Consolidated quarter report QSr 4 / 2011

Transcription

1 GROCLIN QSr 4/2011 revised FINANCIAL SUPERVISORY COMMITTEE Consolidated quarter report QSr 4 / 2011 quarter / year (according to 82, passage 2, and 83, passage 1 of the Ministry of Finance Ordinance dated 19 February Dz. U. no. 33, item 259) for the securities emitters running the manufacturing, building, commercial or service activity for the 4-th quarter of the current year 2011 covering the period till and containing a shortened, consolidated financial report according to MSSF in PLN as well as shortened financial report according to MSSF in PLN date of providing: INTER GROCLIN AUTO SA (full name of the emitter) GROCLIN Automotive (aut.) (shortened name of the emitter) (sector according to the Warsaw SE classification / branch) Wolsztyn, Karpicko (zip code) (place) ul. Jeziorna 3 (street) (number) (phone) (fax) groclin@groclin.com.pl ( ) (www) (NIP) (REGON) SELECTED FINANCIAL DATA in PLN thousands in EUR thousands 4 quarter (s) increasing / 2011 period till quarter (s) increasing / 2010 period till quarter (s) increasing / 2011 period till quarter (s) increasing / 2010 period till Data for the Inter Groclin Auto capital group I. Sale revenues II. Profit (loss) on the operating activity III. Profit (loss) before taxation IV. Net profit (loss) for the shareholders of the dominant subject V. Net cash on the operating activity VI. Net cash used in the investment activity VII. Net cash the financial activity VIII. Total assets IX. Long term payables X. Short term payables XI. Company capital XII. Initial capital XIII. Number of shares XIV. Profit (loss) per one normal share (in PLN / EUR) 0,11 0,09 0,03 0,02 XV. Booking value per one share (in PLN / EUR) 34,72 33,49 7,86 8,46 Data for the Inter Groclin Auto S.A. dominant unit XVI. Sale revenues XVII. Profit (loss) on the operating activity XVIII. Profit (loss) before taxation XIX. Net profit (loss) on the continued activity XX. Net cash on the operating activity XXI. Net cash used in the investment activity XXII. Net cash the financial activity XXIII. Total assets XXIV. Long term payables XXV. Short term payables Financial Supervisory Committee 1

2 GROCLIN QSr 4/2011 SELECTED FINANCIAL DATA in PLN thousands in EUR thousands 4 quarter (s) 4 quarter (s) 4 quarter (s) 4 quarter (s) increasing / 2011 increasing / 2010 increasing / 2011 increasing / 2010 period period period period till till till till XXVI. Company capital XXVII. Initial capital XXVIII. Number of shares XXIX. Profit (loss) per one normal share (in PLN / EUR) 0,50 0,33 0,12 0,08 XXX. Booking value per one share (in PLN / EUR) 45,43 44,93 10,29 11,35 In case of presenting the selected financial data the quarter financial information, the data should be appropriately described. The selected financial data the consolidated balance (consolidated report on the financial situation) or balance (report on the financial situation) are presented at the end of the current quarter and the end of the previous current year. This should be appropriately described. The report should be submitted to the Financial Supervisory Committee, the company running the regulated market as well as to the public through the information agency according to the law regulations. THE REPORT CONTENTS File Komentarz IV Q 2011.pdf Description Consolidated, extended quarter report of the Inter Groclin Auto capital group SIGNATURES OF THE PEOPLE REPRESENTING THE COMPANY Date Name Position / function Signature Zbigniew Drzymała President of the Board Zbigniew Drzymał a Mirosł awa Doliwa Vice President, Economic and Finance Mirosława Doliwa Barbara Sikorska Vice President, Sales and Marketing Barbara Sikorska Halina Głuszak Financial Director Halina Głuszak Financial Supervisory Committee 2

3 Consolidated, extended quarter report of the Inter Groclin Auto capital group for the IV th quarter 2011 Grodzisk Wlkp., February 2012 Financial Supervisory Committe 1

4 Contents: 1. Description of the Inter Groclin Auto capital group organization The rules accepted when preparing the report Significant changes of the estimated values Brief description of the Inter Groclin Auto capital group achievements in the IV th quarter Change of the payables payment date Investments to the tangible fixed assets and intangible fixed assets Share exchange rate Employment Inter Groclin Auto capital group sale revenues Basic indicators The factors and events having a significant influence to the results achieved in the IV th quarter The emitter activity seasonal character or periodicity in the presented period The information about emission, repurchase and repayment of the indebted and capital securities Paid (or declared) dividend in total and per one share, with the division to normal and preferential shares The information about the events that occurred followed by the day for which the quarter consolidated financial report was made, not included in this report and that could significantly influence future group results Changes of the conditional payables or assets that occurred since the end of the last current year Results of the changes in the economic unit structure within a semester Realization of the financial results forecast The information about the shareholders having, directly or indirectly by the dependent subjects, at least 5% of the total number of votes in the Inter Groclin Auto S.A. General Meeting The information about the status of being in the possession of the emitter shares or rights to the shares (options) by the managing and supervising people The information about the proceedings for the liabilities or receivables of the emitter or the units that depend on him, running in the IV th quarter 2011 in the court, authority appropriate for the arbitrary proceeding or public administration authority Concluding one or more transactions by the emitter or the units that depend on him with the associated subjects if they are important (individually or mutually) and were concluded on the basis of different conditions than the market ones The information about granting, by Inter Groclin Auto S.A. or the units that depend on it, the credit or loan warranties or granting a guarantee Indicating the factors that, in the emitter opinion, will have the influence on the results achieved by him in the view of at least next quarter Applied EUR exchange rates Comment to the brief financial report for the IV th quaretr 2011 of the dominant unit The rules accepted when preparing the report Significant changes of the estimated values Financial results Financial Supervisory Committe 2

5 Comment to the consolidated report for the IV th quarter 2011 Consolidated report on the total income of the Inter Groclin Auto capital group Calculation variant till till for the period till till Continued activity Sale revenues Revenues on sales of products and services Revenues on sales of goods and materials Sale own cost (cost of sold products, services, goods and materials) Cost of sold products and services Cost of sold goods and materials Gross profit (loss) on sale Sale costs Administrative costs Other operating revenues Other operating costs Profit (loss) on operating activity Financial revenues Financial costs Other profits (losses) on investments 0 0 Profit (loss) before taxation Income tax Net profit (loss) on continued activity Stopped activity Net loss on the stopped activity Net profit (loss) Other total income - exchange rate differences counting foreign units results of the valuation of the financial assets available for sale - security accountancy - results of the fixed assets' update - profits and losses for the previous year - income tax on the other, total income Other total income (net) Total income: on the continued activity - basic and weakened 0,23 0,11 0,04 0,09 on the continued and stopped activity - basic and weakened 0,23 0,11 0,04 0,09 Net profit (loss), of which the one for: till till till till shareholders of the dominant subject minority shareholders Financial Supervisory Committe 3

6 Consolidated report on the financial situation of the Inter Groclin Auto capital group Assets for FIXED ASSETS Intangible fixed assets Company value of the submitted units Tangible fixed assets Investment properties Long term financial assets available for sale Other long term financial assets Long term receivables Assets on deferred income tax CURRENT ASSETS Inventories Receivables in virtue of deliveries and services Receivables in virtue of the current income tax Other short term receivables Short term financial assets available for sale Short term financial assets designed for turnover Other short term financial assets Cash and its equivalents Fixed assets classified as designed for sale TOTAL ASSETS Equity and payables for EQUITY Company capital Reserve capital Capital revaluation Own shares Reserve capitals Foreign exchange variances The amounts included directly in the capital and referring to the fixed assets designed for sale Profit (loss) previous years and current year Equity for the dominant unit shareholders Shares out of control PAYABLES Long term payables Long term credits and loans Other long term financial payables 21 Other long term payables Reserve on deferred income tax Reserves for payables in virtue of working benefits Other long term reserves Short term payables Short term credits and loans Other short term financial payables Payables in virtue of deliveries and services Payables in virtue of current income tax Other short term payables Reserves for payables in virtue of working benefits Short term reserves Payables connected with the fixed assets classified as designed for sale FUTURE PERIODS' REVENUES Long term future periods' revenues Short term future periods' revenues TOTAL LIABILITIES Financial Supervisory Committe 4

7 Consolidated report on the cash flow of the Inter Groclin Auto capital group Indirect method till for the period till Cash flows operating activity Profit before taxation Corrections: Amortization of intangible fixed assets Revaluation deductions in virtue of the company value loss Amortization of fixed assets Revaluation deductions in virtue of the loss of tangible fixed assets' value (Profit) loss on sale of intangible fixed assets (Profit) loss on sale of the financial assets available for sale Profits (losses) on the valuation of the investment properties according to the fair value (Profits) losses on the fair value change of the financial assets indicated according to the fair value Costs of interests (Profit) loss on the sale of the shares in the associated units Deduction of the company negative value Received interests Received dividends Cash operating activity before taking into consideration the changes in current capital Change of the inventories' status Change of the receivables' status Change of the payables' status Change of the reserves' status Other corrections Cash generated during the operating activity Paid interests Paid income tax Net cash the operating activity Cash flows the investment activity Costs for purchasing intangible fixed assets Receipts the sale of intangible fixed assets Costs for purchasing tangible fixed assets Receipts the sale of tangible fixed assets Costs for purchasing financial assets available for sale Receipts the sale of financial assets available for sale 37 Costs for purchasing financial assets designed for turnover Receipts the sale of financial assets designed for turnover Costs for purchasing dependant units (reduced by taken over cash) Receipts the sale of dependant units Receipts the received government allocations Granted loans Received payments of granted loans Received interests Received dividends Net cash used in the investment activity Cash flows the financial activity Net receipts in virtue of the shares emission Own shares' purchasing Receipts in virtue of the emission of debentures Repurchase of debentures Receipts in virtue of negotiating credits and loans Payments of credits and loans Payment of payables in virtue of the financial leasing Paid dividends Net cash the financial activity Net increasing (decreasing) of the cash and cash equivalents' status Cash and its equivalents at the beginning of the period Change of the cash and its equivalents' status in virtue of the exchange rate differences Cash and its equivalents at the end of the period Financial Supervisory Committe 5

8 Consolidated list of changes in the equity of the Inter Groclin Auto capital group Specification Company capital Reserve capital Capital revaluation Other reserve capitals Exchange rate differences counting Indivisible financial result Total equities Status at the beginning of the previous period (for ) Changes of the accountancy rules (policy) 0 0 Correction of basic faults 0 0 Balance followed by changes List of changes in equity in the previous period Profits (losses) in virtue of revaluation 0 0 Investments available for sale: profits (losses) in virtue of valuation transferred to equity transferred to the profit (loss) on sale 0 0 Instruments securing cash flows: profits (losses) transferred to equity profits (losses) transferred to the period financial result profits (losses) taken into consideration in the balance value valuation of the secured items 0 0 Exchange rate differences the valuation of the units acting abroad Tax connected with the items presented in the capital or transferred the capital 0 0 Net profit presented directly in equity Net profit for the previous period Net profit of the current year Sum of profits and losses included in the previous period consolidation correction - the companies' merger 0 0 Emitted company capital 0 0 Sale of the dependant unit shares 0 0 Covering the dependant unit by consolidation 0 0 Fixed assets' sale 0 0 Status at the end of the previous period (for ) Equities Minority shares Total equity Financial Supervisory Committe 6

9 Status at the beginning of the reporting period (for ) Changes in the accountancy rules (policy) 0 0 Correction of basic faults 0 0 Balance followed by changes List of changes in equity in the reporting period Profits (losses) in virtue of revaluation 0 0 Investments available for sale: profits in virtue of revaluation transferred to equity transferred to the profit (loss) on sale 0 0 Instruments securing cash flows: profits (losses) transferred to equity profits (losses) transferred to the period financial result profits (losses) taken into consideration in the balance value valuation of the secured items 0 0 Exchange rate differences the valuation of the units acting abroad Tax connected with the items presented in the capital or transferred the capital 0 0 Net profit presented directly in equity Net profit for the previous period Net profit for the reporting period Sum of profits and losses included in the reporting period Dividends 0 0 Emitted equity 0 0 Emitted options replaceable for shares 0 0 Covering by the consolidation of the dependant unit 0 0 Sale of the fixed assets 0 0 Status at the end of the reporting period (for ) Financial Supervisory Committe 7

10 BRANCH SEGMENTS Specification Segments Consolidated Automotive Other Exclusions value segment segments Financial results of the branch segments for the period till Total revenues Outside sale Sale between the segments Segment results Not assigned revenues Not assigned costs Net loss on the stopped activity sale Profit on the operating activity Financial revenues 191 Financial costs Profit / loss on the shares' sale Profit before taxation 91 Income tax -533 Shares of the minority Net profit 624 Other information concerning branch segments for the period till Consolidated total assets Segment assets Investment in the associated units 0 Not assigned assets of the whole group Consolidated total liabilities Segment liabilities Not assigned liabilities of the whole group Investment costs tangible fixed assets intangible fixed assets investment properties 0 Amortization of tangible fixed assets Amortization of intangible fixed assets Revaluation deductions in virtue of the value loss 0 Other non-cash costs 0 Financial results of the branch segments for the period till Total revenues Outside sale Sale between the segments Segment result Not assigned revenues 250 Not assigned costs Net loss on the stopped activity sale Profit on the operating activity Financial revenues 931 Financial costs Profit / loss on the shares' sale Profit before taxation Income tax -821 Shares of the minority Net profit 516 Other information concerning branch segments for the period till Consolidated total assets Segment assets Investments in the associated units 0 Not assigned assets of the whole group Consolidated total liabilities Segment liabilities Not assigned liabilities of the whole group Investment costs tangible fixed assets intangible fixed assets investment properties 0 Amortization of tangible fixed assets Amortization of intangible fixed assets Revaluation deductions in virtue of the value loss 0 Other non-cash costs 0 Financial Supervisory Committe 8

11 GEOGRAPHICAL SEGMENTS Financial results of the geographical segments for the period till Specification Holland Sweden Germany United Kingdom France Other countries Poland Total Revenues external customers Financial results of the geographical segments for the period till Specification Czech Total Holland Sweden United Kingdom France Other countries Poland Republic Revenues external customers MAIN CUSTOMERS, period till Specification Received revenues Segment CUSTOMER automotive CUSTOMER automotive On the basis of the regulation 87 of the Cabinet Ordinance dated 19 February 2009 (Dz. U. no. 33, item 259) the Inter Groclin Auto S.A. Management Board present: 1. Description of the Inter Groclin Auto capital group organization Dominant unit Inter Groclin Auto S.A. with its registered seat in Karpicko, Jeziorna 3, Wolsztyn, Management Board seat: Grodzisk Wlkp., Słowiańska 4, Grodzisk Wlkp. was found on as a legal successor of Inter Groclin Auto Sp. z o.o. on the basis of the Regional Court decision in Zielona Góra. The company runs its activity in Poland on the basis of the commercial companies code regulations. The emitter register court: Regional Court Poznań Nowe Miasto i Wilda in Poznań, VIII Economic Division of the National Court Register, KRS number Dependant units according to the status for : Dependant unit Groclin Karpaty Sp. z o.o. with its registered seat in Uzgorod, Zakarpacki District, Ukraine, Slowianska Nadberezna 31, Uzgorod. Dependant unit Groclin Dolina Sp. z o.o. with its registered seat in Dolina, Iwanofrankowski District, Dolinski Region, Ukraine, Gruszewskiego 11, Dolina. Dependant unit Groclin Service Sp. z o.o. with its registered seat in Nowa Sol, Wojska Polskiego 34, Nowa Sol. Dependant unit Centre of Sport Development Groclin Sp. o.o. with its registered seat in Grodzisk Wlkp., Sportowa 2, Grodzisk Wlkp. According to the status for Inter Groclin Auto S.A. had: 99,98 % shares in the statutory fund in Groclin Karpaty Sp. z o.o., 99,99 % shares in the statutory fund in Groclin Dolina Sp. z o.o., shares of the nominal value of PLN 100,00 each in Groclin Service Sp. z o.o., which is 100% of the initial capital and votes in the Groclin Service Sp. z o.o. Meeting of Shareholders, 2 shares of the nominal value of PLN 100,00 each in Fabryka Tapicerki Samochodowej Fatsa Sp. z o.o., which is 0,4% of the initial capital and votes in the Fabryka Tapicerki Samochodowej Fatsa Sp. z o.o. Meeting of Shareholders, 100 shares of the value of PLN 50,00 each in the Centre of Sport Development Groclin Sp. z o.o., which is 100% of the initial capital and votes in the Centre of Sport Development Groclin Sp. z o.o. Meeting of Shareholders Financial Supervisory Committe 9

12 Dominant unit Inter Groclin Auto S.A. is a manufacturer of the car equipment and accessories, including mainly car seats, car seat covers as well as upholstery furniture and its covers. The company also offers hotel services together will full package of sport and rehabilitation services. The dependant units activity subject of Groclin Karpaty Sp. z o.o. and Groclin Service Sp. z o.o. is manufacturing of car seat covers. Groclin Dolina Sp. z o.o. is under construction. The activity subject of the Centre of Sport Development Groclin Sp. z o.o. is a non profit activity in order to make sport among children and youths more popular through making available and running the sport complex together with hotel and boarding school basis as well as medical centre in Grodzisk Wlkp., intended especially to organize trainings and sport camps. The company foundation is connected with deinvestment plans in this scope of operation. The company didn t run any activity for The Inter Groclin Auto capital group operates in the field of manufacturing products and services, foreign trade in the field of the raw materials, materials and investment s import as well as products and services export. Taking strategic decisions concerning production, commercial and investment development, including the decisions concerning capital involvement in new enterprises, is one of the tasks of the Inter Groclin Auto capital group managing organs. The dominant subject coordinates the dependent units activities and is also responsible for coordinating the financial policy as well as organization of the capital group units activity. Independently on performing the management and ownership control function, the company authorities engage in running the dependent units operational activity. 2. The rules accepted when preparing the report Legal basis Since 1 January 2005 the Inter Groclin Auto capital group runs the accountancy and prepares the financial report according to the International Standards of the Financial Reporting issued by the International Accounting Standards Board (IASB). The data was prepared using the rule of the assets and liabilities pricing as well as measuring the net financial result defined for the balance day taking into consideration the corrections in virtue of reserves, reserve and assets on deferred income tax as well as deductions revaluating the assets elements value. This report was made using the same rules for the current and comparable period. Accountancy rules and methods used while preparing the financial report were defined in the additional information for 2010 in detail. The reporting currency of the consolidated, extended quarter report is PLN and all the amounts are expressed in PLN thousands. 3. Significant changes of the estimated values In the IV th quarter 2011 the Inter Groclin Auto capital group: increased the assets on deferred income tax by PLN 208 thousand, increased the reserve on deferred income tax by PLN 67 thousand, increased the reserves for future commitments by PLN 146 thousand, Financial Supervisory Committe 10

13 decreased the reserve for future commitments by PLN 161 thousand, reversed the deduction on restoring the assets for PLN 438 thousand, made a deduction in virtue of the assets value loss for PLN 503 thousand. 4. Brief description of the Inter Groclin Auto capital group achievements in the IV th quarter 2011 The negotiations leading to source the contracts of the branches, that absorb maximum dimension of the added value as well as starting in the branches that generate the demand for large productions areas, are still continued. The company realized the schedule of implementing new projects according to the schedule and punctually realized its declarations relating to new customers. The employees training process in the scope of manufacturing new models and implementing Lean Manufacturing practices were also according to the schedule. 4.1 Change of the commitments payment date Due to the termination of the payment term of the credits taken by Inter Groclin Auto S.A. in Bank Zachodni WBK and in Bank Polska Kasa Opieki S.A., the Inter Groclin Auto S.A. Management Board signed the annexes to the credit agreements: 1) Annex no. 19 dated 24 October 2011 to the agreement for the current credit no. 1434/237/03 dated 30 December 2003 concluded between Inter Groclin Auto S.A. and Bank Zachodni WBK S.A. located in Wrocław in the amount of EUR ,97 (say: five million, eight hundred and seventy two thousand, eight hundred and eighty six, 97/100), i.e. PLN ,12 (say: twenty five million, eight hundred and seventeen thousand, two hundred and eleven, 12/100), on the basis of which the credit payment term was prolonged till 29 February ) Annex no. 4 dated 24 October 2011 to the agreement for the credit in the current account no. K dated 18 December 2009 concluded between Inter Groclin Auto S.A. and Bank Zachodni WBK S.A. located in Wrocław in the amount of PLN ,00 (say: eleven million, five hundred and sixty thousand, two hundred and eighty, 00/100), on the basis of which the credit payment term was prolonged till 29 February ) Annex no. 12 dated 29 November 2011 to the agreement no. I CKK/IVPO/ /44/2006 for the current credit dated 28 September 2006 concluded between Inter Groclin Auto S.A. and Bank Polska Kasa Opieki S.A. located in Warsaw in the amount of EUR ,00 (say: two million and four hundred thousand), i.e. PLN ,00 (say: ten million, eight hundred and sixty seven thousand, six hundred and eighty), on the basis of which the credit payment term was prolonged till 29 February ) Annex no. 7 dated 29 November 2011 to the agreement no. I CKK/IVPO/ /43/2006 for the investment credit dated 28 September 2006 concluded between Inter Groclin Auto S.A. and Bank Polska Kasa Opieki S.A. located in Warsaw in the amount of EUR ,00 (say: one million, four hundred and four thousand, five hundred), i.e. PLN ,90 (say: six million, three hundred and fifty nine thousand, eight hundred and fifty six, 90/100), on the basis of which the credit payment term was prolonged till 29 February Financial Supervisory Committe 11

14 4.2 Investments to the tangible fixed assets and intangible fixed assets The investments value for purchasing tangible fixed assets and intangible fixed assets of the Inter Groclin Auto capital group in the IV th quarter 2011 was PLN 462 thousand. 4.3 Share exchange rate The average Groclin exchange rate in the IV th quarter 2011 was PLN 11,92, the minimum exchange rate in the analyzed period was PLN 10,49, and the maximum exchange rate was at the level of PLN 14,19. IGA S.A. share exchange rate in the IV-th quarter Employment At the end of the IV th quarter 2011 the employment status in the Inter Groclin Auto capital group was people and was lower by 140 people comparing to the status at the end of the III rd quarter The employment reduction was possible thanks to implementing modern organization methods of the production processes that increase work efficiency. 4.5 Inter Groclin Auto capital group sale revenues In the IV th quarter 2011 the sale revenues were PLN thousand and were higher by 17,4 % comparing to the revenues of the same period of the previous year, increasing within four quarters 2011 the sale revenues were PLN thousand and were higher by 28,02 % comparing to the revenues of the same period of the previous year. In the IV th quarter 2011 the revenues value in EUR was thousand and was 6,1 % higher than the result the same period of the previous year, increasing the revenues in EUR within four quarters 2011 were EUR thousand and were higher than 23,82 % than the result the same period of the previous year. In the fourth quarter 2011 one should note a little bit lower speed of the sale increase than in the third one. This is the result of pessimistic attitude of the customers that strengthened in the last months. This in turn is connected with the intensified crisis in Greece and other European countries. Financial Supervisory Committe 12

15 For the IV th quarter 2011, the EUR exchange rate counted the last days of three months was at the level of PLN 4,4365, comparing to the same period of 2010 the level was PLN 4,0094. Inter Groclin Auto capital group sale revenues (in PLN thousands) ,02% ,36% ,00% ,00% IV Q 2011 IV Q 2010 I-IV Q 2011 I-IV Q 2010 period Inter Groclin Auto capital group sale revenues (in EUR thousands) ,82% ,00% ,07% ,00% IVQ 2011 IVQ 2010 I-IV Q 2011 I-IV Q 2010 period Sale of the capital group products is directed both to export and local market. In the period of four quarters 2011, 55 % products and services was directed to foreign markets. The local market share is connected with selling the products to the Polish plants that belong to international car concerns. The dominant export directions in the analyzed period were the following countries: United Kingdom, Sweden, France, Germany, Holland what is presented in the below chart. Financial Supervisory Committe 13

16 Structure of the export in IV quarters 2011 United Kingdom; 38,6% Other; 3,5% Sweden; 18,4% Holland; 5,8% France; 20,0% Germany; 13,7% 4.6 Basic indicators Financial fluctuation indicators of the Inter Groclin Auto capital group Name of the indicator Calculating formula Current fluctuation current assets short term payables 2. Cash fluctuation short term investments indicator short term payables 3. Covering the payables by short term receivables receivables short term payables Indicators of the Inter Groclin Auto capital group activity financing 0,89 0,92 0,07 0,15 0,54 0,53 Name of the indicator Calculating formula Debt ratio 2. Covering the debt by own capitals 3. Covering the fixed assets by constant capital long term and short term payables total liabilities own capitals foreign capitals* own capitals + long term payables fixed assets Reliability indicators of the Inter Groclin Auto capital group 0,31 0,30 1,96 1,97 0,92 0,93 Name of the indicator Calculating formula Gross margin on sale gross profit on sale net sale 10,99% 10,57% 2. Gross profitability gross profit / loss net sale 0,05% 0,95% 3. Net profitability net profit / loss net sale 0,35% 0,37% Financial Supervisory Committe 14

17 * foreign capitals = total liabilities own capital Basic indicators of the financial fluctuation and financing the activity were at approximate level comparing to the same period of the previous year. The level of the fluctuation indicators according to the status for guarantees punctual settlement of the commitments to the company. The debt indicators are also correct and this promises positive. The following decreased: gross profitability by 0,9 %, net profitability by 0,02 %. High level of the statistical, negative EUR/PLN exchange rate differences the balance valuation, which results in the profitability indicators decrease at the level of 0,5%, had a negative influence on the indicators decrease. 5. The factors and events having a significant influence to the results achieved in the IV th quarter 2011 In the particular field the financial results were as follows: gross profit on sale in the IV th quarter in the amount of PLN thousand, profit on the operating activity in the IV th quarter of PLN thousand, gross profit in the IV th quarter was PLN thousand. The final net result of the IV th quarter was characterized by the profit in the amount of PLN thousand. Positive results of introducing the changes in the production management system were achieved in the scope of the factors that depend on the enterprise. 6. The emitter activity seasonal character or periodicity in the presented period The Inter Groclin Auto capital group companies acting in the sector of the companies connected with foreign and partially national automotive industry are characterized by the sale seasonal character. There is a lower intensity in the IV th quarter due to Christmas break. 7. The information about emission, repurchase and repayment of the indebted and capital securities In the IV th quarter 2011 the Inter Groclin Auto capital group didn t emit, repurchase and repay any indebted and capital securities. 8. Paid (or declared) dividend in total and per one share, with the division to normal and preferential shares In the IV th quarter 2011 Inter Groclin Auto S.A. didn t pay and declare the dividend payment. Financial Supervisory Committe 15

18 9. The information about the events that occurred followed by the day for which the quarter consolidated financial report was made, not included in this report and that could significantly influence future group results On 28 February 2012, due to the termination of the payment term of the credits taken by Inter Groclin Auto S.A., the Inter Groclin Auto S.A. Management Board signed the annexes to the credit agreements: 1) Annex no. 20 dated 28 February 2012 to the agreement for the current credit no. 1434/237/03 dated 30 December 2003 concluded between Inter Groclin Auto S.A. and Bank Zachodni WBK S.A. located in Wrocław in the amount of EUR ,97 (say: five million, eight hundred and seventytwo thousand, eight hundred and eighty six, 97/100), i.e. PLN ,46 (say: twenty four million, four hundred and forty eight thousand, eight hundred and twenty eight, 46/100), on the basis of which the credit payment term was prolonged till 30 June ) Annex no. 5 dated 28 February 2012 to the agreement for the credit in the current account no. K dated 18 December 2009 concluded between Inter Groclin Auto S.A. and Bank Zachodni WBK S.A. located in Wrocław in the amount of PLN ,00 (say: eleven million, five hundred and sixty thousand, two hundred and eighty, 00/100), on the basis of which the credit payment term was prolonged till 30 June ) Annex no. 13 dated 28 February 2012 to the agreement no. I CKK/IVPO/ /44/2006 for the current credit dated 28 September 2006 concluded between Inter Groclin Auto S.A. and Bank Polska Kasa Opieki S.A. located in Warsaw in the amount of EUR ,00 (say: two million and four hundred thousand), i.e. PLN ,00 (say: nine million, nine hundred and ninety one thousand, two hundred), on the basis of which the credit payment term was prolonged till 30 November ) Annex no. 8 dated 28 February 2012 to the agreement no. I CKK/IVPO/ /43/2006 for the investment credit dated 28 September 2006 concluded between Inter Groclin Auto S.A. and Bank Polska Kasa Opieki S.A. located in Warsaw in the amount of EUR ,00 (say: one million, three hundred and nineteen thousand, six hundred), i.e. PLN ,80 (say: five million, four hundred and ninety three thousand, four hundred and ninety four, 80/100), on the basis of which the credit payment term was prolonged till 30 November Financial Supervisory Committe 16

19 10. Changes of the conditional payables or assets that occurred since the end of the last current year in thousands of PLN status for status for Conditional liabilities On behalf of associated units (in virtue) 0 0 of the granted guarantees and warranties 1.2. On behalf of other companies (in virtue) of the granted guarantees and warranties Conditional items, total Results of the changes in the economic unit structure within a semester In the IV th quarter 2011 there were no changes in the economic unit structure. 12. Realization of the financial results forecast The Inter Groclin Auto capital group didn t publish the financial results forecast for the IV th quarter The information about the shareholders having, directly or indirectly by the dependent subjects, at least 5% of the total number of votes in the Inter Groclin Auto S.A. General Meeting. According to the status for , Mr. Zbigniew Drzymała and Mrs. Maria Drzymała are the shareholders having at least 5% of the total number of votes in the Inter Groclin Auto S.A. General Meeting. Mr. Zbigniew Drzymała has shares which is 26,81% of the Inter Groclin Auto S.A. initial capital, including shares preferential five times to the vote, which is votes in total and is 42,73% votes in the Inter Groclin Auto S.A. General Meeting. Mrs. Maria Drzymała has company shares which is 26,81% of the company initial capital, and has the right to votes in the company general meeting of shareholders, which is 20,98% of the total number of votes. There were no changes in the ownership structure of the significant packages of the emitter shares within the period providing the previous periodical report, i.e. comparing to the status for Financial Supervisory Committe 17

20 14. The information about the status of being in the possession of the emitter shares or rights to the shares (options) by the managing and supervising people According to the information being in the possession of the company, there were no changes in the Inter Groclin Auto S.A. shares possession status as well as there were no changes of the rights to them by the managing and supervising people the time of providing the previous report, i.e. comparing to the status for According to the status for the managing and supervising people had the following number of the Inter Groclin Auto S.A. shares: Management Board members Zbigniew Drzymała Number of shares Type of shares Status for including: of A series preferential five times to the vote of B and C series normal to the bearer Mirosława Doliwa Barbara Sikorska 5 normal to the bearer Supervisory Board members Number of shares Status for Type of shares Waldemar Frąckowiak Wojciech Witkowski 900 including: 100 of A series preferential five times to the vote 800 of B series normal to the bearer Janusz Brzeziński Monika Drzymała Krzysztof Jordan 15. The information about the proceedings for the liabilities or receivables of the emitter or the units that depend on him, running in the IV th quarter 2011 in the court, authority appropriate for the arbitrary proceeding or public administration authority In the IV th quarter 2011 there were no proceedings in the court, authority appropriate for the arbitrary proceeding or public administration authority, for the liabilities or receivables of Inter Financial Supervisory Committe 18

21 Groclin Auto S.A. or the units that depend on it, the total value of which would constitute at least 10% of the Inter Groclin Auto S.A. own capitals. 16. Concluding one or more transactions by the emitter or the units that depend on him with the associated subjects if they are important (individually or mutually) and were concluded on the basis of different conditions than the market ones In the IV th quarter 2011 the emitter and the units that depend on him didn t conclude any transactions that were significant and were concluded on the basis of different conditions than the market ones. 17. The information about granting, by Inter Groclin Auto S.A. or the units that depend on it the credit or loan warranties or granting a guarantee In the IV th quarter 2011 there were no credit and loan warranties as well as guarantee granted, by the emitter or the unit that depends on it, the total value of the existing warranties and guarantees equals at least 10% of the emitter own capitals. 18. Indicating the factors that, in the emitter opinion, will have the influence on the results achieved him in the view of at least next quarter The basic external factors that may decide on the future situation of Inter Groclin Auto S.A. are: shaping the EUR/PLN exchange rate change of the credit commitments conditions increase of the cost factors being regulated by the nation energy, fuel, taxes, etc. economic policy of the nation securing the interest and position of Polish exporters using legal and economic tools decreasing the demand on the automotive branch products the level of the investments in the industry, especially in the automotive branch and automotive components sector constant increase of the competition the local and foreign companies the nation policy and regulations for the zone of employment and rehabilitation of disabled people The main, internal factors significant for the enterprise results and activities are as follows: continuation of the changes in the production management system automation of the main engineering processes rationalization of the manufacturing costs in all the elements of the generic system introducing the complex restructuring program including the planned activity in the scope of the cost reduction, engineering changes (testing and introducing modern machines, that allow for more economical use of the possessed production resources, to the machine park) as well as Financial Supervisory Committe 19

22 locating production capabilities in the particular dependent units of the Inter Groclin Auto capital group high personnel qualifications short distribution channels as well as efficient travelling and promoting activity of the company modern and flexible company production property that ensures large performance mobility in the scope of the offered services introduced and mastered quality assurance system that complies with ISO 9001:2008, increase of the competitive company power in the global market of the suppliers of the components to manufacture cars with relation to the introduced quality systems of the automotive branch ISO/TS 16949:2009 and environmental management system according to ISO Applied EUR exchange rates Period: IV quarters 2011 The below mentioned exchange rates were assumed to calculate the data in the table Selected financial data PLN to EUR: particular items of the financial situation report were calculated according to the average exchange rate published by Narodowy Bank Polski for the balance day (table no. 252/A/NBP/2011) 1 EUR = 4,4168 particular items of the total income report and cash flow report for the IV quarters 2011 were calculated according to the exchange rate being the arithmetic mean of the exchange rates established by Narodowy Bank Polski for EUR the last days of 12 months of the current year EUR = 4,1401 Below are the EUR exchange rates used to calculate the exchange rate being the arithmetic mean. No. of the average exchange rates table Date of publication 1 EUR, average 20/A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ ,1445 Financial Supervisory Committe 20

23 190/A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ ,4168 The exchange rate being the arithmetic mean 4,1401 Period: IV quarters 2010 The below mentioned exchange rates were assumed to calculate the data in the table Selected financial data PLN to EUR: particular items of the financial situation report were calculated according to the average exchange rate published by Narodowy Bank Polski for the balance day (table no. 255/A/NBP/2010) 1 EUR = 3,9603 particular items of the total income report and cash flow report for the IV quarters 2010 were calculated according to the exchange rate being the arithmetic mean of the exchange rates established by Narodowy Bank Polski for EUR the last days of 12 months of the current year EUR = 4,0044 Below are the EUR exchange rates used to calculate the exchange rate being the arithmetic mean. No. of the average exchange rates table Date of publication 1 EUR, average 20/A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ , /A/NBP/ ,0734 Financial Supervisory Committe 21

24 255/A/NBP/ ,9603 The exchange rate being the arithmetic mean 4,0044 Comment to the brief financial report for the IV th quarter 2011 of the dominant unit The report on the total income of the Inter Groclin Auto S.A. dominant unit till till till till Continued activity Sale revenues Revenues on sales of products and services Revenues on sales of goods and materials Sale own cost (cost of sold products, services, goods and materials) Cost of sold products and services Cost of sold goods and materials Gross profit (loss) on sale Sale costs Administrative costs Other operating revenues Other operating costs Profit (loss) on operating activity Financial revenues Financial costs Other profits (losses) on investments 0 0 Profit (loss) before taxation Income tax Net profit (loss) on continued activity Stopped activity Net loss on the stopped activity Net profit (loss) Other total income - exchange rate differences counting foreign units results of the valuation of the financial assets available for sale - security accountancy - results of the fixed assets' update - profits and losses for the previous year - income tax on the other, total income Other total income (net) Total income: Net profit (loss) for one normal share: Calculation variant till till for the period till till on the continued activity - basic and weakened 0,47 0,50 0,07 0,33 on the continued and stopped activity - basic and weakened 0,47 0,50 0,07 0,33 Financial Supervisory Committe 22