annual report 2004 - Severočeské doly a.s.
annual report 2004 - Severočeské doly a.s.
annual report 2004 - Severočeské doly a.s.
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Supervisory Board Report<br />
Supervisory Board on the ordinary and consolidated financial statements, on the proposed<br />
distribution of the <strong>2004</strong> profit, and on its examination of the <strong>report</strong> on relations between related<br />
entities<br />
The Supervisory Board met six times in <strong>2004</strong>. At its meetings, the Supervisory Board discussed<br />
the economic development of the Company, including related fields affecting profit generation. At the<br />
end of the <strong>2004</strong> accounting period, the Supervisory Board discussed the projected financial results<br />
and primarily paid attention to the preparation of the financial statements for <strong>2004</strong>. After<br />
31 December <strong>2004</strong>, the Supervisory Board discussed the financial statements, the proposed distribution<br />
of the profit from <strong>2004</strong>, and the auditor's <strong>report</strong> for <strong>2004</strong>. Considerable attention was also<br />
paid to collective bargaining with the trade unions and the conclusion of the collective agreement<br />
for 2005. At its meeting in March 2005, the Supervisory Board approved the auditor for 2005.<br />
Representatives of the Company's management were invited to Supervisory Board meetings where<br />
required by the items on the agenda. The Company's management arranged for replies to be prepared<br />
in response to all necessary information concerning the Company's finances and supplied all<br />
requested background documentation and <strong>report</strong>s.<br />
The Supervisory Board makes the following statements:<br />
1) the Company's business activities and the exercise of powers by the Board of Directors complied<br />
with the Company's Articles of Association and the instructions of the General Meeting.<br />
2) The Supervisory Board has examined the Company's ordinary and consolidated financial statements<br />
and discussed the auditor's <strong>report</strong>. The Supervisory Board recommends that the General Meeting<br />
approve the presented ordinary and consolidated financial statements.<br />
3) The Supervisory Board was informed of the proposal presented by the Board of Directors for the distribution<br />
of profit once the financial statements for <strong>2004</strong> had been drawn up. The Supervisory Board<br />
recommends that the General Meeting approve the proposed profit distribution.<br />
4) The Supervisory Board has examined the Report on Relations between Related Entities in accordance<br />
with Section 66a(9) of the Commercial Code and has no comments or suggestions regarding<br />
this Report.<br />
Chomutov, 15 June 2005<br />
Robert Sýkora<br />
Chairman of the Supervisory Board
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