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Annual Report

Annual Report

 

Report of the Supervisory Board of joint stock company Elektroporcelán Louny, a.s. for 1999

 

          The Supervisor Board functioned in accordance with the statutes of the company Elektroporcelán Louny a.s. and consisted of five members, namely the Chairman of the Supervisory Board Ing.Václav Beneš, Ing.Jaroslava Riedlová, Ing.Karel Galgonek, Eduard Škivra and Ing.Karel Tvrzník.
          The Supervisory Board, consisting of the above-mentioned members, had five ordinary meetings during 1999. In addition to those meetings, the Chairman of the Supervisor Board attended the meetings of the Board of Directors.
          The Supervisory Board carried out its supervisory function in accordance with the statutes of the company and legal requirements.
          At all of its meetings the Supervisory Board evaluated the results of the company's economic management during the preceding period and also dealt with specific topics according to the plan, such as receivables, the inventory-taking of assets, the preparation and creation of a plan, wages, business activity and company costs. The meetings were attended by representatives of the Board of Directors or by invited members of company management.
          In the course of its controls the Supervisory Board found no infringement of the company statutes or of generally binding legal regulations. The Supervisory Board presented the results of its activity to the Board of Directors in the form of recommendations of action. The Supervisory Board dealt with no complaints in the course of its activity.
          The Supervisory Board discussed the economic management of Elektroporcelán Louny a.s. In 1999, examined the annual financial statements and the auditor's report on the audit of the accounts and the financial statements, and the proposal for the distribution of profit. The Supervisory Board found no errors or infringements of legal norms. The auditor's pronouncement that the financial statements of company on the date 31st December is approved without reservation also supports the view that the company's statement of finances does not contain significant incorrectness and accounting and stated results comply with current regulations and laws.

          On the basis of these facts, the Supervisor Board recommends the General Meeting to approve the annual financial statements. The company's economic management in 1999 resulted in a loss totalling 11 726 000 CZK. The Supervisory Board recommends that General Meeting approve the proposal of the Board of Directors that the loss be covered by a reduction in undistributed profit from preceding years.


Ing. Václav Beneš 
Chairman of the Supervisory Board

 

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