Annual report 2016

REPORT BY THE BOARD OF DIRECTORS ON BUSINESS ACTIVITIES, ASSETS, AND FINANCIAL PERFORMANCE IN 2016 AND INFORMATION ON THE BUSINESS PLAN Dear Shareholders, The Board of Directors of Železiarne Podbrezová considers the financial results for 2016 to be successful, although we did not meet all the objectives set in the 2016 implemen- tation plan. We reported a profit due to financial investments, i.e. the sale of two subsid - iaries in the Czech Republic - ŽĎAS a.s. and TS Plzeň a.s., and received dividends. During the year, the sales prices of our products dropped below the level of the crisis year 2009, due to which the Company reported an operating loss despite the efforts of Company employees.