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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