Komorniki, 11 th May 2012

Transcription

1 EUROCASH CONSOLIDATED QUARTERLY REPORT 1 st QUARTER 2012 Komorniki, 11 th May 2012 TRANSLATORS EXPLANATORY NOTE The following document is a free translation of the report of the above-mentioned Polish Company. In the event of any discrepancy in interpreting the terminology, the Polish version is binding.

2 CONTENTS I. SELECTED CONSOLIDATED FINANCIAL DATA II. III. IV. QUARTERLY ABBREVIATED CONSOLIDATED FINANCIAL STATEMENTS SELECTED SEPARATE FINANCIAL DATA QUARTERLY ABBREVIATED SEPARATE FINANCIAL STATEMENTS V. MANAGEMENT DISCUSSION OF THE FINANCIAL RESULTS FOR THE 1Q 2012

3 SELECTED CONSOLIDATED FINANCIAL DATA for the period for the period for the period for the period from from from from to to to to PLN PLN EUR EUR Sales Operating profit (loss) Profit (loss) before income tax Profit (loss) for the on continued operations Profit (loss) for the period Net cash from operating activities ( ) ( ) Net cash used in investing activities ( ) ( ) ( ) ( ) Net cash used in financing activities ( ) ( ) ( ) ( ) Net change in cash and cash equivalents ( ) ( ) ( ) ( ) Weighted average number of shares Weighted average diluted number of shares EPS (in PLN / EUR) 0,07 0,06 0,02 0,02 Diluted EPS (in PLN / EUR) 0,07 0,06 0,02 0,02 Average PLN / EUR rate* 4,2339 3, as at as at as at as at PLN PLN EUR EUR Assets Non-current liabilities Current liabilities Equity Share capital Number of shares Diluted number of shares Book value per share (in PLN / EUR) 4,09 4,00 0,98 0,91 Diluted book value per share (in PLN / EUR) 4,04 3,95 0,97 0,89 Declared or paid dividend (in PLN / EUR) *** Declared or paid dividend per share (in PLN / EUR) - 0,37-0,08 PLN / EUR rate at the end of the period** 4,1616 4,4168 * Profit and loss items and cash flow items calculated on basis at a weighted average rate announced by the National Bank of Poland. ** Balance sheet items and book value per share have been converted using the official mid-rates announced by the National Bank of Poland prevailing on the balance sheet date.

4 EUROCASH S.A. ABBREVIATED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2012 TO 31 MARCH 2012 TRANSLATORS EXPLANATORY NOTE This document is a free translation of the Polish original. The binding Polish original should be referred to in matters of interpretation. KOMORNIKI, 11 th May 2012

5 CONTENTS General information Information about the Parent Entity Information of the Company s Subsidiaries and Associates Board of the parent Company Abbreviated consolidated income statement for the period from to Abbreviated consolidated statement of comprehensive income for the period from to Abbreviated consolidated statement of financial position as at Abbreviated consolidated statement of cash flows for the period from to Abbreviated consolidated statement on changes in equity for the period from to Supplementary information to the abbreviated consolidated financial statements prepared for the period from to General information Notes to the abbreviated consolidated financial statements prepared for the period from to /35

6 GENERAL INFORMATION 1. INFORMATION ABOUT THE PARENT ENTITY NAME EUROCASH Spółka Akcyjna REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Non-specialized wholesale trade (PKD 4690Z) REGISTRATION COURT District Court Poznań - Nowe Miasto and Wilda in Poznań, VIII Commercial Department of the National Court Register. Registration number: KRS PERIOD FOR WHICH THE GROUP WAS ESTABLISHED Indefinite period PERIOD COVERED BY THE FINANCIAL STATEMENTS The reporting period 1 January March 2012 and comparative period: 1 January March Consolidated statement of financial position has been prepared as at 31 March 2012, and the comparative figures are presented as at 31 December INFORMATION OF THE COMPANY S SUBSIDIARIES AND ASSOCIATES 2.1. KDWT S.A. COMPANY NAME KDWT Spółka Akcyjna REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Wholesale of tobacco products (PKD 5135Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 3/35

7 2.2. EUROCASH FRANCZYZA SP. Z O.O. COMPANY NAME EUROCASH FRANCZYZA Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Other business support service activities (PKD 7487B) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 2.3. PAYUP POLSKA S.A. COMPANY NAME PayUp Polska S.A. REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Wireless telecommunications activities, except of satellite telecommunications activities (PKD 6120Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 2.4. SIEĆ DETALISTÓW NASZE SKLEPY SP. Z O.O. W LIKWIDACJI COMPANY NAME Nasze Sklepy Spółka z ograniczoną odpowiedzialnością w likwidacji REGISTERED OFFICE ul. Kąpielowa 18, Biała Podlaska CORE BUSINESS Retail sale in non-specialized stores with food, beverages or tobacco predominating (PKD 4711Z) SHARE CAPITAL PLN 4/35

8 OWNERSHIP PERCENTAGE AS AT ,09% 2.5. EUROCASH TRADE 1 SP. Z O.O. COMPANY NAME EUROCASH TRADE 1 Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 2.6. EUROCASH TRADE 2 SP. Z O.O. COMPANY NAME EUROCASH TRADE 2 Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 2.7. EUROCASH SPÓŁKA AKCYJNA SP. K. COMPANY NAME Eurocash Spółka Akcyjna Spółka Komandytowa REGISTERED OFFICE ul. Wiśniowa 11, Komorniki CORE BUSINESS Leasing of intellectual property and similar products, except copyrighted works (Polish Classification of Economic Activities (PKD 7740Z) 5/35

9 CONTRIBUTIONS OF THE SHAREHOLDERS PLN OWNERSHIP PERCENTAGE AS AT % SHAREHOLDERS Eurocash S.A. - General Partner KDWT S.A. Limited Partner, Eurocash Franczyza Sp. z o.o. Limited Partner PRZEDSIĘBIORSTWO DYSTRYBUCJI ALKOHOLI AGIS S.A. COMPANY NAME Przedsiębiorstwo Dystrybucji Alkoholi Agis S.A. REGISTERED OFFICE ul. Polna 52, Toruń CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 2.9. DAKO-GALANT PRZEDSIĘBIORSTWO HANDLOWO PRODUKCYJNE SP. Z O.O. COMPANY NAME DAKO-GALANT Przedsiębiorstwo Handlowo Produkcyjne Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Grunwaldzka 3, Stargard Szczeciński CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 6/35

10 2.10. DAMIANEX S.A. COMPANY NAME DAMIANEX S.A. REGISTERED OFFICE ul. Głęboka 34, Przeworsk CORE BUSINESS Non-specialized wholesale of trade food, beverages and tobacco products (PKD 4639Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % DELIKATES SP. Z O.O. COMPANY NAME Delikates Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Zakładowa 11, Konin CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % MIRO SP. Z O.O. COMPANY NAME Miro Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Jasna 42, Ząbkowice Śląskie CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN 7/35

11 OWNERSHIP PERCENTAGE AS AT % MTC SP. Z O.O. COMPANY NAME MTC Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Elewatorska 20, Białystok CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % MULTI-EX S.A. COMPANY NAME Multi-Ex S.A. REGISTERED OFFICE ul. Bokserska 66A, Warszawa CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % POLSKIE HURTOWNIE ALKOHOLI SP. Z O.O. COMPANY NAME Polskie Hurtownie Alkoholi Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Gen. Józefa Sowińskiego 42A, Zielona Góra CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL 8/35

12 PLN OWNERSHIP PERCENTAGE AS AT % PREMIUM DISTRIBUTORS SP. Z O.O. COMPANY NAME Premium Distributors Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Bokserska 66A, Warszawa CORE BUSINESS Wholesale of alcohol beverages (PKD 4634A) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % SAOL DYSTRYBUCJA SP. Z O.O. COMPANY NAME Saol Dystrybucja Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Orląt Lwowskich 146, Sosnowiec CORE BUSINESS Non-specialized wholesale of trade food, beverages and tobacco products (PKD 4639Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % PRZEDSIĘBIORSTWO HANDLU SPOŻYWCZEGO SP. Z O.O. COMPANY NAME Przedsiębiorstwo Handlu Spożywczego Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Grottgera 5, Świebodzin CORE BUSINESS Non-specialized wholesale trade (PKD 4690Z) 9/35

13 SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % POL CATER HOLDING SP. Z O.O. COMPANY NAME Pol Cater Holding Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Sokołowska 10, Puchały Raszyn CORE BUSINESS Holdings activities (PKD 7010Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % DANIA FAST FOOD SP. Z O.O. COMPANY NAME Dania Fast Food Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Sokołowska 10, Puchały Raszyn CORE BUSINESS Non-specialized wholesale with food, beverages or tobacco predominating (PKD 4639Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % - INDIRECTLY BY POL CATER HOLDING SP. Z O.O DETAL KONCEPT SP. Z O.O. COMPANY NAME Detal Koncept Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Mełgiewska 7-9, Lublin 10/35

14 CORE BUSINESS Other professional,scientific and technical activity SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % TRADIS SP. Z O.O. COMPANY NAME Tradis Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Mełgiewska 7-9, Lublin CORE BUSINESS Non-specialized wholesale of trade food, beverages and tobacco products (PKD 4639Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % DEF SP. Z O.O. COMPANY NAME DEF Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Handlowa 6, Białystok CORE BUSINESS Non-specialized wholesale of trade food, beverages and tobacco products (PKD 4639Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % 11/35

15 2.24. LEWIATAN PODLASIE SP. Z O.O. COMPANY NAME Lewiatan Podlasie Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Sokólska 9, Białystok CORE BUSINESS Retail sale in non-specialized stores with food, beverages or tobacco predominating (PKD 4711Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % EURO SKLEP S.A. COMPANY NAME Euro Sklep S.A. REGISTERED OFFICE ul. Bystrzańska 94a, Bielsko-Biała CORE BUSINESS Retail sale in non-specialized stores with food, beverages or tobacco predominating (PKD 4711Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % AMBRA SP. Z O.O. COMPANY NAME Ambra Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Hutnicza 7, Czechowice-Dziedzice 12/35

16 CORE BUSINESS Wholesale of perfume and cosmetics (PKD 4645Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % LEWIATAN ŚLĄSK SP. Z O.O. COMPANY NAME Lewiatan Śląsk Spółka z ograniczoną odpowiedzialnością REGISTERED OFFICE ul. Lenartowicza 39, Sosnowiec CORE BUSINESS Other advisory on business and management (PKD 7022Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT % LEWIATAN HOLDING S.A. CAMPANY NAME Lewiatan Holding S.A. REGISTERED OFFICE Ul. Kilińskieg 10, Włocławek CORE BUSINESS Leasing of intellectual property and similar products, except copyrighted works (Polish Classification of Economic Activities (PKD 7740Z) SHARE CAPITAL PLN OWNERSHIP PERCENTAGE AS AT ,61% NON-CONSOLIDATED COMPANIES LEWIATAN ZACHÓD SP. Z O.O. LEWIATAN PÓŁNOC SP. Z O.O. 13/35

17 DROGERIE KOLIBER SP. Z O.O. PARTNERSKI SERWIS DETALICZNY S.A. LEWIATAN OPOLE SP. Z O.O. LEWIATAN WIELKOPOLSKA SP. Z O.O. LEWIATAN KUJAWY SP. Z O.O. LEWIATAN ORBITA SP. Z O.O. GAMA SERWIS SP. Z O.O. 3. BOARD OF THE PARENT COMPANY 3.1. MANAGEMENT BOARD OF THE PARENT ENTITY As at 31 March 2012 the Parent Entity s Management Board consisted of the following members: Luis Manuel Conceicao do Amaral President of the Management Board, Rui Amaral Member of the Management Board, Arnaldo Guerreiro Member of the Management Board, Pedro Martinho Member of the Management Board, Katarzyna Kopaczewska Member of the Management Board, Jacek Owczarek Member of the Management Board, Carlos Saraiva Member of the Management Board SUPERVISORY BOARD As at 31 March 2012 the Parent Entity s Supervisory Board consisted of the following members: João Borges de Assunção President of the Supervisory Board, Eduardo Aguinaga de Moraes Member of the Supervisory Board, António José Santos Silva Casanova Member of the Supervisory Board, Ryszard Wojnowski Member of the Supervisory Board, Janusz Lisowski Member of the Supervisory Board CHANGES IN THE MANAGEMENT AND SUPERVISORY BOARD There were no changes in the Management and Supervisory Board of Eurocash S.A. in the reporting period. 14/35

18 ABBREVIATED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD FROM TO Non audited Non audited 1 Quarter 1 Quarter for the period for the period from from to to Sales Sales of goods Sales of services Sales of materials Costs of sales ( ) ( ) Costs of goods sold ( ) ( ) Costs of services sold ( ) ( ) Costs of materials sold ( ) - Gross profit (loss) Selling expenses ( ) ( ) General nad administrative expenses ( ) ( ) Profit (loss) on sales Other operating income Other operating expenses ( ) ( ) Operating profit (loss) Financial income Financial costs ( ) ( ) Share in profits (losses) of equity accounted investees ( ) ( ) Profit (loss) before income tax Income tax expense ( ) ( ) Profit (loss) for the period Attributable to: Ow ners of the Company Non-controlling interests - (6 869) 15/35

19 ABBREVIATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM TO Non audited Non audited 1 Quarter 1 Quarter for the period for the period from from to to Profit (loss) for the period Other comprehensive income for the period - - Total comprehensive income for the period Total Income Ow ners of the Company Non-controlling interests - (6 869) Total comprehensive income for the period /35

20 ABBREVIATED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT Non audited as at as at Assets Non-current assets (long-term) Goodw ill Intangible assets Property, plant and equipment Investment real estate property Investments in equity accounted investees Other long-term investments Long-term receivables Long-term prepayments Deferred tax assets Other long-term prepayments Current assets (short-term) Invetories Trade receivables Current tax receivables Other short-term receivables Other short-term financial assets Short-term prepayments Cash and cash equivalents Fixed assets classified as held for sale Total assets /35

21 ABBREVIATED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT Non audited as at as at Equity nad liabilities - Equity Equity attributable to Owners of the Company Share capital Reserve capital Hedging reserve ( ) ( ) Retained earnings Accumulated profit from previous years Profit (loss) for the period Non-controlling interests - - Liabilities Non-current liabilities Long-term loans and borrow ings Long-term financial liabilities Other long-term liabilities Deferred tax liabilities Employee benefits Provisions Current liabilities Loans and borrow ings Short-term financial liabilities Trade payables Current tax liabilities Other short-term payables Current employee benefits Provisions Total equity and liabilities BOOK VALUE PER SHARE AS AT 31 MARCH 2012 as at as at Equity attributable to Owners of the Company Number of shares Diluted number of shares Book value per share 4,09 4,00 Diluted book value per share 4,04 3,95 18/35

22 ABBREVIATED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM TO Non audited Non audited 1 Quarter 1 Quarter for the period for the period from from to to Cash flow from operating activities Profit before tax Adjustments for: Depreciation and amortization Share in profits (losses) of equity accounted investees Equity-settled share-based payment transactionsvaluation of potivational Gain programm (loss) on sale of property, plant and equipment Interest expenses Interest received ( ) ( ) Operating cash before changes in w orking capital Changes in inventory Changes in receivables Changes in payables ( ) ( ) Changes in provisions and employee benefits Other adjustments ( ) Operating cash ( ) Interest paid ( ) ( ) Income tax paid ( ) ( ) Net cash from operating activities ( ) Cash flow from investing activities Aquisitionof intangible assets ( ) ( ) Aquisition of property, plant and equipment tangible fixed assets ( ) ( ) Aquisition of property, plant and equipment tangible fixed assets held for sale ( ) - Proceeds from sale of property, plant and equipment Expenditures for purchased financial assets ( ) - Aquisition of subsidiaries, net of cash aquired - ( ) Expenditures for purchased associate companies ( ) - Interest received Net cash used in investing activities ( ) ( ) Cash flow from financing activities Proceeds from issue of share capital Financing for franchisees ( ) ( ) Repayment of borrow ings ( ) ( ) Payment of finance lease liabilities ( ) ( ) Interest on finance lease ( ) ( ) Interests on loans and borrow ings ( ) ( ) Net cash used in financing activities ( ) ( ) Net change in cash and cash equivalents ( ) ( ) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period /35

23 ABBREVIATED CONSOLIDATED STATEMENT ON CHANGES IN EQUITY FOR THE PERIOD FROM TO Changes in equity in the period from to Share capital Treasury shares Reserve capital Treasure shares reserve Hedge reserve Retained earnings Equity attributable to Ow ners of the Company Non-controlling interests Balance as at ( ) ( ) Balance as at after changes ( ) ( ) Total comprehensive income for the reporting period Profit (loss) for the period from to (6 869) Total comprehensive income for the period from to (6 869) Transaction with Owners of the Company, recognized directly i equity Contributions by and distributions to Owners of the Company Equity-settled share-based payment transactions Share options excercised Total contributions by and distributions to Owners of the Company Total transaction w ith Ow ners of the Company, recognized directly in equity Balance as at ( ) ( ) Changes in equity in the period from to Balance as at ( ) Total comprehensive income for the reporting period Profit for the period from to Total comprehensive income for the period from to Transaction with Owners of the Company, recognized directly i equity Contributions by and distributions to Owners of the Company Equity-settled share-based payment transactions Realisation of motivational program for employees Share options excercised Other Total contributions by and distributions to Owners of the Company Total transaction w ith Ow ners of the Company, recognized directly in equity Balance as at ( ) Total 20/35

24 SUPPLEMENTARY INFORMATION TO THE ABBREVIATED CONSOLIDATED FINANCIAL STATEMENTS PREPARED FOR THE PERIOD FROM TO GENERAL INFORMATION 1.1. ISSUE OF THE CONSOLIDATED FINANCIAL STATEMENTS According to the resolution of the Management Board dated 11 May 2012 the abbreviated consolidated financial statements of Eurocash S.A. Group for the period from 1 January 2012 to 31 March 2012 were authorized for issue by the management Board. According to the information included in the report sent to the Polish Financial Supervision Authority, Eurocash S.A. issues its abbreviated consolidated financial statements on 11 May Eurocash S.A. is a listed company and its shares are publicly traded STATEMENT OF COMPLIANCE The abbreviated quarterly consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union ( EU IFRSs ). That the quarterly abbreviated consolidated financial statements should be read in conjunction with audited consolidated financial statements of Eurocash Group prepared as at 31 December BASIS OF PREPARATION, FUNCTIONAL AND PRESENTATION CURRENCY The quarterly abbreviated consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union ( EU IFRSs ). These abbreviated consolidated financial statements are presented in PLN, which is the Group s functional and presentation currency. All financial information presented in PLN has been rounded to the nearest PLN (unless it is otherwise indicated) USE OF ESTIMATES AND JUDGEMENTS The preparation of the financial statements in conformity with UE IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are made based on historical experience and other factors accepted as reasonable in given circumstances, and the results of estimates and judgements are a basis for the determination of the carrying value of assets and liabilities not resulting directly from other sources. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected COMPARABILITY OF FINANCIAL STATEMENTS The accounting principles as well as calculation methods applied in the preparation of the abbreviated quarterly consolidated financial statements remained unchanged in comparison to the ones applied in the last annual consolidated financial statement. 21/35

25 1.6. INFORMATION ABOUT THE PARENT ENTITY AND THE GROUP The Eurocash Capital Group consists of Eurocash S.A. and its subsidiary companies: KDWT S.A., Eurocash Franczyza Sp. z o.o., Nasze Sklepy Sp. z o.o. w likwidacji, Eurocash Trade 1 Sp. z o.o., Eurocash Trade 2 Sp. z o.o., Eurocash Spółka Akcyjna Sp. Komandytowa, Przedsiębiorstwo Dystrybucji Alkoholi Agis S.A., Astor Sp. z o.o., Dako-Galant Przedsiębiorstwo Handlowo Produkcyjne Sp. z o.o., Damianex S.A., Delikates Sp. z o.o., Miro Sp. z o.o., MTC Sp. z o.o., Multi-Ex S.A., Onufry S.A., Panta- Hurt Sp. z o.o., Polskie Hurtownie Alkoholi Sp. z o.o., Premium Distributors Sp. z o.o., Saol Dystrybucja Sp. z o.o., Przedsiębiorstwo Handlu Spożywczego Sp. z o.o., Pol Cater Holding Sp. z o.o., Dania Fast Food Sp. z o.o., Euro Sklep S.A., Detal Koncept sp. z o.o., Tradis sp. z o.o., Partnerski Serwis Detaliczny S.A., AMBRA sp. z o.o, Lewiatan Orbita sp. z o.o., Lewiatan Zachód sp. z o.o., Drogerie Koliber sp. z o.o., Lewiatan Opole sp. z o.o., Lewiatan Podlasie sp. z o.o., Lewiatan Północ sp. z o.o., Lewiatan Holding S.A., Lewiatan Wielkopolska sp. z o.o., Lewiatan Śląsk sp. z o.o., DEF sp. z o.o., Lewiatan Kujawy sp. z o.o., Lewiatan Zachód Sp. z o.o., Lewiatan Północ Sp. z o.o., Drogerie Koliber Sp. z o.o., Lewiatan Holding S.A., Partnerski Serwis Detaliczny S.A., Lewiatan Opole Sp. z o.o., Lewiatan Wielkopolska Sp. z o.o., Lewiatan Kujawy Sp. z o.o., Lewiatan Orbita Sp. z o.o., Gama Serwis Sp. z o.o. and the associate PayUp Polska S.A. Eurocash S.A. is a Parent Entity, registered in the District Court Poznań - Nowe Miasto and Wilda in Poznań, VIII Commercial Department of the National Court Register; registration number: ; located in Komorniki, ul. Wiśniowa 11. The main business activity of the Parent Entity is non-specialized wholesale trade (PKD 4690Z). Shares of Eurocash S.A. are traded on Warsaw Stock Exchange. Subsidiaries comprise: KDWT S.A., registered in the District Court Poznań - Nowe Miasto and Wilda in Poznań; VIII Commercial Department of the National Court Register, registration number: , located in Komorniki, ul. Wiśniowa 11, Eurocash Franczyza Sp. z o.o., registered in the District Court Poznań - Nowe Miasto and Wilda in Poznań; VIII Commercial Department of the National Court Register; registration number: ; located in Komorniki, ul. Wiśniowa 11, Nasze Sklepy Sp. z o.o. w likwidacji, registered in the District Court in Lublin; XI Commercial Department of the National Court Register; registration number: ; located in Biała Podlaska, ul. Kąpielowa 18, Eurocash Trade 1 Sp. z o.o. registered in the District Court Poznań - Nowe Miasto and Wilda in Poznań; VIII Commercial Department of the National Court Register; registration number: ; located in Komorniki, ul. Wiśniowa 11, Eurocash Trade 2 Sp. z o.o. registered in the District Court Poznań - Nowe Miasto and Wilda in Poznań; VIII Commercial Department of the National Court Register; registration number: ; located in Komorniki, ul. Wiśniowa 11, Eurocash Spółka Akcyjna Sp. k. registered in the District Court Poznań - Nowe Miasto and Wilda; VIII Commercial Department of the National Court Register; registration number ; located in Komorniki, ul. Wiśniowa 11, Przedsiębiorstwo Dystrybucji Alkoholi Agis S.A., registered in the District Court Toruń, VII Commercial Department of the National Court Register, registration number , located in Toruń, ul. Polna 52, Astor Sp. z o.o., registered in the District Court Olsztyn, VIII Commercial Department of the National Court Register, registration number , located in Olsztyn, ul. Żelazna 4, 22/35

26 Dako-Galant Przedsiębiorstwo Handlowo Produkcyjne Sp. z o.o., registered in the District Court Szczecin - Centrum, XIII Commercial Department of the National Court Register, registration number , located in Stargard Szczeciński, ul. Grunwaldzka 3, Damianex S.A., registered in the District Court Rzeszów, XII Commercial Department of the National Court Register, registration number , located in Przeworsk, ul. Głęboka 34, Delikates Sp. z o.o., registered in the District Court Poznań Nowe Miasto and Wilda w Poznaniu, IX Commercial Department of the National Court Register, registration number , located in Konin, ul. Zakładowa 11, Miro Sp. z o.o., registered in the District Court Wrocław - Fabryczna, IX Commercial Department of the National Court Register, registration number , located in Ząbkowice Śląskie, ul. Jasna 42, MTC Sp. z o.o., registered in the District Court Białystok, XII Commercial Department of the National Court Register, registration number , located in Białystok, ul. Elewatorska 20, Multi-Ex S.A., registered in the District Court Warszawa, XIII Commercial Department of the National Court Register, registration number , located in Warszawa, ul. Bokserska 66A, Onufry S.A., registered in the District Court Gdańsk - Północ, VII Commercial Department of the National Court Register, registration number , located in Gdańsk, ul. Jabłoniowa 64, Panta-Hurt Sp. z o.o., registered in the District Court Warszawa, XVI Commercial Department of the National Court Register, registration number , located in Mińsk Mazowiecki, Choszczówka Stojecka 11A, Polskie Hurtownie Alkoholi Sp. z o.o., registered in the District Court Zielona Góra, VIII Commercial Department of the National Court Register, registration number , located in Zielona Góra, ul. Gen. Józefa Sowińskiego 42A, Premium Distributors Sp. z o.o., registered in the District Court Warszawa, XIII Commercial Department of the National Court Register, registration number , located in Warszawa, ul. Bokserska 66a, Saol Dystrybucja Sp. z o.o., registered in the District Court Katowice - Wschód, VIII Commercial Department of the National Court Register, registration number , located in Sosnowiec, ul. Orląt Lwowski 146, Przedsiębiorstwo Handlu Spożywczego Sp. z o.o., registered in the District Court Zielona Góra, VIII Commercial Department of the National Court Register, registration number , located in Świebodzin, ul. Grottgera 5, Pol Cater Holding Sp. z o.o., registered in the District Court Warszawa, XIV Commercial Department of the National Court Register, registration number , located in Puchały, ul. Sokołowska 10. Dania Fast Food Sp. z o.o., registered in the District Court Warszawa, XIV Commercial Department of the National Court Register, registration number , located in Puchały, ul. Sokołowska 10. Detal Koncept Sp. z o.o.registered in the District Court Lublin, XI Commercial Department of the National Court Register, registration number , located in Lublin, ul. Mełgiewska 7-9. Tradis Sp. z o.o.registered in the District Court Lublin, XI Commercial Department of the National Court Register, registration number , located in Lublin, ul. Mełgiewska 7-9. DEF Sp. z o.o.registered in the District Court Białystok, XII Commercial Department of the National Court Register, registration number , located in Białystok, ul. Handlowa 6. Euro Sklep S.A..registered in the District Court Bielsko-Biała, VIII Commercial Department of the National Court Register, registration number , located in Bielsko-Biała, ul. Bystrzańska 94a. Ambra Sp. z o.o., registered in the District Court Katowice, VIII Commercial Department of the National Court Register, registration number , located in Czechowice-Dziedzice, ul. Hutnicza 7. 23/35

27 Lewiatan Śląsk Sp. z o.o., registered in the District Court Toruń, VIII Commercial Department of the National Court Register, registration number , located in Sosnowiec, ul. Lenartowicza 39. Lewiatan Podlasie Sp. z o.o., registered in the District Court Białystok, XII Commercial Department of the National Court Register, registration number , located in Białystok, ul. Sokólska 9. Lewiatan Holding S.A., registered in the District Court Włocławek, VII Commercial Department of the National Court Register, registration number , located in Włocławek, ul. Kilińskiego 10. PayUp Polska S.A. is an associate registered in the District Court Poznań - Nowe Miasto and Wilda in Poznań, VIII Commercial Department of the National Court Register, registration number: , located in Komorniki, ul. Wiśniowa 11. Non consolidated companies: Lewiatan Zachód sp. z o.o. Lewiatan Północ sp. z o.o. Drogerie Koliber sp. z o.o. Partnerski Serwis Detaliczny s.a. Lewiatan Opole sp. z o.o. Lewiatan Wielkopolska sp. z o.o. Lewiatan Kujawy sp. z o.o. Lewiatan Orbita sp. z o.o. Gama Serwis sp. z o.o. 24/35

28 Entities comprising the Eurocash capital group covered by the consolidated financial statements as at No Unit Eurocash S.A. KDWT S.A. address ul.wiśniow a Komorniki ul.wiśniow a Komorniki Eurocash Franczyza Sp. z o.o. ul.wiśniow a Komorniki PayUp Polska S.A. ul.wiśniow a Komorniki Sieć Detalistów Nasze Sklepy Sp. z o.o. w likw idacji ul. Kąpielow a Biała Podlaska Eurocash Trade 1 Sp. z o.o. ul.wiśniow a Komorniki Eurocash Trade 2 Sp. z o.o. ul.wiśniow a Komorniki Eurocash S.A. Sp. Komandytow a ul.wiśniow a Komorniki core business activity PKD 4690Z PKD 4635Z PKD 8299Z PKD 6120Z PKD 4711Z PKD 4634A PKD 4634A PKD 7740Z registration court District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS District Court Lublin XI Commercial Division of the National Court Register KRS District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS District Court Poznań -Now e Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register KRS nature of relationship Parent company Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary applied consolidation method Full Full Full Equity method Full Full Full Full date of aquisition n/a 31 March July May May April April January 2010 ow nership interest n/a 100,00% 100,00% 49,00% 97,09% 100,00% 100,00% 100,00% voting rights (in %) n/a 100,00% 100,00% 49,00% 91,74% 100,00% 100,00% 100,00% 25/35

29 Entities comprising the Eurocash capital group covered by the consolidated financial statements as at (continued) No Unit address Premium Distributors Sp. z o.o. ul. Bokserska 66a Warszaw a Przedsiębiorstw o Dystrybucji Alkoholi Agis S.A. ul. Polna Toruń Dako-Galant Przedsiębiorstw o Handlow o Produkcyjne Sp. z o.o. ul. Grunw aldzka Stargard Szczeciński Damianex S.A. Delikates Sp. z o.o. Miro Sp. z o.o. MTC Sp. z o.o. Multi-Ex S.A. ul. Głęboka Przew orsk ul Zakładow a Konin ul. Jasna Ząbkow ice Śląskie ul. Elew atorska Białystok ul. Bokserska 66A Warszaw a core business activity PKD 4634A PKD 4634A PKD 4634A PKD 4639Z PKD 4634A PKD 4634A PKD 4634A PKD 4634A registration court Sąd Rejonow y dla m. st. Warszaw y w Warszaw ie, XIII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y w Toruniu, VII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y Szczecin- Centrum, XIII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y w Rzeszow ie, XII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y Poznań Now e Miasto i Wilda w Poznaniu, IX Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y dla Wrocław ia - Fabrycznej w e Wrocław iu, IX Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y w Białymstoku, XII Wydział Gospodarczy Krajow ego Rejestru Sadow ego KRS Sąd Rejonow y dla m. st. Warszaw y w Warszaw ie, XIII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS nature of relationship Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary applied consolidation method Full Full Full Full Full Full Full Full date of aquisition ow nership interest 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% voting rights (in %) 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 26/35

30 Entities comprising the Eurocash capital group covered by the consolidated financial statements as at (continued) No Przedsiębiorstw o Handlu Pol Cater Holding Dania Fast Food Unit Saol Dystrybucja Sp. z o.o. Spożyw czego Sp. z o.o. Sp. z o.o. Sp. z o.o. address Polskie Hurtow nie Alkoholi Sp. z o.o. ul. Gen. Józefa Sow ińskiego 42A Zielona Góra ul. Orląt Lw ow ski Sosnow iec ul. Grottgera Św iebodzin ul. Sokołow ska Raszyn ul. Sokołow ska Raszyn ZKiP Lew iatan 94 Holding S.A. ul. Kilińskiego Włocław ek core business activity PKD 4634A PKD 4639Z PKD 4690Z PKD 7010Z PKD 4639Z PKD 7740Z registration court Sąd Rejonow y w Zielonej Górze, VIII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y Katow ice - Wschód w Katow icach, Wydział VIII Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y w Zielonej Górze, VIII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y dla m. st. Warszaw y w Warszaw ie, XIV Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y dla m. st. Warszaw y w Warszaw ie, XIV Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS Sąd Rejonow y w Toruniu, VII Wydział Gospodarczy Krajow ego Rejestru Sądow ego KRS nature of relationship Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary applied consolidation method Full Full Full Full Full Full date of aquisition ow nership interest 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% voting rights (in %) 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 27/35

31 Entities comprising the Eurocash capital group covered by the consolidated financial statements as at (continued) No Unit Detal Koncept Sp. Lew iatan Podlasie Lew iatan Śląsk Tradis Sp. z o.o. DEF Sp. z o.o. Euro Sklep S.A. Ambra Sp. z o.o. z o.o. Sp. z o.o. Sp. z o.o. address ul. Lenartow icza ul. Mełgiew ska 7- ul. Mełgiew ska 7- ul. Hutnicza 7 ul. Handlow a 6 ul. Sokólska 9 ul. Bystrzańska 94a Czechow ice Białystok Białystok Bielsko-Biała Lublin Lublin Dziedzice Sosnow iec core business activity PKD 7490Z PKD 4639Z PKD 4639Z PKD 4711Z PKD 4711Z PKD 4645Z PKD 7022Z registration court Sąd Rejonow y w Lublinie, XI Wydział Gospodarczy KRS Sąd Rejonow y w Lublinie, XI Wydział Gospodarczy KRS Sąd Rejonow y w Białymstoku, XII Wydział Gospodarczy KRS Sąd Rejonow y w Białymstoku, XII Wydział Gospodarczy KRS Sąd Rejonow y w Bielsku Białej, VIII Wydział Gospodarczy KRS Sąd Rejonow y w Katow icach, VIII Wydział Gospodarczy KRS Sąd Rejonow y w Toruniu VII Wydział Gospodarczy KRS nature of relationship Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary applied consolidation method Full Full Full Full Full Full Full date of aquisition ow nership interest 100% 100% 100% 100% 100% 100% 100% voting rights (in %) 100% 100% 100% 100% 100% 100% 100% 28/35

32 1.7. GOING CONCERN ASSUMPTION The financial statements were prepared under the assumption that the Group will continue to operate as a going concern for the foreseeable future. There is no evidence indicating that the Group will not be able to continue its activities as a going concern. 29/35

33 2. NOTES TO THE ABBREVIATED CONSOLIDATED FINANCIAL STATEMENTS PREPARED FOR THE PERIOD FROM TO NOTE 1. OPERATING SEGMENTS After acquisition of Tradis, which was biggest acquisition till date, the Management Board decided to change segments presentation to better reflect new structure and strategy taking into consideration the regulations specified in IFRS 8 Segment reporting. The segments were divided into Independent clients (who do not have permanent contract with Eurocash Group e.g. cash &carry, tobacco or alcohol distribution), Integrated clients (with long term relationship with Eurocash Group e.g. Horeca, Petrol Stations and Franchise Systems) and Active distribution which represents wholesale activity of Tradis Group. Tradis Group was split from rest of Group to present its significance and keep comparability with past performance: Indenpendent clients wholesale operations conducted by the Cash & Carry discount chain, including the entire operations of the dominant entity - Eurocash S.A., including franchisees chain ABC and wholesale operations conducted by Batna, Premium Distributors companies, and KDWT S.A., active distribution Tradis Group - wholesale operations in the range of specialist active distribution of the Tradis Group Tradis, DEF and Ambra., Integrated clients - mainly franchise systems like DC, Detal Koncept, Euro Sklep, Lewiatan Śląsk, Lewiatan Podlasie, Lewiatan Holding, PolCater and segment of Eurocash S.A., which represents old Eurocash Dystrybucja and Eurocash Gastronomia. others Eurocash Trade 1 Sp. z o.o. and Eurocash Trade 2 Sp. z o.o., Nasze Sklepy Sp. z o.o. w likwidacji, Eurocash S.A. Sp. Komandytowa. None of these types of activities meets the individual quantitative criteria of determination of separate reporting segments. The main criteria for determination of operating segments in the Group are the types of distribution channels operated. There are varying levels of integration between the segments. These relationships include mutual sales of merchandise, provision of marketing services, logistics, administrative support, and other services. The accounting policies of each specific reporting segment are the same as the policies of the whole Group. Eurocash Group operates only in the territory of Poland, considering economic conditions and business risks, it can be treated as an uniform territory. The management of the Group Eurocash S.A. not conduct periodic review of assets and liabilities of individual business segments. Financial information about each reporting segment is presented below. 30/35

34 Table no 1 REVENUES AND RESULTS BY BUSINESS SEGMENTS IN THE PERIOD FROM 01 JANUARY 2011 TO 31 MARCH 2012 Indenpendent Active Distribution clients - Tradis Group Integrated clients Other Exclusions Total Sales ( ) External sales Inter-segmental sales ( ) - Operating profit (3 450) Finance income Finance costs ( ) Share in profits (losses) of companies consolidated with the equity method ( ) Profit before income tax Income tax ( ) Net profit /35

35 Table no 2 REVENUES AND PROFITS BY BUSINESS SEGMENTS IN THE PERIOD FROM 01 JANUARY 2010 TO 31 MARCH 2011 Indenpendent clients Active Distribution - Tradis Group Integrated clients Other Exclusions Total Sales ( ) External sales ( ) Inter-segmental sales ( ) - Wynik segmentu (6 260) Not allocated costs Net loss on discontinued operations Operating profit (6 260) Finance income Finance costs ( ) Share in profits (losses) of companies consolidated with the equity method ( ) Profit before income tax Income tax ( ) Net profit /35

36 NOTE 2. CONTINGENCIES As at 31 March 2012, the value of securities granted to other parties in the form of sureties of loans and bank guarantees amounted to PLN Moreover, the value of bank guarantees issued for Group companies amounted to PLN A detailed specification is summarized below: Table no 3 CONTINGENTIES AS AT 31 MARCH 2012 as at as at Beneficjent Title Currency Millennium S.A. 2 Millennium S.A. 3 PKO BP S.A 4 PKO BP S.A 5 PKO BP S.A 6 PKO BP S.A Surety of the bank guarantee for Polkomtel S.A. for PayUp liabilities Surety of the bank guarantee for PTC Sp. z o.o.for PayUp liabilities Surety of the bank guarantee for ProLogis Poland for Tradis Sp. z o.o. liabilities Surety of the bank guarantee for Zott Polska Sp. z o.o. Surety of the bank guarantee for Generalna Dyrekcja Dróg i Autostrad Surety of the bank guarantee for Dyrektor Izby Celenej Białej Podlaskiej PLN PLN PLN PLN PLN PLN Additionally, the Group Eurocash companies have given ING Bank Śląski S.A. guarantees connected with a cash pooling agreement with daily credits in amount admitted daily limits. Table no 4 OTHER BANK GUARANTEES AS AT 31 MARCH 2012 as at as at The Issuer Title Currency HSBC Security for rent liabilities PLN* ING Security for rent liabilities PLN ING Security for rent liabilities PLN* ING Security for organization of the distribution of tickets liabilities PLN ING Security for excise duty PLN * Converted at an average rate of NBP as at 31 December 2011 = 4,4168 PLN; as at 31 Mrach 2012 = 4,1616 PLN. 33/35

37 NOTE 3. COLLATERALS As at 31 March 2012 the value of collaterals on the Group's assets amounted to PLN A detailed specification is summarized below: Table no 5 SECURITIES RELATED TO ASSETS AS AT 31 MARCH 2012 Title Secured property Amount secure in PLN Collateral for loan payment Collateral for loan payment ING Guarantee on securing the payment for suppliers Deposit on shares in companies from Premium Distributors Group Deposit on shares in distribution companies bought Deposit on inventories Financial leasing agreements Deposit on fixed assets in financial leasing Security for repayment of bank loan Raiffeisen Bank Polska S.A Assigment of receivables Security for repayment of bank loan BRE Bank S.A. Security for repayment of bank loan PKO BP S.A. Assigment of receivables Deposit on inventories Total securings NOTE 4. IMPORTANT EVENTS 1. Changes in equity In the period between 1 January 2012 and 31 March 2012 were issued shares in respect of the option programs. 34/35

38 SIGNATURES OF THE MANAGEMENT BOARD MEMBERS Position Name and surname Date Signature Member of the Management Board Chief Executive Officer Rui Amaral 11 May 2012 Member of the Management Board Financial Director Jacek Owczarek 11 May /35

39 SELECTED SEPARATE FINANCIAL DATA for the period for the period for the period for the period to to to to PLN PLN EUR EUR Net sales Operating profit (loss) Profit (loss) before tax ( ) ( ) ( ) ( ) Net Profit (loss) on continued operations ( ) ( ) ( ) ( ) Net profit (loss) ( ) ( ) ( ) ( ) Net operating cash flow ( ) ( ) Net investment cash flow ( ) ( ) ( ) ( ) Net financial cash flow ( ) ( ) Net change in cash and cash equivalents ( ) ( ) ( ) ( ) Weighted average number of shares Weighted average diluted number of shares EPS (in PLN / EUR) (0,10) (0,02) (0,02) (0,01) Diluted EPS (in PLN / EUR) (0,10) (0,02) (0,02) (0,01) Average PLN / EUR rate* 4,2339 3,9483 as at as at as at as at PLN PLN EUR EUR Assets Long-term liabilities Short-term liabilities Equity Share capital Number of shares Diluted number of shares Book value per share (in PLN / EUR) 2,45 2,53 0,59 0,57 Diluted book value per share (in PLN / EUR) 2,42 2,50 0,58 0,57 Declared or paid dividend (in PLN / EUR)*** Declared or paid dividend per share (in PLN / EUR) - 0,37-0,08 PLN / EUR rate at the end of the period** 4,1616 4,4168 * Profit and loss items and cash flow items calculated on basis at a weighted average rate announced by the National Bank of Poland, ** Balance sheet items and book value per share have been converted using the official mid-rates announced by the National Bank of Poland prevailing on the balance sheet date.

40 EUROCASH S.A. ABBREVIATED QUARTERLY SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2012 TO 31 MARCH 2012 TRANSLATORS EXPLANATORY NOTE The following document is a free translation of the report of the above-mentioned Polish Company. In the event of any discrepancy in interpreting the terminology, the Polish version is binding. KOMORNIKI, 11 th May 2012

41 Abbreviated quarterly separate financial statements of EUROCASH S.A. CONTENTS General information Information about the Company Boards of the Company... 3 Abbreviated separate income statement for the period from to Abbreviated separate statement of comprehensive income for the period from to Abbreviated separate statement of the financial position as at Abbreviated separate statement of cash flows for the period from to Abbreviated separate statement on changes in equity in the period from to Suplementary information to the abbreviated quarterly separate financial statements prepared for the period from to General information Information to abbreviated separate financial statements prepared for the period from to /14

42 Abbreviated quarterly separate financial statements of EUROCASH S.A. GENERAL INFORMATION 1. INFORMATION ABOUT THE COMPANY NAME EUROCASH Spółka Akcyjna REGISTERED OFFICE Ul. Wiśniowa 11, Komorniki CORE BUSINESS Non-specialized wholesale trade (PKD 4690Z) REGISTRY COURT District Court Poznań - Nowe Miasto i Wilda of Poznań, VIII Commercial Division of the National Court Register, Registration number: KRS PERIOD FOR WHICH THE COMPANY WAS ESTABLISHED Indefinite PERIOD COVERED BY THE FINANCIAL STATEMENTS The reporting period 1 January March 2012 and comparative period: 1 January March Separate statement of financial position has been prepared as at 31 March 2012, and the comparative figures are presented as at 31 December BOARDS OF THE COMPANY 2.1. MANAGEMENT BOARD OF THE PARENT ENTITY As at 31 March 2012 the Company s Management Board consisted of the following members: Luis Manuel Conceicao Do Amaral President of the Management Board, Rui Amaral Member of the Management Board, Arnaldo Guerreiro Member of the Management Board, Pedro Martinho Member of the Management Board, Katarzyna Kopaczewska Member of the Management Board, Jacek Owczarek Member of the Management Board, Carlos Saraiva Member of the Management Board. 3/14

43 Abbreviated quarterly separate financial statements of EUROCASH S.A SUPERVISORY BOARD OF THE PARENT ENTITY As at 31 March 2012 the Company s Supervisory Board consisted of the following members: João Borges de Assunção President of the Supervisory Board, Eduardo Aguinaga de Moraes Member of the Supervisory Board, António José Santos Silva Casanova Member of the Supervisory Board, Ryszard Wojnowski Member of the Supervisory Board, Janusz Lisowski Member of the Supervisory Board CHANGES IN THE MANAGEMENT AND SUPERVISORY BOARD There were no changes in the membership of the Management and Supervisory Board in the reporting period. 4/14

44 Abbreviated quarterly separate financial statements of EUROCASH S.A. ABBREVIATED SEPARATE INCOME STATEMENT FOR THE PERIOD FROM TO Non audited Non audited 1st Quarter 1st Quarter for the period for the period from from to to Sales Sales of goods Sales of services Costs of sales ( ) ( ) Costs of goods sold ( ) ( ) Costs of services sold ( ) ( ) Gross profit (loss) Selling expenses ( ) ( ) General and administrative expenses ( ) ( ) Profit (loss) on sales Other operating income Other operating expenses ( ) ( ) Operating profit (loss) Financial income Financial costs ( ) ( ) Profit (loss) before income tax ( ) ( ) Income tax expense Profit (loss) for the period ( ) ( ) NET EARNINGS PER SHARE Net profit (loss) on continued operations Weighted average number of shares Weighted average diluted number of shares basic - diluted 5/14

45 Abbreviated quarterly separate financial statements of EUROCASH S.A. ABBREVIATED SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM TO Non audited Non audited 1st Quarter 1st Quarter for the period for the period from from to to Profit (loss) for the period ( ) ( ) Other comprehensive income (loss) for the period - - Total comprehensive income (loss) for the period ( ) ( ) 6/14

46 Abbreviated quarterly separate financial statements of EUROCASH S.A. ABBREVIATED SEPARATE STATEMENT OF THE FINANCIAL POSITION AS AT Non audited Assets as at as at Non-current assets (long-term) Goodwill Intangible assets Property, plant and equipment Investments in subsidiary companies Investments in equity investees Other long-term investments Long-term receivables Long-term prepayments Deferred tax assets Other long-term prepayments Current assets (short-term) Invetories Trade receivables Current tax assets Other short-term receivables Other short-term investments Short-term prepayments Cash and cash equivalents Fixed assets classified as held for sale Total assets /14

47 Abbreviated quarterly separate financial statements of EUROCASH S.A. ABBREVIATED SEPARATE STATEMENT OF THE FINANCIAL POSITION AS AT Equity and liabilities Non audited as at as at Equity Share capital Reserve capital Hedging reserve ( ) ( ) Retained earnings Accumulated profit (loss) from previous years Profit (loss) for the period ( ) Liabilities Non-current liabilities Long-term loans and borrowings Other long-term financial liabilities Employee benefits Current liabilities Loans and borrowings Short-term financial liabilities Trade liabilities Other short-term payables Current employee benefits Provisions Total equity and liabilities BOOK VALUE PER SHARE AS AT 31 MARCH 2012 as at as at Book value Number of shares Diluted number of shares Book value per share 2,45 2,53 Diluted book value per share 2,42 2,50 8/14

48 Abbreviated quarterly separate financial statements of EUROCASH S.A. ABBREVIATED SEPARATE STATEMENT OF CASH FLOWS FOR THE PERIOD FROM TO Non audited Non audited 1st Quarter 1st Quarter for the period for the period from from to to Cash flow from operating activities Profit (loss) before tax ( ) ( ) Adjustments for: Depreciation and amorization Equity-settled shared share-based payment transactions (Gain) loss on sale of property, plant and equipment (53 813) Interest expenses Interest received ( ) ( ) Operating cash before changes in working capital Changes in inventories Changes in receivables Changes in payables ( ) ( ) Changes in provisions and emploee benefits Other adjustments Operating cash Interest paid ( ) ( ) Income tax paid ( ) ( ) Net cash from oparating activities ( ) Cash flow from investing activities Short-term financial assets in subsidiary companies - ( ) Acquisition of intangible assets ( ) ( ) Acquisition of property, plant and equipment held for sale ( ) - Acquisition of property, plant and equipment ( ) ( ) Proceeds from sale of property, plant and eqiupment Acquisition of subsidiarieses, net of cash acquired - ( ) Acquisition of associates ( ) - Loans granted ( ) ( ) Interest received Net cash used in investing activities ( ) ( ) Cash flows from financing activities Proceeds from issue of share capital Financing for franchising ( ) ( ) Proceeds from loans and borrowings Repayment of borrowings ( ) ( ) Payment of finance lease liabilities ( ) ( ) Interest of finance lease ( ) ( ) Interests on loans and borrowings ( ) ( ) Net cash used in financing activities ( ) Net change in cash and cash equivalents ( ) ( ) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period /14

49 Abbreviated quarterly separate financial statements of EUROCASH S.A. ABBREVIATED SEPARATE STATEMENT ON CHANGES IN EQUITY IN THE PERIOD FROM TO Share capital Treasury shares Reserve capital Treasure shares reserve Hedge reserve Retained earnings Total Changes in equity in the period from 1 January to 31 March 2011 Balance as at 1 January ( ) ( ) Impact od change in accounting Balance as at 1 January 2011 after changes ( ) ( ) Total comprehensive income for the reporting period Profit for the period from 1 January to 31 March ( ) ( ) Total comprehensive incomefor the period from to ( ) ( ) Equity-settled share based payment transactions Share options excercised Total transaction with Owners of the Company recognized directly in equity Balance as at ( ) ( ) Changes in equity in the period from to Balance as at 01 January ( ) Impact od change in accounting Balance as at after changes ( ) Total comprehensive income for the reporting period Profit for the period from to ( ) ( ) Total comprehensive income for the period from to ( ) ( ) Equity-settled share based payment transactions Share options excercised Total transaction with Owners of the Company recognized directly in equity Balance as at ( ) /14

50 Abbreviated quarterly separate financial statements of EUROCASH S.A. SUPLEMENTARY INFORMATION TO THE ABBREVIATED QUARTERLY SEPARATE FINANCIAL STATEMENTS PREPARED FOR THE PERIOD FROM TO GENERAL INFORMATION 1.1. ISSUE OF THE FINANCIAL STATEMENT According to the resolution of the Management Board dated 11 May 2012 the abbreviated separate financial statements of Eurocash S.A. for the period from 1 January 2012 to 31 March 2012 were authorised for issue by the management Board. According to the information included in the report sent to the Polish Financial Supervision Authority, Eurocash S.A. issues its abbreviated quarterly separate financial statements on 11 May Eurocash S.A. is a listed company and its shares are publicly traded STATEMENT OF COMPLIANCE The abbreviated quarterly separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union ( EU IFRSs ). Those quarterly abbreviated separate financial statements should be read in conjunction with abbreviated quarterly consolidated financial statements of Eurocash Group prepared as at 31 March BASIS OF PREPARATION, FUNCTIONAL AND PRESENTATION CURRENCY The abbreviated quarterly separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union ( EU IFRSs ). These abbreviated quarterly separate financial statements are presented in PLN, which is the Company s functional and presentation currency. All financial information presented in PLN has been rounded to the nearest PLN (unless it is otherwise indicated) USE OF ESTIMATES AND JUDGEMENTS The preparation of the financial statements in conformity with UE IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are made based on historical experience and other factors accepted as reasonable in given circumstances, and the results of estimates and judgements are a basis for the determination of the carrying value of assets and liabilities not resulting directly from other sources. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected COMPARABILITY OF FINANCIAL STATEMENTS The accounting principles as well as calculation methods applied in the preparation of the abbreviated quarterly separate financial statements remained unchanged in comparison to the ones applied in the last annual separate financial statement. 11/14

51 Abbreviated quarterly separate financial statements of EUROCASH S.A GOING CONCERN ASSUMPTION The financial statements were prepared under the assumption that the Company will continue to operate as a going concern for the foreseeable future. There is no evidence indicating that the Company will not be able to continue its activities as a going concern. 12/14

52 Abbreviated quarterly separate financial statements of EUROCASH S.A. 2. INFORMATION TO ABBREVIATED SEPARATE FINANCIAL STATEMENTS PREPARED FOR THE PERIOD FROM TO Those quarterly separate financial statements should be read in conjunction with abbreviated quarterly consolidated financial statements of Eurocash Group prepared as at 31 March /14

53 Abbreviated quarterly separate financial statements of EUROCASH S.A. SIGNATURES OF THE MANAGEMENT BOARD MEMBERS Position Name and surname Date Signature Member of the Management Board Chief Executive Officer Rui Amaral 11 May 2012 Member of the Management Board Financial Director Jacek Owczarek 11 May /14

54 EUROCASH S.A. Page 1 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Management discussion of the financial results for the 1Q Eurocash: Key financial and operational highlights in 1Q 2012 Below we present the key financial and operational highlights for the Eurocash Group and for the following distribution formats: - Cash&Carry including Eurocash Cash&Carry and Batna stores - Delikatesy Centrum encompassing sales of Eurocash S.A. to retail stores supplied based on franchise and distribution contracts executed with Eurocash Franczyza sp. z o.o. - Tobacco & Impulse sales of KDWT S.A. - Alcohol Distribution sales of Premium Distributors Sp. z o.o. and its subsidiaries - Eurocash Dystrybucja - sales of Eurocash S.A. and Pol Cater sp. z o.o. realized to gas stations and HoReCa segment - Tradis Distribution Group consisting of: active distribution companies (Tradis sp. z o.o., DEF sp. z o.o., AMBRA sp. z o.o.), and companies organizing or supporting franchise chains of retail shops: Detal Koncept sp. z o.o., Euro Sklep S.A., Partnerski Serwis Detaliczny S.A., Gama Serwis sp. z o.o., Lewiatan Holding S.A., Lewiatan Podlasie sp. z o.o., Lewiatan Śląsk sp. z o.o., Lewiatan Zachód sp. z o.o., Lewiatan Północ sp. z o.o., Lewiatan Opole sp. z o.o., Lewiatan Wielkopolska sp. z o.o., Lewiatan Kujawy sp. z o.o., Lewiatan Orbita sp. z o.o., Drogerie Koliber sp. z o.o. Cash&Carry: In 1Q 2012 external sales of the Cash&Carry business amounted to PLN 864.1m and increased by 19.8% comparing with 1Q In 1Q 2012 total sales of the Cash&Carry business amounted to PLN 920.3m and increased by 21.1% yoy. Total sales included sales realized to other companies from Eurocash Group. LFL sales growth (same number of stores) in Eurocash Cash&Carry stores in 1Q 2012 amounted to 15.9% Excluding categories of tobacco and phone cards, the LFL sales growth in Eurocash Cash&Carry stores in 1Q 2012 amounted to 16.6%. The number of Eurocash Cash&Carry stores at the end of 1Q 2012 amounted to 138 (including 3 Batna stores). The number of abc stores amounted to at the end of 1Q In 1Q 2012 shares of abc stores in total sales of Eurocash Cash&Carry stores amounted to 50.0%. Delikatesy Centrum: Wholesale sales realized by "Delikatesy Centrum" Distribution Centers in 1Q 2012 amounted to PLN 334.7m, and increased by 21% compared to 1Q LFL growth of wholesale sales realized by Eurocash to Delikatesy Centrum franchise stores amounted to 6.3% in 1Q LFL growth of retail sales of Delikatesy Centrum franchise stores in 1Q 2012 amounted to 10.4% Number of Delikatesy Centrum franchise stores at the end of 1Q 2012 amounted to 676. Tobacco & Impulse: Total KDWT sales in 1Q 2012 amounted to PLN 625.9m and increased by 9.5% yoy. External sales in KDWT amounted in 1Q 2012 to PLN and increased by 9.3% yoy. Growth of sales in the food category in 1Q 2012 amounted to 25.1%. The number of KDWT locations as of the end of 1Q 2012 amounted to 116 branches, and 2 distribution centers. Alcohol Distribution: Sales of Premium Distributors in 1Q 2012 amounted to PLN 434.4m, 3.9% lower than in 1Q External sales of Premium Distributors in 1Q 2012 amounted to PLN 426.1m and increased by 2.2% yoy.

55 EUROCASH S.A. Page 2 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Eurocash Dystrybucja: Sales of Eurocash Dystrybucja including Pol Cater amounted to PLN 156.5m in 1Q 2012 and increased by 44.0% comparing with 1Q Such a sales growth was caused by consolidating Pol Cater since 1 st March Without Pol Cater effect, sales in Eurocash Dystrybucja amounted to PLN 113.5m and increased by 19.9% yoy. Tradis Distribution Group: Sales in 1Q 2012 realized by companies from Tradis Distribution Group amounted to PLN m, in which sales of PLN m was realized to external clients. Sales of active distribution companies - Tradis, DEF and Ambra will be reported in segment active distribution Tradis Group see Note 1 to the abbreviated consolidated financial statements. Sales of those companies amounted to PLN m. Tradis Distribution Group is consolidated from 1 st January Eurocash Group Profit & loss account Table 1 Eurocash Group: Summary of consolidated financial results for 1Q 2012 PLN m 1Q Q 2011 Change % 2012/ 2011 Sales revenues (traded goods, materials) 3 734, ,37 79,61% Gross profit (loss) on sales 375,59 200,92 86,94% Gross profitability on sales (%) 10,06% 9,66% 0,39 p.p. EBITDA 60,00 32,67 83,67% (EBITDA margin %) 1,61% 1,57% 0,04 p.p. EBIT 33,87 14,56 132,70% (EBIT margin %) 0,91% 0,70% 0,21 p.p. Gross profit 13,08 9,71 34,66% Net Income 10,27 8,77 17,02% (Net profitability %) 0,27% 0,42% -0,15 p.p. Eurocash Group sales revenue in 1Q 2012 increased by 79.61% yoy. The main driver of this growth was acquisition of Tradis Distribution Group, which contributed PLN m. Sales growth without Tradis effect amounted to 15.4% yoy, where cash&carry format generated the most of the top-line growth. Sales growth was also supported by acquisition of Pol Cater, which contributed PLN 43m. Consolidated EBITDA of Eurocash Group grew in 1Q 2012 by 83.67% reaching PLN 60m. The net profit in 1Q 2012 amounted to PLN 10.27m, 17.02% higher than in 1Q Sales by format Table 2 Eurocash Group: Sales dynamics by distribution format for 1Q 2012 Total sales incl. inter-company External sales PLN m 1Q Q 2011 %change 1Q Q 2011 %change Cash&Carry 920,3 759,9 21,1 864,1 721,3 19,8 Delikatesy Centrum 334,7 276,6 21,0 334,7 276,6 21,0 Tobacco+Impulse 625,9 571,7 9,5 592,9 542,4 9,3 Alcohol distribution 434,4 452,1-3,9 426,1 417,0 2,2 Eurocash Dystrybucja 156,5 108,7 44,0 156,2 108,7 43,8 Tradis 1 385,3 0,0 0, ,2 0,0 0,0 Other 36,4 24,0 51,5 24,6 13,4 83,5 Cons. Adj. -158,7-113,6 39,7 0,0 0,0 0,0 Total 3 734, ,4 79, , ,4 79,6

56 EUROCASH S.A. Page 3 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Cash flow Table 3 Eurocash Group: Consolidated cash flow for 1Q 2012 PLN m 1Q Q 2011 Operating cash flow 73,87 (75,05) Gross profit (loss) 13,08 9,71 Depreciation 26,13 18,11 Change in working capital 9,29 (95,43) Other 25,36 (7,45) Cash flow from investments (62,80) (38,98) Cash flow from financing activities (150,81) (19,04) Total cash flow (139,74) (133,06) Total cash flow in 1Q 2012 amounted to negative PLN m, where the operating cash flow reached PLN 73.87m with significant improvement in working capital. Cash flow from investments in 1Q 2012 includes expenses related to acquisition of real estate used by Tradis as a distribution center in Lublin, held for sale in amount of PLN 27.25m. Cash flow from financing activities was negative in amount of PLN 150,81m, which was influenced mainly by debt service payments related to financing of the acquisitions of Tradis Distribution Group and Premium Distributors. Working capital Table 4 Eurocash Group: Consolidated working capital ratios flow for 1Q 2012 Turnover in days 1Q Q Inventories turnover 20,91 24,83 2. Trade receivables turnover 30,87 25,92 3. Trade liabilities turnover 55,32 55,79 4. Operating cycle (1+2) 51,77 50,75 5. Cash conversion (4-3) (3,54) (5,04) Working capital ratios for 1Q 2012 was impacted by consolidation of Tradis balance sheet items. Despite this, the cash conversion cycle remained negative at 3.54 in 1Q Balance sheet The volume of fixed and current assets, equity, liabilities and provisions for liabilities, as well as their share in the total value of assets is presented in the table below: Table 5 Eurocash Group: Selected consolidated balance sheet items PLN m Fixed assets 1 936,92 44,98% 1 921,04 41,96% Current assets 2 369,24 55,02% 2 657,53 58,04% Total assets 4 306,17 100,00% 4 578,58 100,00% Equity 560,81 13,02% 548,49 11,98% Liabilities and provisions 3 745,36 86,98% 4 030,09 88,02% Total liabilities and equity 4 306,17 100,00% 4 578,58 100,00%

57 EUROCASH S.A. Page 4 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Eurocash S.A. Profit & loss account Table 6 Eurocash S.A.: Summary of financial results for 1Q 2012 PLN m 1Q Q 2011 Change % 2012 / 2011 Sales revenues (traded goods, materials) 1 368, ,12 20,99% Gross profit (loss) on sales 149,77 124,50 20,31% Gross profitability on sales (%) 10,94% 11,01% -0,06 p.p. EBITDA 18,58 13,21 40,64% (EBITDA margin %) 1,36% 1,17% 0,19 p.p. EBIT 5,28 0, ,09% (EBIT margin %) 0,39% 0,01% 0,38 p.p. Gross profit (loss) (17,18) (3,67) 368,07% Net Income (loss) (13,24) (3,27) 305,41% (Net profitability %) -0,97% -0,29% -0,68 p.p. Cash flow Table 7 Eurocash S.A.: Cash flow for 1Q 2012 PLN m 1Q Q 2011 Operating cash flow 34,37 (1,81) Gross profit (loss) (17,18) (3,67) Depreciation 13,29 13,09 Change in working capital 16,37 (6,96) Other 21,89 (4,27) Cash flow from investments (188,90) (119,70) Cash flow from financing activities 32,02 (8,20) Total cash flow (122,50) (129,71) Working capital Table 8 Eurocash S.A.: Working capital ratios for 1Q 2012 Turnover in days 1Q Q Inventories turnover 18,91 21,52 2. Trade receivables turnover 24,61 23,01 3. Trade liabilities turnover 72,81 69,78 4. Operating cycle (1+2) 43,52 44,53 5. Cash conversion (4-3) (29,29) (25,25)

58 EUROCASH S.A. Page 5 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Balance sheet The volume of fixed and current assets, equity, liabilities and provisions for liabilities, as well as their share in the total value of assets is presented in the table below: Table 9 Eurocash S.A.: Selected balance sheet items PLN m Fixed assets 2 021,37 68,32% 2 020,18 67,89% Current assets 937,26 31,68% 955,33 32,11% Total assets 2 958,63 100,00% 2 975,51 100,00% Equity 335,82 11,35% 347,18 11,67% Liabilities and provisions 2 622,81 88,65% 2 628,34 88,33% Total liabilities and equity 2 958,63 100,00% 2 975,51 100,00% Ratios definitions Gross profit margin on sales ratio of gross sales profit to net sales revenue. EBITDA margin ratio of EBITDA ( operating profit plus amortization) to net sales revenue. Operating profit margin (EBIT) ratio of operating profit to net sales revenue Net profit margin on sales ratio of net profit to net sales revenue. Inventories turnover the ratio of balance of stocks at the end of period to net sales for period, multiplied by the number of days in the period. Trade receivables turnover the ratio of balance of trade receivables at the end of period to net sales for period, multiplied be the number of days in the period. Trade liabilities turnover the ratio of balance of trade liabilities at end of period to costs of goods sold for period, multiplied by the number of days in the period Operating cycle the sum of stocks turnover and receivables turnover. Cash conversion cycle the difference between operating cycle and liabilities turnover.

59 EUROCASH S.A. Page 6 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) 2. Major events and factors that influenced consolidated income or loss in 1Q Changes in equity In the period between 1 January 2012 and 31 March 2012 were issued shares in respect of the option programs. There have been no other major events that influenced Eurocash Group income or loss in 1Q Development perspectives External Factors Growth in the FMCG market and its structure. The Group expects further growth of modern distribution channels; its unfavourable impact on company s income will be compensated by growth of the FMCG market in absolute terms and consolidation in the traditional wholesale market. Inflation. Unexpected substantial changes in prices of food, beverages, alcohol and other FMCG products, as well as fuel prices affecting logistic expenses may influence the Group s profit and loss. Labour costs. Potential pressure on labour costs could in medium-term perspective negatively influence the Group s profit and loss. However, potential of growing wages and salaries impacts the whole Polish market. As the Group sales are realised in Poland, its competitive position should remain unchanged due to this factor. Internal Factors New business formats Development of new formats of wholesale distribution or new formats of retail stores franchise chains, in order to give a full offer to our clients and on the same time to achieve economies of scale. Organic expansion Management of Eurocash Group expects, that during 2012: number of Eurocash Cash&Carry stores will increase by app. 6-8 stores, however final number of new openinings will depend from the integration process with Tradis Distribution Group. number of Delikatesy Centrum franchise stores will increase by app. 100 stores, in the active distribution channel of KDWT the actions to achieve the growth of sales of impulse products (grocery) will be continued in order to get a higher profitability and improvement of a working capital dynamics. Integration of acquired companies. Due to the necessity of integrating the companies from Tradis Distribution Group as well as, Premium Distributors and Pol Cater at the operational level, in the opinion of Eurocash S.A. Board full synergies associated with this transaction will be possible to reach within 3 years after the acquisition of control over these companies. 4. Additional information Information regarding dividends On 13 June 2011 accordance with the resolution no 5 of the Ordinary Shareholders Meeting divided the net profit for 2010 in amount PLN The amount PLN was designed for dividend in amount PLN 37 groszes per one Company share, paid as at 14 July The other part of net profit was transferred to Company s reserve capital.

60 EUROCASH S.A. Page 7 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Explanations regarding seasonality In FMCG wholesale sales are traditionally lower in 1Q, then sales peak during summer period and stabilise in the 4Q. Issuance, redemption and repayment of debt and capital securities In 1Q 2012 Eurocash S.A. issued shares in connection with realization of the respective motivation schemes. In 1Q 2012 Eurocash S.A. did not issue, acquire or repay other debt securities. Changes in the basic management principles In 1Q 2012 there were no changes in the basic management principles The Board opinion on the possibilities to carry out previously published financial forecasts for a given year. The Management Board of Eurocash S.A. has not published and does not intend to publish financial forecasts for 2012.

61 EUROCASH S.A. Page 8 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Shareholders owning directly or indirectly through dependent entities at least 5 % of total number of votes at the general assembly. Shareholder Luis Amaral (directly and indirectly through Politra B.V.) Number of shares Share in share capital (%) Number of votes Share in total number of votes (%) Number of shares Share in share capital (%) Number of votes Share in total number of votes (%) ,17% ,17% ,24% ,24% Fidelity ,00% ,00% ,01% ,01% Others ,83% ,83% ,75% ,75% Total ,00% ,00% ,00% ,00% Treasury shares 0 0,00% 0 0,00% 0 0,00% 0 0,00% Total shares ,00% ,00% ,00% * On The Management Board of Eurocash has information on the number of shares as of r ,00% Number of shares (or rights to shares) held by the members of the Management Board and Supervisory Board of Eurocash Management Board members Shares or rights to acquire Eurocash shares Luis Amaral (directly and indirectly) Rui Amaral Katarzyna Kopaczewska Arnaldo Guerreiro Pedro Martinho Ryszard Majer 0 0 Jacek Owczarek Supervisory Board members Eduardo Aguinaga de Mores 0 0 Joao Borges de Assuncao 0 0 Ryszard Wojnowski 0 0 Janusz Lisowski 0 0 Antonio Jose Santos Silva Casanova 0 0

62 EUROCASH S.A. Page 9 of 9 CONSOLIDATED QUARTELY REPORT (1Q 2012) Information on legal suits In the 1Q 2012 companies belonging to Eurocash Group were not involved into any legal suit in any court, nor in a body competent for arbitration proceedings nor an administrative body, which total value would amount to at least 10% of equity. Information concerning granting by the issuer or its subsidiary credit or loan surety or a guarantee In the 1Q 2012 companies belonging to Eurocash Group did not grant any surety for a credit or a loan nor did it grant any guarantee of total value equivalent to 10% of the Eurocash equity. Information concerning execution by the issuer or its subsidiary transaction with related parties In the 1Q 2012 companies belonging to Eurocash Group did not execute transactions with related parties otherwise than in the ordinary course of business on an arm s length basis. Other information significant to assess the issuer s situation or ability to satisfy liabilities by the issuer Apart of information provided in this report, there are no other information which would be material to assess the staffing, and financial situation of the Company. Factors that will affect the results achieved by the issuer Apart of information provided in this report, there are no other material factors, which might influence the results of the Eurocash Group during the next quarter of the year. Signatures of Management Board Members: Position Name and surname Date Signature Member of the Management Board Chief Executive Officer Rui Amaral 11 May 2012 Member of the Management Board Financial Director Jacek Owczarek 11 May 2012