We have conducted an audit

CERTIFIED AUDITOR’S OPINION
To the Shareholders and the Supervisory Board of Mostostal Plock S.A.:
We have conducted an audit of the attached financial statements of Company Mostostal Płock S.A.
with its seat in Płock, ulica Targowa 12, which included:
− introduction to the financial statements,
− the balance sheet prepared as of December 31, 2008, which presents the total balance of assets
and liabilities in the amount of PLN 94,093,000.00,
− profit and loss account for the period of January 1, 2008 – December 31, 2008 presents the total
profit in the amount of PLN 14,021,000.00,
− statement in changes of equity for the period of January 1, 2008 – December 31, 2008 presents
an increase of equity by PLN 2,370,000.00,
− cash flow statement for the period of January 1, 2008 – December 31, 2008 presents a decrease
of cash by PLN 3,151,000.00,
− additional information and comments.
The Management Board of the Company shall be held responsible for the preparation of the
following financial statements. Our task was to review the following financial statements and
provide our feedback in relation to the reliability, correctness and clarity of the information from the
financial statement and the correctness of accounting books that were the basis for its preparation.
The audit was planned and carried out compliant to the provisions of:
− chapter 7 of the Accounting Act of September 29, 1994 (Dz. U. journal of laws, 2002, number
76, item 694 as amended),
− the principles and norms for the performance of the duties of a certified auditor issued by the
National Chamber of the Statutory Auditors in Poland
in a way that would allow for a rational and credible basis for the opinion on the correctness of the
financial statements (i.e. lack of material errors). In particular, the audit included, mostly on-andoff, the verification of the accounting records that were the basis for the amounts and information
included in the financial statement, as well as the valuation of the applied accounting principles,
performed by the Management Board of the Company and the general opinion of the financial
statement's presentation.
We are confident that the audit carried out by us provided a good basis for our opinion.
In our opinion, the audited financial statements of the Company Mostostal Płock S.A. for the
financial year 2008 were prepared in all relevant aspects:
− in its form and contents – pursuant to the requirements of the Articles of Association and the
Accounting Act of September 29, 1994,
− pursuant to the accounting principles defined in the aforementioned act, as well as the accounting
policy implemented by the Company,
− based on the correctly kept accounting books,
− pursuant to the provisions of the ordinance of the Minster of Finance of October 18, 2005 on the
scope of information disclosed in financial statements and consolidated financial statements
required in the issuing prospectus for issuers with their seat within the territory of the Republic
of Poland, who are subject to the Polish accounting principles (Dz. U. journal of laws, number
209, item 1743), as well as in the ordinance of the Minister of Finance of October 19, 2005 on
current and interim information disclosed by issuers of securities (Dz. U. journal of laws, number
209, item 1744)
and thoroughly and clearly reflect all information crucial for the assessment of financial and material
condition and the financial result of the Company for the period of January 1, 2008 – December 31,
2008.
(Management) Report on the company's operations in 2008 financial year is complete under the
provisions of Art. 49, section 2 of the Accounting Act as well as the ordinance of the Minister of
Finance of October 19, 2005 on current and interim information disclosed by issuers of securities,
and the information it provides based directly on the audited financial statement are in accordance
with the financial statements.
Wacław Nitka
Member of the Management Board
Certified Auditor
Registry number 2749
Piotr Sokołowski
Member of the Management Board
Certified Auditor
Registry number 9752
................................
Malwina Choińska
Certified Auditor
Registry number 10038/7591
.....................................................
representatives
Deloitte Audyt Sp. z o.o.
ul. Piękna 18
00-549 Warszawa
.....................................................
subject authorized to audit financial statements, National
Chamber of the Statutory Auditors in Poland registry number 73.
Warsaw, February 16, 2009
Letter of the President of the Management Board
The year 2008 was exceptionally successful for our Company, Mostostal Płock S.A. We have
managed to reach the highest level of sales and have delivered the highest profits in the company's
history at all levels. All this was possible thanks to the economic prosperity, especially in the first
half-year of 2008, as well as the determination in the Management Board's actions and a deep and
abiding commitment to attracting and completing contracts of each and every of our Company's
units. They all should be well-thought-of.
We have been the leader in production and assembly of fuel storage tanks and other products.
Throughout the whole year, we have been engaged in the construction of seven storage tanks (six
tanks – 20,000.00 square meters each and one 10.000.00 square meters tank) for LOTOS Gdańsk,
five storage tanks of other construction and purpose for Biotanol company and three storage tanks
for the Fuel Depot in Radzionków (Baza Paliwowa w Radzionkowie).
We have managed to improve our production cooperation with our Parent Company,
Mostostal Warszawa, as well as other Companies from our Capital Group: Mostostal Puławy and
Mostostal Kielce. We have cooperated in the production of metal roof components for the sports and
entertainment arena in the city of Łódź, Poland. We have also concluded an agreement for
construction of the PTA installation in Anwil Włocławek.
In the near future, we are also hoping to work together on the construction of sports facilities,
environmental protection plants and commercial power industry and industrial power industry
facilities.
Considering the aforementioned goals, in the year 2008 we began to modernize the Steel
Constructions Factory. We have purchased: a shotblasting booth, a bending machine, a 4-roll double
pinch DPBH, a thermal cutting machine, a line for structures cutting and drilling. We have also
prepared a concept for modernizing the process of painting structures. For our lifting and
transportation needs, we have purchased two brand new all-road cranes (carrying capacity: 60 tones
and 40 tones), as well as trucks and cars. We have purchased a number of welding equipment,
electrical tools and measuring and controlling equipment. We have also continued with the
computerization process at our Company. Our total expenditures for the aforementioned purposes
from own resources or through leasing nearly amounted to PLN 10,000,000.00.
In order to meet the needs of our shareholders, the Management Board suggests forwarding
PLN 7,000,000.00 to the dividend for the 2008 profit. (PLN 3.50 per share). The market rate of our
shares was subject to major changes, related to the general market conditions. The Management
Board has no material influence on the rate, apart from announcing promising and improving
financial results.
Pursuant to our previous statements, we have attempted to regulate the ownership structure at
Centromost Stocznia Rzeczna w Płocku company. In order to do achieve this goal, we have
performed a valuation of our shares in the Company, with our partner's consent, and, at the same
time, a valuation of our shared fixed assets leased by the Centromost Stocznia Rzeczna w Płocku.
We have also made an effort to start commercial negotiations in the aforementioned scope
that failed to conclude in 2008. They will be continued in 2009.
In conclusion, I would be happy to express by gratitude to all Members of the Management
Board for our constructive and friendly cooperation, to the Supervisory Board for our creative
cooperation, as well as to the Company's employees and subcontractors for their productive and
efficient work during the year 2008.
Yours faithfully,
President of the Management Board
Wiktor Guzek
in thousands PLN
WYBRANE DANE
in thousands PLN
SELECTED FINANCIAL DATA
FINANSOWE
2008
1. Przychody netto ze
I. Net income from sales of
sprzedaży produktów, towarów
products, goods and materials
i materiałów
II. Zysk (strata) z działalności
operacyjnej
III. Zysk (strata) brutto
IV. Zysk (strata) netto
V. Przepływy pieniężne netto z
2007
2008
2007
184 279
124 071
52 173
32 851
II. Profit (loss) from operating
20 728
13 293
5 868
3 520
activities
III. Gross profit (loss)
IV. Net profit (loss)
V. Net cash flows from
22 157
14 021
11 405
14 225
13 489
16 216
6 273
3 970
2 733
3 766
3 572
4 527
działalności operacyjnej
VI. Przepływy pieniężne netto
operating activities
VI. Net cash flow on
-4 364
-2 965
-1 046
-828
z działalności inwestycyjnej
VII. Przepływy pieniężne netto
investments
VII. Net financial cash flow
-10 192
-1 500
-2 443
-419
z działalności finansowej
VIII. Przepływy pieniężne
VIII. Total net cash flow
-3 151
11 7 5 1
-755
3 281
netto, razem
IX. Aktywa, razem
X. Zobowiązania i rezerwy na
IX. Total assets
X. Liabilities and provisions for
94 093
37 130
80 072
25 479
22 551
8 899
22 354
7 113
zobowiązania
XI. Zobowiązania
liabilities
XI. Long-term liabilities
4 887
długoterminowe
XII. Zobowiązania
XII. Short-term liabilities
27 225
19 726
6 525
5 507
krótkoterminowe
XIII. Kapitał własny
XIV. Kapitał zakładowy
XV. Liczba akcji (w szt.)
XVI. Zysk (strata) na jedną
XIII. Equity
XIV. Share capital
XV. Number of shares (pcs.)
XVI. Profit (loss) per ordinary
56 963
20 000
2 000 000
7,01
54 593
20 000
2 000 000
6,74
13 652
4 793
2 000 000
1,98
15 241
5 583
2 000 000
1,78
akcję zwykłą (w zł/ EUR)
XVII. Wartość księgowa na
share (in PLN/EUR)
XVII. Book value per share (in
28,4 8
27,30
6,83
7,62
jedną akcję (w zł/EUR)
XVIII. Zadeklarowana lub
PLN/EUR)
XVIII. Declared or paid
wypłacona dywidenda na
dividend per share (in
jedną akcję (w zł/EUR)
PLN/EUR)
1 171
3,50
0,99
INTRODUCTION
1. General information
Mostostal Płock S.A. is a joint stock company, with its registered office in Płock, ul. Targowa 12, established
based on notarial deed, Register no. Rep A/4884/92 as of October 30, 1992, earlier entered into the
Commercial Register of the Commercial Division of the District Court in Płock on December 11, 1992, under
number RHB VIII 743. On October 15, 2001, Mostostal Płock S.A. company was entered into the Register of
Entrepreneurs of the National Court Register under number KRS 0000053336; file reference number: WA
XIV NS – REJ; designation of the court: District Court for the Capital City of Warsaw, 14th Commercial
Division of the National Court Register.
Company’s shares are listed on the prime market, sector: construction industry.
2. Members of the Management Board and Supervisory Board:
As of the date of these financial statements, the composition of the Management Board was the
following:
Wiktor Guzek
- President of the Management Board
Director General
Leszek Frąckiewicz
- Member of the Management Board
Production Preparation and Marketing Director
Alicja Sulkowska-Mliczek
- Member of the Management Board
Financial and Economic Director
The Management Board in the above composition was appointed for another term of office on the day of June
26, 2007.
In 2008 the composition of the Management Board remained unchanged.
Members of the Supervisory Board as of the date of these financial statements:
1. Jarosław Popiołek
-
The Chairman of the Supervisory Board
2. Janusz Zieliński
-
Deputy Chairman of the Supervisory Board
3. Grzegorz Bartnik
-
Member of the Supervisory Board
4. Andrzej Sitkiewicz
-
Member of the Supervisory Board
5. Miguel Vegas Solano
-
Member of the Supervisory Board
In 2008 the composition of the Supervisory Board remained unchanged.
3. Company’s primary scope of activity
The production of Mostostal Płock S.A. is a discrete manufacturing performed for the sake of a given
commission contract.
•performing specialized construction works according to the Polish Classification of Activities (PKD) 4525
A,B,C,D,E,
•manufacturing of metal structures and parts of structures according to PKD 2811 A,B,C,
•manufacturing of metal tanks, reservoirs and containers according to PKD 2821 Z.
4. Duration of activities – unspecified
5. Continuation of activities
The financial statements for 2008 has been drawn up based on the assumption that the commercial activities
will be continued in the foreseeable future and there are no circumstances that could cause threat of any kind
to the Company's activities.
6. Period included in the financial statements and the comparability of data
The following financial statements include the period from January 1, 2008 – December 31, 2008.
Comparable financial data are presented for the period from January 1, 2007 – December 31, 2007.
Accounting principles used by the Company remained unchanged and are applied in a continuous manner.
7. Entity’s opinion on the previous year and adjustments of events with reference to previous years
Authorized entity’s opinion on the audit of the financial statements for 2007 did not include any objections.
There are no adjustments for the previous years in the financial statements for 2008.
8. Indication, whether the financial statements contain total data
The following financial statements contain total data and have been drawn up by summing up the financial
statements of the entity and its Lithuanian branch.
9. Information on the joint subsidiary valued using the equity method
Mostostal Płock S.A., who is the bearer of 50% of shares, is a key investor to the joint subsidiary Centromost
Stocznia Rzeczna w Płocku Sp. z o.o. Pursuant to the provisions of Art. 28, section 1, item 4 of the
Accounting Act as of September 29, 1994 (consolidated text, Dz. U. journal of laws, 2002, number 76, item
694 as amended) (“The Accounting Act”), shares in the aforementioned joint subsidiary are valued using the
equity method, taking into account the valuation principles defined in Art. 63 of the Accounting Act. In
relation to the above, Mostostal Płock S.A. company does not prepare consolidated financial statements in
view of Art. 55, section 1 of the Accounting Act and Art. 93, section 2 of the ordinance of the Minister of
Finance on the current and interim information passed on by issuers of securities. The above stance was
confirmed by the opinions expressed in official letters received from the Accounting Department of the
Ministry of Finance of the Republic of Poland (official letter DR-5/500/91-2/GC/02, dated June 11, 2002), as
well as from the Polish Securities and Exchange Commission (official letter DSP3-023-73/02 -1452/2002,
dated June 14, 2002).
10. Information regarding foreign quotation markets
Company’s securities are not quoted on any foreign regulated markets.
11. Accounting principles and methods used during the preparation of the following financial
statements for 2008
In 2008, the Company complied with the corporate governance rules in accordance with the declarations of
the Management Board of Mostostal Płock S.A. announced public on: January 8, 2008 (Report number
1/2008), March 20, 2008 (report announced together with the financial statements for 2007) and April 9, 2008
(Report number 9/2008).
General principles
The financial statements of Mostostal Płock S.A. have been prepared compliant to the provisions of the
Accounting Act and the ordinance of the Minister of Finance on current and interim information passed on by
issuers of securities, based on the assumption that the commercial activities of the Company will be
continued. As of the day of preparation of these following financial statements, there are no circumstances
that could cause threat of any kind to the Company's activities in the foreseeable future – that is, within 12
months from December 31, 2008.
The Company's job book for 2009 is complete in 60%. The offer inquiry conducted on the territory of Poland
results in Company’s participation in a number of tenders with a high probability of being granted
commission contracts for the years to come.
Continuity of the principles defined in the Accounting Act and the Corporate Chart of Accounts is maintained
upon valuing assets and liabilities.
I. Tangible fixed assets
a) Intangible assets and fixed assets are valued based on the purchase price, manufacturing price or a
reassessed value following a revaluation, decreased by the depreciation and amortization write-offs, as
well as asset impairment charges.
b) Established depreciation/amortization principles and rates based on the anticipated useful economic life
of given tangible asset.
•licenses, copyrights and computer software
33%-50%
•buildings and constructions
2,5%-12,5%
•technical equipment and machinery (excluding computer components) 10%-20%
•computer components
30%
•means of transport
7%-33%
•other fixed assets
10%-20%
c) Fixed assets and intangible assets, value of which does not exceed the value defined in the corporate
income tax regulations, for which the depreciation write-offs are considered as tax deductible expenses,
are depreciated and amortized in their full value upon their introduction into use.
d) Tangible assets with limited useful asset life (for example: office equipment, power tools, tools, etc.) with
low initial unit value are considered as materials and their value is entered as expenses upon their
introduction into use. Quantity records are taken for these assets.
e) Tangible assets under construction are valued as the total cost of their purchase or production and costs
directly related to their purchase or production, decreased by write-offs resulting from a permanent
impairment.
Pursuant to legal regulations, tangible assets are subject to reassessment based on the rates defined by
separate regulations. The final reassessment of tangible assets was conducted on January 1, 1995. The effect
of the aforementioned reassessment of fixed assets has been applied to the reserve capital from the
revaluation.
II. Long-term investments
Long-term financial assets which are a financial asset qualified as available for sale are valued based on their
fair value. Any changes in valuation are recognized on the revaluation reserve, taking the principles defined
by Art. 35, section 4 of the Accounting Act into account.
Shares in joint subsidiaries are valued based on the equity method.
III. Current assets
a) Receivables as of the balance sheet date are valued in the amount that requires payment taking the
statutory revaluation into account. The balance sheet presents the receivables in their gross values
decreased by the inventory revaluation write-offs which are determined individually, following an
analysis of debtor’s situation and the receivables overdue period. Short-term receivables include the total
amount of trade accounts receivable and the total amount or a part of other receivables not recognized as
fixed assets, which are due within 12 months from the balance sheet date.
b) Materials purchased for a direct use are not subject to fixed assets account. These materials include:
•milk, recovery soups, fuel purchased by the drivers at other gas stations, magazines and newspapers,
books and other normative acts, liquefied petroleum gas,
•entertainment allowance (gifts, coffee, confectionery and other),
•marketing and advertising expenses,
•awards in contests and other financial benefits from the Employee Benefit Fund,
•spare parts purchased directly for the sake of minor repairs and renovations,
•aid materials, not limited, of a low unit value, purchased for a direct use.
All costs borne for the aforementioned materials are credited as costs upon purchase.
c) For the sake of the revaluation of the standing and outgoings of current assets, the following are applied:
a.
fixed (sales) prices corrected by deviations leading to valuation equal to the manufacturing cost,
not exceeding potential net sale price.
b.
weighted average purchase price of materials, not exceeding potential net sale prices.
Purchase costs of materials are written-off in full for the accounting period during which these costs
were borne. The level of purchase costs will not cause any deviations to the financial result.
c.
manufacturing costs – not exceeding their net prices – for the work in progress.
Deviations mentioned in the item a) are balanced using the following formula:
deviations reflected in the opening balance of inventory plus
deviations that occurred during the calculation period
x 100 = %
inventory value at the beginning of the calculation period plus
the value of the revenue from the calculation period based on the fixed prices
The calculation period is the period to date from the beginning of the financial year.
d) Current tangible assets are valuated as of the balance sheet date as adjusted by evaluation write-offs from
the loss of their value.
e) Short-term financial assets include mainly bank deposits.
Bank deposits are presented according to their nominal value including interest receivable as for a given day.
f) Cash is valued based on the nominal value.
Cash includes:
-
cash in hand and at bank,
-
other cash equivalents (e.g. accrued interests on bank deposits).
g) Transactions completed in a foreign currency are recognized in account books at the buying or selling rate
of the Company’s bank, unless the customs clearance card determines a different rate. Assets and
liabilities expressed in a foreign currency are translated into PLN as of the balance sheet date at the Polish
National Bank’s daily exchange rate of a given currency. Realized foreign exchange differences that
occur between the posting day and the transaction settlement day and the foreign exchange rate
differences that occur as a result of balance sheet evaluation are recognized as financial costs or financial
revenues.
IV. Prepayments, accruals and deferred income
a) Prepayments include:
i.
long-term prepayments:
-
deferred income tax assets – established in relation to the occurrence of temporary differences
between the value of assets and liabilities disclosed in the accounting books and their fiscal
value and deductible tax loss,
-
other deferred prepayments and accruals, settlement of which is expected in more than 12
months.
ii.
short-term prepayments
Includes those prepayments, settlement of which is expected in less than 12 months:
-
annual write-off for the Company Employee Benefit Fund,
-
accrued income and expenses due to unfinished contracts on construction services,
b) Accruals shall include possible costs, whose amount or date of origin of the related debt are yet unknown.
c) Deferred income shall include:
-
payments for future services received by the Company,
-
accrued income and costs due to unfinished contracts on construction services,
V. Valuation of long-term contracts
a) Accrued income and costs due to unfinished contracts on construction services are settled pursuant to
provisions of the Accounting Act (art. 34a and 34c) in case of all executed contracts, regardless of their
term.
b) The leading method is a measurement using the “cost progress level” that calculates costs borne from the
day on which the contract was concluded to the day on which the income is calculated in total costs of the
delivery of the service according to the following formula:
actual costs
x 100 = %
actual costs + forecasted costs
in the budget costs necessary for the delivery
of all remaining works provided for by the contract
c) Should a credible estimation of the progress of works related to the agreement be not possible, the
production costs shall influence the retained profit from the period in which they were borne, and the
income is calculated only up to the amount of such of the borne costs, which will probably be paid in
future by the ordering party.
d) Regardless of the applied method of estimating the income, the entity’s profit is influenced by the
estimated losses related to the performance of the contracted service.
e) Collected, but unused materials are subject to stock-taking and moved to reserve of materials.
VI. Equity
a) Equity is valuated based on its nominal value.
b) Equity includes:
-
share capital (initial capital),
-
called up initial capital not paid (negative value),
-
supplementary capital,
-
revaluation reserve capital,
-
other reserve capitals,
-
retained profit (loss),
-
net profit (loss).
c) Share capital (initial capital) is formed by the shareholders’ payments for purchased shares.
d) Supplementary capital and reserve capitals are formed compliant to the provisions in force and the
Company's Articles of Association.
e) Revaluation capital includes:
-
official fixed assets revaluation capital,
-
fixed assets revaluation reserve,
-
capital from currency translation differences in the foreign branch.
The Company has prepared joint financial statements, which is a sum of the financial statements of the entity
and its Lithuanian branch, excluding:
a) mutual liabilities and obligations and other settlements of a similar nature,
b) revenues and costs from operations between the entity and its branch.
Data related to the balance of the branch given in the foreign currencies have been translated to PLN using the
PLN - LTL exchange rate of the Polish National Bank as of the balance sheet date (1.2084), and for the P&L
account the PLN - LTL exchange rate is an arithmetic mean of the average exchange rates of the National
Bank of Poland as of the last day of each trading month (1.0230) The difference from the translations in the
amount of PLN 82.001,98 has been disclosed in the joint financial statements of the entity as capital
components from revaluation presented as “Currency translation differences”.
VII. Provisions
a) Provisions are valuated at a reasonable, credibly evaluated value.
b) Provisions include:
-
provisions for deferred income tax,
-
provision for predictable charges,
-
provision due to unused leaves,
-
pension and related benefits provisions.
Employees of the Company have the right to leaves in accordance with the provisions of the Polish Labor
Code. The Company recognizes the cost of employee’s leaves in accordance with the general principles of
accrual accounting, using a liability method. Employee holiday leave liabilities are established based on the
difference between the actual number of employee’s leaves used and the number that would be proportional
to the passage of time.
According to the Company’s remuneration system, the employees have the right to receive retirement bonus
upon retiring and to receive seniority bonus. The Company creates provisions for retirement bonus, pension
and seniority bonus as calculated by an authorized actuary.
VIII. Liabilities
Liabilities are disclosed in the amount to be paid.
Receivables and liabilities that require costs related to debt collection, recording, potential postal and
telecommunication charges for the contact with debtors or creditors are written off as other costs or operating
revenue.
IX. Profit and loss account
Multiple-step variant has been applied in order to create a profit and loss account.
The financial result is determined based on the costs and revenues matching principle.
Revenues and costs defined based on the general principle of accrual accounting, that is, in periods to which
they refer to, regardless of the date of receiving or making a payment.
Profit on sales
Profit on sales is the difference between revenues and costs:
a) revenues from sales have been determined based on the net amounts invoiced to the recipients of the
invoices issued during the reporting period and revenues from the construction and assembly productions
set on the level of revenues from a given contract matching the level of progress.
b) costs include the costs of production the products that were sold together with the facility's own
construction and assembly work in progress at the cost of production, the value of materials sold and the
costs of general management and sales.
Gross profit
Gross profit disclosed in the profit and loss account includes:
-
profit on sales,
-
financial results from the remaining operating activities,
-
result on financial operations,
-
result on exceptional events operations.
Statutory gross profit encumbrances include the corporate income tax as adjusted by the deferred tax.
The corporate income tax has been calculated compliant to the provisions of the Act of February 15, 1992
(Dz. U. journal of laws, number 106, item 482, as amended). In 2008, the tax of 19% of the taxable basis was
charged.
Due to temporary differences between the value of assets disclosed in the accounting books and their tax
value, the entity creates a reserve and establishes deferred tax assets. Should the probability of clearing
revenue be little or should the estimated revenue be insufficient for the insufficient write-off, then the amount
of deferred tax assets for a given year shall be set in an amount that would not exceed the provision for
deferred income tax.
The cash flow statement is prepared using the indirect method.
X. Crediting and valuation of financial instruments
Financial assets
All investments that are financial instruments on the day of their purchase are disclosed in one of the
following categories: loans granted and own debts allotted for sales, marketable or held to maturity.
Two categories of financial assets have been present in the presented periods – loans granted and own debts,
as well as assets available for sale.
Loans granted and own debts include: all loans and liabilities that serve as financial instrument, compliant to
Art. 3, section 1, item 23 of the Act, resulting from the distribution of financial means, goods or services to
the other party, not marketable in a short period of time.
Financial assets available for sales shall include all financial assets that are not: loans granted and own debts,
financial assets held to maturity and financial assets or marketable financial assets. Assets available for sale
include, in particular, shares in other entities that are not joint subsidiaries that were not allotted for sale by
the Company in a short period of time.
Financial assets are deleted from the balance sheet only when the Company loses control over them as a result
of sale, expiration or execution of an asset.
Financial liabilities
Financial liabilities fall into one of the two following categories: derivative instruments, fair value of which is
lower than zero and obligation to deliver borrowed financial instruments in case of a short selling are
classified as marketable financial instruments; all other financial liabilities fall into the category of other
financial liabilities.
There was only one category of financial liabilities in the presented periods – other financial liabilities.
Financial liabilities are deleted from the balance sheet only when the liability expires as a result of
performance of obligation, its expiration or annulment.
Valuation of financial assets and liabilities
Loans granted and own debts, as well as other financial liabilities are valuated based on the fully depreciated
cost as adjusted by the effective interest rate.
In case of debts and liabilities due of short maturity, for which the discount effect is not significant, the
Company values them at the amount due. In case of short-term liabilities, the fact of a permanent loss of value
is considered; therefore, the value of receivables is revaluated taking the probability of their payment through
revaluation write-offs into consideration.
Financial assets available for sale are valuated according to their fair value.
XI. Estimates of the Company's Management Board
Drawing up of the financial statements requires the Company’s Management Board to perform certain
estimates and accept the principles which are reflected in the financial statements and explanatory notes
thereto. Actual results may be different than these estimates. These estimates relate to the created reserves,
prepayments and accruals, established depreciation rates and estimates relating to budgets and margins for the
executed contracts.
XII. Average PLN – EUR exchange rates in the reporting periods, with an indication of at least the
essential balance sheet items, profit and loss account items and cast flow statement items from the
financial statements and comparable financial information translated to Euro
Particular assets and liabilities items from the balance sheet and the cash flow statement have been
translated to Euro at the Polish National Bank's average daily exchange rate of December 31, 2008 that is
1€ = PLN 4.1724.
Profit and loss account items have been translated to Euro at the arithmetic mean of the Polish National
Bank's average exchange rates: 1€ = PLN 3.5321.
31.01.2008
exchange rate 3,6260
29.02.2008
exchange rate 3,5204
31.03.2008
exchange rate 3,5258
30.04.2008
exchange rate 3,4604
30.05.2008
exchange rate 3,3788
30.06.2008
exchange rate 3,3542
31.07.2008
exchange rate 3,2026 (lowest EURO exchange rate)
29.08.2008
exchange rate 3,3460
30.09.2008
exchange rate 3,4083
31.10.2008
exchange rate 3,6330
28.11.2008
exchange rate 3,7572
31.12.2008
exchange rate 4,1724 (highest EURO exchange rate)
Particular assets and liabilities items from the balance sheet and the cash flow statement have been
translated to Euro at the Polish National Bank's average daily exchange rate of December 31, 2007 that is
1€ = PLN 3.5820.
Profit and loss account’s items have been translated to Euro at the arithmetic mean of the Polish National
Bank's average exchange rates: 1€ = PLN 3.7768.
31.01.2007
exchange rate 3,9320 (highest EURO exchange rate)
28.02.2007
exchange rate 3,9175
30.03.2007
exchange rate 3,8695
30.04.2007
exchange rate 3,7879
31.05.2007
exchange rate 3,8190
29.06.2007
exchange rate 3,7658
31.07.2007
exchange rate 3,7900
31.08.2007
exchange rate 3,8230
28.09.2007
exchange rate 3,7775
31.10.2007
exchange rate 3,6306
30.11.2007
exchange rate 3,6267
31.12.2007
exchange rate 3,5820 (lowest EURO exchange rate)
Selected financial data from the current period and comparable periods translated based on the
aforementioned exchange rates (in thousands):
As of:
currency
Przychody netto ze
Net income from sales
sprzedaży produktów,
of products, goods and
towarów i materiałów
Zysk (strata) z działalności
materials
Profit (loss) from
operacyjnej
Zysk (strata) brutto
Zysk (strata) netto
Przepływy pieniężne netto
operating activities
Gross profit (loss)
Net profit (loss)
Net cash flows from
z działalności operacyjnej
Przepływy pieniężne netto
operating activity
Net cash flows on
z działalności
investments
inwestycyjnej
Przepływy pieniężne netto
Net financial cash flow
z działalności finansowej
Przepływy pieniężne netto
Total net cash flow
razem
Aktywa razem
Zobowiązania i rezerwy na
Total assets
Liabilities and provisions
zobowiązania
Zobowiązania
for liabilities
Long-term liabilities
długoterminowe
Zobowiązania
Short-term liabilities
krótkoterminowe
Kapitał własny
Kapitał zakładowy
Zysk strata na jedną akcję
Equity
Share capital
Profit (loss) per ordinary
zwykłą
Wartość księgowa na
share
Book value per share
jedną akcję
2008-12-31
2007-12-31
in thousands
in thousands
in thousands
in thousands
PLN
EUR
PLN
EUR
184 279
52 173
124 071
32 851
20 728
5 868
13 293
3 520
22 157
14 021
6 273
3 970
14 225
13 489
3 766
3 572
11 405
2 733
16 216
4 527
-4 364
-1 046
-2 965
-828
-10 192
-2 443
-1 500
-419
-3 151
-755
11 751
3 281
94 093
22 551
80 072
22 354
37 130
8 899
25 479
7 113
4 887
1 171
27 225
6 525
19 726
5 507
56 963
20 000
13 652
4 793
54 593
20 000
15 241
5 583
7,01
1,98
6,74
1,78
28,48
6,83
27,30
7,62
XIII. Identification and description of differences between the scope of applied accounting principles
for the sake of preparation of the financial statements compliant to the provisions of the Accounting
Act and the principles of the International Financial Reporting Standards (IFRS)
The Company is not a parent company within the meaning of the Accounting Act (Centromost Stocznia
Rzeczna w Płocku Sp. z o.o. is a joint subsidiary and a commercial law partnership), thus it has no obligation
to prepare consolidated financial statements in accordance with the International Financial Reporting
Standards approved by the EU. The Company has not prepared individual financial statements in accordance
with the International Financial Reporting Standards that were approved by the EU. Thus, the Company has
not and was unable to define a date of transition to the International Financial Reporting Standards (so-called
“transition date”) resulting from the application of IFRS 1 The first application of IFRS (“IFRS 1”).
Transition date to IFRS as the basics of the accounting principles determines the inclusion of assets and
liabilities in the first financial statements prepared pursuant to IFRS and it defines IFRS standards that are
applied upon the preparation of such statement.
The Company is a part of the Mostostal Warszawa S.A. Capital Group, which has prepared first consolidated
financial statements pursuant to the International Accounting Standards, International Financial Reporting
Standards and the interpretation thereto in the form of the European Commission’s regulations for the year
which ended on December 31, 2005. Considering this fact, the Company prepared a reconciliation note for
the financial information presented in the financial statements, and the information that would be prepared
pursuant to IFRS, had the Company applied the principles of IFRS 1 and accepted the same date of transition
to IFRS as its parent Company – Mostostal Warszawa S.A. (compliant to the provisions of IFRS 1, item 24).
The following note that aims at indentifying and explaining the main differences in the disclosed values
regarding the share capital (net assets) and the net financial result between the Polish principles of accounting
and IFRS has been prepared based on the IFRS in force as of December 31, 2007 with the assumption of
adapting to IFRS on the same day as the mother company, that is on January 1, 2004.
IFRS 1, which has to be applied by all companies adapting to IFRS, requires all units that previously failed to
include a clear and unconditional note on their compatibility with the principles of IFRS in their financial
reports, to be considered as units that apply IFRS for the first time. Compliant to the requirements of IFRS 1,
the Company agrees to apply the same accounting principles, effective as of the balance sheet date, when
preparing an opening balance pursuant to IFRS for all reporting periods included in its first financial
statements prepared compliant to the IFRS. Upon the establishing of the opening balance, IFRS 1 provides a
number of waiver categories. For the sake of the preparation of the following reconciliation note, the
Company applied the following waivers:
−
tangible assets, intangible assets and commercial real properties have been valuated as of the day of
transition to IFRS at their fair values being their anticipated cost as of the same day. It mostly
concerns the right to perpetual usufruct of a land acquired free of charge that has not been included in
the financial statements pursuant to the Polish Accounting Principles, as the Company was unable to
establish its purchase price;
−
merging of business entities that occurred prior to the amendment to the Accounting Act shall not be
transformed again pursuant to IFRS 3.
In the future, upon the preparation of the first financial statements pursuant to IFRS, the Company may
choose another date of transition to IFRS than the current date of application by the capital group. As a
consequence, the financial information compliant to IFRS, which may be included in the first financial report
pursuant to IFRS prepared by the Company in the future, may differ from the financial data compliant to
IFRS, which have been disclosed in the following reconciliation note.
The International Accounting Standards Committee (IASC) introduced a number of changes to the accounting
principles in force and issued new standards in 2008. Works on amending present standards and issuing new
ones are in progress. What is more, these standards are to be approved by the EU. Therefore, there is a
possibility that the standards pursuant to which the Company shall prepare its first financial statements
pursuant to IFRS (that may include information for 2005, 2006, 2007 and 2008) will differ from the standards
applied upon preparing the following reconciliation note on the differences between the IFRS and the Polish
accounting principles.
Moreover, only the complete financial statements that include balance sheet, profit and loss account, changes
in equity and the cash flow statement together with comparable data and reconciliation notes may reflect a
full and credible picture of the Company's financial results, operational results and flow of cash compliant to
the IFRS.
The following note presents the reconciliation of disparities between the reported value of equity (net assets)
and net financial results pursuant to the provisions of §7, paragraph 1 of the ordinance of the Council of
Ministers of October 18, 2005 on the scope of information disclosed in financial statements and consolidated
financial statements required in the issuing prospectus for issuers with their seat within the territory of the
Republic of Poland, who are subject to the Polish accounting principles (Dz. U. journal of laws, number 209,
item 1743).
in thousands PLN
Balance sheet /
Pozycja
profit and loss
bilansu/rachunku
account item
zysków i strat
Equity (net assets)
Kapitał własny
according to the
(aktywa netto)
Accounting Act
według ustawy o
Net profit (loss) )
rachunkowości
Zysk / (strata) netto
according to the
według ustawy o
Accounting Act
Valuation of fixed
rachunkowości
Wycena środków
assets –
trwałych - ustalenie
determination of
zakładanego kosztu
deferred tax expense
(uwzględniając
(taking into account
wpływ na aktywa/
the impact on assets
(rezerwę) z tyt.
(provisions)
Valuation of long-
podatku odroczonego
Wycena należności i
term receivables and
zobowiązań
liabilities (taking into
długoterminowych
account the impact
(uwzględniając
on assets
wpływ na aktywa/
(provisions) due to
(rezerwę) z tyt.
deferred tax
Valuation of shares
podatku odroczonego
Wycena w
in the joint
jednostkowym
subsidiary using the
sprawozdaniu
equity method in a
udziałów w jednostce
December 31,
December 31,
12 months
12 months
2008
2007
ending on
ending on
December 31,
December 31,
2008
2007
56 963
54 593
14 021
13 489
(a)
5 091
5 620
-529
-508
(b)
-1
165
-85
-94
(c)
-64
-3 411
3 347
-2 159
standalone financial
współzależnej
statements
metodą praw
Equity (net assets)
własności
Kapitał własny
according to IFRS
(aktywa netto)
Net profit (loss)
według MSSF
Zysk / (strata) netto
according to IFRS
według MSSF
61 989
56 967
16 754
10 728
a) Tangible fixed assets
Tangible fixed assets owned by the Company consist of over three thousand items. Particular groups include
new assets and those that were owned by the Company before January 1, 1995, that is the day of the official
reassessment of tangible assets.
Pursuant to IFRS 1, in order to define the fair value, which may be considered as an estimated cost as of the
transition day to IFRS, the Company has performed the identification of fixed assets, which are subject to the
cost estimation for the purposes of IFRS, that is, purchased during the hyperinflation period (prior to January
1, 1997). As a result of it, the valuation of the real properties in Company’s possession has been conducted
(buildings and constructions – group 1 and group 2). As of January 1, 2004, the total value of the Company's
assets, according to the valuation, was PLN 8,459,000.00, comparing to PLN 1,201,000.00 of the former
balance sheet value. Moreover, the valuation aiming at defining the estimated cost of fixed assets from groups
3 to 9 as of the day of transition to IFRS has been conducted. This caused an increase in value of the
Company’s assets by PLN 2,336,000.00. The above table shows the impact of equity adjustment and net
profit/loss (adjustment (a)).
b) Long-term receivables and liabilities
Pursuant to the ISFR, long-term deposits are valued based on the depreciated cost using the effective ratio.
Such valuation would cause changes in the equity and net profit/loss presented in the table (adjustment (b)).
c) Valuation of shares in the joint subsidiary using the equity method in a standalone financial
statements
Pursuant to the International Accounting Standards 28, the valuation of shares in the joint subsidiary using the
equity method in standalone financial statements must not be performed. Revoking this valuation would cause
a change in equity and net profit/loss presented in the table (adjustment (c)).
d) Hyperinflation adjustment of the equity
Pursuant to the International Accounting Standards 29, components of the equity, apart from the retained
earnings, should be subject to inflation adjustment. The only component of the equity of Mostostal Płock S.A.
that would be subject to the aforementioned adjustment is the share capital, value of which in the period of
1993 – 1996 amounted to PLN 1,056,000.00. The adjustment of share capital in the amount of PLN
1,839,000.00 in correspondence with the profits from the previous years would increase the share capital to
PLN 2,895,000.00. This adjustment has no influence on the Company’s equity.
e) Presentation of particular items from the financial statements, pursuant to the Polish accounting principles
and IFRS may differ. Discrepancies in the presentation shall not influence the equity and net financial
result of the Company.
f) Scope of the additional information
Components of each financial statements item, as well as the scope of the additional information to the
financial statements pursuant to the Polish accounting principles and IFRS may differ significantly.
SA-R 2008 ANNUAL REPORT
BILANS / BALANCE SHEET
Notes
AKTYWA
1. Aktywa trwałe
1. Wartości niematerialne i prawne, w
ASSETS
1. Fixed assets
1. Intangible assets, including:
tym:
2. Rzeczowe aktywa trwale
3. Inwestycje długoterminowe
3.1. Długoterminowe aktywa finansowe
a) w jednostkach powiązanych, w tym:
- udziały lub akcje w jednostkach
2. Tangible assets
3. Long-term investments
3.1. Long-term financial assets
a) in affiliated entities, including:
- shares in subordinate entities valued using
podporządkowanych wyceniane metodą
the equity method
praw własności
b) w pozostałych jednostkach
b) in other entities
1
2
3
2008
in thousands PLN
2007
23 540
982
19 195
25
13 456
5 570
5 570
864
864
6 141
10 877
10 877
4 211
4 211
4 706
6 666
4. Długoterminowe rozliczenia
4. Long-term prepayments and accruals
międzyokresowe
4.1. Aktywa z tytułu odroczonego podatku
4.1. Deferred tax assets
dochodowego
II. Aktywa obrotowe
1. Zapasy
2. Należności krótkoterminowe
2.1. Od jednostek powiązanych
2.2. Od pozostałych jednostek
3. Inwestycje krótkoterminowe
3.1. Krótkoterminowe aktywa finansowe
a)środki pieniężne i inne aktywa
II. Current assets
1. Inventory
2. Short-term receivables
2.1. From affiliated entities
2.2. From other entities
3. Short-term investments
3.1 Short-term financial assets
a) cash and other monetary assets
pieniężne
4. Krótkoterminowe rozliczenia
4. Short-term prepayments and accruals
międzyokresowe
Aktywa razem
PASYWA
I. Kapitał własny
1. Kapitał zakładowy
2. Kapitał zapasowy
3. Kapitał z aktualizacji wyceny
4. Pozostałe kapitały rezerwowe
5. Zysk (strata) netto
II. Zobowiązania i rezerwy na
Total assets
LIABILITIES
I. Equity
1. Share capital
2. Supplementary capital
3. Revaluation reserve
4. Other reserve capitals
5. Net profit (loss)
II. Liabilities and provisions for liabilities
zobowiązania
1. Rezerwy na zobowiązania
1.1. Rezerwa z tytułu odroczonego
1. Provisions for liabilities
1.1 Provisions for deferred income tax
podatku dochodowego
1.2. Rezerwa na świadczenia emerytalne
1.2. Provision for retirement and similar
i podobne
a) długoterminowa
b) krótkoterminowa
2. Zobowiązania długoterminowe
2.1 Wobec pozostałych jednostek
3. Zobowiązania krótkoterminowe
3.1. Wobec jednostek powiązanych
3.2. Wobec pozostałych jednostek
3.3. Fundusze specjalne
4. Rozliczenia międzyokresowe
4.1. Inne rozliczenia międzyokresowe
a) krótkoterminowe
Pasywa razem
benefits
a) long-term
b) short-term
2. Long-term liabilities
2.1. Towards other entities
3. Short-term liabilities
3.1. Towards affiliated entities
3.2. Towards other entities
3.3. Special funds
4, Prepayments and accruals
4.1. Other prepayments and accruals
a) short-term
Total liabilities
Wartość księgowa
Liczba akcji (w szt.)
Wartość księgowa na jedną akcję (w zł)
Book value
Number of shares (pcs.)
Book value per share (in PLN)
4
5
6
7
8
9
10
11
12
13
3 532
2 152
3 532
2 152
70 553
6 477
35 243
61
35 182
15 717
15 717
15 717
60 877
3 920
33 433
107
33 326
18 868
18 868
18 868
13 116
4 656
94 093
80 072
56 963
20 000
12 840
3 118
6 984
14 021
37 130
54 593
20 000
12 828
4 781
3 495
13 489
25 479
4 760
3 238
2 890
1 853
1 522
1 037
622
900
4 887
4 887
27 225
652
26 550
23
258
258
258
94 093
565
472
I 9 726
2 599
17 103
24
2 863
2 863
2 863
80 072
56 963
2 000 000
28,48
54 593
2 000 000
27,30
14
15
16
17
18
POZYCJE POZABILANSOWE / OFF-BALANCE SHEET ITEMS
Notes
2008
in thousands PLN
2007
1. Należności warunkowe
1. Contingent receivables
9 629
8 127
1.1. Od pozostałych jednostek (z tytułu)
1.1. From other entities (due to)
9 629
8 127
- otrzymanych gwarancji i poręczeń
- received guarantees and warranties
2 668
1 325
- weksli
- bills of exchange
814
655
6 147
6 147
- należności z tytułu pozwów sądowych
- receivables due to lawsuits
2. Zobowiązania warunkowe
2. Contingent liabilities
20 065
10 097
2.1. Na rzecz pozostałych jednostek (z
2.1. For other entities (due to)
20 065
10 097
tytułu)
- udzielonych gwarancji i poręczeń
- received guarantees and warranties
16 686
7 681
- weksli
- bills of exchange
3 379
2416
Pozycje pozabilansowe,
Total off-balance sheet
29 694
18 224
razem
items
RACHUNEK ZYSKÓW I STRAT / PROFIT AND LOSS ACCOUNT
Notes
1. Przychody netto ze sprzedaży
1. Net revenue from sales of products, goods
produktów, towarów i materiałów, w tym:
and materials, including:
2007
in thousands PLN
2008
184 279
124 071
- od jednostek powiązanych
1. Przychody netto ze sprzedaży
- from affiliated entities
1. Net revenue from sales of products
19
3 923
183 978
1 220
123 868
produktów
2. Przychody netto ze sprzedaży towarów
2. Net revenue from sales of goods and
20
301
203
i materiałów
II. Koszty sprzedanych produktów,
materials
II. Cost of products, goods and materials
156 061
104 739
towarów i materiałów, w tym:
- jednostkom powiązanym
1. Koszt wytworzenia sprzedanych
sold, including:
- to affiliated entities
1. Manufacturing cost of products sold
1 469
155 785
697
104 556
produktów
2. Wartość sprzedanych towarów i
2. Value of goods and materials sold
276
183
materiałów
III. Zysk (strata) brutto ze sprzedaży
IV. Koszty ogólnego zarządu
V. Zysk (strata) ze sprzedaży
VI. Pozostałe przychody operacyjne
1. Zysk ze zbycia niefinansowych
III. Gross profit (loss) on sales
IV. General administration costs
V. Profit (loss) on sales
VI. Remaining operating revenue
1. Revenue on sale of non-financial fixed
28 218
6 905
21 313
395
75
19 332
5 459
13 873
660
18
aktywów trwałych
2. Inne przychody operacyjne
VII. Pozostałe koszty operacyjne
1. Aktualizacja wartości aktywów
assets
2. Other operating revenue
VII. Remaining operating expenses
1. Revaluation of non-financial assets
22
320
980
208
642
1 240
386
niefinansowych
2. Inne koszty operacyjne
VIII. Zysk (strata) z działalności
2. Other operating expenses
VIII. Profit (loss) from operating activities
23
772
20 728
854
13 293
operacyjnej
IX. Przychody finansowe
1. Odsetki, w tym:
2. Inne
X. Koszty finansowe
1. Odsetki w tym:
2. Inne
XI. Zysk (strata) z działalności
IX. Financial revenue
1. Interest, including:
2. Other
X. Financial expenses
1. Interest, including:
2. Other
XI. Profit (loss) on ordinary activities
24
1 512
793
719
83
83
22 157
938
767
171
6
0
6
14 225
gospodarczej
XII. Zysk (strata) brutto
XIII. Podatek dochodowy
a) część bieżąca
b) część odroczona
XIV. Udział w zyskach (stratach) netto
XII. Gross profit (loss)
XIII. Income tax
a) current portion
b) deferred portion
XIV. Share in net profits (losses) of
22 157
4 789
4 412
377
-3 347
14 225
2 895
3 407
-512
2 159
jednostek podporządkowanych
subordinate entities valued using the equity
wycenianych metodą praw własności
XV. Zysk (strata) netto
method
XV. Net profit (loss)
14 021
13 489
Zysk (strata) netto (zanualizowany)
Średnia ważona liczba akcji zwykłych (w
(Annualized) net profit (loss)
Weighted average number of ordinary shares
szt.)
Zysk (strata) na jedną akcję zwykłą (w zł)
(pcs.)
Profit (loss) per ordinary share (in PLN)
21
21
25
26
14 021
13 489
2 000 000
2 000 000
7,01
6,74
28
ZESTAWIENIE ZMIAN W KAPITALE WŁASNYM / STATEMENT OF CHANGES IN EQUITY
in thousands PLN
2008
2007
1. Kapitał własny na początek okresu (BO)
l.a. Kapitał własny na początek okresu (BO),
I. Equity at the beginning of the reporting period
I.a. Equity at the beginning of the reporting period
54 593
54 593
42 326
42 326
po uzgodnieniu do danych porównywalnych
1. Kapitał zakładowy na początek okresu
after reconciliation to comparable data
1. Share capital at the beginning of the reporting
20 000
20 000
1.1. Kapitał zakładowy na koniec okresu
2. Kapitał zapasowy na początek okresu
period
1.1. Share capital at the end of the reporting period
2. Supplementary capital at the beginning of the
20 000
12 828
20 000
12 798
2.1. Zmiany kapitału zapasowego
a) zwiększenia (z tytułu)
- z podziału zysku (ustawowo)
- ze sprzedaży i likwidacji środków trwałych
b) zmniejszenia (z tytułu)
- uchylenie uchwały o podziale zysku za 2000
reporting period
2.1. Changes in supplementary capital
a) increase (due to)
- profit distribution (statutory)
- sale and liquidation of fixed assets
b) decrease (due to)
- repealing resolution on profit distribution for 2000
12
12
30
4 570
4 540
30
4 540
4 540
rok
2.2. Kapitał zapasowy na koniec okresu
2.2. Supplementary capital at the end of the
3. Kapitał z aktualizacji wyceny na początek
reporting period
3. Revaluation reserve at the beginning of the
okresu
3.1. Zmiany kapitału z aktualizacji wyceny
a) zwiększenia (z tytułu)
- aktualizacji aktywów finansowych
- różnice kursowe z przeliczenia
reporting period
3.1. Changes in revaluation reserve
a) increase (due to)
- revaluation of financial assets
- currency translation difference
12
12 840
12 828
4 781
4 533
-1 663
248
296
296
b) zmniejszenia (z tytułu)
- zbycia środków trwałych
- różnice kursowe z przeliczenia
- aktualizacji aktywów finansowych
3.2. Kapitał z aktualizacji wyceny na koniec
b) decrease (due to)
- sale of fixed assets
- currency translation difference
- revaluation of financial assets
3.2. Revaluation reserve at the end of the reporting
1 663
12
64
l 587
3 118
48
30
18
4 781
okresu
4. Pozostałe kapitały rezerwowe na początek
period
4. Other reserve capitals at the beginning of the
3 495
1 575
okresu
4.1. Zmiany pozostałych kapitałów
reporting period
4.1. Changes in other reserve capitals
3 489
1 920
rezerwowych
a) zwiększenia (z tytułu)
- z podziału zysku
4.2. Pozostałe kapitały rezerwowe na koniec
a) increase (due to)
- profit distribution
4.2. Other reserve capitals at the end of the
3 489
3 489
6 984
1 920
1 920
3 495
okresu
5. Zysk (strata) z lat ubiegłych na początek
reporting period
5. Retained profit (loss) at the beginning of the
13 489
3 420
okresu
5.1. Zysk z lat ubiegłych na początek okresu
reporting period
5.1. Retained profit at the beginning of the
13 489
3 420
5.2. Strata z lat ubiegłych na początek
reporting period
5.2. Retained profit at the beginning of the
13 489
3 420
okresu, po uzgodnieniu do danych
reporting period after reconciliation to comparable
porównywalnych
a) zwiększenia (z tytułu)
- uchylenie uchwały o podziale zysku za 2000
data
a) increase (due to)
- repealing resolution on profit distribution for 2000
rok
b) zmniejszenia (z tytułu)
- przeniesienia na kapitał rezerwowy
- przeniesienia na kapitał zapasowy
- wypłata dywidendy
6. Wynik netto
a) zysk netto
b)) wynik Spółki wycenianej metodą praw
b) decrease (due to)
- shifts to reserve capital
- shifts to supplementary capital
- dividend payment
6. Net result
a) net profit
b) results of the Company valued using the equity
własności
II. Kapitał własny na koniec okresu (BZ)
III. Kapitał własny, po uwzględnieniu
method
II. Equity at the end of the reporting period
III. Equity adjusted by the proposed distribution of
proponowanego podziału zysku (pokrycia
profit (coverage of loss)
4 540
4 540
13 489
3 489
10 000
14 021
17 368
-3 347
7 960
1 920
4 540
1 500
13 489
11 330
2 159
56 963
49 963
54 593
50 593
straty)
RACHUNEK PRZEPŁYWÓW PIENIĘŻNYCH / CASH FLOW STATEMENT
in thousands PLN
2008
A. Przepływy środków pieniężnych z
A. Cash flows from operating activities
działalności operacyjnej
I. Zysk (strata) netto
II. Korekty razem
1. Udział w (zyskach) stratach netto
I. Net profit (loss)
II. Total adjustments
1. Share in net profits (losses) of subordinate entities
jednostek podporządkowanych
valued using the equity method
wycenianych metodą praw własności
2. Amortyzacja
3. (Zyski) straty z tytułu różnic kursowych
4. Odsetki i udziały w zyskach (dywidendy)
5. (Zysk) strata z działalności inwestycyjnej
6. Zmiana stanu rezerw
7. Zmiana stanu zapasów
8. Zmiana stanu należności
9. Zmiana stanu zobowiązań
2. Depreciation/amortization
3. Profit (loss) from currency translation differences
4. Interest and share in profit (dividends)
5. (Profit) loss on investments
6. Change in the balance of provisions
7. Change in the balance of inventory
8. Change in the balance of receivables
9. Change in short-term liabilities, excluding loans and
krótkoterminowych, z wyjątkiem pożyczek i
credit facilities
kredytów
10. Zmiana stanu rozliczeń
10. Change in prepayments and accruals
międzyokresowych
11. Inne korekty
III. Przepływy pieniężne netto z działalności
11. Other adjustments
III, Net cash flows from operating activities (I+/-II) –
operacyjnej (I+/-II) - metoda pośrednia
B. Przepływy środków pieniężnych z
indirect method
B. Net cash flows from investment activities
działalności inwestycyjnej
I. Wpływy
1. Zbycie wartości niematerialnych i
I. Inflows
1. Disposal of intangible assets and tangible fixed
prawnych oraz rzeczowych aktywów
assets
trwałych
II. Wydatki
1. Nabycie wartości niematerialnych i
II. Outflows
1. Acquisition of intangible assets and tangible fixed
prawnych oraz rzeczowych aktywów
assets
trwałych
2007
14 021
-2 616
3 347
13 489
2 727
-2 159
1 616
-64
59
-75
1 870
-2 557
-1 810
7 071
1 173
-18
150
-18
-31
2 055
-2 878
3 058
-12 445
1 465
372
11 405
-70
16 216
73
73
41
41
4 4 37
4 437
3 006
3 006
III. Przepływy pieniężne netto z działalności
III. Net cash flows from investment activities (I-II)
inwestycyjnej (I-II)
C. Przepływy środków pieniężnych z
-4 364
-2 965
C. Net cash flows from financial activities
działalności finansowej
I. Wydatki
1. Dywidendy i inne wypłaty na rzecz
I. Outflows
1. Dividends and other payments to owners
10 192
10000
1 500
1 500
właścicieli
2. Płatności zobowiązań z tytułu umów
2. Payment of liabilities due to financial lease
133
leasingu finansowego
3. Odsetki
II. Przepływy pieniężne netto z działalności
agreements
3. Interest
II. Net cash flows from financial activities (I-II)
59
-10 192
-1 500
finansowej (I-II)
D. Przepływy pieniężne netto, razem (A.III
D. Total net cash flows (A.III+/B.III+/C.III)
-3 151
11 751
+/-B.III+/-C.III)
E. Bilansowa zmiana stanu środków
E. Balance sheet change in cash, including:
-3 151
11 751
pieniężnych, w tym:
F. Środki pieniężne na początek okresu
F. Cash balance at the beginning of the reporting
18 868
7 117
G. Środki pieniężne na koniec okresu (F+/-
period
G. Cash balance at the end of the reporting period (F
15 717
18 868
D), w tym:
- o ograniczonej możliwości dysponowania
+/-D), including:
- restricted cash
8
5