Dear shareholders and business partners,
2009 was a difficult year for our company since we had to face a stagnating market and a number of restructuring and personnel changes.
The measures we took resulted in improved economy, especially in the second half of 2009.
The cost saving measures, system simplification and efficiency improvements lead to productivity and profitability growth.
The company's ability to use the product advantage in its sales activities of flexible packaging material and household foil production had a positive effect on the results. The amount of orders from the food industry substantially increased during the period of civil, mechanical engineering and automotive industry stagnation, as the food industry is less affected by economic cycles.
This wide portfolio of products helped restrict the year-on-year drop to less than 5%. The profit level and the asset management helped improve the company's stability, which resulted in y-o-y total debt reduction of 5.3 percentage points.
The company management has once again faced difficult tasks; last year it was restructuring, and in 2010 it will be defining the strategy and further course of action.
Let me thank all shareholders, business partners, and company employees for their co-operation in 2009.
Ing. Petr Otava, CSc.
Chairman of the Board
Břidličná, June 7, 2010
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