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PCF GROUP SPÓŁKA AKCYJNA Full-Year Separate Financial

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PCF GROUP SPÓŁKA AKCYJNA Full-Year Separate Financial PCF GROUP SPÓŁKA AKCYJNA Full-year separate financial statements for the financial year ended December 31st 2020 (all amounts in PLN thousand, unless stated otherwise) 1 Notes to the full-year separate financial statements are an integral part thereof. PCF GROUP SPÓŁKA AKCYJNA GROUP Directors' Report on the operations of PCF Group Spółka Akcyjna and its Group in 2020 (all amounts PLN thousand, unless stated otherwise) This Directors’ Report on the operations of PCF Group S.A. and its Group in 2020 has been prepared pursuant to Par. 70.1.4, 70.1.6, 70.1.7 and Par. 71.1.4, 71.1.6, 71.7 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated March 29th 2018 (Dz. U. of 2018, item 757, as amended). As permitted under Par. 71.8 of the Regulation, the Directors’ Report on the operations of PCF Group S.A. and its Group in 2020 has been prepared as a single document. 2 PCF GROUP SPÓŁKA AKCYJNA GROUP Directors' Report on the operations of PCF Group Spółka Akcyjna and its Group in 2020 (all amounts PLN thousand, unless stated otherwise) TABLE OF CONTENTS GENERAL INFORMATION ................................................................................................................................................ 6 1. Organisational structure of the Group ........................................................................................................................................... 6 2. Key products ......................................................................................................................................................................................... 9 BUSINESS ACTIVITIES OF THE GROUP ....................................................................................................................... 11 3. Revenue structure and operating segments ................................................................................................................................11 4. Key events with significant bearing on the Group’s and the parent’s business and financial performance in the current financial year or with a possible impact on future periods ....................................................................................... 14 5. Major research and development achievements ........................................................................................................................ 14 6. Development policy for the Group ................................................................................................................................................. 15 7. The Company’s and the Group’s strategy and steps taken to advance that strategy in the reporting period; information on the Company’s growth prospects in the next financial year or beyond................................................... 15 8. Agreements significant to the Company’s business, including shareholder, insurance, partnership or cooperation agreements known to the Company .............................................................................................................................................. 16 9. Loan and credit facility agreements signed and terminated in the financial year, with information at least on the amounts, types, interest rates, currencies and maturity dates of the loans and facilities .............................................. 25 10. Loans advanced in the financial year, including loans granted to the Company’s related parties, with information at least on the amounts, types, interest rates, currencies and maturity dates of the loans........................................... 28 In the financial year 2020, PCF Group S.A. did not advance any loans, including loans to its related parties. Also, the subsidiaries of PCF Group S.A. did not advance any loans to each other or to PCF Group S.A. .................................. 28 11. Sureties and guarantees issued and received in the financial year, including sureties and guaranties issued to the Company’s related parties ............................................................................................................................................................... 28 12. Financial instruments ........................................................................................................................................................................ 28 13. Changes in significant management policies at the Company and its Group..................................................................... 28 14. Agreements concluded between the Company and its management personnel providing for compensation in the event of their resignation or removal from office ...................................................................................................................... 29 15. Liabilities arising from pensions or similar benefits due to former members of management, supervisory or administrative bodies, and liabilities incurred in connection with such pensions, with the total amount of such liabilities specified for each body ................................................................................................................................................... 29 16. Remuneration, bonuses or benefits, including those under equity-based incentive or bonus schemes, in particular schemes based on bonds with pre-emptive rights, convertible bonds and subscription warrants (in cash, in kind or any other form), paid, payable or potentially payable separately to each member of the management, supervisory or administrative bodies of the Company’s business ............................................................................................................... 29 17. Description of material risk factors and threats, including information on the Company’s exposure to such risks or threats .................................................................................................................................................................................................. 29 18. Material litigation, arbitration or administrative proceedings ................................................................................................. 37 3 PCF GROUP SPÓŁKA AKCYJNA GROUP Directors' Report on the operations of PCF Group Spółka Akcyjna and its Group in 2020 (all amounts PLN thousand, unless stated otherwise) FINANCIAL CONDITION OF THE PARENT AND ITS GROUP ....................................................................................... 39 19. Financial results of the parent and its Group in 2020 .............................................................................................................. 39 20. Consolidated statement of profit or loss ..................................................................................................................................... 39 21. Consolidated statement of financial position ............................................................................................................................. 41 22. Consolidated statement of cash flows .......................................................................................................................................... 43 23. Consolidated profitability ratios ..................................................................................................................................................... 44 24. Consolidated liquidity ratios ............................................................................................................................................................ 45 25. Consolidated funding structure ratios ......................................................................................................................................... 45 26. Separate statement of profit or loss ............................................................................................................................................. 46 27. Separate statement of financial position ..................................................................................................................................... 47 28. Separate statement of cash flows ................................................................................................................................................. 48 29. Separate profitability ratios ............................................................................................................................................................ 49 30. Separate liquidity ratios ................................................................................................................................................................... 50 31. Separate funding structure ratios ................................................................................................................................................. 50 32. Reconciliation of differences between the financial results disclosed in the full-year report and previously released forecasts for the year ....................................................................................................................................................................... 51 33. Assessment (with grounds for the assessment) of financial resources management, including assessment of the parent’s ability to meet its liabilities;
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