FABRYKA FARB I LAKIERÓW ŚNIEŻKA S.A. ( ŚNIEŻKA PAINTS AND VARNISHES PLANT S.A.)

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1 FABRYKA FARB I LAKIERÓW ŚNIEŻKA S.A. ( ŚNIEŻKA PAINTS AND VARNISHES PLANT S.A.) ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD JANUARY 1 ST, 2009 TO DECEMBER 31 ST, 2009 LUBZINA, 22 APRIL 2010

2 INTRODUCTION 1. GENERAL INFORMATION 1.1. DETAILS OF THE UNDERTAKING Full name of the entity: Fabryka Farb i Lakierów ŚNIEŻKA Spółka Akcyjna Registered address Lubzina 34 a Branches: 1. Lubzina 34 a Lubzina Ropczycko-Sędziszowski Poviat Podkarpackie Voivodeship 2. Brzeźnica Brzeźnica Poviat of Dębica Podkarpackie Voivodeship 3. Pustków Pustków Poviat of Dębica Podkarpackie Voivodeship 4. Bytów Bytów ul. Leśna 5 Poviat of Bytów Pomorskie Voivodeship Registry court District Court in Rzeszów, XII Economic Division of the National Court Register (KRS) National Court Register No. KRS (KRS No.) Statistical ID (REGON No.) Tax ID (NIP No.) Share capital paid up PLN 13,553,587 Business focus of the issuer acc. to the Polish Classification of Activities (PKD) Industry as classified by the WSE Manufacture of paints, varnishes, adhesives and solvents 2030Z Chemicals The Deed of Association of was drawn up on (notarial deed drawn up by Piotr Sumara, substituting for Civil Law Notary, Wojciech Królikowski having its established Civil Law Notary s Office in Dębica, Register A No. 121/98). 2/2

3 The Company was established pursuant to the provisions of the Commercial Code. Since January 1 st, 2001, the Company is bound by the provisions of the Code of Commercial Companies. The Company, as the parent, prepares consolidated financial statements. The Company has no internal organisational units preparing separate financial statements. Company representatives: Supervisory Board: Mr Stanisław Cymbor President Mr Jerzy Pater Vice-President Mr Jakub Bentke Member Mr Zbigniew Łapiński Member Mr Stanisław Mikrut Secretary On June 19 th, 2009, the Ordinary General Assembly of Shareholders of FFiL Śnieżka S.A. elected members of the Supervisory Board for the fifth term. Members of the Supervisory Board became persons having served the previous term. Mr Stanisław Cymbor was appointed to the post of President of the Supervisory Board, Mr Jerzy Pater to the post of Vice-President of the Supervisory Board. Managing Board: Mr Piotr Mikrut President of the Managing Board since March 31 st, 2004 to the present Mr Witold Waśko Member of the Managing Board between February 16 th, 1998 and March 31 st, 2005; Vice-President of the Managing Board since April 1 st, 2005 to the present Ms Joanna Wróbel-Lipa Member of the Managing Board since December 18 th, 2007 to the present Ms Walentyna Ochab Member of the Managing Board since December 18 th, 2007 to the present In 2009, there were no changes in the composition of the Managing Board INFORMATION ON THE BASIS FOR PREPARATION OF FINANCIAL STATEMENTS, REPORTING CURRENCY AND LEVEL OF ROUNDING The financials of Fabryka Farb i Lakierów ŚNIEŻKA S.A. for 2009 have been prepared in line with the International Accounting Standards, International Financial Reporting Standards, and related interpretations in the form of the regulations of the European Commission, hereinafter referred to as the IAS. The statements present financials for the period between and compared to the period between and The financial statements have been prepared on the going concern assumption. It is assumed that Fabryka Farb i Lakierów ŚNIEŻKA S.A. will continue as a going concern in the foreseeable future. In 2009 there were no circumstances indicating the risk to a going concern. A description of major risks and threats for the undertaking can be found in the Management Report. The reporting and functional currency of these financial statements is the Polish zloty, and all amounts are stated in PLN 000 (unless specified otherwise). 2. ACCOUNTING PRINCIPLES APPLIED Assets Intangible assets (IA) An intangible asset is an identifiable non-monetary asset without physical substance. The category includes computer software, patents, copyrights, formulations and licences. IAs are carried at cost (of acquisition or manufacture), taking into account accumulated amortisation charges and impairment losses. Accumulated amortisation charges are recognised using the straight-line method throughout the economic useful life of an asset. The useful life and the amortisation method of IAs are verified at annual intervals. 3/3

4 Amortisation charges are recognised starting from the first month following the month when an intangible asset has been accepted for use. Property, plant and equipment Property, plant and equipment are fixed assets that are held by the undertaking for use in the production or supply of goods or services, for rental to other entities under a rental agreement, or for administrative purposes. The aforementioned fixed assets are recognised as an asset, if the undertaking expects to use them during more than one year and it is probable that future economic benefits associated with the item will flow to the undertaking. The items of property, plant and equipment are disclosed at cost (of acquisition) or adopted cost of manufacture less accumulated depreciation charges and impairment losses. If an item of property, plant and equipment consists of separate and significant parts of different useful lives, such parts are treated as separate items of property, plant and equipment. Fixed assets are recorded in terms of volume and value, broken down by generic groups. Items of property, plant and equipment or their significant and separate parts are depreciated using the straightline method throughout the period of their respective economic useful lives. Land is not depreciated. Useful lives of fixed assets broken down by generic groups: Group 1 Buildings years Group 2 Structures years Group 3 Power engineering boilers and machinery 5-10 years Group 4 Plant and machinery 3-15 years Group 5 Specialised industrial plant, machinery and apparatus 5-10 years Group 6 Technical plant 4-30 years Group 7 Means of transport 3-8 years Group 8 Tools, instruments, movables and equipment 5-15 years Every year, the undertaking analyses whether the property, plant and equipment should be tested for impairment. Construction-in-progress refers to fixed assets being constructed or assembled. They are disclosed at cost (of acquisition or manufacture) less impairment losses. The main reason for recognising such losses is the probability that a fixed asset under construction will not bring benefits in the future. Investments that have been initiated are not depreciated until the construction is completed and the fixed asset is handed over for use. Investment property Investment property is recognised as an asset when it is probable that the future economic benefits associated with the investment property will flow to the undertaking and when the cost of the investment property can be measured reliably (in line with IAS 40, paragraph 16). Investment property is measured at cost (of acquisition or manufacture) less accumulated depreciation charges and impairment losses, taking into account transaction costs. Financial assets Financial assets include: shares, stocks, borrowings granted and other long-term financial assets. Borrowings granted are measured at amortised cost. If the difference between measurement at amortised cost and measurement at the amount receivable is insignificant, then the borrowings are held at the amount receivable. In separate financial statements, shares and stocks in other undertakings are measured at cost (of acquisition; in line with IAS 27, paragraph 37) less impairment losses (if any). In the case of sales of shares, disposal is measured with the use of the weighted average price. Trade and other receivables Due to an insignificance of the difference between measurement at amortised cost and measurement at the amount receivable, the undertaking measures its receivables at the amount receivable (i.e. at historical value) less applicable write-downs. Receivables stated in foreign currencies are recognised at the spot exchange rate determined for a given currency as at the transaction date (it is an average exchange rate announced by the NBP for that currency as at the last business day preceding the transaction day). Receivables against the current part of income tax are presented by the undertaking as a separate balance sheet item. 4/4

5 As at the balance sheet date, foreign-currency receivables are held based on the closing rate. For the undertaking, the rate is assumed to be the spot exchange rate as at the balance sheet date (i.e. the average exchange rate of the NBP for a given currency from the last business day preceding the balance sheet date). It is because the undertaking s financial transactions are completed on the intra-bank market, and prices obtained by the Company differ only slightly from the rate announced by the NBP (with a deviation not exceeding 0.3%). Deferred tax assets Deferred tax assets (in line with IAS 12) are recognised only when it is probable that taxable profits will be available in the future against which the deferred tax asset can be utilised. Deferred tax assets are reduced, when it is not probable that the underlying economic benefit will be realised. The amount of deferred income tax assets is established using the income tax rates that are valid in the year when the tax obligation occurs. It is established that deferred income tax assets will be recognised and derecognised at monthly intervals. Inventories Inventories are assets (IAS 2, paragraph 6): held for sale in the ordinary course of business; Such assets are presented by the Company as finished products (products) and goods. Finished products are understood as goods manufactured by the Company. Goods are understood as commercial goods acquired by the undertaking for resale; in the process of production for such sale; (The Company s statements present them as semi-finished products). in the form of materials to be consumed in the production process or in the rendering of services, and meant for sale and management. (The Company s statements present them as materials). Inventories are measured (in line with IAS 2, paragraph 9.18) at cost (of acquisition or manufacture) not higher than their net realisable value as at the balance sheet date. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Value of inventories is determined based on: Materials cost of acquisition, whereas outflows are measured with the use of the weighted average method; Goods cost of acquisition, whereas outflows are measured with the use of the weighted average method; Finished products the fixed cost determined at the planned cost of manufacture of the product adjusted for deviations (on a compound basis), bringing it to the actual cost of manufacture not higher than the net selling price, whereas outflows are measured at fixed cost adjusted for deviations; Semi-finished products the fixed cost determined at the planned cost of manufacture of the product adjusted for deviations (on a compound basis), bringing it to the actual cost of manufacture, whereas outflows are measured at fixed cost adjusted for deviations. Costs of manufacture of finished products and semi-finished products include part of fixed indirect costs. The remaining, unjustified part of indirect costs is debited to the costs of the period in which they have been incurred. The aforementioned division is based on the use of normal capacity of production facilities. The normal capacity of production facilities is determined as the average production performance over three months: June, July and August, when the production output is the highest. The idle production capacity is the difference between the normal capacity of production facilities, verified monthly, and the actual production output in a given reporting period. Excessive and non-marketable inventories are written down. Inventories are inspected quarterly to identify nonmoving items and determine the inventory turnover. Write-downs reduce book values of inventories to their net realisable values. Write-downs are based on separately determined criteria, taking into account the company s business profile. Cash Cash and cash equivalents stated in the Polish currency include cash in hand and at bank as well as bank deposits and securities with a maturity date of up to three months. They are measured at nominal value. Foreign currency monetary assets and liabilities are as at the balance sheet date revaluated according to the closing rate, i.e. the spot exchange rate as at the balance sheet date. For the undertaking, the rate is assumed to be the average exchange rate of the NBP for a given currency as at the last business day preceding the balance sheet date. It is because the undertaking s financial transactions are completed on the intra-bank market, and prices obtained by the Company differ only slightly from the rate announced by the NBP (with a deviation not exceeding 0.3%). 5/5

6 All foreign exchange gains or losses resulting from changes in exchange rates after the transaction date are recognised in the income statement. Non-current assets held for sale The undertaking classifies a non-current asset (or disposal group) as held for sale, if it is highly probable that its carrying amount will be recovered principally through a sale transaction rather than through continuing use (in line with IFRS 5, paragraph 6). The undertaking measures a non-current asset classified as held for sale at the lower of its carrying amount and fair value less costs to sell (in line with IFRS 5, paragraph 15). In its balance sheet, the undertaking presents non-current assets classified as held for sale and assets in the disposal group classified held for sale separately from other assets. Also, the undertaking s liabilities classified as held for sale are presented separately from other liabilities in the balance sheet. EQUITY AND LIABILITIES Share capital is measured at nominal value resulting from the company s statutes. Legal reserve is established only: in line with the obligation imposed on joint-stock companies: up to one third of the company s share capital, at the rate of 8% of the net profit allocated every year; apart from that, the undertaking replenishes its legal reserve optionally, by allocating part of its net profit for each financial year by way of resolutions; from share premium (excess of the issue price over shares nominal value, less costs of the issue); in line with resolutions of the General Assembly of Shareholders. Legal reserve is measured at nominal value. Equity shares and registered shares are presented as share capital. Reserve capital is measured at the amount resulting from the resolutions, at nominal amount. Revaluation reserve occurs, among other things, from the valuation of bonds convertible into shares. Retained earnings include the profit/loss of the current year and the profit/loss brought forward. The profit/loss of the current year is determined based on the income statement. Trade and other liabilities Due to the insignificance of the difference between measurement at amortised cost and measurement at the amount payable, the undertaking measures its liabilities at the amount payable (the cost including accrued interest). Liabilities stated in foreign currencies are recognised as at the transaction day at the average exchange rate announced by the NBP for that currency for that day. As at the balance sheet date, foreign-currency liabilities are held based on the closing rate, i.e. the spot exchange rate as at the balance sheet date. For the undertaking, the rate is assumed to be the average exchange rate of the NBP for a given currency as at the last business day preceding the balance sheet date. It is because the undertaking s financial transactions are completed on the intra-bank market, and prices obtained by the Company differ only slightly from the rate announced by the NBP (with a deviation not exceeding 0.3%). Apart from trade liabilities, the undertaking also has financial liabilities relative to loans, lease, derivative instruments and issue of debt securities bonds convertible into shares (characterised in the description of financial instruments and lease). Liabilities relative to the current part of corporate income tax are presented by the undertaking as a separate balance sheet item. Reserves A reserve should be recognised when the undertaking has a present obligation (legal or constructive) as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Important reserves are established by discounting expected future cash flows based on the rate before tax, which reflects current market estimates as regards changes in the time value of money and, where applicable, the risk connected with a given item of equity and liabilities. A reserve relative to onerous contracts is recognised when the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received by the undertaking under the contract. The undertaking applies the division into long- and short-term reserves. 6/6

7 Provisions for retirement and pension gratuities, death-in-service benefits and jubilee (long service) benefits. In line with the company s remuneration rules, employees of the undertaking are entitled to receive retirement and pension gratuities, death-in-service benefits and jubilee (long service) benefits. These liabilities result from the rights vested in the Company s employees in both current and previous years. The amount of the undertaking s liabilities relative to retirement and pension gratuities, death-in-service benefits and jubilee (long service) benefits is calculated by a licensed actuary. Deferred corporate income tax reserve The undertaking establishes deferred tax reserve and assets (in line with IAS 12) in connection with taxable/deductible temporary differences between the book value of assets and equity liabilities and their tax base. The taxable difference is recognised among obligatory charges on the net profit as income tax reserve, while the deductible difference reduces the obligatory charges on profit. Deferred income tax reserve is established at the amount of the income tax with obligatory future payment, in connection with taxable temporary differences, i.e. the differences that will increase the taxable amount in the future. Lease Lease agreements under which substantially all the risks and rewards incidental to ownership of property, plant and equipment are transferred to the undertaking are classified as finance lease agreements. Property, plant and equipment acquired under finance lease are disclosed at the current value of minimum lease payments less accumulated depreciation charges and impairment losses. Lease payments are apportioned between the financial costs and the reduction of the outstanding liability so as to produce a constant periodic rate of interest on the remaining balance of the liability. Financial costs are posted directly to the income statement (in line with IAS 17, paragraph 25). If there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term, the asset is fully depreciated over the shorter of the lease terms and its useful life. The undertaking analyses whether the leased property, plant and equipment should be tested for impairment, and verifies useful lives of such fixed assets. Accruals They are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees. Although it is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for reserves. In the balance sheet, accruals are divided into short- and long-term ones. Financial instruments Rules for classification of financial instruments into categories (groups) at FFiL ŚNIEŻKA S.A.: 1. Financial assets held for trading include: derivative financial instruments whose fair value as at the measurement date is a positive figure, such as swaps, currency options, forwards, etc.; assets acquired to achieve economic benefits, resulting from short-term fluctuations in prices or other market factors or short maturity of the acquired instrument (up to 3 months), such as publicly traded shares, publicly traded subscription rights, etc.; other acquired financial assets, regardless of intent upon conclusion of the contract, if they are included in a portfolio of similar financial assets which are highly probable to bring the expected economic benefits in short time horizon; borrowings granted and own receivables that the undertaking intends to sell in short time horizon. 2. Borrowings granted and own receivables include (regardless of maturity (payment date)) financial assets that originated from transferring cash directly to the other party to the contract; this category also includes bonds and other debt securities acquired against cash, if the contract expressly specifies that the selling party has not lost control over such financial instruments. 3. Financial assets held to maturity include assets that fulfil all the following conditions: a financial asset must have a definite maturity for payment of a nominal value; an agreement dealing with a given financial asset unambiguously specifies the right to receive economic benefits on specific dates and in pre-determined amounts; upon acquisition, the undertaking shows an actual intention to hold the financial asset until maturity; the undertaking has a possibility to hold such asset until maturity. 4. Available-for-sale financial assets include financial assets that do not meet the conditions to qualify for one of the other three groups. 7/7

8 5. Financial liabilities held for trading include derivative instruments whose value is a negative figure as at the measurement date, such as swaps, currency options, forwards, etc., and short-term securities issued by the company (investment notes, commercial bills, etc.). 6. Other financial liabilities include short-term financial liabilities which are not classified as held for trading: bank loans and bonds convertible into shares issued by the undertaking. Liabilities relative to issue of debt securities bonds convertible into shares are measured in line with the procedure under IAS 32, taking into account the market pricing of the loan. On initial recognition, the fair value of the liability component is the present value of the contractually determined stream of future cash flows discounted at the rate of interest applied at that time by the market to instruments of comparable credit status, but without the conversion option. The equity instrument is an embedded option to convert the liability into a share. The fair value of the option comprises its time value and its intrinsic value. Derivative financial instruments Swaps, forwards and options are disclosed in the financial statements as financial assets or financial liabilities at fair value, according to the pricing model of the bank where the transaction has been concluded. Assets and liabilities within one bank are shown on the whole. Changes in fair value of financial instruments are debited to other financial costs or credited to other financial income in the income statement in the period when such changes have occurred. Embedded financial instruments Pursuant to IAS 39, paragraphs 10.13, the undertaking recognises embedded financial instruments and analyses them for significance (foreign currency purchases and sales contracts IAS 39 WS C.7). If embedded derivative instruments turn out to be significant, they are presented as other short-term financial assets. Methods for profit/loss calculation Profit/loss is calculated based on the income statement, applying the accrual-based approach and prudence principle, whereas the gross profit is reduced by the applicable income tax and deferred income tax reserve appropriations. Income from sales of inventories and services Income from sales of inventories less the applicable tax on goods and services, rebates and discounts is recognised (in line with IAS 18, paragraph 14) when: the undertaking has transferred the significant risks and rewards of ownership to the buyer (IAS 18, paragraph 15, 16 and 17); the undertaking retains neither continuing managerial involvement nor effective control over the goods sold; the amount of income can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the undertaking (IAS 18, paragraph 18); and the costs incurred or to be incurred by the economic entity in respect of the transaction can be measured reliably. Income from sales of services is recognised when the outcome of a transaction involving the rendering of services can be estimated reliably (in line with IAS 18, paragraph 20). The income associated with the transaction is recognised by reference to the stage of completion of the transaction as at the balance sheet date. When the outcome of the transaction involving the rendering of services cannot be estimated reliably, income is recognised only to the extent of the costs recognised that are recoverable. (IAS 18, paragraph 26). In its income statement, the undertaking presents separately: income from sales from products this item includes income from sales of finished products and services; income from sales of goods this item includes income from sales of commercial goods, in line with the definition of inventories; income from sales of materials this item includes income from sales of materials, in line with the definition of inventories; Cost of sales When inventories (products, goods and materials) are sold, the carrying amount of those inventories is recognised as a cost of the period in which the related income is recognised. (IAS 2, paragraph 34). 8/8

9 Cost of acquisition or manufacture of inventories recognised as a cost of the period (in line with the rule for measurement of inventories applied by the undertaking) consists of the costs previously included in the measurement of inventories that have been sold and unallocated indirect costs of production and abnormal amounts of costs of manufacture of inventories. (IAS 2, paragraph 38). Costs of services in a given transaction are recognised in the period in which the corresponding income is recognised. Cost of sales is reduced by received pecuniary bonuses. In its income statement, the undertaking presents separately: cost of products sold this item includes cost of products and services sold; value of goods sold this item includes value of commercial goods sold, in line with the definition of inventories; value of materials sold this item includes value of materials sold, in line with the definition of inventories. Selling costs Selling costs are costs incurred by the enterprise in connection with sales activities. General administrative expenses These expenses are related to costs of maintenance of the enterprise s management and the operation of the company as a whole. Other operating income Operating income is recognised in the period to which it refers. This is income unrelated directly to the undertaking s operating activities. It includes, in particular: income from sales of non-financial non-current assets; other income. Other operating costs Operating costs are recognised in the period to which they refer. These are costs unrelated directly to the undertaking s operating activities. They include in particular: value of non-financial non-current assets sold; other costs. In the income statement, profit/loss on sales of non-financial non-current assets is shown as the difference between income and costs, either under the profit or the loss. Financial income Financial income includes income from financial transactions, in particular: income from use by other economic entities of the economic undertaking's own assets bringing interest, dividends or licence payments; foreign exchange gains; profit on sales of derivative instruments; revaluation of fair value of derivative instruments. Financial costs Financial costs include costs of financial transactions, in particular: borrowing costs (in line with IAS 23, paragraphs 4,5); revaluation of bonds; foreign exchange losses; revaluation of fair value of derivative instruments. In the income statement, foreign exchange differences are presented as one item (as the difference between gains and losses), either under the profit or the loss. Income tax Income tax disclosed in the income statement comprises both the current and deferred tax. Income tax is recognised in the income statement. Current tax is the expected tax liability resulting from the taxable income for the current year, calculated with the use of tax rates applicable or adopted as at the balance sheet date and the adjustment of the tax concerning previous years. A current income tax liability is calculated in line with tax regulations. Deferred tax is calculated with the use of the balance sheet method, taking into account temporary differences between the book value of assets and liabilities and their tax base. The recognised amount of the deferred tax is 9/9

10 based on the expected way of recovering the carrying amount of assets and equity and liabilities, using the tax rates applicable or adopted as at the balance sheet date. Selected financials of FFiL Śnieżka S.A. in PLN 000 in EUR I. Net sales of products, goods and materials II. Profit (loss) on operating activities III. Gross profit (loss) IV. Net profit (loss) V. Comprehensive income for the period VI. Net cash flows from operating activities VII. Net cash flows from investing activities (15 987) (11 892) (3 683) (3 367) VIII. Net cash flows from financing activities (50 996) (19 791) (11 748) (5 603) IX. Total net cash flows (1 284) 464 (296) 131 X. Total assets XI. Liabilities and provisions for liabilities XII. Long-term liabilities XIII. Short-term liabilities XIV. Equity XV. Share capital XVI. Number of shares XVII. Earnings per share (in PLN/EUR) 2,71 2,83 0,63 0,80 XVIII. Diluted earnings per share (in PLN/EUR) 2,69 2,83 0,62 0,80 XIX. Book value per share (in PLN/EUR) 13,45 12,17 3,27 2,92 XX. Diluted book value per share (in PLN/EUR) XXI. Declared or paid dividend per share (in PLN/EUR) The above figures were translated according to the following rules: Individual items in the balance sheet are translated into EUR according to the average PLN/EUR exchange rate of the National Bank of Poland as at the balance sheet date. Individual items of the income statement and the cash flow statement are translated into EUR according to the exchange rate being the arithmetic mean of average exchange rates of the National Bank of Poland for EUR applicable as at the last day of each full month in the financial year. EUR exchange rate Date Average exchange rate in the period (on a compound basis) Exchange rate as at the last day of the period STATEMENT OF FINANCIAL POSITION AS AT Assets Note NON-CURRENT ASSETS 149, ,817 10/10

11 Intangible assets 2 1,201 1,237 Property, plant and equipment 3 113,174 97,533 Long-term investment property Other long-term financial assets 5/6 34,234 40,807 Long-term receivables Deferred income tax assets 20 1,023 1,262 CURRENT ASSETS 140, ,363 Inventories 7 48,334 42,910 Short-term trade receivables 8 75, ,993 Receivables against the current part of income tax Other short-term receivables 8 3,394 4,369 Other short-term financial assets 6 9,818 5,794 Cash and cash equivalents 9 3,596 4,297 NON-CURRENT ASSETS HELD FOR SALE TOTAL ASSETS 289, ,253 Equity and liabilities EQUITY 182, ,566 Share capital 11 13,554 13,850 Legal reserve and share premium , ,938 Revaluation reserve Own shares/stocks 13 (89) (3,433) Reserve capitals Retained earnings 12 36,797 39,211 LIABILITIES 107, ,687 Long-term liabilities 4,849 4,632 Long-term loans and borrowings Other long-term financial liabilities Other long-term liabilities - - Deferred income tax reserve 14 4,178 4,009 Provisions for liabilities relative to employee benefits Other long-term reserves Short-term liabilities 102, ,055 Short-term loans and borrowings 17 66,427 95,448 Other short-term financial liabilities Trade liabilities 15 30,961 29,930 Liabilities relative to the current part of income tax 15 1,277 4,517 Other short-term liabilities 15 3,606 3,639 Short-term reserves Accruals Liabilities related to non-current assets classified as held for sale - - TOTAL LIABILITIES 289, ,253 11/11

12 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD BETWEEN AND Classification of expenses by function Note to to Continued operations Sales income , ,952 Sales of products 333, ,519 Sales of goods 57,145 57,576 Sales of materials 21,575 16,857 Cost of sales (cost of products, goods and materials sold) , ,011 Cost of products sold , ,228 Value of goods sold 39,309 40,866 Value of materials sold 20,549 15,917 Gross profit (loss) on sales 129, ,941 Selling costs 23 53,043 52,096 General administrative expenses 23 34,857 29,763 Other operating income 24 3,290 1,475 Other operating costs 24 3,704 3,485 Profit (loss) on operating activities 41,308 47,072 Financial income 25 7,236 6,493 Financial costs 25 2,953 4,935 Profit (loss) before tax 45,591 48,630 Income tax 19 8,798 9,419 Net profit (loss) on continued operations 36,793 39,211 Discontinued operations 26 Net loss on discontinued operations - - Net profit (loss) 27 36,793 39,211 Other components of comprehensive income Effects of valuation of financial assets available for sale - - Hedge accounting - - Effects of revaluation of non-current assets - - Actuarial gains and losses - - Income tax on other components of comprehensive income - - Other components of comprehensive income (net) - - Comprehensive income for the period, of which for: 36,793 39,211 - shareholders of the parent 36,793 39,211 Net profit (loss), of which for: 27 36,793 39,211 - shareholders of the parent 36,793 39,211 Net earnings per share: 27 PLN/share PLN/share on continued operations - basic 2,71 2,83 - diluted 2,69 2,83 on discontinued operations 26 - basic - diluted 12/12

13 STATEMENT OF CHANGES IN EQUITY Statement of changes in equity (own fund) to to I. Equity (own fund) at the beginning of the period (OB) previously reported 168, ,666 - adjustments for fundamental errors results of changes in the accounting principles (policy) - - I..a. Equity (own fund) at the beginning of the period (OB) restated 168, , share capital at the beginning of the period 13,850 13, Changes in share capital (296) - a) increases (relative to) - - b) decreases (relative to) redemption of shares (stocks) share capital at the end of the period 13,554 13, Called-up share capital at the beginning of the period Changes in called-up share capital - - a) increases (relative to) - - b) decreases (relative to) Called-up share capital at the end of the period Own shares (stocks) at the beginning of the period (3,433) Changes in own shares (stocks) (3,344) (3,433) a) increases - - b) decreases 3,344 3, Own shares (stocks) at the end of the period (89) (3,433) 4. Legal reserve and share premium at the beginning of the period 118, , Changes in legal reserve and share premium 13,060 16,235 a) increases (relative to) 20,129 16,235 - distribution of profit (above statutorily required minimum amount) 7,069 16,235 - transfer from revaluation reserve - - b) decreases (relative to) 7, coverage of loss redemption of own shares 7, Legal reserve and share premium at the end of the period 131, , Revaluation reserve at the beginning of the period results of changes in the accounting principles (policy) Revaluation reserve at the beginning of the period, after adjustments Changes in revaluation reserve - - a) increases (relative to) - - b) decreases (relative to) transfer to legal reserve Revaluation reserve at the end of the period Other reserve capitals (funds) at the beginning of the period Changes in other reserve capitals (funds) Other reserve capitals (funds) at the end of the period Retained earnings at the beginning of the period 39,211 32, Profit brought forward at the beginning of the period 39,211 32,112 - adjustments for fundamental errors results of changes in the accounting principles (policy) Profit brought forward at the beginning of the period, after adjustments 39,211 32, Changes in profit brought forward (39,207) (32,112) a) increases (relative to) 4 - b) decreases (relative to) 39,211 32,112 - transfer to legal reserve 20,129 16,235 - payment of dividend 18,297 15,235 - payment of founder s certificates Profit brought forward at the end of the period Loss brought forward at the beginning of the period Loss brought forward at the beginning of the period, after adjustments Changes in loss brought forward Loss brought forward at the end of the period Profit (loss) brought forward at the end of the period 4-8. Net profit/loss 36,793 39,211 a) net profit 36,793 39,211 b) net loss - - c) appropriations from profit Retained earnings at the end of the period 36,797 39,211 II. Equity (own fund) at the end of the period (CB) restated 182, ,566 III. Equity (own fund) after proposed distribution of profit /13

14 Cash flow statement Cash flows from operating activities to to Profit before tax 45,591 48,630 Adjustments ,839 Depreciation/amortisation of fixed and intangible assets 9,245 7,648 Write-downs on property, plant and equipment - - (Profit) loss on sales of property, plant and equipment 96 (501) (Profit) loss on sales of financial assets available for sale - Profit (loss) on measurement of investment property at fair value - (Profit) loss on changes in the fair value of financial assets disclosed at fair value - (Profit) loss on changes in the fair value of financial assets disclosed at fair value 159 (1,158) Foreign exchange differences (4,867) 9,428 Unpaid interest (65) (87) Share in (profit) loss of associates - Write-down on negative goodwill - Interest received (979) (967) Calculated dividend (2,809) (3,524) Other adjustments - Cash from operating activities before changes in working capital 46,373 59,468 Movements in inventories (5,424) (5,368) Movements in receivables 31,945 (32,293) Movements in liabilities 1,137 8,875 Movements in reserves (64) 414 Movements in prepayments and accruals 238 (137) Cash generated by operating activities 74,205 30,959 Interest paid 3,123 5,040 Income tax paid (11,629) (3,852) Net cash from operating activities 65,699 32,147 Cash flows from investing activities Expenses related to acquisition of intangible assets (454) (346) Inflows from sales of intangible assets - Expenses related to acquisition of property, plant and equipment and intangible assets (24,628) (14,656) Inflows from sales of property, plant and equipment Expenses related to acquisition of investment property - (164) Inflows from sales of investment property 800 1,475 Expenses related to acquisition of financial assets available for sale - Inflows from sales of financial assets available for sale - Expenses related to acquisition of financial assets held for trading (borrowings) (2,508) (3,761) Inflows from sales of financial assets held for trading (borrowings) 4,332 4,834 Expenses related to acquisition of subsidiaries (less the acquired cash) (142) (5,130) Inflows from sales of subsidiaries 1,250 - Inflows from government subsidies received - Long-term borrowings granted - (2,166) Received repayments under borrowings granted - 2,3 Interest received 1, Dividends received 3,961 4,185 Net cash used in investing activities (15,986) (11,892) Cash flows from financing activities Net inflows from issue of shares - Purchase of own shares (4,022) (3,433) Inflows from issue of debt securities - Redemption of debt securities - Inflows from loans and borrowings taken out - 4,4 Repayment of loans and borrowings (24,891) - Repayment of liabilities under finance lease (54) (46) Other inflows foreign exchange differences - Interest (2,951) (4,873) Other expenses foreign exchange differences - Dividends paid (19,078) (15,882) Net cash from financing activities (50,996) (19,791) Net increase (decrease) in cash and cash equivalents (1,283) 464 Cash and cash equivalents at the beginning of the period 4,297 4,211 Movements in cash and cash equivalents relative to foreign exchange differences 645 (378) Cash and cash equivalents at the end of the period 3,597 4,297 14/14

15 EXPLANATORY NOTES FOR THE SEPARATE FINANCIAL STATEMENTS for the period between and NOTE NO. 1. BUSINESS SEGMENTS GEOGRAPHICAL GEOGRAPHICAL SEGMENTS FINANCIALS for the period between and Segments Total Poland Ukraine Belarus Russia Moldova Romania Other Financial performance of geographical segments in the period between and Total income 324,241 37,273 29,877 6,013 7,433 4,271 2, ,859 Segment income 324,241 37,273 29,877 6,013 7,433 4,271 2, ,859 Segment result 100,461 5,002 10,628 1,138 1, (1,536) 117,403 Unallocated costs 75,681 Other operating income 3,290 Other operating costs 3,704 Net loss on sales of discontinued operations Profit on operating activities 41,308 Financial income 7,236 Financial costs 2,953 Profit before tax 45,591 Income tax 8,798 Net profit 36,793 Poland Ukraine Belarus Russia Moldova Romania Other Other information on geographical segments for the period between and Total individual assets 71,208 35,127 2, ,794 2, ,972 Trade receivables 60,359 6,282 1, ,138 2,560 75,125 Investments in other undertakings 10,849 28, ,656-44,052 Unallocated assets of the undertaking ,795 Total individual equity and liabilities 23, , ,972 Trade liabilities 23, ,433 30,961 Unallocated equity and liabilities of the ,011 undertaking Financial performance of geographical segments in the period between and Segments Poland Ukraine Belarus Russia Moldova Romania Other Total Total income 306,994 43,116 28,035 7,131 7,212 3,593 2, ,952 Segment income 306,994 43,116 28,035 7,131 7,212 3,593 2, ,952 Segment result 103,410 7,025 10,207 1,252 1, ,442 Unallocated costs 75,360 Other operating income 1,475 Other operating costs 3,485 Net loss on discontinued operations - Profit on operating activities 47,072 Financial income 6,493 Financial costs 4,935 Profit before tax 48,630 Income tax 9,419 Net profit 39,211 Total - Poland Ukraine Belarus Russia Moldova Romania Other Total Other information on geographical segments for the period between and Total individual assets 99,582 44,044 2, ,739 3, ,253 Trade receivables 85,777 15,097 1, ,843 3, ,971 Investments in other undertakings 13,805 28, ,896-46,601 Unallocated assets of the undertaking ,681 Total individual equity and liabilities 24, , ,253 Trade liabilities 24, ,047 29,930 Unallocated equity and liabilities of the ,323 undertaking The undertaking divided its operations into geographical segments in line with IFRS 8 Operating segments. Operating segments include the following geographical areas: Poland, Ukraine, Belarus, Russia, Moldova, Romania and Other. 15/15

16 Each segment derives its income mainly from sales of products, goods and materials. Transfer prices between segments are based on market prices. NOTE NO. 2. INTANGIBLE ASSETS INTANGIBLE ASSETS between and Goodwill Patents and licences Development costs Other intangible assets Total Net carrying amount as at ,192 Increases relative to acquisition Amortisation Foreign exchange differences Other movements Net carrying amount as at ,169 Net carrying amount as at ,169 Increases relative to acquisition Amortisation Foreign exchange differences Other movements Net carrying amount as at ,108 As at Gross carrying amount - 2, ,852 Sum of the accumulated amortisation and write-downs to date - 1, ,660 Net carrying amount ,192 As at Gross carrying amount - 2, ,205 Sum of the accumulated amortisation and write-downs to date - 1, ,036 Net carrying amount ,169 As at Gross carrying amount - 2, ,205 Sum of the accumulated amortisation and write-downs to date - 1, ,036 Net carrying amount ,169 As at Gross carrying amount - 3, ,634 Sum of the accumulated amortisation and write-downs to date - 2, ,526 Net carrying amount ,108 INTANGIBLE ASSETS as at as at a) development costs b) acquired concessions, patents, licences and similar assets, of which: software c) other intangible assets d) intangible assets in progress e) advances on intangible assets - Total intangible assets 1,201 1,237 In the period between and , outlays on intangible assets in progress amounted to PLN 454,000. NOTE NO. 3. PROPERTY, PLANT AND EQUIPMENT FIXED ASSETS between and Land, buildings and structures Plant and machinery Means of transportation Other fixed assets Net carrying amount as at ,000 24, ,339 82,641 Increases relative to acquisition 7,406 8, ,926 Acquisitions resulting from business combinations Decreases relative to sales or disposal ,042 Depreciation 1,990 3, ,870 Foreign exchange differences Other movements Net carrying amount as at ,416 29, ,180 92,655 Net carrying amount as at ,416 29,290 4,769 1,180 92,655 Increases relative to acquisition 7,252 7, ,095 19,927 Acquisitions resulting from business combinations Decreases relative to sales or disposal ,503 Depreciation 2,249 4, ,484 Foreign exchange differences Other movements Net carrying amount as at ,181 32, , ,595 Total 16/16

17 Land, buildings and structures Plant and machinery Means of transportation Other fixed assets As at Gross carrying amount 60,806 52,505 7,236 2, ,975 Value of non-current assets held for sale Sum of the accumulated depreciation and write-downs to date 8,733 27,689 2,750 1,089 40,261 Net carrying amount 52,000 24,81 6 4,486 1,339 82,641 As at Gross carrying amount 68,212 60, , ,860 Value of non-current assets held for sale Sum of the accumulated depreciation and write-downs to date 10,723 31, ,272 46,132 Net carrying amount 57,416 29,290 4,769 1,180 92,655 As at Gross carrying amount 68,212 60,582 7,61 4 2, ,860 Value of non-current assets held for sale Sum of the accumulated depreciation and write-downs to date 10,723 31,292 2,845 1,272 46,132 Net carrying amount 57,416 29,290 4,769 1,180 92,655 As at Gross carrying amount 75,226 67,700 10,848 3, ,284 Value of non-current assets held for sale Sum of the accumulated depreciation and write-downs to date 12,972 35,634 3,458 1,552 53,61 6 Net carrying amount 62, ,066 7,390 1, ,595 Total PROPERTY, PLANT AND EQUIPMENT as at as at a) fixed assets, of which: 103,595 92,655 - land (including the right to perpetual usufruct of land) 1, buildings, premises and civil engineering structures 60,993 56,555 - plant and machinery 32,066 29,290 - means of transportation 7,390 4,769 - other fixed assets 1,958 1,180 b) construction-in-progress 7,822 4,762 c) advances on construction-in-progress 1, Total property, plant and equipment 113,174 97,533 In the period between and , the undertaking did not recognise any impairment losses as regards property, plant and equipment. As at , the gross carrying amount of fully depreciated property, plant and equipment still used by the undertaking was PLN 9,811,000. As at , property, plant and equipment pledged as collateral for bank loans amounted to PLN 54,073,000. In the period between and , outlays on construction-in-progress amounted to PLN 22,987,000. NOTE NO. 4. INVESTMENT PROPERTY As at , has no investment property. NOTE NO. 5. INVESTMENTS IN ASSOCIATES, SUBSIDIARIES AND OTHER UNDERTAKINGS Name of the company, legal form and location of the Management Carrying amount of shares Shareholding in Votes held in percentage Consolidation method Board s office as at percentage Fabryka Farb i Lakierów Proszkowych Proximal Sp. z o.o. Śnieżka Group Bytów 4, % % full consolidation method Farbud Sp. z o.o. Lublin 3, % 80.93% full consolidation method Hadrokor Sp. z o.o. Włocławek % 51.09% full consolidation method Śnieżka Ukraine Sp. z o.o. - Yavoriv 15, % 79.93% full consolidation method SOOO Śnieżka BEL-POL Zhodino % 88.00% full consolidation method Śnieżka Sp. z o.o. Vistova 4, % 74.00% full consolidation method Śnieżka Romania S.R.L. in Savinesti 1, % 80.00% full consolidation method INVESTMENTS IN SUBSIDIARIES between and continued Name of the subsidiary Value of assets Value of liabilities Value of income Profit/loss (net) Fabryka Farb i Lakierów Proszkowych Proximal Sp. z o. o. Śnieżka 4, , Group Bytów Farbud Sp. z o.o. Lublin 17,223 10,319 43, Hadrokor Sp. z o. o. Włocławek 5,170 1,622 14, Śnieżka Ukraine Sp. z o.o. - Yavoriv 34,418 13, ,146 6,862 SOOO Śnieżka BEL-POL Zhodino 4,480 2,696 17,688 1,542 Śnieżka Sp. z o.o. Vistova ,405 4,654 (182) Śnieżka Romania S.R.L. in Savinesti 5,395 5,508 6,298 (456) 17/17

18 INVESTMENTS IN ASSOCIATES between and Name of the associate Registered office Carrying amount in shares Shareholding in percentage Votes held in percentage Consolidation method Plastbud Sp. z o.o. Pustków % 10.07% equity method INVESTMENTS IN ASSOCIATES between and Name of the associate Value of assets Value of liabilities Value of income Profit/loss (net) Plastbud Sp. z o.o. 20,457 3,072 27,857 3,783 FFiL Śnieżka S.A. holds 74% shares in Śnieżka Sp. z o.o. in Vistova; Śnieżka Ukraine Sp. z o.o. Yavoriv, holds 26% shares in Śnieżka Sp. z o.o. in Vistova. The undertaking also has shares in Podkarpacki Bank Spółdzielczy (Podkarpacie Cooperative Bank). As at , the carrying amount of those shares amounted to PLN 10,000. NOTE NO. 6. FINANCIAL ASSETS FINANCIAL ASSETS as at as at Other financial assets 44,052 46,601 Other long-term financial assets 34,234 40,807 - shares and stock in related parties 31,717 31,576 - shares and stock in other undertakings borrowings granted in related parties borrowings granted in other undertakings 2,451 2,611 - other financial assets - - Other short-term financial assets 9,818 5,794 - borrowings granted in related parties 9,241 5,352 - borrowings granted in other undertakings other short-term financial assets - - FINANCIAL INSTRUMENTS COMPARISON OF CARRYING AMOUNTS AND FAIR VALUES AS AT carrying amount as at fair value as at Financial assets available for sale Borrowings granted 12,269 14,219 12,269 14,219 Financial liabilities, of which: relative to bonds convertible into shares relative to derivative financial instruments Bank loans and borrowings: 66,427 95,448 66,427 95,448 Liabilities under finance lease and tenancy agreements with the purchase option Loans and borrowings with a variable interest rate liabilities 66,427 95,448 66,427 95,448 Borrowings with a fixed interest rate receivables 8,484 8,835 8,484 8,835 Borrowings with a variable interest rate receivables 3,785 5,384 3,785 5,384 Due to the short period of realisation, the value of financial assets and liabilities corresponds to their fair value. Financial assets available for sale are an exception to this rule as these are shares in companies that are not quoted on the securities market. Their market price is unknown. Principles governing classification of financial assets to individual categories in FFiL ŚNIEŻKA S.A. are included in the accounting principles, whereas additional information on financial assets is included in Note no /18

19 NOTE NO. 7. INVENTORIES INVENTORIES as at as at Materials 20,241 19,337 Work-in-progress Finished products 21,809 18,861 Goods 4,530 2,893 Advances on supplies 1,303 1,291 Total inventories, of which 48,334 42,910 - carrying amount of inventories disclosed at fair value less selling costs carrying amount of inventories constituting collateral for liabilities 17,546 19,000 The undertaking does not disclose inventories at fair value. Inventories are measured at cost (of acquisition or manufacture) not higher than their net realisable value as at the balance sheet date. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Value of inventories is determined based on: Materials cost of acquisition, whereas outflows are measured with the use of the weighted average method; Goods cost of acquisition, whereas outflows are measured with the use of the weighted average method; Finished products the fixed cost determined at the planned cost of manufacture of the product adjusted for deviations (on a compound basis), bringing it to the actual cost of manufacture not higher than the net selling price, whereas outflows are measured at fixed cost adjusted for deviations; Semi-finished products the fixed cost determined at the planned cost of manufacture of the product adjusted for deviations (on a compound basis), bringing it to the actual cost of manufacture, whereas outflows are measured at fixed cost adjusted for deviations. INVENTORIES between and as at to to Value of inventories recognised as cost in the period 279, ,489 Write-downs on inventories recognised as cost in the period 172 1,170 Write-ups of inventories in the period Value of inventories recognised as cost in the period consists of value of inventories sold in the period. In 2009 part of inventories was written up due to the fact that some of inventories previously written down were sold or used in production. The amount written up was PLN 22,000. The undertaking verifies usability of inventories at regular quarterly intervals. Write-downs on tangible current assets inventories are recognised: - by bringing the value of such inventories to their realisable value as at the balance sheet date, ensuring their liquidation at reduced value; - whenever it is probable that an inventory asset controlled by the undertaking will not bring the expected economic benefits in the future, in whole or in significant part. NOTE NO. 8 TRADE RECEIVABLES, RECEIVABLES AGAINST THE CURRENT PART OF INCOME TAX AND OTHER RECEIVABLES TRADE RECEIVABLES, RECEIVABLES AGAINST THE CURRENT PART OF INCOME TAX AND OTHER RECEIVABLES as at as at Trade receivables: 75, ,971 - of which from related parties 12,092 20,776 - of which from other undertakings 63,033 88,195 Write-downs on trade receivables 1,599 1,042 Receivables against the current part of income tax - Other receivables 3,394 4,369 - of which from related parties 1,193 - of which from other undertakings 3,394 3,176 Write-downs on other receivables - - Total receivables, of which 78, ,340 - long-term short-term 78, ,362 19/19

20 Total past-due trade receivables with the overdue period: Up to 1 month 16,899 13,214 Between 1 month and 3 months 13,485 23,917 Between 3 months and 6 months 4,997 3,141 Between 6 months and 12 months Over 12 months Write-down 1,599 1,042 Gross past-due trade receivables 37,129 41,067 Net past-due trade receivables 35,530 40,043 Write-downs on receivables consider probability of their receipt, and the following rules are applied to their recognition: obligatory recognition on receivables under litigation; recognition on doubtful receivables for which the probability of collection within the next six months is low; recognition on receivables which are past due for more than 180 days, and the assessment of the debtor s financial situation indicates that 100% percent repayment is unlikely; on receivables insured in the Insurance Company, the undertaking's write-downs amount to 5% of the receivable in the situations described in 3 items above; The undertaking s manager decides on the amount of a write-down once they get acquainted with the debtors respective balances of receivables and ability to pay. Write-downs on trade receivables Write-downs on receivables at the beginning of the period 1, increases 2,903 1,345 - decreases 2, Write-downs on receivables at the end of the period 1,599 1,042 In 2009, receivables were collected within days on average. NOTE NO. 9 CASH AND CASH EQUIVALENTS Cash consists of cash in hand, at bank and bills of trade. as at Cash at bank 3,401 4,168 - of which short-term deposits 2,139 - Cash in hand Bills of trade Total cash 3,596 4,297 NOTE NO. 10 NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE As a result of application of IFRS 5 Non-current assets held for sale and discontinued operations, the undertaking classified the property asset under the aforementioned assets due to the fact that the carrying amount of that asset would be recovered principally through a sale transaction rather than through continuing use. As at , this group includes the land property located in Stobierna (in the Gmina of Dębica), whose total value amounts to PLN 73,000. NOTE NO. 11 SHARE CAPITAL SHARE CAPITAL as at Number of shares 13,553,587 13,850,000 Par value of shares (PLN/share) 1 1 Share capital 13,553,587 13,850,000 as at 20/20

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