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CONSOLIDATED FINANCIAL STATEMENTS of the CIECH Group for 2020

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CONSOLIDATED FINANCIAL STATEMENTS of the CIECH Group for 2020 CONSOLIDATED FINANCIAL STATEMENTS of the CIECH Group for 2020 We are providing a courtesy English translation of our audited financial statements which were originally written in Polish. We take no responsibility for the accuracy of our translation. For an accurate reading of our audited financial statements, please refer to the Polish language version of our audited financial statements. CONSOLIDATED FINANCIAL STATEMENTS OF THE CIECH GROUP FOR 2020 (in PLN ‘000) The CIECH Group – SELECTED FINANCIAL DATA in thousand PLN in thousand EUR SELECTED FINANCIAL DATA 12 months 12 months 12 months 12 months ended ended ended ended 31.12.2020 31.12.2019 31.12.2020 31.12.2019 Sales revenues on continued operations 2,975,733 3,241,862 665,087 753,606 Operating profit/(loss) on continued operations 249,968 253,476 55,869 58,923 Profit/(loss) before tax on continued operations 188,133 170,649 42,048 39,669 Net profit / (loss) for the period 128,030 109,081 28,615 25,357 Net profit/(loss) attributable to shareholders of the parent 129,277 110,359 28,894 25,654 company Net profit/(loss) attributed to non-controlling interest (1,247) (1,278) (279) (297) Other comprehensive income net of tax 13,702 (8,673) 3,062 (2,016) Total comprehensive income 141,732 100,408 31,677 23,341 Cash flows from operating activities 767,186 535,433 171,469 124,467 Cash flows from investment activities (833,999) (410,912) (186,402) (95,521) Cash flows from financial activities 211,697 (17,172) 47,315 (3,992) Total net cash flows 144,884 107,349 32,382 24,954 Earnings (loss) per ordinary share (in PLN/EUR) 2.45 2.09 0.55 0.49 as at as at as at as at 31.12.2020 31.12.2019 31.12.2020 31.12.2019 Total assets 5,707,733 5,046,545 1,236,832 1,185,053 Non-current liabilities 401,146 1,970,287 86,926 462,672 Current liabilities 3,188,049 1,099,479 690,831 258,185 Total equity 2,118,538 1,976,779 459,075 464,196 Equity attributable to shareholders of the parent 2,120,615 1,977,796 459,525 464,435 Non-controlling interest (2,077) (1,017) (450) (239) Share capital 287,614 287,614 62,324 67,539 The above selected financial data were converted into PLN in accordance with the following principles: • items in the consolidated statement of financial position were converted using the average exchange rate determined by the National Bank of Poland on the last day of the reporting period; • items in the consolidated statement of profit or loss, consolidated statement of other comprehensive income and consolidated statement of cash flows were converted using the exchange rate constituting the arithmetic mean of rates determined by the National Bank of Poland on the last day of each calendar month of the reporting period. 12 months 12 months as at 31.12.2020 as at 31.12.2019 ended 31.12.2020 ended 31.12.2019 EUR 1 = PLN 4.6148 EUR 1 = PLN 4.2585 EUR 1 = PLN 4.4742 EUR 1 = PLN 4.3018 2 CONSOLIDATED FINANCIAL STATEMENTS OF THE CIECH GROUP FOR 2020 (in PLN ‘000) TABLE OF CONTENTS CONSOLIDATED STATEMENT OF PROFIT OR LOSS OF THE CIECH GROUP .................................................................................................. 5 CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME OF THE CIECH GROUP ....................................................................... 6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF THE CIECH GROUP ........................................................................................... 7 CONSOLIDATED STATEMENT OF CASH FLOWS OF THE CIECH GROUP ....................................................................................................... 8 STATEMENT OF CHANGES IN CONSOLIDATED EQUITY OF THE CIECH GROUP ........................................................................................... 9 1. GENERAL INFORMATION .............................................................................................................................................................. 10 1.1. INFORMATION ON THE COMPANY’S ACTIVITIES .......................................................................................................................... 10 1.2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS AND ACCOUNTING PRINCIPLES ........................................................... 11 1.2.1. REPRESENTATION BY THE MANAGEMENT BOARD ....................................................................................................................... 11 1.2.2. BASIS OF PREPARATION .............................................................................................................................................................. 11 1.3. FUNCTIONAL AND REPORTING CURRENCY .................................................................................................................................. 11 1.4. ACCOUNTING POLICIES ............................................................................................................................................................... 12 1.5. CHANGES IN ACCOUNTING POLICIES AND THE SCOPE OF DISCLOSURES ....................................................................................... 13 1.5.1. ADJUSTMENT OF PRIOR PERIOD ERRORS .................................................................................................................................... 14 2. SEGMENT REPORTING ................................................................................................................................................................. 17 3. NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME ...................................................................................................................................................................................... 25 3.1. SALES REVENUES......................................................................................................................................................................... 25 3.2. COST OF SALES ............................................................................................................................................................................ 26 3.3. COSTS BY TYPE ............................................................................................................................................................................ 26 3.4. OTHER OPERATING INCOME AND EXPENSES ............................................................................................................................... 27 3.4.1. DETAILED INFORMATION ON SIGNIFICANT IMPAIRMENT LOSSES ................................................................................................ 30 3.5. FINANCIAL INCOME AND EXPENSES ............................................................................................................................................ 31 3.6. COMPONENTS OF OTHER COMPREHENSIVE INCOME .................................................................................................................. 32 4. INCOME TAX, DEFERRED TAX ASSETS AND LIABILITY ................................................................................................................... 33 4.1. MAIN COMPONENTS OF TAX EXPENSE ........................................................................................................................................ 33 4.2. EFFECTIVE TAX RATE ................................................................................................................................................................... 33 4.3. DEFERRED INCOME TAX .............................................................................................................................................................. 34 5. NOTES TO ASSETS REPORTED IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION ........................................................ 38 5.1. PROPERTY, PLANT AND EQUIPMENT ........................................................................................................................................... 38 5.2. RIGHT-OF-USE ASSETS ................................................................................................................................................................. 41 5.3. INTANGIBLE ASSETS .................................................................................................................................................................... 43 5.4. GOODWILL IMPAIRMENT TESTING .............................................................................................................................................. 47 5.5. INVESTMENT PROPERTIES ........................................................................................................................................................... 48 5.6. LONG-TERM RECEIVABLES ........................................................................................................................................................... 49 5.7. LONG-TERM FINANCIAL ASSETS .................................................................................................................................................. 50 5.8. SHARES IN JOINT VENTURES / INVESTMENTS IN ASSOCIATES ...................................................................................................... 50 5.9. INVENTORIES .............................................................................................................................................................................. 50 5.10. SHORT-TERM RECEIVABLES ........................................................................................................................................................
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