Annual report 2017

2017 ANNUAL REPORT Železiarne Podbrezová a.s. 37 Subsidiaries and associates also actively contributed to the consolidated results of Železiarne Podbrezová a.s.. Sales revenues from the consolidation group amounted to EUR 333 506 thousand and the consolidated net profit amounted to EUR 6 952 thousand, of which EUR 6 377 thousand pertained to the shareholders of Železiarne Podbrezová. Given that the sales of Czech engineering companies that were sold in the second half of 2016were included in the 2016 consolidated revenues, the decrease in consolidated sales for 2017 is only slight and there was a significant increase in the Group’s outputs and profitability. Železiarne Podbrezová co-operates with many small and medium-sized entrepreneurs in the region and a number of established suppliers. The production growth enabled the Company to increase employment and real wages and hence the incomes in the region. Železiarne Podbrezová a.s. retained its position as the largest employer and remained a guarantor of social security in the Brezno district and across the Banská Bystrica region. Thanks to its great flexibility as regards production and size, Železiarne Podbrezová a.s. maintained its competitive advantage in the sector. The Board of Directors of Železiarne Podbrezová a.s. would like to thank all our colleagues, as without their contribution, these results could not have been achieved. We would also like to extend our thanks to our suppliers, customers, financial institutions and all our business partners for their cooperation. We hope our good business relations will continue to develop successfully in the future. We thank you for your trust. Approved by the Board of Directors’ decision on 21 May 2018. REPORT BY THE BOARD OF DIRECTORS ON BUSINESS ACTIVITIES, ASSETS, AND FINANCIAL PERFORMANCE IN 2017 AND INFORMATION ON THE BUSINESS PLAN