English Translation

Annual report for the year 1940. Last year, our companies and our entire organization successfully dedicated all their forces to the management of the tasks we expect. We give below some explanations on individual items of the accounts, allowing us to draw attention to se t dee p c d annual report. The account of the buildings increased during the year by about 12 mil. K, so that after carrying out the depreciation of about 15 mil.K the rest is only about 3 mil.k lower than in the previous year. However, the item of the machines has a balance which is about 3.5 mil. k higher than in l939, as compared to a depreciation amount of 35 mil. The changes in the account of the properties are indicative and represent an increase of only l.7 mil. K. The item of the material and the work begun shows an increase and approximately 79 mil.K. The increase in the balance on the account for the securities by approximately lo Mil. K is partly caused by an increased presence of state documents, and partly by the improvement of our sphere of interest in the circles of our customers. The increased production also corresponds to an increase in the debitor account. ./. St. M-77/4i