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Yearly Report 2005 Metrostav a.s. member of DDM Group

Yearly Report 2005 Metrostav a.s.

02YEARLY REPORT 2005 METROSTAV A.S.

04 Key Indicators 2001–2005

06 Opening Statement by the Chairman

of the Board of Directors

08 Company Profile

10 Metrostav in DDM Group

12 Metrostav and its Subsidiaries

14 A Glance Back at 2005

18 Questions and Answers

20 Principal Activities of the Company in 2005

24 Metrostav’s Employees

26 Social Responsibility

28 Company Bodies

30 Senior Management

32 Comments on Financial Results

33 Financial Statements

38 Consolidated Financial Statements for 2005

in Compliance with the IFRS

42 Contacts Information

44 Companies in which Metrostav has a Holding

Contents

04Key Indicators 2001–2005

YEARLY REPORT 2005 METROSTAV A.S.

2005 2004 2003 2002 2001

Annual turnover CZK 000 20,893,704 17,096,141 13,939,348 12,227,736 10,525,303

Sales revenue CZK 000 20,786,110 18,106,286 13,662,827 12,157,033 9,464,295

Added value CZK 000 3,153,152 2,917,585 2,155,072 1,990,327 1,607,170

After-tax profit for the period CZK 000 703,589 454,730 381,938 290,370 202,959

Total assets CZK 000 11,346,916 10,061,501 8,021,316 6,616,831 5,717,763

– fixed assets CZK 000 3,556,195 2,639,154 2,098,388 2,153,548 1,672,696

– current assets CZK 000 7,728,782 7,332,355 5,833,088 4,370,981 3,972,587

Equity CZK 000 2,833,587 2,346,223 2,016,809 1,688,971 1,352,772

Registered capital CZK 000 790,667 790,667 790,667 790,667 790,667

Liabilities (ouside capital) CZK 000 8,143,989 7,551,197 5,893,641 4,292,602 3,769, 522

Average adjusted number of employees persons 3,329 3,139 3,133 3,130 2,923

Monthly earnings CZK 32,828 29,455 26,041 23,724 20,552

Added value per employee CZK 000 947 929 688 636 550

Profit per employee CZK 000 211 145 122 93 69

Dividend paid CZK 000 237,200 197,667 118,600 79,067 79,067

Construction work, including:

Roads, motorways, bridges, tunnels, metro CZK 000 8,529,220 8,200,980 6,177,422 5,203,430 4,264,882

Community buildings CZK 000 7,501,304 4,886,165 3,583,541 4,069,608 4,062,928

Residential buildings CZK 000 2,451,635 1,816,588 1,198,824 496,180 327,453

Industrial buildings CZK 000 661,276 681,058 1,343,748 989,515 419,949

Other construction CZK 000 932,402 810,885 803,596 961,991 957,392

Total construction work CZK 000 20,075,837 16,395,676 13,107,131 11,720,724 10,032,604


Opening Statement by the Chairman of the Board of Directors

Esteemed shareholders and business partners,

It is very pleasant for me and on behalf of the entire Company to glance back at 2005. The

Company’s turnover totalled almost CZK 21 billion and also other indicators were at a very good

level. The name of Metrostav appeared on quite extraordinary technical projects. In prestigious

competitions, Metrostav’s representatives took quite a few awards for technologies, and for

complete projects. Building experts from around the world showed interest in visiting Metrostav

construction sites. And the general public also wanted to see what and how Metrostav builds.

This confirms that Metrostav is viewed as a highly professional, stable, trustworthy, reliable

and – head and shoulders above the rest – a high quality building firm. It is a pleasure to see

that despite strong competition, our firm is perceived this way by a constantly growing number

of local, as well as foreign, investors.

Another positive signal is the fact that Metrostav’s activities are also valued in the framework

of the DDM Group. Back in 2001, the basic reasons for the establishment of this international

group of companies – associated around the Slovak Doprastav and the Czech Metrostav – was

the idea of strengthening their position on domestic and foreign markets jointly and in mutually

advantageous cooperation. The move has proved to be correct. The cooperation does not remain

on paper only, the companies tackle certain projects together, they consult work issues with

each other, send their experts to construction sites of partner organizations, exchange

experience. Last year, this was the case for new roads for the aiport complex in Prague-Ruzynû,

the IV. C2 line of the Prague underground mass transport system (“metro”), construction

of several tunnels: Panenská, Libouchec, Valík, and Klimkovice, and many other projects.

For being able to talk in such optimistic terms about 2005 I would like to thank

Metrostav’s management, which made extraordinary efforts to meet the Company’s strategic

objectives and to create good conditions for further growth. But most of all, I must thank all our

employees, because each of them has contributed to this success. My sincere thanks also go to

all our business partners. Without their confidence, Metrostav would hardly be able to prove its

strengths and qualities.

Jindfiich Hess, Chairman of the Board of Directors

Metrostav, a member of the DDM Group, ranks among the largest and traditionally most stable

construction firms in the Czech Republic.

It was founded in 1971 as a building firm specializing in the construction of the Prague metro.

After 1989, it became a universal construction company operating throughout the Czech

Republic, as well as abroad. Quite a few major construction projects in all segments of the

construction market show Metrostav’s highly professional signature. Many of them attracted

the attention of professionals and the lay public with the technologies chosen, or the conditions

under which they were carried out.

Metrostav is one of a few construction companies in the Czech Republic which is capable

of building a metro and doing other tunnelling work. However, it proves its qualities

and strength also when building modern residential and multi-purpose buildings, roads,

motorways and bridges, as well as demanding industrial complexes whose future operation

requires accuracy and consistency in every detail.

Since 1995 Metrostav has also carried out its own developer projects and their high quality

rank it among the leading firms on the Czech developer market.

Since the 1990’s, the originally narrowly-specialized firm has experienced major changes, but

its effort to be one of the best in its field has not changed. Metrostav was the first big Czech

construction company to win the international BVQI certificate for general contracting services

and it has the right to compete for special projects in all NATO member countries. It was also

well ahead of other competitors in tackling issues of management systems and environmental

issues.

Metrostav is one of the founding members of the PPP (Public Private Partnership) Association.

It is part of a broader context for creating conditions for the realization of PPP projects

in the Czech Republic.

The Company considers philanthropy and targeted donations and sponsorship activities

to be a natural part of corporate ethics. It is persuaded that responsible behaviour in society

is evidence of a company’s real stability, similar to its business results.

08Company Profile


The international DDM Group was established in 2001 shortly after Slovak Doprastav became

the majority owner of Metrostav’s shares in October 2000.

From the beginning, companies associated with Metrostav and Doprastav tried to create

a well balanced group that would have all prerequisites to engage successfully in business

on the Czech and Slovak market, and also to expand to foreign markets. The business strategy

of the group is based on the principle of mutual confidence and on the use of synergistic effects.

Being part of the DDM Group lends all member firms much larger capabilities for facing

the growing competition on the construction market in the Czech Republic and Slovakia,

competing for projects abroad, and ranking from the very beginning among building firms able

to complete specific projects with non-standard financing models.

Individual members of the group were able to fully use their potential also in 2005, when

non-consolidated turnover of companies in the DDM Group exceeded CZK 40 billion.

Metrostav contributed about one half to this result.

10Metrostav in DDM Group


12Metrostav and its Subsidiaries


Metrostav a.s.

Subterra a.s.

STAVEBNÍ OBNOVA ÎELEZNIC, a.s.

Metrostav SK a.s.

Doprastav, a.s.

METROS, s.r.o.

DORG-trubní systémy, spol s r.o.

SQZ, s.r.o.

TBG METROSTAV s.r.o.

TBG PraÏské malty, s.r.o.

PraÏské betonpumpy a doprava s.r.o.

CCE Praha, spol. s r.o.

M-D recyklace, a.s.

Metrostav Invest a.s.

Metrostav Rezident a.s.

Metrostav Alfa s.r.o.

Metrostav Beta s.r.o.

Metrostav Delta s.r.o.

Metrostav Epsilon s.r.o.

Metrostav Kappa s.r.o.

Metrostav Krutec s.r.o.

METROSTAV – INTERTRADE, a.s.

Metrostav Navatyp a.s.

Spoleãnost Západního mûsta, akciová spoleãnost

EKOTUNEL Praha, s.r.o.

PROSEK, spol. s r.o.

controlled companies

other companies with direct of indirect holdings

construction companies

servicecompanies

developer companies

other companies

January

New Collective Agreement for 2005 and 2006 entered into effect Jifií Procházka, Deputy

Director for Sales of Division 3 became its Director Restructuring of the TOKOVO high-rise

building in Prague 7 was completed Reconstruction of the Law Faculty of the West Bohemian

University in PlzeÀ A new maternity hospital building at the Institute for the Care of Mother

and Child in Prague-Podolí opened Developer Division moved to building B in Palmovka-Park

Mobile cubicles in new visual style appeared on Metrostav’s construction sites

February

Reconstruction of the Music Theatre in Prague-Karlín began Half of the tunnelling work on the

Valík motorway tunnel on the PlzeÀ bypass was completed First kilometre of the IV.C2 metro

line was driven “Net River Dyje” project started in Tfiebíã Metrostav‘s Second Technical and

Economic Conference took place Framework of the Prague 2 Town Council was completed

Foundation stone laid for the “Na Zelené louce” housing complex in Prague-Kbely

Contruction of the Novo Plaza Sales Centre started Flats in Ústí nad Labem-Bukov completed

Metrostav’s grand slalom and cross-country race held Metrostav‘s Second Squash Cup

sponsored A group of experts from Metrostav visited Millau, the highest bridge in the world

March

Protected trademark of Metrostav for other European states issued Foundation stone tapped

for the part between Lipník nad Beãvou and the state border with Poland on the D47 motorway

Tunnelling work on the Panenská tunnels completed and on the Libouchec tunnel on D8

motorway begun Hnûvkov II railway tunnel driven through First phase of the flood

protection measures in Prague 8-LibeÀ completed Office Park in Nové Butovice completed

Biologic Technologies Centre in Nové Hrady opened with a ceremony Historic water channel

discovered during reconstruction of the Jesuit College in Kutná Hora Metrostav’s wall

calendar won the “Calendar of the Year 2005” title in the graphic calendars category

April

Ceremonial Evening closing the Music Theatre Karlín Construction of R 48 speedway between

Fr˘dek Místek – âesk˘ Tû‰ín 163 flats completed in the Sylvan residential complex in PlzeÀ

Press conference held on results for the year 2004 of Metrostav and the DDM Group Flood

protection measures in the Palmovka metro station completed Metrostav won the award for

“Best Exposition” at the 10th International Building Fair, and a prize for “Contribution to the

Environment” Five Metrostav-built projects entered in “Presta” Prestigious Construction

of South Bohemia competition Mazda cars donated and delivered to representatives of “Fokus

– Society” for the care of the mentally handicapped, and to the Association of Foster Families

14A Glance Back at 2005


May

St. Barbora’s statuette embedded in the front of the South tunnel below Vítkov mountain One-track

tunnel before the LetÀany station and 1,000 metres of the two-track tunnel between Prosek and LetÀany on

metro line IV.C2 driven through Counter-heading of the Klimkovice tunnel on D47 motorway begun

Construction of the Nestlé complex in Modfiany started “Nov˘ Andûl” residential complex completed

Mrázovka tunnel won the main prize in the “Taurus” competition for the best use of Czech ceramic tiling

Concreting of the discharge casing at the power station in VraÀany Three water management

structures won awards at the 11th International Water Supplies and Sewer Services Exhibition

Metrostav’s annual party Open Door Day at the hospice in Prachatice “Give Yourself” in Prague-Letná

Metrostav transported historic arms to the ceremony marking the 60th anniversary of World War II

June

Construction of the Na Krutci residential complex begun Foundation stone tapped at the “Sunny

Hill” residential project Permission to use Aqua Forum in Franti‰kovy Láznû issued

3rd construction phase of the Galerie nad Vltavou project begun Ceremonial opening of the

reconstructed swimming pool in Prague 8-Kobylisy Rebuilding of the ChoceÀ railway station

completed Model of Jaroslav Ha‰ek’s monument baptised In the prestigious “Czech Top 100”

ranking, Metrostav won 2nd place in the “Building Firms” category and 28th place across all categories

Aviator carnival in Pardubice Metrostav‘s 2nd Golf Cup 2005 Metrostav‘s 5th Sports Games

July

First extension of the reinforced concrete bridge structure spanning Rybn˘ brook Ceremonial

opening of the Ostrov bypass road in the Karlovy Vary region The Libouchec tunnel holed through

St. Barbora’s statuette embedded in the front of the Klimkovice motorway tunnel The Sun Square

House, a residential high-rise building, completed Ceremonial opening of the reconstructed

building of the Regional Court in Dûãín Second construction phase of the Orion manufacturing

plant in PlzeÀ completed Foundation stone of the villa houses project in âeská Lípa completed

David âern˘’s statue serving as a bus station in Liberec unveiled Cheque for CZK 100 thousand

handed over to the Association of Foster Families in Brno Five millionth cubic metre of concrete

produced in the TBG Metrostav concrete mixing plant on Rohansk˘ island Open Door Day at the

Valík tunnel Metrostav’s redesigned web pages, operating under a new system, were launched

August

Cardinal Miloslav Vlk blessed Mother Teresa’s Centre in JiÏní Mûsto in Prague The Nile

House building in Prague 8 completed For the 3rd time, ROMODROM civic society, with

the support of Metrostav, organized summer camps for children from socially weak and in other

ways disadvantaged families 85 students held summer jobs in Metrostav


September

Metrostav received the “European Prize” for the Best Steel Structure, for the roofing of the Sazka

Arena hall The reconstructed “Mû‰Èanská Beseda” in PlzeÀ won the “Building of the Year 2005”

award The Mrázovka tunnels won the “Building of the Year 2005” title The link between halls

at the Prague-Ruzynû Airport opened for operation Europort foundation stone at the Prague-

Ruzynû Airport tapped New special kindergarten and primary school for children with speech

defects built in Veslafiská Street in Brno Contract signed for modernization of the railway corridor

IV section between Praha-Hostivafi and Stranãice Exhibition called “Memory of Place”, for which

Metrostav manufactured the concrete sculptures by Jaroslav Chramosta, was held in Klementinum

October

Final pushing of the bridge structure over Rybn˘ brook The ILBIT (Integrated Laboratories for Bio-

medicine Technologies) centre at the Masaryk University in Brno opened Tapping of the foundation

stone of the “Na Vyhlídce” residential complex in Prague 9 Jaroslav Ha‰ek’s equestrian statue revealed

at a ceremony Open Door Day at the Klimkovice tunnel Ceremonial opening of the “Zahradní

mûsto” housing estate in Brand˘s nad Labem Tapping of the foundation stone of the Economics and

Management Studies Centre in Prague-Suchdol Construction of the lift at the Florenc station on line

B of the Prague metro begun First “Donate your blood with Metrostav” event took place

November

New buildings opened at the Institute for Clinical and Experimental Medicine in the presence of the

Czech President, Václav Klaus Final extension of the bridge structure installed over Rybn˘ brook

Tapping of the foundation stone of the Faculty of Chemical Technology, Skalka opened Utility

tunnel network in the centre of Brno completed Construction of the bridge near Litomûfiice begun

Tapping of the foundation stone of the maternity hospital in PlzeÀ Reconstruction of the Imperial

Hotel in Prague begun Metrostav’s Annual Report placed ninth in the “Best Annual Report”

competition organized by the “Czech Top 100” Division 3 moved to a new address Mongolian

government delegation visited Metrostav A huge metal statue of Kaddish was transported to the

Egon Schiele Art Centre in âesk˘ Krumlov Metrostav’s Open Cup tennis tournament held

December

President Václav Klaus ceremonially opened the Prague 2 Town Hall First tube of the Klimkovice

motorway tunnel driven through Tapping of the foundation stone of the “Nová Brumlovka” BB

Leisure Centre New section of the D11 motorway opened Reconstructed spring area began service

in RoÏnov pod Radho‰tûm Tunnelling work below Vítkov mountain approached the demanding

section above the pedestrian tunnel Nine Christmas concerts took place in divisions, and “Carmina

Burana” was performed at a concert for Metrostav in the Rudolfinum concert hall


Interview with Jifií Bûlohlav, Metrostav’s Managing Director

Competition on the Czech construction market is ever fiercer. However, Metrostav achieved

very good results in 2005. In your opinion, what was the main reason for its success?

The ongoing work of the Company for its own future is bearing fruit. We have been very

carefully training our new colleagues – each year we hire about one hundred new university

graduates. Thanks to the good results in previous years, we can also invest in technical

development and maintain a leading position not only in terms of work volume and profit, but

also in the innovative capacity of the Company.

What other means does the firm use to defend its market position?

Our aim is not to defend our market position but to continue strengthening it. We are successful

in our efforts thanks to our highly qualified and skilled employees. On a long-term basis we

take care of our staff, which we consider to be the basis of our achievements. Of course, people

must know precisely what their duties and powers are, and therefore we changed our old

system of management to process management of all activities. This has made the job easier for

workers and technicians, as well as managers, all of whom now know unambiguously who is

supposed to do what, and when. As a result, managers constantly have at their disposal

sufficient data for the evaluation of current activities and for their correction if necessary.

Can you define the benefits of Metrostav being part of the DDM Group?

Unquestionably, our capital connection with Doprastav has many benefits. For many investors

we are a more trustworthy partner thanks to the size of the group. Last year, companies

associated with the DDM Group reached a turnover of about 40 billion Czech crowns on the

Czech and Slovak market, and brought the group to the absolute top in the building industry.

This turnover ranks us among central European firms – not only due to our technical

capabilities but also due to the Company’s size. The Group has very good prospects for growth,

both on domestic markets – i.e. on the Czech and Slovak markets – and in Eastern and

Southeastern Europe. Countries in these regions are in a similar situation as we were in the

1990s: they are preparing for accession to the EU. We know their needs well, we have tested

our ability to tackle them. We can therefore offer competitive quality and price and also

something extra, which we must use to our benefit in the years to come. Another advantage is

the capability to better use the technologies and machinery within the group. Greater

opportunities also are found in the area of human potential. Young employees have a better

chance for advancement because they do not have to wait as long for their opportunity as they

would in a smaller firm.

18Questions and Answers


Do you expect two-digit growth of production in future years?

I expect the Czech building industry to continue to grow, although obviously not at such a fast

pace as in the previous three years. There are quite a few possibilities on the Czech and Slovak

market, especially in the construction of transport infrastructure and environmental projects.

Czech industry is doing well and many companies feel the need to invest in the construction

of industrial projects; previously this was lacking on the Czech market. We can also expect that

construction of residential projects will grow and shopping networks will be completed. As

I said, we can also see many opportunities in countries which are preparing for accession to the

European Union. I also believe that a number of obstacles that hinder us from working in the

“old” EU countries will disappear in the course of time. I am an optimist and I believe that

Metrostav’s prospects are very good and that we are perfectly prepared for the future.

Which of the 2005 projects deserves special attention, in your opinion?

We built a number of structures which were extraordinary in the technical sense, and quite

interesting from the architectural point of view. We met the very diverse wishes of our

investors. We reconstructed several historic buildings, worked on four motorway tunnels, on

the construction of the Prague metro, and on a number of residential and commercial projects.

I was the most pleased by the bridge crossing Rybn˘ brook on the D8 motorway. Although the

construction was quite delayed in the beginning due to protests of environmental activists, we

were able to offer the investor an alternative technical method – concreting and stepwise

pushing out of the bridge structure over the brook. Thanks to this technique we built the whole

skeleton from March to October 2005 and we will complete the bridge at the end of 2006, or by

the date guaranteed in an intergovernmental agreement on the linkage of motorway networks

in the Czech Republic and Germany. This construction project, which is quite unique both

in terms of size and weight of the body being pushed, also confirmed that cooperation of the

designer, investor, and contractor is of key importance. A project like this could not be carried

out without the everyday contact of all partners on the construction site.

The involved parties must obviously be well prepared from the very beginning for similar projects.

Of course; the investor must be able to professionally evaluate the risks and advantages of the

technique offered even in the preparatory phase. On the other hand, the contractor must have

a sufficiently self-confident and experienced team that is provided with the moral and technical

support of the management. It has become a tradition that in the case of major projects,

Metrostav is able to offer investors a faster, cheaper, and more efficient solution. This is also

one of the reasons why big foreign investors have repeatedly given their contracts to us. They

expect us to meet their requirements beyond those spelled out in the original ideas and that we

will improve their projects. Private investors have long had this attitude, and we have also been

noticing this approach lately in the case of public orders. For investors from this sector such

approach is of course more difficult, because conditions for design alternatives must necessarily

be included in the tender. And evaluation of bids is similarly demanding. I highly appreciate

the fact that such care and attention is paid to the preparation of tenders; it is evidence of the

good quality of public investors and their responsible approach.


In terms of results, the year 2005 can indeed be considered very successful.

Metrostav continued strengthening its position on the construction market in the Czech

Republic. Compared with 2004, the Company’s production and profit increased by about 21%.

The Company’s production in 2005 exceeded CZK 20 billion and its turnover placed it second

among construction companies in the country. At the same time, Metrostav’s profitability

continued to grow.

In the course of 2005, Metrostav worked on about 200 various projects and its share in the

construction production in the Czech Republic totalled almost 5%.

Regional activitiesThe Company has branches in all regions of the Czech Republic and substantially helps their

development. In cooperation with local businesses it completes major construction projects and

it also supports social, cultural and sports activities in individual regions.

In 2005, the Company’s position in the regions strengthened again. Regional production worth

more than 8 billion Czech crowns was added to the traditionally highest turnover generated

in Prague and Central Bohemia. Compared with the 2004 production which totalled

CZK 5,8 billion, it is a dynamic increase.

Business activities abroadExpanding business activities abroad is one of the Company’s long-term strategic aims and the

management pays great attention to its fulfilment. In addition to the constantly growing

turnover on the Slovak construction market, emphasis is put on South and East European,

Ukrainian and Russian markets, as well as on markets in those EU countries where protectionist

measures are not strictly discriminatory. To enhance commercial activities in these territories,

the Company opened liaison offices in Hungary, Bulgaria and Ukraine.

In 2005, Metrostav a.s. participated in tenders in Slovakia, Hungary (the underground in

Budapest), Ukraine (oil tanks) and in Croatia and Bulgaria (motorways).

Joint activities within the DDM GroupJoint business activities of companies associated around Metrostav and the Slovak Doprastav

were coordinated in the framework of the DDM Group and prepared by the “Standing

Committee for Strategic Marketing”. Mutual cooperation and use of specific references,

technologies, equipment, certificates and special licences in the preparation of bids broadened

the number of tenders in which the partners could participate, and ensured them a better

starting position. In the Czech Republic, the synergic effects showed positively in the

construction of bridges and roads, and in the Slovak Republic in civil engineering projects.

20Principal Activities of the Company in 2005


Developer activitiesDeveloper activities form an inseparable part of the Company’s business activities. They are

ensured by the Developer Activities Division – either itself, or with the assistance of

subsidiaries established for this purpose.

In 2005, the 2nd phase of the construction and sale of the “Galerie nad Vltavou” residential

complex was completed, as well as the “Na Buãance” villa house and the “Nov˘ Andûl”

residence. The 3rd phase of the construction and sale of the Galerie nad Vltavou project

continued and so did two other projects: the Sun Square House and the 1st phase of the Krutec

Housing Estate. Four other projects were being prepared. A total of 542 flats, a garage with

688 parking places and 5,500 sq.m. of commercial areas were under construction in 2005.

In terms of quantity and quality of residential projects, Metrostav ranks among leading property

developers in the Czech Republic.

Production managementThe sophisticated process management system based on Metrostav’s organizational structure

enabled the Company to successfully manage the year-on-year increase in turnover and the

number of projects under construction. The system is continually improved and it creates

conditions for a further increase of production in the near future.

Major technologies and their innovationThe Company applies a total of eight key in-house technologies and pays great attention to their

management, monitoring and development. As in the previous years, the New Austrian

Tunnelling Method used in underground construction had the best results.

Technologies used in the reinforced concrete structures and bridges also resulted in

a substantial increase of production. The technology applied in the construction of a reinforced

concrete monolithic bridge pushed out over Rybn˘ brook undoubtedly deserves praise and the

title “Innovation of the Year 2005”.

Quality management system and certificationMetrostav’s quality management system fully complies with EU requirements and is also able to

meet – in all respects – the requirements of customers, and this has been confirmed many times

during our cooperation with experienced foreign partners. All of Metrostav’s key technologies

used have been certified for quality. Certificates of individual technologies are covered by the

Quality Management System for general contracting issued by the renowned London-based

BUREAU VERITAS QUALITY INTERNATIONAL (BVQI), which is part of the

BUREAU VERITAS transnational holding company.


Environmental policy and its fulfilmentSince 2004, the Company has fullfilled the requirements of the EMS certificate complying with

the ISO 14001 standard for the execution of civil engineering and engineering projects, and of

all supervisory audits. Metrostav thus demonstrated its readiness to meet global environmental

requirements.

Metrostav’s environmental policy is based primarily on the professional knowledge and

management skills of the Company’s managers, as well as on the responsible approach of all

employees to its fulfilment. All the Company’s construction activities are carried out in a way

that ensures minimal impact on the environment.

Occupational safetyIn 2005, the Company was audited by external auditors and for the third time received the "Safe

Company" certificate and continues to participate in the competition for this award. Metrostav

had acquired a certificate complying with the OHSAS 18801:1999 standard already in 2004,

and thus complemented its previously earned QMS certificate complying with the ISO 9001

standard and an EMS certificate complying with the ISO 14001 standard.

During work on projects the Company makes every effort to create safe working environment

and prevent work-related hazards and risks. A team of highly qualified employees ensures this

in the Company. A system of documents tested in practice pertaining to organization and

control with firmly set responsibilities of individual workers serves for safe management of

projects.


WorkforceThe Company’s workforce developed in line with annual HR plans. The total number of

employees rose and in 2005 stood at 3,329. The technical and administrative staff grew,

primarily the number of site managers, planning engineers and foremen. They account for

55.5% of the total number of employees. Professional restructuring of workers linked to the

Company’s key technologies continued.

More than 6,000 applicants were interested in working for the Company, including

700 university graduates. 498 new employees were hired, of them 91 were university graduates.

Trends in wagesThe Company’s results also influenced average earnings. During 2005, average monthly earning

increased to CZK 32,828. In the case of technical and administrative employees this meant

a 10.7% increase, and in the case of workers a 7.9% increase.

Support for qualification improvementMetrostav’s School of Management and Work is the basis of the staff’s professional training for

the future. In 2005, six employee groups participated in the programme, which included mutual

exchange of knowledge, experience and management skills. Major progress was recorded in

language courses. 349 employees committed themselves to acquiring in two years the

certificates at the level of the Joint European Framework. Another 34 selected project managers

began intensive language and professional training, qualifying them for the management of

projects abroad, which they will complete by 2006. 200 selected employees were included in

training courses preparing them for higher managerial positions; 27 of them were already

promoted to a higher position in 2005.

Care for employees’ health and working environmentIn the framework of preventive medical care, all employees underwent medical check-ups in

the Company’s contractual health care centre. A new system of organization for the check-ups

was introduced, and it helped save work time, and subsequently, costs. The preventive medical

care system also included inspections at the workplaces, monitoring of the impact of work and

working conditions on employees’ health and first aid training of employees.

24Metrostav’s Employees


The Collective AgreementMetrostav’s Collective Agreement for 2005 and 2006 is a significant document which guarantees

social harmony inside the Company and creates conditions for the successful fulfilment of its

strategic goals. The employee benefits agreed helped to stabilize highly skilled staff and

ensured work- and social security for competent employees.

Regular monthly meetings of representatives of the management and trade-union organization

were managed fairly, in the spirit of good cooperation, with efforts to mutually inform each

other about the latest development with the aim of preventing possible problems or

misunderstandings. All commitments of contractual parties agreed in the Collective Agreement

for 2005 were fulfilled.


Metrostav believes that accepting globally respected standards in the area of corporate

philanthropy has a positive influence on the business environment in the Czech Republic.

As a result, it considers philanthropy as an investment in the future and a process which

is positively perceived both by the firm’s employees and the public.

In 2005, Metrostav continued fulfilling the strategy outlined for charity and sponsorship back

in 2003 when the Company became one of the founding members of Donator, the Corporate

Donors Club: “The strong and successful are obliged to help where the hand of the state does

not reach”. The Company thus helped non-profit organizations with financial and in-kind

contributions worth almost CZK 14 million to implement their social, charitable and publicly

beneficial projects.

Contributions to non-profit organizationsAt the beginning of the year, the Company made financial donations to the “Adra Foundation”

to help the population of Sri Lanka affected by the devastating tsunami and to the town of

Poprad to handle the consequences of the natural disaster in the High Tatras.

One long-term project worth mentioning is Metrostav’s general partnership – for the fourth

consecutive year – with the Children’s Crisis Centre in Prague which specializes in protecting

and helping ill-treated, abused and neglected children. For the Crisis Centre,

Metrostav’s employees volunteer for the event called “Give Yourself.” For the second year, the

Company sent a donation to the Association of Foster Families in Brno, which helps foster

families in the region, and to the Half-way Home in Velk˘ DvÛr near Pohofielice, which takes

care of children leaving youth homes. Other non-profit organizations which obtained

a donation to help them carry on their activities included: Fokus, Mladá Boleslav, a society

helping the mentally ill, which operates protected workshops; the SANANIM civic centre,

which provides comprehensive treatment for juvenile drug addicts; the Life at the Crossroads

society, which focuses on providing ski courses to young people and children after serious

spine injuries; and the ROMODROM civic society, which helps children from socially weak and

disadvantaged families.

In connection with the completion of the hospice in Prachatice, Metrostav a.s. in 2005 decided

to support the operation of this facility for five years with 500 thousand Czech crowns per year.

Financial assistance in the sphere of cultureIn 2005, Metrostav was one of the main partners of the One World international film festival on

human rights organized by “People in Need” which operates under Czech Television. The

26Social Responsibility


Company also became one of the partners of the International Film Festival for Children and

Youth in Zlín and of the “Finále PlzeÀ” Czech Film Festival.

Two Prague theatres should not be missing in the list of subsidized organizations – the

“Na Zábradlí Theatre” and the “Dejvické Theatre” – which Metrostav has repeatedly supported,

as well as Egon Schiele Art Centre in âesk˘ Krumlov. For the latter, Metrostav ensured the

transport of a seven-metre sculpture “Kaddish” created by sculptor Ale‰ Vesel˘.

Two valuable works of art were created thanks to Metrostav’s donations – David

âern˘’s sculpture that serves as a bus booth in Liberec, and an equestrian statue (a practical

joke) of Jaroslav Ha‰ek by Nepra‰ which was unveiled in October 2005 in Prague 3, ÎiÏkov.

Assistance for sportsIn the area of sports, Metrostav made significant contributions especially in the regions where it

supported a wide range of sports activities, and primarily proficiency sports and children, and

youth sports activities. Sports clubs in ChoceÀ, PlzeÀ, Liberec, Pardubice or Ústí nad Labem

obtained donations.

In 2005, Metrostav became a partner in the project called “Looking for the next Katefiina

Neumannová”, whose aim it is to identify and enroll children talented as skiers who are not yet

registered in any sports club.

Cooperation with schoolsMetrostav also substantially supports secondary schools and universities and colleges in the

Czech Republic and Slovakia. At present, it has contracts with five university faculties and uses

many modern forms to support and motivate the best students.


28Company Bodiesat 31 December 2005


Board of Directors

Jindfiich Hess *1940 Chairman of the Board of Directors

Czech Technical University, Prague – Faculty of Civil

Engineering

Vice-President of the DDM Group Presidium

Authorized Representative of Metrostav’s General Director

for Development and External Relations

Ivan ·esták *1943 Vice-Chairman of the Board of Directors

Slovak Technical University, Bratislava – Faculty of Civil

Engineering

President of the DDM Group Presidium

Jifií Bûlohlav *1950 Member of the Board of Directors


Engineering

General Director, Metrostav a.s.

Ján Dudá‰ *1943 Member of the Board of Directors

Slovak Technical University, Bratislava – Faculty

of Engineering and Transport Constructions

Director, Doprastav Bohemia a.s.

Franti‰ek Klepetko *1937 Member of the Board of Directors


Engineering

Vice- President of the DDM Group Presidium

Du‰an Mráz *1954 Member of the Board of Directors


Engineering

General Director, Doprastav, a.s.

Zdenûk ·inovsk˘ *1947 Member of the Board of Directors

University of Economics, Prague – Faculty of Economics

and Public Administration

Financial Director, Metrostav a.s.


Supervisory Board

Daniel Janisch *1949 Chairman of the Supervisory Board

Charles University, Prague – Law Faculty

Consultant for trade and finance

Daniel Knotek *1946 Vice-Chairman of the Supervisory Board

University of Economics, Bratislava – Faculty

of Mechanization and Control Work Automation

Vice-President of the DDM Group Presidium

Pavel Pilát *1959 Vice-Chairman of the Supervisory Board


Engineering

Commercial Director, Metrostav a.s.

Viktor Karel *1942 Member of the Supervisory Board


Engineering

Foreign Business Director, Doprastav, a.s.

Franti‰ek Koãí *1960 Member of the Supervisory Board

University of Economics, Prague – Faculty of Business

Administration, MBA

Production Economics Director, Metrostav a.s.

Pavel Meyer *1949 Member of the Supervisory Board

Secondary Mining and Metallurgical School

Chairman of the Construction Trade Union Branch Stavba,

Metrostav a.s.

General Director

Jifií Bûlohlav

Executive Directors

Zdenûk ·inovsk˘ Financial Director

Ivan Hrdina Production and Technology Director

Pavel Pilát Commercial Director

Franti‰ek Koãí Production Economics Director

Josef ·korpil Personnel Director

Divisional Directors

Milan Veselsk˘ Director of Division 1

Jifií Procházka Director of Division 3

Josef Neuwirth Director of Division 4

Václav Soukup Director of Division 5

René Hermann Director of Division 6

Jaromír Kunrt Director of Division 7

Pavel ·rámek Director of Division 8

Ivan Kajer Director of Division 9

Ivan ·kripeÀ Director of Division 10 – Branch Bratislava

Jan Richtr Director of Division 11

Vladimír Meitner Director of Developer Activities Division

30Senior Managementas at 31 December 2005


In 2005, Metrostav proved that it belonged among the financially sound and stable building

firms in the Czech Republic and has all qualifications to maintain this trend also in the future

period.

The Company increased its capital holdings in Subterra a.s. and Doprastav, a.s. At the end of

the year, it owned a 100% holding in Subterra and 49.95% in Slovak Doprastav. In the same

year, a holding was also purchased in PROSEK, spol. s r.o.

Holdings in other companies neither changed, nor were the companies sold.

Most of the investments were spent on the purchase of machines and equipment in support

of the Company’s key technologies. The biggest addition was the purchase of a movable

scaffolding system.

Towards the end of 2005, the extension of the construction park in Horní Poãernice was

completed and permitted the concentration of key technologies in one, modern complex.

32Comments on Financial Results


Balance sheet as at 31 December 2005 (in CZK thousands)

Assets 31. 12. 2005 31. 12. 2004

Brutto Korekce Netto Netto

Total assets 12,886,538 -1,539,622 11,346,916 10,061,501

B. Fixed assets 4,971,041 -1,414,846 3,556,195 2,639,154

B. I. Intangible fixed assets 113,387 -99,414 13,973 14,905

B. I. 1. Software 95,955 -84,624 11,331 5,516

B. I. 2. Royalties 1,461 -1,461 – –

B. I. 3. Other intangible fixed assets 14,001 -13,329 672 1,277

B. I. 4. Intangible fixed assets in the course of construction 1,970 – 1,970 8,112

B. II. Tangible fixed assets 2,863,023 -1,310,432 1,552,591 1,344,559

B. II. 1. Land 91,545 – 91,545 88,304

B. II. 2. Construction 1,218,754 -465,859 752,895 681,654

B. II. 3. Separate tangible items and sets of tangibles 1,187,089 -757,572 429,517 463,362

B. II. 4. Other tangible fixed assets 189,632 -87,001 102,631 59,152

B. II. 5. Tangible assets in the course of construction 124,013 – 124,013 36,229

B. II. 6. Advances paid for tangible fixed assets 51,990 – 51,990 15,858

B. III. Long-term investments 1,994,631 -5,000 1,989,631 1,279,690

B. III. 1. Investments in controlled entities / subsidiaries 952,594 – 952,594 903,567

B. III. 2. Investments in associates 1,036,061 -5,000 1,031,061 41,640

B. III. 3. Other long-term investments in securities 5,500 – 5,500 332,483

B. III. 4. Long-term investments acquired 476 – 476 –

B. III. 5. Advances paid for long-term investments – – – 2,000

C. Current assets 7,853,558 -124,776 7,728,782 7,332,355

C. I. Inventories 483,561 – 483,561 464,217

C. I. 1. Raw materials 261,509 – 261,509 108,757

C. I. 2. Work in progress and semi-finished products 220,732 – 220,732 354,853

C. I. 3. Prepayments for inventory 1,320 – 1,320 607

C. II. Long-term receivables 892,192 – 892,192 560,283

C. II. 1. Trade receivables 737,422 – 737,422 402,987

C. II. 2. Receivables – controlled entities / subsidiaries 1,550 – 1,550 2,150

C. II. 3. Other receivables 12,308 – 12,308 24,423

C. II. 4. Deferred tax asset 140,912 – 140,912 130,723


Financial Statements

Assets 31. 12. 2005 31. 12. 2004

Brutto Korekce Netto Netto

C. III. Short-term receivable 5,030,988 -124,776 4,906,212 3,853,758

C. III. 1. Trade receivables 3,685,869 -113,876 3,571,993 3,324,681

C. III. 2. Receivables – controlled entities / subsidiaries 191,686 – 191,686 158,500

C. III. 3. Receivables – associates – – – 2,100

C. III. 4. Receivables from shareholders / owners 113,917 – 113,917 18,483

C. III. 5. Taxes and state subsidies receivable 259,784 – 259,784 61,554

C. III. 6. Short-term advances paid 134,753 -5,645 129,108 213,730

C. III. 7. Anticipated assets 20,113 – 20,113 1,443

C. III. 8. Other receivables 624,866 -5,255 619,611 73,267

C. IV. Financial assets 1,446,817 – 1,446,817 2,454,097

C. IV. 1. Cash in hand 1,207 – 1,207 530

C. IV. 2. Cash at bank 85,116 – 85,116 311,503

C. IV. 3. Short-term investments 1,360,494 – 1,360,494 2,142,064

D. I. Accruals and deferrals 61,939 – 61,939 89,992

D. I. 1. Prepaid expenses 37,703 – 37,703 55,738

D. I. 2. Accrued revenue 24,236 – 24,236 34,254



Liabilities 31. 12. 2005 31. 12. 2004

Total liabilities and equity 11,346,916 10,061,501

A. Equity 2,833,587 2,346,223

A. I. Share capital 790,667 790,667

A. I. 1. Share capital 790,667 790,667

A. II. Capital contributions 31,446 39,605

A. II. 3. Assets and liabilities revaluation 31,446 39,605

A. III. Reserve funds, non-distributable reserves and other reserves 159,481 136,744

A. III. 1. Statutory reserve fund 159,481 136,744

A. IV. Retained earnings 1,148,404 924,477

A. IV. 1. Retained profits 1,148,404 924,477

A. V. Profit (loss) for the current period 703,589 454,730

B. Liabilities 8,143,989 7,551,197

B. I. Provisions 943,684 827,658

B. I. 1. Tax-deductible provisions 95,569 177,013

B. I. 3. Provision for income tax 33,898 –

B. I. 4. Other provisions 814,217 650,645

B. II. Long-term liabilities 1,094,904 760,144

B. II. 1. Trade payables 1,094,904 759,694

B. II. 2. Other liabilities – 450

B. III. Short-term payables 5,925,401 5,723,395

B. III. 1. Trade payables 4,626,533 3,784,210

B. III. 2. Liabilities to shareholders / owners 162,883 22,974

B. III. 3. Liabilities to employees 80,679 75,694

B. III. 4. Liabilities for social security and health insurance 49,768 46,955

B. III. 5. Taxes and state subsidies payable 18,051 164,687

B. III. 6. Short-term advances received 321,961 823,747

B. III. 7. Anticipated liabilities 656,397 801,485

B. III. 8. Other liabilities 9,129 3,643

B. IV. Bank loans and assistance 180,000 240,000

B. IV. 1. Long-term bank loans 120,000 180,000

B. IV. 2. Short-term bank loans 60,000 60,000

C. I. Accruals and deferrals 369,340 164,081

C. I. 1. Accruals 162,981 117,093

C. I. 2. Deferred revenue 206,359 46,988


Income statement as at 31 December 2005 (in CZK thousands)

Accounting period

2005 2004

I. Sales of goods 552 704

A. Cost of goods sold 499 688

+ Gross profit 53 16

II. Sales of productiony 20,893,704 17,096,141

II. 1. Sale of own products and services 20,786,110 18,106,286

II. 2. Change in inventory of finished goods and work in progress -133,784 -1,107,770

II. 3. Own work capitalized 241,378 97,625

B. Cost of sales 17,740,605 14,178,572

B. 1. Raw materials and consumables 15,138,274 12,106,877

B. 2. Services 2,602,331 2,071,695

+ Value added 3,153,152 2,917,585

C. Staff costs 1,887,170 1,629,188

C. 1. Wages and salaries 1,357,956 1,176,205

C. 2. Emoluments to board members 8,160 8,160

C. 3. Social security and health insurance costs 474,775 410,546

C. 4. Other social costs 46,279 34,277

D. Taxes and charges 16,401 13,810

E. Depreciation of fixed assets 178,355 167,230

III. Sale of long-term assets and raw materials 269,300 143,349

III. 1. Sale of long-term assets 35,590 55,946

III. 2. Sale of raw materials 233,710 87,403

F. Net book amount of long-term assets and raw materials sold 247,486 111,093

F. 1. Net book amount of long-term assets sold 26,316 47,018

F. 2. Raw materials sold 221,170 64,075


G. Decrease in operating provisions and complex prepaid expenses 74,161 457,686

IV. Other operating income 119,424 84,145

H. Other operating charges 201,428 164,453

* Operating result 936,875 601,619

VI. Income from sales of securities and shares – 108,306

J. Securities and shares sold – 100,062

VII. Income from long-term investments 26,643 43,200

VII. 1. Income from investments in controlled

entities / subsidiaries and associates 26,643 43,200

IX. Income from revaluation of securities 13,251 –

X. Interest income 32,677 30,101

N. Interest expense 6,673 4,625

XI. Other financial income 39,496 29,506

O. Other financial expense 60,010 37,905

* Financial results 45,384 68,521

Q. Tax on profit or loss on ordinary acitivities 278,670 215,410

Q. 1. Current 288,859 303,647

Q. 2. Deferred -10,189 -88,237

** Profit or loss on ordinary activities after taxation 703,589 454,730

*** Net profit (loss) for the financial period (+/-) 703,589 454,730

**** Profit (loss) before taxation 982,259 670,140

Consolidated balance sheet (in CZK’000)

Assets Note 31 December 2005 31 December 2004

Non-current assets

Property, plant and equipment 9 1,839,399 1,696,788

Investment property 8 189,016 264,557

Intangible assets 7 57,352 148,885

Goodwill 11 37,525 21,882

Investments in associates and joint ventures 10 1,350,766 85,489

Deferred tax asset 22 1,925 7,014

Available-for-sale financial assets 12 82,049 416,379

Receivables 13 603,684 438,969

Total non-current assets 4,161,716 3 079,963

Current assets

Inventories 16 726,793 244,335

Work in progress 16 467,517 992,892

Receivables and other current assets 15 6,640,519 4,462,267

Amounts due from customers 17 442,458 302,902

Cash and cash equivalents 14 2,533,285 2,943,443

Total current assets 10,810,572 8,945,839

Total assets 14,972,288 12,025,802

38Consolidated Financial Statements for 2005 in Compliance with the IFRS


Consolidated balance sheet (in CZK’000)

Equity Note 31 December 2005 31 December 2004

Capital and reserves attributable to the Company’s equity holders

Share capital 23 790,667 790,667

Statutory reserve fund 167,380 140,687

Currency translation differences and other funds 638 618

Retained earnings 1,810,234 1,173,827

Net profit for the year 1,083,041 804,878

3,851,960 2,910,677

Minority interest – 18,163

Total equity 3,851,960 2,928,840

Liabilities

Non-current liabilities

Borrowings 19 178,298 278,171

Other liabilities 21 2,294,610 1,569,230

Provisions 20 196,848 217,761

Total non-current liabilities 2,669,756 2,065,162

Current liabilities

Trade and other payables 18 6,802,504 5,717,270

Current income tax liabilities 18 129,294 199,991

Borrowings 19 285,102 231,088

Amounts due to customers 17 906,664 738,875

Provisions 20 327,008 144,576

Total current liabilities 8,450,572 7,031,800

Total equity and liabilities 14,972,288 12,025,802


Consolidated income statement (in CZK’000)

31 December

Note 2005 2004

Sales 1 24,129,889 19,280,304

Other operating income 2 405,442 298,196

Total operating income 24,535,331 19,578,500

Change in inventory of finished goods and work in progress -383,628 101,642

Raw materials and consumables used 20,455,017 15,682,909

Staff costs 3 2,422,070 1,857,832

Depreciation, amortisation and impairment charges 399,018 341,012

Other operating expenses 2 453,631 492,182

Total operating expenses 23,346,108 18,475,577

Profit from operations 1,189,223 1,102,923

Finance income 4 111,625 106,849

Finance costs 4 111,366 56,968

Share of results of associates and joint ventures using the equity method 10 316,924 25,255

Profit before tax 1,506,406 1,178,059

Income tax expense 5 423,365 373,273

Net profit for the year 1,083,041 804,878

Attributable to:

Equity holders of the Company 1,083,041 804,786

Minority interest – 92

Net profit 1,083,041 804,878


Consolidated statement of changes in shareholders’ equity (in CZK’000)

Share Statutory Currency Retained Total

capital reserve translation differ. earnings

and other funds

Balance as at 1 January 2004 790,667 119,006 -1,611 1,320,349 2,228,411

Net profit for the year – – – 804,878 804,878

Other movements – – 2,229 – 2,229

Total recognised income for 2004 – – 2,229 804,878 807,107

Contribution to the statutory reserve fund – 21,681 – -21,681 –

Dividend relating to 2003 – – – -124,841 -124,841

Balance as at 31 December 2004 790,667 140,687 618 1,978,705 2,910,677

Balance as at 1 January 2005 790,667 140,687 618 1,978,705 2,910,677

Net profit for the year – – – 1,083,041 1,083,041

Share of results of associates – see Note 10 – – – 49,701 49,701

Other movements – – 20 944 964

Settlement of the negative Goodwill – see Note 11 – – – 15,643 15,643

Total recognised income for 2005 – – 20 1,149,329 1,149,349

Contribution to the statutory reserve fund – 26,693 – -26,693 –

Dividend relating to 2004 – – – -208,066 -208,066

Balance as at 31 December 2005 790,667 167,380 638 2,893,275 3,851,960


Name of Company: Metrostav a.s.

Registered Office: KoÏeluÏská 2246, Prague 8

Legal Form: joint-stock company

Postal Code: 180 00

ID No.: 00014915

Tax ID No.: CZ-00014915

Entered in the Commercial Register: at the Municipal Court in Prague, Part B, File 758

on 23 May 1991

Founded: on 31 December 1990 for unlimited period of time

under the Czech Republic’s law, namely Act

No. 104/1990 Coll. on joint-stock companies

Board of Directors

Chairman of the Board of Directors tel.: +420 266 709 172

Board of Directors Secretary tel.: +420 266 709 459

Head Office

Telephone: Management +420 266 709 179

Sales +420 266 709 340

Spokesperson +420 266 709 294

Fax: Management +420 266 709 183

Sales +420 266 709 187

E-mail: [email protected]

Web page: www.metrostav.cz

42Contact Informationas at 31 March 2006


Division 1

Radlická 3, 150 00 Prague 5-Smíchov, tel.: +420 257 095 102, fax: +420 257 320 575

Division 3

Na Maninách 7, 170 00 Prague 7-Hole‰ovice, tel.: +420 266 011 001, fax: +420 266 011 000

Division 4

U Elektry 832/2b, 190 00 Prague 9, tel.: +420 266 708 503, fax: +420 266 708 507

Division 5

Na Zatlance 1350/13, 150 00 Prague 5, tel.: +420 251 015 517, fax: +420 251 015 519

Division 6

U Elektry 832/2b, 190 00 Prague 9, tel.: +420 266 786 003, fax: +420 266 786 017

Division 7

Bystrá 2243, 193 04 Prague 9-Horní Poãernice, tel.: +420 266 011 702, fax: +420 266 011 795

Division 8

Prosecká 24, 180 00 Prague 8, tel.: +420 286 002 220-1, fax: +420 283 840 285

Division 9

Jablonského 2/640, 170 00 Prague 7-Hole‰ovice, tel.: +420 266 710 831, fax: +420 266 710 777

Division 10 – Branch Bratislava

Mlynské Nivy 68, 821 05 Bratislava, Slovak Republik, tel.: +421 285 257, fax: +421 287 419

Division 11 – Leasing

Bystrá 2243, 193 04 Prague 9-Horní Poãernice, tel.: +420 266 011 150, fax: +420 266 011 155

Division 12 – Developer Activities Division

Zenklova 2245/29, 180 00 Prague 8, tel.: +420 266 709 767, fax: +420 266 709 760


Subterra a.s.

Bezová 1658, 147 14 Prague 4, tel.: 244 061 111, fax: 244 466 179

STAVEBNÍ OBNOVA ÎELEZNIC, a.s.

Libu‰ina 554/103, 772 00 Olomouc, tel.: 224 462 298, fax: 224 462 660

Metrostav SK a.s.

Mlynské Nivy 68, 821 05 Bratislava, Slovak Republik,

tel.: +421 258 257 102, fax: +421 258 257 114

Doprastav, a.s.

DrieÀová 27, 826 56 Bratislava, Slovak Republik,

tel.: +421 2 43 33 43 19, fax: +421 248 271 568

METROS, s.r.o.

Bystrá 2243, 193 04 Prague 9-Horní Poãernice, tel.: 266 011 202, fax: 266 011 267

DORG trubní systémy, spol. s r.o.

U Zahradnictví 123, 790 81 âeská Ves, tel.: 584 402 492, fax: 584 402 406

SQZ, s.r.o.

Rohansk˘ ostrov 1, 186 00 Prague 8, tel.: 224 812 153, fax: 224 812 153

TBG METROSTAV s.r.o.

Rohansk˘ ostrov, Rohanské nábfieÏí 68, 186 00 Prague 8-Karlín,

tel.: 224 812 191, fax: 224 815 892

TBG PraÏské malty, s.r.o.

Rohansk˘ ostrov, 186 00 Prague 8-Karlín, tel.: 222 325 716, fax: 222 324 492

PraÏské betonpumpy a doprava s.r.o.

Rohansk˘ ostrov, 186 00 Prague 8-Karlín, tel.: 222 325 716, fax: 222 241 396

44Companies in which Metrostav has a Holding


CCE Praha, spol. s r.o.

Na Truhláfice 42, 180 00 Prague 8, tel.: 284 891 625, fax: 284 890 654

M-D recyklace, a.s.

Rohansk˘ ostrov, 186 00 Prague 8-Karlín, tel.: 224 811 256

Metrostav Invest a.s.

Zenklova 2245/29, 180 00 Prague 8, tel.: 266 709 767, fax: 266 709 760

Metrostav Rezident a.s.


Metrostav Alfa s.r.o.


Metrostav Beta s.r.o.


Metrostav Delta s.r.o.


Metrostav Epsilon s.r.o.


Metrostav Kappa s.r.o.


Metrostav Krutec s.r.o.



METROSTAV INTERTRADE, a.s.

Zenklova 2245/29, 180 00 Prague 8, tel.: 266 709 767, fax: 266 709 760,

Contact address: Naskové 1, 150 00 Prague 5, tel.: 257 210 732, fax: 257 214 568

Metrostav–Navatyp a.s.


Spoleãnost Západního mûsta, akciová spoleãnost

L˘skova 1593, 155 00 Prague 5, tel.: 235 515 339, fax: 251 625 211

EKOTUNEL Praha, s.r.o.

Dûlnická 12, 170 04 Prague 7-Hole‰ovice

Contact address: KoÏeluÏská 2264, 186 00 Prague 8, tel.: 266 709 385, fax: 266 709 325

PROSEK, spol. s r.o.

KoÏeluÏská 2246, 180 00 Prague 8, tel: 266 709 385, fax: 266 709 325


This publication is not published as the Company’s annual report in compliance with

the actual Czech legislation.

On 14 April 2006, the Company’s 2005 financial statements and 2005 consolidated financial

statements were audited by PricewaterhouseCoopers Audit, s.r.o. who issued an unqualified

opinion.


48Notes


yearly report 2005 metrostav a.s.pl.metrostav.cz/pdf/annual_report/2005/rzall.pdf · ·...

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