14 August 2000
Quick Report for the First Half Year 2000
Below is the unaudited consolidated balance sheet and profit and loss statement
for the first half of 2000 of Zalakeramia Group which was prepared in accordance
with the International Accounting Standards (IAS). The most important features
and main events of our financial management is briefly summarized below.
To sum it up, it can be stated that the long expected change in the operation of
the Company occurred during the past half year and a definite improvement of the
numerically definable indicators can be seen well. This situation is further
improved by the restructuring of the long term credit facility agreement - to be
detailed later on - which, besides enabling a long term and group-wide planning
it will insure that the effectiveness of its operation reach the former
'Zalakeramia level' in the foreseeable future.
Main events concerning materially the operation of the Group:
- Negotiations in relation to the restructuring of the USD 50 million
syndicated credit facility agreement continued also in the second quarter of the
year and as a result of it the amendment and restatement agreement was signed
with the members of the bank syndicate on 24 July 2000. Main conditions of the
amendment are as follows: the revolving nature of the credit facility ceased,
final maturity of the credit facility is 30 June 2004, an amount of USD
10,200,000 has been repaid as prepayment and repayment, respectively and the
remaining credit facility has been converted into EUR at an exchange rate of EUR
0.9396 = USD 1, by this means the amount of the credit facility changed to EUR
42,358,000. Due to the continuous accounting of foreign exchange loss no further
considerable foreign exchange loss arose from the conversion.
- A new showroom of large ground and high level has been opened in Budapest
which can serve as an example also for our partners to establish their trading
units and their operation system.
Main data for the first half year 2000 of Zalakeramia Rt. parent company (based
on the unconsolidated financial statements of the parent company prepared in
accordance with the International Accounting Standards):
- Sales revenue exceeded HUF 3.4 billion being 6.5% increase compared to the
corresponding figure of previous year, that is considering also the inflation it
remained on level. It is favourable also because, as it is already known from
the previous report, there was neither production nor sales revenue in Pietra
plant in the first half year which means HUF 0.5 billion difference between the
- The company sold over 2.8 million sq. mts of tiles considered to be the
principal range of products.
- Gross margin exceeded HUF 1.3 billion representing a 49.8% increase and
almost HUF 450 million gross margin surplus compared to the gross margin
in the first half last year.
- Gross margin percentage achieved 39.3% in the first half of 2000 as against
the figure of the first half of 1999 (27.9%).
- The remarkably good operating profit was further worsened significantly
by the loss on the syndicated credit reducing the results of the parent company
to the extent exceeding the budget, by more than HUF 1.3 billion. (Due to the
conversion into EUR in connection with the amendment of the credit facility
agreement positive changes can be expected.)
Main data for the first half of 2000 of our S.C. Cesarom S.A subsidiary (based
on the unconsolidated financial statements of the subsidiary prepared in
accordance with the International Accounting Standards):
- Sales revenue increased by 44.0% as compared to the basis period..
- Gross margin percentage was 39.2% in the period under review being of about
the same size as in the basis period.
- Tile production lines were running at full capacity in the first half year.
2.3 million sq. mts of tiles were sold in the first half year and finished
goods inventory continuously decreased corresponding to only 4.2-week
production by the end of the half year. (As compared to last year's 5.7-week
figure this reflects 1.5 week decrease.)
- Production of the sanitary ware plant grew by 25.2% compared to the basis
period and exceeded 250,000 pieces. In all likelihood, production of 550,000
pcs sanitary ware planned for year 2000 will not meet any difficulties.
- As deferred tax almost HUF 400 million was charged for and taking it into
consideration, profit after tax of our Romanian subsidiary shows a profit of HUF
Main data for the first quarter 2000 of our Inker d.d. subsidiary (based on
the unconsolidated financial statements of the subsidiary prepared in accordance
with the International Accounting Standards):
- With regard to produced quantity, both businesses were characterized by
growth. As compared to the basis period produced quantity of sanitary ware -
in connection with putting the investment into operation - increased by 82.5%
while growth of porcelain production was 8.2%.
- Sales volume is characterized also by increase and sold quantity of sanitary
ware grew by 45.4% while that of the porcelain by 3.1% as compared to the basis
period. In the case of porcelain ware higher and higher demand appeared in the
field of hotel porcelains inland simultaneously with the recovery of tourism
where we can fully met the requirements of the market.
- Growth of the sales revenue of our Croatian subsidiary was 12.5% compared
to the basis period.
- Gross margin went up by 59.3% compared to the first half of 1999 and gross
margin percentage achieved 15.3%.
- Ratio of selling, general and administrative costs to sales revenue
decreased to 13.3% being 0.6% lower than the figure of the basis period.
- In order to reduce outstanding receivables new and strict measures were
1. Consolidated and Unaudited Profit and Loss Statement and its Analysis
Sales revenue of the Group is presented as follows.
in HUF thousands
Description lst half 2000
Domestic Export Total
Zalakeramia Rt. 2 711 415 417 746 3 129 161
Inker d.d. 819 378 933 854 1 753 232
S.C.Cesarom S.A. 3 307 904 277 414 3 585 318
Total: 6 838 697 1 629 014 8 467 711
in HUF thousands
Description lst half 1999
Domestic Export Total
Zalakeramia Rt. 2 780 366 322 478 3 102 844
Inker d.d. 674 846 855 868 1 530 714
S.C.Cesarom S.A. 2 770 731 156 916 2 927 647
Other 1 978 1 978
Total: 6 225 943 1 337 240 7 563 183
In 12.0% increase of sales revenue on group level our subsidiary in Bucharest
played a dominant role which could increase its sales revenue by 22.5%. Sales
revenue growth of Inker d.d. is 14.5% and the revenue of the parent company
increased in a minimum degree. In case of this latter it should be outlined
again that loss-making Pietra plant had sales revenue in the basis period. Loss
of revenue could be totally offset in the first half of 2000. Revenue from
export sales increased by 21.8%. All three companies could increase their
export revenue as a result of which proportion of export achieved 19.2% within
total sales revenue as compared to 17.7% of the basis period.
In the first half year 2000 Zalakeramia Group sold total 5,073,816 sq. mts of
tiles. S.C. Cesarom S.A.. had practically no wall tile stocks at the end of the
half year and the floor tile stocks corresponded to only 6.7-week production.
Stocks of the parent company in Hungary were 1,269 sq. mts at the end of the
half year being nearly 550,000 sq. mts decrease. Consequently, the ratio of
tile inventory at the end of the period under review to production decreased by
1.6 weeks as compared to the closing inventory of the basis period.
In the field of exports sales of the parent company continues to be determinant
exceeding the revenue of the basis period by 30%. A shift in proportions
occurred within the export of tiles in favour of floor tiles which meant that
export proportion of wall tiles was only 67% and that of the floor tiles was 33%
in the case of the parent company.
In the new market regions (Slovakia, Russia, Sweden) our relations and custom
expanded. From among our new customers the Scottish partner is worth mentioning
while start-up of our Kazakh customer is expected from the second half year and
next year, respectively.
Production (pcs) Sales (pcs)
Inker d.d. 165,458 142,226
S.C. Cesarom S. A. 252,245 249,431
In our sanitary ware plants in Croatia and Romania a further improvement took
place in both production and sales.
Inker d.d. produced 165,458 pcs of sanitary ware products exceeding by 82.5%
the volume of 95,665 pcs of the basis period. Starting from March production
was directed towards the production of toilet bowls having higher profit share.
At the same time, less wash basins are produced now so that a proportion
corresponding to the market requirements be created between these two types.
Sales grew by 45.4% being the sales of 142,226 pcs of sanitary ware. We took
precious good care of our customers getting to know our new product range and
significantly expanded and modernized production.
249,431 pcs sanitary ware products were sold in Romania as against the 181,880
pcs sold in the basis period. Fortunately, a substantial growth occurred in the
export markets where, besides the growth of the existing markets (Austrian,
Hungarian, Greek, Near-Eastern), French market became determinant. In the basis
period 37.9% of sanitary ware revenue came from export and in the first half of
2000 already 54.7% of the revenue was realized from export revenue.
Total quantity of porcelain ware produced in the first half of 2000 was almost
4.9 million pcs exceeding the quantity of the corresponding period of last year
by 8.2%. Sold quantity was 4.8 million pcs resulting in increase of volume of
3.1%. On the domestic market 20.5% growth in sales revenue could be realized
while on the export markets the rate of growth in sales revenue was 4.3%. In
regard to the product structure on the domestic market, restaurant porcelain
continues to be determinant, about 70%, while porcelain ware of current use
accounts for 30% of sales.
317,347 tile units were sold of stove tiles and this amount equals to the figure
of the basis period.
Fall in the sales of terrazzo tiles continued since tiles used for tiling of
Tesco stores and making up the greater part of sales up to now, fell from
sales. We have not managed to involve other potential customer similar to Tesco
into the sales up to now. The actually sold quantity amounted to 22,965 sq. mts
in the first half year.
in HUF thousands
Description 1st half 2000 1st half 1999 Index %
Zalakeramia Rt. 1 178 123 900 684 130,80
Inker d.d. 260 566 153 914 169,29
S.C. Cesarom S.A. 1 403 588 1 254 312 111,90
Other 1 978
Total 2 842 277 2 310 888 123,00
Gross margin percentage by companies is as follows:
Description 1st half 2000 1st half 1999
Zalakeramia Rt. 37.6% 29.0%
Inker d.d. 14.9% 10.1%
S.C. Cesarom S.A. 39.1% 42.8%
Total: 33.6% 30.6%
Gross margin of Zalakeramia Group increased by 23.0% in the first half year as
compared to the basis period. In terms of volume gross margin of our subsidiary
in Romania was the highest. The parent company made an outstanding performance
which is verified by the growth of 8.6 percentage point. Elimination of profit
shortage profit shortage produced by the loss-making Pietra plant which had been
stopped last summer, had significant impact on it. This profit reducing effect
has not occurred this year.
Our subsidiary in Croatia also closed with improving gross margin and could
increase its gross margin by over HUF 100 million.
Selling, general and administrative expenses
in HUF thousands
Description 1st half 2000 1st half 1999 Index %
Zalakeramia Rt. 706 079 674 209 104,73
Inker d.d. 219 396 200 804 109,26
S.C. Cesarom S.A. 375 732 523 801 71,73
Total: 1 301 207 1 398 814 93,02
Zalakeramia Australia 588
Hussar Holding AG 21 342 210 349 10,15
Eurokeramika (UK) Ltd. 98 521
Grand total: 1 322 549 1 708 272 77,42
Selling, general and administrative expenses show an extremely favourable
picture since a decrease of more than HUF 385 million occurred as compared to
the basis period. It was caused, first of all, by the fact that considerable
expenses were incurred in the non-productive companies (Hussar Holding AG and
Eurokeramika Ltd.) in the first half of 1999 - in particular in the first four
months of the year - which were reduced to a minimum in the actual period. (See
previous years' reports.)
Examining the productive companies, the most apparent is the cost decrease of
our Romanian subsidiary further improving the anyway outstanding result of the
plant in Bucharest. Selling, general and administrative expenses of the parent
company exceed the expenses of the basis period by about HUF 30 million. These
expenses included the additional expenses occurred in connection with the
registration of the mining rights of Pietra in an amount of HUF 40 million and
the commission of the forward hedging operations which amounted to HUF 51
million in the first half year. Disregarding these two items reduction of
expenses would have occurred at the parent company as well.
Result of other operating income and other operating expenses
Net proceeds from the disposal of fixed assets has a significant role in
other operating income the amount of which is HUF 111,612,000. (The largest
portion of it is the proceeds of disposal of property - on Martirok Street
in Zalaegerszeg - sold already in the first quarter.) An additional HUF
68,890,000 other income as tax refund originated in our Romanian subsidiary. In
Romania those companies can obtain this allowance which met their tax payment
liabilities in accordance with the requirements of law and do not have any tax
arrears. An overall tax audit preceded the granting of this allowance.
23.0% decline occurred in other operating expenses. This results partly from
the fact that the method of accounting for other operating expenses/other
income has been changed. In the first half of 1999 certain items, e.g. disposal
of fixed assets, making/release of provisions - were shown in grossed manner
while in the period under review in netted manner.
As a consequence of the size of the foreign exchange loss on USD 50 million
syndicated credit the balance showed a foreign exchange loss in the first half
year therefore it was shown as foreign exchange loss in an amount of HUF 1,149
million in a separate line and of this amount foreign exchange loss on the
syndicated credit in itself meant almost HUF 970 million.
Result of financial activities
At the parent company in Hungary a determinant role is played in the increase of
121.7% by the interest income realized on:
- cash provided by operations,
- capital increases, and
- drawn down advance of USD 5 million (last trance of the syndicated
Interest expenses doubled at the Group compared to the basis period. Interest
expense of the syndicated credit has a determinant part in this considerable
increase. The amount of it was HUF 492 million in the actual period as against
HUF 346 million in the basis period. Main reasons of this growth are as
- Considerable weakening of Forint (15.8%) against Dollar.
- More than 1.6 percentage point growth in the LIBOR level attached to USD.
- Interest expense was incurred on higher credit facility (USD 50 million
until 2nd July 2000) than in the basis period.
- A syndicated credit interest of HUF 109 million was capitalized in the
Net monetary position
In the period under review amount of monetary liabilities exceeded that of the
monetary assets therefore profit originated on net monetary position in the
Corporate tax liability
This line includes further on the corporate tax liability on the profit
originated at our S.C. Cesarom S.A. subsidiary under the local tax law. Its
rate was considerably reduced from the former 38% as of 1 January 2000. Rate
of tax payable on the profit of domestic sales was changed to 25% while the
rate of tax payable on the profit of export sales to 5%. As a result of it
S.C. Cesarom S.A. paid corporate tax at a rate of 21.4% in the first half
Deferred tax item shown in the profit and loss statement includes the part of
total deferred tax liability arising as a result of the inflation adjustments
to the financial items at S.C. Cesarom S.A., falling on the year under review.
Share in profit/loss of associated company
Our Keramika Horni Briza investment was reclassified into financial investments
in the balance sheet from 1 April 1999 considering that Hussar Holding AG lost
its determinant role in the control of the company. Consequently, the company
did not register any profit from the interest in associated company in the first
Taking all these items into consideration the consolidate and unaudited result
of the Group is a loss of HUF 469 million in the first half of 2000.
II. Consolidated, Unaudited Balance Sheet
Balance sheet total of the Group increased by 19.2% in the period under review.
Rate of increase in current assets is 48.7%.
64.6% increase of cash and cash equivalents originated mainly from the cash
produced by the Company during its operation, capital increases received
during the previous year but remained unused and draw down of the last USD 5
million advance of the syndicated credit. The amount of short term investments
made earlier is included in a separate line.
Main reason of the increase in accounts receivable is that at S.C. Cesarom
S.A. subsidiary the method of payment by transfer has been introduced instead
of payment in cash used before. At the parent company the amount of trade
debtors credited by the banks during factoring reduced the amount of accounts
receivables in the basis period while the amount of factoring is included in
short term debts line in the period under review which amounted to HUF 365
million in the period under review.
Inventory remained on basis level further on.
Short term investments
The parent company made short term investments from its free funds which are
shown in a separate line.
The government security of HUF 463 million due after three months which is at
the disposal of the parent company, is shown in other current assets line.
Fixed assets and others
10.7% growth of fixed assets net in the previous period was caused by the
increase in the ongoing investments at the subsidiaries.
Decrease in intangible assets net is related to the write-off of goodwill in
connection the stopped Pietra plant.
Deferred tax line includes deferred tax due to the loss originated at the
parent company which will be eliminated in the later profitable periods.
17.9% decline of investments results mainly from the devaluation of Keramika
Horni Briza interest as at 31 December 1999.
Liabilities and Shareholders' Equity
Current liabilities line includes a credit raised by our Croatian subsidiary
due to its temporary liquidity problem. Besides, the technique of accounting
for factored accounts receivables has been changed at the parent company from
year 2000. In basis period the accounts receivable credited by the bank was
accounted for by the company in net method. On the other hand, this item is
included in current liabilities and trade debtors line in gross manner in the
period under review.
Long term liabilities
Increase in long term liabilities is 12.2%. This increase was caused by the
foreign exchange loss on the syndicated credit facility.
S.C. Cesarom S.A. indexes the value of its fixed assets in the financial
statements prepared in accordance with IAS in compliance with the requirements
for inflationary economies. Deferred tax liability shown in the balance sheet
covers the tax to be calculated in accordance with IAS on the difference between
the revalued and Romanian book value being the base of taxation.
Minority interests increased by 9.1% and this is connected with the figure of
the basis period.
Equity increased by 36.3%.
Zalakeramia Rt. increased its share capital three times by total 1,522,052
shares of a face value of HUF 1,000 each corresponding to 49.6% growth, in
the second half of 1999 and first quarter of 2000 respectively.
Capital increases took place above face value and the part above face value
increased the capital reserves.
Decrease of retained earnings took place due to the losses occurred after 30
Revaluation reserve is the balance of exchange rate differences generated on
converting into Forint during the consolidation. The considerable difference
is caused here by the changes in the cross rates of foreign currencies.
III. Cash Flow
Closing funds of the Company in the first half year show an extremely favourable
picture because cash of the Group increased by 78.3% by the end of
the first half year. Cash provided by operations and funds received from share
capital increases had an important part in it further on.
The significant change in accounts receivable is caused by the fact that the
Company made short term investments from its free cash available. The amount of
cash paid for the invested fixed assets considerably decreased as compared to
the basis as capital projects in the subsidiaries of the Group have partly been
completed and are drawing to their close respectively.
IV. Financial Ratios
Pecuniary standing 30.06.2000. 30.06.1999.
1. Ratio of liabilities within total
liabilities and shareholders' equity 51.8% 57.4%
2. Efficiency of stocks: 221.2% 196.7%
3. Stock turn ratio: 2.28 2.16
4. Chronological average of stocks (HUF th): 3,717,269 3,505,282
1. Rate of indebtedness: 51.8% 57.4%
2. Liquidity ratio I.: 4.94 3.50
3. Liquidity ratio (quick ratio): 3.60 2.07
Profitability to sales revenue: -5.5% -22.1%
Rate of revenue within total income: 95.2% 97.2%
Consolidated, Unaudited Balance Sheet
in HUF thousands
ASSETS 30.06.2000. 30.06.1999.
Cash and cash equivalents
Trade accounts receivable 5 702 703 3 465 345
Inventory 2 460 817 1 626 585
Short term investments 3 827 456 3 845 856
Other current assets 1 272 611
Total current assets 800 433 517 547
14 064 020 9 455 333
FIXED ASSETS AND OTHERS
Tangible assets, net
Intangible assets, net 17 514 230 15 828 057
Deferred tax 120 898 517 342
Financial investments 369 869
Total fixed assets and others 2 896 309 3 528 389
20 901 306 19 873 788
TOTAL ASSETS 34 965 326 29 329 121
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses 2 160 465 2 456 741
Short term debts 678 715 239 547
Current portion of long term debts 5 000 7 820
Total current liabilities 2 844 180 2 704 108
LONG TERM LIABILITIES
Long term liabilities 13 721 848 12 230 639
Deferred tax 1 541 680 1 904 712
Negative goodwill 0
Total long term liabilities 15 263 528 14 135 351
Minority interest 680 947 624 352
Issued capital 4 593 411 3 071 342
Treasury shares (13 843) (18 773)
Capital reserve 8 392 681 6 796 255
Retained earnings 1 821 135 2 169 971
Translation adjustments (revaluation
difference) 1 383 287 (153 485)
Total shareholders' equity 16 176 671 11 865 310
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 34 965 326 29 329 121
Consolidated, Unaudited Profit and Loss Statement
in HUF thousands
2000. 06. 30. 1999. 06. 30.
Sales revenue 8 467 711 7 563 183
Cost of sales (5 625 434) (5 252 295)
GROSS MARGIN 2 842 277 2 310 888
Selling, general and administrative expenses (1 322 549) (1 708 273)
Other operating income 245 236 131 324
Other operating expenses (225 029) (292 195)
OPERATING PROFIT 1 539 936 441 744
Foreign exchange loss/profit, net (1 148 604) (1 001 641)
Interest income 183 435 82 753
Interest expense (545 594) (264 973)
Net monetary position 68 480 (236 062)
PROFIT/LOSS BEFORE TAX 97 652 (978 179)
Corporate tax liability* (171 164) (195 989)
Deferred tax (389 171) (430 095)
NET PROFIT/LOSS AFTER TAX (462 683) (1 604 263)
Share in profit of associated company 0 (75 677)
MInority interest (6 222) 4 956
NET PROFIT/LOSS AFTER TAX AND (468 905) (1 674 984)
*Payable on the profit of S.C. Cesarom S.A.
in HUF thousand
Cash Flow Statement
Description 30 June 2000 31 December 1999
Opening cash and cash equivalents 3 197 738 4 444 818
Net (loss)/profit (468 905) (1 549 290)
Depreciation 617 988 1 158 782
Foreign exchange loss 966 500 1 707 300
Decrease/increase in inventories (6 080) 52 180
Decrease/increase in trade receivables (300 465) (2 134 767)
Decrease/increase in liabilities (89 063) (80 139)
Decrease/increase in minority interests 27 736 (19 931)
Decrease/increase in deferred tax 292 664 (587 241)
Cash flow provided by operations 1 040 375 (1 453 106)
Addition to/disposal of investments (1 153 458) (2 952 857)
Decrease/increase in financial investments (54 116) 829 699
Cash flow used in investing activities (1 207 574) (2 123 158)
Increase/decrease of capital 2 413 726 1 348 701
Increase/decrease in loan 258 440 980 483
Cash flow generated by financial activities 2 672 166 2 329 184
Free cash flow (HUF th)* 2 504 967 (1 247 080)
Free cash flow (USD th)* 9 232 (4 596)
Closing cash and cash equivalents (HUF th)* 5 702 705 3 197 738
Closing cash and cash equivalents (USD th)* 21 017 11 785
*calculated with a rate of HUF 271.34 = USD 1
Number of employees (persons)
End of basis period Beginning of year End of period
under review under review
Zalakeramia Group 3,775 3,058 2,933
Data related to share structure and shareholders
Shareholders structure, rate of shareholding
Description of holders Total share capital
Beginning period End period
% Pcs % Pcs
Hungarian institutional 53.11 2439099 54.39 2497742
Foreign institutional 30.37 1394596 29.09 1335902
Hungarian individual 15.63 718232 15.63 718232
Foreign individual 0.09 4337 0.09 4337
Employees, senior officers 0.29 13525 0.29 13525
Treasury (Group) 0.30 13790 0.30 13841
Shareholder belonging to state
finances 0.21 9832 0.21 9832
Total 100.0 4593411 100.0 4593411
Description of holders Listed series
Beginning period End period
% Pcs % Pcs
Hungarian institutional 43.81 1678047 54.40 2497742
Foreign institutional 36.41 1394596 29.10 1335902
Hungarian individual 18.75 718181 15.65 718232
Foreign individual 0.11 4337 0.09 4337
Employees, senior officers 0.35 13525 0.29 13525
Treasury (Group) 0.32 12162 0.26 12162
Shareholder belonging to state
finances 0.25 9832 0.21 9832
Total 100.0 3830680 100.0 4591732
Number of treasury shares (pcs) in the year under review
1 January 31 March 30 June 30 Sept. 31 Dec.
133 pcs employee 1628 pcs employee 1679 pcs employee
12162 pcs 12162 pcs 12162 pcs
at subsidiary at subsidiary at subsidiary
List and presentation of shareholders having more than 5% shareholding
Name Amount(pcs) Share(%)
Arago Rt. 761,052 16.56
Bank Austria 580,572 12.63
Altalanos Ertek 296,778 6.50
Senior officers, strategic employees
Type(1) Name Title Beginning of End of en- Own
engagement gagement shares
BM Imre Takats Chairman & CEO 1999.04.28 2004.04.30 50
BM Agnes Sasinszki Director 1999.04.28 2004.04.30 6.500
BM Gyorgy Doleschall Director 1999.04.28 2004.04.30 -
BM dr. Laszlo Zala Director 1999.04.28 2004.04.30 -
BM Sandor Jellen Director 1999.04.28 2004.04.30 13
BM Viktor Polgar Director 1998.04.23 2003.04.23 500
SP Tibor Soos Deputy General CEO 1999.06.01 2004.05.31 4.000
SP Agnes Albrecht Deputy CEO for Fi- 1999.06.01 2004.05.31 2.460
nance & Economics
SP Istyfin Toth Deputy CEO for 1999.09.01 2004.05.31 -
Trade & Marketing
SB Janos Granicz Chairman 2000.06.01 2003.05.31 -
SB Ilona Borsos Member 2000.06.01 2003.05.31 2
SB Dr. Ervin Toth Member 2000.06.01 2003.05.31 -
SB Donald Sharpe Member 2000.06.01 2003.05.31 -
SB Sandor Egyed Member 2000.06.01 2003.05.31 245
Type(1): Employee in strategic position (SP), Managing Board Member (BM),
Supervisory Board Member (SB)
Extraordinary notices published in the period under review
Date Published Subject, brief content
2000.01.14. 2000.01.17. Change in the personnel at Cesarom
2000.02.14. 2000.02.15. Capital increase
2000.02.15. 2000.02.16. Registration of share capital at Registrar of Companies
2000.03.28. 2000.03.29. Annual General meeting notice
2000.04.05. 2000.04.06. Appointment of Supervisory Board member at Cesarom
2000.04.14. 2000.04.18. Approval of financial statements for 1999 of Inker d.d.
2000.04.25. 2000.04.27. Notification on the completion of the Annual Report and
its place to review
2000.04.27. 2000.05.02. Notification on the purchase of shareholding exceeding
2000.04.29. 2000.05.03. Report on the Annual General Meeting
2000.05.04. 2000.05.05. Change in the officers of Cesarom
2000.05.04. 2000.05.05. Resignation of Agnes Elek from Board membership
2000.05.12. 2000.05.15. Quick report for the first quarter
Zalaegerszeg, 10 August 2000
BOARD OF DIRECTORS OF ZALAKERAMIA RT.