Annual report 2015

The funding of the operational and CAPEX needs of the Company for 2016 is secured by a club credit line of EUR 36 million, which is due in July 2020, and by other separate contracts for short-term funding complemented by a de - velopment loan provided by Eximbanka SR under the most economically favourable conditions. The total credit line of the Company amounts to EUR 56.8 million, which is fully sufficient for continuous funding for the following years. The funds from the sale of the shares of ŽĎAS, a.s. will be used to repay a portion of long-term bank loans. With regard to the sales in the amount of EUR 183.7 million, the Board of Directors of Železiarne Podbrezová a.s. expects to generate an operating loss of EUR 6.2 million in 2016. The loss will be fully offset by a profit from financial activi - ties, consisting mainly of dividends received from subsidiar - ies and profit on the sale of the shares of ŽĎAS, a.s. We intend to keep developing our tourism business. It is now fully integrated at the subsidiary Tále a.s. We aim to further improve the services provided and to strengthen our reputation among a wide range of customers by enhancing the technical standards of the sports resort and its efficient operations. The scope of the business activities of Železiarne Pod - brezová a.s. is also supported by the activities of other sub - sidiaries, which contribute to the consolidated economic re - sults. We plan to generate a profit in all subsidiaries in 2016. The objective is to achieve sufficient profit to ensure their adequate development and dividends for the parent com - pany. The planned revenues from the sale of merchandise, finished goods and services for the consolidated unit are EUR 253.5 million, excluding ŽĎAS a.s. and its subsidiaries. 36 Report by the Board of Directors on Business Activities, Assets, and Financial Performance in 2015 and Information on the Business Plan