Annual Report 2008

REPORT BY THE BOARD OF DIRECTORS ŽELEZIARNE PODBREZOVÁ REPORT ON THE ACTIVITIES OF ENTITIES INCLUDED IN CONSOLIDATION As ot 31 December 2008, the net value ot Železiarne Podbrezová's financial assets, as disclosed on the balance sheet under IFRS totalled, SKK 2 857.4 million (EUR 94.8 million), which is 33.9% ot the Company's total assets. Compared to the previous year, this represented an absolute increase ot SKK 403.7 million (EUR 13.4 million) Financial investments and other ownership interests at 31 December 2008 lnvestment lnterest Ownership Legal name Registered office in share in SKK 'OOO 1 1 1 capital interest Strategic companies ŽĎAS, a.s. Žďár nad Sázavou, 706 002 10000% direct Czech Republic Tále, a.s. Horná Lehota, SR 448 900 98.27% direct Production companies ŽP EKO QELET a.s. Martin, SR 811138 66.27% direct Transformaciones Metalurgicas Barcelona, Spain 338 472 64.82% 121 direct SA (TRANSMESA) Tubos de Acero de Precisión, Barcelona, Spain 98 405 82.41% 121 direct and SL(TAP) indirect ŽIAROMAT a.s. Kalinovo, SR 145 929 100.00% direct KBZs.r.o. Košice, SR 90 929 50.00% direct ŽP Tažírny trub Svinov, Ostrava, 51 989 100.00% direct spol. s r.o. Czech Republic ŽP PRAKO s.r.o. Prakovce, SR o 100.00% direct TS Plzeň a.s. Plzeň, Czech Republic - 100.00% indirect Sales and distribution companies PIPEX lnternational AG Nidau, Switzerland 40 051 85.00% direct PIPEX ITALIA S.pA Arona, ltaly 10779 95.00% direct SLOVRUR Sp. z o. o. Stalowa Wola, Poland 758 68.00% direct ZANINONI SLOVAKIA, s.r.o. Valaská, SR 500 50.00% direct TS STEEL PIPE & FITIINGS S.rJ Flero, ltaly - 94.05% indirect ŽĎAS SGS, GmbH Bonen, Germany - 67.00% indirect Consolidated yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes