ANNUAL REPORT 2020

Železiarne Podbrezová a.s. ANNUAL REPORT 2020 39 to the General Meeting not to pay out dividends and retain reserves in the Company to maintain its financial position in the future. Sales revenues within the consolidation group amounted to EUR 285 460 thousand and the consolidated net loss amounted to EUR 3 535 thousand, of which a loss of EUR 3 900 thousand pertained to the shareholders of Železiarne Podbrezová. There was a 17% decrease in consolidated revenues compared to 2019 and the result of operations of the ŽP GROUP was a loss. Železiarne Podbrezová continues to be a reliable partner for many small and medium-sized entrepreneurs in the region and a number of established suppliers. As the largest employer in the region, the Company guarantees social security in the Brezno district and across the Banská Bystrica region. The Board of Directors of Železiarne Podbrezová a.s. would like to thank all our colleagues, as without their contribution, these results could not have been achieved. We would also like to extend our thanks to our suppliers, customers, financial institutions and all our business partners for their cooperation. We hope our good business relations will continue to develop successfully. We thank you for your trust. Approved by the Board of Directors’ decision on 19 May 2021. REPORT BY THE BOARD OF DIRECTORS ON BUSINESS ACTIVITIES, ASSETS AND FINANCIAL PERFORMANCE IN 2020 AND INFORMATION ON THE BUSINESS PLAN