The ING Foundation for Polish Arts

Size: px
Start display at page:

Download "The ING Foundation for Polish Arts"

Transcription

1 ING COMMERCIAL FINANCE POLAND ANNUAL REPORT 2011

2 The ING Foundation for Polish Arts All images presented in Annual Report belong to The ING Foundation for Polish Arts. The ING Foundation for Polish Arts has been registered on September 1, It was established by companies being members of the ING Group that operate in Poland. The aim of the Foundation is to promote the Polish contemporary art, in particular to promote of the work of young artists, The collection is composed of the works representing various trends of the contemporary art and different handicraft techniques: painting, drawing, graphic arts, photography, and examples of figurative and abstract arts.

3 Dear Colleagues, I m pleased to present you the annual report of ING Commercial Finance Polska S.A. for the year Despite recessionary trends in Europe and rising uncertainty as a consequence of the debt crisis, especially in the eurozone, the factoring market in Poland recorded again double digit growth. The turnover of factoring companies members of Polish Factors Association increased by over 19% in 2011 to 17,9 bln EUR.. At the end of 2011 ING Commercial Finance Polska S.A. has undergone an acquisition process. On 29 December 2011 ING Bank Śląski S.A. and ING Lease Holding N.V. signed an agreement whereby ING Bank Śląski S.A. acquired all ING Commercial Finance Polska shares, effective on 1 January In 2011, ING Commercial Finance followed its strategic assumptions for to maintain a high quality of service for the existing Clients and an effective credit risk management. The Company s profit for 2011 increased by 40,1% in comparison to 2010 (highest level in the Company s history ever). I d like to express my thanks to all our clients and factor correspondents for their support and trust. We do hope we will have a fruitful cooperation in the years to come. Andrzej Żbikowski CEO

4 Introduction ING Commercial Finance Polska S.A. was established in July 1994 as the first company in Poland providing a full range of factoring services. Since March 2006, it is a part of ING Group one of the world s largest financial institutions. With its 14.7% market share, ING Commercial Finance is one of the factoring leaders in Poland. The Company s main strength is the combination of local market expertise with ING s worldwide business solutions. In 2011 ING Commercial Finance Polska introduced some new products just to name a few: Local Government factoring, maturity factoring and invoice discounting. The Company employs top-skilled specialists offering their knowledge in receivables financing and management to diversified companies. ING Commercial Finance Polska is an active member of Polish Factors Association and Factors Chain International. The FCI network allows the Company to offer its customers foreign transactions in cooperation with over 250 factoring companies across the world. The Company s local branches are sited all over the country: in Bydgoszcz, Gdańsk, Katowice, Kraków, Łódź, Poznań, Rzeszów and Wrocław. Market Environment In 2011 the GDP in Poland increased by 4.3% y/y, compared with 3.9% in This achievement placed the polish economy on the top ranking places not only in the EU but worldwide. The GDP growth rate was largely boosted by private consumption and to a significant extent by investments (mainly stimulated by public spending on infrastructure boosted by EU funds inflows) and accompanied by conservative investing activities of enterprises as a result of the high uncertainty as to the prospects for their products demand. The accelerating growth of GDP in 2011 was accompanied by employment growth in the corporate sector of 3.2% y/y, compared with 0.8% in In 2011, the average annual inflation rate - measured with the consumer price index - increased to 4.3% y/y from 2.6% y/y in Due to above the Monetary Policy Council (RPP Rada Polityki Pieniężnej) increased interest rates by 100 b.p. in total to 4.5%.

5 Factoring in Poland Factoring industry performance shows double digit growth rate with 19,3 %. The volumes of Polish Factors Association members reached 67,1 bln PLN (16 bln EUR) in Entire market together with non-members of PFA is estimated at 80 bln PLN (17,9 bln EUR), what means that PFA members cover appr. 84% of the polish market. This excellent outcome is partly a result of increased interest in value added factoring products. There were 1,7 mln active SME s registered in Poland by the end of More and more companies know and make use of factoring services. Acc. to statistics disclosed by PZF, at the end of last year 4100 clients were using factoring as a mean of financing current activity. But more than businesses have seen an assignment on their invoice! The level of bank s financing of SME s (such as overdrafts) has dropped in the Q from 55 bln Euro by ca 1,2 bln against Q Entire factoring market has financed its clients with ca 2,7 bln Euro, which constitutes ca 5 % of the overdrafts credits. Legal environment stays stable and there were not any tax or legal changes affecting factoring. Factoring is offered based on the Civil Code and the assignment for its validity needs notification. ING Commercial Finance strategy in 2011 To sum up, in 2011 ING Commercial Finance effectively performed its primary tasks. The company flexibly responded to developments in the external environment by a further tailoring of products, processes and credit risk management The core developments of last year s operations are summarized below: Development of cooperation with ING Bank Śląski in respect of comprehensive product range for corporate clients and integration of sales channels. Further development of products for the strategic clients segments and Local Government Units Simplification of customer service processes Organizational changes to introduce a customer centricity model.

6 Financial Position In 2011, ING Commercial Finance Polska SA reported a turnover of PLN 9,85 bln, lower by 10.45% than in This decrease was was mainly due to an one-off event: the take-over of a significant client by another sister company within ING Group. Taking into account the effects of this one-off event, the Company s factoring turnover increased by 65.62% in The total assets at the end of 2011 amounted to PLN 1.434,1 m, higher by 92.2% in comparison to prior period. Such a significant increase resulted from gaining several strategic clients characterized by a high turnover. Liabilities relating to loans for financing the factoring operations of ING Commercial Finance Polska S.A. amounted to PLN m. The Company is fully financed by ING Group. Total sales revenues amounted to PLN 81.6 m. The main revenues were generated by commissions charged for receivables management and interest on advances paid-out. The Company s expenses mainly consist of loans, whereas the operating costs encompass employees salaries, office rental costs, amortization/depreciation and insurance of trade receivables. The Company s profit for 2011 increased by 40.1% in comparison to 2010 and amounted to PLN 19.9 m (the highest level ever). As at 31 December 2011, the Company employed 77 persons.

7 BALANCE SHEET (in PLN) Assets Non-current assets Intangible assets Tangible fixed assets Long term prepayments and deferred costs Current assets Short term receivables Short term investments Short term prepayments and deferred costs Total Assets Equity and Liabilities Equity Share capital Reserve capital Other capital reserves Net profit Liabilities and provisions for liabilities Provisions for liabilities Short term liabilities Accruals and deferred income Total equity and liabilities PROFIT AND LOSS ACCOUNT (in PLN) Profit and loss account Net revenues and net revenue equivalents Operating expenses Profit on sales Other operating income Other operating expenses Operating profit Financial income Financial expenses Gross profit Corporate income tax Net profit

8 ING Commercial Finance Polska S.A. Malczewskiego 45 Street, Warsaw, POLAND tel.: (+48 22) , fax: (+48 22) ING Commercial Finance Polska S.A.; ul. Malczewskiego 45, Warszawa; KRS: , Sąd Rejonowy dla Miasta Stołecznego Warszawy, XII Wydział Gospodarczy, NIP: ; Kapitał zakładowy: PLN (w całości wpłacony)

The ING Foundation for Polish Arts

The ING Foundation for Polish Arts ING COMMERCIAL FINANCE POLAND ANNUAL REPORT 2012 The ING Foundation for Polish Arts All images presented in the Annual Report belong to The ING Foundation for Polish Arts. The ING Foundation for Polish

More information

Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL

Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL 2007 Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL It is with pleasure that I present to you the Annual Report of 2007 which describes the activity of ING Commercial Finance Polska S.A. Last year

More information

The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A.

The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. Annual Financial Statement of K2 Internet S.A. for the twelve-month period ended

More information

COMMERCIAL FINANCE COMMERCIAL FINANCE WWW.INGCOMFIN.PL WWW.INGCOMFIN.PL

COMMERCIAL FINANCE COMMERCIAL FINANCE WWW.INGCOMFIN.PL WWW.INGCOMFIN.PL www.ingcomfin.pl Annual report 2008 COMMERCIAL FINANCE COMMERCIAL FINANCE WWW.INGCOMFIN.PL WWW.INGCOMFIN.PL Dear Sir or Madam, I am pleased to present you with the Annual Report summing up the operations

More information

FERRATUM CAPITAL POLAND S.A. DŁUGA 11/13 53-657 WROCŁAW

FERRATUM CAPITAL POLAND S.A. DŁUGA 11/13 53-657 WROCŁAW DŁUGA 11/13 53-657 WROCŁAW FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS INDEPENDENT AUDITOR S OPINION... 3 REPORT SUPPLEMENTING

More information

Opinion and Report of the Independent Auditor

Opinion and Report of the Independent Auditor Marvipol S.A. Capital Group Opinion and Report of the Independent Auditor Financial Year ended 31 December 2012 CSWP Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. ul. Nowy Świat 49 00-042 Warszawa

More information

The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A.

The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. Annual Financial Statement of K2 Internet S.A. for the twelve-month period ended

More information

ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING

More information

Cork Institute of Technology. Autumn 2006 Advanced Financial Accounting (Time: 3 Hours)

Cork Institute of Technology. Autumn 2006 Advanced Financial Accounting (Time: 3 Hours) Cork Institute of Technology Bachelor of Business in Accounting Award Bachelor of Business in Management - Award Instructions Answer FOUR questions Answer all THREE questions in Section A and ONE question

More information

PGF - financial results 2Q2006 Łódź, August 2006 r.

PGF - financial results 2Q2006 Łódź, August 2006 r. PGF - financial results 2Q2006 Łódź, August 2006 r. Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 1 Almost 1500 pharmacies operating under one brand APTEKI dbam o zdrowie The biggest pharmaceutical

More information

THREE MONTH REPORT, JANUARY 1 MARCH 31, 2012

THREE MONTH REPORT, JANUARY 1 MARCH 31, 2012 THREE MONTH REPORT, JANUARY 1 MARCH 31, 2012 1 First Quarter, January March 2012 Net sales amounted to 276 306 Euro Operating loss amounted to 765 548 Euro Losses after taxes amounted to 765 548 Euro Losses

More information

THE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014

THE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 THE POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR

More information

Abbreviated Interim Separate Financial Statements of BNP Paribas Bank Polska SA for the first half of 2012

Abbreviated Interim Separate Financial Statements of BNP Paribas Bank Polska SA for the first half of 2012 Abbreviated Interim Separate Financial Statements of BNP Paribas Bank Polska SA for the first half of 2012 BNP Paribas Bank Polska SA with its registered office at ul. Suwak 3, registered with the District

More information

SEMI-ANNUAL REPORT, JANUARY 1 JUNE 30, 2009

SEMI-ANNUAL REPORT, JANUARY 1 JUNE 30, 2009 SEMI-ANNUAL REPORT, JANUARY 1 JUNE 30, 2009 1 Second quarter, April - June 2009 Net sales amounted to 401 652 Euro Operating loss amounted to 392 417 Euro Earnings after taxes amounted to 554 802 Euro

More information

2011 Business and Financial Performance

2011 Business and Financial Performance 211 Business and Financial Performance March 27, 212 1 Content 1. Introduction 2. Business overview 3. Financials 4. Divestitures and Internal Reorganization 5. 212 outlook 6. Q&A 2 Section 1 Introduction

More information

MERGER PLAN Sygnity S.A. with its registered office in Warsaw and "PROJEKTY BANKOWE POLSOFT" Sp. z o.o. with its registered office in Poznań

MERGER PLAN Sygnity S.A. with its registered office in Warsaw and PROJEKTY BANKOWE POLSOFT Sp. z o.o. with its registered office in Poznań MERGER PLAN Sygnity S.A. with its registered office in Warsaw and "PROJEKTY BANKOWE POLSOFT" Sp. z o.o. with its registered office in Poznań This merger plan (hereinafter referred to as "Merger Plan")

More information

Consolidated balance sheet

Consolidated balance sheet Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089

More information

Good year. Bank Zachodni WBK Group performance for 2009. Warszawa, 2 nd March 2010

Good year. Bank Zachodni WBK Group performance for 2009. Warszawa, 2 nd March 2010 Good year Bank Zachodni WBK Group performance for 2009 Warszawa, 2 nd March 2010 Disclaimer This presentation as regards the forward looking statements is exclusively informational in nature and cannot

More information

BANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF

More information

1 HALF-YEAR REPORT 1 JANUARY 30 JUNE, 2008

1 HALF-YEAR REPORT 1 JANUARY 30 JUNE, 2008 1 HALF-YEAR REPORT 1 JANUARY 30 JUNE, 2008 Contents High lights of the first 6 months 2008 3 Letter to Shareholders 4 Management and Board of directors 5 Selected consolidated financial data 6 Reinhold

More information

BANK POLSKA KASA OPIEKI S.A. CAPITAL GROUP WARSAW, GRZYBOWSKA 53/57

BANK POLSKA KASA OPIEKI S.A. CAPITAL GROUP WARSAW, GRZYBOWSKA 53/57 BANK POLSKA KASA OPIEKI S.A. CAPITAL GROUP WARSAW, GRZYBOWSKA 53/57 AUDITOR S OPINION AND AUDIT REPORT ON CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR TABLE OF CONTENTS AUDITOR S OPINION...

More information

I. Consolidated Balance Sheet

I. Consolidated Balance Sheet I. Consolidated Balance Sheet Note At 30 2013 At 31 December ASSETS Non-current assets Property, plant and equipment 3.2 361 738 357 715 Goodwill 3.3 44 061 44 061 Other intangible assets 3.4 82 472 96

More information

Integration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006

Integration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006 Integration of Bank Pekao SA and Bank BPH SA Warsaw, 16 November 2006 AGENDA 1 Integration summary 2 Spin off Plan 3 New Pekao the clear market leader 4 New BPH platform for growth 5 Next steps 1 PREPARATION

More information

Group's financial performance Getin Holding

Group's financial performance Getin Holding Tytuł testowy Group's financial performance Getin Holding H1 2013 Warsaw, 30 August 2013 Getin Holding Group Main events of the quarter and half year in a nutshell PLN 64.0 million net profit 1) for Q2

More information

Board of Executives Report on Fortis Bank Polska S.A. Activity in 2006

Board of Executives Report on Fortis Bank Polska S.A. Activity in 2006 Board of Executives Report on Fortis Bank Polska S.A. Activity in 2006 Fortis Bank Polska SA Head Office Postępu Street, 15 02-676 Warszawa Poland Telephone +48 (22) 566 90 00 Faks +48 (22) 566 90 10 info@fortisbank.com.pl

More information

Interim Abbreviated Consolidated Financial Statements of BNP Paribas Bank Polska SA Group for the Third Quarter 2011

Interim Abbreviated Consolidated Financial Statements of BNP Paribas Bank Polska SA Group for the Third Quarter 2011 Interim Abbreviated Consolidated Financial Statements of BNP Paribas Bank Polska SA Group for the Third Quarter 2011 BNP Paribas Bank Polska SA with its registered office at ul. Suwak 3, registered with

More information

Report of the Supervisory Board of Echo Investment S.A. on the results of:

Report of the Supervisory Board of Echo Investment S.A. on the results of: Report of the Supervisory Board of Echo Investment S.A. on the results of: -assessment of the separate financial statements of Echo Investment S.A. and the consolidated financial statements of Echo Investment

More information

Remuneration offered to Specialists

Remuneration offered to Specialists Remuneration offered to Specialists Remuneration and Pay Rises by Provinces... 2 Salaries by Sectors... 7 Remuneration at Polish and Foreign Companies... 8 Remuneration at Companies with Varied Staffing

More information

BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND

BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE CONSOLIDATED

More information

OPTION REPORTS FULL YEAR 2013 RESULTS

OPTION REPORTS FULL YEAR 2013 RESULTS OPTION REPORTS FULL YEAR 2013 RESULTS Leuven, Belgium March 13, 2014 Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announced

More information

Fortis Bank Polska S.A.

Fortis Bank Polska S.A. OPINION OF THE INDEPENDENT AUDITOR AND REPORT SUPPLEMENTING THE OPINION ON THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004 OPINION OF THE INDEPENDENT AUDITOR To the General Meeting

More information

Consolidated financial statement on the first quarter of 2009

Consolidated financial statement on the first quarter of 2009 Łódź, 2009-05-15 Consolidated financial statement on the first quarter of 2009 LSI SOFTWARE S.A. ul. Przybyszewskiego 176/178, 93-120 Łódź, tel. +48 042 680 80 00 do 98, fax. +48 042 680 80 99 BALANCE

More information

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Table of Contents 1. Financial Highlights 3 2. Consolidated Financial Statements of Fortis

More information

CAPITAL GROUP POLSKI HOLDING NIERUCHOMOŚCI SPÓŁKA AKCYJNA

CAPITAL GROUP POLSKI HOLDING NIERUCHOMOŚCI SPÓŁKA AKCYJNA CAPITAL GROUP POLSKI HOLDING NIERUCHOMOŚCI SPÓŁKA AKCYJNA Consolidated report for the first half of 2015 POLSKI HOLDING NIERUCHOMOŚCI S.A. Consolidated report for the first half of 2015 (All amounts are

More information

The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector.

The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. Warsaw, 29 th November 2011 Emilii Plater 53 Table of contents Polish economy...........

More information

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

Financial statements of AB S.A. for H1 2012/2013. Interim financial statements of AB S.A. for H1 2012/2013 Interim financial statements of AB S.A. covering the period from 01-07-2012 to 31-12-2012 TABLE OF CONTENTS: I) Introduction to the financial statements... 5 1. Company, legal form and scope of business...

More information

Consolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009

Consolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009 SEMI-ANNUAL REPORT 2009 Consolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009 August 31, 2009 Semi-annual Report for the 1st half of 2009 1 I. Consolidated

More information

Interim Condensed Consolidated Financial Statements for the three months ended 31 March 2006. NFI Empik Media & Fashion S.A. and its subsidiaries

Interim Condensed Consolidated Financial Statements for the three months ended 31 March 2006. NFI Empik Media & Fashion S.A. and its subsidiaries Interim Condensed Consolidated Financial Statements for the three months ended 31 March 2006 NFI Empik Media & Fashion S.A. and its subsidiaries Interim Condensed Consolidated Financial statements for

More information

CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA

CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA MID-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP CNT S.A. AND MID-YEAR CONDENSED SEPARATE FINANCIAL STATEMENT OF CNT

More information

MERITUM BANK ICB S.A ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2012. in Polish zlotys

MERITUM BANK ICB S.A ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2012. in Polish zlotys MERITUM BANK ICB S.A ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2012 in Polish zlotys Gdańsk, 11 March 2013 I. INTRODUCTION TO THE FINANCIAL STATEMENTS 1. Essential information

More information

Chapter. Statement of Cash Flows For Single Company

Chapter. Statement of Cash Flows For Single Company Chapter 4 Statement of Cash Flows For Single Company 4.1 Single company statement of cash flows Statement of cash flows are primary financial statements and are required along side the income statement

More information

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY R&D SECTOR IN POLAND

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY R&D SECTOR IN POLAND POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY Foto: AA+W Fotolia.com R&D SECTOR IN POLAND The R&D sector in Poland characteristics and possibilities of support Characteristics of the Polish economy

More information

Leasing Industry in Poland Leasing Life European Conference Warsaw 2014. Mieczysław Woźniak Vice Chairman of the Polish Leasing Association

Leasing Industry in Poland Leasing Life European Conference Warsaw 2014. Mieczysław Woźniak Vice Chairman of the Polish Leasing Association Leasing Industry in Poland Leasing Life European Conference Warsaw 2014 Mieczysław Woźniak Vice Chairman of the Polish Leasing Association Polish leasing market 1995 2013 milestones Leasing defined in

More information

OPINION OF THE INDEPENDENT AUDITOR

OPINION OF THE INDEPENDENT AUDITOR OPINION OF THE INDEPENDENT AUDITOR To the Shareholders of We have audited the accompanying financial statements of seated in Warsaw, ul. Senatorska 16, consisting of the introduction to the financial statements,

More information

Bank Handlowy w Warszawie S.A. after 2Q 06. - expansion and better results

Bank Handlowy w Warszawie S.A. after 2Q 06. - expansion and better results Bank Handlowy w Warszawie S.A. after 2Q 06 - expansion and better results Strong mid year results 400 300 MM PLN 318 8% 343 107 200 180 100 139 236 0 1H05 1H06 2 Source: Bank s Financial Disclosures Increase

More information

Operating net income SnowWorld 1 st six months increase to 4.0 million

Operating net income SnowWorld 1 st six months increase to 4.0 million Press release 28 May 2014 Expected increase operating net income for the financial year 2013/2014 Operating net income SnowWorld 1 st six months increase to 4.0 million Keypoints - The number of ski passes

More information

POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA WARSZAWA, AL. JANA PAWŁA II 24 FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2013

POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA WARSZAWA, AL. JANA PAWŁA II 24 FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2013 POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA WARSZAWA, AL. JANA PAWŁA II 24 FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2013 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS

More information

INDEPENDENT AUDITOR S OPINION

INDEPENDENT AUDITOR S OPINION INDEPENDENT AUDITOR S OPINION On the audit of the financial statements ALTUS TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A For the period from 1 January 2014 to 31 December 2014 Warsaw 30 March 2015 INDEPENDENT

More information

Possibilities and benefits for Poznan as part of TEN-T core network corridor

Possibilities and benefits for Poznan as part of TEN-T core network corridor Possibilities and benefits for Poznan as part of TEN-T core network corridor Tomasz J. Kayser Deputy Mayor of Poznań Berlin, 14 June 2013 Agenda: Poznań - basic data Poznań at the TEN-T network Rail freight

More information

Financial results of 2013 Outlook 2014+ 12 March 2014

Financial results of 2013 Outlook 2014+ 12 March 2014 Financial results of 2013 Outlook 2014+ 12 March 2014 DUON benefits from liberalisation of electric energy and gas markets: summary of 2013 +56% increase of revenues to almost PLN 400 m +54% increase of

More information

NN Group Insurance International

NN Group Insurance International NN Group Insurance International Robin Spencer, CEO International Insurance Capital Markets Day 19 November 2015 Portfolio of mature and developing international markets Top 3 positions in CEE 1 life insurance

More information

Amadeus Global Travel Distribution, S.A.

Amadeus Global Travel Distribution, S.A. Amadeus Global Travel Distribution, S.A. Consolidated Interim Financial Statements as of June 30, 2002, prepared in accordance with International Accounting Standard 34 and Review Report of Independent

More information

Notes to the Quarterly Report for Q4 FY03 1. Accounting principles adopted in the preparation of the quarterly report; information on changes in adopted accounting principles The report has been drawn

More information

BANK ZACHODNI WBK S.A. CAPITAL GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR

BANK ZACHODNI WBK S.A. CAPITAL GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR BANK ZACHODNI WBK S.A. CAPITAL GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT

More information

LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015

LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 Wrocław, 27 August 2015 1. SUPPLEMENTARY INFORMATION TO THE SEMI-ANNUAL REPORT...

More information

Roto Smeets Group: Results for 2012 reveal a need for more entrepreneurship and flexibility

Roto Smeets Group: Results for 2012 reveal a need for more entrepreneurship and flexibility Press Release Annual Results 2012 Roto Smeets Group: Results for 2012 reveal a need for more entrepreneurship and flexibility Added value has fallen slightly to EUR 161.6 million (EUR 165.8 million in

More information

THREE MONTH REPORT, JANUARY 1 MARCH 31, 2014

THREE MONTH REPORT, JANUARY 1 MARCH 31, 2014 THREE MONTH REPORT, JANUARY 1 MARCH 31, 2014-1 - First Quarter, January March 2014 Net sales amounted to 0 Euro (0) Operating profit/loss amounted to -42 007 Euro (-12 094) Net profit/loss for the period

More information

Interim Financial Statements

Interim Financial Statements [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11 Table of Contents Consolidated income statement... 3 Consolidated statement of

More information

Bank BPH Group Financial Report. 3 quarters

Bank BPH Group Financial Report. 3 quarters Bank BPH Group Financial Report 3 quarters SELECTED FINANCIAL DATA 3 quarters in accruals (current year) from 01.01. to 30.09. PLN'000 3 quarters in accruals (previous year) from 01.01. to 30.09. 3 quarters

More information

Giełda Papierów Wartościowych w Warszawie S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013

Giełda Papierów Wartościowych w Warszawie S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013 Giełda Papierów Wartościowych w Warszawie S.A. Group Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013 The opinion contains 2 pages The supplementary report contains 11

More information

Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014

Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014 Warsaw, February 12, 2015 Subject: Preliminary consolidated financial statements of the Capital Group of Bank Handlowy w Warszawie S.A. for the 2014 Legal basis: Art. 5 section 1 item 25) of the Ordinance

More information

Quarterly report for the first quarter of 2000 SAB - Q I/2001 Form (for banks)

Quarterly report for the first quarter of 2000 SAB - Q I/2001 Form (for banks) Quarterly report for the first quarter of 2000 SAB - Q I/2001 Form (for banks) Pursuant to 46, clause 1, item 2 of the Council of Ministers Ordinance dated December 22, 1998 (Dz. U. No. 163, item 1160)

More information

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Press release For business desks 7 November 2013 Commerzbank: operating profit of EUR 103 m in third quarter Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Annual

More information

Europejski Fundusz Leasingowy SA. Company profile

Europejski Fundusz Leasingowy SA. Company profile Europejski Fundusz Leasingowy SA Company profile August 2011 Crédit Agricole Group The leader of retail banking in France One of the largest universal retail banks in Europe The leader on the factoring

More information

GDP growth slowdown, labour market revival

GDP growth slowdown, labour market revival Three quarters of 2007: Growth momentum sustained in all business lines BZWBK Group performance for 3Q 2007 November 2007 GDP growth slowdown, labour market revival Quarterly economic indicators, %YoY

More information

Analyst Presentation. for the year ended 28 February 2014

Analyst Presentation. for the year ended 28 February 2014 Analyst Presentation for the year ended 2014 Agenda 1. General commentary on the period Kevin Hodgson 2. Financial commentary Cobus Loubser 3. Questions Page 2 General Commentary Review of the period Group

More information

Ministry of Infrastructure Warsaw, 28.05.2008r..

Ministry of Infrastructure Warsaw, 28.05.2008r.. Ministry of Infrastructure POLISH STATE AID SCHEMES FOR AIR TRANSPORT, INTERMODAL TRANSPORT AND ITS Ministry of Infrastructure Projects of state aid schemes according to Infrastructure & Environment Operational

More information

ENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

ENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING THE OPINION ON THE AUDIT

More information

NedSense enterprises n.v. Condensed consolidated Interim financial statements

NedSense enterprises n.v. Condensed consolidated Interim financial statements NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board

More information

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR I. GENERAL INFORMATION 1. Details of the audited Bank The Company operates under the business name Getin

More information

This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version.

This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version. PKO BANK POLSKI SPÓŁKA AKCYJNA PKO BANK POLSKI SA DIRECTORS REPORT FOR THE YEAR 2011 TABLE OF CONTENTS: 1. INTRODUCTION 1.1 PKO BANK POLSKI SA HISTORICAL BACKGROUND 1.2 PKO BANK POLSKI SA IN YEARS 2009-2011

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

White Paper CLINICAL RESEARCH IN POLAND AN INTRODUCTION

White Paper CLINICAL RESEARCH IN POLAND AN INTRODUCTION White Paper CLINICAL RESEARCH IN POLAND AN INTRODUCTION Table of Contents 1. Healthcare Landscape in Poland... 3 2. Clinical Research Activity in Poland... 3 3. References... 6 4. About the Author... 6

More information

This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version.

This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version. PKO BANK POLSKI SPÓŁKA AKCYJNA PKO BANK POLSKI SA DIRECTORS REPORT FOR THE YEAR 2011 TABLE OF CONTENTS: 1. INTRODUCTION 4 1.1 PKO BANK POLSKI SA HISTORICAL BACKGROUND 4 1.2 PKO BANK POLSKI SA IN YEARS

More information

The Nature of Accounting Systems

The Nature of Accounting Systems Basic Accounting & Budgeting February 4, 2009 The Nature of Accounting Systems Accounting is the process of recording, classifying, summarizing, reporting and interpreting information about the economic

More information

COMPANY PRESENTATION KUCHNIE ŚWIATA S.A.

COMPANY PRESENTATION KUCHNIE ŚWIATA S.A. COMPANY PRESENTATION KUCHNIE ŚWIATA S.A. Poland, Łomna ul. Gdańska 34, 05-152 Czosnów, tel. +48 22 785 95 20 e-mail. sanechem@sanechem.com.pl, www.kuchnieswiata.com.pl KUCHNIE ŚWIATA ABOUT 1989 2004 2013

More information

Audited (Restated) (*)

Audited (Restated) (*) 31 December 2015 31 December 2014 31 December 2013 ASSETS Current assets 459.875.342 251.625.938 233.029.758 Cash and cash equivalents 5 123.908.125 123.909.277 101.043.123 Financial investments 6 -- 15.126.664

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

Consolidated Financial Statements of the Magellan Group prepared for the year ended on 31 December 2012 with auditor s opinion

Consolidated Financial Statements of the Magellan Group prepared for the year ended on 31 December 2012 with auditor s opinion Consolidated Financial Statements of the prepared for the year ended on 31 December 2012 with auditor s opinion Consolidated Financial Statements The consolidated financial statements of the for the 12

More information

INTERIM FINANCIAL STATEMENTS OF THE POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI SA GROUP FOR THE FIRST QUARTER OF 2009

INTERIM FINANCIAL STATEMENTS OF THE POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI SA GROUP FOR THE FIRST QUARTER OF 2009 PKO BANK POLSKI SPÓŁKA AKCYJNA INTERIM FINANCIAL STATEMENTS OF THE POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI SA GROUP FOR THE FIRST QUARTER OF 2009 Prepared in accordance with International Financial Reporting

More information

CONSOLIDATED FINANCIAL STATEMENT

CONSOLIDATED FINANCIAL STATEMENT CONSOLIDATED FINANCIAL STATEMENT FOR THE BUSINESS YEAR ENDING ON MARCH 31ST, 2015 DRAWN UP IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS Group LIVECHAT SOFTWARE SA Wrocław, June 16th,

More information

2015 Quarterly Report II

2015 Quarterly Report II 2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million

More information

Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014

Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014 Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014 covering the period from 01-07-2013 to 30-09-2013 Publication date: 14 November 2013

More information

Unaudited Half Year Financial Report January June 2013. Creating career prospects and deploying targeted professional skills.

Unaudited Half Year Financial Report January June 2013. Creating career prospects and deploying targeted professional skills. Creating career prospects and deploying targeted professional skills Amadeus FiRe AG Unaudited Half Year Financial Report January June 2013 Unaudited Half Year Financial Report, January June 2013 1 Unaudited

More information

3report. Private label in Poland 2009 Market analysis and development forecasts for 2009-2011

3report. Private label in Poland 2009 Market analysis and development forecasts for 2009-2011 edition! 3report Private label in Poland 2009 Market analysis and development forecasts for 2009-2011 Publication date: October 2009 Language: English, Polish Extra: Excel database of private label products

More information

PRESS RELEASE 20 September 2013

PRESS RELEASE 20 September 2013 PRESS RELEASE 20 September 2013 Publication of the second quarter and first half 2013 results Sound operating results impacted by devaluation of investment portfolio Globe Trade Centre S.A. (GTC) released

More information

THE ELEKTROBUDOWA SA GROUP. Interim consolidated condensed financial statements

THE ELEKTROBUDOWA SA GROUP. Interim consolidated condensed financial statements Interim consolidated condensed financial statements for the six months ended 30 June 2014 Index to the consolidated financial statements CONSOLIDATED STATEMENT OF FINANCIAL POSITION... 5 CONSOLIDATED STATEMENT

More information

BANK PEKAO S.A. GENERAL PICTURE

BANK PEKAO S.A. GENERAL PICTURE BANK PEKAO S.A. GENERAL PICTURE Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts.

More information

Transform, innovate, diversify Case study Italy, Spain, Poland ING Investor Day Brunon Bartkiewicz Head Retail Banking International, Rest of Europe

Transform, innovate, diversify Case study Italy, Spain, Poland ING Investor Day Brunon Bartkiewicz Head Retail Banking International, Rest of Europe Transform, innovate, diversify Case study Italy, Spain, Poland ING Investor Day Brunon Bartkiewicz Head Retail Banking International, Rest of Europe Amsterdam - 31 March 2014 www.ing.com Key messages A

More information

OPEN FINANCE 2015 GROUP RESULTS. Presentation of financial results for investors and analysts

OPEN FINANCE 2015 GROUP RESULTS. Presentation of financial results for investors and analysts OPEN FINANCE 2015 GROUP RESULTS Presentation of financial results for investors and analysts Warsaw, March 17, 2016 BASIC FINANCIAL INFORMATION - OPEN FINANCE GROUP CHANGE DATA AT THE END OF 4TH QUARTER

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Condensed Consolidated Interim Financial Statements of Addex Therapeutics Ltd as at June 30, 2016 (unaudited)

Condensed Consolidated Interim Financial Statements of Addex Therapeutics Ltd as at June 30, 2016 (unaudited) Condensed Consolidated Interim Financial Statements of Addex Therapeutics Ltd as at June 30, 2016 (unaudited) Condensed Consolidated Interim Balance Sheets as at June 30, 2016 and December 31, 2015 (unaudited)

More information

BNP Paribas Bank Polska Group

BNP Paribas Bank Polska Group BNP Paribas Bank Polska Group 2013 YTD & Quarterly Results "Delivering on our Underlying Strategy" Warsaw, 11 th March 2014 Disclaimer This presentation has been prepared by BNP Paribas Bank Polska S.A.

More information

Quarterly Financial Report

Quarterly Financial Report Quarterly Financial Report Containing: Independent auditor s review report Interim condensed consolidated financial statements as at and for the six-month www.investor.netia.pl INTERIM CONDENSED CONSOLIDATED

More information

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability 2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth

More information

Source Process Distribute Creating an integrated value chain

Source Process Distribute Creating an integrated value chain Interim Results 6 Months Ended 30 November 2010 Source Process Distribute Creating an integrated value chain Results Highlights Successful H1 Underlying operating profit increased by 13.3% to 20.9m Profit

More information

Consolidated semi-annual financial report of the AB Capital Group for the first half of 2011/2012. covering the period from 01-07-2011 to 31-12-2011

Consolidated semi-annual financial report of the AB Capital Group for the first half of 2011/2012. covering the period from 01-07-2011 to 31-12-2011 Consolidated semi-annual financial report of the AB Capital Group for the first half of 2011/2012 covering the period from 01-07-2011 to 31-12-2011 29-02-2012 Selected financial data translated into euro

More information

Annual report for the financial year 2014-05-28-2014-12-31

Annual report for the financial year 2014-05-28-2014-12-31 1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report

More information

ZAMIL INDUSTRIAL INVESTMENT COMPANY (SAUDI JOINT STOCK COMPANY)

ZAMIL INDUSTRIAL INVESTMENT COMPANY (SAUDI JOINT STOCK COMPANY) ZAMIL INDUSTRIAL INVESTMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS REPORT (LIMITED REVIEW) FOR THE THREE MONTHS AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, NOTES TO THE INTERIM

More information

CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003

CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 Translated from French and in accordance with French generally accepted accounting principles JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS

More information