Annual Report 2009

REPORT BY THE BOARD OF DIRECTORS REPORT ON THE ACTIVITIES OF CONSOLIDATED ENTITIES As at 31 December 2009, the net value of the Company’s financial assets as disclosed on the IFRS statement of Financial Position totalled EUR 99 393 thousand, which is 39.0% of the Company's total assets. Compared to the prior year, the absolute increase is EUR 4 544 thousand (4.8%). Financial Investments and Other Ownership Interests As at 31 December 2009 Ž E L E Z I A R N E P O D B R E Z O V Á 29 Business name Registered office Investment (1) (EUR ‘000) Interest in registered capital Ownership interest Consolidated Strategic companies ŽĎAS, a.s. Žďár nad Sázavou, Czech Republic 23 435 100.00% Direct Yes Tále, a.s. Horná Lehota, Slovakia 14 901 98.27% Direct Yes Manufacturing companies ŽP EKO QELET a.s. Martin, Slovakia 26 925 66.27% Direct Yes Transformaciones Metalurgicas, S.A. (TRANSMESA) Barcelona, Spain 16 981 100.00% Direct Yes Tubos de Acero de Precision, S.L. (TAP) Barcelona, Spain 3 266 100.00% Direct and Indirect Yes ŽIAROMAT a.s. Kalinovo, Slovakia 4 844 100.00% Direct Yes KBZ s.r.o. Košice, Slovakia 3 184 50.00% Direct Yes ŽP Tažírny trub Svinov, spol. s r.o. Ostrava, Czech Republic 1 726 100.00% Direct Yes TS Plzeň a.s. Plzeň, Czech Republic - 100.00% Indirect Yes Sales and distribution companies PIPEX International AG Nidau, Switzerland 1 329 85.00% Direct Yes PIPEX ITALIA S.p.A. Arona, Italy 358 95.00% Direct Yes SLOVRUR Sp. z o. o. Stalowa Wola, Poland 25 68.00% Direct Yes ZANINONI SLOVAKIA, s.r.o. Valaská, Slovakia 17 50.00% Direct Yes TS STEEL PIPE & FITTINGS S.r.l. Flero, Italy - 94.05% Indirect Yes ŽĎAS SGS, GmbH Menden, Germany - 67.00% Indirect Yes Services ŽP – Gastroservis, s.r.o. Valaská, Slovakia 929 100.00% Direct Yes ŽP Informatika s.r.o. Podbrezová, Slovakia 830 100.00% Direct Yes ŽP Šport, a.s. Podbrezová, Slovakia 509 99.80% Direct Yes ŽP BYTOS, s.r.o. Podbrezová, Slovakia 70 100.00% Direct Yes ŽP VVC s.r.o. Podbrezová, Slovakia 33 100.00% Direct Yes F PARTNER, a.s. Banská Bystrica, Slovakia 14 50.00% Direct Yes Motor-Car Podbrezová s.r.o. in liquidation Podbrezová, Slovakia 11 49.00% Direct Yes Other equity interests Nadácia Železiarne Podbrezová (Foundation) Podbrezová, Slovakia 7 100.00% Direct Yes STABILITA, d.d.s., a.s. Košice, Slovakia 0 5.17% – No Hutnictví železa, a.s. Prague, Czech Republic 0 2.34% – No (1) Net carrying amount of the investment (net of provisions). Contributions in foreign currencies are translated using the European Central Bank exchange rate as at 31 December 2009.