English Translation

Balance. Balance for 1939 is the first annual balance sheet of ČMD. Founding value of the company, established in the starting balance on 1 January 1939 by the amount of As of 20.025.482.385,31 increased by an increase of K 173.641.367,39. so at the end of the year K 20.199.123.752,70. Compared to this amount, representing the acquisition value of the underlying assets, in the liabilities of the balance sheet, the impairment of the part of the set-off assets until 31 December 1939 is the amount of 7.243.637.583,98 K. The difference between the two values indicates the balance-sheet value of its underlying assets as at 31 December 1929. There were no changes in the participations in foreign enterprises. The value of the stock of the material and inventory decreased against the value at the beginning of the year by 121.736.785,90 K. The operating assets account for cash balances of 98.793.735,10 K, for deposits at the monetary institutes 4.307.539,70 K, on receivables from deduction from shipments with foreign railways 100.436.245,55 K, to other short-term claims 184.605.427.23 K. The previous assets used to limit the economic result are 99.757.591,90 K. The interim items are foreign values deposited by the corporate cash registers. They amount to 24.082.320,08 K and are reported identically on both sides of the balance sheet. The company's equity is the difference between the value of the assets and liabilities; it amounts to 9.810.015,507,50 K. Out of loans in total 3.296.284.369,40 K is due to the mortgage loan of nationalized local railways 114.684.953,40 K to the paused interim deposit of the financial protectorate administration to cover the liabilities of the former Czech-Slovak State Railways 3.128.455,500, K and to the contribution of the Protectorate Financial Administration to the investment in 1939 53.143.916, K. Short-term liabilities account for deductions from transports 215.087.021,66 K, debts to social care institutions 11.83.357,71 K and other short-term debts 906.436.206,97 K., of which the debt from the bank's contractual relationship with the financial administration 421.589.975,55 K. Foreign value in cash (vadia, bail, guarantee balances and foreign cash found) is 45.749.787,66 K. Previous liabilities, delimiting the economic result of the company, are reported in the amount of 1.625.579,72 K. * In 1939 they were laid for successful cooperation of the Protectorate Railways of Bohemia and Moravia in the new arrangement of the large German railway transport, which created economic assumptions for the next boom within new tasks and far-reaching possibilities. In Prague on 10 July 1940. Minister of Transport and Technology and Managing Director of Railways: Dr. Kamenick'ý. 24