CONSOLIDATED FINANCIAL STATEMENT of the CAPITAL GROUP URSUS for the I Half of 2018
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP URSUS for the I half of 2018 (for the period from 1 January 2018 till 30 June 2018) Lublin, the 1st October 201 8 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP URSUS for the I half of 2018 INDEX INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ...... 3 CONDENSED CONSOLIDATED INTERIM REPORT ON FINANCIAL SITUATION …………….5 INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT ................................. 5 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY……………7 ADDITIONAL EXPLANATORY NOTES ............................................................................. 7 1. GENERAL INFORMATION ..................................................................................... 7 4. DECLARATION OF CONFORMITY ........................................................................ 13 5. MEASUREMENT CURRENCY AND THE CURRENCY OF FINANCIAL STATEMENTS .. 13 6. VOLUNTARY CHANGE IN THE ACCOUNTING PRINCIPLES ................................... 13 7. CHANGES IN ACCOUNTING ESTIMATES, ERROR CORRECTION .......................... 15 8. TRANSLATION OF ITEMS STATED IN FOREIGN CURRENCIES ............................. 15 9. SEGMENT INFORMATION ................................................................................... 16 10. REVENUE AND COSTS ........................................................................................ 19 10.1. SALES REVENUE ................................................................................................. 19 10.2. COSTS BY TYPE .................................................................................................. 19 10.3. COSTS OF EMPLOYEE BENEFITS ......................................................................... 20 10.4. OTHER OPERATIONAL REVENUE ........................................................................ 20 10.5. OTHER OPERATIONAL COSTS ............................................................................ 21 10.6. NET FINANCIAL REVENUES AND COSTS ............................................................. 21 11. IMPAIRMENT ALLOWANCES OF ASSETS – RECOGNITION AND REVERSAL ......... 22 12. EXPLANATIONS TO SELECTED ITEMS OF THE CONSOLIDATED STATEMENT ON FINANCIAL POSITION ....................................................................................... 22 12.1. INVENTORIES .................................................................................................... 22 12.2. TRADE AND OTHER RECEIVABLES ...................................................................... 22 12.3. PROVISIONS...................................................................................................... 24 12.4. FINANCIAL LIABILITIES .................................................................................... 24 12.5. TRADE AND OTHER LIABILITIES........................................................................ 25 13. CONTINGENT ITEMS AND OTHER OFF-BALANCE-SHEET ITEMS .......................... 26 14. INFORMATION ON TRANSACTIONS WITH RELATED ENTITIES ........................... 26 15. INCOME TAX AND DEFERRED INCOME TAX ........................................................ 28 16. SEASONAL SALES VARIATIONS AND THE CYCLIC NATURE OF ACTIVITY ........... 28 17. INFORMATION REGARDING THE ISSUE, REDEMPTION AND REIMBURSEMENT OF NON-EQUITY AND EQUITY SECURITIES ............................................................. 29 18. PROFIT PER SHARE ............................................................................................ 30 19. INFORMATION ON PAID-OFF (OR DECLARED) DIVIDENDS ................................ 32 20. FINANCIAL DERIVATIVES .................................................................................. 32 21. FINANCIAL RISK MANAGEMENT ........................................................................ 32 22. EVENTS AFTER BALANCE SHEET DAY ................................................................. 32 23. ADDITIONAL INFORMATION ............................................................................. 33 Page 2 of 34 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP URSUS for the I half of 2018 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the period of 6 months ended the 30 June 2018 (in thousand PLN) 01.01.2018- 01.01.2017- 01.04.2018- 01.04.2017- 30.06.2018 30.06.2017 30.06.2018 30.06.2017 Note unaudited unaudited unaudited unaudited Continued operations Revenue from sale of goods 10.1 43 362 92 603 18 875 38 095 Revenue from sale of products and 10.1 materials 31 801 48 483 12 778 30 711 Sale revenue 75 163 141 086 31 653 68 806 Costs of finished goods 10.2 (41 694) (74 705) (26 490) (33 092) Value of sold products and materials i materiałów 10.2 (28 300) (39 326) (13 279) (26 382) Own cost of sales (69 994) (114 031) (39 769) (59 474) Gross sales profit (loss) 5 169 27 055 (8 116) 9 332 Costs of sales 10.2 (8 818) (13 844) (5 092) (8 905) General administrative costs 10.2 (14 383) (13 667) (7 360) (7 081) Other operating revenues 10.4 1 502 2 255 657 1 181 Other operating costs 10.5 (4 151) (2 548) (3 257) (1 744) Financial income 10.6 227 3 178 207 2 124 Financial costs 10.6 (7 532) (3 980) (3 084) (1 444) Gross profit (loss) (27 986) (1 551) (26 045) (6 537) Income tax 15 3 799 (350) 3 598 796 Profit (loss) from continued operations (24 187) (1 901) (22 447) (5 741) Net profit (loss) for the period (24 187) (1 901) (22 447) (5 741) Other totral income: valuation of financial derivatives (hedging policy) - 3 916 - 3 916 Other total net income - 3 916 - 3 916 TOTAL INCOME OF THE PERIOD (24 187) 2 015 (22 447) (1 825) Net profit (loss) attributable to - Shares not giving control (1 551) (1 456) (1 286) (1 690) -Shareholders of the parent company (22 636) (445) (21 161) (4 051) Total income attributable to - Shares not giving control (1 551) (1 456) (1 286) (1 690) -Shareholders of the parent company (22 636) 3 471 (21 161) (135) Net profit (loss) per share in PLN attributable to shareholders of the parent company – basic from profit for the period (0,38) (0,01) (0,36) (0,07) –basic from continued operations for the period (0,38) (0,01) (0,36) (0,07) – diluted from profit for the period (0,38) (0,01) (0,36) (0,07) – diluted from continued operations for the period (0,38) (0,01) (0,36) (0,07) Lublin, 1 October 2018 Page 3 of 34 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP URSUS for the I half of 2018 CONDENSED CONSOLIDATED INTERIM REPORT ON FINANCIAL SITUATION As at the 30th June 2018 (in thousand PLN) 30.06.2018 31.12.2017 ASSETS unaudited Fixed assets 149 513 146 180 Tangible fixed assets 98 201 97 123 Investment properties 11 192 11 192 Goodwill 4 105 4 349 Other intangible assets 14 696 16 019 Long-term investments 298 - Long-term receivables 12.2 16 686 16 960 Shares 36 36 Diferred tax assets 15 4 299 501 Current assets 332 636 249 425 Inventories 12.1 210 765 182 262 Short-term investments 760 759 Trade and other receivables 12.2 117 481 63 856 Cash and cash equivalents 3 630 2 548 Assets available for sale 189 39 TOTAL ASSETS 482 338 395 644 LIABILITIES Equity attributable to shareholders of the parent company 85 991 108 627 Share capital 59 180 59 180 Share premium 64 998 64 998 Other capital (144) (144) Retained profits (38 043) (15 407) Equity attributable to minority shareh olders (2 894) (1 343) Total equity 83 097 107 284 Long-term liabilities 41 970 44 116 Credits and loans 12.4 24 622 26 630 Non-current provision 12.3 750 750 Trade and other liabilities 12.5 7 414 8 260 Other financial liabilities 12.4 9 184 8 475 Short-term liabilities 357 271 244 244 Credits and loans 12.4 230 472 115 563 Trade and other liabilities 12.5 112 602 117 807 Other financial liabilities 12.4 2 782 2 833 Current provision 12.3 4 906 3 495 Employee benefit liabilities 12.5 2 960 2 416 Accruals 12.5 3 549 2 129 Total liabilities 399 241 288 360 TOTAL LIABILITIES 482 338 395 644 Page 4 of 34 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP URSUS for the I half of 2018 INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT For the period of 6 months ended the 30 June 2018 (in thousands of PLN) 01.01.2018- 01.01.2017- 30.06.2018 30.06.2017 unaudited unaudited Operating cash flow Net profit / (loss) (27 986) (1 551) Corrections in the items: (70 132) (67 541) Depreciation 5 602 4 959 Net interest and dividends 3 021 2 520 Profit / loss on foreign exchange differences 2 198 (667) (Profit) / loss on investment activities 155 (31) Increase / decrease in receivables (53 351) (24 741) Increase / decrease in inventories (28 503) (22 503) Increase / (decrease) in liabilities (635) (31 444) Increase / (decrease) in accruals - 725 Increase / decrease in provisions 1 411 405 Income tax paid - (3) Other (30) 3 239 Net operating cash flow (98 118) (69 092) Investment activities cash flow Sale of tangible fixed assets and intangible assets 185 49 Acquisition of tangible fixed assets and intangible (3 073) (716) assets Sale of financial assets - 1 147 Acquisition of financial assets - (1) Repayment of granted loans - 400 Loans granted - (1 650) Other (69) (14 169) Net investment activities cash flow (2 957) (14 940) Financial activities cash flow Inflows from the issue of shares - 13 691 Repayment of financial lease liabilities (2 084) (1 209) Inflows from loans and bank credits 134 889 55 495 Repayment of loans / bank credits (27 626) (11 681) Interests paid (2 995) (2 517) Other (27) 697 Net financial activities