Annual Report 2007

26 A N N U A L R E P O R T REPORT BY THE BOARD OF DIRECTORS - Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1%; - Personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9%; - Non-current assets depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%; - Financial expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9%; - Taxes and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4%. Profitability measured to expenses and revenues represented 12.3% and 10.9%, respectively. Reported profit significantly exceeded the goal set by the business plan. Financial data as presented in the data presented in the Annual Report corresponds with the data disclosed in the separate IFRS financial statements of Železiarne Podbrezová a.s. (International Financial Reporting Standards). Share capital Own shares Legal reserve fund Hedging derivatives Retained earnings Total Opening balance at 1. 1. 2006 2 384 135 - 109 735 - 1 359 603 3 853 473 Dividends paid - - - - -357 620 -357 620 Appropriation of statutory profit - - 88 332 - -88 332 - Hedging derivatives - - - 367 026 - 367 026 Deferred tax on hedging derivatives - - - -69 735 - -69 735 Net profit for the year - - - - 846 050 846 050 Closing balance at 31. 12. 2006 2 384 135 - 198 067 297 291 1 759 701 4 639 194 Dividends paid - - - - -238 412 -238 412 Appropriation of statutory profit - - 84 605 - -84 605 - Own shares - -67 673 - - - -67 673 Hedging derivatives - - - -186 301 - -186 301 Deferred tax on hedging derivatives - - - 35 397 - 35 397 Net profit for the year - - - - 1 013 280 1 013 280 Closing balance at 31. 12. 2007 2 384 135 -67 673 282 672 146 387 2 449 964 5 195 485 Data from Separate IFRS Statement of Changes in Equity For the year ended 31 December 2007 (in SKK’ 000)