Annual Report 2010

2010 ANNUAL REPORT r REPORT BY THE BOARD OF DIRECTORS Expenses,Revenues and Results of Operations In 201 O, the Company reported anet profit of EUR 9,854 thousand, which was the difference between total revenues in the amount of EUR 229,422 thousand and total expenses in the amountof EUR 219,568 thousand. Operating revenues accounted far 98.8% of total revenues. Financial revenues in !he amount of EUR 2,643 thousand represent 1.2% of total revenues and comprise exchange rate gains, received dividends from subsidiaries and revenues form financial derivatives. The structure of expenses was similar to previous years. Compared to 2009,we recorded an increase in consumed material owing to price fiuctuations in 02 2010 and, on the other hand, a decrease in expenses far consumed energy, personnel expenses and depreciation of non-current assets in total expenses as aresult of greater outputs. The structure of expenses in 201 O: • Consumed material 53.3% • Consumed energy 13.0% • Cost of goods sold 1.1 % • Services 7.2% • Personnel expenses 21.6% • Depreciation of non-current assets 2.9% • Financial expenses 0.7% • Taxesandfees -0.3% • Otherexpenses 0.6% The return of total expenses and the return of total revenues were 4.49% and 4.30%, respectively. The dala presented in theAnnual Report are consistent with the dala disclosed in the separate financial statements.To comply with !he requirement of the Slovak legislation, Act No. 43112002 Coli. on Accounting, !he company prepared its separate financial statements far the period from 1 January 2010 to 31 December 2010 in accordance with lnternational Financial Reporting Standards as adopted by the European Union. Data from Separate IFRS Statement of Changes in Equity For the year ended 31 December 2010 (in EUR thousand) Share Legal Hedging Treasury Retained Total capila! reserve derivatives shares earnings fund Opening balance at 1/1/2009 79139 12 746 135 87174 179195 Rounding of the face value of shares 1922 -1 922 upon the euro conversion Foreign exchange differences o o o upon the euro conversion Total comprehensive loss for the year -288 -6 314 -6 602 Allocation of statutory profit 1 317 -1 317 Closing balance al 31 /12/2009 81 061 14 064 -153 77 622 172 593 Treasury shares -2 361 -2 361 Total comprehensive income for the year 153 9 854 10 006 1