Annual Report 2005

28.4. Guarantees The Company issued guarantees for loans and liabilities of the related party ŽP TRADE s.r.o. in the amount of SKK 40 000 thousand that are denominated in SKK (31 December 2004: SKK 170 000 thousand, denominated in SKK and EUR). POST BALANCE SHEET EVENTS 29.1. Increase of the interest in subsidiary ŽÏAS, a.s. In March 2006, the Company acquired a 9.86% interest in the subsidiary ŽÏAS, a.s., for CZK 79 129 thousand (SKK 103 501 thousand) and thus became the owner of 100% interest in the subsidiary. 29.2. Acquisition of a subsidiary In April 2006, the Company acquired a 51% share in GAMO a.s. for SKK 13 000 thousand. GAMO a.s. operates in the area of software development and information technology. In connection with this transaction the following matters arose: • 81 employees of ŽP were transferred to GAMO a.s., • the Company sold to GAMO a.s. a software in the net book value of SKK 7 386 thousand and information technologies in the net book value of SKK 31 631 thousand for SKK 36 182 thousand. Information on the financial position and the results of operations of GAMO a.s. as at 31 December 2005 according to the financial statements prepared under the Slovak Act on Accounting: APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS On 28 April 2006, the consolidated financial statements were approved by the following persons on behalf of the Board of Directors: 29. 30. Non-current assets Current assets Non-current liabilities Current liabilities Net assets 6 752 183 537 (1 998) (145 390) 42 901 31 December 2005 Revenues Expenses Profit for the year 470 716 (453 447) 17 269 Year ended 31 December 2005 Ing. Vladimír Soták Chairman of the Board of Directors Ing. Marián Kurèík Vicechairman of the Board of Directors NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2005 (in thousand SKK) Consolidated financial statements Annual Report 2005 Železiarne Podbrezová 71