GETBACK SPÓŁKA AKCYJNA

Transcription

1 GETBACK SPÓŁKA AKCYJNA SEPARATE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2015 ENDED ON DRAFTED IN ACCORDANCE WITH THE ACCOUNTING ACT OF 29 SEPTEMBER 1994 Wrocław,

2 TABLE OF CONTENTS INTRODUCTION TO THE FINANCIAL STATEMENTS... 3 ANNUAL SEPARATE BALANCE SHEET - FIXED ASSETS ANNUAL SEPARATE BALANCE SHEET - CURRENT ASSETS ANNUAL SEPARATE BALANCE SHEET - EQUITY AND LIABILITIES ANNUAL SEPARATE PROFIT AND LOSS ACCOUNT ANNUAL SEPARATE CASH FLOW STATEMENT ANNUAL SEPARATE STATEMENT OF CHANGES IN EQUITY ADDITIONAL INFORMATION AND EXPLANATIONS TANGIBLE FIXED ASSETS Intangible fixed assets Tangible fixed assets Long-term receivables Long-term investments Long-term prepayments CURRENT ASSETS Inventory Short-term receivables Short-term investments SHAREHOLDERS' EQUITY LIABILITIES AND PROVISIONS FOR LIABILITIES PROFIT AND LOSS ACCOUNT ADDITIONAL INFORMATION Information on the nature and business purpose of agreements concluded by the entity, not reflected in the balance sheet Information on significant transactions concluded by the entity on conditions other than arm s length conditions with related parties Information on average employment, remuneration in the fiscal year Loans and other benefits for members of management bodies, supervising or administering the commercial company Remuneration of the auditor or entity authorised to audit financial statements Information on significant events Information on amendments to accounting principles Information on business combinations Information on joint ventures that are not subject to consolidation Information on transactions with related parties Information on treasury shares Information on currency exchange rates Information regarding financial instruments /42

3 INTRODUCTION TO THE FINANCIAL STATEMENTS 1. Entity name, address of entity s seat, entity s business and registration number in the court registry Full business name: GetBack Spółka Akcyjna Registered office: Wrocław, Powstańców Śląskich street No. 2-4 Field of business activity: Z Other financial service activities, not elsewhere classified, except insurance and pension funding, Z Activities related to fund management, Z Other activities auxiliary to financial services, except insurance and pension funding Z Computer programming activities Z Call center activities National Court Register: District Court for Wrocław-Fabryczna in Wrocław, 6th Commercial Division of the National Court Register Number: Entity duration as defined in the Articles of Association As per the Articles of Association, the Company was established for an indefinite period of time. 3. Principles (policy) adopted during preparation of these separate financial statements Financial statements were drafted for the period between and , the comparable period is the period between and The financial statements have been prepared on the assumption that the entity will continue as a going concern in the foreseeable future and no circumstances exist that would indicate a threat to entity s continuing operations The profit and loss account for the Company was prepared using classification of expenses by type while the cash flow statement using indirect method. Financial statements are presented in the Polish currency ( PLN ) and all values are presented in PLN 000, unless specified otherwise. 4. Presentation of the adopted accounting principles, including the methods of valuation of assets as well as liabilities and equity (including depreciation), measurement of the financial result and the method of preparing the financial statements to the extent, in which the Accounting Act allows the selection of such method to be at the discretion of the entity as well as presentation of causes and effects of their potential change against previous year. Basis for the preparation of the financial statements The financial statements were drafted pursuant to accounting principles resulting from the provisions of the Accounting Act of 29 September 1994 as well as the Regulation of the Minister of Finance of 12 December 2001 on the detailed rules of recognition, valuation methods, extent of disclosures and method of presentation of financial instruments (Journal of Laws of 2001 No. 149 item 1674 with subsequent amendments) and in case of issues not covered by the regulations referred to above - pursuant to the International Financial Reporting Standards. Measurement methods for assets and liabilities Items of assets as well as liabilities and equity are measured according to the methods presented below. 3/42

4 1. Tangible fixed assets Tangible fixed asset items are recognised as assets if it is likely that the Company will obtain future economic benefits associated with such asset item and the acquisition price or manufacturing/fabrication cost of such asset item can be reliably evaluated. Tangible fixed assets are presented in the financial statements split into the following categories: tangible fixed assets, tangible fixed assets under construction. Recognition of fixed tangible asset items in the books of accounts A tangible fixed tangible asset item qualified for recognition as asset item is initially disclosed at purchase price or manufacturing cost or revalued cost. Tangible fixed assets under construction are recognised at total costs directly associated with acquisition or production of such assets. The purchase price and cost of production of tangible fixed assets under construction and fixed assets cover all costs incurred by the unit during construction, mounting, adaptation and improvement, to the balance sheet day or acceptance for use, including also: non-deductible tax on goods and services and excise tax, costs of servicing the debt incurred to finance tangible fixed assets plus associated exchange rate differences less any associated revenues. Valuation of tangible fixed assets as at the balance sheet day Tangible fixed assets are recognised at their acquisition costs or production costs or at re-valued costs (upon fixed assets revaluation) less depreciation charges as well as value impairment write-offs. Amortisation and depreciation The Company recognises depreciation charges on intangible fixed assets via a systematic, planned allocation of their initial value over a predetermined depreciation period. The period or rate and method of its depreciation is determined by the Company as at the date of fixed asset item recognition. The correctness of the applied depreciation periods and rates for tangible fixed assets should be subject to periodical verification (review) with possible resulting adjustments of depreciation charges in future fiscal years. In particular depreciation is charged throughout the estimated life period considering residual values, if such values are material: Technical equipment and machines: 3 5 years, Vehicles: 5 years, Other tangible fixed assets: 5 years. Use of tangible fixed assets under lease agreement (rental agreement) In case of tangible fixed assets used under lease the classification is done pursuant to Art. 3. section 4 of the Accounting Act considering the principles described in Polish accounting standard No. 5 on Leasing, rental and tenancy. Leasing agreements are classified as at the date of leasing commencement. In case of tangible fixed assets used under lease for which the estimated life exceeds the term of the leasing agreement, the depreciation period is the same as expected use period. Fixed asset with the initial value exceeding EUR 10 thousand are subject to extended use period. Tangible fixed assets under lease are recognised as per the principles described in Polish accounting standard No. 5 on Leasing, rental and tenancy. 2. Intangible fixed assets 4/42

5 Intangible fixed assets are property rights suitable for business use, acquired by the Company and recognised as non-current assets, with an estimated useful life exceeding one year, designed to be used by the company, and in particular: proprietary copyrights, related rights, licenses, concessions rights to inventions, patents, trademarks, utility and decorative designs, know-how. Tangible fixed assets in use on the basis of lease, rent or other similar agreements are recognised as non-current assets of one of the parties to the agreement, pursuant to the terms set forth in Art. 3 section 4 of the Accounting Act. Evaluation Intangible asset is initially valued according to its purchase price or production cost. Intangible fixed assets are recognised in the books of accounts as at the balance sheet date at their acquisition costs or production costs or at re-valued costs (upon fixed assets revaluation) less depreciation charges as well as value impairment write-offs. Depreciation and impairment write-offs The Company recognises depreciation charges on intangible assets via a systematic, planned allocation of their initial value over a predetermined depreciation period. The period or rate and method of its depreciation is determined by the Company as at the date of intangible asset item recognition. The correctness of the applied depreciation periods and rates for intangible fixed assets should be subject to periodical verification (review) with possible resulting adjustments of depreciation charges in future fiscal years. In case of changes in manufacturing technology, liquidation, de-commissioning or due to other reasons resulting in permanent value impairment of an asset or a component of intangible assets, a fair value impairment write-off is recognised; the accrual is debited to other operating costs. In particular depreciation is charged throughout the estimated life period: Computer software: 2-5 years, Other items: 5 years, 3. Financial instruments Financial assets include cash, equity instruments issued by other entities as well as a contract (agreement) based right to receive cash or the right to exchange financial instruments with another entity on favourable conditions. According to the Regulation of the Minister of Finance regarding the detailed rules of recognition, valuation methods, extent of disclosures and method of presentation of financial instruments the Company classifies financial instruments on the date of their acquisition or generation to the following categories: financial assets and financial liabilities held for trading, granted loans and own receivables, financial assets held to maturity, financial assets available for sale Each financial asset item is initially recognised by the company as: a. Financial assets held for trading assets: - acquired in order to achieve economic benefits resulting from short-term changes of prices as well as fluctuations of other market factors short duration of purchased instrument, - other financial assets, regardless of the intentions followed when concluding a contract, if they constitute one asset of portfolio of similar financial assets, in relation to which there is a high probability of realisation of expected economic benefits in a short-term, 5/42

6 derivative instruments (with the exception of derivative instruments established and actually used as effective hedging instruments). Results of fair value recognition are charged to the profit and loss against financial income or financial expenses. b. Granted loans and own receivables Loans granted and own accounts receivable include financial assets resulting from direct provision of cash to the other party of an agreement, irrespective of payment terms of the accounts receivable. Loans granted and own receivables, which the entity intends to sell in the short term are classified as financial assets held for trading. In this category the Company discloses, among other things: short term trade accounts receivable, other accounts receivable, loans granted. At initial recognition accounts receivable and loans are disclosed at purchase value, i.e. the fair value of expenses incurred. Initial recognition of trade receivables is at the fair value of payment due. As at the balance sheet date short term trade accounts receivable as well as other accounts receivable are recognised at the amount due, following the principle of prudence with evaluation as at the end of the reporting period by the way of impairment write-offs. Impairment write-offs are charged to the profit and loss, against other operating expenses. Granted loans are recognised at each balance sheet date according to the adjusted acquisition price, evaluated using the effective interest rate. c. Financial assets held to maturity Financial assets held to maturity are financial assets other than derivatives, for which the concluded contracts set the maturity of repayment of the face value and specify the right to receive economic benefits on agreed dates, such as interest, in a fixed or negotiable amount provided that the Company intends to and can maintain those assets until their maturity, with determined or determinable payments as well as determined due date, where the Company strongly intends and is able to hold such assets until the due date. In this category the Company discloses, among other things: commercial bonds. They are recognised at adjusted purchase price, determined using the effective interest rate and the results of the evaluation are recognised in financial income or financial expenses. The adjusted price of acquisition is the price of purchase at which a component of financial assets or financial liabilities was recognised in the books of accounts for the first time (the initial value) less the payments of the nominal value (base capital), properly adjusted with the cumulated amount of discounted difference between the initial value of the component and its value on the dye date, calculated by means of the effective interest rate as well as decreased by the value write-downs. d. Financial assets available for sale Financial assets held for sale are the financial assets that do not meet the conditions for inclusion in the category of financial assets intended for turnover, awarded loans and own receivables, financial assets maintained until the maturity date. In this category the Company discloses, among other things: portfolios of acquired debt, investment certificates, cash and cash equivalents, Equity instruments with no active market existing. 6/42

7 The portfolios of acquired debt are the mass packages of expired consumer liabilities due to consumer credits, utility fees, etc. They are acquired in the scope of the contract of debt assignment for the price significantly lower than the nominal value of these liabilities. The feature of these portfolio is their homogeneous source. At the initial recognition the debt portfolios are classified as financial assets available for sale and measured at fair acquisition price which included the purchase price of debt portfolios. Debt portfolios are measured at fair value at each quarter end, but the first valuation of a debt portfolio is after the first full quarter following the acquisition date. Fair value is settled as the sum of discounted expected cash flows, equal to the difference between future incomes from debt recovery and costs of asserting claims out of court, before the court and by means of enforcement. The valuation uses expected cash flow approach (par. A7-A14 appendix A to IAS 36), where all credit risk and liquidity risk should be taken into account in cash flows rather than in discount rate. Valuation at fair value is carried out collectively for each portfolio because the purchase price is defined for the whole portfolios rather than for each individual debt. The evaluations cover: evaluation of historical portfolio data by different segments, such as bank debt, utility debt etc. determination of the recovery index in particular years of collection of the package for segments with consideration of historical data of the packages of a given segment and historical data of a given package until the date on which the index and total nominal value of packages in one segment is determined, the recovery ratio of a given segment applied for a given package can be adjusted due to increased credit risk existing in the opinion of the company on the moment of valuation. The per cent rates equal to the financial cost of the conducted business activity (capital) are adopted as discount rates or, provided that it is justified, market rates expressing the price of equivalent financial instruments. The differences exceeding 15% of the value of the portfolios in relation to the fair value, resulting from the valuation, are included in revenues/financial expenses in the amount constituting the surcharge/deficit of the fair value exceeding the sum of outlays spent on seeking claims in the cases on debt packages. Investment certificates are valued by the unit in the fair value of fund s net assets corresponding to values owned by it. The surcharge of the fair value over the acquisition price is included in financial revenues. The reduction in the fair value of the item of financial assets available for sales (debt portfolios) is directly included in the profit and loss account. Cash and cash equivalents include cash on hand, bank deposits payable on demand, other short-term investments with high liquidity and original maturities of three months. Cash and cash equivalents are measured at their fair value. 4. Short term prepayments Prepayments regarding future reporting periods may include in particular: financial costs resulting from the issue of bonds other significant costs such as insurance costs. Prepayments are valued bot at the date on which they are incurred as well as at the balance sheet date. Qualification to costs is based on materiality. Prepayments are charged against the costs of relevant reporting period of the Company in accordance to the passage of time. The time and method of charging prepayments against costs corresponds to the nature of reversed accruals, following the prudence principle. 7/42

8 5. Shareholders' equity Shareholders' equity is the share left in the Company s assets after all Company s liabilities are deducted (net assets). The share capital is recognised in the amount specified in the Articles of Association and disclosed in the court register. Company s supplementary capital includes: share premium less issue costs, previous years profits as determined for supplementary capita based on resolutions adopted by the General Assembly of Shareholders. Revaluation reserve includes: results of revaluation of financial investments classified as available for sale, deferred income tax on operations posted against equity. Equity in the item profit and loss from previous years includes: undistributed profit from previous years (loss brought forward), adjustments of basic mistakes made in previous years, as a result of which, the financial statements for the previous year or years cannot be deemed as representing the economic and financial situation and financial result in the reliable and clear manner, consequences of amendments of valuation principles. 6. Provisions Reserves are liabilities of uncertain amounts or maturity. Reserves are established when the Company has a present obligation (legal or constructive) as a result of past events and when it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of such obligation can be reliably estimated. The amount of provision is the most relevant proportion of outlays necessary for fulfilment of the existing liability as at the balance sheet day. If the result of the change in money value over time is significant, the amount of provision corresponds to the current value of outlays which are necessary for fulfilment of the liability. The discount rate is established prior to taxation and reflects the current interest existing in the capital market and risk connected with a particular item of liabilities. The Company recognises liability provisions due to the following: deferred income tax provision established as a result of positive differences between the book value of assets and liabilities and the tax value thereof, employee benefit provisions, other provisions. The provisions for employee benefits, provided they are significant for the statements, are established and terminated into operating expenses. Provisions for retirement bonus are estimated using the actuarial method. The provisions that are not used for employees holiday leaves are valued on the basis of the list of unused holiday days of particular employees as at the given date and their daily gross remuneration, increased by the employer s contributions to the Social Insurance Unit. The other provisions are established as part of other operating expenses or financial costs, depending on the circumstances from which the loss results. The provision is reduced by actual occurrence of a loss or liability for which is has been established. The Company carries out a revision of provisions on each balance date The unjustified provision is subject to release to other operating revenues or financial revenues and the release of the provisions established in the reporting period results in adjustment of relevant costs. The provisions are presented in the division into long- and short-term provisions. The short-term provisions constitute provisions the use of which is expected within 12 months upon the balance day. The provisions the date of use of which is expected in the period exceeding 12 months upon the balance day are included in long-term provisions. 8/42

9 7. Deferred income tax asset and provision The Group posts transaction tax effects in the same way as the related transactions or other events. Obligatory taxes on profits include current income tax (corporate income tax)as well as deferred tax. Tax obligations are calculated on the basis of tax rates effective in a given financial year. Deferred income tax assets are amount foreseen for deduction from tax in future periods due to: negative temporary differences, non-reconciled tax losses brought forward and transfer of unused tax exemptions for the next period. Deferred income tax assets are determined as the future foreseeable amount, deductible from income tax in respect of deductible temporary differences, which will result in future reduction of the tax base. The balance value of an item of the assets from deferred income tax is verified for each balance date and subject to write-off in case of doubt whether the Company gained economic advantages connected with the use of assets from deferred income tax. Deferred income tax provisions are the amount of the income tax payable in future periods due to occurrence of taxable positive temporary differences. Deferred income tax provision is recognised at the amount of the tax with obligatory future payment, in connection with positive taxable temporary differences. The balance sheet value (carrying value) of deferred income tax provision is reviewed as at each balance sheet date. Deferred tax assets and deferred tax provision are estimated according to the tax rates which will be applicable when the asset will be obtained or provision released, assuming the tax rates (and tax laws/regulations) which were legally or actually effective as of the balance day. Assets and provisions from deferred tax are directly included in the equity if the deferred tax concerns the items which, at the same time or different period, directly decreased or increased equities. Deferred tax is recognized in the profit and loss account, except for the cases when it pertains directly to items recognized in equity. In the latter case, the deferred tax is also settled directly in equity. 8. Liabilities Liabilities are classified as short term liabilities and long term liabilities. Liabilities classified as short term liabilities must feature one of the following criteria: it is expected that it will be settled in the course of normal operating cycle of the entity or is owned mainly for the purpose of trading or it is due within twelve months upon the balance date or the entity does not have the unconditional right to delay the maturity date of the liability for the period of at least twelve months upon the balance sheet date. All other liabilities must be included in long-term liabilities. Trade liabilities and other liabilities Short term liabilities in the item trade liabilities and other liabilities include liabilities resulting from purchases for operating activities, of materials and services as well as investment liabilities. Liabilities against deliveries and services are recognized not later than as the balance sheet in the outstanding amount. Liabilities are recognised at the amount of probable liabilities relating to the current reporting period, resulting in particular from benefits provided to the Company by its contractors ad employees.. These estimated amounts, including liabilities resulting from received but not invoiced services or liabilities are disclosed us short time liabilities. Financial obligations Each financial liability item is initially recognised by the company as: financial liabilities held for trading, 9/42

10 other financial liabilities. On the moment of initial inclusion, the financial liability is valued in the fair value of the acquired amount or the value of other received assets. When estimating the fair value for the that day, the expenses incurred by the entity are taken into consideration. The financial liabilities intended for trading are valued in the fair value, except for a liability being a derivative instrument connected with the capital instrument not quoted in the active market which must be settled by delivery of this instrument evaluated according to the expense since its fair value cannot be redeemed in the reliable manner. The other financial liabilities, in particular, constituting commercial liabilities, credit liabilities and other liabilities are valued in the adjusted purchase price. The commercial, credit and other liabilities, in case of occurrence of not significant difference between their value in the amount of due payment and the value in the amount of the adjusted price of purchase, are included in the amount of due payment. The liabilities due to financial leasing are established in the current value of future minimum leasing fees. Liabilities in foreign currencies All and any positive and negative exchange rate differences concerning cash assets and liabilities are included in the profit and loss account. Liabilities denominated in foreign currencies are valued at least as at the balance sheet date using the average exchange for respective currency applicable for that date, determined by the National Bank of Poland. Exchange rate differences on liabilities denominated in foreign currencies arising at the date of their valuation at payment of liabilities in foreign currencies are included in financial income and expenses, or where appropriate - in the cost of production of fixed assets, fixed assets under construction or intangible fixed assets. 9. Principles for measuring financial result Financial result The Company prepares the profit and loss account using classification of expenses by type. Net financial result includes: Company s operating result including other operating expenses and other operating income. result on financial operations, charges on the financial result due to corporate income tax, deferred income tax. The Company adopts the application of the net method for presentation of the transaction result in the form of profit or loss, in the scope of: income from acquired debt portfolios, disposal of non-financial fixed assets (intangible fixed assets, tangible fixed assets, fixed assets under construction) - in other operating income or operating expenses, disposal of investments (long term and short term financial assets) - in financial income or financial expense, foreign exchange rate differences (excess of positive exchange rate differences over negative exchange rate differences and vice versa - in financial income or financial expense. Revenues Income from operational activity covers profits from purchased debts, services of debt management for securitisation funds and debt collection under commission ordered by other business units. Income on debt includes: 10/42

11 inflows (cash basis) from debtors and from singular liabilities included in the period in which they were received adjusted by the purchase prices of these liabilities legal costs awarded with legally binding court judgements, interest paid by debtors, revenues due (recognised on accrual basis) from sale of receivables, The revenues from service provision result from the contract concluded between the Company and client, they can be evaluated in the reliable manner, depending on the level of contract performance, are included on the date when they are incurred in due amount. Due to short payment dates, the due amount of receivables is its fair value. Financial revenues The financial revenues mainly consist of interests on deposits of available funds in bank accounts, commissions and interests on awarded loans, interests due to delay in settlement of receivables, amount of released provisions concerning the financial activity, revenues from sales of securities, positive exchange rate differences, recovery of lost investment value, value of amortised credits and loans as well as consequences of valuation of the fair value of debt packages. Operating expenses Costs of primary (core) operating activities include: costs of debt being collected, other costs incurred, Costs of debt being collected is the expenses incurred due to collection activities as well expenses sought in court. The record of all costs in the generic layout is conducted with division into the items: amortisation and depreciation, consumption of materials and energy, external services, taxes and charges, including excise tax, payroll, social security and other benefits, other costs by type. The costs are settled in monthly periods. Financial expenses The financial expenses include mainly interests on credits and loans, interests for delay in liability payments, established provisions for certain or probable losses from financial operations, value in the purchase price of sold shares, stocks, securities, commissions and handling fees, write-downs updating interests receivables and value of short-term investments, discount and exchange rate differences as well as, in case of financial leasing, other fees except for capital instalments, and consequences of the valuation of the fair value of debt packages. Income tax expense The gross financial result is adjusted by the current liabilities due to corporate income tax and change of statuses of assets and provisions due to deferred income tax. 11/42

12 Konrad Kąkolewski President of the Management Board Paweł Trybuchowski Vice President of the Management Board Michał Synoś Member of the Management Board, Finance Director Wrocław, /42

13 ANNUAL SEPARATE BALANCE SHEET - FIXED ASSETS ASSETS A. TANGIBLE FIXED ASSETS I. Intangible fixed assets R&D expenses - completed R&D projects Goodwill Other intangible assets Advances for intangible assets II. Tangible fixed assets Tangible fixed assets a) land (including right to perpetual usufruct) - - b) buildings, premises, civil and water engineering structures c) technical equipment and machines d) vehicles e) other tangible fixed assets Tangible fixed assets under construction Advances for tangible fixed assets under construction - - III. Long-term receivables From related parties From other entities IV. Long-term investments Real estate property Intangible fixed assets Long-term financial assets a) held in related undertakings shares other securities loans granted other long-term financial assets - - b) held in other undertakings shares other securities loans granted other long-term financial assets Other long-term investments - - V. Long-term prepayments Deferred income tax assets Other prepayments /42

14 ANNUAL SEPARATE BALANCE SHEET - CURRENT ASSETS ASSETS B. CURRENT ASSETS I. Inventories Materials Semi-finished products and work in progress Finished products Traded goods Advances for deliveries - - II. Short-term receivables Receivables from related parties a) trade receivables maturing: up to 12 months above 12 months - - b) other Receivables from other entities a) trade receivables maturing: up to 12 months above 12 months - - b) taxes, subsidies, duties, social and health insurance and other benefits c) other d) receivables claimed in court - - III. Short-term investments Short-term financial assets a) held in related undertakings shares other securities loans granted other short-term financial assets - - b) held in other undertakings shares other securities loans granted other short-term financial assets 3 8 c) cash and other pecuniary assets cash in hand and at bank other cash other pecuniary assets Other short-term investments - - IV. Accruals TOTAL ASSETS /42

15 ANNUAL SEPARATE BALANCE SHEET - EQUITY AND LIABILITIES LIABILITIES AND EQUITY A. EQUITY I. Share capital II. Called up share capital (-) - - III. Own shares (-) - - IV. Supplementary capital V. Revaluation reserve - - VI. Other reserve capitals - - VII. Previous years profit (loss) - - VIII. Net profit (loss) IX. Write-off on net profit during the fiscal year (-) - - B. LIABILITIES AND PROVISIONS FOR LIABILITIES I. Provisions for liabilities Provision for deferred income tax Provision for retirement and similar benefits long-term short-term Other provisions long-term short-term II. Long-term liabilities To related parties Amounts due to other undertakings a) loans and borrowings - - b) arising from issuance of debt securities c) other financial liabilities - - d) other - - III. Short-term liabilities To related parties a) trade liabilities, with a maturity of: up to 12 months above 12 months - - b) other Amounts due to other undertakings a) loans and borrowings - b) arising from issuance of debt securities c) other financial liabilities - 74 d) trade liabilities, with a maturity of: up to 12 months above 12 months - - e) received advances for deliveries - - f) bill-of-exchange liabilities - - g) arising from tax, customs, insurance and other h) payroll liabilities i) other Special funds - - IV. Accruals - - TOTAL LIABILITIES AND EQUITY /42

16 ANNUAL SEPARATE PROFIT AND LOSS ACCOUNT Details A. Net revenues from sales and equivalent revenues, including revenues: from related parties I. Net revenues from sales of products II. Change in the balance of products (increase - positive value, decrease - negative value) - - III. Manufacturing cost of products for internal purposes - - IV. Net revenues from sales of goods and materials - - B. Cost of products, goods and materials sold, including: I. Amortisation and depreciation II. Consumption of materials and energy III. External services IV. Taxes and charges, of which: excise duty - - V. Payroll VI. Social security and other benefits VII. Other costs by type VIII. Value of sold goods and materials - - C. Profit (loss) on sales (A-B) (8 111) (8 692) D. Other operating revenues I. Gain on disposal of non-financial fixed assets 56 - II. Subsidies - - III. Other operating income E. Other operating expenses I. Loss on disposal of non-financial fixed assets - - II. Revaluation of non-financial assets - - III. Other operating expenses F. Profit (loss) on operating activities (C+D-E) (7 687) (8 590) G. Financial revenues I. Dividends and profit sharing, including: from related parties II. Interest, including: from related parties III. Profit on sale of investments IV. Revaluation of investments V. Other - - H. Financial expenses I. Interest, including: from related parties II. Loss on disposal of investments - - III. Revaluation of investments - - IV. Other I. Profit (loss) on business activities (F+G-H) J. Result on extraordinary events (J.I.-J.II.) - - I. Extraordinary gains - - II. Extraordinary losses - - K. Gross profit (loss) (I+/-J) L. Income tax expense (5 209) Ł. Other mandatory decrease of profit (increase of loss) - - M. Net profit (loss) (K-L-Ł) /42

17 ANNUAL SEPARATE CASH FLOW STATEMENT Details A. Cash flows from operating activities I. Net Profit / Loss II. Total adjustments ( ) (29 548) 1. Amortisation and depreciation Foreign exchange gain (loss) Interest and profit sharing (dividend) (15 189) Profit (loss) on investment activity (1 891) (4 305) 5. Change in provisions (6 055) Change in inventories Change in receivables (4 123) (5 721) 8. Change in short-term liabilities excluding credits and loans (909) Changes in prepayments and accruals (2 569) (1 908) 10. Other adjustments (99 279) (35 960) III. Net cash flow from operating activities (I+II) (14 713) (8 474) B. Cash flows from investment activities I. Inflows Disposal of intangible and tangible fixed assets Disposal of investments in real property and intangible fixed assets From financial assets, of which: a) in related parties b) in other entities sales of financial assets dividends and profit sharing repayment of long-term borrowings granted interest other proceeds from financial assets Other investment inflows - - II. Expenditure Purchase of intangible assets and tangible fixed assets Investments in real properties and intangible assets For financial assets, of which: a) in related parties b) in other entities purchase of financial assets long-term borrowings granted Other capital expenditure - - III. Net cash flow from investing activities (I-II) (62 941) (61 821) C. Cash flows from financial activities I. Inflows Net inflows from issuance of shares and other capital instruments and from capital contributions 2. Borrowings and loans Issue of debt securities Other financial inflows - - II. Expenditure Purchase of own shares Dividends and other payments to owners Profit share expenses, other than payments to equity holders Repayment of loans and borrowings Redemption of debt securities Payment of other financial liabilities Payment of liabilities under finance lease agreements Interest Other financial expenditures - - III. Net cash flow from financing activities (I-II) D. Total cash flow (2 585) E. Balance sheet adjustment of cash flow, including (2 585) - movement in cash due to foreign exchange gains/losses 1 - F. Cash opening balance G. Cash closing balance (F+D), including with limited disposability /42

18 ANNUAL SEPARATE STATEMENT OF CHANGES IN EQUITY Details I. Opening balance of equity I.a. Opening balance of equity after adjustments Opening balance of share capital Changes in share capital - - a) increase (due to) - - b) decrease (due to) Closing balance of share capital Called up share capital at the beginning of period Changes in called up share capital - - a) increase (due to) - - b) decrease (due to) Called up share capital at the end of period Opening balance of own shares Changes in own shares (stock) - - a) increase (due to) - - b) decrease (due to) Closing balance of own shares Opening balance of supplementary capital Changes in supplementary capital a) increase (due to) b) decrease (due to) Closing balance of supplementary capital Opening balance of revaluation reserve - - 5a. Opening balance of revaluation reserve following changes in accounting principles Changes in revaluation reserve - - a) increase (due to) - - b) decrease (due to) Closing balance of revaluation reserve Opening balance of other reserve capitals Changes in other reserve capitals - - a) increase (due to) - b) decrease (due to) Closing balance of other reserve capitals Profit (loss) brought forward at the beginning of period Opening balance of previous years' profit Opening balance of previous years' profit, after adjustments - - a) increase (due to) - - b) decrease (due to) Closing balance of previous years' profit Loss brought forward at the beginning of the period Loss brought forward at the beginning of period, after adjustments - - a) increase (due to) - - b) decrease (due to) Loss brought forward at the end of period Profit/loss brought forward at the end of period Net profit/loss a) Net profit II. Closing balance of equity Konrad Kąkolewski Paweł Trybuchowski Michał Synoś President of the Vice-President of the Member of the Management Board Management Board Management Board Financial Director Wrocław, /42

19 ADDITIONAL INFORMATION AND EXPLANATIONS 1. TANGIBLE FIXED ASSETS 1.1. Intangible fixed assets Note No. 1: Changes in intangible fixed assets Gross value Details R&D expenses Goodwill Other fixed intangible assets Advances for intangible fixed assets C.F Additions, including: acquisition addition of intangible assets Decreases, including: addition of intangible assets other C.F Depreciation C.F Additions, including: amortisation Decreases, including: other C.F Impairment write-offs C.F Additions, including: Decreases, including: C.F Net value C.F C.F The amendment in the status of intangible assets in the period from to : Details R&D expenses Goodwill Other fixed intangible assets Advances for intangible fixed assets Gross value C.F Additions, including: acquisition other (addition of intangible assets) Decreases, including: other (addition of intangible assets) C.F Depreciation C.F Additions, including: amortisation Decreases, including: C.F Impairment write-offs C.F Additions, including: Decreases, including: C.F Net value C.F C.F No updating write-downs of intangible assets were made Tangible fixed assets Note No. 2: Movements in tangible fixed assets Total Total 19/42

20 Details Land (including the right of perpetual usufruct of land) Buildings, premises, civil and water engineering structures Technical equipment and machines Vehicles Other tangible fixed assets Gross value C.F Additions, including: from tangible fixed assets under construction acquisition lease other Decreases, including: sale disposal C.F Depreciation C.F Additions, including: amortisation other Decreases, including: sale ,00 - disposal C.F Impairment write-offs C.F Additions, including: Decreases, including: C.F Net value C.F C.F Change in fixed assets for the period between and Details Land (including the right of perpetual usufruct of land) Buildings, premises, civil and water engineering structures Technical equipment and machines Vehicles Other tangible fixed assets Gross value C.F Additions, including: from tangible fixed assets under construction - acquisition lease Decreases, including: C.F Depreciation C.F Additions, including: amortisation Decreases, including: C.F Impairment write-offs C.F Additions, including: Decreases, including: C.F Net value C.F C.F No updating write-downs of tangible assets were made. Total Total Note No. 3: Value and surface area of land under perpetual usufruct GetBack does not have any lands with right of perpetual usufruct. 20/42

21 Note No. 4: Value of tangible fixed assets not amortised (depreciated) by the entity, used under lease agreement, rental agreement and other similar agreements In 2015 the Company concluded the contracts of operating lease the subject of which is leasing of IT equipment. Annual fees made for this title amount to PLN 28 thousand. Contracts are concluded for the period of 2 years. In the reporting year 2014, all the tangible assets used by the entity were depreciated. Note No. 5: Value of tangible fixed assets amortised (depreciated) by the entity, used under financial lease agreement Details financial lease financial lease other agreements agreements Land (including the right of perpetual usufruct of land) Buildings, premises, civil and water engineering structures Technical equipment and machines Vehicles Other tangible fixed assets Total Note No. 6: Outlays for non-financial non-current assets The outlays for non-financial fixed assets in the reporting year amounted to PLN thousand, including: PLN 0 for environmental protection. The outlays planned for the next year amount to PLN thousand, including: PLN 0 for environmental protection. other Note No. 7: Tangible fixed assets under construction C.F Expenditure incurred in the financial year Buildings, premises, civil and water engineering structures Reconciliation of investment outlay Technical equipment and machines Vehicles Other tangible fixed assets C.F Note No. 8: Costs of production of fixed assets under construction, including interests and capitalised exchange differences from liabilities incurred in order to finance them; Outlays on tangible fixed assets under construction, including: cost of production of tangible fixed assets under construction interest capitalised foreign exchange rate differences - - Note No. 9: Largest tasks implemented as at In the reporting year 2015, the Company conducted further development works on project EasyCollect application supporting the total of collection processes in the company. Note No. 10: Liabilities to the state budget or local authorities/government, arising from the right of ownership of buildings and structures Liabilities to the state budget or local authorities/government, arising from the right of ownership of buildings and structures did not occur. 21/42