29. 06. 2010 - The Results of the Czech Airlines General Meeting of Shareholders and Supervisory Board Meeting

Prague, 29 June 2010

The General Meeting of the shareholders of Czech Airlines, held on 28 June  2010 at the registered seat of the company, approved the Annual Report of the Management Board on the Airline’s Business Activities and the State of its Assets for 2009 and the regular 2009 Financial Statement, compiled according to the accounting regulations of the Czech Republic. The Company’s Annual Report and financial results for 2009 are available in electronic form on the Czech Airlines website. In line with the Airline’s Articles of Association, the General Meeting also approved the transfer of the 2009 loss as ascertained according to the accounting regulations applicable in the Czech Republic, to the account Unpaid Loss from Previous Years.

I am pleased that after only a few months at Czech Airlines I am able to balance out the financial balance, in the form of a loss from previous years, with positive outlooks. The company is now going full-force ahead, as we have managed to elaborate and get under way a high-quality and very comprehensive restructuring plan.  Its goal is to ensure long-term stability for the company, the first results of which are already visible.  In addition to a number of measures of various extents, from the optimisation of the functioning of the network to pro-revenue projects, we are successfully continuing to restrain our costs,” said the Chairman of the Czech Airlines Management Board and President, Miroslav Dvořák, in commenting on the financial results, adding: “Everything indicates that we will manage to significantly reduce the significant loss by the end of the year, as the current models expect it to be at CZK 600 million. That would mean more than a six-fold improvement.  I am aware that it is a very ambitious goal, but we are working very hard to meet it.

Another point on the agenda of the General Meeting was to approve the steps that will formally allow for the hiving off of the Technical Division as a separate subsidiary. That is entirely in line with the previously announced plan of the company. In this context, Vice-President for Ground Operations Peter Jusko resigned from his post at the meeting of the Supervisory Board, which met after the General Meeting of shareholders. Peter Jusko will continue in his executive position as vice-president, until the successful completion of the project of the hiving off of the Technical Division as a separate subsidiary. Peter Jusko will continue to engage in his primary profession at Czech Airlines, as an Airbus A320 captain.

Effective 28 June 2010, the Supervisory Board elected Miloš Kvapil as its new member. He is also the Director of Czech Airlines Air Crew Training.


Hana Hejsková
Communications Director
Press Spokesperson of Czech Airlines

Annex – Professional Curriculum Vitae of Miloš Kvapil

Miloš Kvapil (73) has worked at Czech Airlines since 1972.  First he served as a First Officer on IL – 14 aircraft, later becoming a Captain of IL-14 and JAK 40 aircraft.  During his career as a pilot, he underwent several retraining courses for various types of aircraft and in 1989 he also became a flight instructor.

In 1992 – 1994, he worked as the Vice-President of Czech Airlines Flight Operations.  Since 1997, he has been a manager and later the Director of the Airline’s Air Crew Training Unit.  Under his management, the training centre managed to reach a European standard, primarily thanks to the implementation of several projects, such as the implementation of the JAR and EU European regulations into Czech Airlines training, and the implementation of Crew Resource Management training, which has helped to improve the quality of the flight and in-flight staff of the Airline.

He has been flying since 1953 and has flown approximately 17,000 hours on a total of 35 types of aircraft.  He has maintained his qualification as a commercial pilot and instructor.