The president of the newly elected seven-man Supervisory board of ELKA kabeli is Dr. Franjo Greguric, the former prime-minister, and the ex-general director of Ina, who has held also the executive positions in Astra and Chromos. He is currently a business consultant to the Croatian exporters.

Based upon clause 277 of The Trade Companies Law and clause 43 of the Statute of the joint stock company ELKA, electric cables factory, with headquarters in Zagreb, Žitnjak bb, (in further text Company), on its meeting held on April 5, 2004

Pursuant to unaudited data, excluding the restructuring costs, EBIT DA for year 2003. (profit before interests, taxation and depreciation) amounts to 16,3 millions of kunas, and EBIT (profit before interests and taxation) is realised in the amount of 1,6 millions of kunas.

The sign CROATIAN QUALITY was awarded to the representative of Elka kabeli d.o.o. in the council hall of the Croatian Chamber of Commerce on February 18 at 13,00 p.m. for the line of products

On the today’s Assembly meeting the shareholders of Elka d.d. have approved with 99,44% votes the contract on the entry of objects and rights between Elka d.d. and the newly founded affiliate company Elka kabeli d.o.o., increasing thus the equity of Elka kabeli d.o.o. to 396,4 millions of kunas.

On Wednesday, December 10, the Supervisory Board of Elka accepted the recommendation of the consulting house CAIB on the possible way of Elka’s sale. After a detailed analysis of the possible models of Elka’s sale, CAIB has presented several models to the Supervisory Board, and the accepted model has been the one which detaches the cable production into a new – affiliate company in the 100 % ownership of Elka d.d., which will be offered for sale.

Elkakon was founded with the basic equity of 3.092.000 of kunas, and Elka and Koncar D&ST have equal shares in the new company. Elka and Koncar D&ST plan to invest the additional three millions of kunas into the construction of new facilities and equipment.

Having signed the contract with Zagreb Stock Exchange ELKA was listed in the Public Stock Companies Quotation. The article mentions the fact that ELKA is just the fourth stock company listed in that particular quotation. Ivo Culenta, Vice-president of the Securities Exchange Commission, announced the listing of three more stock companies next week.

The Main Assembly should decide on the release of the three current members of the Supervisory Board, whose term of office is expiring: Mr. Jonathan Paul Cooper and Mr. Gavin Michael Susman from USA, and Mr. Michal Zaveskyj from the Czech Republic.

A reliable electricity supply is a vital issue for the inhabitants of our islands. A proof of the consideration which our community pays to this fact, was a recent laying of a submarine cable in March 2003. on the route Mali Drvenik – Veliki Drvenik (approx. 2250 m) and Mali Drvenik – coast (cove Voluja, approx. 3600 m).