Annual report for 2009
June 7, 2010
Dear Shareholders and Business Partners,
The year 2009 was a difficult year for our company as we had to cope with not only sluggish market demand, but also a number of restructuring and personnel changes. The result of these measures were evidenced by improved financial performance, mainly in the second half of 2009. Cost saving and the simplification and improvement of the management system resulted in an increase in productivity and profitabiliy.
Performance was positively influenced by the company´s ability to take advantage of its diverse product portfolio, namely the production of flexible packaging materials and household foils. As deliveries to the construction, engineering and automotive industries declined and stagnated, the proportion of orders for the food industry, which is not affected by the economic cycle, gres. Thanks to the wide product range, the year-on-year decrease in sales was kept under 5%.
The profit level and asset management helped the company to improve its stability, as evidenced by the the year-on-year decrease in indebtedness by 5.3 percentage points. Whereas last year the company´s management was faced with the uneasy task of restructuring the organisation, the priority for 2010 will be to develop a strategy and define the path for further development.
I would like to thank the shareholders, business partners and employees of the company for their cooperation in 2009.
Ing. Petr Otava, CSc.
Chairman of the Board of Directors