Interim financial statement for the period from January 1 to June 30, 2015 of Towarzystwo Finansowe SKOK S.A.

Transcription

1 Interim financial statement for the period from January 1 to June 30, 2015 of Towarzystwo Finansowe SKOK S.A. All amounts are expressed in Polish Zloty (unless provided otherwise) Reporting currency : PLN Gdańsk, 17 August,

2 BASIC INFORMATION ABOUT THE COMPANY Name (business name) Registered office: Address: Towarzystwo Finansowe Spółdzielczych Kas Oszczędnościowo-Kredytowych Spółka Akcyjna (joint-stock company) Gdańsk ul. Arkońska 11, Gdańsk Telephone: (+48 58) Fax: (+48 58) Website: In accordance with the Polish Classification of Activities, the main area of the Company operations is as follows: 6519Z - other auxiliary financial activities, excluding insurance and pension funds. The Supervisory Board In the first half of the year 2015 the composition of the Supervisory Board has not changed. At the date of the report, the Supervisory Board consists of the following persons: Grzegorz Michał Bierecki Chairman of the Supervisory Board, Grzegorz Paweł Buczkowski Vice Chairman of the Supervisory Board, Andrzej Sosnowski Secretary of the Supervisory Board, Jarosław Szymon Bierecki Member of the Supervisory Board, Andrzej Paweł Szumański Member of the Supervisory Board. The Management Board At the date of the report, the Management Board consists of the following persons: Ewa Bereśniewicz-Kozłowska Chairperson of the Management Board, Cezary Godziuk Member of the Management Board, Marcin Golas Member of the Management Board, Alicja Kuran-Kawka Member of the Management Board, Tomasz Krasiński Member of the Management Board. 2

3 A. SELECTED FINANCIAL DATA SELECTED FINANCIAL DATA of Towarzystwo Finansowe SKOK S.A. (joint stock company) in thousand PLN in thousand EUR first half of 2015 first half of 2014 first half of 2015 first half of 2014 period from 1 st January 2015 to 30 th June 2015 period from 1 st January 2014 to 30 th June 2014 period from 1 st January 2015 to 30 th June 2015 period from 1 st January 2014 to 30 th June 2014 I Revenues from sales II Gross profit (loss) from sales III Profit (loss) from sales IV Profit (loss) from operations V Profit (loss) before tax VI Profit (loss) VII VIII IX Net cash flows from operations Net cash flows from investments Net cash flows from financial activities (5 969) 344 (1 429) (6 967) (2 587) (1 685) (619) (14 058) (10 471) (3 400) (2 506) X Total net cash flows (19 603) (19 027) (4 741) (4 554) XI Total Assets* XII Liabilities and provisions for Liabilities* XIII Share capital (fund)* XIV Equity* XV Number of shares XVI Profit (loss) per share (PLN/EUR) 0,001 0,004 0,000 0,001 XVII Profit (loss) per One privileged share (PLN/EUR) 0,001 0,007 0,000 0,001 XVIII Book value per share (PLN/EUR) 1,79 1,84 0,43 0,43 * Balance sheet data in the "first half of 2014: the period from 1 st January 2014 to 30 th June 2014" in PLN thousand and EUR thousand are presented as at 31 st December 2014 (section 89 (1) (1) RMF WSE). Financial data presented in EUR have been converted according to the following principles: individual items of assets and liabilities at average NBP exchange rate prevailing on the balance sheet date, i.e. on 30 th June 2015: PLN and for comparable data at average NBP exchange rate prevailing on the balance sheet date, i.e. on 31 st December 2014: PLN ; individual items in the profit and loss and cash flow according to the arithmetic average of exchange rates set by the NBP at the last day of each month, i.e. for the period 1 st January 2015 to 30 th June 2015: PLN for comparable data according to the arithmetic average of exchange rates set by the NBP at the last day of each month, i.e. for the period 1 st January 2014 to 30 th June 2014: PLN

4 Profit (loss) per share for each period is calculated by dividing net profit for the period by the weighted average number of shares during the reporting period. Diluted profit (loss) per share for each period is calculated by dividing net profit for the period by the weighted average diluted number of shares during the reporting period. Accounting value per one share is calculated by dividing the equity at the end of the period by the number of shares at the end of the period. Balance sheet as of June A. ASSETS ASSETS Note no As of As of As of FIXED ASSETS Intangible assets Tangible fixed assets Long-term receivables Other long-term investments Assets due to deferred income tax Other long-term prepayments CURRENT ASSETS Inventory Short-term receivables short-term receivables - from related entities short-term receivables - from other entities Receivables due to current income tax, customs, insurance Other short-term receivables Short-term financial assets Cash, other pecuniary assets and equivalents Cash in ATMs Short-term prepayments TOTAL ASSETS

5 B. Liabilities LIABILITIES Note no As of As of As of EQUITY Share capital Treasury shares (negative value) 11 (65) (60) (60) Supplementary capital from issuance of treasury shares above Other supplementary capital Other reserve capitals Other reserve capitals- own shares purchases Previous years' profits (losses) Financial result of the financial year Deductions from net profit during the financial year (negative value) LIABILITIES AND PROVISIONS FOR LIABILITIES Provisions for liabilities Provision for deferred income tax Provision for retirement and similar benefits long-term short-term Other provisions Long-term liabilities credits and loans arising from issuance of debt securities other financial liabilities Short-term liabilities Trade liabilities and other liabilities Loans, credits and debt securities issued Other financial liabilities Liabilities due to financial leasing Liabilities due to current income tax Special funds Accruals 45-0 TOTAL LIABILITIES

6 ABRIDGED PROFIT AND LOSS ACCOUNT AND STATEMENT OF OTHER COMPREHENSIVE INCOME for the period from 01 January to 30 June 2015 Calculation variant from to for the period from to Revenue on sales (Note 20) including, revenue on sales of services from related entities Revenue on sales of services Revenue on sales of goods and materials Own cost of sales (cost of products, services, goods and materials sold) (Note 21) Manufacturing cost of products sold 0 0 Cost of services sold Cost of goods and materials sold Gross profit (loss) on sales Costs of sales Overheads Profit (loss)on sales Other operating revenue (Note 22) Other operating expenses (Note 22) Profit (loss) on operating activity Financial revenues (Note 23) Financial expenses (Note 23) Profit (loss) before tax Income Tax current part (Note 18) deferred part (Note 19) (222) (233) Net profit (loss) on continued operations Abandoned operations 0 0 Net profit (loss) Net profit (loss) per share: (Note 24) PLN / share PLN / share on continued operations 0,001 0,004 on abandoned operations 0 0 Statement on other comprehensive income from to for the period from to Net profit (loss) Changes in surplus on revaluation 0 0 Profit/loss due to programmes of specific benefits 0 0 Profit/loss due to revaluation on financial assets available for resale 0 0 Difference from reassessment 0 0 Effective part of profits/losses associated with instruments hedging cash flows 0 0 Total comprehensive income

7 ABRIDGED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 Changes in equity Abridged statement of changes in equity Share capital Suppleme ntary capital Treasury shares Other reserve capitalsadvanced dividend payment Other reserve capitals own Shares purchases Other reserve capitals dividend payment Net financial result of financial year Profit (loss) of previous years Deduction From net profit during the financial year Total Balance as of (60) (4 771) Net result for the period from to Distribution of financial result (15 722) Distribution of financial result, resolution of ZWZ (6 181) 0 0 Dividends (9 541) (4 770) Balance as of (60) Balance as of (60) (4 771) Net result for the period from to Issue of series shares Distribution of financial result (15 722) Distribution of financial result, resolution of OGM (6 181) 0 0 Dividend (9 541) (4 770) Creation of reserve capital- resolution EGM - dated r (1 000) Purchases of own shares 0 0 (5) (5) Balance as of (65)

8 Changes in equity Abridged statement of changes in equity Share capital Suppleme ntary capital Treasury shares Other reserve capitalsadvanced dividend payment Other reserve capitals own Shares purchases Other reserve capitals dividend payment Net financial result of financial year Profit (loss) of previous years Deduction From net profit during the financial year Total Balance as of (65) Net result for the period from to Issue of shares Distribution of financial result (8 006) Creation of reserve capital- resolution EGM - dated r (1 533) Dividends (1 533) 0 (8 006) 0 (9 539) Purchases of own shares 0 0 (36) (36) Balance as of (101)

9 ABRIDGED OF CASH FLOW ACCOUNT FROM 01 JANUARY TO 30 JUNE 2015 Indirect method from to for the period from to Cash flows from operating activities Profit before tax Adjustments: Depreciation (Profit) loss on investment activities, including sales of tangible fixed assets (116) 25 (Profit) loss on exchange differences 0 0 Costs of interest Dividends received 0 0 Cash on operating activities before recognising the changes in working capital Change in inventory (580) 92 Change in receivables 696 (3 639) Change in liabilities (8 791) (15 936) Change in provisions (100) 280 Change in settlements of prepayments and accruals Other adjustments 0 0 Cash generated from operating activities (1 770) (5 224) Income tax paid (348) (745) Net cash from operating activities (5 969) Cash flows from investment activities Expenses on purchase on intangible assets and tangible fixed assets (2 485) (1 300) Inflows from purchase on intangible assets and tangible fixed assets Proceeds from financial assets of other investments 46 0 Expenses on purchase of other investments (4 000) 0 Expenses on own shares purchases (754) (1 354) Dividends received 0 0 Net cash from investment activities (6 967) (2 857) 9

10 Cash flows from financial activities Net inflows due to issue of shares 0 0 Expenses on own shares purchases (35) 0 Raising of share capital 0 0 Other financial inflows 0 0 Other financial expenses (1 500) (16 000) Inflows due to drawing of credits and loans Repayment of credits and loans (10 460) 0 Repayment of Liabilities due to financial leasing (389) (286) interest paid (1 674) (2 429) Dividends aid 0 (4 107) Net cash from financial activities (14 058) (10 471) Increase (decrease ) in net cash and cash equivalents (19 603) (19 027) Opening balance of cash and cash equivalents Change in cash and their equivalents due to exchange differences 0 0 Closing balance of cash and cash equivalents, including: Cash of limited availability

11 ADDITIONAL NOTES TO INTERIM FINANCIAL STATEMENTS 1. Compliance of the financial statements with the International Accounting Standards, reporting currency and the applied level of rounding. These interim financial statements for the period from 1 January to 30 June 2015 were drawn up in compliance with the IAS 34 "Interim Financial Reporting" and with the remaining International Accounting Standards / International Financial Reporting Standards (IFRS) applicable to interim financial reporting and the related interpretations announced in the relevant Regulations of the European Commission. 2. Assumption of business continuation, comparability of financial statements. reporting currency and the applied level of rounding. The interim financial statements for the period presented have been complied under the assumption that the business activity of the Company shall be continued in the foreseeable future and no prerequisites exist which would indicate any risk for the business. The Management Board of the Company confirms that the financial statement presented demonstrates the results and cash flows in reliable way. The abridged interim annual financial statement covers the data for the period from to The comparable data of the balance sheet items presented refer to the status as of whereas in case of other items, the comparable data cover the 1st half of 2014, i.e. from to The reporting and presentation currency of this financial statement is Polish zloty and all amounts are expressed in thousand Polish zloty (unless indicated otherwise). 3. The accounting principles applied The interim financial statements followed the same accounting policies and computation methods as in the last financial statement. The Company did not use a possibility of earlier application of new Standards and Interpretations which have already been published and approved by the European Union, to enter into force after the balance sheet day. 4. Information on allowance for uncollectible accounts for the inventory value to the achievable net value and on reversal of the allowance for uncollectible accounts due to this title. 11

12 change allowance for uncollectible accounts for inventory (Note no 6) Information on write-downs due to loss in value of financial assets, tangible fixed assets, intangible assets or other assets and reversal of such write-downs change Allowance on goodwill Allowance for other long-term investments (Note no 4) (+) Allowance for uncollectible accounts 258 (+) Information on establishment, consumption and release of provisions change Provision for retirement and similar benefits Other provisions 100 (-) Information on provisions and assets due to deferred income tax change Assets due to deferred income tax 554 (-) Provision due to deferred income tax (-) Information on significant transactions of purchase and sales of tangible fixed assets. 12

13 According to the Issuer s opinion, no significant transactions of purchase or sales of tangible fixed assets were concluded. For more information see Note no Information on significant liabilities due to purchase of tangible fixed assets. No significant liabilities occur due to purchase of tangible fixed assets. 10. Information on significant settlements due to lawsuits. No settlements of this type occurred. 11. Indicating the adjustments of errors of previous periods. No adjustments of errors of previous periods occurred. 12. Information concerning changes in economic situation and conditions of business operations which materially affect the fair value of financial assets and financial liabilities of the entity, whether these assets and liabilities are captured at fair value or the adjusted purchase price (depreciated cost). Neither changes of economic situation nor conditions of significant impact on assets and financial liabilities occurred. 13. Information on failure to repay a facility or loan, or infringement of material provisions of the facility or loan contract, in relation to which nor remedies were applied until the end of the reporting period. No cases of failure to repay any facilities or loans, and no infringement of material provisions of any facility or loan contract occurred. As of the value of the overdraft used amounted to PLN thousand. 14. In case of financial instruments estimated at fair value information on the change in the way (method) of determining the fair value. No changes in the way (method) of determining the fair value of financial instruments estimated in the Company took place. For more information see Note no

14 15. Information concerning changes in classification of financial assets due to the change in the purpose or use of such assets. In the period covered by this report, no changes in classification of financial assets occurred. The investment in shares of TZ SKOK Sp. z o.o. S.K.A. is still classified as "financial assets held for sale". 16. Information concerning changes in conditional liabilities or conditional assets which have occurred since the end of the previous financial year. Since the end of the last financial year the value of the Issuer s conditional liabilities has not changed. At present, the conditional liabilities do not occur. 17. Issues, redemptions and repayment of non-equity securities (including the period following the balance sheet day). In the first half of 2015 the value of the share capital has not changed and as of amounted to PLN In the first half of 2015 the indebtedness of the Company due to KWIT issuance was reduced by PLN thousand. As of the day of publication of the report, the total liabilities due to KWIT amount to PLN 18,000 thousand, of the following redemption dates: 13 October 2016 (PLN 3,000 thousand), 13 October 2017 (PLN 5,000 thousand), 12 October 2018 (PLN 5,000 thousand), 11 October 2019 (PLN 5,000 thousand). The security of KWIT constitutes: - registered pledge on movable property of the Company including 498 cash dispensers of SKOK 24; - surety for the liabilities of the Company granted by Towarzystwo Ubezpieczeń Wzajemnych SKOK S.A. 18. Type and amount of items affecting assets, liabilities, capital, net financial result, or cash flows that are unusual due to their nature, size or exerted influence. 14

15 No settlements of this type occurred. 19. Type and amounts of changes in value of estimated amounts presented in previous interim periods of the current financial year, or changes in value of estimated amounts presented in previous financial years. In the period covered by this report, no events referred to this item occurred. 20. Dividend paid (aggregate or per one share), divided into ordinary shares and other shares. The Annual General Meeting on April 28th, 2015 adopted a resolution on dividend payment. All the net profit of the Company for the period from 1 January 2014 to 31 December 2014 profit amounting to PLN 8,006, (say: eight million six thousand one hundred and sixty-eight zlotys and fifty grosz) shall be applied in payment of dividend for 2014 for the Company s Shareholders. Payment of dividend for the Company s Shareholders in the amount of PLN ,28 (said: nine million five hundred forty thousand fifty seven zloty twenty eight groszy), what amounts to PLN 0,04 (said: four groszy) for each ordinary share, excluding own shares owned by the Company, and PLN 0,06 (said: six groszy) for each preference share, to be financed from the following sources: a) amount of PLN ,50 (said: eight million six thousand one hundred sixty eight zloty fifty groszy) from the net profit earned in 2014, b) amount up to maximum value of PLN ,78 (said: one million five hundred thirty three thousand eight hundred eighty eight zloty seventy eight groszy) from the reserve capital created under Act no. 5 of the Ordinary General Meeting of 23 April ,579,045 shares of the Company was participating in the dividend: 97,766,167 ordinary shares, excluding own shares owned by the Company, and 93,812,878 shares without voting rights (non-voting shares), preferential in terms of dividend. The day of establishing the right to dividend was July 28th, 2015, and the payment date was August 18th, Explanatory comments about the seasonality or cyclicality of operations in interim period. The Issuer does not conduct a seasonal or cyclical business. 15

16 22. Significant events after the end of interim period that have not been reflected in the financial statements for the interim period. On 17 March 2015 General Shareholders Meeting of the company Towarzystwo Zarządzające SKOK Sp. z o.o. spółka komandytowo-akcyjna passed a resolution on distribution of the profit of the year In accordance with the resolution the Issuer is entitled to the amount of zł, after including the advance payment. Dividend will be paid until 30 September On July 16, 2015, an appendix to a credit agreement for an overdraft in PLN with Bank Zachodni WBK S.A. was signed for a revolving capital loan (renewable) in a loan account.under this Appendix the deadline for the loan (in an amount not exceeding PLN 100,000,000, which shall be used to finance the shipment of cash to ATMs operated by the Company) has been extended until July 31, Later the next appendix wes signed on July 31, the deadline for the loan was finally extended until august 14,2015 and was repaid on time. On 30th July 2015 the Company concluded a Cooperation Agreement for cash handling services for Towarzystwo Finansowe SKOK S.A. (hereinafter referred to as: "Agreement") with Bank Zachodni WBK S.A. (hereinafter referred to as: BZ WBK ). On the basis of this Agreement BZ WBK shall provide services including facilitation of money and cash handling service up to PLN thousand (said: one hundred fifty million zloty). This new Agreement superseded the current model of injecting ATMs which has functioned based on money obtained from BZ WBK in form of working capital loan (revolving) in a credit account.. This Agreement was concluded for period of 3 months, i.e. until 31st October This Agreement was concluded for period of 3 months, i.e. until 31st October Security of BZ WBK debts shall constitute: 1. Transfer of debts due to an agreement for insuring money in ATMs and ATM trucks; 2. Bill of exchange with bill of exchange declaration issued by the Company. 16

17 3. Cash deposit of PLN (said: twenty thousand zloty) securing claims of BZ WBK resulting from undue performance or failure to perform duties connected with credit card transactions by the Company. 4. Cash deposit of PLN (said: one million zloty) securing claims of BZ WBK resulting from undue performance or failure to perform Company s duties. 17

18 I. I. SELECTED IMPORTANT NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENT 1. Intangible assets Change in intangible assets in the period from to Specification Goodwill Patents and licenses; computer software Advances for intangible assets Total Net balance sheet value as at Gross increase due to purchases Gross decrease due to disposal, liquidation Increase or decrease due to revaluation - due to transfer to IA Impairment losses Reversal of impairment loss Increase in depreciation for the period (amortization) 0 (2 017) 0 (2 017) Decrease in depreciation in the period Exchange rate differences Other changes 0 (47) (104) (151) Net balance sheet value as at , Balance as at Gross balance sheet value 12,326 28, Sum of accumulated depreciation and impairment losses (1 142) (21 409) 0 (22 551) Net balance sheet value ,

19 Balance as at Gross balance sheet value 12,326 28, Sum of accumulated depreciation and impairment losses (1 142) (23 427) 0 (24 569) Net balance sheet value Intangible assets are the property of the company and do not constitute a security for the liabilities. There are no off-balance sheet intangible assets. The licenses include utility software used in the activity of the Company and licenses for the computer systems. The goodwill item in the amount of PLN thousand consists of the goodwill obtained as a result of the merger with Global Cash Sp. z o.o. in 2010 in the amount of PLN thousand and the goodwill obtained as a result of the merger with Hardware Software Outsourcing Sp. z o.o. in 2011 in the amount of PLN thousand. 19

20 2. Tangible fixed assets Change in tangible fixed assets in the period from to Specification Land Buildings and structures Machines and technical equipment Vehicles Leased vehicles Other tangible fixed assets Advances for tangible fixed assets/ fixed assets under construction Total Net balance sheet value as at Increase due to purchases Decrease due to disposal- liquidation 0 0 (89) (677) 0 (47) 0 (813) Increase or decrease due to transfer (174) 0 (25) 65 Impairment losses Reversal of impairment losses Increase in depreciation for the period (amortization) 0 (175) (1 961) (87) (229) (2 956) 0 (5 408) Decrease in depreciation in the period Decrease in depreciation in the period due to transfer Other changes - transfer between FA groups 0 0 (55) (309) (55) Net balance sheet value as at Balance as at Gross balance sheet value Sum of accumulated depreciation and impairment losses 0 (2 273) (16 676) (852) (768) (27 788) 0 (48 357) Net balance sheet value Balance as at Gross balance sheet value Sum of accumulated depreciation and impairment losses 0 (2 448) (18 597) (638) (688) (30 734) 0 (53 105) 20

21 Net balance sheet value There are no off-balance sheet fixed assets. Subject of collateral of liabilities on fixed assets was described in point II.17 of Additional information explaining this mid-year abbreviated financial report in item regarding KWIT. In the presented period no write-downs due to impairment were created and no write-downs due to impairment were reversed 3. Long-term financial assets Specification as at TZ SKOK Sp. z o.o. S.K A shares Kasa Krajowa Stocks 5 5 KWIT Total: Other long-term investments Specification as at Long-term investments Total: In the item Other long-term investments the Company recognizes the value of movables. These movables are leased to other entities under appropriate agreements. In the reporting period the Company has incurred expenditures for the aforementioned investments in the amount of PLN 754 thousand. 21

22 Change in the value of long-term investments Specification for the period from to Value at the beginning of the period purchase of long-term investments 754 Increase or decrease due to revaluation (19) Impairment loss (1 315) Value at the end of the period Deferred tax assets as at Specification Deferred income tax assets Change in the assets due to deferred income tax Specification for the period from to Assets due to deferred income tax at the beginning of the period, including: 554 recognized in the financial result 554 recognized in the equity 0 recognized in the goodwill 0 Increase recognized in the financial result of the period in connection with the negative temporary differences due to: 2 balance sheet valuation of settlements and fixed assets 0 22

23 tax losses to be deducted in the following years 0 interest from the valuation of KWIT commercial papers 2 creation of provisions for employee benefits 0 unpaid remunerations and social security contributions 0 Decrease recognized in the financial result of the period in connection with the negative temporary differences due to: 8 creation of provisions for employee benefits 0 Unpaid salaries and ZUS 3 interest from the valuation of KWIT commercial papers 0 balance sheet valuation of settlements and non-current assets 5 release of assets for external services 0 Assets due to deferred income tax at the end of the period, including: 548 recognized in the financial result (6) recognized in the equity 0 recognized in the goodwill or negative goodwill 0 23

24 6. Inventory Specification as at Materials Work in progress 0 0 Finished products 0 0 Goods Advances for deliveries 9 8 Total net inventory impairment loss for materials impairment loss for work in progress 0 0 impairment loss for goods 0 0 Total gross inventory balance sheet value of inventory recognized in the fair value less costs to sell 0 0 balance sheet value of inventory pledged as security for liabilities 0 0 No security for liabilities was established on the inventory. Specification for the period from to Value of inventory recognized as cost in the period (cost of material consumption) 634 impairment loss for inventory recognized as cost in the period 0 impairment loss for inventory reversed in the period 0 24

25 7. Trade receivables and other receivables Specification as at Receivables from related entities Trade receivables with a maturity of: up to 12 months above 12 months 0 0 other 0 0 claimed at court 0 0 receivables from other entities Trade receivables with a maturity of: up to 12 months above 12 months 0 0 receivables from tax, subsidy, customs, social security and other benefits other claimed at court 0 0 Net short-term receivables, total Impairment losses for trade receivables Gross short-term receivables, total TRADE RECEIVABLES - WITH MATURITY REMAINING FROM THE BALANCE SHEET DATE as at up to 1 month above 1 month to 3 months above 3 months to 6 months above 6 months to 1 year above 1 year

26 Trade receivables, total (gross) Impairment losses for trade receivables Trade receivables, total (net) Short-term financial assets Specification As at KWIT Total: Specification For the period from KWIT Balance at the beginning of the period increase- acqusition of KWIT from ecard S.A Interests 45 Balance at the end the period to 9. Cash and its equivalents and cash in ATM machines Restricted cash as at in the amount of PLN constitute the cash in the ATM circulation. Specification as at cash and other pecuniary assets cash in hand and at bank other cash (deposits and bonds) 0 0 other cash assets - ATM machines

27 Cash and its equivalents and cash in ATM machines, total

28 As of amount of cash in foreign currencies was equal to: EUR ,99; USD 3 343,09; GBP 1,04, what constituted PLN ,77. As of amount of cash in foreign currencies was equal to: EUR ,35; USD 614,42; GBP 6,98; what constituted PLN ,16. Fair value of cash is concurrent with its carrying value due to short period of its maturity. 10. Prepayments and accruals Specification as at Short-term prepayments, including: property and personal insurance access to VisaNet annual maintenance of the COKiT software Red Hat Enterprise Linux renewal surety of loan repayment 0 0 ZSZ project PCI project hardware and software services and warranties Other Accruals, including: 0 (15) sales invoice issued in the next reporting period 0 (15) PREPAYMENTS TOTAL: SHORT-TERM PREPAYMENTS AND ACCRUALS, TOTAL: LONG-TERM PREPAYMENTS AND ACCRUALS, TOTAL:

29 ACCURALS TOTAL:

30 11. Share capital As at the share capital is zł and consists of fully paid shares issued in twelve series: Nominal value of one share Series/issue 1 A Series Ordinary bearer shares - Type of share Restriction of rights to the shares Number of shares Value of the series/issue according to nominal value (in thousands zł) Form of capital coverage 15,162,850 15,163 cash contribution ,632 non-cash contribution Date of registration Right to dividends (from the date) B Series Ordinary bearer shares - 5,000,000 5,000 cash contribution C Series Ordinary bearer shares - 5,000,000 5,000 cash contribution D Series Ordinary bearer shares - 4,000,000 4,000 cash contribution E Series Ordinary bearer shares - 5,000,000 5,000 cash contribution F Series Ordinary bearer shares - 2,000,000 2,000 cash contribution G Series Ordinary bearer shares - 3,000,000 3,000 cash contribution H Series Ordinary bearer shares - 1,893,254 1,893 cash contribution I Series Ordinary bearer shares - 19,897,668 19,897 Merger shares J Series ordinary registered shares - 31,500,000 31,500 non-cash contribution K Series registered preferred shares (non-voting) - 93,812,878 93,813 non-cash contribution L Series ordinary registered shares - 1,712,086 1,712 non-cash contribution Number of shares, total 191,610, ,610 Share capital 191,610, ,610 30

31 The ownership structure of share capital has not changed in relation to the previous reporting period. As at it was as follows: Shareholder Number of shares/pcs. Value of the capital (in thousands zł) Share in the capital SKOK Holding S.a.r.I. 61,428,048 61, % Spółdzielcza Kasa Oszczędnościowo-Kredytowa im. F. Stefczyka , % Other 4869,460 4,869 2,54% Total 191,610, , % As at : - SKOK Holding S.a.r.l had shares of the Company, representing 32.06% of the share in the share capital of the Company and entitling to % of the votes at the General Meeting. - Spółdzielcza Kasa Oszczędnościowo-Kredytowa im. F. Stefczyka had shares of the Company, representing 65.40% of the share in the share capital of the Company and entitling to % of the votes at the General Meeting. As at the Company has own shares with the balance sheet value of 101 thousand PLN: own shares with the balance sheet value of 60 thousand PLN which it has obtained as a result of the acquisition of Hardware Software Outsourcing company on ; own shares with the balance sheet value of 41 thousand PLN purchased through buy-back programme. The Management Board on December 22, 2014 pursuant to the authorisation granted by Resolution No. 3 of the Extraordinary Meeting of the Company of 22nd December 2014, adopted a resolution on adopting the Programme of own shares repurchase for the purposes of redemption. The content of the Programme was transferred to the public in the Current Report 23/2014 dated r. 31

32 On 4 February 2014 a Pledge Agreement was signed on the shares owned by SKOK Holding S.a.r.l, with Towarzystwo Ubezpieczeń Wzajemnych SKOK (hereinafter: TUW SKOK ) as a pledge, and SKOK Holding S.a.r.l. as a pledgor. The shares being subject to pledge constitute 32.06% of the Company s share capital. The pledge was established to secure fulfillment of the obligations of Krajowa Spółdzielcza Kasa Oszczędnościowo-Kredytowa (hereinafter: "KSKOK ), arising from the framework agreement of the loan, granted to KSKOK by TUW SKOK. 12. Supplementary capital Specification From the sales of shares above their nominal price, including a refund of TCLT in From the distribution of the financial result Supplementary capital acquired at the time of the acquisition of Hardware Software Outsourcing company From the distribution of the financial result of the Hardware Software Outsourcing company for the financial year from 18 February to 31 December 2010 in accordance with the Resolution of the Ordinary General Meeting of Towarzystwo Finansowe SKOK S.A. dated Issue of the J* series of shares (surplus of the share issue value over their nominal value and issue costs) as at ,229 1,229 1,230 1, ,828 1,828 54,951 54,951 Issue of the K* series of shares (surplus of the share issue value over their nominal value and issue costs) 102, ,712 Coverage of losses from previous years in accordance with the Resolution of the Ordinary General Meeting of Towarzystwo Finansowe SKOK S.A. dated (19 635) (19 635) Issue of the L* series of shares (surplus of the share issue value over their nominal value and issue costs) 2,978 2,978 Supplementary capital at end of the period 145, ,820 * Settlement of the issue of J Series of shares, registered on by the District Court Gdańsk-Północ in Gdańsk, VII Commercial Division of the National Court Register 32

33 * Settlement of the issue of K Series of shares, registered on by the District Court Gdańsk-Północ in Gdańsk, VII Commercial Division of the National Court Register * Settlement of the issue of L Series of shares, registered on by the District Court Gdańsk-Północ in Gdańsk, VII Commercial Division of the National Court Register 13. Other reserve capitals Specification as at Reserve capital created for the payment of dividends in the subsequent years * Reserve capital created for financing buy-back programme- EGM resolution dated Total: *On the Ordinary Company General Meeting adopted a resolution regarding the reduction of reserve capital created for payment of a dividend advance up to PLN thousand. The amount of PLN obtained as the result of reduction has been allocated for increase in the amount for payment of a dividend for division of the profit for

34 14. Deferred income tax provisions Change in the provisions due to deferred income tax as at Specification Deferred income tax provisions for the period Specification from to Provisions at the beginning of the period: recognized in the financial result recognized in the equity 0 recognized in the goodwill or negative goodwill 0 Increases recognized in the financial result of the period in connection with the positive temporary differences due to: 2 difference between balance sheet value and tax value 2 charging of interest on syndicated loans, deposits and treasury bills 0 Increases recognized in the financial result of the period in connection with reversal of the positive temporary differences due to: 230 charging of interest on syndicated loans, deposits and treasury bills 0 difference between balance sheet value and tax value 230 Provisions due to deferred income tax at the end of the period, total recognized in the financial result 228 recognized in the equity 0 recognized in the goodwill or negative goodwill 0 The deferred tax was calculated on the basis of the 19% tax rate. 34

35 15. Long-term liabilities Specification as at LONG-TERM LIABILITIES to related entities, including: liabilities due to financial leasing other financial liabilities due to KWIT commercial papers Other liabilities 0 0 to other entities, including: 0 0 liabilities due to financial leasing 0 0 other financial liabilities

36 16. Short-term liabilities Specification as at SHORT-TERM LIABILITIES Trade liabilities, including: to other entities to related entities Other liabilities, including: To other entities, including: remuneration liabilities tax liabilities (excluding CIT) customs, insurance and other benefits liabilities other liabilities arising from the issue of debt securities 0 0 To related entities, including: Other liabilities- dividend for Current income tax liabilities 0 0 Credits, loans and issued debt securities Liabilities due to financial leasing, including to other entities 0 0 to related entities Other financial liabilities, including: to related entities due to KWIT commercial papers Special funds As of the following liabilities denominated in foreign currencies occurred against: T SYS Card Tech EUR 3 thousand, Mulesoft. Inc. USD 31 thousand. Moreover, the liabilities for internet payments in foreign currencies amounted to: EUR 1 thousand and USD 3 thousand. As of the following liabilities denominated in foreign currencies occurred against: 36

37 T SYS Card Tech EUR 2 thousand and Comsec Consulting B.V. International Information Security EUR 29 thousand. Moreover, the liabilities for internet payments in foreign currencies amounted to: EUR 152 thousand. Fair value of short-term liabilities is concurrent with its carrying value due to short period of its maturity. 17. Financial instruments Categories and classes of financial instruments As at Categories of financial instruments Classes of financial instruments Note Loans and receivables Financial assets available for sale Financial liabilities Total Unquoted shares/stocks Trade receivables and other receivables Acquired debt securities (KWIT commercial papers) Debt securities (KWIT commercial papers) 15, Credits Trade liabilities and other liabilities 15, Liabilities due to leasing

38 Fair value of financial Instruments Classes of financial instruments Note As at As at Fair value Book Value Fair value Book Value Unquoted shares/stocks 3 no value 288,345 no value 288,345 Trade receivables and other receivables Acquired debt securities (KWIT commercial papers) Debt securities (KWIT commercial papers) 15, Credits Trade liabilities and other liabilities 15, Liabilities due to leasing 15, Financial instruments for which a fair value cannot be reliably determined As at and as at , the Company had unquoted shares and stock for which a reliable valuation of the fair value as at the balance sheet date could not be determined. There are no active markets for the shares/stock mentioned above and no comparable transactions in this type of instruments have been recorded. The value of shares/stock as at the balance sheet day has been recognized in the amount of zł according to the purchase price. There was no indication that the purchase price should be reduced by the impairment loss write-down. Methods of valuation of financial instruments (fair value hierarchy) The fair value of financial instruments presented in this financial statement was established on the basis of data that can be directly or indirectly observed; the so-called Level 2 of fair value hierarchy. No financial instruments were transferred between the levels of the fair value hierarchy in the reporting period and the reference period. 38

39 Income tax Main components of the tax burden: for the period from to Gross profit (loss) 222 Differences between gross profit (loss) and taxable income (according to basis): increasing the tax base revenues increasing the tax base 47 non-tax deductible costs (temporary differences) non-tax deductible costs (permanent differences) 277 decreasing the tax base revenues deducted from the tax base (temporary differences) 0 revenues deducted from the tax base (permanent differences) 255 tax costs decreasing the tax base (permanent differences) tax costs decreasing the tax base (temporary differences) 0 other decreases of income tax 90 Tax exempt revenues and tax deductions (donations) 0 taxable income deduction from income - losses from the previous years 0 income tax base income tax according to 19% rate 324 Profit and loss account Current income tax 324 Current income tax charge 324 Adjustments of the current tax from the previous years 0 Deferred income tax (222) Associated with the emergence and reversal of temporary differences (222) 39

40 Associated with the reduction of income tax rates 0 Tax burden disclosed in the profit and loss account

41 18. Deferred income tax Provisions from deferred tax due to: Specification Balance sheet as at Profit and loss account for the period from to differences in the balance sheet value and tax value of intangible and fixed assets (228) interest not received Gross provisions from deferred tax (228) Assets from deferred tax due to: tax losses to be deducted in the following years unpaid social security contributions provisions for employee benefits interest from the valuation of KWIT commercial papers (2) other: Gross assets from deferred tax Charges on the financial result due to deferred income tax X X (222) Charges on equity due to deferred income tax X X X Net provisions due to deferred tax X Net assets due to deferred tax X 41

42 19. Sales revenues Revenues from sales of services, including: Specification from to for the period from to commissions on Western Union transactions COKiT production and servicing of software Call Center and e-skok online banking IT outsourcing services other services Net revenues from the sales of services, total: including from related entities Revenues from the sales of goods and materials, including: Revenues from the sales of goods Revenues from the sales of materials 0 0 Revenues from the sales of goods and materials, total: including from related entities Revenues from sales, total, including: domestic sales including from related entities export sales 0 0 including from related entities 0 0 intra-community sales 0 0 including from related entities

43 20. Costs by type Specification from to for the period from to Amortization Consumption of materials and energy External services Taxes and charges Remunerations Social security and other benefits costs of an occupational pension scheme Other costs by type Costs by type, total Change in inventory, products and prepayments and accruals Value of goods and materials sold Manufacturing cost of products for internal purposes 0 0 Costs of sales (negative value) (283) (333) General and administrative costs (negative value) (5 461) (6 465) Manufacturing cost of products, services sold Other operating revenues and costs for the period Specification from to from to Other revenues Profit from the disposal of fixed assets Received compensations Subsidies / refunds from the Labour Fund