Financial results

Results for 2005

In 2005 the joint-stock company OKD achieved consolidated profit in accordance with International Standards of Accounting reporting of 7.681 billion Czech crowns before tax and 5.332 billion Czech crowns after tax. The profit growth as compared with 2004 was influenced by the increase of sales and cost savings.

 

In total, 12,743 million tons of hard coal and 1,147 million tons of coke was sold.

 

Consolidated sales in the segment of "Mining activity and related activities" in 2005 were 42.281 billion Czech crowns and were 1.636 billion Czech crowns higher in comparison to 2004. The district saleable output in 2005 was 12,753 million tons, which is a decrease of 120,000 tons as compared to 2004. In 2005 the consolidated operational investments were 2.921 billion Czech crowns in total and to a large extent they concerned mining machinery and equipment.

 

In the course of 2005 the OKD group started certain restructuring measures the aim of which was to organize the whole group more clearly, straighten the hitherto complicated distribution of property, and implementation of a standard organizational structure common for industrial holdings of this kind. This restructuring programme was completed by June 1, 2006 when the new structure of the OKD company came into force.

 

The main mining activity was transferred to the successor company OKD, a. s. Other activities which are not directly related to the main mining activity were hived off to separate companies. This concerns in particular business activities, transport and power activities. The execution of property rights towards real estate and administration thereof is now attended to by three independent entities: RPG Byty s.r.o. specializes in apartments, commercial real estate is administered by RPG RE Commercial, s.r.o., and lands are administered by RPG RE Land, s.r.o. The company equity including the rights and obligations arising from contractual relations was passed over to the successor companies.

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