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the resolution No. 888 of the Czech government from July 9, 2008, almost the whole registered capital of the state enterprise Správa Letiště Praha, s.p. was put into a new joint stock company Letiště Praha, a.s. Currently Letiště Praha, a.s. operates the most important international airport in the Czech Republic and the second largest airport in Central and East Europe. In 2010 the com pany achieved net profit of CZK 0.891 billion on sales worth CZK 5.5 billion (Picture 45). 2.10.3.1.5 ČESKÉ AEROLINIE, A.S. (CZECH AIRLINES, JOINT STOCK COMPANY)
The company České aerolinie, a.s., (“ČSA”) represents a flagship flight carrier in the Czech Republic, which has been operating in this area since 1923. The main business activity of the ČSA is carrying passengers on regular routes, but it also deals with cargo transportation. At the end of 2009 MFČR was a majority shareholder of this company (91.75% interest). It was followed by Česka pojiš ťovna, a.s.,(Czech Savings Bank) (4,33 %), Hlavní město Praha (The City of Pra gue) (2,94 %) and Hlavní město Bratislava (Magistrate of Bratislava) (0,98 %). After company’s restructuring in 2011, ČSA became a 95.56% subsidiary of Český Aeroholding, a.s. In 2010 ČSA netted CZK 76 million on CZK 16.5 billion while in 2009 ČSA posted a CZK 3.8 billion loss when reporting sales at CZK 19.9 billion (Picture 46). Picture 46: Financial results of Česke aerolinie, a.s., in 2007–2010 1,000 0
207
40,000
470
76
– 1,000 – 2,000
23,400
22,532
19,789
Revenues (right-hand axis, CZK millions)
20,000 16,547
–3 756
– 4,000
2007
30,000
Net pro�it (left-hand axis, CZK million)
25,000
– 3,000
– 5,000
35,000
2008
2009
Source: Annual reports of Česke aerolinie, a.s.
15,000 10,000 5,000
2010
0
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2.10.3.1.6 ČESKÁ EXPORTNÍ BANKA, A.S. (CZECH EXPORT BANK, JOINT STOCK COMPANY)
The company Česká exportní banka, a.s., (“ČEB” / Czech Export Bank, a.s.) was set up in 1995 as a specialized entirely Czech bank institution to support the state export through providing and financing export credits and other services connected with export. As of December 31, 2013 ČEB’s main shareholders were Ministry of Finance, Ministry of Industry and Trade, Ministry of Agriculture and Ministry of Foreign Affairs (80% share interest in total for all four ministries) and EGAP (20% share interest). ČEB supplements the services offered by the banks in the Czech Republic through financing export transactions which requi re long-term sources of financing in territories and of volumes unachievable for exporters, or in fact their buyers, in the current domestic climate (EEIP, 2010). Picture 47: Financial results of ČEB in 2007–2010 200
195
783
150
0
700 558
100
50
800
295
340
80
94
600
Net pro�it (left-hand axis, CZK million)
Revenues (right-hand axis, CZK millions)
500 400
71
300 200 100
2007
2008
Source: Annual reports of ČEB
2009
2010
0
2.10.3.1.7 EXPORTNÍ GARANČNÍ A POJIŠŤOVACÍ SPOLEČNOST, A.S. (EXPORT GUARANTEE AND INSURANCE COMPANY, J.S.C.)
When listing significant state owned companies, we can also take Exportní garanční a pojišťovací společnost, a.s. (“EGAP”) into consideration. EGAP was founded in 1992 with the aim of supporting the Czech export of goods and services as a state credit insurance company. It primarily focuses on insuring export credits against any commercial risks, mainly in the areas with a high level of insurable risk, in those cases where credits are not provided by com Ukázka elektronické knihy, UID: KOS204679
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mercial insurance companies or where these credits are too expensive. At the end of 2010 its main shareholders involved Ministerstvo financí ČR (Ministry of Finance of CR), Ministerstvo průmyslu a obchodu ČR (Ministry of Indust ry and Trade of CR), Ministerstvo zemědělství ČR (Ministry of Agriculture of CR) and Ministerstvo zahraničních věcí ČR (Ministry of Foreign Affairs of CR), through which the Czech Republic exercises its shareholders rights in EGAP in compliance with Act No. 58/1995 Coll. on Insuring and Financing Export with State Contribution, as amended. The state contribution lies in insuring export credit risks on a microeconomic level and in providing state quarantees for the liabilities of EGAP arising from the insurance contracts on a macroeconomic level (EEIP, 2010). Picture 48: Financial results of EGAP in 2007–2010
200 –200
295 2007
377
340
2008
2009
2010
–600 –1,000 – 1,400 – 1,800 – 2,200
Net pro�it/loss (CZK millions)
Source: Annual reports of EGAP
–2,111
2.10.3.1.8 ČESKOMORAVSKÁ ZÁRUČNÍ A ROZVOJOVÁ BANKA, A. S. (CZECH AND MORAVIAN GUARANTEE AND DEVELOPMENT BANK, J.S.C.)
The company Českomoravská záruční a rozvojová banka, a.s., (“ČMZRB”) was founded in 1992 and its original activity was focused exclusively on performing governmental programmes of supporting small and middle-scale enterprene urs. With time, its sphere of activites extended with the support in the area of Ukázka elektronické knihy, UID: KOS204679