Consolidated semi-annual financial report of the AB Capital Group for the first half of 2011/2012. covering the period from to

Transcription

1 Consolidated semi-annual financial report of the AB Capital Group for the first half of 2011/2012 covering the period from to

2 Selected financial data translated into euro I. SELECTED FINANCIAL DETAILS Net revenues from the sale of products, goods and materials PLN 000 EUR II. Profit / (loss) on operations III. Profit (loss) before income tax IV. Net profit (loss) V. VI. VII. Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities VII. Total net cash flows IX. Total assets X. Liabilities and provisions for liabilities XI. Long-term liabilities XII. Short-term liabilities XIII. Equity XIV. share capital XV. Number of shares (pcs.) XVI. XVII. Profit / (loss) per ordinary share (PLN/EUR) Diluted profit / (loss) per ordinary share (PLN/EUR) XVIII. Book value per share (PLN/EUR) XIX. Diluted book value per share (PLN/EUR) XX. Declared or distributed dividend per share (PLN/EUR) 2 S trona

3 The balance sheet numbers as at the last day of the half-year period of December 2011 were translated at the EUR rate announced by NBP as at that day of PLN/EUR. The balance sheet numbers as at the last day of the half-year period of December 2010 were translated at the EUR rate announced by NBP as at that day of PLN/EUR. The numbers in the profit and loss account for 2010 from 1 July 2010 to 31 December 2010 a mean EUR rate was used, calculated as the arithmetic mean of the exchange rates prevailing as at the last day of each month in the period PLN/EUR. The numbers in the profit and loss account for 2011 from 1 July 2011 to 31 December 2011 a mean EUR rate was used, calculated as the arithmetic mean of the exchange rates prevailing as at the last day of each month in the period PLN/EUR. The numbers in the cash flow statement for 2010 from 1 July 2010 to 31 December 2010 a mean EUR rate was used, calculated as the arithmetic mean of the exchange rates prevailing as at the last day of each month in the period PLN/EUR. The numbers in the cash flow statement for 2011 from 1 July 2011 to 31 December 2009 a mean EUR rate was used, calculated as the arithmetic mean of the exchange rates prevailing as at the last day of each month in the period PLN/EUR. 3 S trona

4 Statement by the Management Board on reliable preparation of the semi-annual financial statements Wrocław, 29 February 2012 Statement The Management Board of AB S.A. as the parent entity states that in the light of facts known to and documents held by the Management Board as at the date hereof, in accordance with our best knowledge and acting in the best economic interests of the Group, the attached consolidated semiannual financial statements and the comparable data have been prepared in accordance with the International Financial Reporting Standards and the related interpretations, published as executive regulations by the European Commission. The financial statements present the economic and financial condition and results of the Group in a true, reliable and clear manner. The semi-annual financial statements of the Company present a true image of development and achievements and condition of the Company, in compliance with the above regulations and the Regulation of the Minister of Finance of 19 February 2009 on current and periodical disclosure by issuers of securities and conditions to recognise as equivalent the information that is required by the law in Non-Member States (Dz.U. No. 33, item 259, as amended). To the best knowledge and belief of the Management Board, the submitted semi-annual financial statements are free from material errors and omissions. The financial statements were made with the application of uniform accounting standards in all presented periods. Date First and last name Position / function Signature Andrzej Przybyło Krzysztof Kucharski Zbigniew Mądry Grzegorz Ochędzan PRESIDENT OF THE 4 S trona

5 Statement of the Management Board on the entity authorised to audit financial statements Wrocław, 29 February 2012 Statement The Management Board of AB S.A. states that the entity authorised to review the financial statements, performing the review of the semi-annual financial statements of the Group has been selected in compliance with the law and that the entity and the auditors making the review of the statements have met the requirements to issue an impartial and independent report, complaint with the applicable domestic law and professional standards. Date First and last name Position / function Signature Andrzej Przybyło Krzysztof Kucharski Zbigniew Mądry Grzegorz Ochędzan PRESIDENT OF THE 5 S trona

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7 Letter by President of the Management Board Wrocław, 29 February 2012 Dear Ladies and Gentlemen, It is my pleasure to submit to you the consolidated financial statements and report from the operations of the AB Capital Group which include economic results and description of material events of the first half of the financial year 2011/12. We closed the first half year with a major growth of sales revenues by over 24% and a double digit growth of net profit (net of one-off items in the comparable period for the preceding year). We generated the results in a difficult and challenging market and with major pressure of the financial crisis in the euro zone. The Group has been continuing its development strategy with a view to safety of the entrusted assets in a longterm. Starting from the new financial year, the Group developed and formally implemented a hedging accounting system with reference to FX risk in view of the nature of its business and the situation in the FX market. As a result of the modification, the Group has been formally defining and hedging cash flows due to FX rate volatility. As a result, calculation of the financial result is not distorted by FX market volatility. We are facing new challenges and are expected to continue to work hard. This statement becomes even more important in the face of the developments in the international arena. The euro debt crisis, imminent bankruptcy of the most indebted states are the major challenges facing the world. I am convinced that the AB Group will be a best guarantee to stability in the coming period. I wish to thank everybody who have contributed to the development of the AB Group. I address my thanks particularly to the Shareholders who have put trust in us. Sincerely yours, Andrzej Przybyło President of the Management Board of AB S.A. 7 S trona