Consolidated Report of Amica S.A. for 2018 Consolidated Report of Amica S.A
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Consolidated Report of Amica S.A. For 2018 Consolidated Report of Amica S.A. For 2018 1. Letter of the President of the Management Board of Amica S.A. 3. Corporate Governance Statement 2. Management Board’s Report on Activities in 2018 including the 4.Statements of the Management Board and the Supervisory Board`s Report on Activities in 2018 Board I. 2018 Summary • Statement of the Management Board of Amica S.A. on the II. Financial position reliability of the annual reports III. Business model • Management Board`s statement regarding the audit firm IV. Our employees V. Impact on the environment • Assessment of the Supervisory Board of Amica S.A. Regarding statements for 2018 VI. Prospects VII. Risk management • Statement of the Supervisory Board on the selection of an audit firm to audit of the annual financial statements in VIII. Corporate information, including Principles of Corporate Statement of Non- Financial accordance with the applicable regulations Governance Information 5.Consolidated Financial Statements of Amica Group 6.Auditior`s Report on the Consolidated Financial Statements List Prezesa ZarząduList Prezesa Zarządu SprawozdanieSprawozdanie z działalności z działalności Oświadczenie w sprawie ładu korporacyjnegoOświadczenia Oświadczenia SprawozdanieSprawozdanie finansowe finansowe SprawozdanieSprawozdanie audytora audytora PodsumowaniePodsumowanie 2018 2018 r. r. SytuacjaSytuacja finansowa finansowa Model biznesowyModel biznesowy Nasi PracownicyNasi Pracownicy WpływWpływ na na otoczenie otoczenie Perspektywy Perspektywy ZarządzanieZarządzanie ryzykiem ryzykiem Ład korporacyjnyŁad korporacyjny InformacjeInformacje uzupełniające uzupełniające xx Letter from the President of the Management Board 1 Amica S.A List Prezesa Zarządu Sprawozdanie z działalności Oświadczenie w sprawie ładu korporacyjnego Oświadczenia Sprawozdanie finansowe Sprawozdanie audytora Podsumowanie 2018 r. Sytuacja finansowa Model biznesowy Nasi Pracownicy Wpływ na otoczenie Perspektywy Zarządzanie ryzykiem Ład korporacyjny Informacje uzupełniające [GRI 102-14] Wronki, 29 March 2019 In 2018 we also presented new products that meet our customers' Dear Business Partners, preferences. On the largest European trade fair IFA in Berlin, we have 2018 was the next stage of rapid development of the Amica Group and presented a new line of ovens and other built-in Amica X-type / Q-type implementation of the long-term HIT2023 strategy. During this period, products. The first months of this year is the time to implement these we had to develop a response to the many challenges that have products for sales. In the category of refrigerators, with non frost emerged in the international arena, having geopolitical aspect and technology, we strengthen our position in the markets, we successfully impact on business, including the operation of our company in foreign implement for sales wine coolers and use various environmentally-friendly markets. solutions in our products. We very much hope that the new products will In 2018, such factors were tensions between the United States and be well received by the customers. China, which have led to the customs war or uncertainty associated with In 2018 also we focused on the integration of the English and French Brexit. In the coming year we will certainly have to deal with its companies with the Amica Group. I am convinced that in the nearest future consequences. Our business model with Great Britain makes us we will see their rapid development and growth in profits. Amica also prepared for all possible scenarios, including a no deal Brexit, but it does prepares for further acquisitions; we will announce them as soon as they not change the fact that the final decisions will have to be taken are completed. depending on the final agreement between the EU and Great Britain. In 2018 we also managed to stop the rise in production costs both in terms Also, the political conflict does not allow us to grow our sales faster in of materials and components, as well as labour costs. We are aware that Ukraine. these factors are, however, very sensitive and subject to fluctuations. 2018 was a period of strong expansion of large Chinese companies on Therefore, we are committed increase productivity through digitalisation our continent, that carried out the acquisition of well-recognised and better work organisation. European companies. These companies, having a high financial The above-described actions meant that the financial results can be potential, become increasingly competitive in international markets. deemed satisfactory. Double-digit percentage growth in sales and profits Our response to these challenges is a consistent implementation of the allows us to further invest and strengthen our position in the international adopted strategy. Many years of production experience, consistent markets. investment, digitisation and robotisation, geographic and product An important aspect of our business is the management of the workplace, diversification, and well prepared acquisitions allow the Amica Group for investment in social and environmental capital, and communication with rapid development and reduction of the impact of adverse external stakeholders, i.e. all these areas, through which we reinforce the image of factors. Launched in late 2017, automatic high-bay warehouse is an a socially responsible company. This year's report puts a strong emphasis example of our efforts to raise efficiency. This investment brought in on this aspect, showing key projects. It also highlights how we are 2018 better than expected results and met with great interest of the perceived by our customers, suppliers, and other business partners, logistics industry, media representatives, and experts following shareholders, but above all by our employees, who are largely the authors innovative solutions implemented in the industry. of the success of our company. List Prezesa Zarządu Sprawozdanie z działalności Oświadczenie w sprawie ładu korporacyjnego Oświadczenia Sprawozdanie finansowe Sprawozdanie audytora Podsumowanie 2018 r. Sytuacja finansowa Model biznesowy Nasi Pracownicy Wpływ na otoczenie Perspektywy Zarządzanie ryzykiem Ład korporacyjny Informacje uzupełniające [GRI 102-14] Many families work in Amica for tens of years. We highly appreciate this commitment and loyalty. Therefore, it is very important to us that Amica was the best possible place to work and grow for people working in Wronki, Poznań, but also in our foreign companies. We engage in projects supporting development of local communities. With undisguised pride I observe a dynamic development of Amicis Foundation, which has already grown into a landscape of entities most involved in charity in Wielkopolska. I believe that the results of this work translate into real improvement in the quality of life of many people who live in our close and more distant neighbourhood. To sum up, I would like to thank everyone who have contributed to our success in 2018, but above all our crew and our business partners. Thank you also for the support of the members of the Supervisory Board and the Shareholders. Aware of the efforts in recent months, we think of the new year with optimism. I am convinced that 2019 will strengthen the Amica Group's position, and our new appliances will find many satisfied customers in all markets where we are present. Best Regards, Jacek Rutkowski President of the Management Board of Amica Spółka Akcyjna List Prezesa Zarządu Sprawozdanie z działalności Oświadczenie w sprawie ładu korporacyjnego Oświadczenia Sprawozdanie finansowe Sprawozdanie audytora Podsumowanie 2018 r. Sytuacja finansowa Model biznesowy Nasi Pracownicy Wpływ na otoczenie Perspektywy Zarządzanie ryzykiem Ład korporacyjny Informacje uzupełniające Management board's 2 operating statement for 2018 (contains a statement on non-financial information) • I. 2018 summary 2 • II. Financial position 7 • III. Business model 19 • IV. Our employees 39 • V. Impact on the environment 52 • VI. Prospects 62 Statement on non- financial information • VII. Risk management 64 • VIII. Corporate information, including 71 Principles of corporate governance • IX. Supplementary information 78 Wronki, 29 March 2019 Place of preparation and date of publication Letter from the President of the Board Operating Statement Statement on Corporate Governance Declaration Financial Statements Auditor's Report 2018 summary Financial position Business model Our employees Impact on the environment Prospects Risk management Corporate information Supplementary information I. 2018 summary Summary information on Amica Group 3 Selected operating and financial data 4-5 Calendar of important events in 2018 6 Letter from the President of the Board Report on the Activities Statement on Corporate Governance Declaration Financial Statements Auditor's Report 2018 summary Financial position Business model Our employees Impact on the environment Prospects Risk management Corporate information Supplementary information 2 Summary information on Amica Group Amica S.A. is the largest Polish manufacturer of home appliances and one of the most recognized Polish companies listed on the Warsaw Stock Exchange. Despite the increasing competition from Full MDA segment abroad, Amica remains the leader on the national market with market shares amounting to 18% The Amica Group consistently builds in its strong position, becoming a leading kitchen appliances company in key European markets. In spite of aggressive expansion of global home appliances players on the Polish