Výroční zpráva\Annual Report - CETELEM ČR, as

Introduction
Ladies and gentlemen,
I am pleased to be able to present our company’s results for 2006, so far the most successful year in Cetelem’s history in the
Czech Republic.
The favourable macroeconomic environment, in particular a strong economic growth and a stable rate of inflation, are reflected
in low interest rates. The declining rate of unemployment and rising average wages have contributed to the population’s greater
confidence in the future, which has resulted in a further development of the consumer credit market. In 2006 people’s tendency
to invest in housing, which we had already seen in previous years, also intensified even more. Much of the loans granted by our
company went to purchases of household furnishings, and to acquiring flats or houses and their refurbishment and repairs.
The year 2006 was for us a year of development and changes. We expanded our offering by Malé půjčky [Small Loans] and
modified some functions and services of our product offering. We started also to use new trading partners’ and financial
advisers’ distribution networks. We promoted direct lending over the Internet, which has become a very popular means of
communication with our clients thanks to its speed and ease of use. Not only thanks to this innovation had we succeeded to
increase the volume of credit granted in 2006 by 21% in comparison to the previous year.
As a member of a number of professional associations we have an opportunity to influence and foster the business environment
on the consumer credit market. We are aware of our responsibility by granting credits, and therefore place great emphasis
on information to clients and on a thorough and responsible assessment of each and every loan.
We have opened the second decade of our operations on the Czech market. I believe that our company will continue to be as
successful as it has been so far. I am delighted to have an opportunity at this point to thank our employees, whose everyday
work has led to the good financial results and the acquisition of satisfied and loyal clients. Let me thank all our trading partners
and clients for their confidence in our company. I am looking forward to further co-operation.
.
Václav Horák
Vice-Chairman
and Chief Executive Officer
CETELEM ČR, a.s.
VÝROČNÍ ZPRÁVA\ANNUAL REPORT 2006 3