Financial statements of AB S.A. for H1 2012/2013. Interim financial statements of AB S.A. for H1 2012/2013

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1 Interim financial statements of AB S.A. covering the period from to

2 TABLE OF CONTENTS: I) Introduction to the financial statements Company, legal form and scope of business Presentation and transformation of the financial statements Accounting principles (policies) Methods of asset and liability measurement and financial result measurement... 7 The value of fixed assets under construction is disclosed as the value of outlays incurred for purchase or manufacture. The value of fixed assets under construction is adjusted with FX differences and interest on the obligations financing the purchase or construction of fixed assets for the investment period. When fixed assets under construction are commissioned, FX loss (gains) and interest on the obligations are charged to financial expenses (income) Mean PLN/EUR exchange rates in the period under report Selected financial data translated into euro Material differences between the financial data of the presented financial statements and the same data presented in accordance with the International Accounting Standards II) Balance sheet as at 31 December III) Profit and loss account for the period from 1 July 2012 to 31 December IV) Statement of changes in equity V) Cash flow statement VI) Additional notes and explanations Explanatory notes to the balance sheet Note 1a Intangible Assets Note 1b Intangible assets (ownership structure) Note 1c Changes of the value of intangible assets (by group types) Note 2a - Tangible fixed assets Note 2b Tangible fixed assets (ownership structure) Note 2c - Change in fixed assets (by type) Note 3a Change to status of properties (by type) Note 3b Long-term financial assets Note 3c Change to long-term financial assets (by type) Note 3d - Shares in subsidiaries Note 3e - Shares in subsidiaries Note 3f Securities, interests and other long-term financial assets Note 3g Securities, interests and other long-term financial assets (by tradability) Note 4a - Change of deferred income tax asset Note 5a Inventories Note 6a Short-term receivables Note 6b Short-term receivables from related entities Note 6c Change to revaluation charge to short-term receivables Note 6d Gross short-term receivables (currency structure) Note 6e Trade receivables (gross) with remaining period from the balance sheet date Page 2

3 1.21. Note 6f Overdue trade receivables (gross) split by overdue periods Nota 7a Disputed and overdue receivables Note 8a Short-term financial assets Note 8b Granted short-term loans (currency structure) Note 8c Cash and cash equivalents (currency structure) Note 9a Short-term accruals Note 10a Revaluation write-downs Note 11a Share capital (structure) Note 12a Treasury shares Note 13a Reserve capital Note 13b Revaluation reserve Note 14a Other reserve funds (by intended application) Note 15a Change of deferred income tax provision Note 15b Change to short-term provision for pension and similar benefits Note 15c Change to other short-term provisions Note 17a Short-term liabilities Note 17b Short-term liabilities (currency structure) Note 17c Short-term liabilities under loans Note 18a Book value per share Explanatory notes to the profit and loss account Note 19a - Net revenues from sale of products (structure by type types of activity) Note 19b Net revenues from sales of products (territorial structure) Note 20a - Net revenues from sale of goods and materials (structure by type types of activity) Note 20b - Net revenues from sale of products, goods and materials (territorial structure) Note 21a Costs by type Note 22a Other operating revenues Note 23a Other operating expenses Note 24a Interest income Note 24b - Other financial income Note 25a Interest expense Note 25b Other financial expense Note 26a Current income tax Note 26b Deferred income tax stated in the profit and loss account Note 27a Profit per share additional explanatory notes information on financial instruments Classification of financial instruments Details of financial instruments by category Details of off-balance sheet items, including contingent liabilities Liabilities to the State budget or local budget for acquisition of title to buildings and structures Information on revenues, expenses and results of discontinued activities in the financial year or to be discontinued in the next year Manufacture costs of fixed assets under construction, fixed assets for internal needs incurred investment outlays Page 3

4 9. Transactions with related entities concerning transfer of rights and liabilities Information on non-consolidated joint ventures Information on average headcount split by professional grpup Total amount of remuneration and bonus (in cash and in kind) paid or payable, separately for persons managing and supervising the issuer in the issuer s business Information on remuneration for the statutory auditor or an entity entitled to audit financial statements paid or payable for the period under report Information on outstanding advances, loans, guarantees, sureties and other contracts in favour of the Company by subsidiary, co-controlled and associated entities Material events related to previous years disclosed in the financial statements for the current period Information on material events occurred after the balance sheet date and not disclosed in the financial statements Relations between the legal predecessor and the Company and on the method and extent of taken over assets and liabilities Adjustment of the financial statements and comparable financial data for inflation Differences between previous published financial statements and the data disclosed in these financial statements and comparable financial data Changes to the applied accounting rules (policies) and presentation method of the financial statements in relation to the preceding financial year(s), reasons thereof, titles and impact of the financial effects on the economic and financial condition, liquidity and financial results and profitability Adjustment of manifest errors Page 4

5 I) INTRODUCTION TO THE FINANCIAL STATEMENTS 1. COMPANY, LEGAL FORM AND SCOPE OF BUSINESS Details of the entity: Business name: Address of the head office: AB S.A. ul. Kościerzyńska 32, Wrocław Statistical number REGON: Tax identification number NIP: Registration body: Duration of the Company: District Court for Wrocław Fabryczna, VI Commercial Division of the National Court Register. The entry to the register was made on under number KRS unlimited Business objects of the Company (as per the Company s by-laws): - wholesale and retail trade in computers, telecommunications, multimedia and electronic equipment on one s own account, on commission, as an agency or commercial intermediation, - import and export of computers, telecommunications, multimedia and electronic equipment, - development of software products and trading in such products, - installation of IT networks, - assembly and repair of computers, telecommunications, multimedia and electronic equipment, - Internet services, - maintenance services, - IT consulting, - implementation of computer systems, - services related to promotion, advertising and marketing, - activities related to training, publication and printing services, - operation of bonded warehouses, - forwarding and transportation services, - rental of premises. Management Board As at 31 December 2012 the Company s Management Board was composed as follows: Andrzej Przybyło President of the Management Board Krzysztof Kucharski Member of the Management Board, Corporate and Legal Director Zbigniew Mądry Member of the Management Board, Commercial Director Grzegorz Ochędzan Member of the Management Board, Financial Director The composition of the Management Board has not changed in the period under report until the date hereof Page 5

6 Supervisory Board As at 31 December 2012 the Company s Supervisory Board was composed as follows: Iwona Przybyło Chairwoman of the Supervisory Board Katarzyna Jażdrzyk Member of the Supervisory Board Andrzej Bator Member of the Supervisory Board Jacek Łapiński Member of the Supervisory Board Jan Łapiński Member of the Supervisory Board Radosław Kiełbasiński Member of the Supervisory Board The composition of the Supervisory Board has not changed in the period under report until the date hereof 2. PRESENTATION AND TRANSFORMATION OF THE FINANCIAL STATEMENTS The non-consolidated financial statements present financial data for the reporting period from 1 July 2012 to 31 December 2012, i.e. the first half of the Company s financial year covering the period from 01 July 2012 to 30 June 2013, and comparable data covering the period from 1 July 2011 to 31 December AB S.A. does not include any internal organisational sub-units that would prepare their own financial statements. The Company is the parent company for Alsen Sp. z o.o. in Chorzów, Alsen Marketing Sp. z o.o. in Chorzów, B2B IT Sp. z o.o. in Wrocław and AT Computers Holding a.s. with its registered office in Ostrava, Czech Republic, which holds 100% shares in the following entities: AT Computers a.s. with its registered office in Žilina, Slovakia, AT Compus s.r.o. with its registered office in Ostrava, Czech Republic, AT Computers s.r.o. with its registered office in Ostrava, Czech Republic, Comfor Stores a.s. with its registered office in Brno, Czech Republic, icomfor s.r.o with its registered office in Brno, Czech Republic. In the period under report AB S.A. was not party to any merger. The financial statements have not been transformed and no adjustments have been made that would have resulted from reservations expressed by the auditor auditing the presented financial statements. The financial statements were prepared on a going concern basis in the foreseeable future. There are no circumstances posing a hazard to continued operations. 3. ACCOUNTING PRINCIPLES (POLICIES) The accounting principles applied in the preparation of the financial statements as at 31 December 2012 are compliant with the Accounting Act of 29 September 1994 and the resultant additional regulations as well as the Regulation of the Minister of Finance of on the scope of financial information disclosed in financial statements and consolidated financial statements, required in issue prospectuses for issuers with their registered offices in the Republic of Poland, subject to Polish accounting rules. Page 6

7 Booking entries are made in accordance with the historic cost convention. The Company did not make any adjustments that would reflect the impact of inflation on balance sheet and profit and loss items. The Company prepares its profit and loss account by function. The cash flow statement is made with the indirect method Methods of asset and liability measurement and financial result measurement Intangible assets Intangible assets cover computer software and goodwill resulting from contribution of an organised part of enterprise, and are amortised over 2 to 5 years. Intangible assets are valued at purchase or manufacturing cost reduced by accumulated amortisation. Intangible assets are tested every year for impairment. Intangible assets are amortised with the linear method. Tangible fixed assets Tangible fixed assets are valued at purchase cost or the costs incurred for manufacturing, extension or modernisation. The initial value of tangible fixed assets is reduced by accumulated depreciation. Tangible fixed assets are depreciated with the linear method. The annual depreciation rates in specific groups are as follows: Type Rate Buildings and structures 2.5% - 4.0% Plant and equipment 7.0% % Motor vehicles 17.0% % Other fixed assets 14.0% % Tangible fixed assets with the original value under TPLN are expensed when taken over for use. Tangible assets are evaluated in terms of permanent impairment on an annual basis. Fixed assets under construction The value of fixed assets under construction is disclosed as the value of outlays incurred for purchase or manufacture. The value of fixed assets under construction is adjusted with FX differences and interest on the obligations financing the purchase or construction of fixed assets for the investment period. When fixed assets under construction are commissioned, FX loss (gains) and interest on the obligations are charged to financial expenses (income). Inventories Inventories are valued at the lower of: purchase price or net sales price. Page 7

8 The purchase price covers all costs incurred to deliver the inventories to the Company warehouse. Outgoing stocks are valued at purchase price with the weighted average method. The net sales price is the realisable price as at the balance sheet date net of VAT. Receivables and payables, loans Receivables and payables (with the exception of loans) in PLN are disclosed in the payable amounts. Foreign currency denominated receivables and payables are recognised at the time they arise at the mean exchange rate published by the President of the NBP for the relevant foreign currency. Loan receivables and payables are recognised with the amortised cost method. FX gains or losses originating on the payment date and due to the difference between the exchange rate as at the payment date and the exchange rate at the time when the receivable or payable was created are posted directly in financial income or expenses, respectively. Receivables unsettled by the end of the reporting period are translated at the mean exchange rate for the relevant currency published by the National Bank of Poland on that date. Payables unsettled by the end of the reporting period are translated at the mean exchange rate for the relevant currency published by the National Bank of Poland on that date. Unrealised FX losses concerning settlements are recognised as financial expenses while unrealised FX gains are recognised as financial income. Receivables are adjusted with revaluation write-downs applied to all those receivables whose collection is little probable. Cash Domestic cash on hand and in bank accounts is recognised at nominal value. Foreign currency cash is valuated at nominal value translated into PLN. As at the end of each reporting period, cash in foreign currencies is translated at the mean FX rate of the National Bank of Poland prevailing at the balance sheet date. FX gains and losses resulting from the translation of foreign currency cash into PLN as at the end of the reporting period are recognised as financial income or expenses, respectively. Prepayments Prepayments are recognised in the amount of costs payable in future reporting periods. Such costs are recognised in proportion to time elapsed and the recognition method is justified with the nature of the costs. Prepayments are recognised at nominal value. Deferred income tax and deferred income tax provision In connection with temporary differences between the book value of assets and liabilities and their tax value deductible in the future, the Company establishes a deferred income tax provision and asset. Page 8

9 The deferred income tax asset is established in the amount expected to be deducted from income tax in the future in conjunction with negative temporary differences that will lead, in the future, to a decrease in the income tax base, estimated in accordance with the prudence principle. The deferred income tax asset is reduced by the deferred income tax provision, in compliance with the Accounting Act. The deferred income tax provision is established in an amount of the income tax to be payable in the future in connection with the existence of positive temporary differences (to increase the taxation base). Equity Share capital is recognised at nominal value. As at the balance sheet date, the share capital amounts to PLN and is composed of shares with nominal value of PLN 1.00 each. Reserve capital is recognised as the surplus of the share sale price over their nominal value and the nominal value of retained profit. Accruals Accruals are recognised as non-incurred costs but attributable to a reporting period. Accruals are recognised at nominal value. Deferred income Deferred income is recognised at nominal value.. Special funds Special funds include Company Social Benefit Fund, established in compliance with the Act on Company Social Benefit Funds. Balance sheet recognition and valuation of financial instruments All financial assets, including investments in financial instruments, are classified into one of the four categories on the purchase date: - held for trading, - held to maturity, - loans granted and company receivables, - available for sale. Financial assets held for trading include financial assets that have been purchased or developed in order to obtain gains as a result of short-term (up to three months) price fluctuations, or financial assets irrespective of the reason of purchase, constitute an asset group that was used recently to obtain gains as a result of price fluctuations. Financial assets kept until maturity are financial assets with defined or definable maturity dates that the Company intends and is able to keep until maturity, with the exception of loans granted and company receivables. All loans and receivables that meet the definition of financial instruments as provided in art of the Accounting Act, generated as a result of provision of cash, goods or services to counterparties, that the Company did not classify as available for sale in short term, are classified as loans and company receivables. Page 9

10 Financial assets available for sale include all financial assets other than: loans granted and company receivables, financial assets held until maturity and financial assets held for trading. Assets available for trading include in particular shares in other entities that are not subsidiary entities that the Company does not intend to sell in short term. Liabilities are classified to one of the following two categories: derivative instruments with fair value under zero and obligations to deliver borrowed financial instruments in case of short sale are classified as financial liabilities available for trading; all other financial liabilities are classified as other financial liabilities. As at the contract date, financial assets are recognised at cost which is the fair value of incurred expenses or other delivered assets while financial liabilities at fair value of the obtained amount or value of the acquired assets. Assets held till maturity, loans granted and company receivables and other financial liabilities, not classified by the Company as available for trading, are valued at the amortised cost at the effective interest rate. Short-term receivables and payables (held for trading) for which the discount effect is not material are valued at the amount receivable/payable. Short-term receivables provide for impairment which means that the amount of receivables is adjusted for the extent of payment probability by applying revaluation write-downs. Financial assets and liabilities held for trading and financial assets available for sale are recognised at fair value. Changes to the fair value of financial instruments held for trading which are not part of hedging positions are recognised as financial income or expenses in the profit and loss account when they occur. With respect to financial assets available for sale, changes to the fair value are recognised in the profit and loss account as financial income (expense). As of 1 July 2011 the Company started to use hedging accounting, in compliance with the applicable Polish regulations. Detailed information is provided in note 3.2. Revenues and expenses The Company recognises as income and profit those economic benefits that occur during the reporting period, with a reliably determined value, in the form of increased assets or reduced liabilities that will result in an increase of equity or reduced shortage of equity otherwise than by additional contributions by shareholders. The Company recognises as costs and losses probable reduction of economic benefits in the reporting period, with a reliably determined value, in the form of reduced assets or increased liabilities and provisions that will result in a decrease of equity or an increase of shortage of equity otherwise than by withdrawal of funds by the shareholders. Revenues from sales of goods result from sale transactions subject to discounts and rebates. The costs of sold goods include the purchase price, transactions subject to discounts and rebates. The overheads include the operating costs of the Company, in particular: costs of management and costs of departments operating for the Company. Other operating revenues and costs include revenues and costs not related directly to the business of the Company, primarily result on disposal of tangible fixed assets and intangible assets, donations, established provisions, revaluation effects of non-financial assets. Financial income and expenses cover primarily interest attributable to the period, gains and losses on disposal of investments and FX differences. Page 10

11 In compliance with memorandum accounting, revenues and expenses concerning a given period are recognised in the profit and loss account of the reporting period irrespective of the time they are collected or paid Mean PLN/EUR exchange rates in the period under report Period Mean rate in the period (1) Minimum rate in the period (2) Maximum rate in the period (3) Exchange rate as at the last day of the period (1) Mean exchange rate as at the last day of each month in the period (2) Lowest exchange rate in the period FX rate tables number: 152/A/NBP/2012, 131/A/NBP/2011 (3) Highest exchange rate in the period FX rate tables number: 131/A/NBP/2012, 241/A/NBP/ Selected financial data translated into euro SELECTED FINANCIAL DETAILS from to EUR 000 from to from to from to I. Net revenues from the sale of products, goods and materials II. Profit / (loss) on operations III. Gross profit (loss) IV. Net profit (loss) V. Net cash flows from operating activities VI. Net cash flows from investing activities VII. Net cash flows from financing activities VIII. 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. Profit /(loss) per ordinary share (PLN/EUR) XVII. Diluted profit / (loss) per ordinary share (PLN/EUR) XVIII. Book value per share (PLN/EUR) Page 11

12 XIX. Diluted book value per share (PLN/EUR) XX. Declared or distributed dividend per share (PLN/EUR) 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 2012 were translated at the EUR rate announced by NBP as at that day of PLN/EUR To translate the numbers in the profit and loss account for the period of 2012 from 1 July 2012 to 31 December 2012 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 To translate the numbers in the profit and loss account for the period of 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 To translate the numbers in the cash flow statement for the period of 2012 from 1 July 2012 to 31 December 2012 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 To calculate the numbers in the cash flow statement for the period of 2011 from 1 July 2011 to 31 December 2012 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 Material differences between the financial data of the presented financial statements and the same data presented in accordance with the International Accounting Standards The Company applies accounting rules and methods compliant with the Act on Accounting of 29 September 1994 (Journal of Laws 2002, No. 76, item 694, as amended; last amendment of 2005, Journal of Laws No. 267, item 2252). The above mentioned accounting rules applied by the Company differ from the International Financial Reporting Standards (IFRS) in the following aspects: Discounting of receivables according to Polish Accounting Standards (PAS), receivables created otherwise than by providing funds to the future debtor, regardless of the lending period, cannot be discounted. Such receivables are disclosed at nominal value. IAS 39 classifies such receivables as company receivables and requires to post them at the adjusted purchase price. Asset impairment according to PAS, when a given asset is found to be impaired, its value must be reduced to the net sales price or to the fair value determined otherwise. IAS 36 requires that the values of assets other than inventory, financial instruments, deferred assets and biological assets be adjusted to the higher of the following values: net sales price or use value. Costs or incorporation or subsequent expansion of a joint-stock company before the amended Accounting Act came into force, i.e. before 1 January 2002, the costs of incorporation or subsequent expansion of a jointstock company were subject to activation to intangible assets in the period of 5 years. In compliance with temporary regulations it was required to disclose the non-amortised part of such costs under deferred costs and amortise them for the remaining period. According to IFRS, such costs (with the exception of the costs of Page 12

13 issue subtracted from the surplus of the issue price over the nominal value) are to be posted directly in the profit and loss account. Deferred income tax as a result of some of the above differences, the value of deferred income tax provision/asset could be different if the financial statements were prepared in compliance with IFRS. It should also be noted that certain IFRS require different disclosures and presentation of financial data than the Polish accounting standards. When preparing these statements, the Management Board made an assumption as to the selection of standards and interpretations that most probably would have been applied in making the first financial statements in compliance with IFRS. The differences in amounts between the financial statements for the period of made in compliance with IFRS and PAS are immaterial on the unit and summary levels and therefore the Company does not present the differences. II) BALANCE SHEET AS AT 31 DECEMBER 2012 BALANCE SHEET ASSETS Notes as at as at I. Fixed assets Intangible assets, of which: goodwill 2. Tangible fixed assets Long-term receivables 3.1. From related entities 3.2. from other entities 4. Long-term investments Real estate properties Intangible assets 4.3. Long-term financial assets a) in related entities, of which: shares in subsidiaries are measured with the equity method - loans granted b) in other entities loans granted Other long-term investments 5. Long-term prepayments Deferred income tax asset Other prepayments and accruals II. Current assets Inventories Short-term receivables 6, From related entities From other entities Page 13

14 3. Short-term investments Short-term financial assets a) in related entities b) in other entities c) cash and cash equivalents Other short-term investments 4. Short-term prepayments Total assets BALANCE SHEET LIABILITIES Notes as at as at I. Equity Share capital Called up share capital not paid (negative value) 3. Treasury shares (negative figure) Reserve capital Revaluation reserve Other reserve capital Retained profit (accumulated loss) 8. Net profit (loss) Net profit distributions during the financial year (negative value) II. Liabilities and provisions for liabilities Provisions for liabilities Deferred income tax provision Pension and similar benefits provisions a) long-term b) short-term 1.3. Other provisions a) long-term b) short-term Long-term liabilities 2.1. To related entities Towards other entities 3. Short-term liabilities To related entities Towards other entities Special funds Accruals 4.1. Negative goodwill 4.2. Other prepayments and accruals a) long-term b) short-term T o t a l l i a b i l i t i e s Page 14

15 Book value Number of shares (pcs.) Book value per share (PLN) 18 19,52 17,96 17,45 Diluted number of shares (pcs.) Diluted book value per share (PLN) OFF-BALANCE SHEET ITEMS 1. Contingent receivables 1.1. From related entities as - guarantees and sureties received Note as at as at From other entities as - guarantees and sureties received 2. Contingent liabilities To related entities as - guarantees and sureties issued 2.2. To other entities as guarantees and sureties issued Other (due to) promissory notes issued - factoring - interest Total off-balance sheet items III) PROFIT AND LOSS ACCOUNT FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 PROFIT AND LOSS ACCOUNT I. Net revenues from the sale of products, goods and materials,, of which: Notes from to from to from related entities Net revenues from the sale of products Page 15

16 2. Net revenues from the sale of goods and materials II. Costs of sold products, goods and materials,, of which: to related entities 1. Manufacture costs of sold products Goods and materials sold III. Gross profit (loss) on sale IV. Costs of sale V. Overheads VI. Profit / (loss) on sales VII. Other operating income Profit on disposal of non-financial fixed assets 2. Other operating income VIII. Other operating expenses Loss on sale of non-financial fixed assets Revaluation of non-financial assets Other operating expenses IX. Profit / (loss) on operations X. Financial income Dividends and profit distributions,, of which: from related entities Interest,, of which: from related entities Profit on disposal of investments 4. Revaluation of investments 5. Other XI. Financial expenses Interest, of which: to affiliated entities 2. Loss on disposal of investments 3. Revaluation of investments 4. Other XII. Profit / (loss) on business operations XIII. Net extraordinary item 1. Extraordinary profit 2. Extraordinary loss XIV. Gross profit (loss) XV. Income tax a) current part b) deferred part XVI. Other obligatory profit decrease (loss increase) XVII. Share in net profit/loss of subsidiary entities consolidated with equity rights XVIII. Net profit (loss) Page 16

17 Net profit (loss) annualised Weighted average number of ordinary shares (pcs.) Profit /(loss) per ordinary share (PLN) Diluted weighted average number of ordinary shares (pcs.) Diluted profit / (loss) per ordinary share (PLN) Page 17

18 IV) STATEMENT OF CHANGES IN EQUITY STATEMENT OF CHANGES IN EQUITY FROM to from to I. Equity at the beginning of the period (OB) a) changes in adopted accounting rules (policy) b) adjustments of manifest errors I.a. Equity at the beginning of the period (opening balance),after reconciliation to comparable data Share capital at beginning of period Changes to share capital -146 a) increases (due to) - share issues b) decreases (due to) redemption of shares Share capital at end of period Due contributions to the share capital at the beginning of the period 2.1. Changes of due contributions to share capital a) increases (due to) b) decreases (due to) 2.2. Due contributions to the share capital at the end of the period 3. Treasury shares at beginning of period Changes to treasury shares a) increases (due to) - purchase of treasury shares - decreases (due to) Treasury shares at end of period Reserve capital at the beginning of the period Changes of the reserve capital value) a) increases (due to) - share issue above par value - profit distribution (statutory) - profit distribution (in excess of the minimum statutory b) decreases (due to) - costs of share issue 4.2. Reserve capital at the end of the period Revaluation capital at the beginning of the period Changes of the revaluation capital a) increases (hedging of cash flows) b) decreases (due to) hedging accounting Revaluation capital at the end of the period Other reserves at the beginning of the period Changes of other reserves a) increases (due to) Page 18

19 - retained profit distribution b) decreases - share redemption Other reserves at the end of the period Retained profit (loss) at beginning of period Retained profit at the beginning of the period a) changes in adopted accounting rules (policy) b) adjustments of manifest errors 7.2. Retained profit at the beginning of the period a) increase (due to) - retained profit distribution b) decreases (due to) - dividend for distribution - increase of reserve capital - dividend distribution 7.3. Retained profit at the end of the period 7.4. Accumulated loss at the beginning of the period - changes to applied accounting rules (policies) - adjustment of manifest errors 7.5. Accumulated loss at the beginning of the period after reconciliation to comparable data a) increases (due to) - transfer of accumulated loss for coverage b) decreases (due to) Retained loss at the end of the period 7.7. Retained profit (accumulated loss) at the end of the period 8. Net result a) net profit b) net loss c) profit write-offs II. Equity at end of period (CB) III. Equity after suggested profit distribution (loss coverage) Page 19

20 V) CASH FLOW STATEMENT CASH FLOW STATEMENT A. Cash flows from operating activities from to from to (indirect method) I. Net profit (loss) II. Total adjustments 1. Share in net profit (loss) of subsidiary companies Depreciation / amortisation FX (gain)/loss Interest and profit distributions (dividend) (Profit)/loss on investments Change in provisions Change to inventories Change to receivables Change to short-term liabilities, excepting loans 10. Change to accruals Other adjustments III. Net cash flows from operating activities (I+/-II) indirect method I. Inflows Disposal of intangible assets and of tangible fixed assets 2. Disposal of investments in properties and intangible assets Of financial assets, of which: a) in related entities - disposal of financial assets - dividend and profit distributions repayment of long-term loans granted - interest - other inflows from financial assets b) in other entities - disposal of financial assets - dividend and profit distributions repayment of long-term loans granted - interest - other inflows from financial assets 4. Other investment inflows II. Outflows Purchase of intangible assets and of tangible fixed assets 2. Investments in properties and intangible assets Page 20

21 3. On financial assets, of which: 234 a) in related entities - purchase of financial assets long-term loans granted b) in other entities - purchase of financial assets long-term loans granted 4. Other investment outflows III. Net cash flows from investing activities (I-II) I. Inflows 1. Net inflows from issues of shares and other equity instruments and additional contributions to capital Credits and loans 3. Issue of debt securities 4. Other financial inflows II. Outflows 1. Purchase of treasury shares 2. Dividend and other distributions to shareholders 3. Other profit distributions 4. Repayment of credits and loans 5. Redemption of debt securities 6. Other financial liabilities Payments under financial leasing Interest 9. Other financial outflows III. Net cash flows from financing activities (I-II) D. Total net cash flows (A.III+/-B.III+/-C.III) E. Balance-sheet change in cash, including: - change in cash due to FX differences F. Cash at the beginning of the period G. Cash at the end of the period (F+/-D), including: - with restricted availability Page 21

22 VI) ADDITIONAL NOTES AND EXPLANATIONS 1. EXPLANATORY NOTES TO THE BALANCE SHEET 1.1. Note 1a Intangible Assets PLN 000 INTANGIBLE ASSETS as at as at a) development costs b) goodwill c) acquired concessions, patents, licences and similar assets, of which: computer software d) other intangible assets e) advances to intangible assets Total intangible assets Note 1b Intangible assets (ownership structure) PLN 000 INTANGIBLE ASSETS (OWNERSHIP STRUCTURE) as at as at a) owned by the Company b) used pursuant to rental, lease or similar contract, including leasing, of which: Total intangible assets Page 22

23 1.3. Note 1c Changes of the value of intangible assets (by group types) CHANGES OF THE VALUE OF INTANGIBLE ASSETS a b c d e (BY GROUP TYPE) AS AT Concessions, patents, licences and similar assets, of which: PLN 000 Development costs Goodwill computer software Other intangible assets Advances for intangible assets Total intangible assets a) gross intangible assets at the beginning of the period b) increases (title) purchase of software c) decreases (title) - liquidation of software - transfer to software d) gross intangible assets at the end of the period e) cumulated depreciation at the beginning of the period f) depreciation for the period (due to) increase decrease g) cumulated depreciation at the end of the period h) impairment write-offs at the beginning of the period - increases - decreases i) impairment write-offs at the end of the period j) net value of intangible assets at the end of the period

24 1.4. Note 2a - Tangible fixed assets TANGIBLE FIXED ASSETS as at as at a) fixed assets, of which: land (including perpetual usufruct right) buildings, premises and civil engineering facilities plant and equipment motor vehicles other fixed assets b) fixed assets under construction advances for fixed assets under construction Total tangible fixed assets Note 2b Tangible fixed assets (ownership structure) TANGIBLE FIXED ASSETS (OWNERSHIP STRUCTURE) as at as at a) owned by the Company b) used pursuant to rental, lease or similar contract, including leasing, of which: - vehicle leasing Total balance sheet fixed assets

25 1.6. Note 2c - Change in fixed assets (by type) CHANGE IN FIXED ASSETS (BY GROUP TYPE) - land (including perpetual usufruct right) - buildings, premises and civil engineering facilities - Plant and equipment - motor vehicles - other fixed assets - Total fixed assets a) gross fixed assets at the beginning of the period b) increases (title) purchase accounting of investments c) decreases (title) sales liquidation d) gross fixed assets at the end of the period e) cumulated depreciation at the beginning of the period f) depreciation for the period (due to) increases decreases g) cumulated depreciation at the end of the period h) impairment write-offs at the beginning of the period - increases - decreases i) impairment write-offs at the end of the period j) net fixed assets at the end of the period

26 1.7. Note 3a Change to status of properties (by type) CHANGE TO PROPERTIES (BY TYPE) as at as at a) beginning of the period: b) increases (title) - purchase of land c) decreases (title) - d) end of the period: Note 3b Long-term financial assets LONG-TERM FINANCIAL ASSETS as at as at a) in subsidiary entities shares debt securities - other securities (by type) - loans granted b) in other entities loans granted other long-term financial assets (by type) Total long-term financial assets Note 3c Change to long-term financial assets (by type) CHANGE TO LONG-TERM FINANCIAL ASSETS (BY TYPE) as at as at a) beginning of the period: stocks and shares loans granted b) increases (title) stocks and shares loans granted c) decreases (title) sale of stocks or shares - revaluation charge - loan decrease

27 d) end of the period: stocks and shares loans granted Page 27

28 1.10. Note 3d - Shares in subsidiaries SHARES OR STOCK IN SUBSIDIARIES AS AT a b c d e f g h i j k l No. Name and legal form Registered office Business objects Relationship (subsidiary, cocontrolled, associated entity, with details of direct and indirect relationship) Applied consolidation method / valuation with equity rights or information that the entity is not consolidated / valued with equity rights date when control / cocontrol was assumed / major impact was acquired Value of shares at purchase price Adjustments to value (total) book value of shares Percentage of share capital held Share in overall number of votes at GM Base of control / co-control / major impact other than specified in j) or k) 1 Alsen Sp. z o.o. Chorzów marketing services, trade subsidiary full AT Computes Holding a.s. Ostrava, Czech Republic marketing services, trade subsidiary full Alsen Marketing Sp. z o.o. Chorzów marketing services, trade subsidiary full B2B IT Sp. z o.o. Wrocław logistics services subsidiary full

29 1.11. Note 3e - Shares in subsidiaries m n o p r s Equity of the unit, including: liabilities and liability provisions, of which: Receivables, of which: N o. Name of entity - share capital - Called up share capital not paid (negative value) - Reserve capital - Other equity, of which: Retaine d profit (accum ulated loss) Net profit (loss) - Long-term liabilities - Short-term liabilities - Long-term receivables Total assets sales revenues Unpaid shares in entity 1 Alsen Sp. z o.o. 2 AT Computes Holding a.s. 3 Alsen Marketing Sp. z o.o. 4 B2B Sp. z o.o Page 29

30 1.12. Note 3f Securities, interests and other long-term financial assets SECURITIES, INTERESTS AND OTHER LONG-TERM FINANCIAL ASSETS (CURRENCY STRUCTURE) unit currency as at as at a) in PLN b) in foreign currencies (by currency and translated into PLN) b1. in original currency 000 CZK translated into other currencies in Total securities, interests and other long-term financial assets 000 PLN Note 3g Securities, interests and other long-term financial assets (by tradability) SECURITIES, INTERESTS AND OTHER LONG- TERM FINANCIAL ASSETS (BY TRADABILITY) as at as at A. With unlimited tradability, listed (book value) B. With limited tradability (book value) a. shares (book value): adjustments to value (for the period) - value at the beginning of period value at purchase price Total value at purchase price Total value at the beginning of period Total adjustments to value (for the period) Total book value Note 4a - Change of deferred income tax asset CHANGE OF DEFERRED INCOME TAX ASSET as at as at Deferred income tax asset at beginning of period, of which: a) recognised in profit and loss account b) charged to equity 83

31 c) recognised in goodwill or negative goodwill 2. Increases a) recognised in profit and loss account for the period in connection with temporary negative differences (due to) balance-sheet valuation of settlements overheads on salaries and salaries disbursed in the subsequent period provisions for market charges tax cost for other periods provision for net price b) charged to equity Decreases a) recognised in profit and loss account for the period in connection with temporary negative differences (due to): Settlement of temporary differences, of which: > balance-sheet valuation of settlements > overheads on salaries from previous periods > tax cost for other periods > provisions for market charges > provision for net price b) charged to equity Deferred income tax asset at end of period, of which: a) recognised in profit and loss account provision for net price - provisions for market charges tax cost for other periods balance-sheet valuation of settlements overheads on salaries and salaries disbursed in the subsequent period 114 b) charged to equity 83 Page 31

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