Annual report 2016

INTRODUCTION FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS Dear Shareholders and Business Partners, The year 2016 was very specific in terms of our op - erational results. Events occurred that we have not witnessed over the past 15 years. ŽĎAS, a.s., including its subsidiary, TS Plzeň a.s., was sold. As a result, the group’s consolidated equity decreased, and the group’s headcount was reduced by approx. 2 700. Funds from the sale of the above companies were used to reduce financial dependence on bank institutions.