Foreword by the Chairman of the Board
Dear shareholders and business partners,
The past year of 2008 was in all respects a turning point for AL INVEST Břidličná, a.s. The years of growing demand in production and sales have come to an end.
It was a year of two different halves, the first of which we can evaluate quite positively. In the second half, AL INVEST as well as other companies had to face extraordinary external pressure. In the period of incipient European recession, the volume of demands for our products dropped, especially in the areas of rolled semi-products and foil materials, including supplies for the automotive industry.
The response to the new conditions of a failing market on the part of production and sales was not flexible enough and had a negative effect on the company's finances.
PThe past year cannot be considered a success, particularly because of the loss of profitability in the second half. The negative effects on the economy and changed market conditions resulted in a need for company restructuring. That task will be implemented in 2009.
The company continued to implement the planned investment projects, despite deteriorating internal and external conditions. 2008 saw the launch of two-year investment projects amounting to CZK 50 million, apart from those projects that were already finished.
The beginning of the new year presents a new challenge for the company management, which is to overturn the negative trend in the company's operating economy that started in the second half of the past year and continues in 2009.
Let me thank all shareholders, business partners, and company employees for their co-operation in 2008.
Ing. Petr Otava, CSc.
Chairman of the Board
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