Annual Report 2007

27 Ž E L E Z I A R N E P O D B R E Z O V Á 2 0 0 7 REPORT BY THE BOARD OF DIRECTORS Data from Separate IFRS Statement of Profit and Loss For the year ended 31 December 2007 (in SKK’ 000) As at the balance sheet date, i.e. as at 31 December 2007, this process had not been completed since the Company recognised as assets 32 225 treasury shares which were issued instead of uncollected certified registered shares, declared as invalid. On 9 May 2008, all shares were sold in the manner approved by the Company’s Board of Directors. Before 31 May 2008, proceeds from the sale of shares (SKK 2 100 per share) were sent to those shareholders who had failed to collect their shares at the Company’s seat during the transformation process, despite repeated invitations for the collection of such shares. In 2008 the Company decided to increase the registered capital in the subsidiaries Tále, a.s. by SKK 20.0 million, and ŽP PRAKO s.r.o. by SKK 60.0 million. SIGNIFICANT EVENTS THAT OCCURRED AFTER THE CLOSING DATE At the Extraordinary General Meeting held on 19 March 2007, the shareholders decided on the change in the nature and formof all shares from ‘bearer in book-entry form’ to the registered certificate-form shares. For 2007 For 2006 Revenues 8 639 012 8 216 646 Changes in inventories of finished goods and work in progress 178 289 39 994 Own work capitalized 266 220 275 843 Consumed material and energy -5 512 040 -5 251 196 Services -586 100 -585 726 Personnel expenses -1 642 777 -1 558 550 Depreciation and amortization -248 672 -253 709 Other operating expenses, net 58 060 -54 282 Interest income 3 291 6 217 Interest expense -72 058 -61 385 Other financial revenues/(income), net 124 650 228 496 Profit before tax 1 207 875 1 002 348 Income tax expense -194 595 -156 298 Profit for the year 1 013 280 846 050