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Statement by the President of the Management Board The income statement of the company Mlinotest d.d., including the results of its affiliated companies, for the first semester of 2005 reveals a net profit of SIT 95 million. The profit actually generated exceeds the plan by 4%. In the first semester of 2005 we generated SIT 4,122 million in consolidated net sales revenues.
In this period the Mlinotest group invested SIT 903 million in capital assets. Most of this concerns the investment in the construction of a new, big, modern bakery in Ajdovscina, which will permit a good share of the bakery products to be produced at the same spot and with considerably lower costs.
Throughout its term of office the Mlinotest management has implemented numerous measures allowing the company to achieve satisfactory results. Operating amidst ever tougher market conditions requires the mobilisation of every single resource in order to maintain the position of a food-processing company like Mlinotest. So far, management’s activities have particularly focused on product marketing, the mobilisation of internal reserves and cost savings. In the future, efforts will be aimed at ensuring the better quality of work in all areas and in every part of the company - all for the purpose of better understanding the buyer and supplying the buyer with Mlinotest products.
The Mlinotest group employs a total of 669 people, of whom 399 are in the joint-stock company. In comparison to the first semester of 2004 the total number of employees has dropped by 4%.
On 31 December 2004 two of its affiliate companies, Mlinotest Peks d.o.o. Skofja Loka and Pekarne Mlinotest d.o.o. Ajdovscina, merged with the parent company. The activities of these two companies, i.e. making bread, fresh pastry and cakes, was thereby transferred to the parent company; in the future, however, these activities will be concentrated in the new modern bakery located in Ajdovscina, where the investment is moving into its final stage.
In the coming period Mlinotest’s management will continue to consolidate the company's position; in addition, it will present a tangible form of its vision by developing a new strategic plan for the next five-year period.
David Nabergoj, President of the Management Board
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