PIRE INSPIRE TO ASPIRE INSPIRE TO ASPIRE INS O ASPIRE INSPIRE TO ASPIRE INSPIRE TO ASPIRE INSPIRE TO ASPIRE INSPIRE TO ASPIRE INSPIRE TO ASPIRE

I P R R S P P PI NSPIR SP TO A ASPI NSPIR ASPI TO AS O ASP IRE IN IRE INS E INSP ASPI TO AS ASPI TO AS TO A TO AS O AS I E SPIR NSPIRE T ASPIRE SPIRE ...
Author: Job Thornton
12 downloads 5 Views 7MB Size
I P R R S P P PI NSPIR SP TO A ASPI NSPIR ASPI TO AS O ASP IRE IN IRE INS E INSP ASPI TO AS ASPI TO AS TO A TO AS O AS I E SPIR NSPIRE T ASPIRE SPIRE TOASPIRE I SPIRE TOINSPIRE E INSPIREINSPIRE SPIRE TOINSPIRE SPIRE TOINSPIRENSPIRE TE TO ASP TO ASP TO ASPIRPIRE IRE I SPIRE TO SPIRE INPIRE TO SPIRE IN ASPIRE O ASPIR ASPIRE SPIRE IN ASPIRE SPIRE IN ASPIREASPIRE I E INSPIR INSPIREINSPIRE RE TO ASRE TO E O S A I A I O A R T O IRE E RE INPIRE TO SPIRE INPIRE TO ASPIRE TO PIRENSPIRE TSPIRE TO NSPIRE TSPIRE TOINSPIRE TSPIRE TOTO ASPITO ASPIRO ASPIRPIRE INSPIRE INSPIRE INSP S N I S N S A I P E E IN IRE TO PIRE IN SPIRE I ASPIRE SPIRE I PIRE IN SPIRE PIRE IN ASPIRE SPIRE IN INSPIR INSPIRE SPIRE T E TO AS E TO AS TO ASP SPIRE NSP E TO AS IRE TO A PIRE TO IRE TO A E TO AS IRE TO A E TO AS IRE TO RE TO A ASPIRE ASPIRE SPIRE IN INSPIR INSPIR INSPIRE RE TO A IRE TO I P I E P R R E S P P P IR NSPI PIRE INS SPIRE IN PIRE INS RE INSPI PIRE INSIRE INSPSPIRE INSIRE INSP SPIRE TOSPIRE TOPIRE TO AO ASPIR O ASPIRO ASPIREPIRE INSPPIRE INS PIRE I T P T N S S S S S S A P T I N S P A S TO E I E A A S A A N A E S A E I A R O O IRE T RE TO E TO IRE TO ASPIR ASPIRE ASPIRE E INSPI E INSPIR INSPIR IRE TO PIRE TO PIRE TO INSPIRE E TO TO A TO A P O E P E R O E R S S NSP E INSPI INSPIRE E INSPIR INSPIRERE INSPIR I S T I R S R O T R I N N I P I P N E SP EI AS SP E IN AS IRE R I R RE T RE I E RE I PIR ASP ASPIO ASPIRE TO ASPI O ASPIRE TO ASPTO ASPIRPIRE INS IRE INSPRE INSPISPIRE TOSPIRE TO PIRE TO TO ASPIRTO ASPI TO ASPIPIRE TO APIRE TO AINSPIRE I P E T E S E E S T S E R S N E P N S R I R I R R I N ASPI RE INSPI NSPIRE INSP INSPIR E TO A E TO A TO AS SPIRE IRE IN NSPIR INSPI INSPI IRE IN IRE I PIRE E TO PIRE SPIRE I O ASPIREASPIRE E INSPIRE INSPIR INSPIREIRE TO A RE TO AS E TO ASPASPIRE I ASPIRE ASPIRE E TO ASPE TO ASPSPIRE TOE INSPIRTO A PIR ASPIRE E INSP E INSPI E INSPIR PIRE TO PIRE TO PIRE TO INSPIR INSPIR PIRE IN ASPIR NSPIRE TO E TO NSPIRE TSPIRE TOTO ASPIR O AS INS INS INS PIR SPIR PIRE SPIR PIRE O AS SPIRE TOASPIRE I INSPIRE E TO IRE I SPIRE IN INSPIRE NSPIRE T SPIRE TO TO A IRE TO A RE TO AS ASPIREO ASPIREO ASPIRE E TO ASRE TO AS SPIRE TR IN E I O N PIR IRE E I O A R E I R R I E N O I R I TO ASP PI ASPIR E INSP E INSP E INSP PIRE T PIRE T PIRE T INSPI SP SPIRE I O ASPI EINSPIRE TE TO ASP PIRE INSNSPIRE T S N A I O E R O E R S S RE T SPIRE T PIRE TO TO ASPI O ASPI O ASPIR PIRE INS PIRE IN PIRE IN ASPIR ASPIR RE TO A SPIRE T ASPIRE INSPIR E TO AS SPIRE I INSPIRE T A E IN PI O RE PIR E TO RE INSPIRE INSINSPIRE INSPIRE NSPIRE TRE TO ASIRE TO ASIRE TO AS SPIRE TO ASPI E INS IRE TO ASPIR PIRE SPIR RE INS SPIRE PIRE T O A ASPIRE ASPIRE ASPIRE I E INSPI RE INSP RE INSP SPIRE IN SPIRE INTO ASPI IRE TO APIRE INS SPIRE TOTO ASPIRIRE INSPSPIRE TORE TO ASPIRE TO E TO PIRE TO PIRE TO O ASPIRTO ASPI TO ASPI IRE TO A IRE TO AINSPIRE IRE INSP E TO AS SPIRE ININSPIRE E TO ASP PIRE IN E INSPI IRE INS PIRE E INSPIRE INS INSPIRE TINSPIRE INSPIRE IRE INSPPIRE INSP ASPIRE E TO ASPRE INSPIRIRE TO A ASPIRE E INSPIR IRE TO ASTO ASPIRE TO ASPIRE TO ASINSPIRE O AS ASPIRE ASPIRE ASPIRE E TO ASPE TO AS SPIRE TOE INSPIRTO ASPIPIRE INSPSPIRE TOTO ASPIR IRE INSP INSPIRERE INSPIRIRE INSP ASPIRE E TO IN TO SP PI SP PIR PIR PIR PIR IRE AS IRE E IN RE E TO E TO RE TO SPIR E INSPIR PIRE INSSPIRE INSO ASPIRIRE TO ASIRE INSP PIRE TO O ASPIRERE INSPI PIRE TO AE TO ASPIRE TO ASPIRE TO AE INSPIRESPIRE INS IRE TO N I E I S P S T P T S R R R P S R I ASP RE IN INS TO A PIRE INSP O AS IRE IN PIRE TO A E INS IRE TO TO A E IN NSPI ASPI ASPI E TO INSPIREE INSPIRESPIRE INSO ASPIRENSPIRE T TO ASP PIRE INS SPIRE TOTO ASPI ASPIRE IO ASPIRETO ASPIRPIRE TO E INSPIRETO ASPIRIRE INSPSPIRE TO O I E E SPIR O ASPIR IRE TO A NSPIRE T ASPIRE E INSPIRIRE TO ASASPIRE ININSPIRESPIRE TOINSPIRE T INSPIRESPIRE INSO ASPIR INSPIRE E TO ASPSPIRE ININSPIRE TE T I P O R P RE I E O RE TO A PIRE T SPIRE INSPIR E TO A SPIRE NSPIR IN SPIRE S E T IR IRE IN ASPIR ASP E ASPI PIRE E INS IRE T S ASPI I A PIRE R ASP PIRE TO PIRE INS SPIRE TOTO ASPIRIRE INSPSPIRE TORE TO ASPIRE TO ASPIRE TORE INSPIR SPIRE INPIRE TO O ASPIRIERE INSPIPIRE TO A ASPIRE PIRE S P A I O S N S I T S S N E I S N P S P T N I P A I A E O I R N N S O N S E A I I S I E E T E TO A E NSPIR E I IRE TO ASPIR TO A PIRE IRE T SPIR E TO INSP SPIR RE IN PIRE RE TO SPIR PIRE SPIR NSP PIRE TO ASPIRE E INSPIR IRE TO A TO ASPIRE TO AS IRE TO A INSPIRE PIRE INS IRE TO A ASPIRE IE INSPIRERE TO AS SPIRE INIRE INSPIPIRE INSPPIRE O R E P A O I E INSNSPIRE T TO ASPI PIRE INS E INSPIRIRE INSPIPIRE INSPO ASPIREIRE TO AS IRE INSPSPIRE TO O ASPIRIRE INSP PIRE TO E TO ASPRE TO ASIRE TO ASNSPIRE T I P T I S E I T S R P R P P S N P S IRE INSPIR RE TO A O ASPI E TO AS RE TO A NSPIRE IRE INS E TO A SPIRE I INSPIRE E TO AS PIRE IN E INSPI IRE INSP IRE INS ASPIRE ASPIRE E T S E I R I SPIR IRE INSP INSPIRE E INSPIRIRE INSPI ASPIRE E TO ASPRE INSPIPIRE TO A ASPIRE E INSPIRIRE TO A TO ASPIRE TO ASP E TO ASPSPIRE TOSPIRE TOE INSPIRPIRE ASP ASPIRE O ASPIR TO ASP PIRE TO E INSPIR TO ASPI IRE INS SPIRE TO O ASPIRIRE INSP INSPIRE INSPIR E INSPIRSPIRE IN SPIRE IN O ASPIRRE TO ASRE E P S T T SPI OA RE T SPI OA RE TOINSPIRE E INSPIRESPIRE INTO ASPIR INSPIRERE TO AS SPIRE ININSPIRE E TO ASP ASPIRETO ASPIRTO ASPIR IRE T PIRE T INSPI IRE IN IRE IN E O A I R A E E E R E PIR O ASPI IRE TO INSPIR O ASPIR RE INSP PIRE TO ASPIR E INSPI SPIRE T INSPIRE INSPIR PIRE INSPPIRE INS ASPIREE TO ASP E TO ASP IRE TO IRE RE T IRE INSP ASPIRE SPIRE T TO ASPI IRE INS SPIRE TO O ASPIR SPIRE IN ASPIRE ASPIRE E TO AS E TO AS SPIRE TO INSPIR INSPIR IRE INSP TO ASP IRE ASP PIRE TO SPIRE ININSPIRE E TO ASP PIRE IN SPIRE T IRE TO A PIRE TO PIRE TO E INSPIR E INSPIR PIRE IN ASPIRE ASPIRE TO ASP INSPIREIRE INSP PIRE S S S S IN S A R P R P R TO TO AS IRE RE E R INPIRE TO O ASPIRERE INSPIPIRE TO A ASPIRE PIRE INS SPIRE IN SPIRE INTO ASPI TO ASPIPIRE TO A PIRE INSPIREIRE INSP TO ASPI IRE TO ASPIRE TO PIRE TO S N I I A S E O S E A T S S S E P E E E IN NSPIRE TO AS PIRE IN SPIRE T RE TO A IRE TO PIRE TO INSPIR INSPIR PIRE IN ASPIR ASPIR TO ASP INSPIR RE INSP PIRE IN IRE INS E RE I INSPIRE E TO AS SPIRE IN E INSPI IRE INSP IRE INS ASPIRE ASPIRE E TO AS PIRE TO PIRE TO INSPIRE ASPIRE O ASPI E TO AS TO ASP O ASPIR TO PIRE E INSPIRIRE TO A TO ASPIRE TO ASP E TO ASPSPIRE TOSPIRE TOE INSPIRPIRE INS PIRE INS ASPIRE PIRE TO INSPIRE TE INSPIR INSPIRENSPIRE T INSPIRE SPIRE E S E I R S S R N R R N ASPIPIRE INSP INSPIRE E INSPIRRE INSPIASPIRE INASPIRE I TO ASPI IRE TO A IRE TO A SPIRE TOSPIRE INO ASPIRE TO ASPITO ASPIR ASPIRE O ASPIRASPIRE I T R E I N P E O P E I E A I S T R P O E S E O T R S O R P I R O A O ASP TO AS TO AS PIRE T PIRE T E INSPI IRE IN PIRE IN ASPIRE IRE TO NSPIRE INSPI INSPIR SPIRE INSPIR SPIRE T O ASPI SPIRE RE T INSPIRE INSPIREPIRE INS PIRE INS ASPIR E TO ASP E TO AS IRE TO IRE INSP SPIRE I ASPIRE ASPIRE SPIRE IN ASPIRE PIRE IN SPIRE T IRE TO A IRE P PIREO ASPIRERE TO ASIRE TO AS SPIRE TOE INSPIR E INSPIRPIRE INS E TO ASPPIRE TO ASPIRE TOSPIRE TO IRE TO ASPIRE TOIRE TO ASSPIRE IN IRE INSPE TO ASPE RE T RE INSPI RE INSP SPIRE INO ASPIRTO ASPIRRE TO AS E INSPIRPIRE INS SPIRE INSPIRE IN IRE INSPSPIRE IN IRE INSP IRE TO AE TO ASPE INSPIR O ASPIR NSPIRE A I T S A P A IR SP IR E SP IR ET PI ASPI TO ASPIPIRE TO A SPIR NSPIR E INS O ASP E TO A IRE TO RE TO E TO A RE TO TO AS IRE IN E INSPE TO ASPE INSPIREO ASPIRETO T E R R PIRE IRE INS ASPIRE INASPIRE ITO ASPIRNSPIRE T E INSPIR IRE INSPIRE INSPIE INSPIRIRE INSPI INSPIREE TO ASPO ASPIRN I I E R SP PIR SPI ASP P PIRE P I R O ASSPIRE TOSPIRE TO INSPIRE ASPIRE TO ASPIRE TO AS E TO ASPTO ASPIRE TO ASPO ASPIREE INSPIRINSPIRE TASPIRE I PIRE TOSPIRE INSSPIRE INRE TO AS SPIRE E IN SPIRE IN ASPIRE PIRE TO INSPIRE E INSPI E INSPIRINSPIRE E INSPIR SPIRE TTO ASPIRASPIRE PIRE TO PIRE INSRE TO A IRE TO A E INSPI SPIRE IN O S R TO A SPIRE TOSPIRE IN ASPIRE TO ASPIRO ASPIR ASPIRE O ASPIRASPIRE ININSPIRE SPIRE TOSPIRE INSIRE TO ASIRE INSPI IRE INSPTO ASPI IRE TO AINSPIRE T P T O T P N E O E E P A I S P N T A S O E E I T R R S R RE IRE TO SPIRE INSPI INSPIR SPIRE NSPIR PIRE T ASPI SPIRE IRE TO IRE INS TO A E TO A INSPI IRE IN ASPIRE SPIRE TOTO INSP SPIRE IN ASPIRE ASPIRE SPIRE IN ASPIRE I PIRE INSSPIRE TOIRE TO A IRE INSP TO ASPE INSPIREE INSPIR ASPIRE E TO ASPSPIRE TO SPIRE ININSPIRE E TO E O A R A O S R P IR E E TO NSPIRE T SPIRE TOPIRE TO ASPIRE TOIRE TO AASPIRE INPIRE INS E TO ASPE INSPIRTO ASPIR TO ASPINSPIRE TRE INSPI SPIRE IN PIRE TO O ASPIR IRE INSP PIRE TO RE I SPIRE IN IRE INS SPIRE IN IRE INSP IRE TO E TO AS E INSPIR O ASPIR NSPIRE INSPIRE SPIRE I TO ASPI IRE TO A PIRE INS SPIRE T TO ASP PIRE INS SPIRE TO A E TO ASPIRE TO AE TO ASPPIRE INSPE INSPIR O ASPIRNSPIRE TASPIRE I ASPIRE PIRE TO AINSPIRE IRE INSPRE TO ASASPIRE ININSPIRERE TO ASASPIRE IN PIRE T I P O I I E R R P S NSPIPIRE INS E INSPIRIRE TO ASTO ASPI INSPIRE ASPIRE SPIRE TONSPIRE TSPIRE IN O ASPIRERE TO AS IRE INSPSPIRE TO O ASPIR IRE INSPSPIRE TOIRE TO ASPIRE TO O AS TO ASPIRIRE INSP INSPIREO ASPIRE SPIRE TOSPIRE INASPIRE I IRE TO ANSPIRE TIRE INSPI E TO ASPSPIRE ININSPIRE TE TO ASPSPIRE INIRE INSPSPIRE INSASPIRE I P A P A P O IR IR E A O PIREE TO ASPO ASPIRE SPIRE T SPIRE INPIRE TO A IRE TSPIRE INSO ASPIRERE TO AS IRE INSPSPIRE TO O ASPIR IRE INSPSPIRE TORE TO ASPIRE TO SPIRE TP P S N A IRE E T I S R N I I N T S I I E O P P E N T I A P SPIR S N I P N T P E S S I N E R I E E I S A I S E R E O A A R E R I E R P I N E R I T I N R O I R I P R I S I P O O PIR I R P I P T E I P S E S T P N T A E P S S P I R E S P A A IN IR AS PIR AS TO INS PIR OA IRE IRE E IN RE AS O AS SPI

2011

ANNUAL REPORT

4

th

THE MOST PROFITABLE IT COMPANY IN SLOVAKIA

Big

5

SOITRON AMONG 5 MOST STABLE IT PLAYERS IN CENTRAL EUROPE

65.1

TOTAL SALES REVENUE (SOITRON GROUP)

mil. €

537

EMPLOYEES

TABLE OF CONTENTS TABLE OF CONTENTS MESSAGE FROM THE EXECUTIVE DIRECTOR

4 5

01 THE COMPANY VISION, MISSION, VALUES AND GOALS 6 COMPANY PROFILE 7 STRUCTURE OF SHAREHOLDERS 8 HOW WE HAVE REACHED THE PRESENT 9 COMPANY MANAGEMENT 10 ORGANIZATIONAL STRUCTURE 18

02 RESULTS 2011 REPORT ON ECONOMIC ACTIVITY IMPORTANT PROJECTS OF 2011 2011 EVENTS SOITRON MARKET POSITION

20 24 30 33

MESSAGE FROM THE EXECUTIVE DIRECTOR 03 PRODUCTS PRODUCT PORTFOLIO PARTNERSHIPS AND MEMBERSHIPS REFERENCES

34 40 42

04 PEOPLE STRATEGIC INITIATIVE FOR THE YEARS 2010 – 2015 CODE OF ETHICS

44 48

05 CORPORATE SOCIAL RESPONSIBILITY 06 FINANCE FINANCIAL RESULTS SELECTED INDICATORS BALANCE SHEET PROFIT AND LOSS STATEMENT

Year 2011 was not the Olympic one. However, as evaluation always comes later, instead of many words, I am tempted to use the well-known motto “Citius – Altius - Fortius“, resounded in London recently. It refers not only to sport, but very often to corporate life as well. “Citius“ (Faster) mainly due to new products and competencies, which we introduce to our customers faster and more and more often. The finalization of multivendor strategy in Unified Communications was certainly the most important one in 2011. We have extended our traditional Cisco competency by adding Avaya and Microsoft Lync and thus significantly strengthened our market leader position in this area. “Altius“ (Higher) especially for strategic goals which are set high. However, we reach them gradually thanks to our day-to-day effort. It is Datanet heading towards fulfilling its strategy of wider competencies and supplier base. These are also our activities leading to signing Letter of Intent with Sekom – one of the leading Cisco integrators on the Turkish market. Through these steps we will be reaching higher and higher in the future.

“Fortius“ (Stronger), considering how we have coped with the changed outsourcing strategy of our customer - Hewlett-Packard. And we have responded, among other things, by strengthening of our activities in commercial segment. Looking at the number of innovative projects in this segment, it´s clear this was the right step to take. What shall I add to the Olympic motto? To continue in Latin, the word “Meliorate“ (Improve) comes to my mind. It describes well, what we are striving for. To improve our services, improve customer satisfaction and improve our competencies, so we can offer greater additional value to our clients. I believe, we are doing this well. And we will do our best to keep it in the future. Ondrej Smolár

54 55 58 60

07 CONTACTS

4

5

01

VISION, MISSION, VALUES AND GOALS SOITRON is a leader in introducing new technologies and innovative solutions. We operate on the European market as a system integrator for IT Infrastructure, Unified Communications, Customer Interaction, Content Management and Security.

OUR VISION

OUR MISSION

OUR VALUES

Our vision is to be recognized as a worldwide partner exceeding today’s boundaries with its approach towards IT.

Thanks to our competence, overview and creativity along with the ability to understand the clients’ business, we innovate and push their IT projects to the forefront. Our advantage becomes our clients’ advantage.

Constant improvement is not a necessity in Soitron, but a way of life. We always want to know more and be the best. Fair partnerships and reliability in relation to partners and colleagues alike are crucial to company’s success. We care about our employees and make it our business to contribute to satisfaction in their personal and family lives. • Education (in general) and high degree of expertise (in the field) • Innovation and creativity • Flexibility and open-mindedness • Reliability and responsibility • Fairness and openness • Amity and understanding

6

THE COMPANY COMPANY PROFILE Name:

SOITRON, a.s.

Seat:

Plynárenská 5, 829 75 Bratislava 25, Slovakia

Statutory body :

Board of Directors: Ing. Ondrej Smolár – Chairman of the Board of Directors Ing. Marián Skákala – Deputy Chairman of the Board of Directors

Bank account:

Tatra banka, a.s. Bank account number: 262 583 2658

IBAN:

SK4011000000002625832658

BIC (SWIFT):

TATRSKBX

Company ID:

35 871 636

Tax ID:

202 177 47 99

VAT ID:

SK202 177 47 99

Telephone number:

+421 2 5822 4111

Fax:

+421 2 5822 4520

E-mail:

[email protected]

7

STRUCTURE OF SHAREHOLDERS Vladimír Šikura, Ondrej Smolár, Marián Skákala, Martin Lohnert, Peter Horňák

HOW WE HAVE REACHED THE PRESENT Our company was formed via the fusion of the activities of two companies - Tronet and Soitron. Stemming from the long-standing experience of Tronet on the Slovak ICT market and the knowhow obtained via two years of collaboration between Soitron and Soitsa SA – the Spanish selective outsourcing specialists. In 2005 Soitron Inc. obtained Soitsa SA shares, thereby establishing itself as a leading IT service provider.

Today Soitron is one of the largest info-communication integrators and IT service providers with more than 500 employees and consolidated annual turnover of more than 65 million EUR. Soitron inherited all activities, know-how and the market position held by Tronet in its 15 year existence whilst also adding dynamic growth in the area of outsourcing services. In 2010, Soitron has been awarded the IT Company of the Year in Slovakia.

In accordance with our long-term expansion strategy, Soitron today operates also outside the Slovak market. The Czech Republic branch founded in 2005 has been expanded by two acquired companies – Caiacom and also Clarionet in 2009. Datanet Systems, which is the biggest Cisco partner in Romania, has become part of Soitron Group in 2009. Soitron continued with its acquisition activities also in 2011. These will lead to geographical expansion in the following year.

SOITRON, s.r.o. Czech Republic

Soitron provides “a very high level of cooperation, from the initial communication about the project to the actual implementation and a follow-up support to delivered solution”. Radúz Juraško (Orange Slovensko)

8

9

COMPANY MANAGEMENT

VLADIMÍR ŠIKURA

ONDREJ SMOLÁR

General Director • completed his studies of electronic computers at the Faculty of Electrical Engineering, SVŠT (at present STU) and during 1986-1987 he completed postgraduate studies in Computer and Terminal Networks at the Institute of Applied Cybernetics • until 1989 he worked as a Head Technician of the Computer Center in Hydrostav, a.s.. He founded the company Tronet in 1991

• in 2003 he stood behind the birth of joint-venture Soitron with Soitsa and in 2005 when shareholders acquired 100% of Tronet’s shares, he managed the process of business activities integration into a single company, Soitron, a.s. in his position of a Chairman of the Board of Directors and General Director. He currently holds a position of a General Director

MARIÁN SKÁKALA

Chairman of the Board of Directors and Executive Director

Deputy Chairman of the Board of Directors

• graduated from SVŠT (at present STU) in 1986, Robotics Department

• graduated from the Faculty of Electrical Engineering, SVŠT (at present STU), Department of Microelectronics

• until 1990 he was working for Hydrostav, a.s. in its Computer Center

• went through different management positions in the Slovak and international IT companies; one of the most important ones was the position of Regional Manager for Cisco Systems in the Slovak and Czech Republics, which he left in order to take up a position of the Sales and Marketing Director in Soitron

• in 1991 he co-founded the Tronet Company, and later held position of a Deputy Chairman of the Board of Directors and a Technical Manager. He is also one of the co-founders of Soitron, and as its Deputy Chairman and Technical Director, he was also building the technical department as well as the first IT delivery center in Slovakia

• currently, he holds the position of a Deputy Chairman of the Board of Directors

• at present, he holds a position of the Soitron Chairman of the Board of Directors and since 2007 he is also an Executive Director

10

11

MICHAL MALÍČEK

MARTIN LOHNERT

PAVOL NÉMETH

PETER HORŇÁK

TOMÁŠ TURKOVIČ

ZOLTÁN VAŠŠ

Sales Director

Presales and Marketing Director

Technical Director

Mergers and Acquisitions Director

Human Resources Director

Financial Director

• he is a graduate of the Faculty of Economics, the Matej Bel University in Banská Bystrica with a focus on management and marketing

• graduated from the Faculty of Management at the Bratislava Comenius University and holds the highest certifications from Cisco and Microsoft

• graduated from the Slovak University of Technology in Bratislava

• has been working for Soitron since 2001

• graduated from the University of Economics in Bratislava

• graduated from the University of Economics in Bratislava, where he also finished his doctorate degree in 2000

• initially a Project Manager, later he transferred from the position of a Head of the Project Management and Communication Technologies Department to a position of the Technical Director and a member of top management

• before joining Soitron in 2006 he was working in the area of personnel consulting

• until 2008 he worked for Cisco Systems, where he from the position of the Regional Business Director responsible for development of business strategy for segment of small and medium enterprises joined Soitron. As a Sales Director, he is responsible for business strategy development

12

• his previous work experience was primarily acquired from technically oriented positions in companies ABB (Slovakia) and Integra IS and Dimension Data (Australia) • has worked for Soitron since 2002 and was involved in various activities from planning and implementation of solutions, technical support to pre-sales activities, consulting and training • in 2007 he became Head of the Communication Technologies Department, in February 2009 he joined the company’s top management and filled the position of a Presales and Marketing Director responsible for product management, marketing strategy and communication

• has worked for Soitron since 1994 in various technical positions • since 2003 he worked in the outsourcing division of the company, first as Head of Department and later as General Manager for Outsourcing division • currently he holds the position of Technical Director responsible for solutions supply management for Soitron customers and technological direction of the company in information and communication technologies

• currently he is the Mergers and Acquisitions Director and member of the Board • his main goal is to seek out new opportunities to advance growth of the Soitron Group within local and international markets

• has been working for Soitron since 2006, initially as a Head of Recruiting Department and later as a Head of an administrative section of the Human Resources Department • participated in several projects in the area of Human Capital Management. The most important projects include implementation of the Talent Management program and the Development of Internal Communication

• from 2005 he worked for the Ardaco, a.s. company as a Financial Director. Prior to that he was working for the Kappa Obaly Štúrovo, a.s. as a Financial Auditor for Slovakia and Hungary, and at the same time served as a Managing Director for its subsidiary in Hungary – Kappa Dunatrade Kft • since 2008, he has been working for Soitron as a Financial Director responsible for efficient financial management of the company where he applies his experience from Slovak as well as international financial markets

• is a certified PMP (Project Management Professional), member of PMI

13

SOITRON CZ COMPANY MANAGEMENT

ŠTĚPÁN BENYOVSZKY General Director • after graduating in geodesy and cartography at VAAZ Brno, he has held various positions associated with performing and managing geodetic and cartographic assignments. Between 1986 and 1992 he worked as a chief analyst/programmer for digital processing and map creation while heading the automated map creation technology development. He is also a graduate of the Faculty of Electrical Engineering, Czech Technical University in Prague

• as of 1992 he has worked as a systems engineer, solution architect, as well as the Director of Technology and Managing Director in SAS Praha which later transformed into ClarioNet, s.r.o.. In the past 10 years he has focused primarily on identity management • following the merger of Soitron, s.r.o. (CZ) and ClarioNet, s.r.o., he is the General Director responsible for management of Soitron, s.r.o.

MICHAL NOVÁK

JIŘÍ DINTER

Technical Director

Sales Director

• is a graduate of the Faculty of Electrical Engineering, Czech Technical University in Prague, specializing in telecommunications. Previously he held primarily technical positions in Azlan and Core Computer

• gained his first work experience in Telefonica O2 (formerly SPT Telecom), as a business consultant. Then, he worked for AutoCont as a manager of the sales team, followed by a Sales Manager for enterprise segment in EuroTel

• in 2005 he joined Soitron as a systems engineer and became a Head of the Cisco Infrastructure Department. The positions of Technical Director and member of management followed afterwards. Currently, he is in charge of completing customer solutions delivery as well as setting the technology trends for the company

• sudden change in Jiři’s career came in 2001, when he co-founded Caiacom company. In Caiacom, he was responsible for development of sales activities built on AVAYA solutions. • as a Sales Director, he is responsible for sales activities of Soitron in Czech Republic

14

15

VASILE VELICU

GABRIEL MUSAT

DRAGOS STROESCU

MIHAELA GHEORGHIU

OVIDIU LILIAC

DANIELA VELICU

Managing Director

Executive Director

Sales Manager

Financial Manager

Technical Manager

Operations Manager

• is a graduate of “Politehnica” University of Bucharest, Faculty of Automatic Control and Computers. He has a Ph.D. in Enterprise Management

• graduated from the “Politehnica” University of Bucharest, Faculty of Telecommunications in 1991. He is a graduate of the EMBA program organized by ASEBUSS

• is a graduate of “Politehnica” University of Bucharest, Faculty of Telecommunications, 1994 and a Master degree in 1995

• is a graduate of University of Economics in Bucharest

• is a graduate of “Politehnica” University of Bucharest, Faculty of Telecommunications, 1994

• is a graduate of “Politehnica” University of Bucharest, Faculty of Automatic Control and Computers. She graduated the EMBA program organized by ASEBUSS

• until 1992 he worked in Computing Consultancy and Training Center as Expert Trainer and Deputy Director

• is one of the co-founders of Datanet Systems in 1998

• is one of the co-founders of Datanet Systems in 1998

• later, he held some strategic positions within the companies and institutions as: Oracle Romania - Public Sector & Service Providers Sales Manager, Alcatel Business Systems Romania – Data Communications Manager; Chamber of Commerce and Industry of Romania, Business Information Center – Deputy Director • is one of the co-founders of Datanet Systems in 1998 and since 2008 he has been the Managing Director of Datanet Systems

16

• from 1998 he was the General Director, subsequently the Executive Director of Datanet Systems

• since 1998 he was Technical Manager, then Sales Manager of Datanet Systems

• currently he is responsible for marketing, presales and business development activities

• is a certified CCIE engineer for 11 years

DATANET SYSTEMS COMPANY MANAGEMENT

• since 2009 she has been the Financial Manager of Datanet Systems • has previously worked as a Partner Manager for Microsoft Romania and Oracle Romania as Financial Senior Consultant, Project Manager and Program Director for analysis and implementation of financial models of customers business in ERP applications • has previously worked as a Financial Director for Loto – Pronosport, responsible for controlling and leading accounting, financial and salary activities

• has been working for Datanet Systems since 1998. He started as a System Engineer and then became Multiservice Consultant

• is one of the co-founders of Datanet Systems in 1998 • held the position of Sales & Logistics Manager until 2004

• worked as a Project Manager for the previous 4 years and currently he is the Technical Manager of Datanet Systems • is a CCIE and also a certified PMP (Project Management Professional)

• since 2005 she has been the Operations Manager and is responsible for conducting the purchasing activities, controlling inventory, handling logistics and supervising training and support activities

17

ORGANIZATIONAL STRUCTURE Shareholders

Supervisory Board

Board of Directors

Management CZ

Management SK

Management RO

General Director

Executive Director

Mergers and Acquisitions Director

18

Financial Director

Human Resources Director

Technical Director

Presales and Marketing Director

Sales Director

19

REPORT ON ECONOMIC ACTIVITY SOITRON AND THE MARKET SITUATION IN 2011 Soitron Group In 2011, our international activities continued intensively. Soitron Group was fully consolidated in terms of financial controlling. Slovak Soitron and Romanian Datanet had been united in means of our presence towards our biggest vendor – Cisco. This enables us to faster build new competencies and share human and technical resources. Slovak and Czech Soitron had passed common ITIL certification and thus the IT service management system of the company is in compliance with ISO 20000. Both these companies also implemented integrated management system and we passed Quality management ISO 9001 and Information security

ISO 27001 under one common umbrella. Beginning with last year, Datanet finished transformation to use the support central application, thus the whole Soitron Group uses common IT management tool. Throughout the whole year, Soitron Group has been busy with the ongoing expansion. Following our strategy, we have continued to grow in another country through acquisition. As part of this process, we have chosen two countries from a shortlist, where detailed market research was carried out. Based on the results, we have focused on Turkey where we selected and approached a number of IT companies operating in the market. Following extensive strategic discussions, a partner was selected for cooperation and in November

2011 a Letter of Intent was signed with the aim to acquire a majority in the company in the first half of 2012. In the next year, the international activities will be focused primarily on cooperation within the Soitron Group and integration of the newly-acquired company into the Soitron Group. Soitron, a.s. In the private sector, the market has acted cautiously and we have witnessed reduced amount of IT investments. The only exception was the financial segment. Restart of IT projects was expected to take place in state administration. They had been put on hold previously, due to changes in

02 government in 2010. However, the newly elected government was toppled in the second half of 2011, which led to early parliamentary elections at the beginning of 2012. After the announcement of early elections, government suspended most of the decisions regarding IT projects in the state administration. Thus, in 2011 the IT market in the public sector was experiencing another year of uncertainty. Despite this situation, in October 2011 solution offered jointly by Soitron and Ditec was selected as winning in a tender for “Electronic Services of the National Vehicle Registration” managed by the Ministry of Interior. The aim of this project is to accelerate and streamline the communication of citizens with authorities. Thanks

RESULTS 2011

to the project, citizens will be able to manage most of their requests towards licencing authorities electronically. Also, policemen will be able to verify the validity of documents in real-time, even when on the road. The newly created nationwide vehicle register will include wide amount of data derived also from the Ministry of Transport and interconnected with the Slovak Insurance Bureau. The project is scheduled for 2 years, starting in January 2012, with contract worth EUR 37 million, which will significantly contribute to an increase in turnover of Soitron in 2012 and 2013.

Soitron has intensified its business activities in the area of small and medium-sized enterprises. We have formulated a strategy and focused on marketing to support our activities in this segment. Series of seven business leaders meetings called Speech and Brunch was organized to support our relationship with the local communities and accelerate the business in the regions. Also specialized seminars and product materials had been prepared. Considering the economic situation in general, the outlook for 2012 is rather conservative. We anticipate the companies will continue to be cautious with little or no tendency to open new projects. In the following year, we expect to see two trends increase in government expenditures and worsening business environment in Slovakia.

Datanet Systems Despite strong restriction on state spending and a difficult economic situation, Romanian Datanet achieved very good results. The company has a strong position in designing and delivering network solutions for Telco service providers with several successful infrastructure projects in 2011. Datanet has formulated and started executing a new product and business strategy with the aim to build new competences and extend the current portfolio.

Soitron, s.r.o. In Soitron Czech Republic, 2011 was another year of changes leading to greater flexibility and efficiency, including simplification of the organizational structure. New business and product strategy for the next years has been agreed upon. The aim is to specialize and focus on dominating the market in the areas of contact centers and IT Service Management.

“I can truly recommend the team of Soitron to all other customers.“ Miroslav Kralovič (Bratislavská teplárenská, a.s.)

20

21

ECONOMIC REPORT Organizational changes Segmentation of the sales team in the Slovak Soitron into three business lines - public, enterprise and commercial was created. This enables us to better focus on the individual needs of each market segment. Organizational changes related to in-sourcing of employees involved in the project for HP took place as expected and according to the plan. We have started the analytical phase of common Enterprise Resource Planning (ERP) platform project within the Soitron Group. The project will involve all companies within the group, representing an important part of the integration process. The common ERP for the whole Soitron

Group will be launched on January 1, 2013 in Czech republic and Slovakia and July 1st 2013 in Datanet. In Datanet, a new stand-alone Presales and Marketing Department was established. It is headed by Gabriel Musat, Executive Director of Datanet and consists of three presales consultants and one parttime marketing representative. The main role of this team is to sustain and develop sales activities within the company. To accomplish improved technical activities, the Technical Department was reorganized, headed by Ovidiu Liliac, Technical Manager. Also, due to increased number of projects, new positions of senior, professional, and junior consultants occurred.

New products and competences With Microsoft SharePoint, we have begun to implement our own projects in the commercial segment. We expect growth in this area over the next period. Soitron has also gained new Hewlett-Packard networking competence and enlarged its competence in Routing, Switching and Wireless. We focused on expanding our communication competency by adding Microsoft Lync into our portfolio. Thus, we can offer our communication solutions based on CISCO and AVAYA platforms and Microsoft Lync.

CUSTOMER APPRECIATION Big Ideas for CEE Big Ideas for CEE was a pilot project of a unique business conference, the first of its kind in Central and Eastern Europe. In this first year of conference, which took place between October 13 and 14 in Bratislava, eight world-renowned personalities from business, politics, sports and personal development spoke about new ideas and strategies, current trends, innovative thoughts and bold visions. Soitron welcomed greatest chess player of all times Gary Kasparov, a leading business thinker Scott McKain, a brand building expert Peter Littman, well known futurologist Magnus Lindkvist, the most successful president of the soccer club FC Barcelona Joan Laporta, father of coaching Sir John Whitmore, the

former World Bank’s director Ian Scott and a leading advisor on sustainable development Leo F. Johnson. Speech and Brunch road show 2011 Soitron organized successful series of 7 business brunches called “Speech and Brunch“. Representatives of key companies in the Slovak regions had an opportunity to discuss up-to-date business topics in Žilina, Košice, Poprad, Trnava, Trenčín, Nitra and Banská Bystrica. Meetings were managed through the latest video technology Cisco Telepresence, which represents very effective alternative to personal meetings. Our special guest speaker together with moderator could communicate with the audience “as live“, despite the fact that they were situated in different places.

LET´S CELEBRATE! We opened the year 2011 by Gala evening „Let´s Celebrate!“ dedicated to 20th anniversary of Soitron. Audience of the Slovak National Theatre in Bratislava was filled with our most important clients and business partners who had an opportunity to admire special performance of the popular Slovak singer Jana Kirschner and two famous Czech singers Dan Bárta and Martin Chodúr.

EMPLOYEE APPRECIATION

also set up goals for 2011. Although kick-off was full of new information and work session it was not only that. To the much delight of all present the teambuilding activities also took place. The sport day for outsourcing division Big teambuilding event for employees in outsourcing division took place in Slávia sport complex, Bratislava. The weekend happening was a day full of sport and relax. Our outsourcing colleagues enjoyed nice sunny day.

Sports day for Soitron CZ employees Shortly before Christmas, all employees of the Czech Soitron have traditionally gathered in Prague to sum up the achieved results and hear about plans for the next year. During the halfday sports/cultural event we have had the opportunity to play squash, table tennis, bowling along with a number of other activities. The program was livened up by sports exhibitions, the Agapepe concert as well as a handful of surprises from employees themselves.

Kick off In January the traditional event Kick-off took place. As an important happening it once again not only summed up on previous year but

“People at Soitron, who within our company deal with various obstacles associated with the implementation, administration and maintenance of network devices, as well as with the deployment of new network technologies, are the right experts in the right place.“ Radovan Hipik (IT Austria SK, s.r.o.)

22

23

IMPORTANT PROJECTS OF 2011 Secure e-mail communication in Slovenský Plynárenský Priemysel (SPP) and Eustream SPP is a multinational energy company with key position among gas market players in Europe, which focuses on business with natural gas. The company is leader on the natural gas supply market and a proven and reliable partner for over 90% of Slovak households and many corporate clients. SPP, together with its subsidiary company Eustream are strategic companies in Slovakia, for which the security of e-mail communication is one of the key tasks. For these companies, e-mail represents main communication channel, and therefore they requested a secure, future-proof solution. Soitron provided SPP and Eustream with high-performance and scalable solution ensuring the security of more

than 5 000 mailboxes. The customer placed very strict technological criteria on the provided solution. Cisco Ironport E-mail security appliance is a performance-related solution, designed for company growth in the future, while being advanced enough in terms of technology to withstand all current technological threats. The solution supports the reputation filter and in-depth inspection of the e-mail contents (so-called content filter). Implementation of active recording for control centers of SEPS SEPS (Slovak electricity transmission system, plc.) operates the electricity transmission system, to provide the dispatching control of the system, its maintenance, renewal and development so that the reliable and quality supply of electricity to all transmission system users is ensured.

For SEPS, we have implemented a project of active recording of IP telephones for control centers and workplaces throughout Slovakia. Our task was to draft a design, propose a delivery, installation, putting into operation and service of active components implemented in the project. For our customer, we have implemented a Retia product ReDat VoIP Recorder. In total, it was approximately 50 licenses for the main control centers in Bratislava and Žilina, and approximately 20 licenses for other operators’ workplaces within SEPS infrastructure. Active recording is much more efficient; in terms of data transfer it is more economical and in terms of administration it is easier, compared to the older, so called “passive” method of recording. Recorded voice data is automatically sent from

IP telephones being recorded to a record keeping unit (as a parallel call), where the whole process has optimized the volume of data transferred within the WAN network and most importantly, it has greatly simplified the administration of the recording system. Integration of Cisco IP telephony with Microsoft Lync for Vodohospodárska výstavba Vodohospodárska výstavba (VVB), the state-owned company, has participated in the construction of more than 350 waterworks, hydroelectric facilities, and civil engineering structures across Slovakia (for example the Gabčíkovo hydraulic structure). These hydroenergetic structures are administered by the VVB, ensuring their effective and safe operation as well as the production and sale of electricity.

For VVB, we have implemented a project of Cisco IP telephony with Microsoft Lync as an extension collaboration tool. It concerned 200 users of IP telephony in Bratislava and Gabčíkovo. Over the IP telephony, we have implemented further extension applications – Tariff and NetFax. The integration of IP telephony with already implemented collaboration tools has contributed to further increase in work efficiency in the work environment of the customer. The project is unique in integration with presence and collaboration tool MS Lync, which enabled control of the hardware IP phone placed on a desk directly from Windows environment (“click to call” for dialing, etc.). Increasing applications availability for Nemak Slovakia, s.r.o. Nemak Slovakia, s.r.o. has been operating in the Slovak market

since 2001 and specializes in developing, producing and distributing high-tech aluminum components for the automotive industry. Nemak Slovakia has the capacity to produce 800 thousand equivalent units per year for customers throughout Europe. Data space of the company consists of two servers, with a virtual infrastructure VMware vSphere 4 installed on them. To ensure maximum availability of individual applications and even against longer-term disruptions, the system of servers was divided and placed in two locations. The system was built on virtual servers, enabling both fast transfer of virtual servers between locations and easy system recovery in case of a server failure. A part of the project was to extend the existing virtual infrastructure by a redundant disk system. Our

solution enables to optimize the required disk space and reduces the time needed for recovery of lost data in case of a failure. In case of a hardware failure, a continuous operation of servers is also provided. Easy expandability ranks the HP storage solutions and virtualization based on VMware products among reliable solutions with a high level of protection and efficiency of expended investment. Server virtualization for the brewery Steiger a.s. The brewery Steiger is the first Slovak brewery, established in 1473, with continual production of beer up to this day. The project for Steiger has consisted of design, installation and configuration of new virtual server infrastructure. The infrastructure was built on two ProLiant servers with

a virtualization solution - VMware vSphere and with a central disk array - HP StorageWorks. Part of the project has involved supply and installation of a backup system. Within the project, not only the hardware has been replaced but also a switch to the new versions of operating systems has been executed. It was necessary to ensure the switch to Windows 2008 servers as well as migration of existing services. The virtual server infrastructure has brought the company more efficient use of processors and disks, central administration of servers and lower operating costs. Increasing applications availability, reducing the failure rate of components and shortening the time required to restore data from backup in case of a failure has also been provided.

Soitron team provides “very fast solution of non-standard situations arosen during the implementation; provided high-level professional support”. Martin Šibrava (IT Austria SK, s.r.o.)

24

25

Building a backup data center for Ústredná vojenská nemocnica (ÚVN) Ružomberok Ústredná vojenská nemocnica (Central Military Hospital) SNP in Ružomberok is the largest military health-care facility in Slovakia. The hospital consists of the pavilions with approximately 400 beds. Since its origin, the hospital has continuously functioned as the military hospital, but nowadays the hospital provides health services to all citizens. The main objective of the project for ÚVN in Ružomberok was to build a backup data center in another building within the hospital premises and thereby increase the availability of hospital applications. Originally, the entire infrastructure of servers and disk systems was located on one place, in one data center. However, due to increasing temperatures in

summer, equipment disruptions have occurred rather frequently. Extension of virtualized infrastructure VMware vSphere to another site ensured high availability of selected applications, as well as high data availability. Between the primary and backup data center runs a mutual replication of data, so in case of necessity a quick recovery of the required applications functionality is ensured. In case of a failure in one of the data centers, the ÚVN Ružomberok has the opportunity to transfer all application servers to the second, functional data center. The solution also enabled to distribute the load between individual servers and thereby increase the efficiency of their operation. Recording of emergency phone line for patients of OLUP, Predná Hora Odborný liečebný ústav psychiatrický (Specialized Treatment Psychiatric

Institute) in Predná Hora (OLUP) provides patients with comprehensive medical, psychotherapeutic and nursing care, involving the diagnosis and treatment of disorders associated with addiction. Within its activities, OLUP receives emergency calls through several phone lines. Given the specialization of the organization, it is essential to ensure recording of all incoming calls. It is a must, that no calls will be lost. We have implemented a phone system Avaya IP Office 500 with an integrated recording and software for administration of recordings. Deployment of the system met all the client’s requirements, thanks to what the OLUP provides its clients with better services. A part of the project was also the replacement of the original telephone exchange by the IP telephony solution for the whole company.

First installation of Novell Cloud Manager and Novell PlateSpin in European Union The Jessenius Faculty of Medicine (JLF UK) is one of the three medical schools in the Slovak Republic. The JLF UK ranks not only among the best faculties of Comenius University but also among prominent institutions of graduate medical education all over the world. For the JLF UK in Martin, Soitron has provided complete equipment of the data center including server and network infrastructure. A part of the delivery was 7 racks, IBM Blade Center, Microsoft licenses and complete management of the environment administration. By creating a new data center, the network of the faculty obtained the necessary increase of transmission capacities between individual locations and last but not least,

increased disruption resistance of the network infrastructure. The delivery also included ZENworks – software that allows remote administration of 400 computers and a tool for administration of physical and virtual devices environment Novell Cloud Manager and Novell PlateSpin. It was the first installation of this solution within the European Union and second in the world. In the field of security solutions, the active network components and the terminal workstations have also been implemented. The current solution for the JLF UK data center in Martin has implemented many new technologies enabling a high degree of control over the network environment, providing great flexibility for future development projects.

Recording of encrypted phone calls in Volkswagen Financial Services Slovakia Volkswagen Financial Services Slovakia (VWFS SK) is a specialized financial company of the Volkswagen concern, offering the most credit products for vehicle financing in Slovakia annually. It offers branded leasing, credit and insurance products prepared especially for financing vehicles of the brand Škoda, Seat, Volkswagen and Audi. The safety standards of the Volkswagen concern showed demand for encrypting the internal phone calls. In order to improve the quality of customer services, part of the phone calls is being recorded and evaluated. Therefore, it was necessary to ensure recording

functionality even after deployment of encryption. We have ensured that the company can record selected phone calls while maintaining encryption, thanks to already implemented solution Avaya Communication Manager and recording system Redat, by changing the method of recording from passive to active. The combination of recording and encryption of phone calls is a unique implementation, one of the first in Slovakia. Effective communication between Czech and Slovak Dalkia subsidiaries via Microsoft Lync Dalkia is European leading provider of energy services to local authorities and businesses. Dalkia International is active at Slovak market via

Dalkia a.s., where it offers efficient and economical operation of the heating facilities and industrial services. The purpose of the Microsoft Lync project was to provide the collaboration services and integrate them into the MS Exchange communication platform. Client was facing the business need to integrate communication and collaboration between the Czech Dalkia subsidiary and Slovak Dalkia subsidiary. As those communication platforms are managed separately in each country, we have proposed Dalkia a collaboration tool – MS Lync. In MS Lync solution Dalkia gained the possibilities of conference calls, online meetings, desktop sharing and other additional features. In principle, the solution provided more flexibility, better engagement and saved travel cost.

Soitron is “a partner who always keeps his word; people with whom you can speak and create”. Peter Proks (2P, s.r.o. Košice)

26

27

First IP telephony on virtual platform for Johns Manville Slovakia Johns Manville Slovakia is the biggest European manufacturing facility of the Johns Manville worldwide group. It deals with the production and processing of glass fibers and employs nearly 900 people at the facility in Trnava. Given the size and nature of the facility, it really needs reliable communication not only towards the external environment, but also within the company. The offered solution is based on a homogeneous environment of the Cisco Unified Communications family. It provides redundancy at the hardware and application level ensuring high reliability and availability of the whole solution. The IP telephony using Cisco Unified Communications Manager version 8.5 has been extended with

Unified Contact Center Express server, which provides intelligent call routing services (IVR) and a server for additional service of voice mail (CUC). This application has been requested mainly because of the need of mutual communication with colleagues and customers from different time zones. The basis of the solution is a pair of Cisco Unified Computing System (UCS) servers which we have proposed along with the virtualization on the VMware vSphere platform. These models meet the demands of operation of up to 1 000 users and coexistence of up to 4 virtual servers on one physical device. The Johns Manville plant in Trnava, Slovakia, became the first within the Johns Manville global concern which implemented this unique, effective Cisco IP telephony solution on the VMWare virtual platform.

Face-to-face meetings with no travel needs in Železiarne Podbrezová Železiarne Podbrezová (ŽP) operates in five European countries. The Group is managed from Podbrezová and for efficient operation of the company it is necessary that each branch cooperates well with one another as well as with the general headquarters. ŽP has addressed us with the requirement to replace and expand this technology with a new solution that interconnects the general headquarters and subsidiaries in 14 sites in Slovakia, Czech Republic, Spain, Poland and Italy. The solution had to meet the high quality resolution, so that it becomes an adequate substitute for face-to-face meetings. Another requirement of ŽP was to enable to meet from multiple locations at the same time

with a possibility of mutual sharing of presentations. The solution should also be scalable, with a possibility to be extended to other locations. After becoming thoroughly familiar with the requirements of ŽP, we recommend to link 8 locations with a sufficient quality and fast network in the first phase. The whole solution was implemented in Železiarne Podbrezová within 4 working days in December 2011 and the new video communications solution was ready to be used immediately upon implementation. The company management and the technical teams meet via video; the technology is used for trainings and ad-hoc meetings that could take place between multiple locations at the same time, what also significantly increases the work efficiency and human resources utilization across the company.

After solving the availability of other subsidiaries, the company Železiarne Podbrezová plans to implement end devices in the other six, originally proposed locations. Centralized system for user support across world-wide premises in Devro Devro is a traditional manufacturer and supplier of a wide range of packaging for meat, poultry and dairy products. Apart from Czech Republic, Devro also owns manufacturing plants in Scotland, Australia and USA. The main goal of LANDesk tools implementation was to develop a high-quality centralized system for user support across all premises around the world. Implemented solution enables IT department to process user requests in efficient and high-quality

manner. More than 500 endpoints are managed using single console of LANDesk Service Desk, LANDesk Management Suite and LANDesk Security Suite, leading to higher availability and efficiency of IT resources with minimizing business critical IT services outages. Remote meetings in Kraft Foods between 7 CEE countries Kraft Foods is one of the largest worldwide food-producing companies. We have delivered and implemented a video conferencing solution for Kraft Foods company in 7 countries in CEE region. This solution enables local managements and also other employees to facilitate long-distance discussions, operative meetings, distance learning and other activities with minimizing travel costs.

Video solution is based on Cisco Tandberg technology with utilization of EX90 platform for individual users and C40 platform for usage in meeting rooms. Upgrade of the critical Telecommunications System for RA Romatsa Control Towers ROMATSA is the administrator of air traffic services in Romania which decided to upgrade its communications infrastructure in order to increase the capacity and security levels of the Telecommunications System. 10 years’ experience in Cisco equipment deployment and the desire to maintain a perfect compatibility with other network equipment, led to the implementation of technology from this vendor. Solution included the replacement of the end-of-support routers; the doubling of the switches and

routers in the airports and the addition of new sites in the communication network. Network design services which included the new platforms, planned the installation services within the operational network, executed the installation services, traffic migration and testing, were also part of the solution. Changes have been applied to a functional operational system, without the right to discontinue any voice service for more than 4 seconds, or RADAR service for more than 3 minutes. As a result the capacity and security levels of the Telecommunications System of ROMATSA increased with the work completion and by adding new locations within the ROMATSA IP communications network, the communication availability with airports was improved.

“Cooperation with Soitron professionals was always problem-free. Their solutions are professional and reliable.“ Rado Mazúch (Slovintegra a.s.)

28

29

2011 EVENTS January

Let’s Celebrate – traditional gala evening for Soitron business partners in the Slovak National Theater in Bratislava Kick off – strategic New Year´s get-together of the integration part of the Soitron team in Vysoké Tatry resort

May

February

Blood donation – company initiative followed by 18 employees

March

Speech and Brunch in Žilina – a customer event performed via the videoconference technology on effective people management with Mr. Martin Krekáč, managing partner of Amprop Jenewein Group

April

Cisco Enterprise Partner of the Year - Soitron was awarded by Cisco for previous year Trend TOP in Infotechnology – Soitron placed high among the largest IT companies in the Slovak market

Wine tasting - event for customers in Wines Home, Prague

Cisco Expo Slovakia 2011 – Soitron as a main partner of the 5th annual conference in Bratislava Anywhere, anytime and on any device communication and collaboration - expert seminar organized by Datanet Systems June

Soitron blog – launched at Soitron website under headline “IT world through eyes of Soitron people”

Speech and Brunch in Trenčín – on best practices in mass media communication with Mr. Igor Čekirda, co-founder of TA3 television

Speech and Brunch in Nitra – on power of Slovak brand with Mr. Viliam Matušek, marketing director of Baliarne obchodu Poprad

Speech and Brunch in Trnava – on traditional Slovak brands with Mr. Peter Krúpa, controlling director of Hubert J.E.

Speech and Brunch in Banská Bystrica – on effective people management with Mr. Zoltán Demján, successful business coach

Speech and Brunch in Štrbské Pleso – on growth strategy in time of crisis with Mr. Peter Zálešák, founder of company Nay

How to manage and operate internal tasks – firm´s own expert seminar about basic principles and benefits of ITIL for clients in Prague

Newest collaboration services in practice – expert seminar on Microsoft Exchange 2010 technology for clients in Bratislava

Virtualization seminar – expert seminar in cooperation with Microsoft Slovakia for clients in Bratislava

Cisco Expo 2011 – 8th annual of the Cisco Expo Romania

Seminar on ITIL, Service Desk and Desktop Management – expert seminar organized by Soitron s.r.o. in Prague

Student job fair – participation of the HR department at spring Day of Opportunities of The Faculty of Electrical Engineering and Information Technology of Slovak University of Technology (FEI STU)

IPv6 day – Soitron part of 24-hour live test operation of servers and application on the new protocol Soitron Cup 2011 – the 4th annual employee futsal (indoor soccer) tournament in Bratislava Children´s Day for employees’ kids organized in Hotel Senec

Speech and Brunch in Košice – on philanthropy with Mr. Andrej Kiska, founder of companies Triangel and Quatro and charity organization Dobrý anjel Borderless Networks Challenges and Solutions – expert seminar organized by Datanet Systems

July

Unified instant messaging system for Soitron Group – launch of new communication client – Lync2010

Infotrends 2011 – the 15th annual expert conference – Ondrej Smolár, CEO, Soitron, presented the technological trends that can change business Cisco Expo Czech 2011 – Soitron as a technological partner of the 12th annual conference in Prague Devín – Bratislava run – participation of the Soitron running team at the 64th annual event

Trend TOP 200 biggest nonfinancial Slovak corporations – Soitron at top positions in several categories

August

Audit of integrated management system to confirm Soitron`s ISO 9001 (Quality) and 27001 (Information Security) compliance for both Slovakia and Czech Republic.

“Consultants at Soitron have the expertise but also a helpful attitude to customer. We have good experience in implementing network infrastructure solutions.“ Miloš Predmeský (Tax Directorate of the Slovak Republic)

30

31

SOITRON MARKET POSITION September

New video-conference rooms in Banská Bystrica and Košice – deployment of two new locations with Telepresence rooms following those in Bratislava, Prague and Bucharest System for Selling – launch of new internal initiative to support sales activities by employees

2010

2011

ICT Companies with the Highest EBITDA

3.

6.

The Most Profitable IT Companies in Slovakia

4.

4.

Service Centers in Slovakia

2.

9.

IT Service Providers in Slovakia

4.

6.

Suppliers of Information Technologies in Slovakia Ranked by Added Value

4.

6.

Seminar on Management and Security – seminar dedicated to management and security of mobile devices organized by Soitron s.r.o. in Prague

Suppliers of Information Technologies in Slovakia Ranked by Sales

7.

8.

How much do your data cost? – firm´s own expert seminar about complex protection of devices for clients in Prague

One Billion IT Companies

8.

10.

TOP IT Suppliers for Private Financial Sector

4.

4.

TOP IT Suppliers for Utility Companies

12.

5.

Euro Golden Tour – participation of Soitron football team – Soitron Reds in international football match in Ostrava

TOP IT Suppliers for Public Sector

5.

5.

Student job fair – participation of the HR department at autumn Day of opportunities of FEI STU

TOP IT Suppliers for Industrial Production

9.

4.

Telco Cup 2011 – participation of Soitron football team – Soitron Reds in 8th annual of benefit tournament of leading telecommunication and IT companies in indoor football

TOP IT Suppliers for Service Providers

3.

3.

Afternoon with Santa – event for employees organized in Hotel Senec

Source: Trend Top in Infotechnology TREND 19/2012, 16 May 2012

Let´s improve in technology – afternoon with golf rehearsal and introduction to video technology usage in business AVAYA Forum 2011 – Soitron participating in the annual conference in Prague 100% virtualization with Datanet – seminar organized by Datanet Systems Sports day for the members of the outsourcing team in sport club Slávia Agrofert in Bratislava October

Big Ideas for CEE – pilot project of unique conference in Central and Eastern Europe with 8 worldwide known speakers for CEOs of European companies Delloite Technology Fast 50 – Soitron again placed in the Big Five category SharePoint seminar – expert seminar in cooperation with Microsoft Slovakia on effective communication for clients in Bratislava

Reducing costs by automating IT infrastructure – major Datanet Systems event Identity management – good investment in hard times – firm´s own expert seminar for clients in Bratislava November

December

TREND TOP IN INFOTECHNOLOGY

New video-conference room in branch office at Galvaniho in Bratislava

The Economy and Business weekly – Trend, annually publishes its TOP Infotechnology ratings in Slovakia. The number states ranking of Soitron in each category.

Sports Day – sport event for Soitron CZ employees “Very professional approach, very interesting personal meetings, immediate response to our demands – price quotes, new contracts etc.“ Pavol Kern (Pepsi-Cola SR s.r.o.)

32

33

03

PRODUCT PORTFOLIO We provide complex solutions in the following areas: * * * * *

IT Infrastructure Unified Communications Customer Interaction IT Security Content Management

We understand the areas bellow as following:

IT INFRASTRUCTURE

Offerings • Data networks (LAN and WAN, fixed and wireless) • Data centers (connections, HVAC, OS platforms, applications etc.) • Workstations and peripheries • Virtual data centers, work stations and applications • Structured wiring networks • User, computer and application management systems • Automated application and security policy distribution

Definition Benefits Set of all HW and SW components used for entry, storage, processing and transfer of data. It is a common factor in all IT solutions and a foundation for implementation and administration of all applications and services.

Reliable end-user services and applications are impossible without a reliable infrastructure. Once independent but now converging new services require even greater capacity and thus make reliability of infrastructure ever more necessary.

Investments in IT infrastructure and administration contribute to approximately 60 % of all IT-related expenses (according to Gartner study „IT Key Metrics Data 2009“), thereby making optimization a priority of every IT department. Examples • IP/MPLS upgrade for Orange triple-play (Fibernet) implementation • Network infrastructure upgrade for VUB Bank data center • Data center for Spoločná zdravotná poisťovňa • Desktop management for Dalkia • Work station virtualization for Slovenská sporiteľňa • IT infrastructure administration for international company Atrium European Management NV, Netherlands

• eHealth pilot infrastructure creation • Wireless access implementation in Národný ústav srdcových a cievnych chorôb (The national institute of cardiovascular diseases) • Building of the backup data center for Spoločná zdravotná poisťovňa • Two data centers for Agentúra pre riadenie dlhu a likvidity • Data center for Ministry of Interior of the Slovak Republic • Implementation of Microsoft Exchange solution for Ministry of Interior of the Slovak Republic • Upgrade of the WLAN infrastructure for Faculty of Natural Sciences, Comenius University • Technology network for Nafta, a.s. • Virtualization of the IT environment for Swedwood Slovakia, s.r.o.

“Work and service quality was performed on professional level. We look forward to further cooperation.“ Rastislav Pipíška (IT Solutions SK, s.r.o.)

34

PRODUCTS

UNIFIED COMMUNICATIONS Definition All forms of voice, video and multimedia communication among users, both on intra- and intercompany level. Simple and unified administration of all communication channels. To make sure communication makes work easier and not more complicated.

Offerings • IP Telephony • Unified Messaging – consolidation of voice, fax and email messages into one inbox • Audio and video conference solutions – speak to and see participants in distant locations and watch conference presentations, use applications interactively with the audience, share documents or the entire desktop or even create results together • Presence – consolidation of all communication channels, email integration, Instant Messaging • Mobility – equal access via the entire range of mobile and land line networks • TelePresence – new form of conference, which uses the most advanced technologies to create a feeling of meeting at one table, in another words “life-like“

Benefits Increases efficiency and simplifies communication. Enables communication via a single contact, regardless of the number of phone numbers, email or chat addresses. Monitors presence status and preferred communication channel. Simplifies technically complex activities such as conference and/or video calls. Just like the Just-In-Time approach in supply management focuses on stock minimization and accurate timing of delivery to where it is needed, Unified Communications focuses on Just-In-Time communication – simple and instantly available to all involved.

Examples • Country-wide voice network for the SEPS (Slovak Electrification and Transmission System) • Communication infrastructure in the Crowne Plaza Bratislava Hotel • New voice network of Slovenská sporiteľňa • Interactive video transmission and conferencing for the Security Conference of NATO Defense Ministers in Bratislava • IP Telephony in Tatra banka • Implementing Cisco TelePresence in Tatra banka • Implementing Cisco TelePresence for Comenius University in Bratislava

35

CUSTOMER INTERACTION Definition Includes all customer contact solutions aimed at common contact center for all inquiries. Enables to utilize any communication channel (voice, email, web, fax) with equal level of service independent of the channel being selected.

SECURITY Offerings • Contact centers • Interactive voice services – IVR (interactive voice response) • Connection to CRM and information systems • Workforce Management – control options and operator load optimization • Recording & Reporting – quality measurement and assessment tools

Benefits Contact center plays a key role in developing loyalty of customers through their experience with customer service. The usual rule applies, i.e. understanding the customer means being in charge. Earning customer’s loyalty is much more difficult than losing it. Therefore it is essential to constantly offer high quality service and to keep looking for new ways of how to improve both quality and efficiency of communication with the client. How to achieve a top-notch customer service? Elaborate and efficient company processes, stable and modern technology background and qualified staff are essential for success.

Examples • E.ON IS – customer contact center for Západoslovenská energetika • Contact center for Tatra banka (Raiffeisen Group) – Dialog • First IP contact center in Central and Eastern Europe – Ferona Slovakia • Contact center for Lion Teleservices SK (Teleperformance), Žilina • Contact center for Cetelem, Hungary (BNP Paribas Group) • Contact center for ZUNO bank (Raiffeisen Group) • Contact center for Slovenská sporiteľňa (Erste Group) • Contact center for J&T • RWE – Workforce Management for contact center • Campaign Manager for Cetelem Romania

Definition Essential part of all our solutions and projects. Protects information systems as well as data from abuses, and ensures confidentiality, availability and trustworthiness.

Offerings • • • •

Process security Network security End user security measures Complex building protection systems • Identity and access management • Single sign-on and unified user access

Benefits Data stored within information systems are often the most precious assets of a company. Protecting these from security threats and abuse while ensuring their availability is a priority of every company. Correctly defined and followed security policy enabled via technology solutions is a necessary condition for maintaining high process efficiency and company management. Examples • Implementing the Self-Defending Network concept for Spoločná zdravotná poisťovňa, a.s. • Security as an internal part of network infrastructure for the Ministry of Justice of the Slovak Republic

• Closed circuit TV (motion detection) for OC Mlyny • Pilot project of Cargo train car identification using the RFID technology for Cargo Slovakia • Protection against DDoS attacks for LightStorm Communication • Optimization of operation and accesses over web services portals of the tax office for the Tax Directorate of the Slovak Republic • Redesign and implementation of complex security network perimeter and corresponding management for Dexia bank • Solution of Anti-X services on the network perimeter level for OMS

“I appreciate their technical level, but especially their willingness and a broad scope of knowledge which has saved our company a considerable sum of money by shortening the downtime to a minimum and allowing the business to continue operation.“ Jozef Šurka (ČSOB Leasing a.s.)

36

37

CONTENT MANAGEMENT Definition Digital content management involves faster and simplified information and document flow within an organization. It prevents influx of unwanted emails and detects inappropriate content in electronic communication.

Offerings • Intranet portals • Electronic approval and documentation • Spam and inappropriate content detection

Benefits Intranet portals such as Microsoft Sharepoint deal with storage and administration of growing amount of information generated as part of day-to-day intra-company communication. Increasing process efficiency in HR or finance departments is made possible by removing „paperwork” and digitalizing most of communication.

Examples • Approval process support in Orange and T-Com companies via using electronic document sharing with Microsoft Sharepoint • Human resources agenda for more than 700 Soitron employees • Spam detection solutions for the Ministry of Justice of the Slovak Republic

Traditional approval processes, expense reporting, and inventory maintenance can be fully replaced via electronic documents and utilizing digital signatures.

IN THE ABOVE MENTIONED AREAS, WE PROVIDE THE FOLLOWING SERVICES: Analysis and Consultancy Analysis and consultancy services scrutinize technology strategies and their impact on business of our customers. The purpose of consultancy is to get acquainted and understand the needs of our clients, and help them reach their strategic as well as operational goals. This is usually done through series of recommendations and IT project studies. Architectural Solution Design Combining the analysis outcomes, our experience and modern technology knowledge with our clients’ requests, we try to design and deliver solutions that fulfill,

and surpass their needs. Solution architecture might include a wide range of components, hardware and software infrastructure, applications, implementation and management services. Architecture is proposed with respect to performance, reliability, scalability, and, of course, price. Implementation Services When implementing proposed architecture to production, we try to minimize associated risks by detailed planning and professional project management. Delivering on the agreed scope, deadlines and goals defined by the design is of utmost importance for us. Managed Services Managed services include transferring clients’ routine, day-to-day IT operations

to us, in one or more areas, usually to improve service quality and efficiency. Relevant HW and SW is often part of the delivery, combined together as an Infrastructure as a Service offering.

design. The official Cisco and Microsoft training programs are complemented with an option to become officially certified in our authorized test center. Project Management

Outsourcing Outsourcing is a widely used method of decreasing IT costs and improving service efficiency. It involves a comprehensive transfer of one or all activities carried out by internal IT departments, with guaranteed qualitative and performance parameters, and a formalized Service Level Agreements. Specialist Training The main purpose of our training program is to develop and maintain high standards of technical knowledge necessary for optimal product integration as well as complex solutions

All projects carried out by us are directed by dedicated Project Management Office (PMO) using an unified set of tools and methods. Our project methodology is based on internationally recognized PMI, IPMA, PRINCE2, ISO 9000 standards and Cisco project management guidelines. Combination of industry proven standards is further complemented by our experience with managing large-scale projects of diverse technological and disciplinary backgrounds.

“Professional “user friendly” management. Fair, long-term cooperation, in fact since 1995. Quality team of specialists and experts in various fields. Ability to understand the problems and the needs of customer.“ Ján Vincúr (OSK SITB MV SR)

38

39

PARTNERSHIPS AND MEMBERSHIPS HEWLETT-PACKARD • HP Gold Preferred Partner • HP Computer Systems Specialist • HP StorageWorks Solutions Specialist • HP Professional Networking Specialist • HP Personal Computing Specialist • HP Workstations Specialist • HP ServiceONE Specialist

CISCO SYSTEMS • C isco Gold Certified Partner • Cisco ATP - Cisco TelePresence Video Advanced • Cisco ATP - Cisco TelePresence Video Advanced Plus • Cisco ATP - Cisco TelePresence Video Express • Cisco ATP - Cisco TelePresence Video Master • Cisco ATP - Data Center Unified Computing • Cisco ATP - Identity Services Engine Partner • Cisco ATP - Unified Contact Center Enterprise • Cisco Advanced Data Center Networking Infrastructure Specialization • Cisco Advanced Data Center Storage Networking Specialization • Cisco Advanced Routing & Switching Specialization

• Cisco Advanced Security Specialization • Cisco Advanced Unified Communications Specialization • Cisco Advanced Wireless LAN Specialization • Cisco Advanced IP Next-Generation Network Architecture Specialization • Cisco Customer Satisfaction Excellence Authorization • Cisco IronPort Gold Certified Partner • Cisco IronPort: Content Security Rebate Program Authorization • Cisco Learning Partner • Cisco Registered Partner MICROSOFT • M icrosoft Gold Server Competency Partner • Microsoft Silver Independent Software Vendor (ISV) Competency Partner • Microsoft Silver Learning Competency Partner

• Microsoft Silver Communications Partner • Microsoft Silver Messaging Partner • Microsoft Authorized Education Reseller

AVAYA • Avaya Silver Partner ORACLE

IBM

SYSTIMAX • A uthorised Systimax Engineer • Systimax Trained Installer • Certified iPatch System Support Specialist

• Oracle Solaris Specialization

CHECKPOINT • Checkpoint Bronze Partner

NOVELL • Ironport Gold Partner

INTEL • Intel Channel Partner

LENOVO

• Symantec Silver Corporate Reseller

IRONPORT

KELINE • IBM Advanced Business Partner • IBM Service Partner

SYMANTEC

• Novell Silver Solution Provider NICE

• K eLine 10Giga Authorized Planner • KeLine 10Giga Authorized Expert

ZOOM • N ice Business Partner • Nice Service Partner

• ZOOM Gold Partner

R&M AMP NETCONNECT

• Lenovo Premium Business Partner

• R&M Freenet Certified Installation Manager • R&M Freenet Certified Copper Installer • R&M Freenet Certified Designer

CITRIX • Citrix Silver Partner VMWARE • V Mware Solution Provider Enterprise

BRAND-REX • Brand-Rex International Partner

• I nstalling and Conectorizing LAN Cabling Systems

ENTERASYS • Proffessional Security Partner 2RING

TELEOPTI • Teleopti Certified Partner GWAVA

LANDESK • LANDesk Silver Certified Partner • LANDesk Expert Solution Provider

• • • •

2Ring TAS Advanced Partner 2Ring NetFAX Advanced Partner 2Ring IPPS Advanced Partner 2Ring CC Gold Partner

• Gwava Premium Partner

Soitron has “friendly and helpful approach at all levels. Prompt and qualified response in the process of consultation and problem solving. We particularly appreciate a precise mapping of our environment and documentation keeping.“ Peter Chutňák (NÚSCH, a.s. Bratislava)

40

41

REFERENCES STATE ADMINISTRATION • Central Office of Labour, Social Affairs and Family • Debt and Liquidity Management Agency (ARDAL) • Government Office of the Slovak Republic • Krajský školský úrad in Banská Bystrica • Národné centrum zdravotníckych informácií • National Council of the Slovak Republic • National Forest Center • Prague District 1 • Slovak Government Administration Facilities • State Treasury • State Veterinary and Food Administration of the Slovak Republic • Statistical Office of the Slovak Republic • Tax Administration of the Slovak Republic • The Czech Government Office • The Czech Ministry of Local Development • The Czech Supreme Supervisory Office

42

• The Czech Telecommunications Office • The Romanian Air Traffic Services Administration (ROMATSA) • The Romanian Chamber of Commerce • The Romanian Ministry of Finance • The Romanian National Trade Register • The Slovak Ministry of Defense • The Slovak Ministry of Foreign Affairs • The Slovak Ministry of Health • The Slovak Ministry of Interior • The Slovak Ministry of Justice • The Supreme Audit Office of the Slovak Republic FINANCE AND INSURANCE • Alpha Bank • Banca Româneascã • Bancpost • BCR Erste • Cetelem • Czech Export Bank • Československá obchodní banka • EFG Eurobank • Emporiki Bank • First Data Slovakia • ING Bank România • Interamerican • Intesa SanPaolo Bank

• • • • • • • • • • • • • • • • • •

J&T Finance group National Bank of Romania OTP Bank Piraeus Bank Prima Banka Slovakia Privatbanka Raiffeisen Bank RBS Bank Slovenská sporiteľňa Spoločná zdravotná poisťovňa Stabilita d.d.s. Tatra banka UniCredit Bank România UniCredit Leasing Slovakia Všeobecná úverová banka Všeobecná zdravotná poisťovňa Wüstenrot poisťovňa ZUNO Bank

INDUSTRY • Alas Slovakia • Belar • Calsonic Kansei • Ceragon Networks • Cutisin • Daikin • Doprastav • DURA Automotive Body & Glass Systems Components • Enterprise

• • • • • • • • • • • • • • • • • • • •

Fagor Ederlan Slovakia Ferona Slovakia Holcim România In Vest Johns Manville Slovakia Metrostav Slovakia Model Obaly Mondi Business Paper SCP Nafta OMS Peugeot Citroën Automobiles Pivovar Steiger Porsche România Rompetrol SAS Automotive Topex U.S. Steel Košice Valeo Volvo Trucks Yazaki Wiring Technologies Slovakia • Zentiva • ŽOS Trnava EDUCATION • Comenius University in Bratislava • Czech University of Life Sciences in Prague • Institute of Chemical Technology, Prague

• Methodology and Pedagogy Center • Technical University of Ostrava • University of South Bohemia in České Budějovice UTILITIES • ABB • Bratislavská teplárenská • ČEZ • Dalkia • E.ON IS Slovakia • Eltek • Petrom • RWE • Slovenská elektrizačná prenosová sústava • Slovenský plynárenský priemysel • Stredoslovenská energetika • Stredoslovenská vodárenská prevádzková spoločnosť • Stredoslovenská vodárenská spoločnosť • Transpetrol • Eustream • Východoslovenská energetika COMMERCE • Accenture Services • Accor Services

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Ahold AWD Bat România Billa România Bit-STUDIO Bratislava Coca-Cola Czech Republic Colgate-Palmolive Danone Delhaize Mega Image General Bottlers CR Havi Logistics Hewlett-Packard Slovakia Interhouse Košice Interoute Ixia Kaufland România Kúpele Štrbské Pleso Lidl România Markíza – Slovakia Med – Art Metro Cash & Carry Slovakia Nestle România Novensys OMV Slovakia Pepsi-Cola SR Ringier România Ringier Slovakia Roche Slovakia Slovenská pošta Star Storage

• TechTeam Global • Wipro • WNS TELECOMMUNICATIONS • Cosmote • České Radiokomunikace • Energotel • GTS Slovakia • Orange România • Orange Slovensko • Slovanet • UPC Broadband Slovakia • UPC România • Vodafone • Vodafone România TRANSPORT AND DELIVERIES • DHL • DHL Romãnia • Dopravní Podnik Města Brna • Letové Prevádzkové Služby SR • Lockheed Martin • Tarom • The Prague Public Transport Company • TNT România • TNT Express • Železnice Slovenskej republiky

• Železničná Spoločnosť Cargo Slovakia HOTELS • Astrum Laus • Austria Trend Hotel Management Bratislava • Best Hotel Properties • Diamond Hotels Slovakia, Crowne Plaza Bratislava • Domica Resort • Mövenpick Praha HEALTHCARE • Central Military Hospital, Ružomberok • Faculty Hospital of Comenius University • General University Hospital in Prague • Hospital of the Slovak Ministry of Defence • Slovak Medical Chamber • Specialized Treatment Psychiatric Institute (OLUP, Predná hora) • The Healthcare Surveillance Authority

43

04

PEOPLE

STRATEGIC INITIATIVE FOR THE YEARS 2010 – 2015

Soitron Group by age 25 and less 26 – 30 31 – 35 36 – 40 41 – 45 46 – 50 51 and more %

3

Soitron Group by gender

• Processes and resources - we believe that effective and simple work processes and tools that promote employees self-realization increase the sense of satisfaction and motivation amongst our employees. We want to provide each employee with the ability to influence these processes

female

• Remuneration and the sense of fulfillment – we want to achieve an incentive-based and transparent system of remuneration, based primarily on performance taking into consideration both intra-company

justice and benchmarking against external market To develop these areas, in 2011 we have realized the following: • Introduction of the 360° feedback project for managers, allowing employees to evaluate their supervisor’s performance. The same evaluation is undertaken by the manager himself through self-evaluation as well as through peer evaluation; that is evaluation conducted by his superior and colleagues. Through this transparent and anonymous tool we provide the opportunity not only to evaluate the supervisor, but we also guarantee that information provided will be processed by the supervisor himself and it will become an integral part of his annual appraisal review

• The first year of a pilot program “Innovation Cup” has enabled all employees to submit proposals to improve company processes, in a completely transparent manner. This has resulted in employees nominating 9 innovative proposals, of which 5 were recommended for implementation in 2011 • Employees were given the opportunity to make use of their own contact networks, in order to develop business opportunities for the company, through an incentive system within the program focused on sales promotion called “Sy-sell” (System for Selling). In 2011, there were 5 such proposals submitted, of which 1 was successfully implemented as a business opportunity, for

which the employee received a remuneration incentive for adopting his idea The intention is to conduct the satisfaction survey again in 2012 in order to monitor progress in these areas.

9,5 %

12 %

Soitron wants to be viewed as an employer that provides environment that encourages self-realization and the sense of fulfillment to its employees, and rated as an Employer of Choice where to work and apply

21 %

71 %

• Create and support corporate culture that motivates to exceptional performance, creativity, responsibility and stimulates the initiative of employees

• Importance of people – our aim is to increase employees engagement by increasing their awareness of what is happening in the company, as well as to increase the opportunity to express their opinions on what is happening and to contribute with their own ideas for improvement

8%

• Direct supervisor - we want to increase employee satisfaction with the teamwork of colleagues and supervisors by utilizing regular feedback sessions, and strengthening line managers in the development of their leadership skills

3%

PROJECT BEST EMPLOYER

• Define the group organizational structure, vertical management group and international virtual teams

The survey conducted in 2010 identified the following four key areas as in need of further development:

4%

%

• Project “Best employer” i.e. to rank among the best employers in Slovakia on the basis of assessments conducted by employees, and market comparison provided by relevant established consultancies

3%

19

• Continue to adopt English as a company language to enhance and accelerate integration of foreign divisions of the group and to prepare the ground to ensure that future acquisitions can be achieved more effectively

for a job. In order to measure this company goal, we have chosen the Best Employer Survey Index, organized by the Aon Hewitt Consultancy, which compares the results of satisfaction surveys conducted by many companies and annually announces the list of the best employers.

29

• Create an open and motivating environment in the area of intracompany communication

12 %

Soitron considers its employees as being the key factor of its success. As a result, an initiative called “People” became one of the four key company strategic initiatives which we have defined and are currently developing for the period of 2010 – 2015. The following areas have been determined as the key priorities within this initiative for 2011:

Soitron Group Employees by country Slovakia Czech Republic Romania

,5 78

%

male With Soitron “I appraise the technical support very favourably. I also positively appraise the cooperation on preparation of proposals and specifications of deployed solutions.“ Miloš Reháček (Doprastav, a.s.)

44

45

In 2011 the following steps have been realized: • A Performance-based annual evaluation system has taken on a new aspect – strengthening the role of SMART individual goals (Specific, Measurable,

• For managers, mandatory Key Performance Indicators so-called KPIs have been introduced and linked to company business objectives, together with the 360° feedback being integrated into management performance evaluations and having an influence on the final evaluation result • An individual variable component usually being paid on a quarterly basis and being a result of quarterly assessment appraisals was in 2011 partly associated with achievement of company business plan. Thus our aim is to achieve that every employee is aware of their involvement in the overall business result

• The high performance employees had the opportunity to obtain quarterly performance bonuses for demonstrating outstanding performance. Soon thereafter this step has been proved right by indicating that the difference between the highest and the lowest paid bonus in the team during the individual quarters increased significantly, and in some teams it doubled

• Regular reports from management meetings in the form of a “blog” where employees can add their comments and additional questions

Soitron Group by education

OPEN AND MOTIVATING ENVIRONMENT AND ENGLISH AS A COMPANY LANGUAGE We have continued to support intra-company “top-down” communication approach, as well as to strengthen communication in the opposite direction under the “standup & speak-up” initiative. We have created an annual communications

• Intra-company blogs published on the company intranet. In 2011 employees wrote more than 100 blogs and blogging as a tool of the “stand up & speak-up” initiative has resulted in a change in the company benefits system

plan outline with a priority to maintain and improve the initiatives launched in 2010. This encompasses:

47 %

We want to create a culture that motivates employees to achieve exceptional performance, encourages employees to be pro-active and innovative in their way of thinking, even beyond their assigned work. Our aim is to ensure that all employees understand their work objectives and realize their achievement goals as an integral part of the company strategy being contributed to, by all employees, regardless of job position.

Achievable, Realistic, Time Bound) with regard to the overall performance-based evaluation

53 %

ENVIRONMENT FOCUSED ON PERFORMANCE

University

Secondary

• Quarterly Coffee talks with the company management have gone through a qualitative change, and resulted in a change of the topics preparation and their agenda publication in advance. This resulted in a more active involvement in discussions by the employees In 2011, a migration of the company intranet into the English language was implemented, and informal communication rules so-called “house rules” have been established with English being defined as the official language of communication

in the company. In addition, a short internal communication campaign was conducted, explaining the need for adopting English as a company language. At the end of the year these steps were backed by the first internal group project – implementing a new ERP system within the group, where the use of English on a daily basis was utilised.

GROUP ORGANIZATIONAL STRUCTURE In 2011, the group organizational structure was subsequently defined and grew to include the Board of Directors and the Strategic Board. Activity of a Supervisory Board with new members has also been reestablished, with the Board’s activity being presented to the employees. In terms of group management, the management competences at the local subsidiaries level and their

CEO has been subsequently defined and strengthen, and for better coordination of activities the “group patrons” have been defined for the area of business, marketing, technical implementation and operations.

PERSONNEL CHANGES • In 2011, personnel changes were characterized primarily by a massive insourcing of employees dedicated to the Hewlett-Packard project; employees joining the ranks of client’s permanent employees. This outflow of employees occurred on the basis of a strategic decision of the client, to execute core activities from its own resources. This resulted in a significant restructuring in the management of the Outsourcing division, and reduction in staff for us, of approximately 350 employees.

The whole project of employee’s departure to Hewlett-Packard took place during the initial seven months of the year • In connection with these changes, the human resources department has been optimized - the number of employees has reduced, and the structure has changed when the HR department took over management of the Hewlett-Packard project with the remaining employees on the project. Our company has provided further opportunities for new employees with other projects. During 2011 we hired 110 new employees

“I have had only great experience with the sales representatives of your company. They respond promptly and professionally. They find a solution and adjust it to customer’s requirements. Keep it up. :)“ Ľubomír Vary (Zentiva a.s.)

46

47

CODE OF ETHICS Our code of ethics formalizes all intra-company relationships from leadership to employees at the lowest level of management. It refers to relationships with current as well as potential clients, employees, suppliers and other business partners. The principles and values of the code of ethics have been created to reflect the real situation of working atmosphere within the company. That may be one reason why our code of ethics differs from the conventional form. It refers to four key areas.

EXPERTISE, QUALIFICATION AND VISION OF OUR PEOPLE Constant improvement is not a necessity at Soitron, but a way of life. We always want to know more and be the best. Our company strives to support the knowledge base of our employees through constant and widereaching training, thereby facilitating

the further growth of talent within the firm. Professional growth, high qualification, competence, breadth of views and solid technological engagement are the pillars of our development that enable us to realize the visions of our clients, and inspire our business partners and employees to aspire themselves. People are our most valuable asset. We provide stimulating environment where everyone can obtain the most up-to-date information that is essential for continuous growth. Our employees constantly increase their qualification and knowledge by following the most recent developments in their fields. They always search for new opportunities and different ways to solve problems. Trendsetters by nature, our employees prefer an open and creative approach. As a result, they are justifiably considered experts in their respective fields.

TECHNOLOGICALLY SOPHISTICATED SOLUTIONS It is not just about doing what the client wants. That is not enough for us. We deliver solutions that make maximal use of current knowledge, broaden horizons, and enrich the client in new ways. Exceeding expectations requires competence, flexibility and creative spirit. We develop projects with an open mind, and are flexible to fulfill our client’s wishes. Looking forward, our solutions reflect excellence in every way while discovering new opportunities and moving forward. Our solutions are ahead of our time. We dismiss groupthink, inefficient solutions and individual backwardness. We do focus, however, on innovative, simple, yet maximally efficient solutions based on creative

team interaction. Our solutions are derived from rich technological background, international experience gained on large projects, local knowhow and global partnerships (Cisco, HP, Microsoft, Avaya, IBM, etc.).

UNUSUAL, UNORTHODOX SOLUTIONS Fair cooperation among partners and commitment to business partners as well as colleagues are the basis of our success. Team spirit can be felt as in our work, so too in our relationships with clients and fellow colleagues. We nurture relationships with our clients because we want to build lasting partnerships. We strive to make processes as little formal as possible, thereby enhancing the notion of “friendship” between our clients and us. We can accommodate our clients’ needs because we always

listen and try to understand the problem at issue. Responsibility, reliability, trust and openness are the foundations of our teamwork. To deliver, we often put in long hours. We always try to make our customer not only a good client, supplier, or business partner, but a true friend. Our employees enjoy their work. Their motivation to achieve the best results while trying to solve all problems from the scratch serves as a prerequisite for functional multilateral communication with our partners. We strive to understand processes within a deeper context so as to appreciate the very substance of a problem. We prefer relaxed and natural working environment to bureaucracy and formality. Brainstorming the problem is a popular problem-solving tool within our team. We focus on high quality long-term cooperation rather than short-sighted business.

Our outputs are perfectly clear and understandable. When dealing with us, the client never comes across unconvincing and fuzzy results. Living by the motto “Do more for less”, we try to follow processes that are carefully customized and strictly conformed to. The quality of our services is reflected in customer appreciation, which in turn translates into doing more business together in the future.

the dialogue within the firm of utmost importance. We have coined the “Stand up & speak up” philosophy, and we encourage the open door policy.

PEOPLE MEET HALFWAY

With clear and transparent rules, where everyone has an equal opportunity to openly communicate his/her ideas, we all can contribute to our company’s future. In return, we expect mutual respect among all members of the company and personal responsibility for achieving the set results.

We care about our employees, friendly atmosphere and good internal social environment within the firm. We have sense of teamwork, we support open communication based on fair play and constructive feedback. Flexibility, empathy, discreetness, adaptability, and willingness to help and leave no one behind are the traits we value most among our people. We consider

We believe it is important to contribute to satisfied personal and family lives of our employees. For precisely this reason are the family support and family-oriented events our priorities. The logic is simple: only a happy and balanced person makes a satisfied employee. We often meet outside work and in our spare time. Simply put, we are friends at work as well as outside.

Following the motto “We are people”, we prefer natural behavior, casual dress code, smile and relaxed style to conventionality, suit and tie. Not the cramped stiffness of personality, but the sport spirit. Interests and hobbies of our employees go beyond IT. They are no strangers to the great outdoors, sports, or art, and the company strives to encourage them in their pursuits. Principles such as flexible working hours, home-based office, no smoking in the premises, waste recycling, and paper (tree) saving are a matter of course for us. This code of ethics is not a company bylaw that must be obeyed. It is rather a set of internal recommendations intended to provide some guidance as to how we need to treat one another as well as subjects outside the firm.

“Prompt response to queries and technical support. Problem-free cooperation with both the technical and sales support.“ Karol Valko (Nemak Slovakia s.r.o.)

48

49

05 We are not oblivious of the world around us. According to the values we follow, we strive to become a model for others. Therefore, our aim is to develop the principles of fairness and responsibility further in all areas not only with respect to our business partners and colleagues, but to the local community and environment as well.

COMMUNITY SUPPORT We have not devoted our endeavors only to our clients. Number of volunteering activities, educational support, charity and foundations took place. • In 2011 we purchased products from protected workshops in amount of 2.150€ • We have donated 2% from taxes in amount of 5.750€ to 7 civic organizations, independent NGOs and foundations supporting, for example, prevention of drug addiction, physical disability help programs, children education, physical education, basketball and volleyball sport activities as well as organizations helping spread the ideas of peace, human rights protection, humanitarian

and development programs and other services beneficial to society in general • In cooperation with non-profit organization Dobrý Anjel (Good Angel), which helps families with children suffering from cancer or other serious illness, we helped 17year-old Patrik to stay in contact with his friends and school. Thanks to our videoconference solution, Patrik is able to communicate with his teachers and schoolmates from his bed in Bratislava Children Oncology Center. The very smart schoolboy is the first patient who studies remotely using modern video technologies • To support school education, we cooperated in informatics competition called iBobor, which took place in the beginning of

November 2011. Competition was executed by Faculty of Informatics and Information Technologies (Slovak University of Technology in Bratislava) with the main intention to encourage interest in information and communication technologies among students of elementary and secondary schools. The 5th annual of iBobor is considered a great success with 36 382 participants from 649 schools • Soitron was one of the partners of the 5th annual ISSEP conference. This conference, organized by Comenius University in Bratislava, was thematically dedicated to currently very popular topic – Informatics in School (solutions, development and perspectives). 88 foreign and local specialists from 17 countries (for example Japan, USA, Austria, Germany,

CORPORATE SOCIAL RESPONSIBILITY

Canada, Switzerland…) participated in this conference. Presented topics, dedicated especially to teachers, related to informatics lessons at elementary and secondary schools • Faculty of Informatics and Information Technologies (Slovak University of Technology in Bratislava) organized the 3rd annual of the “Týždeň spolupráce s praxou” (The week of cooperation with practice) dedicated to information and network technologies. In March, Soitron presented modern contact center and new conference form – Telepresence, its basic architecture, implementation process and benefits

• Student organization IAESTE organized in March and November event called “Dni príležitostí” (Days of opportunities) 2011. In this event, which took place at Faculty of Informatics and Information Technologies, Soitron provided students with interesting competitions and work opportunities • BIG IDEAS FOR CEE – pilot project of a unique conference, the first of its kind in Central and Eastern Europe, was organized by Soitron in October 2011. Eight worldrenowned personalities from business, politics, sports and personal development came to Slovakia to provide conference participants with a different

look behind the business scene, specifically in Central and Eastern Europe. They discussed topics that connect the worlds of leaders and businesses • In the 6th annual Soitron charity initiative called “Support the project”, whose intention is to support financially beneficial projects nominated by Soitron internal employees, took place also in 2011. Three projects were awarded the financial support from Soitron - Summer camp for children suffering from hemophilia, purchase of special suits for firemen group in Turany and support of the Faculty Hospital in Martin specialized in rehabilitation for children with specific motoric disorders

• In cooperation with the National Transfusion Service, we organized the 3rd blood donation at the end of March. Together, the initiative was supported by 18 employees • We helped homeless people by collecting clothes, books and other useful things for non-profit organization Depaul Slovensko • Except the basketball and volleyball team, Soitron also supports individual sportsmen. The squash player, Jan Koukal, who gained title of the “Best squash player in Czech Republic”, already 12 times, has been supported by Soitron for more than 2 years

“Open approach, clear rules ... I’m satisfied. I highly appreciate the cooperation with the Soitron technicians. Their response to solving problems is on professional level and far exceeds the contractually agreed parameters. I hope our cooperation will continue to deepen in the future.“ Pavol Machala (Informations-Technologie Austria SK spol. s.r.o.)

50

51

WORKING ENVIRONMENT In 2010 we have defined a new initiative that will shape the relationship between Soitron and its employees – Best Employer of 2015. Within the next 5 years, the goal is to create working environment that is very attractive and motivating for current as well as prospective employees. So far we have taken the following steps: • A s part of improving the working environment we have added two multimedia board Digital Media Signage (DMS) that will serve as another communication channel providing news about companyrelated matters, utilizing photographs and video as well

52

• W e have continued to provide our employees with a wide array of company benefits divided into several “packages.” The social package continued to include child birth, wedding support, or long-term sick leave contribution, food vouchers from the social fund and the possibility of salary pre-payment • The loyalty package includes bonuses for employees who have been with the company for more than 2 years while the health package involves an option of visiting a company doctor as well as an eye specialist. The benefits budget provides the opportunity to utilize all-year private healthcare services. The same budget also offers the opportunity to take advantage of a variety of sporting (sports package) or wellness facilities and massages (relaxation package)

• The financial package includes the option of using the company cell phone for private purposes, entertainment and relaxation vouchers, contribution to the 3rd pension pillar, internet subsidy, employee store, pharmacy, hotel and sporting facility discounts, etc. • An annual cultural event for employees and their spouses took place in the November. Evening program consisted of theatre performance of Woody Allen´s two one-acts Old Saybrook and Riverside Drive. There have been two events for kids in 2011 – The Evening with Santa and International Children’s Day

• In the area of sports, the Soitron team has been actively participating in the Devín – Bratislava national run. The 4th year of Soitron Cup – the employee futsal tournament, also took place in 2011 with 5 teams of employees participating. Our Soitron football team (Soitron Reds) participated in the 8th annual of beneficial indoor football tournament of the telecommunication and IT companies • In 2011, we launched the Innovation Cup initiative – internal competition for our employees, who gained an exclusive opportunity to register their innovative idea for Soitron operation improvement. Together, there were 9 creative projects registered, 5 of which will be implemented to practice

• Our employees were provided with an opportunity to become salesmen and through sales support program “Sy-sell“(System for Selling), they could register new business opportunities. In 2011, 5 projects were registered, of which one was also transferred to real business opportunity which also meant special reward for the respective employee

technology firms such as Cisco, Microsoft, UNIX and Solaris. This, along with a system of external education, enables us to maintain the highest level of up-to-date knowledge of our employees in the field of technology. The overall complexity of education is achieved by offering further soft skills and languages training opportunities

• The need for continuing education is addressed by company’s own training and certification test center in the firm’s premises with internal instructors with more than a decade-long tradition. The center has two lecture rooms and four testing stations and offers training from the most renowned

• We have conducted a 360° satisfaction survey – all Soitron employees had an opportunity to express their opinions through evaluating questionnaire fulfillment. Main intention of the 360° survey is to provide managers with feedback on their work and point out the areas that should be improved

ENVIRONMENT • We understand the responsibility we have for our environment. Therefore, as a part of implementing and support of new technology that is less harmful to our environment, conserves resources and simplifies everyday lives of our people, we continue to use the so-called Smart Cards. Their introduction as an employee ID, entry key and electronic signature of internal documents literally eliminated the need for paper-based administration of internal documents

MARKET • Relations with our clients, suppliers and other business partners are guided and enforced by our code of ethics also published in this report

“Project of AVAYA central office installation was executed the way I expect from a professional company – in time, with high quality and at the planned price. Complete telephone exchange replacement and change of voice provider were realized over the weekend with minimal outage. What is more we gained a lot of opportunities for our telephone agents. I appreciate mainly the resolution of details that occurred during the project and especially responsiveness and proactivity to solve them.“ Rastislav Gálik (Schneider Electric Slovakia)

53

06

FINANCIAL RESULTS Soitron, a.s. holds the primacy among the info-communication integrators and IT service providers on the Slovak market. In 2011, Soitron, a.s. had a turnover of EUR 43.3 million. Revenues from service provision accounted for 52% of the turnover. Compared to the previous year, in which the revenues from service provision accounted for 65% of the turnover, this constitutes a slight decline. In terms of structure, outsourcing services, managed services, project delivery and technical support prevailed.

In 2011, the value added year-on-year decreased from EUR 27.2 million to EUR 15.5 million. Soitron’s after-tax profit amounted to EUR 2.0 million. The before-tax profit reached EUR 2.5 million, representing a decline compared to the previous year. The year-on-year decline was caused by reducing the volume of outsourcing services, due to insourcing more than 300 employees of Soitron by end-customer. Investments into internal development as well as new areas of technology continued and therewith related expanding its product portfolio.

Soitron values stable supplierconsumer relationships and fulfills its obligations to state and other organizations regularly and without delay. The financial situation of the company has remained stable throughout the year and the company’s activities have been largely financed from own resources. To ensure stable operational financing, the company has taken a loan of EUR 0.7 million. Financial stability and elimination of the exchange rate risk have been ensured through hedging.

In 2011, turnover of Soitron group was EUR 65.1 million. Revenues for service provision in 2011 accounted for 46.1% of the company’s turnover. In 2011, EBITDA of the SOITRON group reached EUR 3.8 million.

FINANCE SELECTED INDICATORS SOITRON, A. S. In 2010 – 2011 SOITRON, a.s. achieved following results (in EUR) in the selected indicators:

in EUR

2010

2011

99 600

99 600

Equity

17 846 827

16 267 829

Liabilities

17 891 902

14 402 438

Total Assets

35 773 745

30 670 267

Revenue from Sales of Goods

20 412 581

20 949 275

Revenue from Sales of Own Products and Services

38 248 842

22 319 689

Total Sales Revenue

58 661 423

43 268 964

Total Income

60 324 132

44 745 088

Profit Before Tax

6 378 786

2 544 868

Profit After Tax

4 937 815

2 043 086

639

427

13.8%

6.7%

Return on Sales

8.4%

4.7%

Total Liquidity

2.36

2.26

Instant Liquidity

1.03

0.75

92

144

2

4

Share Capital

Average Number of Employees ROA – Return on Assets

Receivables Collection in Days Stock Turnover in Days

54

55

SELECTED INDICATORS SOITRON GROUP

SELECTED INDICATORS SOITRON, S.R.O. (CZ) AND DATANET, S.R.L.

Soitron Group achieved following results in the selected indicators (in million EUR):

Selected indicators Soitron, s.r.o. (CZ) and Datanet Systems, s.r.l. (in thousand EUR):

in million EUR

2010

2011

Soitron CZ

Datanet

25

23.5

Total Sales Revenue

5 018

16 847

Revenue from Sales of Goods

31.2

35.1

Revenue from Sales of Own Goods and Services

2 726

4 952

Revenue from Sales of Own Products and Services

45.4

30.0

Revenue from Sales of Goods

2 292

11 895

Total Sales Revenue

76.6

65.1

Gross Profit

2 427

3 983

Operating Profit (Loss)

8.8

2.7

- 64

1 993

Profit Before Tax

6.2

2.9

Average Number of Employees

728

537

ROE - Return on Equity

24.1%

12.5%

Return on Sales

8.10%

6.4%

Gross Profit

48.0%

38,7%

Equity

56

in thousand EUR

Operating Profit (Loss)

57

BALANCE SHEET SOITRON, A. S.

2010

2011

Index 11/10

2010

2011

Index 11/10

35 773 745

30 670 267

0,86

TOTAL LIABILITIES

35 773 745

30 670 267

0,86

FIXED ASSETS

8 700 709

4 336 866

0,50

EQUITY

17 846 827

16 267 829

0,91

Long-term Intangible Assets

3 816 029

12 745

0,00

Registered Capital

99 600

99 600

1,00

Long-term Tangible Assets

889 865

474 215

0,53

Capital Funds

-4 400 077

-3 604 890

0,82

Long-term Financial Assets

3 994 815

3 849 906

0,96

Funds Created from Net Profit

9 940

9 940

1,00

26 923 725

26 228 096

0,97

Retained Earnings

17 199 549

17 720 093

1,03

Inventory

322 207

486 218

1,51

Net Profit (Loss) from Current Year

4 937 815

2 043 086

0,41

Long-term Receivables

397 906

221 168

0,56

PAYABLES

17 891 902

14 402 438

0,80

Short-term Receivables

14 449 928

16 779 570

1,16

Reserves

4 028 114

1 873 809

0,47

Financial Accounts

11 753 684

8 741 140

0,74

Long-term Payables

277 699

194 711

0,70

149 311

105 305

0,71

Short-term Payables

11 506 089

11 593 918

1,01

2 080 000

740 000

0,36

35 016

0

0

in EUR TOTAL ASSETS (netto)

CURRENT ASSETS

Accruals and Deferrals

in EUR

Bank Loans and Bonds Accruals and Deferrals

58

59

PROFIT AND LOSS STATEMENT SOITRON, A. S. 2010

2011

Index 11/10

2010

2011

Index 11/10

Revenues from Sales of Goods

20 412 581

20 949 275

1,03

Loss on Revaluation of Securities and Expenses Related to Derivative Transactions

627 934

498 959

0,79

Expenses of Sales of Goods

17 147 662

18 353 290

1,07

Interest Income

46 480

111 811

2,41

Margin

3 264 919

2 595 985

Interest Expenses

84 465

37 760

0,45

Production

38 248 842

22 319 689

0,58

Income from Rate of Exchange

164 655

169 050

1,03

Production Consumption

14 354 628

9 397 687

0,65

Expenses from Rate of Exchange

244 033

176 723

0,72

Added Value

27 159 133

15 517 987

0,57

Other Financial Income

0

0

0,00

Personnel Expenses

19 842 174

12 223 931

0,62

Other Financial Expenses

10 418

4 715

0,45

1 465

1 194

0,82

Net Profit (Loss) from Financial Operations

623 285

474 379

0,76

1 550 214

949 742

0,61

Income Tax from Ordinary Activities - Payable

1 362 400

393 533

0,29

Revenues from Sales of Fixed Assets and Materials

8 587

0

0,00

Income Tax from Ordinary Activities - Deferred

78 571

108 249

1,38

Net Book Value of Fixed Assets and Materials Sold

6 387

0

0,00

Net Profit (Loss) from Ordinary Activities

4 937 815

2 043 086

0,41

Other Operating Revenues

63 987

283 588

4,43

Extraordinary Revenues

0

0,00

Other Operating Expenses

75 966

556 219

7,32

Extraordinary Expenses

0

0,00

5 755 501

2 070 489

0,36

Income Tax from Extraordinary Activities

0

0,00

Net Profit (Loss) from Long-term Financial Assets

544 759

346 232

0,64

Net Profit from Extraordinary Activities

0

0,00

Gains on Revaluation of Securities and Income from Derivative Transactions

834 241

565 443

0,68

Net Profit (Loss) for Current Period

in EUR

Taxes and Fees Depreciation of Intangible and Tangible Assets

Operating Net Profit (Loss)

60

in EUR

4 937 815

2 043 086

0,41

61

07 Headquarters

CONTACTS

Branch offices

Subsidiaries

Bratislava

Banská Bystrica

Prague

Bucharest

SOITRON, a.s. Plynárenská 5 829 75 Bratislava 25 Slovakia

SOITRON, a.s. Rudlovská cesta 81 974 11 Banská Bystrica Slovakia

SOITRON, s.r.o. Pekařská 628/14 155 00 Praha 5 Czech Republic

DATANET SYSTEMS, s.r.l. Splaiul Independenţei nr. 179, Corp B, Sector 5 050099 Bucuresti Romania

tel.: +421 2 5822 4111 fax: +421 2 5822 4520 e-mail: [email protected] www.soitron.sk www.soitron.com

tel.: +421 48 4143 778 fax: +421 48 4148 826

tel.: +420 266 199 911 fax: +420 284 890 785 e-mail: [email protected] www.soitron.cz

Košice

tel.: +40 21 317 87 87 fax: +40 21 317 97 97 e-mail: [email protected] www.datanets.ro

SOITRON, a.s. Kmeťova 13 040 01 Košice Slovakia tel.: +421 55 6771 855 fax: +421 55 6257 286

62

63

E T E TO PI AS IN TO IRE SPI IRE EI TO AIRE TO AS ASPIRESPIRE TO INSPIRE INSPE TO ASP O ASPIR INSPIRE E INSPIRE INSPIRE TO ASPIR E O E T PIRE PIRE E E IR IR PIR E INS E INSP PIRE T PIRE IN ASPIR ASPIR TO AS IRE INSPE INSPIRETO ASPIR E TO ASE TO ASPIRE INSPIR IR ASPIR SPIR PIRE INS E TO ASSPIRE TO PIRE TO INSPIREE TO ASP IRE E P PIRE S S P E ASPIRE INSPIR IRE INSP E INSPIRE TO AS PIRE TO PIRE TO A IR A IR P IN IN IR S P E S E INS PIRE TO SP S IR P O AS IN IR IRE ASPIR E TO ASE TO ASPIRE INSP SPIRE INSPIRE INS INSPIRE ASPIRE TO ASP TO ASPIRIRE TO AASPIRE IN SPIRE TTO ASPIRIRE TO ASIRE TO IRE TO E IN IR P E A E INSP E INSPIRE TO ASPPIRE TO IRE TO AO ASPIR SPIRE TOE INSPIRE INSPIR PIRE INS PIRE TO ASPIRE INSPIRE IRE INSPPIRE INSPPIRE INSPPIRE TO ASPIRE E S P E T P S S IR O IN IR S S IR S IR S T TO P E A IN P IR P INS A A E PIR IN P S A E S IN P S A E IN ASPIRE ASPIRE E INSPIRO ASPIR E TO A E TO AS SPIRE TO ASPIRE INSPIR E TO AS PIRE TO PIRE TO PIRE TO ASPIRE INSPIREPIRE INS ASPIRE E T S S O SPIRE SPIR IR O E TO ASPIR ASPIR PIRE E INSSPIRE IN SPIRE IN SPIRE TOO ASPIRIRE TO ASSPIRE TO SPIRE TOSPIRE TO INSP INSPIR IRE IN IRE T IRE T A A INSP E INSPIRSPIRE TOSPIRE INS ASPIRE ASPIRE E TO ASP IRE INSPPIRE TO AASPIRE IN ASPIR E IN SPIRE T E INSP PIRE IN PIRE IN PIRE IN PIRE TO ASPIRE O O O T T IR T IR P O E E P O S E O S T P AS SPIRE INIRE TO A SPIRE SPIRE T E INSPIR E TO A PIRE IN PIRE T INSPIR INSPIR INSPIR E TO AS PIRE IN ASPIR E TO AS E TO AS E TO AS IRE INS IRE TO SPIRE TO AIRE INSP SPIRE INSPIRE IN O ASPIR E INSPIR E TO AS PIRE INS ASPIREO ASPIREO ASPIREE INSPIR E TO AS SPIRE TOE INSPIR E INSPIRE INSPIR E TO ASP IRE INSPASPIRE INO ASPIRE ASPIRE ASP IRE TO AIRE TO A SPIRE T O ASPIR E INSPIR E TO ASSPIRE TO SPIRE T SPIRE T O ASPIR E INSPIRSPIRE INO ASPIR O ASPIR O ASPIR E INSPIR E TO ASPPIRE TO SPIRE T SPIRE TO ASPIRE INSPIRE INSP SPIRE IN SPIRE TTO ASPIR E INSPIRSPIRE IN SPIRE IN SPIRE IN SPIRE TTO ASPIRIRE TO A SPIRE T SPIRE T SPIRE T O ASPIR E INSPIR IRE INS SPIRE INSPIRE IN PIRE TO SPIRE SPIRE TOPIRE ASP IRE TO AASPIRE IN SPIRE TO ASPIRIRE TO A IRE TO A IRE TO A SPIRE IN SPIRE IRE INSP SPIRE IN SPIRE INSPIRE IN SPIRE T O ASPIR E TO ASPIRE TO AIRE TO A PIRE INS IRE TO ASPIRE IN IRE INS SPIRE IN A A P S A A P P P IN T P P E A P SP INSP IRE TO ASPIRE IN SPIR PIRE INS PIRE INS PIRE INSSPIRE TOO ASPIRE E TO ASSPIRE TO SPIRE TOSPIRE TO ASPIRE INSPIRE IRE INSPIRPIRE INSPIRE INS IRE TO ASPIRE IN PIRE TO IRE TO ASASPIRE INSPIRE TO IRE INSP IRE TO ASPIRE IN SPIR PIRE IN PIRE IN PIRE IN PIRE TO ASPIRE TO ASP E TO AS E TO AS IRE INSP E TO A IRE INS E INSP PIRE TO SPIRE IN TO ASP E TO E IN O AS O AS O AS IRE T E IR PIRE TO INSPPIRE TO SPIRE TINSPIRE TINSPIRE TTO ASPIRIRE INSP ASPIRE IN AS TO AS TO AS IRE INS IRE TO SPIRE INSPIR INSPIR O ASP INSPIR TO ASP ASPIR E INS E TO A O SPIR INSP S T IN INS SPIRE ASPIRE ASPIRE INSPIRE TO ASP PIRE TO INSPIRE INSPIRE INSPIRE TO ASP E INSP PIRE IN ASPIRE ASPIRE SPIRE T ASPIRE SPIRE PIRE TO O ASPIR INSPIR SPIRE IN ASPIRE SPIRE INPIRE TO PIRE S A S T E A IN TO PIRE TO PIRE TO ASPIRE INSPIR IRE INS ASPIRE ASPIRE ASPIRE SPIRE O ASPIR E TO A PIRE TO IRE TO SPIRE IN PIRE TO SPIRE PIRE IN SPIRE ASPIRE IRE TO PIRE TO E TO A IRE INS E TO AS IRE TO E INS IRE INS PIRE TO ASPIRE TO ASP IRE TO PIRE TO IRE TO SPIRE IN SPIRE T E INSPIR IRE INS IRE INSP E TO A PIRE INS IRE TO A E TO AS SPIRE IN PIRE TO E INSP PIRE INS E INSPIR TO ASP E INSPIR E INSP INSPIR E E IR P A P IR IR E P P S A IR IN P S P S S S IR E TO P TO A AS IRE IN PIRE TO INSPIR IRE INS IRE IN IRE INS IRE TO SPIRE O ASPIR TO AS TO AS E INSP E TO A ASP SPIR TO ASPIRE TO ASPO ASPIRE E INSPIR E INS INSP IRE IN O AS TO ASP IRE INS ASPIRE TO ASP TO ASP TO ASP E INSP E TO A SPIRE T INSPIRE SPIRE O ASPIR INSPIR TO ASPIR ASPIRE E INSPIR TO ASP SPIRE T INSPIRE SPIRE TOASPIRE IN IRE T ASPIR SPIRE IRE SPIR PIRE ASP PIRE TO INSPIRE INSPIRE INSPIRE TO ASPIR E INSPIRPIRE IN ASPIRE SPIRE INSPIRE T ASPIRE SPIRE PIRE TO O ASPIR INSPIRE SPIRE IN ASPIRE SPIRE IN IRE TO PIRE INS SPIRE IN IRE INSPSPIRE TO SPIRE INE TO ASP E TO P A S P IR S T S A A IN E IR O S O A E S E IN S E O E A E A P T O IN T E IN SPIR ASPIR PIR INSPIR TO AS IRE TO SPIRE T PIRE T ASPIRE SPIRE ASPIR SPIRE IN INSPIR O ASPIR PIRE TO SPIRE IRE TO PIRE IN IRE TO PIRE TO E TO A SPIRE PIRE TO AE INSPIRIRE INSPE S A A P O S S E O O E IR A S P S P T A S P IR T E T ASPIR INSPIR E INS PIRE IN PIRE IN IRE TO SPIRE IN PIRE TO E TO ASPIRE SPIRE IRE IN SPIRE IN IRE INS E TO A E INS IRE IN E INSP IRE TO IRE IN O ASP TO AS ASPIR O IRE T INSPIRE INSPIR E TO ASPIRE TO ASPIRE TO AS E TO AS IRE INSP E TO A PIRE INS E INSPIRPIRE TO SPIRE IN E TO ASPIRE TO A TO ASP E INSPIR TO ASPIRE TO ASPO ASPIR E INSP E TO ASP SPIRE T INSPIRE SPIRE TO SPIRE T PIRE TO IR P P IR IR S IN E IR S T IR P S IN E E A S E IR O P A IRE IN IRE T SP ASP SPIR PIRE SPIR E INSIRE TO TO ASP SPIR IRE E IN OA INS SPIR ASPIR SPIR INSP INSP IRE IN PIRE SPIR O AS SPIR ASP IRE INSP SPIRE IN ASPIRE ASPIRE INSPIRE T ASPIREINSPIRE TSPIRE TOTO ASPIRE INSPIREASPIRE IN ASPIRE SPIRE INPIRE TO SPIRE IN ASPIRE INPIRE INS SPIRE TOASPIRE INE TO ASPIRE TO AE TO ASP E TO AS TO ASPIR INSP O ASP IRE TO ASPIRE TO PIRE TO ASPIRE INSPIRE TOASPIRE SPIRE IN INSPIRE O ASPIR PIRE TO SPIRE TOIRE TO APIRE INSIRE TO A PIRE TO E TO AS SPIRE INPIRE TO E INSPIRIRE INSPE INSPIR E INSPIRINSPIRE O ASPIREINSPIRE T P S IR S IR A S P S E T P T A S P IR E O IN S IN TO E P IN P IR S O A S S P T E E IN IN SPIRE IRE SPIRE T ASPIRE SPIRE SPIRE TOTO ASPIR INSPIR SPIRE IN ASPIRE SPIRE INPIRE TO PIRE IN SPIRE INPIRE INS SPIRE TO SPIRE INE TO AS IRE TO A TO ASP E TO AS TO ASPIR INSPIR O ASPIR INSPIRE O ASPIRE P S A A S A A IN E O S A O TO AS IRE IN E TO A INSPIR E INSP IRE INSPIR SPIRE ASPIRE SPIRE T SPIRE PIRE T SPIRE TO IRE TO PIRE IN PIRE TO SPIRE E TO SPIRE T PIRE TO A IRE IN SPIRE ASPIR IRE IN E TO P IRE T INSP IR E E INSASPIRE INASPIRE E TO SPIRE INPIRE TO A INSPIRE TO ASPIRE INS IRE TO A E TO ASPSPIRE IN PIRE TOIRE INSPIR E IN IRE INS E TO ASP E INSPIRIRE INSPE INSPIRE E TO ASIRE INSPO ASPIRETO ASPIR ASPIRE O ASPIR ASPIRE IN IR IR IR P P P S S S A P S ASP SPIRE T INSPIRE PIRE TO SPIRE T PIRE TO PIRE IN IRE TO APIRE INS IRE TO A PIRE TO SPIRE TOPIRE TO INSP E TO ASPIRE INS E INSPIRPIRE TO SPIRE IN E TO ASPIRE TO A TO ASP E INSPIR TO ASPIRE TO ASPO ASPIR E INSPIR E TO IR IR E IR E INS SPIRE INPIRE INS E TO ASIRE INSP E TO AS IRE INSP PIRE INS SPIRE IN PIRE INSIRE PIRE INSP E TO ASE TO ASPSPIRE INSPIRE TO A E INSPIRIRE INSPE INSPIR TO ASPIR INSPIRE E INSPIRINSPIRE TE TO ASP E INSPIRASPIRE IN A O AS ASPIR IR SP INSPIR O ASP TO AS E TO A TO AS O ASP TO E P AS SPIR INSP E INSPIR IRE TO A PIRE INS TO ASPIRE TO AS TO ASPIR INSPIRE O ASPIR TO ASPIR ASPIRE E INSPIRTO ASPIRSPIRE TO SPIRE T PIRE TO SPIRE TO E TO SPIRE INPIRE TO A SPIR SPIRE PIRE IRE T SPIRE IRE T SPIRE O E T P S E E IRE PIRE IN SPIRE IN IRE INS PIRE IN E INSPIR P TO APIRE INSIRE TO AS IRE INSPSPIRE INASPIRE INSPIRE IN IRE INSPSPIRE INPIRE ASPIRPIRE INS IRE TO A E INSPIRIRE INSPEIRINSPIRETO ASPIR INSPIRE E INSPIR SPIRE T TO ASPIR S AS E IN AS SPIR IN E OA PIRE S P A ASP S E A S A SP SP TO A PIRE INS TO ASPIRE TO ASPTO ASPIR INSPIRE O ASPIR TO ASPIR ASPIRE E INSPIRTO ASPIRSPIRE TO SPIRE TPIRE TO SPIRE TOIRE TO APIRE INSIRE TO APIRE INSP E TO IRE TO ASPIRE TO IRE TO ASPIRE TOPIRE TO ASPIRE TO SPIRE TO E IR P IR P IN O E T S S S E E S P E P IR S IR IN E P P S T IN IN E A S A E S TO E INSPIRIRE INSPE INSPIR TO ASPIR INSPIR E INSPIR SPIRE TO ASP E INSPIRASPIRE ASPIR SPIRE IN ASPIRE PIRE IN IRE TO PIRE IN IRE TO APIRE INS SPIRE INASPIRE SPIRE IN IRE INS SPIRE INPIRE IN SPIRE INPIRE INS S IN E O A E P O ASASPIRE O ASIRE INSP E TO AS IRE TO A PIRE TO IRE TO A E TO ASPIRE TO A E TO ASPIRE TO A TO APIRE INSP T ASPIRE TO AS TO ASPIR INSPIRE O ASPIR TO ASPIR ASPIRE E INSPIRTO ASPIRSPIRE TO SPIRE T PIRE TO SPIRE TO T E E E IR IR S P P IR P IR IR E INSP INSPIR E INS P O AS IN E INS O E T E E IR IR TO E SP TO INSP O AS E INS IRE IN E INS INSP INSP IRE IN E INS T PIRE INSPE INSPIR TO ASPIR INSPIRE E INSPIRINSPIRE TE TO ASP E INSPIRASPIRE IN E PIR ASPIRE INE INSPIREINSPIREINSPIRE O AS ASPIRE TO ASP O ASPIR INSPIRE O ASPIREINSPIRE T ASPIRETO ASPIRE TO ASPTO ASPIR ASPIRE TO ASPIR E E ASPIR O AS E TO O SPIR ASPIR T PIRE IRE T E TO SPIR ASPIR PIRE T E ASPIR SPIR ASPIREIRE E TO SPIRE SPIRE TOINSPIRE TSPIRE TOTO ASPIR E INSIRE TO A PIRE TO E TO AS SPIRE INPIRE TO E INSPIRIRE INSPE INSPIR E INSPIRINSPIRE O ASPIR INSPIRE O ASPIREINSPIRE TE INSPIRE E INSPIRE INSPIRE O TO A P SPIR IN E ASPIR SP INS E INSPIR E TO A IRE INS O ASPIR TO ASP ASPIR O ASPIR ASPIRE SPIRE T SPIRE PIRE T SPIRE ASPIR O ASPIR ASPIR SPIRE IN ASPIRE SPIRE IN ASPIREASPIRE INE INSPIR INSPIREINSPIRE T E TO AS E TO IN E E IR S A IR A IRE E TO IR PIR O PIR TO IRE TO ET OA ASPIRE TO ASPTO ASPIRIRE INSP E TO ASP SPIRE T INSPIRE SPIRE TOINSPIRE TSPIRE TO SPIRE INPIRE TO SPIRE INPIRE TO ASPIRE TO E INS E INS E INSP SPIR SPIRE PIRE TOINSPIRE SPIRE TE INSPIREINSPIRE TE TO ASPE TO ASP TO ASPIR IN E A E INS P IR IN IR E E ASPIR ASPIR ASPIR E INSPIR SPIR SPIRE IR TO A E INS IRE IN PIRE IN IRE IN E INS E IN IRE E TO INSPE INSPIRE E TO ASIRE INSPO ASPIRETO ASPIR ASPIRE O ASPIR ASPIRE IN E PIRE IN IRE IN SPIRE TOSPIRE TOSPIRE TO TO ASPIR SPIR TO ASPIR INSPIRETO ASPIRE TO ASP E TO ASE TO ASPTO ASPIRE TO ASPTO ASPIRE TO ASPTO ASPIR IR ASP T E TO O T O E IR P IR IN T E T E S P P IR E E E S IR E E S P IR E IR P S IR E P A PIRE IN E TO INSP E IN PIRE IN INSPIR INSPIR SPIR INSPIRE E INSPIRIRE INSP E INSPIRINSPIRE E INSPIR INSPIRE E INSP E INSPIR IRE TO AIRE TO A E TO AS ASPIRE IN E INS INSPIR ASPIR SPIR IR PIRE E INSIRE INSPIR S SPIR E E TO IRE IN E TO A SPIR PIR O ASP ASPIR SPIRE ASPIR ASPIRE O ASPIR ASPIR E INSP E INSP INSPIR IRE TO S ASPIR PIRE TO APIRE INSP TO AIRE TO AS ASPIREO ASPIREO ASPIRE E TO ASPIR TO AS A T TO A E TO TO AS E TO A O ASP INSPIR O ASP INSPIR E T O IR P O IR PIRE TO S IR TO T T TO AE INSPIRE E INSPIRINSPIRE E INSPIRINSPIRE T ASPIRE SPIRE T ASPIRE SPIRE TOINSPIRE E INSPIREINSPIRE SPIRE TOINSPIRE SPIRE TOINSPIRE SPIRE TE TO ASPE TO ASP TO ASPIRPIRE INSPIRE INSPIRE INSPINSPIRE TINSPIRE INSPIRE IRE INSP IRE IN S E IR O IN E IN E E E E O IN IR IN IR AS TO AS SPIRE SPIRE SPIRE O ASP TO ASP IRE O T ASPIRE TO ASPTO ASPIRE TO ASP O ASPIREINSPIRE T ASPIRE SPIRE T ASPIRE O ASPIR TO ASPIRO ASPIR ASPIRE TO ASPIR ASPIRE TO ASPIRO ASPIREIRE INSP E INSPIRE INSPIRPIRE TO A PIREINSPIRE IRE TO A IRE TO A IRE TO A SPIRE T SPIRE IRE INSP T IR SPIR T O IN E O O P T O S T E S IR PIRE P E T E T E E T S T IR E E P IR E S IR E IN E IN P IR A E IR E S IR IR P IR A P IR IR IN E INS ASP PIRE TO E INSIRE INSP E TO ASP E INSPIR TO ASP E INSPIRIRE INSP PIRE INS IRE INSP E INSPIR IRE INSP E INSPIRPIRE INS E INSP PIRE TO PIRE TO IRE TO AO ASPIRE ASPIRE ASPIRE IRE INSP IRE INSP IRE INSP ASPIRE INASPIRE IN O IR T P IR E ASP E TO AS TO ASP INSPIR O ASPIR INSPIRE O ASPIR TO ASP E TO AS TO ASP O ASPIR TO ASP O ASPIRE TO AS TO ASPIRPIRE INS IRE INS E INSP SPIRE T SPIRE TO PIRE TO TO ASP TO ASP TO ASP IRE TO PIRE TO INSPIR PIRE INS E TO E T E T E E T T IR E E IN PIRE INS INSPIRE INSPIRE INSPIRE IRE INSPPIRE INS ASPIRE E TO AS E INSPIRIRE TO O AS O ASP ASPIR E IN PIRE INSPE INSPIRETO ASPIR INSPIRE O ASPIR INSPIRE E INSPIRIRE INSPIRE INSPIRINSPIRE E INSPIR INSPIRE E INSPIR P O IR INSP S E E S IR E E INSINSPIRE T SPIRE T SPIRE TO TO ASPIRTO ASPIR T TO E E ASP ASPIR PIRE ASPIR SPIRE TO A SPIR ASPIR ASPIR TO AS TO A PIRE T INSP O ASP PIRE ASPIR ASPIR SPIR E PIRE IN E SPIR PIRE PIRE ASPIR O E INSIRE TO APIRE INS IRE TO ASPIRE TO SPIRE TOPIRE TO IRE TO ASPIRE TO IRE TO ASPIRE TOPIRE TO AO ASPIRE ASPIRE ASPIRE INE INSPIRE INSPIRE INSPIREPIRE TO APIRE TO PIRE TO INSPIRE INSPIREPIRE INSO ASPIRE SPIRE T TO ASPIR E INS SPIRE T IR P S S E S S P S T S IN SPIRE IN E INS INSP TO E TO AS E INSP TO AS E INSP IRE TO AS PIRE T PIRE IN SPIRE TO ASPIR PIR ASPIR ASPIR IRE IN E INS PIRE IN IRE IN SPIRE PIRE E IRE IN PIRE PIRE IR IR S E IRE IN IRE IN IRE IN ASPIR ASP O AS E E O IN SPIR TO ASPIRE TO ASPIRE TO ASE TO ASPTO ASPIRE TO ASPTO ASPIRE TO ASE TO ASP SPIRE IN PIRE INSPIRE INSP SPIRE T SPIRE T SPIRE TOE TO ASP E TO ASPE TO ASPSPIRE TOSPIRE TO E INSPIRSPIRE INSIRE TO A ASPIRE E INSPIRIRE TO ASASPIRE INIRE ASPIR IN E P S P SPIR INSPIR E TO A E TO A TO AS SPIRE INSPIRE IN PIRE IN INSPIR INSPIR INSPIR PIRE IN PIRE IN O ASPIR E TO A E INS PIRE TO ASPIR E INSP IRE TO TO AS E TO SPIR SPIR INSP SPIR PIRE PIRE PIRE ASPIR E P IR S IRE TO ASPIR A AS PIR E INS PIRE IN SPIRE PIRE IN E INS PIRE IN E INSASPIRE IN AS IRE IRE IRE AS PIR SPIR ET IRE OA SPIR IRE SPIR INSP E INS O E TO ASP SPIRE IN PIRE INS IRE INSP SPIRE T SPIRE TOSPIRE TOE TO ASP E TO ASPE TO ASPSPIRE TOSPIRE TO E INSPIRSPIRE INSIRE TO A ASPIRE IN ASPIRE TO AS IRE TO A E TO AS TO ASPIRE TO AS TO ASPIR INSP PIRE TO O ASPIR SPIRE IN ASPIRE O ASPIREIRE S IRE T IN E IN IR A E IR IR P A SP IN SP IN IN TO S PIR PIR PIR A T P PIRE T O INSP PIRE INS IRE INSP E INSPIR IRE INSP E INSPIRPIRE INSP E INSPIRPIRE TO PIRE TO AIRE TO A ASPIRE ASPIRE ASPIRE IRE INSPIR E INS PIRE INSO ASPIREO ASPIREIRE TO AS SPIRE TOASPIRE ININSPIRE E TO AS SPIRE ININSPIRE PIRE TO SPIRE T INSPIRE PIRE INSO IR O S IR O P S P P S P IR O S P IR T P T S S S S E S A S A P T IR S IN IN S T P IN E A S T E E IRE SPIRE E TO A E TO A E TO A SPIRE SPIRE E INSP SPIRE PIRE TO ASPIR E INSP IRE TO ASPIR PIRE IN SPIRE ASPIR E TO A SPIRE T TO E TO A TO AS E TO A E TO AS IRE TO E TO A SPIRE SPIRE IN PIRE IN INSPIR INSP IR A E IR S SPIR E INSPIR E INSPIRSPIRE IN SPIRE INTO ASPIRIRE TO A IRE INS SPIRE TO O ASPIRIRE INSP PIRE TO E TO AS IRE TO A PIRE TO E INSPIR SPIRE INPIRE TO E TO PIRE TO AIRE TO A ASPIRE ASPIRE ASPIRE IN INSP E INSPIR IRE INSP E INSPIRPIRE INSP E INSPIR IN IR E P T S P P S P A S P A IR IR IR A S E IR O S IR E O IN S P S P S P P IR SP INS PIRE IN O ASPIR IRE TO PIRE IN SPIRE TOTO ASPIRE TO AS TO ASPIRE TO ASE TO ASP SPIRE INSPIRE IN PIRE INSINSPIRE T SPIRE T SPIRE TOE TO ASP E TO AS E TO AS SPIRE TOSPIRE TO E INSPIRSPIRE INPIRE TO A ASPIRE E INSPIRIRE TO A ASPIRE IN T S P S IRE IN PIRE E IN E IN IR A S SPIR E INSPIR PIRE IN SPIRE IN O ASPIRIRE TO A IRE INS PIRE TO O ASPIR E INSP PIRE TO E TO ASPIRE TO ASPIRE TO AE INSPIRESPIRE INS IRE TO A ASPIRE E INSPIRIRE TO INSP E INSPIR IRE INSP E INSPIRPIRE TO PIRE TO AIRE TO A ASPIRE ASPIRE ASPIRE INE INSPIR S IRE T PIR E INS IR IR TO AS TO A PIRE T INSP O ASP IR ASPIRE IN P ASPIR E INS O SP E INS ASPIR E TO A E INSP IRE TO ASPIR E INSP IRE O IN S P P S P IR O S P T T S S E A S P T IN S A E IN E S A P E A IR E E O IN IN S E E T IR E O S IR IR A INSP PIRE TO O ASPIR E INSP IRE TSPIRE TOTO ASPIRO ASPIR ASPIREIRE INSPIRE INSPIRE INSPIRSPIRE TO SPIRE TOSPIRE TOE INSPIR E INSPIRSPIRE INTO ASPIR INSPIRE E TO ASPSPIRE ININSPIRE TE TO ASP ASPIRETO ASPIRE TO ASP SPIRE TO E INSPIR TO ASPIR E P IR S IN E IN E IR TO A PIRE E PIRE T IRE TO IR IRE TO SPIRE PIR IRE IN IRE IN IRE IN ASPIR ASPIR E TO A SPIRE IR IRE IN ASPIR SPIRE TO ASP PIRE INS SPIRE T TO ASPIR SPIRE SP O ASP P IR S P IR P A S P S P A S S O S IR E IN S P P S P P IN O P A IN P A ASP SPIRE IN PIRE IN IRE INS SPIRE T SPIRE T SPIRE T TO AS E TO AS E TO AS PIRE TO PIRE TO E INSPIR PIRE IN IRE TO ASPIRE INSPIR E TO A SPIRE IRE INS PIRE IN SPIRE TO AS PIRE TO SPIRE ININSPIRE E TO AS SPIRE IN SPIRE IRE TO PIRE TO S E S A E S E S A IR IN IRE IN INSP PIRE INSSPIRE SPIR INSPIR INSPIR IRE INS IRE IN ASPIR E TO A E INSP IRE TO ASPIR TO AIRE TO ASE TO ASPASPIRE IN E TO E TO ASPIRE TO A PIRE TO E INSPIR SPIRE INPIRE TO A ASPIRE E INSPIRIRE TO A ASPIRE IN INSP PIRE TO S PIRE O P S S A IR O O AS E TO ASPASPIRE INASPIRE ASPIRE E TO ASPE TO ASPSPIRE TOE INSPIRTO ASPIRIRE INSP PIRE TO O ASPIREIRE INSPIR INSP E INSPIR ASPIR E INSP IRE TO TO AS E TO A E TO A SPIRE ASPIR E TO IRE IN PIRE T E INS IRE IN INSP S IRE T IRE T INSPIRE INSP E INSPIRSPIRE TO SPIRE TOSPIRE TOE INSPIR E INSPIRSPIRE INTO ASPIR INSPIRE E TO ASPSPIRE ININSPIRE TE TO ASPO ASPIRETO ASPIRE TO ASP SPIRE TO E INSPIR TO ASP PIRE INS SPIRE TOTO ASPIRIRE INSP INSPIRE E INSPIR E INSPIRSPIRE INASPIRE TO E ASPIR IR E P A E IN E IN IN PIR SP PIR SP PIR SPIRIRE TO A ASPIRE INSPIR SPIRE T INSPIRE INSPIR SPIRE IN O ASPIR INSPIR E TO AS SPIRE ININSPIRE E TO AS ASPIRE O ASPIRTO ASPIR IRE TO A IRE TO INSPIRE IN TO A IRE TO A E TO AS ASPIREO ASPIREO ASPIRE E TO AS E TO AS SPIRE TOE INSPIRTO ASPIR E E T P E IN IRE PIR SPIR IRE E TO IRE IRE IRE E PIRE TO A IRE INS IR INSP IN PIRE TO A SPIR IRE T SPIR E TO INSP INSPIRE INSPIRSPIRE TO SPIRE T SPIRE T E INSPIR E INSPIR PIRE E TO ASP E INSPIRIRE TO A ASPIRE E INSPIR IRE TO ASTO ASPIRE TO ASPIRE TO ASINSPIRE IRE INSP E TO ASASPIRE ININSPIRE E TO ASPSPIRE IN E INSPIRIRE INSPPIRE INSP ASPIRE ASPIRE E TO ASPE TO ASP PIRE O AS IR INSP E P O IR INSP E SP INSPIR E TO ASP SPIRE IN SPIRE IN SPIRE INTO ASPIRTO ASPIR AS E TO SPIR E TO ASP SPIR SPIR TO A SPIR E INS PIRE IRE T INSPIR ASP SPIR E ASPIR E INS IRE T SPIR INSP TO A O AS SPIRE ININSPIRE PIRE TO ASPIRE TO SPIRE TO E INSPIR E INSPIRSPIRE IN SPIRE INTO ASPIR E TO TO A IRE TO A IRE TO AINSPIRE INSPIREPIRE INSPASPIRE SPIRE TOTO ASPIRIRE INSPSPIRE TO O ASPIR SPIRE IN ASPIRE O ASPIREIRE TO AINSPIRE O ASPIRE E INSPIR A IRE T IR SPIRE S PIR ASPIR E TO A E TO A SPIRE P S S A INSP IRE INSP ASPIRE ASPIRE E TO AS PIRE TO SPIRE IN SPIRE TO ASP PIRE IN SPIRE T IRE TO ASPIRE TO SPIRE T IRE INSP ASPIRE SPIRE T TO ASPIRIRE INSPSPIRE TO O ASPIRESPIRE IN ASPIRE INASPIRE IN A IN E TO TO IN PIR PIR E TO INSPIRE E IR ASP PIRE TO PIRE TO INSPIR PIRE INS E TO A SPIRE ININSPIRE E TO AS SPIRE INIRE INSP PIRE IN SPIRE IN TO ASP PIRE TO SPIRE IN SPIRE TO ASP PIRE IN SPIRE T E TO A PIRE TO PIRE TO INSPIREE INSPIREPIRE INS PIRE INS ASPIRE TO ASPIR P S PIRE SPIR INS IRE INS ASPIRE E TO AS E INSPIRIRE TO A ASPIRE E INSPIR IRE TO A TO ASP E TO AS E TO A INSPIRE IRE INS E TO A SPIRE ININSPIRE E TO AS SPIRE IN E INSPIRIRE INS IRE INS ASPIRE ASPIR E TO AS E TO AS PIRE TO INSPIRE ASPIRE IN AS O TO A ASP PIRE TO INSPIR O ASPIR E INSP PIRE TO ASPIR E INSP SPIRE INSPIR E INSPIR SPIRE TO ASP E INSPIRIRE TO A ASPIRE INSPIR E TO A O ASPIR TO ASP TO ASP PIRE TO PIRE TO INSPIR INSPIR IRE INS ASPIRE IRE TO SPIRE TOINSPIREINSPIRE T P IRE IN E PIRE INS ASPIRE SPIRE T O ASPIRIRE INS PIRE TO O ASPIR SPIRE IN ASPIRE ASPIR IRE TO A SPIRE ASPIR E INSP IRE TO ASPIRE E INSPIR SPIRE T SPIRE INSPIRE IRE INS IRE INS ASPIRE ASPIRE TO ASP IRE TO SPIR IRE E INS TO PIRE IN SPIRE T O ASP IRE INS PIRE T E TO A IRE TO PIRE TO E INSP SPIRE INPIRE TO O ASPIR E INSP IRE TO ASPIR PIRE IN SPIRE IN SPIRE TO ASP TO ASP IRE TO IRE TO SPIRE E INSP O ASPIR E TO ASPIRE TO AIRE TO ASE TO ASPIRE TO AS PIRE IN SPIRE T TO ASP IRE INS INSPIR E INSP IRE INS ASPIR E TO A IRE INS PIRE T O ASPIR E INSP IRE TO TO AS E TO A E TO A SPIRE SPIRE E INSP E INSP SPIRE IN ASPIR SPIRE T INSPIR E INSP E INSP INSPIR E INSP SPIRE O P E O IR P S IR AS PIRE IN SPIRE TO AS ASPIR O ASPIR TO ASP PIRE T INSPIR O ASP IRE IN PIRE T O ASP SPIRSPIRE IN SPIRE IN O ASP O ASPIR E TO A SPIRE T PIRE IN ASPIRE O ASPIR ASPIR ASPIRE ASPIR SPIRE IN INS SPIR PIRE AS PIRE IN SPIRE IRE TO PIRE T SPIRE IRE INS ASPIRE SPIRE T TO ASP IRE INS PIRE T O ASPIRESPIRE INSASPIRE INASPIRE IN SPIR E IN IRE T IRE T TO A O ASSPIRE TO SPIRE T SPIRE TOPIRE TO SPIRE TOIRE TO AASPIRE PIRE TO A AS PIRE IN E INSP IRE INS PIRE IN O ASP IRE TO IRE IN SPIRE O ASP IRE INS PIRE T E TO A PIRE SPIRE E INSP E INSP PIRE IN ASPIR PIRE T TO E IN E TO E IN INS PIRE IN E INSP IRE TO E TO AS E AS ASPIR O ASP TO AS PIRE T E INSP TO ASP IRE IN SPIRE T O ASP IRE INS INSPIR INSPIREE INSPIRSPIRE INSSPIRE IN O ASPIR O ASPIR E TO ASSPIRE TO PIRE INS ASPIRE IN S IR P ASPIR SPIR PIRE TO SPIRE T SPIRE IRE INS ASPIR SPIRE TO ASP IRE IN SPIRE T O ASP SPIRE ASPIRE ASPIR E TO A E TO A SPIRE T SPIRE T INSPIR IRE IN TO AS IRE TO SPIRE TO PIRE TO A E TO ASPIRE TO AE TO ASPPIRE INS E INSPIRTO ASPIR IN PIRE IN O ASP IRE TO PIRE IN SPIRE TO ASP IRE IN PIRE T E TO A IRE TO IRE TO INSPIR INSPIR IRE IN IRE IN ASPIRE O ASP SPIRE E INSP IRE IN INS E INSPIRIRE INS INSPIR E TO AS O ASPIR SPIRE ASPIRE PIRE E T S IR T P P P P P S IN P T E A SPIRE E INS E SP AS TO E IN IRE AS AS AS IRE IRE IRE SPIR E IN INS ASPIRE TO AS E TO ASPTO ASPIRE TO ASPO ASPIR E INSPIRINSPIRE ASPIRE INPIRE TOSPIRE INSSPIRE O IN ASPIR SPIRE TOTO ASPIRIRE INSPSPIRE TO O ASPIR SPIRE IN ASPIRE INASPIRE E TO ASPE TO ASPSPIRE TOSPIRE TOE INSPIREIRE INSP TO ASPIR T S IR T E IR O E E O TO A TO PIRE IN SPIRE TO ASP IRE IN SPIRE T E TO A IRE TO IRE TO INSPIR INSPIR IRE IN IRE IN ASPIR TO ASP SPIRE E INSPIR IRE INSPIRE INSPIR SPIRIRE INSPIRINSPIREE TO ASPO ASPIR SPIRE TASPIRE INPIRE TO A PIREINSPIRE T AS PIRE IN SPIRE TO ASP IRE IN INSPIR E INSP E INSP SPIRE SPIRE TO ASP TO ASP IRE TO SPIRE PIRE IN ASPIR TO ASP O ASP ASPIRE IN INS TO E INS PIRE ASP SPIR IRE T IRE IN AS PIRE IN SPIRE TO ASP SPIRE ASPIR ASPIR E TO A E TO A SPIRE SPIRE E INSP PIRE IN E TO AS IRE TO SPIRE PIRE T IRE TO PIRE TO E TO ASSPIRE IN IRE INSP TO ASP INSPIREO ASPIRETO ASPIRO ASPIREO ASPIREIRE AS PIRE IN SPIRE TO A PIRE TO SPIRE TO E INSPIR E INSPIRSPIRE IN SPIRE IN O ASPIR E TO AS INSPIR IRE INSPSPIRE IN PIRE INSIRE INSP PIRE INS E INSPIRIRE TO A TO ASP INSPIRE ASPIRE SPIRE T SPIRE SPIRE T SPIRE T E INSP E IR S IN A PIRE SP E INS IRE INTO ASPIRTO ASPIRIRE TO A IRE TO A SPIRE T E INSPIRO ASPIREE TO ASPIRE TO A E TO AS TO ASP E TO ASTO ASPIRIRE INSP INSPIRE ASPIRE SPIRE TOSPIRE INASPIRE INSPIRE INSPIRE IN TO ASPIRPIRE TO AS ASPIRE IN E A IN P E P S P T E TO E IN IR O IR E ASPIR ASP PIR PIR SP IRE OA OA TO PIRE TO SPIRE TO E INSPIR E INSPIRSPIRE INSSPIRE INSO ASPIREE TO ASP INSPIREIRE INSPSPIRE INSPIRE INSIRE INSPIR E INS INSPIR E TO A O ASP SPIRE SPIRE PIRE T SPIRE T PIRE T PIRE TO INSPIR PIRE IN IRE TO INS IRE IN ASPIR ASPIR E TO A E TO A PIRE T INSPIR ASPIRE TO ASP E TO A TO AS O ASP TO ASPIRASPIREE INSPIR SPIRE TASPIRE INPIRE TO APIRE INSSPIRE IN PIRE INSPIRE INSO ASPIREIRE TO AS IRE INSPSPIRE TOTO ASP PIRE TO PIRE TO INSPIR INSPIR IRE INS ASPIRE IRE TO SPIRE INSPIR INSPIRE SPIRE T INSPIRE PIRE TO ASPIR SPIRE IN IRE TO IRE INS E TO AS E TO A E TO AS E TO AS SPIRE T E INSP TO ASP PIRE IN SPIRE IN PIRE SP PIRE IN SPIRE SPIRE INS PIRE TO E TO A E INSP O ASP INSPIR INSPIR INSPIR INSPIR IRE IN ASPIR SPIRE TO AS PIRE IN SPIRE INS IRE INS ASPIRE ASPIRE TO ASP IRE TO E IN E IR E S IR P A T P E S S ASP PIRE TO PIRE TO INSPIRE E INSP O ASPIR E TO A PIRE TO IRE TO A E TO AS IRE TO A TO ASP IRE INS E INSPIR O ASPIR SPIRE ASPIRE ASPIRE ASPIRE ASPIRE E TO AS SPIRE TO SPIRE ININSPIR E TO A SPIRE INIRE INS IRE INS ASPIRE O ASPIR SPIRE T E INSPIR IRE INS E INSP INSPIR E INSP INSPIRE TO ASPO ASPIR SPIRE T SPIRE IN IRE TO PIRE TO PIRE TO IRE TO INSPIR PIRE IN IRE TO A ASPIRE E INSPIR IRE TO A TO ASPIRE TO ASP IRE TO SPIRE T SPIRE INO ASPIR TO ASP TO ASPIR ASPIRETO ASPIRASPIRE INSPIRE SPIRE T SPIRE IN IRE TO A IRE INSPPIRE INS IRE INS IRE INSP ASPIRE E TO AS E INSP PIRE TO O ASPIR IRE INSP INSPIRE E INSP IRE INSP SPIRE INIRE TO A SPIRE T INSPIRE SPIRE SPIRE TO SPIRE PIRE TO ASPIRE SPIRE IN IRE TO A E INSP TO ASP E TO AS TO ASP TO ASP PIRE TO E INSPIR TO ASPIRPIRE INS SPIRE T TO ASP ASPIRE TO ASPIRE TO ASP TO AIRE INSP SPIRE IN ASPIRE ASPIRE INPIRE IN ASPIRE INPIRE INSSPIRE TOIRE TO A E INSP TO ASPIRINSPIREE INSPIR INSPIRE INSPIRE PIRE INSO ASPIR INSPIRE E TO AS SPIRE IN INSPIRE PIRE TO SPIRE INSPIR SPIRE E E A SPIR ASP IRE TO ASPIRE TO PIRE TO E TO ASPIRE TO E TO AS PIRE IN E INSP TO ASPIRINSPIRE ASPIRE O ASPIR ASPIRE ASPIRE E TO AS SPIRE T ASPIRE E INSPIR IRE TO A ASPIRE PIRE INSASPIRE IN A ASPIR IRE TO INS E INSPIR E TO ASTO ASPIRINSPIRE ASPIRE PIRE TO SPIRE T SPIRE TO PIRE TO E INSPIR SPIRE IN PIRE TO O ASPIR E INSP PIRE TO E TO AS IRE TO SPIRE TOIRE INSP SPIRE TOE TO INSPSPIRE IN PIRE INSIRE INSPIR S PIRE IR E IN PIRE INSO ASPIR IRE TO A PIRE INS SPIRE T TO ASPIRPIRE INS E INSPIR IRE INSPSPIRE IN TO ASP SPIRE IN INSPIR IRE TO A E TO ASE TO ASP E TO ASTO ASPIRIRE INSPE INSPIREO ASPIRE SPIRE TOSPIRE INASPIRE IN IR P E S E P S T S E A P S IR A IN S A IR A A IR E TO O ASPIR E TO ASPE E INSP E INSPIRIRE INSP INSPIREE TO ASPO ASPIR SPIRE TASPIRE INPIRE TO SPIRE TO PIRE TO PIRE TO E INSPIR SPIRE INSPIRE TO A ASPIRE E INSPIRPIRE TO AE TO ASPIRE TO ASPIRE TOIRE INSPIR IR SP IR T E ET S IN O P S PIR S IR P ASPIRE TO ASTO ASPIRIRE INSPIRINSPIRE ASPIRE SPIRE TOSPIRE INASPIRE INSPIRE INSPIRE IN TO ASPIRPIRE TO ASPIRE INS SPIRE TE TO ASPSPIRE INS E INSPIRPIRE INS SPIRE INE TO ASPASPIRE INE INSPIRPIRE INS E TO ASPTO A E A A IR E S A PIR A TO IN O IR E IN AS O A INSPIR E TO SPIR E TO AS E INSPIR INSPIRE E TO INSPE INSPIREE TO ASP ASPIRINSPIRE ASPIRE SPIRE TO SPIRE T SPIRE TOSPIRE TO E INSPIR SPIRE INSPIRE TO O ASPIR IRE INSPSPIRE TO E TO ASPIRE TO SPIRE TP E SPIR E TO A IRE PIR PIR PIR IR IR A IN E TO O E INS E TO AS TO ASPIRPIRE INSIRE TO ASPIRPIRE TO SPIRE ININSPIRE TE TO ASPSPIRE INIRE INSPSPIRE INSASPIRE INE TO AS ASPIRE INE INSPIR ASPIRIRE INSPE INSPIR O ASPIRE SPIRE TASPIRE INASPIRE ASPIRE IN IRE IN IR P O P S T S E S A IR IR E S IR A P P P A T IN O E A A A O P P P S IR IR O S S O IR TO PIR IN O TO AE TO ASP INSPIREO ASPIRE SPIRE TINSPIRE T SPIRE T SPIRE TO INSP ASPIRE SPIRE TOTO ASPIRPIRE INS SPIRE T IRE TO ASPIRE TOINSPIRE STPIRE INSINSPIRE IRE TO ASSPIRE TOSPIRE INSIRE INSPSPIRE TO SPIRE INTO IN IN IN A T PIRE E S IN E IN O E P IR A E E IN SP SP IN A IRE IN INSPE TO ASP INSPIREO ASPIRETO ASPIRO ASPIREO ASPIREIRE TO AS SPIRE T ASPIRE E INSPIRPIRE TO A ASPIRESPIRE IN ASPIRE O ASPIR PIRE TO TO ASPIR PIRE INS ASPIRE PIRE TO IRE TO A ASPIRE SPIRE TOE INSPIR IRE S S P T P A O S TO E IR E TO E IN ET AS TO PIR IR TO IRE ET ET SP E INS SPIRE T ASPIRE INTO ASP E TO AS INSPE TO ASPE INSPIR E INSPIRE INSPIRE INSPIRESPIRE INTO ASPIR INSPIRE E TO ASASPIRE IN INSPIRESPIRE TOINSPIRE E INSPIRASPIRE INE INSPIR PIRE TO INSPIRE ASPIRE IN IR P E S IR IN S PIRE E E IR A O IN IR E IR PIR IR IR PIR O PIR IRE TO E TO A SPIRE PIRE TO INSPIR E INSP IRE TO INSPE TO ASP E TO AS E TO ASPE TO ASPSPIRE TO E INSPIR TO ASPIRPIRE INS SPIRE T TO ASP ASPIRE TO ASPIRE TO ASPINSPIRE T E TO AS ASPIRE IN P AS A PIRE E E IN IR E TO E E TO PIRE INSIRE INSPIRPIRE TO SPIRE INSO ASPIRETO ASPIRPIRE INSSPIRE IR IR IR TO IR E IR IN PIR AS SPIR S IR T SPIRE TO AS S INSPPIRE INS IRE INSPIRE INSP ASPIRE E TO ASP E INSPIRPIRE TO O ASPIREIRE INSPIRINSPIRE E INSPIRIRE INSPO ASPIRPIRE INSP INSP IRE IN TO A O ASP IRE IN E TO A PIRE IR P IRE IN T P IR S P E S T O S E P IR TO A E TO AS E TO AS SPIRE TIRE INSP E TO ASPSPIRE IN INSPIRE E TO AS O ASPIRE TO ASPIRE TO AS INSPIREIRE TO AO ASPIREE TO ASP INSPIREINSPIRE TE TO ASP E INSPIRSPIRE INSASPIRE IN SPIR E TO ASP IN E IR E T E IR IN E IR E SP PIR SP IR E T INSPIR ASPIR SPIRE INSPIR ASPIR E TO A IRE TO ASPIR INSPIR INSPIRE INSP ASPIRE E TO ASP E INSPIRPIRE TO A ASPIR E INS INSPIRPIRE INSPSPIRE INE TO ASP SPIRE INE INSPIRP E TO E TO A SPIRE PIRE TO INSPIR E INSP IRE TO ASPIRE ASP PIRE TO E INSPIR TO ASPIRPIRE INS SPIRE TOTO ASPIRASPIRE T AS AS IR PIRE A OA PIR PIR IR E ASPIR S TO A INSP INS ASPIR SPIRE TO AS PIRE IN SPIRE IRE TO SPIRE OINSPIRE STPIRE INSINSPIRE IRE TO ASSPIRE TOSPIRE INSIRE INSPSPIRE TO SPIRE IN ASPIR A TO PIRE IN SPIRE TO AS PIRE IN E INSP PIRE IN SPIRE E TO A SPIRE E INSP PIRE IN E TO A TO ASP IRE IN P S E A S IR A IN S S E S IR IR IR A A PIRE A A A P P P IR SP TO PIR O TO AS PIRE INS SPIRE T IRE TO ASPIRE TOINSPIRE SPIRE INSINSPIRE IRE TO ASSPIRE TOSPIRE INSIRE INSP AS PIRE IN E INSP PIRE IN SPIRE E TO A SPIRE E INSP PIRE IN E TO A TO ASP AS ASPIR TO AS E TO A OA AS PIR PIR PIR IRE TO SPIRE INSPIR PIRE INSINSPIRE T E TO ASSPIRE TO PIRE INSIRE INSP E AS IN PIRE IN AS SPIR ASP AS SPIRE TO TO ASPIRSPIRE INO ASPIRESPIRE TOPIRE TO IN SPIRE E TO A PIRE T IRE IN E INS P IR IN SPIR E INS O AS ASP IN SPIR T A INSPIRE SPIRE TO IN