15 August 2002
Quick Report for the first half year of 2002
Below is the consolidated and unaudited financial statements for H1 2002 of the
Zalakeramia Group which were prepared in accordance with the International
Accounting Standards (IAS).
We wish to note that the change from the basis period to the period under review
of the subsidiaries' data converted into Forints does not correspond to the
changes calculated in ROL and HRK, respectively as the Forint considerably
strengthened last year as against the national currencies and EUR and USD while
the national currencies of the subsidiaries weakened as against the mentioned
We have briefly summarised the most important features and main events of our
financial management in the followings.
Main events materially concerning the operations of the Group:
• The USD 50 million syndicated credit facility dated 23 April 1998 and
managed by Credit Suisse First Boston and as amended on 24 July 2000 was
redeemed by a new credit facility. The new credit facility agreement was
signed with a new syndicate of banks on March 18, 2002 and its amount is EUR
We repaid EUR 33,282,341 (HUF 8,114,235 th) old syndicated credit
facility at the end of March and EUR 4,047,000 (HUF 997,055 th)
investment credit facility on 2nd April from the new credit facility.
The first instalment in the amount of EUR 900,000 of the new syndicated
credit was due on June 30 which was repaid on July 1 due to a bank
holiday that day. This liability was included in the amount of HUF
219,150 th in 'Current portion of long term liabilites' line in our
balance sheet as of June 30. On June 28, EUR 452,781 (HUF 116,288 th)
interest was repaid relevant to the credit.
• Within the frames of the B-IV plant investment in Tofej the construction
of the following buildings has been completed:
• a complete production line for the production of fired and glazed wall
tiles with an annual capacity of 2,039,000 sq mts.
• body mass and pressing powder production equipment of 8.9 t/h capacity,
• finished goods warehouse of 6000 sq mts area,
• roads and other complementary public utilities.
Following the successful tests and performance test of the wall tile
production line and pressing powder production equipment, the technical
takeover took place on May 22, 2002 in accordance with the contract and
trial operation is in process.
The costs connected to the investment, considering also the preparation
plant and buildings, amounted to HUF 2 billion.
Main data for H1 2002 of Zalakeramia Rt parent company (based on the financial
statements of the parent company prepared in accordance with the International
• Sales revenue increased by 5.7 % as compared to the basis representing a
realization of almost HUF 3,944 million sales revenue.
• Production of tiles amounted to 2,970 th sq mts and that of stove tiles it
was 295 th tile units. In the case of the former, growth by volume exceeded
11.2 % as compared to the basis.
• 2.445 th sq mts were sold of own-produced tiles and 330 th sq mts of
• Gross margin approximated HUF 1,247 million.
• In H1 2002 gross margin percentage was 31.6 %.
• The Company recorded HUF 6 million exchange rate loss on the syndicated
credit facility in the first half year. The amount of the recognised
interest expense was HUF 203 million.
• Net profit/loss of the Company for the first half year was a loss of HUF
118,491 th. This unfavourable amount relates to the high interests.
Main data for H1 2002 of our S.C. CESAROM S.A. subsidiary (based on the
financial statements of the subsidiary prepared in accordance with the
International Accounting Standards):
• Sales revenue increased by 28.4 % in terms of Romanian Lei (ROL) as
compared to the basis and the amount of the reduction was 4.0 % in terms of
Forint as a consequence of relative change in value of the currencies.
• In H1 2002 tile production reached almost 2,329 th sq mts and the
production of sanitary ware exceeded 286 th pieces.
• 2,021 th sq mts of own-produced tiles and 179 th sq mts of purchased tiles
were sold. It means that sold quantity at the subsidiary in Romania
increased over 25.0 % as compared to H1 2001.
• Gross margin percentage was 29.0 % in the period under review..
• A loss of HUF 117 million as deferred tax and a loss of HUF 317 million in
the Net Monetary Position line was recorded. Considering the above profit/
loss after tax of the Romanian subsidiary was a loss of HUF 77 million.
Main data for H1 2002 of our Inker d.d. subsidiary (based on the financial
statements of the subsidiary prepared in accordance with the International
• In terms of Forint, growth of sales revenue of the subsidiary was 2.2 % as
compared to the basis period.
• In the sanitary ware business produced quantity increased 7.1 % compared
to the basis period. Rate of growth was 7.4 % for the porcelain tableware
representing the production of over 5.9 million pcs of porcelain products.
• 175 th pcs were sold of sanitary ware exceeding by 10.2 % the quantity of
the basis period. 6 million pcs were sold of porcelain tableware being 10.0
% more than the quantity sold in the basis period.
• Gross margin percentage was 17.0 %, same as the figure of the basis
• Ratio of selling, general and administrative expenses to sales revenue was
11.9 %. Growth of general expenses to the basis was created mainly by the
increase in insurance premiums and maintenance costs of the informatics
• Profit after tax of the subsidiary in Croatia was HUF 103.5 million.
I. Analysis of the consolidated and unaudited profit and loss statement
Sales revenue of the Group is shown below:
Company H1 2002 H1 2001
Domestic Export Total Domestic Export Total
Zalakeramia Rt. 3 163 615 458 040 3 621 655 2 901 233 488 708 3 389 941
Inker d.d. 925 075 1 114 176 2 039 251 1 050 263 966 519 2 016 782
S.C.Cesarom S.A. 2 464 957 420 201 2 885 158 2 622 582 404 138 3 026 720
Inker Trgovina 32 215 32 215 0
Total: 6 585 862 1 992 417 8 578 279 6 574 078 1 859 365 8 433 443
Sales revenue on group level exceeded that of the basis period by 1.7 %. Growth
of revenue was 6.8 % at the parent company and growth of revenue was 1.1 % at
the Croatian subsidiary. The Romanian subsidiary's sales revenue reduced by 4.7
%. Average price of tiles calculated in ROL was the same as the basis level
however converting it into Forints the average price declined 20 %. Its negative
effect was eased by the growth of volume. Export revenue increased by 7.2 % on
group level and 23.2 % of the sales revenue originated from export sales.
In H1 2002 Zalakeramia Group sold total 4,540,057 sq mts of own-produced tiles
and 508,609 sq mts of purchased tiles. Purchased tiles were placed on the market
under the own brand names of Zalakeramia Group therefore these can be redeemed
when the new production line starts manufacturing.
Sanitary ware (in H1 2002)
Production (pcs) Sales (pcs)
Inker d.d. 168,421 175,185
S.C. Cesarom S. A. 286,460 271,783
Volume of production increased by 7.1 % compared to the basis period at the
subsidiary in Croatia despite of some technical and technological problem
occurring. Growth of the production volume was 9.0 % at the Romanian subsidiary.
Sales increased by 10.2 % at the Croatian subsidiary while it was the same as
the basis level at S.C. Cesarom S.A.
At Inker d.d. sold quantity reduced 0.8 % in the domestic market while the rate
of growth was more than 20 % in the export markets. However, sales revenue
declined 1.2 % in the domestic market. Sales revenue from sanitary ware exports
increased by 33.1 % because in addition to volume, average export prices also
grew by 7.2 %. 11.4 % increase of total sales revenue is also due to this.
At the subsidiary in Romania the quantity of sanitary ware sold in the period
under review was 271.783 pcs corresponding to a basis level sale. Sales revenue
in terms of ROL grew by 27.2 % and calculating in Forints it was the same as the
Total quantity of porcelain tableware produced in H1 2002 approached 6 million
pcs being 7.4 % higher than the quantity of the corresponding period of the
previous year. Sold quantity exceeded the produced quantity which was 10.0%
higher than the 5.5 million pcs sold in H1 2001. Domestic revenue was behind the
basis by 6.9 % due to some liquidity problem in the country and uncertainty
caused by the privatisation being in process now in the hotel segment. At the
same time, sales revenue of total porcelain products increased by 6.1 % because
the export revenue representing a proportion of 71.3 % increased by 13.1 %.
281.431 tile units of stove tiles were sold representing a 9.9 % decline. Sales
was 4.8 % behind the level of the basis period in terms of sales revenue.
Company H1 2002 H1 2001 Index %
Zalakeramia Rt. 1 117 840 1 169 209 95.6
Inker d.d. 346 362 341 051 101.6
S.C. Cesarom S.A. 978 222 1 372 448 71.3
Inker Trgovina 7 360
Total: 2 449 784 2 882 708 85.0
Gross margin of Zalakeramia Group was behind the figure of the corresponding
period last year. It was Inker d.d. only who could repeate its last year's
Gross margin reduced at the parent company due to the increase in the sales
volume of purchased tiles in the lower price segment which were not included in
the product assortment, and were used for market acquiring promotions. In
addition, specific costs of sales of own tiles exceeded the figure of the basis
period however, growth remained below the rate of inflation.
Gross margin at S.C. Cesarom S.A. declined as a result of the effects of
reasonable market acquiring means (benefits) with a view to trade policy.
Average prices in terms of ROL remained on the basis level however, converting
into Forint there was a 20 % decline in average prices which could not fully
offset either the increase of sales volume.
Gross margin percentages
Company H1 2002 H1 2001 Index %
Zalakeramia Rt. 30.87% 34.49% 89.5
Inker d.d. 16.98% 16.91% 100.4
S.C. Cesarom S.A. 33.91% 45.34% 74.8
Inker Trgovina 22.85%
Total: 28.56% 34.18% 83.5
Selling, general and administrative expenses
Company H1 2002 H1 2001 Index %
Zalakeramia Rt. 976 843 844 624 115.7
Inker d.d. 239 813 224 323 106.9
S.C. Cesarom S.A. 384 369 264 528 145.3
Total: 1 601 025 1 333 475 120.1
Inker Trgovina 16 056
Jaszberenyi uti Kft. 1 504 349 430.9
Lakopark Kft. 3 486 2 996 116.4
Keramialand Kft 2 475
Hussar Holding AG 21 873 12 371 176.8
Grand total: 1 646 419 1 349 191 122.0
Selling, general and administrative expenses on group level grew by 22.0 %.
In the case of the parent company the costs of the due diligence were included
in the company general costs and besides this the marketing costs caused an
At Inker d.d. the increase in the general costs resulted from the growth of
insurance premiums and costs of informatics.
For an efficient market expansion S.C. Cesarom S.A. applied various marketing
means and the insurance expenses also increased. As a result of it its general
Other operating income and other operating expenses
The increase in other operating income was caused by the provisions of HUF 50
million released in the period under review which had been made for the
recultivation costs related to Pietra mining sites.
Other operating expenses inlcuded the recultivation costs of Pietra mining areas
in the amount of HUF 100 million in the basis period which have not occurred
this year. At Inker d.d. growth of local rates caused almost HUF 30 million
Exchange rate loss/exchange rate gains
Exchange rate loss/exchange rate gains are shown in a separate line in a grossed
up manner the balance of which is a profit.
Exchange rate gains: HUF 324,543 thousand
Exchange rate loss: HUF (273,472) thousand
Balance: HUF 51,071 thousand
Exchange rate loss/exchange rate gains resulted, on the one side, from the
movements of exchange rates generating continuously on the receivables and
liabilites and, on the other side, from the restating of the investments.
Change in HUF/EUR rate may be a factor significantly influencing the results of
the Group due to the syndicated credit included in the books of the parent
Result of financial activities
Interest income, interest expense
Decrease in the balance of interest income and interest expense relates to the
credit facility reduced as a result of the scheduled repayments and, on the
other hand, the continuously generating funds were used for the tile plant
investment of the parent company. Relating to the syndicated credit HUF 303
million interest expense arose in the basis period and HUF 203 million in the
period under review.
Net monetary position
In the period under review the value of monetary assets exceeded that of the
monetary liabilities therefore the Company generated loss on net monetary
position. Its reason is that the foreign currency investments mentioned earlier
were not inflated but restated. Its influence is shown in the exchange rate
Corporate tax liability
This line includes the corporate tax liability on the profit originated at our
S.C. Cesarom S.A. subsidiary in H1 2002 (calculated in accordance with the
Romanian Accounting Standards) and payable in accordance with the Romanian tax
Deferred tax reported in the income statement includes, on the one side, the
part of total deferred tax liability incurring by S.C. Cesarom S.A. as a result
of the adjustment for inflation of the financial items, falling on the period
under review. The considerable decline was caused by the significant decrease of
inflation being 9.3 % in the first half year.
With all these items taken into consideration, the consolidated and unaudited
profit of the Group amounted to HUF 58,150 thousand in the first half of 2002.
II. Analysis of the consolidated and unaudited balance sheet
Balance sheet total of the Group increased by 3.5 % in the period under review.
Increase in current assets amounts to 14.9 %.
Cash and cash equivalents increased by 72.5 %. This was caused, on the one side,
by the fact that the repayment of the syndicated credit in the amount of EUR
900,000 was made on July 1 therefore this line still includes this amount and,
on the other side, gains and receivables, respectively on the disposal of
investment were shown here.
Accounts receivable increased 5.9 % as compared to the corresponding figure of
the previous year..
The amount of inventory increased by 12.6 % or HUF 569 million. Within this, The
amount of raw material inventory increased by HUF 46 million, goods by HUF 138
million, WIP by HUF 63 million and finished godds inventory by HUF 322 million.
Short term investments have decreased by more than 63.5 % which is mainly caused
by the decrease of government securities appearing in this row. We have used
these funds for the current investment as well as for fulfilment of liabilities
in connection with syndicated loan.
The amount of other current assets increased by 37.9 % which corresponds to the
receivables from the disposal of an investment.
Fixed assets and others
Fixed assets and others decreased by 4.3 %.
The 4.5 % increase in tangible assets was a result of the current investment at
the parent company.
The net value of intangible assets was lower by 31.9 % compared to the basis
period because the replacement of assets falls behind the amount of amortization
accounted for in this row and the amortization of foundation costs of Hussar
The deferred tax line includes the deferred tax formed due to the deferred loss
of Zalakeramia Rt. according to the tax law.
Reduction of financial investments was caused by the disposal of the investment
Liabilities and shareholders' equity
Current liabilities have increased by 14.7 %.
Accounts payable and accrued expenses have increased by 33.9 %. As a result of
persistant negotiations at all three manufacturing companies amount of suppliers
increased by HUF 626 million in total improving the financing position of the
The amount of short term debts has met the basis level.
Current portion of long term debts
Included in this line is the current portion of syndicated credit repayment
liability in the amount of EUR 4,000 and appears here the principal repayment of
EUR 900 thousand for the second quarter 2002 - paid on July 1 - which is
Long term liabilities
Long term liabilities
Rate of growth in long term liabilities is 11.1 %.
The increase was caused by the growth of syndicated credit facility as the
credit raised for the investment realized at the parent company became a part of
the redeemed and rescheduled syndicated credit in the first quarter of this
S.C. Cesarom S.A. indexes the value of its tangible assets in the IAS financial
reports according to the regulations regarding inflated economies. The deferred
tax payment liability shown in the balance sheet represents the tax payment due
after the difference of the revalued Romanian book value and the Romanian book
value forming the tax base to be calculated according to IAS.
The value change within environmental provisions is caused by the release of
provisions for the recultivation works in progress in the former Pietra mining
Minority interests decreased by 14.1 % compared to the basis period.
Zalakeramia Rt. carried out a capital increase at S.C.Cesarom S.A. in the summer
of 2001 and as a result, its share in the Romanian subsidiary increased to 98.67
Owners' equity has met the basis level.
Issued capital and capital reserves remained unchanged compared to the basis.
Translation adjustment is the balance of exchange rate differences generating on
translating into Forint during the consolidation. The difference here was caused
by the changes in the cross-rates of foreign currencies.
III. Cash Flow
Our funds increased in the first half year 2002. Causes of this increase were
detailed in the analysis of balance sheet lines.
IV. Financial ratios
2002. 06.30. 2001.06.30.
1. Ratio of accounts payable within total liabilities: 43.0 % 41.0 %
2. Efficiency of stocks: 168.0 % 185.9 %
3. Stock turn ratio: 1.74 2.02
4. Chronological average of stocks 4,920,545 4,180,573
1. Rate of indebtedness: 43.0 % 41.0 %
2. Liquidity ratio I.: 3.36 3.35
3. Liquidity ratio (quick ratio): 2.21 2.19
Companies involved in the consolidation
Company name Share capital Stake (%) Voting rate
Hussar Holding Ag EUR 50,736 thousand 100.0 100.0
S.C Cesarom S.A. USD 18,000 thousand 97.94 97.94
Inker d.d. HRK 145,189 thousand 93.79 93.79
Inker Trgovina HRK 4,991 thousand 100.0 100.0
Jaszberenyi uti Ingatlanfejleszto HUF 750,000 thousand 100.0 100.0
Lakopark Kft. HUF 271,138 thousand 100.0 100.0
Keramialand Kft. HUF 220,000 thousand 100.0 100.0
Amounts in HUF thousands
2002. 06. 30. 2001. 06. 30. Index
Cash and cash equivalents 2 734 216 1 585 158 172.5%
Trade accounts receivable 3 252 957 3 071 741 105.9%
Inventory 5 105 262 4 535 934 112.6%
Short term investments 511 206 1 402 271 36.5%
Investment in associates
Other current assets 3 387 336 2 457 066 137.9%
Total current assets 14 990 977 13 052 170 114.9%
FIXED ASSETS AND OTHERS
Tangible assets, net 17 466 926 16 707 020 104.5%
Intangible assets, net 79 493 116 645 68.1%
Deferred tax 793 635 464 196 171.0%
Investments 22 970 1 900 334 1.2%
Total fixed assets and others 18 363 024 19 188 195 95.7%
TOTAL ASSETS 33 354 001 32 240 365 103.5%
LIABILITIES & OWNERS' EQUITY
Accounts payable and accrued expenses 2 447 422 1 827 939 133.9%
Short term loans payable 778 371 771 701 100.9%
Current portion of long term debt 1 238 845 1 291 322 95.9%
Total current liabilities 4 464 638 3 890 962 114.7%
LONG TERM LIABILITIES
Long term loans 8 035 906 7 234 140 111.1%
Deferred tax 1 691 834 1 891 826 89.4%
Environmental provisions 139 214 203 150 68.5%
Total long term liabilities 9 866 954 9 329 116 105.8%
Minority interests 616 271 717 212 85.9%
Issued capital 5 354 463 5 354 463 100.0%
Treasury shares 0 -
Share Premium Reserve 9 420 101 9 420 101 100.0%
Retained earnings 2 816 503 2 457 868 114.6%
Translation adjustment 815 071 1 070 643 76.1%
Total owners' equity 18 406 138 18 303 075 100.6%
TOTAL LIABILITIES AND OWNERS' EQUITY 33 354 001 32 240 365 103.5%
Amounts in HUF thousands
2002. 06. 30. 2001. 06. 30. Index
Turnover 8 578 279 8 433 443 101.7%
Cost of sales (6 128 495) (5 550 735) 110.4%
GROSS MARGIN 2 449 784 2 882 708 85.0%
Selling, general and administrative expenses (1 646 419) (1 349 191) 122.0%
Other operating income 140 343 124 251 113.0%
Other operating expenses (196 186) (257 656) 76.1%
OPERATING PROFIT 747 522 1 400 112 53.4%
Exchange rate loss/gains, net 51 071 953 878 5.4%
Interest income 73 654 132 301 55.7%
Interest expense (242 148) (352 586) 68.7%
Permanent diminution in affiliates -
NMP (316 639) 105 702 -
NET PROFIT BEFORE TAX 313 460 2 239 407 14.0%
Corporate tax (108 462) (178 609) 60.7%
Deferred tax (141 446) (328 099) 43.1%
NET PROFIT AFTER TAX 63 552 1 732 699 3.7%
Result of interests in associated companies 0 -
Minority interests (5 402) (13 922) -
NET PROFIT AFTER TAX & MINORITY INTEREST 58 150 1 718 777 3.4%
Cash Flow Statement
Cash Flow Statement HUF th
Opening cash and cash equivalents 1 975 448
Net profit 58 150
Depreciation 713 983
Depreciation of investments
Decrease/increase in inventory 167 710
Decrease/increase in trade receivables (1 800 619)
Short term investments 2 575 414
Decrease/increase in liabilities 146 796
Decrease/increase in minority interest (14 282)
Environmental provisions (50 000)
Unrealized exchange rate differences (718 746)
Decrease/increase in deferred tax (257 519)
Cash flow provided by operations 820 887
Addition to/disposal of investments (736 871)
Decrease/increase in financial investments 23 467
Cash flow used in investing activities (713 404)
Increase/decrease in loan 651 285
Cash flow generated by financial activities 651 285
Free Cash flow (HUF thousand) 758 768
Closing cash and cash equivalents (HUF th) 2 734 216
There are no material off-balance sheet items.
Number of full time employees (persons)
Company Group x
End of basis period Beg. of year u. review End of year u. review
Zalakeramia Group 2949 2921 2932
Data relating to share structure and shareholders
Owners structure, rate of shareholding
Total share capital=Listed series
Beginning of period End of period
Description of shareholders
(on 1 January) (on 30 June)
%* Pcs %* Pcs
Hungarian institutional/corportaion 40.76 2,182,508 53.93 2,887,427
Foreign institutional/corporation 14.32 766,798 13.59 727,773
Hungarian individuals 0.03 1,867 0.11 5,880
Foreign individuals 0.03 1,521 0.03 1,521
Employees, senior officers 0.2 10,565 0.12 6,552
Treasury 0 0 0 0
Shareholders belonging to state finances 0.18 9,796 0.18 9,796
International Development Institutions 0 0 0 0
Other 44.48 2,381,408 32.04 1,715,514
T O T A L 100.0 5,354,463 100.0 5,354,463
* Owners' stake equals to voting rate
Number of treasury shares (pcs) in the year under review
1 January 31 March 30 June 30 September 31 December
0 0 0
Shareholders having more than 5 % stake (June 30, 2002)
Shareholder Quantity Stake (%) Voting rate
Arago Rt 1,396,590 26.0827 26.0827
Altalanos 1,121,030 20.9364 20.9364
Ertek-forgalmi Bank Rt
Senior officers, strategic employees
Type Name Title Beginning of End/termination of Own shares
engagement engagement held (pcs)
BM Imre Takats Chairman & CEO 2001.04.28. 2006.04.28. 50
BM Agnes Sasinszki Director 2001.04.28. 2006.04.28. 6.500
BM Gyorgy Doleschall Director 2001.04.28. 2006.04.28. -
BM dr. Laszlo Zala Director 2001.04.28. 2006.04.28. -
BM Sandor Jellen * Director 2001.04.28. 2002.04.25. 13
BM Viktor Polgar * Director 2001.04.28. 2002.04.25. -
BM Gyorgy Karikas Director 2001.04.28. 2006.04.28. -
BM Agnes Albrecht ** Deputy CEO for Finance 2002.04.25. 2007.04.25. -
BM Istvan Toth ** Deputy CEO for Trade and 2002.04.25. 2007.04.25. -
SB Janos Granicz *** Chairman 2002.04.25. 2005.04.25. -
SB Ilona Borsos Member 2000.06.01. 2003.05.31. 2
SB Dr. Ervin Toth *** Member 2002.04.25. 2005.04.25. -
SB Donald Sharpe* Member 2000.06.01. 2002.04.25. -
SB Sandor Egyed Member 2000.06.01. 2003.05.31. -
SB Dr. Laszlo Szoke ** Member 2002.04.25. 2005.04.25. -
SP Imre Takats Chairman & CEO 1999.06.01. 2004.05.31 50
SP Agnes Albrecht Deputy CEO for Finance 1999.06.01. 2004.05.31. -
SP Istvan Toth Deputy CEO for Trade and 1999.09.01. 2004.05.31. -
SP Sandor Hegyi Deputy Techn.&Prod. CEO 2002.02.20. hatarozatlan -
* resigned from their positions at the AGM on April 28, 2002
** appointed at the AGM on April 28, 2002
*** resigned and re-appointed at the AGM on April 28,2002
Extraordinary announcements published in the period under review
Date Published in Subject, brief content
2002. 01. 24. Magyar Tokepiac Deputy general and technical CEO position terminated
2002. 02. 13 BSE home page Places to view Quick Report for year 2001
2002. 02. 14. Magyar Tokepiac, BSE Quick report for year 2001
2002. 02. 22. Magyar Tokepiac, BSE Fill up the position of deputy technical & production CEO
2002. 02. 26. Magyar Tokepiac, BSE Separationn of Lakopark Kft
2002. 03. 19. Magyar Tokepiac, BSE Amendment of credit agreement
2002. 03. 25. Magyar Tokepiac, BSE Notice of meeting
2002. 03. 26. Magyar Tokepiac, BSE Altalanos Ertekforgalmi Bank Rt to acquire a stake
2002. 04. 03. Magyar Tokepiac, BSE Complet items on the agenda of the AGM
2002. 04. 05. Magyar Tokepiac, BSE Indirect acquisition of stake by AB Gazprombank ' ZAO'
2002.04.09. Magyar Tokepiac, BSE HAS figures for year 2001 of Zalakeramia Rt
2002. 04. 24. Magyar Tokepiac Annual Report of Zalakeramia Rt. completed
2002. 04. 26. Magyar Tokepiac, BSE AGM results
2002. 05. 15. Magyar Tokepiac, BSE Quick Report for Q1 of Zalakeramia Rt and place to view
2002. 06. 25. Magyar Tokepiac, BSE Notice of Meeting
Zalaegerszeg, 13 August, 2002
Board of Directors of Zalakeramia Rt
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