Standalone Financial Statements for the year ended 31 December NFI EMPiK Media & Fashion S.A.

Transcription

1 Standalone Financial Statements for the year ended 31 December 2007 NFI EMPiK Media & Fashion S.A.

2 Introduction Narodowy Fundusz Inwestycyjny EMPiK Media & Fashion Spółka Akcyjna ( NFI EMPiK Media & Fashion S.A., the Fund or the Company ), a company incorporated under the laws of Poland, with its registered office located at ul. Zurawia 8, Warsaw, is the parent entity of the NFI EMPiK Media & Fashion capital group. The Fund is controlled by EMPiK Centrum Investments S.A. (incorporated under the laws of Luxembourg) which holds 62.72% of NFI EMPiK Media & Fashion S.A. s shares. The ultimate parent publishing financial statements is Eastbridge B.V./S.a.r.l. (a company incorporated under the laws of the Netherlands with the principal place of business in Luxembourg). NFI EMPiK Media & Fashion S.A. continues to operate under specific laws governing the activities of National Investment Funds. The shares of NFI EMPiK Media & Fashion S.A. are listed on the Warsaw Stock Exchange. These separate financial statements were prepared to comply with the Warsaw Stock Exchange reporting requirements. They should be read in conjunction with the consolidated financial statements for the financial year ended 31 December The above consolidated financial statements for the financial year ended 31 December 2007 were published together with these standalone financial statements and they are available at the Company s registered office in Warsaw at ul. śurawia 8 or at the web site The separate financial statements have been approved by the Management Board of NFI EMPiK Media & Fashion S.A. on 2 April Maciej Dyjas President of the Management Board Jacek Bagiński Member of the Management Board 2

3 Table of contents Standalone income statement Standalone balance sheet Standalone statement of changes in equity...6 Standalone cash flow statement....7 Notes to the standalone financial statments...8 3

4 Standalone income statement for the financial year ended 31 December 2007 Year ended Note 31 December December 2006 thousand PLN thousand PLN Sales of services Employee compensation and benefit expenses 4 (17 141) (9 916) Other operating costs 5 (10 211) (5 451) Amortisation, deprecation and impairment charges 6 (888) (15 559) Other operational gains Other gains net Loss on disposal of stakes in subsidiaries 14 - (3 054) Operating loss from continuing operations (4 581) (2 725) Finance costs - net 9 (4 687) (2 302) Loss before income tax (9 268) (5 027) Income tax Net loss (9 268) (5 027) Basic and diluted loss per share 11 (0.09) (0.05) (not in thousands PLN) 4

5 Standalone balance sheet as at 31 December 2007 ASSETS As at Note 31 December December 2006 thousand PLN thousand PLN Non-current assets Property, plant and equipment Intangible assets Investments in subsidiaries Investments in associates Derivative financial instruments Financial assets at fair value through profit or loss Long- term borrowings Financial assets available for sale Current assets Short- term borrowings Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity capital attributable to the Company s equity holders Share capital Other reserves (2 433) Retained earnings ( ) ( ) LIABILITIES Non-current liabilities Other non-current payables Borrowings Current liabilities Borrowings Trade and other payables Derivative financial instruments Total liabilities Total equity and liabilities

6 Standalone statement of changes in equity for the year ended 31 December 2007 Share capital Other reserves Retained earnings Total Note 21 thousand PLN thousand PLN thousand PLN thousand PLN As at 1 January (2 433) ( ) Cash flow hedges, net of tax Net loss for the period - - (9 268) (9 268) Total profit/loss recognised in equity - 12 (9 268) (9 256) Employee option incentive scheme - value of services provided shares exercised (2 726) shares issued As at 31 December ( ) Standalone statement of changes in equity for the year ended 31 December 2007 Share capital Other reserves Retained earnings Total Note 21 thousand PLN thousand PLN thousand PLN thousand PLN As at 1 January (5 151) ( ) Cash flow hedges, net of tax - (12) - (12) Net loss for the period - - (5 027) (5 027) Total profit/loss recognised in equity - (12) (5 027) (5 039) Employee option incentive scheme - value of services provided shares exercised (1 642) shares issued As at 31 December (2 433) ( )

7 Standalone cash flow statement for the year ended 31 December 2007 Year ended Note 31 December December 2006 thousand PLN thousand PLN Loss before income tax (9 268) (5 027) Adjustments for: Amortisation, deprecation and impairment charges Financial costs - net Gain on interests, commissions and guarantees granted (4 554) (4 001) Gain on valuation of derivative financial instruments (13 636) (18 781) Loss on disposal of investments and operations Other Operational losses before working capital changes (6 869) (2 522) Changes in working capital: Trade and other receivables (1 382) 434 Trade and other payables (137) Net cash generated from operations (3 942) (2 225) Purchase of property, plant and equipment (4 967) (1 647) Purchase of intangible assets (45) (577) Net interest received and paid Purchase of investments (72 043) - Loans extended to subsidiaries (39 536) (57 022) Repayment of borrowings Proceeds from disposal of investments Net cash generated from investment activities (80 352) (43 457) Proceeds from shares issue Redemption of treasury shares - - Proceeds from bank borrowings and loans Proceeds from bonds issue Proceeds from loans from related entities Repayment of borrowings (25 000) - Finance leases payments (162) (164) Interest paid (2 207) (234) Net cash from financing activities Net increase in cash and cash equivalents (18 662) Cash and cash equivalents at the beginning of the period Net increase in cash and cash equivalents (18 662) Cash and cash equivalents at the end of the period