r.o. Valaská, Slovakia 500 50,00 % direct yes TS STEEL PIPE & FITTINGS S. r. l. (2) Flero, Italy - 48,45 % indirect yes ŽĎAS SGS, GmbH Bonen, Germany - 42,24 % indirect yes ŠKODA TS a. s. Plzeň, Czechia - 33,20 % indirect yes Services ŽP-Invest s.r.o. Brezno, Slovakia 57 025 95,57 % direct yes ŽP - Gastroservis, s.r.o. Valaská, Slovakia 18 431 100,00 % direct yes ŽP Šport, a.s. Podbrezová, Slovakia 15 320 99,44 % direct yes ŽP BYTOS, s.r.o. Podbrezová, Slovakia 2 100 100,00 % direct yes Other capital participation SLAVIA CAPITAL Group, a.s. Bratislava, Slovakia 165 000 19,88 % direct no Hutnictví železa, a.s. Praha, Czechia 1 459 2,34 % direct no Nadácia Železiarne Podbrezová Podbrezová, Slovakia 200 100,00 % direct yes SCRAPING, s.r.o. Ostrava, Czechia 0 40,79 % direct and indirect no SIDERIA-ISTOTA, zzp Košice, Slovakia 0 initial deposit no DDP Stabilita Košice, Slovakia 0 initial deposit no (1) Book value per balance sheet net (in foreign currency deposits re-calculated by National Bank of Slovakia rate as of 31.12.2004). (2) Change of legal name from TUBISTEEL in 2004.