English Translation

The shares in foreign companies reported at 12,019,000 K are lower than in the previous year by K 133,400. The decline is attributable to the participation in the Ung Valley Railway, which has been transferred to the Hungarian State Railways. At the end of the year, the value of the stocks of materials and furnishings is K 407,175.991,65; it has increased compared with 1939. The increase is partly due to an increase in the stock volume, partly to value adjustments from price increases. Of working capital: cash stocks K 106,278,966.85, balances with money institutions K 4,736,317,65, receivables from the settlement of traffic revenues with foreign railways K 110,192,650,60, other short-term requirements K 207,352,136,60. The transitional actives limiting the economic result of the financial year are K 116.209.928.50. The passing items represent the foreign values assumed in the company's cash registers are K 15.479.643.27. They are shown on both sides of the balance sheet in the same manner. On the liabilities side, the company's equity is set as a difference between total assets and liabilities with the amount of K 10.227.897.808.05. Of the bonds in the total amount of K 3,258,287,320,75, Hypotekar loans of the nationalised local railways K 103.319,955,95,95 and the provisional flat-rate contribution of the protectorate administration from liabilities of the former Czechoslov. State Railways K 2,919.891,800,—. The amount of the hypotecar loans of the national local railways and the lump sum deposits of the financial management of the protectorate decreased as a result of partial repayment of the capital compared with the previous year. Of the short-term liabilities, the accounting of transport revenues is K 217,610,457,15, debt to social security institutions K 21.739,199.47 and other short-run liabilities K 549.999,879.83, of which the debt from the current account with the financial administration K 66,169,960.75. The foreign cash values (Vadien, deposits, liability repayments and found foreign cash) are K 55,327,944,75. The transitional liabilities limiting the economic result of the financial year are shown in K 3,938,866,30. *