Annual Report 2005

REPORT ON ACTIVITIES OF COMPANIES INCLUDED IN CONSOLIDATION Net value of financial investments as at 31 December 2005 totalled SKK 1 310.8 million, which is a 34.8 % share in the Company’s total equity. Compared to the previous year, this represents an absolute increase of SKK 430.7 million, equivalent to an almost 49% increase. Financial investments as at 31 December 2005 * Book value per balance sheet net (in foreign currency deposits re-calculated by National Bank of Slovakia rate as at 31.12.2005). yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes not yes not not not direct direct direct direct direct direct direct direct direct indirect indirect indirect direct direct direct direct direct direct direct direct/ indirect direct initial deposit 90.14% 97.98% 31.40% 99.00% 85.00% 66.00% 95.00% 68.00% 50.00% 47.40% 48.45% 60.39% 100.00% 100.00% 99.80% 100.00% 50.00% 2.34% 100.00% 47.54% 3.36% 5.17% 578 210 375 537 93 243 57 552 42 239 41 580 9 277 676 500 - - - 67 237 25 558 15 320 2 100 100 1 485 200 0 0 0 Žïár nad Sázavou, CZR Horná Lehota, SVK Martin, SVK Ostrava, CZR Nidau, SUI Prakovce, SVK Arona, ITA Stalowa Wola, POL Valaská, SVK Plzeò, CZR Flero, ITA Bonen, GER Podbrezová, SVK Valaská, SVK Podbrezová, SVK Podbrezová, SVK Banská Bystrica, SVK Praha, CZR Podbrezová, SVK Ostrava, CZR Košice, SVK Košice, SVK Strategic companies ŽÏAS, a.s. Tále, a.s. Production, sales and distribution companies ŽP EKO QELET a.s. ŽP Tažírny trub Svinov, s.r.o. PIPEX International AG ŽP PRAKO s.r.o. PIPEX ITALIA S.p.A. Slovrur Sp. z o. o. ZANINONI Slovakia s.r.o. Škoda TS a.s. TS STEEL PIPE & FITTINGS S.r.l. ŽÏAS SGS, GmbH Services ŽP-Invest s.r.o. ŽP – Gastroservis, s.r.o. ŽP Šport, a.s. ŽP Bytos, s.r.o. ZELPO-INVEST s.r.o. Other capital participation Hutnictví železa, a.s. Nadácia Železiarne Podbrezová SCRAPING, s.r.o. SIDERIA, zdrav. pois ś ovòa, a.s. DDP STABILITA Con- soli- dated Legal name and form Participa- tion Interest in share capital Invest- ment in TSKK * Registered office REPORT BY THE BOARD OF DIRECTORS Report by the Board of Directors Annual Report 2005 Železiarne Podbrezová 27