Prague, 28 June 2007 – Unipetrol Shareholders approved the Board of Directors’ Management Report for 2006 [a yearly report on the business activities of the company and the state of its assets as at 31 December 2006]. The AGM also approved the annual financial statements and consolidated annual financial statements as at 31 December 2006.
The AGM also decided on the proposal for the distribution of the profit for 2006, which did not include dividend payout to the Shareholders. The profit of CZK 2,432,188,279.18 under the non-consolidated annual financial statements as at 31 December 2006 shall be distributed as follows:
Compulsory allocation to the reserve fund CZK 121,609,413.96
Retained profit CZK 2,310,578,865.22
The Shareholders elected Krystian Pater and Zdeněk Černý to the Supervisory Board of Unipetrol.
The Unipetrol AGM also approved the last but one point on the agenda and granted its consent to loan agreements to be entered into by Unipetrol and some companies controlled by Unipetrol z due to personal relations (*). Under the loan agreements, Unipetrol will be the debtor and the respective company of the Unipetrol Group will be the creditor. This consent by the AGM is one of the preconditions for launching cash pooling within the Unipetrol Group and is in line with its strategy of implementing centralised financing of the Unipetrol Group, i.e. financing from the level of the parent company. “Cash pooling will make the operating financing of the Group much more effective and transparent. At the same time we will achieve significant savings of financial costs. This is another logical step in the transformation of the company, the main objective of which is to use the Group’s potential to the maximum,” said Petr Sosík, CFO of UNIPETROL in charge of managing the transformation section.
The AGM deliberated and approved all points of the agenda (see the invitation at www.unipetrol.cz in the Regulatory Announcements section, 23 May 2007).
(*) The controlled companies are: BENZINA, s.r.o, CHEMOPETROL, a.s., PARAMO, a.s., UNIPETROL RAFINÉRIE a.s. and UNIPETROL RPA, s.r.o
Attachment (CV´s of the 2 UNIPETROL´s Supervisory Board members)
Krystian Pater (42) graduated from the Faculty of Chemistry of Mikołaj Kopernik University in Torun. He continued his studies in post-diploma chemical engineering courses at the Warsaw Polytechnics and acquired education in the management of the fuels sector and in corporate value management at the Warsaw School of Economics (Szkola Główna Handlowa). In 1993 he joined Petrochemię Płock. Later he joined PKN ORLEN, where he has held the position of Executive Director responsible for refinery production since 2005. Since June 2005 he has been a PKN ORLEN representative working in the management of UNIPETROL Rafinérie and CHEMOPETROL. Since 14 December 2006 he has been on the Board of Directors of AB Mažeikiu Nafta. Since 15 March 2007 Krystian Pater has also served on the Board of Directors of PKN ORLEN.
Zdeněk Černý (54) graduated from the Faculty of Law of Charles University in Prague, where he received his doctorate in law (JUDr). Between 1975 and 1989 he worked in various positions in rail transport, initially as a technologist and later in scientific-technical development in the inventors’ and innovators’ movement, and in the area of investments. Between 1990 and 2004 worked in Odborový svaz chemie ČR [trade union of the chemical industry of the Czech Republic], initially as head of the Chairman’s Secretariat, and later as the executive secretary and head of the legislative and legal section; in 1997 he was elected Chairman of this trade union. Since 1 July 2004 Zdeněk Černý has served as Chairman of the new ECHO Trade Union (the energy and chemical industries).