The joint stock company Ericsson Nikola Tesla (ETK) held its Annual Meeting on June 1, 2006. At the Meeting HRK 73,086,900.00 of share capital was represented, which is 55,4% of the equity and sufficient for adopted decisions to be valid in law.

Gordana Kovačević, ETK president, reported on the business year 2005 and spoke about the strategy and outlook for 2006 and accomplishments in 2006. Maria Radtke, Finance and Sourcing director, presented the financial results for 2005 and the first quarter of 2006. The Company auditor KPMG Croatia d.o.o. za reviziju, represented by Ivana Matovina, positively evaluated ETK business operations in 2005.

Snježana Bahtijari, Company Communication director presided at the meeting.

Beside the shareholders and ETK management, the Supervisory Board members attended:  Ragnar Bäck, chairman, Carita Jönsson, Ignac Lovrek and Zvonimir Jelić.

The major shareholder LME was represented by Claes Persson.

The Company Supervisory Board represented by Zvonimir Jelić reported to the Meeting on performed Company operations review. The shareholders approved the reports as well as the 2005 conduct of business performed by the Company president and the 2005 operations review performed by the Supervisory Board. For the first time a modern electronic voting system has been used. 

The Meeting approved the dividend payment of 19 HRK per share to all Company shareholders who as of May 25, 2006 had Company shares on their accounts in the Central Depository Agency. The dividend will be paid out till August 30, 2006 at the latest whereas the Company profit for the financial year 2005 amounting to HRK 235,688,264.96 shall be allocated to retained earnings.

Taking into account the business performance of the Company in the reporting period, the Meeting approved that the Managing Director should allocate to defined key persons up to 12,624 treasury shares in the following years from retained earnings.

KPMG d.o.o. za reviziju, Zagreb, Centar Kaptol, Nova Ves 11 was re-appointed as the Company auditor for 2006.

The Meeting elected Jan Campbell, president of Ericsson's market unit Central Europe as a new member of the Supervisory Board of Ericsson Nikola Tesla, instead of the outgoing chairman and member Ragnar Bäck who had carried out this duty since May 18, 2005.

Jan Campbell introduced himself to shareholders.

Company communication
Ericsson Nikola Tesla