The Results of the Czech Airlines General Meeting of Shareholders and Supervisory Board Meeting / Reiseinfos für Geschäftsreisende

Prague - The General Meeting of the shareholders of Czech Airlines, held on 28 June 2010 at the registered seat of the company, approved the Annual Report of the Management Board on the Airline’s Business Activities and the State of its Assets for 2009 and the regular 2009 Financial Statement, compiled according to the accounting regulations of the Czech Republic.

The Company’s Annual Report and financial results for 2009 are available in electronic form on the Czech Airlines website. In line with the Airline’s Articles of Association, the General Meeting also approved the transfer of the 2009 loss as ascertained according to the accounting regulations applicable in the Czech Republic, to the account Unpaid Loss from Previous Years.
“I am pleased that after only a few months at Czech Airlines I am able to balance out the financial balance, in the form of a loss from previous years, with positive outlooks. The company is now going full-force ahead, as we have managed to elaborate and get under way a high-quality and very comprehensive restructuring plan. Its goal is to ensure long-term stability for
the company, the first results of which are already visible.

In addition to a number of measures of various extents, from the optimisation of the functioning of the network to pro-revenue projects, we are successfully continuing to restrain our costs,” said the Chairman of the Czech Airlines Management Board and President, Miroslav Dvořák, in commenting on the financial
results, adding: “Everything indicates that we will manage to significantly reduce the significant loss by the end of the year, as the current models expect it to be at CZK 600 million. That would mean more than a six-fold improvement. I am aware that it is a very ambitious goal, but we are working very hard to meet it.”

Another point on the agenda of the General Meeting was to approve the steps that will formally allow for the hiving off of the Technical Division as a separate subsidiary. That is entirely in line with the previously announced plan of the company. In this context, Vice-President for Ground Operations Peter Jusko resigned from his post at the meeting of the Supervisory Board, which met after the General Meeting of shareholders. Peter Jusko will continue in his executive position as vice-president, until the successful completion of the project of the hiving off of the Technical Division as a separate subsidiary. Peter Jusko will
continue to engage in his primary profession at Czech Airlines, as an Airbus A320 captain.

Effective 28 June 2010, the Supervisory Board elected Miloš Kvapil as its new member. He is also the Director of Czech Airlines Air Crew Training.

Picture: Carstino Delmonte/ Touristikpresse.net