The Management Board of IMPEL S.A. releases the Consolidated Quarterly Report for the fourth quarter of 2012

Transcription

1 The Management Board of IMPEL S.A. releases the Consolidated Quarterly Report for the fourth quarter of 2012

2 CONTENTS I. ORGANIZATION OF THE IMPEL GROUP INCLUDING SPECIFICATION OF CONSOLIDATED UNDERTAKINGS... 3 II. CONDENSED QUARTERLY FINANCIAL STATEMENTS OF THE IMPEL GROUP... 7 III. CONDENSED QUARTERLY FINANCIAL STATEMENTS OF IMPEL S.A IV. SUPPLEMENTARY INFORMATION V. OTHER INFORMATION SIGNATURES OF PERSONS REPRESENTING THE COMPANY... 54

3 I. ORGANIZATION OF THE IMPEL GROUP INCLUDING SPECIFICATION OF CONSOLIDATED UNDERTAKINGS The Parent Undertaking of the Impel Group is Impel S.A. which exercises formal supervision over all of the Group companies and is in charge of their strategy and coordination of activities as well as provides business advisory services to them. In addition to the Parent Undertaking, the Group consists of companies providing services to institutions and companies in the areas of FM, security, support for business processes and provision of supplies. As at 31 December 2012, the Impel Group consists of Impel S.A. i.e. the Parent Undertaking and: - 24 direct s, - 33 s. Consolidation also comprises 2 co- s and 1 associated. Composition of the Group, in the breakdown into Business Units as at 31 December 2012: No. Name and form of incorporation Registered office Business profile Type of relation Shareholders Method of consolidation Impel S.A. Wrocław supervision and management of the Impel Group Parent Undertaking 39.57% PrajJa Ltd. 1) 27.27% Birmat Ltd. 2) 33.16% other shareholders Subsidiary s Business Unit 1 Facility Management 1. Impel Cleaning 3) Wrocław cleaning services 2. Impel Serviks SIA Riga (Latvia) 3. DC System 4) Warsaw 4. Impel Food Hygiene 5) Łomianki 5. Impel Tech Solutions Warsaw 6. Hospital Serwis Partner S.K. 6) 7. Impel Griffin Group Wrocław Kiev (Ukraine) cleaning services cleaning services (cleaning facilities, including office buildings and hotels) specialized cleaning services on behalf of production plants in the food industry technical maintenance of property, installation of ventilation and air conditioning systems, technical and engineering services cleaning services, assistance services in healthcare cleaning services 8. Impel Airport Partner Wrocław handling services 9. CS Partner S.K. Wrocław cleaning services 10. ZUH Partner - Nieruchomości 7) Dąbrowa Górnicza technical maintenance of facilities 11. Partner Wrocław outsourcing services 12. PP-UH Consensus Dąbrowa Górnicza catering (preparation and delivery of food) direct direct 99.99% Impel S.A. 0.01% Company 66.99% Impel S.A % third party 99.01% Impel Cleaning 0.99% Company 99.01% Impel Cleaning 0.99% Company 100% Impel Cleaning 30% Impel Cleaning 70% other Impel Group companies 61% Impel Cleaning 39% third parties 100% Impel Cleaning 99.87% Impel Cleaning 0.13% Partner 98.99% Impel Cleaning 1.01% Solutions 100% ZUH Partner - Nieruchomości 67.1% ZUH Partner - Nieruchomości 32.9% third parties 3

4 Impel Group Biuro Podróży Partner S.K. Impel Market Partner S.K.A. Dąbrowa Górnicza Wrocław tour operator cleaning services 15. Solutions 8) Wrocław outsourcing services 16. Company Wrocław outsourcing services 17. Climbex S.A. 9) Brzezie near Opole 18. Impel Security Polska Wrocław Asekuracja Cash Handling sp. z o.o. Impel Security Provider 10) Warsaw Wrocław 21. Impel Monitoring S.K. Wrocław 22. Impel Cash Services Warsaw specialist cleaning services for production plants Business Unit 2 Security direct manned and electronic security of property direct cash processing services (handling and processing of cash) manned and electronic security of property designing and installation of electronic security systems, monitoring of signals from alarm and visual systems cash processing services (handling and processing of cash) 23. Monitoring Wrocław outsourcing services 24. Gulf Impel Services Ltd. Saudi Arabia delivery of equipment and machinery and service provision support co- 50% Impel Cleaning 50% other Impel Group companies 99.9% Impel Cleaning 0.1% Partner 90% Company 10% Impel S.A. 100% Impel S.A. 62.5% Impel Cleaning 37.5% third parties 100% Impel S.A. 100% Impel Cash Services 99.94% Impel Security Polska 0.06% Security Partner 99.98% Impel Security Polska 0.02% Monitoring sp. z o.o 100% Impel Security Polska 99% Impel Security Provider 1% Impel Security Polska sp. z o.o 42% Impel Security Polska 58% third parties proportionate method direct 25. Security Partner 11) Wrocław outsourcing services 100% Impel S.A. archiving and digitization direct 26. Ad Akta S.A. 12) Łódź 100% Impel S.A. of documents manned and electronic direct 73.1% Impel S.A. 27. Gwarant Agencja Ochrony S.A. 13) Opole security of people and 26.9% third parties property 28. Gwarant-BIS Security 14) Opole 29. DefendAir Intelligent Airport Security 15) Warsaw 30. Impel Rental Wrocław 31. Impel Perfekta Wrocław 32. Impel Catering 16) Wrocław 33. Impel Logistics Wrocław manned and electronic security of people and property manned and electronic security of people and property Business Unit 3 Distribution rental and service of clothes and bed linen and laundry of clothes (workwear) laundry services for the hospital and hotel industries catering (preparation and delivery of food) services in the areas of logistics of deliveries, purchases and customer service direct co- 100% Gwarant Agencja Ochrony S.A. 100% Gwarant Agencja Ochrony S.A. 100% Impel S.A. 50% Impel Rental 50% Perfekta Beteiligungsgesellschaft mbh 9990 % Impel Rental 0.10 % Company 100% Impel Rental proportionate method 4

5 34. Praxima Krakpol Kraków 35. Impel HR Service Wrocław laundry services for the hospital and hotel industries payroll & personnel services 36. Sanpro Job Service Wrocław temporary work agency 37. Sanpro PTS Wrocław temporary work agency 38. Impel Trading Wrocław 39. Impel Accounting Wrocław services in the areas of logistics of deliveries, purchases and customer services accounting services, consulting in the scope of business activity direct direct direct 70.02% Impel Rental 29.98% third parties 100% Impel S.A. 100% Impel S.A. 100% Sanpro Job Service 100% Impel Rental 100% Impel S.A. 40. Accounting Audyt Partner S.K. Wrocław 41. Agrobud BHP S.A. Ruszów 42. Agrobud Ruszów financial audit. Tax consulting manufacture and sale of industrial safety products sale of industrial safety products 43. Brokers Union Wrocław insurance brokerage 44. Impel IT Wrocław 45. HR for Business Wrocław 46. Synergy Platform 17) Warsaw telecommunication and IT services, consulting in the scope of configuration and implementation of integrated IT systems outsourcing services outsourcing services 47. Rest&More 18) Wrocław outsourcing services 48. Rest&More S.K. Wrocław catering (preparation and delivery of food) 49. Pro 19) Wrocław outsourcing services 50. OPM Warsaw 51. Tara & Co Investment B.V. Alkmaar (Holland) Other companies: management of service deliveries to clients capital transactions on financial assets of selected Impel Group companies 52. TMSI S.a.r.l. Luxembourg licensing services 53. TMSI Partners S.C.S. Luxembourg licensing services 54. Impel Volleyball S.A. Wrocław sports activities Sports Wrocław sports marketing 56. Rent Management Wrocław outsourcing services House Rent Management S.K.A. Owner,,Rent Management S.K.A. Asset,,Rent Management S.K.A. Wrocław Wrocław Wrocław property rental outsourcing services outsourcing services direct direct direct direct direct direct direct direct direct direct direct direct direct 99.3% Impel Accounting 0.7% third parties 76% Impel Rental 24% third parties 100% Agrobud BHP S.A. 51% Impel S.A. 49% third parties 100% Impel S.A. 100% Impel S.A. 100% OPM 99% Impel Rental 1% Pro 99% Impel Catering 1% Rest&More 100% Impel S.A. 100% Impel S.A. 100% Impel S.A. 100% Impel S.A. 99,97% Impel S.A. 0,03% TMSI S.a.r.l. 100% Impel S.A. 100% Impel Volleyball S.A. 100% Impel S.A. 100% Impel S.A. 98% Impel S.A. 2% Rent Management 98% Impel S.A. 2% Rent Management 5

6 60. Elkom Impel Group Brzezie near Opole Associated companies cleaning services, property management associated 30% Impel Cleaning 70% third parties equity method 1) entity controlled by Grzegorz Dzik, 2) entity controlled by Józef Biegaj, 3) on 30 October 2012, the shareholding structure in Impel Cleaning was changed the current structure is as follows: Impel S.A %, Company sp. z o.o 0.01%, 4) on 31 October 2012, the shareholding structure in DC System was changed the current structure is as follows: Impel Cleaning 99.01%, Company sp. z o.o 0.99%, 5) on 26 October 2012, the shareholding structure in Impel Food Hygiene was changed the current structure is as follows: Impel Cleaning 99.01%, Company sp. z o.o 0.99%, 6) the current shareholding structure in the company is as follows: Impel Cleaning 30%, Impel Airport Partner 14%, Partner 1%, OPM - 15%, Impel Catering - 14%, Impel Trading Sp. z o.o. 26%, 7) on 19 November 2012, the shareholding structure in ZUH Partner-Nieruchomości was changed the current structure is as follows: Impel Cleaning 98.99%, Solutions sp. z o.o 1.01%, 8) the company was incorporated on 9 October 2012, 9) on 13 November 2012, Impel Cleaning acquired 62.5% of the shares of Climbex S.A.; at present, the registration of an increase in the company s capital is in progress and it will result in an increase in the interest of Impel Cleaning sp z o.o. to 75%, 10) on 16 November 2012, the shareholding structure in Impel Security Provider was changed the correct structure is as follows: Impel Security Polska %, Security Partner sp. z o.o 0.06%, 11) the company was incorporated on 12 October 2012, 12) on 15 October 2012, Impel S.A. acquired 100% of the shares of Ad Akta S.A., 13) on 26 November and 5 December 2012, Impel S.A. acquired the total of 73.1% of the shares in the share capital of Gwarant Agencja Ochrony S.A., 14) as a result of acquiring the control of Gwarant Agencja Ochrony S.A. the Impel Group acquired the control of Gwarant- BIS Security, 15) as a result of acquiring the control of Gwarant Agencja Ochrony S.A. the Impel Group acquired the control of DefendAir Intelligent Airport Security, 16) on 5 December 2012, the shareholding structure in Impel Catering was changed the current structure is as follows: Impel Rental %, Company 0.10 %, 17) on 8 November 2012, as a result of the earlier conclusion of the investment agreement the acquisition of 23% of the company s shares by OPM was effected, 18) on 30 November 2012, Pro acquired from Impel Catering 1% of the shares of Rest& More ; the current shareholding structure in Rest& More is as follows: Impel Rental 99%, Pro - 1%, 19) the company was incorporated on 12 October

7 II. CONDENSED QUARTERLY FINANCIAL STATEMENTS OF THE IMPEL GROUP 1. STATEMENT OF FINANCIAL POSITION OF THE IMPEL GROUP ASSETS Note 31 Dec 2012 (unaudited) 31 Dec 2011 transformed I. Non-current assets (items 1-7) 300, , Goodwill 48,361 31, Other intangible assets 1 47,284 49, Property, plant and equipment 2 156,272 98, Investment property 6,647 6, Financial assets (5a+5b+5c+5d) 9,156 2,191 5a. Financial assets valued at fair value through profit and loss b. Investments held to maturity - - 5c. Loan and receivables (5c 1 + 5c 2): 8,791 2,046 5c 1. Loans 6,097-5c 2. Non-current receivables 2,694 2,046 5d.Financial assets available for sale Investments in associated s consolidated with equity method 1, Deferred tax assets ,503 28,756 II. Current assets (items 1-4) 421, , Inventories 31,023 30, Financial assets (2a+2b+2c+2d+2e) 383, ,575 2a.Financial assets valued at fair value through profit and loss - 1 2b.Investments held to maturity - - 2c.Loan and receivables (2c 1 + 2c 2): 342, ,393 2c 1. Loans 4,244 3,095 2c 2. Current receivables (a+b+c+d) 338, ,298 a) Trade receivables 304, ,480 b) Receivables from state and local budgets, including: 26,490 25,410 - Current tax receivables 3,215 3,564 c) Financed lease receivables d) Other receivables 6,844 7,111 2d.Financial assets available for sale 897-2e.Cash and cash equivalents 40,005 38, Prepayments and accrued income 6,729 7, Assets classified as held for sale ,041 Total assets I+II 722, ,035 7

8 EQUITY AND LIABILITIES Note 31 Dec 2012 (unaudited) 31 Dec 2011 transformed I. Total equity and liabilities (1+2) 282, , Equity of the Parent Undertaking (items 1a-1j) 272, ,178 1a. Share capital 64,326 60,757 1b. Treasury shares - - 1c. Supplementary funds 107, ,969 1d. Revaluation capital reserve - - 1e. Capital reserves 47,208 55,004 1f. Currency translation differences due to consolidation (519) 13 1g. Other capital - - 1h. Retained profit/(loss carry-forward) 25,834 (2,541) 1i. Current year net profit/(loss) 27,855 58,976 1j. Distributions from net profit during the year Minority interests 10,677 6,537 II. Non-current liabilities (items 1-7) 90,946 47, Deferred tax liability ,616 1, Employee benefits ,465 1, Non-current provisions Non-current bank loans and borrowings 28,806 13, Non-current financed lease liabilities 35,843 24, Deferred income 10,782 5, Other non-current liabilities 8, III. Current liabilities (items 1-9) 348, , Current bank loans and borrowings 143,642 94, Trade payables 85,627 65, Public charges, including: 41,760 39,093 3a. Current tax liabilities 451 1, Employee benefits ,794 44, Current financed lease liabilities 15,420 12, Deferred income 2, Other liabilities 8,361 11, Current provisions ,005 1, Liabilities directly related to assets classified as held for sale - 2,611 Total equity and liabilities I+II+III 722, ,035 8

9 31 Dec Dec 2011 BOOK VALUE PER SHARE Book value (PLN 000) 272, ,178 Number of shares 12,865,177 12,151,462 Book value per share (PLN)

10 2. STATEMENT OF COMPREHENSIVE INCOME OF THE IMPEL GROUP 1 Oct Dec 2012 (unaudited) 1 Jan Dec 2012 (unaudited) 1 Oct Dec 2011 transformed (unaudited) 1 Jan Dec 2011 transformed I. Revenue on sales and subsidies (items 1-2): 380,370 1,452, ,739 1,278, Sales revenue, including: 370,097 1,417, ,619 1,240,413 a) revenue from sales of services products 351,327 1,348, ,899 1,185,190 b) revenue from sales of materials and goods for resale 18,770 68,997 18,720 55, Other revenue subsidies 10,273 35,173 7,120 37,917 II. Operating expenses (items 1-8): (375,904) (1,407,858) (326,917) (1,226,566) 1. Depreciation and amortization (9,876) (36,406) (7,876) (31,405) 2. Raw materials and energy used (39,431) (151,315) (39,145) (140,437) 3. Contracted services (149,616) (540,203) (119,256) (443,934) 4. Salaries and wages, social security and other employee benefits (155,143) (606,187) (139,777) (546,730) 5. Other cost by type (9,021) (28,949) (8,207) (25,923) 6. Selling costs materials and goods for resale (12,691) (44,707) (12,665) (37,902) 7. Change in products (126) (91) 15 (229) 8. Cost of products for own needs - - (6) (6) A. Profit/(loss) on sales (I+II) 4,466 44,723 9,822 51,764 I. Other operating income, including: 2,686 12,352 4,585 17, Gain on disposal of non-current non-financial assets 264 1, , Reversal of valuation allowances for assets 135 2, ,956 II. Other operating expenses, including: (4,018) (12,070) (5,455) (15,353) 1. Loss on disposal of non-current non-financial assets (65) (166) (59) (450) 2. Valuation allowances for assets (2,012) (5,293) (630) (4,667) 3. Consolidation goodwill valuation allowance (negative value) - - (12) (12) B. Operating profit/(loss) (A+I+II) 3,134 45,005 8,952 53,949 I. Financial income, including: 459 2, , Interest 437 2, ,100 II. Financial expenses, including: (4,001) (14,809) (2,656) (10,238) 1. Interest (3,617) (12,176) (2,284) (8,100) 2. Revaluation of investments - - (6) (6) C. Pre-tax profit/(loss) (B+I+II) (408) 32,886 7,212 49,204 I. Corporate income tax 590 (5,036) (3,949) 10,906 D. Share in (profit)/loss of an valued with the equity method (34) (34) - (183) E. Net profit/(loss) (C+I+D) ,816 3,263 59,927 Other comprehensive income Currency translation differences on recalculation of s 58 (689) Comprehensive income ,127 3,407 60,566 Net profit/(loss): - attributable to shareholders of Parent Undertaking ,855 2,565 58,976 - attributable to non-controlling interests (350) (39) Comprehensive income - attributable to shareholders of Parent Undertaking ,323 2,635 59,416 - attributable to non-controlling interests (380) (196) 772 1,150 Net profit attributable to shareholders of Parent Undertaking ,855 2,565 58,976 Earnings/(loss) per ordinary share Diluted profit (loss) per share

11 3. STATEMENT OF CHANGES IN CONSOLIDATED EQUITY OF THE IMPEL GROUP 1 Jan Dec 2012 (unaudited) Share capital Capital Attributable to Parent Undertaking shareholders Treasury shares Reserve funds Capital reserves Other capital Capital due to currency translation differences in consolidation Retained profit/loss carryforward* Net result TOTAL Noncontrolling interest As at 1 January , ,969 55, , ,178 6, ,715 Comprehensive income (532) - 27,855 27,323 (196) 27,127 - net profit (loss) ,855 27,855 (39) 27,816 - differences due to recalculation of foreign s (532) - - (532) (157) (689) Transactions with owners: 3,569 - (53,638) (7,796) - - (30,601) - (88,466) 4,336 (84,130) - dividend (18,228) - (18,228) (1,138) (19,366) - decrease in capitals due to division of Impel S.A. - - (64,635) (19,039) (83,674) - (83,674) - increase in capitals related to share issue in Impel S.A. 3,569-13, ,366-17,366 - change in capital attributable to non-controlling interest related to acquisition and disposal of ,474 5,694 s - transfer of retained profit/loss carry-forward to reserve funds - - 1,130 11, (12,373) and capital reserves - recognition of valuation of options to purchase shares - - (4,150) (4,150) - (4,150) As at 31 December , ,331 47,208 - (519) 25,834 27, ,035 10, ,712 TOTAL * Returned earnings as at 1 January 2012 in the amount of PLN 56,435,000 result from net result for 2011 in the amount of PLN 58,976,000 and returned earnings as at 31 December 2011 in the amount of PLN (2,541,000). 11

12 1 Jan Dec 2011 Capital Attributable to Parent Undertaking shareholders Share capital Treasury shares Reserve funds Other capital reserves Other capital Capital due to currency translation differences in consolidation Retained profit/loss carryforward* Net result * Returned earnings as at 1 January 2011 in the amount of PLN 46,999,000 result from net result for 2010 in the amount of PLN 53,961,000 and returned earnings as at 31 December 2010 in the amount of PLN (6,962,000). TOTAL Noncontrolling interest As at 1 January , ,050 63,209 - (427) 46, ,588 4, ,401 Comprehensive income ,976 59,416 1,150 60,566 - net profit (loss) ,976 58, ,927 - differences due to recalculation of foreign s Transactions with owners: ,919 (8,205) - - (49,540) - (27,826) 574 (27,252) - dividend (8,205) - - (16,098) - (24,303) (448) (24,751) - recognition of valuation of options to purchase shares - - (3,523) (3,523) - (3,523) - change in capitals attributable to non-controlling interest related to ,022 1,022 acquisition and disposal of s - transfer of retained profit/loss carry-forward to reserve funds and capital reserves , (33,442) As at 31 December , ,969 55, (2,541) 58, ,178 6, ,715 TOTAL 12

13 4. STATEMENT OF CASH FLOWS OF THE IMPEL GROUP A. Cash flows from operating activities 1 Jan Dec 2012 (unaudited) 1 Jan Dec 2011 I. Net profit (loss) 27,855 58,976 II. Total adjustments 13,545 (33,744) 1. (Profit)/loss attributable to minority interests (39) Depreciation and amortization 36,406 31, Foreign exchange (gains)/losses (651) Interest and distributions from profit (dividends) 8,972 3, (Profit)/loss on investing activities (908) (2,412) 6. Change in provisions 716 1, Change in inventories (196) (12,263) 8. Change in receivables (49,992) (31,259) 9. Change in liabilities (net of loans and borrowings), including : 19,104 (9,167) 9a. Change in current tax liabilities (670) Change in accruals and deferrals (1,146) (17,017) 11. Other adjustments 1,279 1,480 III. Net cash provided by/(used in) operating activities (I+II) 41,400 25,232 B. Cash flows from investing activities I. Cash provided by investing activities 10,328 8, Sale of intangible assets and property, plant and equipment 3, Cash provided by financial assets, including: 5,992 7,552 a) in related s 127 1,438 b) in other s 5,865 6,114 - disposal of financial assets - 4,412 - repayment of loans advanced 4, interest received 1,455 1, Other cash flows from investing activities II. Cash used in investing activities (73,545) (38,212) 1. Acquisition of intangible assets and property, plant and equipment (22,697) (26,288) 2. Cash used on financial assets, including: (49,710) (11,476) a) in related s (39,664) (9,565) - acquisition of shares (36,943) (3,217) - loans advanced (2,721) (6,348) b) in other s (10,046) (1,911) - loans advanced (10,046) (1,911) 3. Dividends and other distributions from profit to minority interests (1,138) (448) III. Net cash provided by/(used in) investing activities (I+II) (63,217) (30,161) C. Cash flows from financing activities I. Cash provided by financial activities 84,220 33, Net cash provided by the issue of shares and contributions to capital 17, Increase in loans and borrowings 64,736 32, Other cash provided by financing activities (including cash od newly acquired company) 2, II. Cash used in financial activities (60,579) (50,753) 1. Dividends and other distributions to shareholders (18,228) (24,303) 2. Repayment of loans and borrowings (12,484) (4,298) 3. Payment of financed lease liabilities (16,269) (11,278) 4. Interest paid (11,925) (7,947) 5. Other cash used in financing activities (1,673) (2,927) III. Net cash provided by/(used in) financing activities (I+II) 23,641 (17,195) D. Total net cash flow (A.III+B.III+C.III) 1,824 (22,124) E. Balance-sheet change in cash 1,824 (22,124) F. Cash at beginning of period 38,181 60,305 G. Cash at end of period (F+D), including: 40,005 38,181 - restricted cash

14 5. SELECTED EXPLANATORY NOTES NOTE 1 OTHER INTANGIBLE ASSETS 31 Dec Dec 2011 a) acquired permits, licences, patents and similar assets 40,800 43,212 b) other intangible assets 5,513 5,956 c) intangible assets under construction Total other intangible assets 47,284 49,517 As at 31 December 2012 the Group companies did not enter into agreements obliging them to purchase intangible assets. As at 31 December 2012 CHANGES IN OTHER INTANGIBLE ASSETS (BY TYPE) (net of intangible assets under construction) a) gross intangible assets at beginning of period acquired permits, other intangible patents, licences assets and similar assets Total intangible assets 56,382 19,222 75,604 b) increase 2,193 2,410 4,603 - acquisition 2,188 1,490 3,678 - connected with the acquisition of companies c) decrease (57) (1,609) (1,666) - sale (21) - (21) - liquidation (36) (1,609) (1,645) d) gross intangible assets at end of period 58,518 20,023 78,541 e) accumulated depreciation at beginning of period 13,170 13,266 26,436 f) depreciation for period 4, ,259 - increase 4,592 1,852 6,444 - current period depreciation 4,592 1,852 6,444 - decrease (44) (1,141) (1,185) - sale (14) - (14) - liquidation (30) (1,141) (1,171) g) accumulated depreciation at end of period 17,718 13,977 31,695 h) impairment charges at beginning of period increase - (533) (533) i) impairment charges at end of period - (533) (533) j) net other intangible assets at end of period 40,800 5,513 46,313 As at 31 December 2011 CHANGES IN OTHER INTANGIBLE ASSETS (BY TYPE) (net of intangible assets under construction) a) gross intangible assets at beginning of period acquired permits, other intangible patents, licences assets and similar assets Total intangible assets 55,893 15,986 71,879 b) increase 1,249 3,932 5,181 - acquisition 1,249 3,904 5,153 - connected with the acquisition of companies c) decrease (760) (696) (1,456) - sale (658) - (658) 14

15 acquired permits, other intangible patents, licences Total intangible CHANGES IN OTHER INTANGIBLE ASSETS assets and similar assets assets (BY TYPE) (net of intangible assets under construction) - liquidation (102) (696) (798) d) gross intangible assets at end of period 56,382 19,222 75,604 e) accumulated depreciation at beginning of period 9,109 12,073 21,182 f) depreciation for period 4,061 1,193 5,254 - increase 4,287 1,591 5,878 - current period depreciation 4,287 1,591 5,878 - decrease (226) (398) (624) - sale (129) - (129) - liquidation (97) (398) (495) g) accumulated depreciation at end of period 13,170 13,266 26,436 h) impairment charges at beginning of period - (184) (184) - use i) impairment charges at end of period j) net other intangible assets at end of period 43,212 5,956 49,168 NOTE 2 PROPERTY, PLANT AND EQUIPMENT 31 Dec Dec 2011 a) tangible assets, including: 151,450 95,232 - land 6,712 4,205 - buildings and structures 46,746 13,251 - plant and equipment 48,821 41,692 - vehicles 41,889 30,220 - other tangible assets, including: equipment for the provision of services 7,282 5,864 b) tangible assets under construction 4,822 3,759 Property, plant and equipment 156,272 98,991 As at 31 December 2012 one of the Group s companies entered into an agreement obliging it to purchase non-current assets of PLN 130,000. As at 31 December 2012 CHANGES IN TANGIBLE ASSETS (BY TYPE) (net of tangible assets under construction) a) gross tangible assets at beginning of period land buildings and structures plant and equipment vehicles other tangible assets total tangible assets 4,205 26, ,117 48,970 17, ,038 b) increase 3,163 36,107 22,711 27,864 5,462 95,307 - acquisition 526 5,982 18,912 7,390 5,054 37,864 - connected with the acquisition of companies 2,637 30,125 3,799 20, ,443 c) decrease (656) (2,420) (6,022) (9,878) (1,852) (20,828) - sale (656) (635) (2,258) (2,074) (841) (6,464) - liquidation - (1,785) (3,764) (4,524) (1,011) (11,084) - classification change of lease agreements (3,280) - (3,280) d) gross tangible assets at end of period 6,712 60, ,806 66,956 21, ,517 e) accumulated depreciation at beginning of period - 12,047 73,209 18,750 12, ,063 f) depreciation for period: - (23) 9,557 6,317 2,191 18,042 - increase - 1,968 14,765 9,622 3,334 29,689 - current period depreciation - 1,968 14,765 9,622 3,334 29,689 15

16 - decrease - (1,991) (5,208) (3,305) (1,143) (11,647) - sale - (224) (1,747) (1,884) (151) (4,006) - liquidation - (1,767) (3,461) (1,421) (992) (7,641) g) accumulated depreciation at end of period - 12,024 82,766 25,067 14, ,105 h) impairment charges at beginning of period - (1,525) (216) - (2) (1,743) - increase - (215) (7) - (3) (225) - reversal i) impairment charges at end of period - (1,740) (219) - (3) (1,962) j) net tangible assets at end of period 6,712 46,746 48,821 41,889 7, ,450 In 2012, a change in the presentation of the right of perpetual usufruct of land was made; the details are described in Section V As at 31 December 2011 CHANGES IN TANGIBLE ASSETS (BY TYPE) (net of tangible assets under construction) a) gross tangible assets at beginning of period land buildings and structures plant and equipment vehicles other tangible assets total tangible assets 4,333 28, ,869 37,639 16, ,178 b) increase - 1,713 19,759 13,988 3,142 38,602 - acquisition - 1,698 19,738 13,797 3,128 38,361 - other connected with the acquisition of companies c) decrease (128) (3,168) (7,511) (2,657) (1,278) (14,742) - sale - (724) (1,355) (1,341) (654) (4,074) - liquidation (128) (2,444) (6,156) (1,316) (624) (10,668) d) gross tangible assets at end of period 4,205 26, ,117 48,970 17, ,038 e) accumulated depreciation at beginning of period - 11,532 66,727 12,568 10, ,096 f) depreciation for period: ,482 6,182 1,788 14,967 - increase - 1,705 13,010 7,604 2,854 25,173 - current period depreciation - 1,705 13,010 7,604 2,854 25,173 - decrease - (1,190) (6,528) (1,422) (1,066) (10,206) - sale - (6) (1,021) (713) (462) (2,202) - liquidation - (1,184) (5,507) (709) (604) (8,004) g) accumulated depreciation at end of period - 12,047 73,209 18,750 12, ,063 h) impairment charges at beginning of period - (1,698) (358) - (5) (2,061) - use reversal i) impairment charges at end of period - (1,525) (216) - (2) (1,743) j) net tangible assets at end of period 4,205 13,251 41,692 30,220 5,864 95,232 16

17 III. CONDENSED QUARTERLY FINANCIAL STATEMENTS OF IMPEL S.A. 1. STATEMENT OF FINANCIAL POSITION OF IMPEL S.A. ASSETS Note 31 Dec 2012 (unaudited) 31 Dec 2011 transformed I. Non-current assets items , , Goodwill Other intangible assets 1 2,215 3, Property, plant and equipment 2 2,892 3, Investment property 3,766 3, Investment rights of perpetual usufruct of land Financial assets (6a+6b+6c+6d+6e) 93, ,792 6a. Financial assets valued at fair value through profit and loss - - 6b.Investments held to maturity - - 6c.Loans and receivables: 14,231 66,651 6c 1. Loans 10,164 62,789 6c 2. Non-current receivables 4,067 3,862 6d.Shares in s 79,652 54,141 6e.Financial assets available for sale Investments in associated s consolidated with equity method Deferred tax asset II. Current assets items , , Inventories Financial assets (2a+2b+2c+2d+2e) 111,046 27,601 2a.Financial assets valued at fair value through profit and loss - - 2b.Investments held to maturity - - 2c.Loans and receivables 106,391 25,296 2c 1. Loans 49,724 4,728 2c 2. Current receivables (a+b+c+d) 56,667 20,568 a) Trade receivables 39,950 13,042 b) Receivables from state and local budgets, including : Current tax receivables c) Financed lease receivables - - d) Other receivables 16,339 7,077 2d.Financial assets available for sale - - 2e.Cash and cash equivalents 4,655 2, Prepayments and accrued income Assets classified as held for sale - 100,632 Total assets I+II 214, ,823 17

18 EQUITY AND LIABILITIES Note 31 Dec 2012 (unaudited) 31 Dec 2011 transformed I. Total equity and liabilities (1a-1j) 158, ,281 1a. Share capital 64,326 60,757 1b. Treasury shares - - 1c. Supplementary funds 34, ,785 1d. Revaluation capital reserve - - 1e. Capital reserves 32,205 40,001 1f. Currency translation differences due to consolidation - - 1g. Other capital - - 1h. Retained profit/(loss carry-forward) (4,733) (4,733) 1i. Current year net profit/(loss) 33,119 29,471 1j. Distributions from net profit during the year - - II. Non-current liabilities (items 1-7) 6,281 5, Deferred tax liability Employee benefits Non-current provisions Non-current bank loans and borrowings Non-current financed lease liabilities 775 1, Deferred income Other non-current liabilities 4,341 3,830 III. Current liabilities (items 1-9) 49,199 28, Current bank loans and borrowings 35,615 15, Trade payables 3,255 2, Public charges, including: 1, a. Current tax liabilities 1-3b. Liabilities on account of provisions for subsidies 4. Employee benefits ,164 3, Current financed lease liabilities Deferred income Other liabilities 4,128 3, Current provisions Liabilities directly related to assets classified as held for sale - 2,607 Total equity and liabilities I+II+III 214, ,823 BOOK VALUE PER SHARE 31 Dec Dec 2011 Book value (PLN 000) 158, ,281 Number of shares 12,865,177 12,151,462 Book value per share (PLN)

19 2. STATEMENT OF COMPREHENSIVE INCOME OF IMPEL S.A. STATEMENT OF COMPREHENSIVE INCOME 1 Oct Dec 2012 (unaudited) 1 Jan Dec 2012 (unaudited) 1 Oct Dec 2011 (unaudited) 1 Jan Dec 2011 I. Revenue on sales and subsidies (items 1-2): 12,731 45,490 9,641 37,304 - from related s 11,506 41,551 9,073 35, Revenue from sales, including: 12,126 43,589 9,376 36,261 a) revenue on sales of products 12,125 43,555 9,348 36,199 b) revenue on sales of materials and goods for resale Other revenue subsidies 605 1, ,043 II. Operating expenses (items 1-8): (13,598) (49,850) (13,236) (45,504) 1. Depreciation and amortisation (451) (1,694) (419) (1,337) 2. Raw materials and energy used (508) (1,472) (426) (1,293) 3. Contracted services (5,345) (19,866) (4,119) (19,015) 4. Salaries and wages, social security and other employee benefits (5,146) (18,427) (4,661) (16,843) 5. Other cost by type (2,149) (8,389) (3,584) (6,958) 6. Selling costs materials and goods for resale 1 (2) (27) (58) 7. Change in products Cost of products for own needs A. Profit/(loss) on sales (I-II) (867) (4,360) (3,595) (8,200) I. Other operating income, including: 4,141 36,231 2,813 47, Dividends and other distributions from profit 4,138 36,092 2,308 46, Gain on disposal of non-current non-financial assets Reversal of valuation allowances for assets Other operating income II. Other operating expenses, including: (3,244) (3,873) (18,842) (19,132) 1. Loss on disposal of non-current non-financial assets Valuation allowances for assets (2,966) (3,451) (18,626) (18,716) 3. Other operating expenses (278) (422) (216) (416) B. Operating profit/(loss) (A+I-II) 30 27,998 (19,624) 20,139 I. Financial income, including: 1,809 8,518 2,626 11, Interest 982 5,316 1,895 8,828 II. Financial expenses, including: (1,059) (2,891) (514) (1,632) 1. Interest (463) (1,699) (251) (1,012) C. Pre-tax profit/(loss) (B+I-II) ,625 (17,512) 30,061 I. Corporate income tax 68 (506) 95 (590) D. Net profit/(loss) (C+/-I) ,119 (17,417) 29,471 Other comprehensive income Comprehensive income ,119 (17,417) 29,471 Earnings/(loss) per ordinary share (1.43) 2.43 Diluted profit (loss) per share (1.43)

20 3. STATEMENT OF CHANGES IN EQUITY OF IMPEL S.A. Impel Group 1 Jan Dec 2012 (unaudited) Share capital Treasury shares Reserve funds Other capital reserves Other capital Retained profit/loss carry-forward Net result As at 1 January , ,785 40,001-24, ,281 Comprehensive income, including: ,119 33,119 - net profit (loss) ,119 33,119 - other comprehensive income Transactions with owners : 3, (66,735) (7,796) - (29,471) - (100,433) - dividend (18,228) - (18,228) - transfer of retained profit/loss carry-forward to other capital reserves ,243 - (11,243) share issue 3,569-13, ,366 - decrease in capital due to division of Company - - (80,532) (19,039) (99,571) As at 31 December ,326-34,050 32,205 - (4,733) 33, ,967 1 Jan Dec 2011 (unaudited) Share capital Treasury shares Reserve funds Other capital reserves Other capital Retained profit/loss carry-forward Net result As at 1 January , ,785 48,206-11, ,113 Comprehensive income, including: ,471 29,471 - net profit (loss) ,471 29,471 - other comprehensive income Transactions with owners : (8,205) - (16,098) - (24,303) - dividend (8,205) - (16,098) - (24,303) - other As at 31 December , ,785 40,001 - (4,733) 29, ,281 TOTAL TOTAL 20

21 4. STATEMENT OF CASH FLOWS OF IMPEL S.A. 1 Jan Dec 2012 (unaudited) 1 Jan Dec 2011 A. Cash flows from operating activities I. Net profit/(loss) 33,119 29,471 II. Total adjustments (58,444) (36,934) 1. Depreciation and amortisation 1,694 1, Interest and distributions from profit (dividends) (39,709) (54,384) 3. (Profit)/loss on investing activities (1) (234) 4. Change in provisions Change in inventories 1 (2) 6. Change in receivables (27,154) (1,772) 7. Change in liabilities (net of loans and borrowings) 2,955 (1,344) 8. Change in accruals and deferrals Other adjustments 3,065 18,662 III. Net cash provided by/(used in) operating activities (I+/-II) (25,325) (7,463) B. Cash flows from investing activities I. Cash provided by investing activities 49,570 51, Sale of intangible assets and property, plant and equipment Cash provided by financial assets, including: 49,569 51,826 a) in related s, including 49,416 51,763 - disposal of financial assets - 2,791 - dividends and other profit distributions 26,962 37,919 - repayment of non-current loans granted 20,451 8,131 - interest 2,003 2,922 b) in other s, including repayment of non-current loans granted interest II. Cash used in investing activities (38,473) (16,152) 1. Acquisition of intangible assets and property, plant and equipment (493) (1,894) 2. Investment property and intangible assets - (42) 3. Cash used on financial assets, including: (37,980) (14,216) a) in related s, including (37,980) (14,216) - acquisition of financial assets (26,113) (975) - loans advanced (11,867) (13,241) III. Net cash provided by/(used in) investing activities (I-II) 11,097 35,729 C. Cash flows from financing activities I. Cash provided by financing activities 37, Net proceeds from issue of shares, other equity instruments and additional contributions to equity 17, Loans and borrowings 20,410 - II. Cash used in financing activities (21,198) (27,453) 1. Dividends and other distributions to shareholders (18,228) (24,303) 2. Repayment of loans and borrowings - (1,873) 3. Other financial liabilities Payment of financed lease liabilities (383) (296) 5. Interest (1,699) (981) 6. Other cash used in financing activities (888) - III. Net cash provided by/(used in) financing activities (I-II) 16,578 (27,453) D. Total net cash flow (A.III+/-B.III+/-C.III) 2, E. Balance-sheet change in cash 2, F. Cash at beginning of period 2,305 1,492 G. Cash at end of period (F+/- D), including: 4,655 2,305 - restricted cash

22 5. SELECTED EXPLANATORY NOTES NOTE 1 OTHER INTANGIBLE ASSETS 31 Dec Dec 2011 a) rights of perpetual usufruct of land - - b) acquired permits, licences, patents and similar assets 2,003 2,546 c) other intangible assets d) intangible assets under construction - - Total other intangible assets 2,215 3,258 As at 31 December 2012 the Company did not enter into agreements obliging it to purchase intangible assets. As at 31 December 2012 Acquired permits, Other intangible Total intangible CHANGES IN OTHER INTANGIBLE ASSETS (BY patents, licences and assets assets TYPE) similar assets (net of intangible assets under construction) a) gross intangible assets at beginning of period 4, ,479 b) increase acquisition c) decrease (2) (322) (324) - sale (2) - (2) - liquidation - (322) (322) d) gross intangible assets at end of period 4, ,714 e) accumulated depreciation at beginning of period 2, ,221 f) depreciation for period increase current period depreciation decrease (1) (39) (40) - sale (1) - (1) - liquidation - (39) (39) g) accumulated depreciation at end of period 2, ,990 h) impairment charges at beginning of period increase (509) (509) i) impairment charges at end of period - (509) (509) j) net other intangible assets at end of period 2, ,215 As at 31 December 2011 acquired permits, other intangible patents, licences Total intangible CHANGES IN OTHER INTANGIBLE ASSETS assets and similar assets assets (BY TYPE) (net of intangible assets under construction) a) gross intangible assets at beginning of period 4, ,820 b) increase acquisition c) decrease (63) (199) (262) - sale (59) - (59) - liquidation (4) - (4) 22

23 acquired permits, other intangible patents, licences Total intangible CHANGES IN OTHER INTANGIBLE ASSETS assets and similar assets assets (BY TYPE) (net of intangible assets under construction) - other - (199) (199) d) gross intangible assets at end of period 4, ,479 e) accumulated depreciation at beginning of period 1, ,676 f) depreciation for period increase current period depreciation decrease (52) (57) (109) - sale (47) - (47) - liquidation (5) - (5) - other (57) (57) g) accumulated depreciation at end of period 2, ,221 h) impairment charges at beginning of period i) impairment charges at end of period j) net other intangible assets at end of period 2, ,258 23

24 NOTE 2 PROPERTY, PLANT AND EQUIPMENT 31 Dec Dec 2011 a) tangible assets, including: 2,892 3,310 - land buildings and structures plant and equipment vehicles 982 1,315 - other tangible assets, including: equipment for the provision of other services b) tangible assets under construction - 7 Property, plant and equipment 2,892 3,317 As at 31 December 2012 the Company did not enter into agreements obliging it to purchase non-current assets. As at 31 December 2012 CHANGES IN TANGIBLE ASSETS (BY TYPE) (net of tangible assets under construction) land buildings and structures plant and equipment vehicles other tangible assets total tangible assets a) gross tangible assets at beginning of period 26 1,368 2,280 1, ,665 b) increase acquisition c) decrease - - (73) (11) (46) (130) - disposal liquidation - - (73) (11) (46) (130) d) gross tangible assets at end of period 26 1,368 2,331 1, ,932 e) accumulated depreciation at beginning of period , ,355 f) depreciation for period: increase current period depreciation decrease - - (57) - (23) (80) - liquidation - - (57) - (23) (80) g) accumulated depreciation at end of period , ,040 h) impairment charges at beginning of period i) impairment charges at end of period j) net tangible assets at end of period ,892 In the current period, a change in the presentation of the right of perpetual usufruct of land was made; the details are described in Section V As at 31 December 2011 CHANGES IN TANGIBLE ASSETS (BY TYPE) (net of tangible assets under construction) a) gross tangible assets at beginning of period land buildings and structures plant and equipment vehicles other tangible assets total tangible assets 26 1,436 2, ,174 b) increase , ,899 - acquisition , ,865 - other c) decrease - (96) (280) - (32) (408) 24

25 - sale - - (30) - (18) (48) - liquidation - (96) (242) - (14) (352) - other - - (8) - - (8) d) gross tangible assets at end of period 26 1,368 2,280 1, ,665 e) accumulated depreciation at beginning of period , ,141 f) depreciation for period: - (28) increase current period depreciation decrease - (94) (218) - (32) (344) - sale - - (30) - (18) (48) - liquidation - (94) (186) - (14) (294) - other - - (2) - - (2) g) accumulated depreciation at end of period , ,355 h) impairment charges at beginning of period i) impairment charges at end of period j) net tangible assets at end of period , ,310 25

26 IV. SUPPLEMENTARY INFORMATION 1. COMMENTS ON KEY ECONOMIC AND FINANCIAL DATA DISCLOSED IN THE QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS OF THE IMPEL GROUP FOR Q Revenue from sales In the fourth quarter of 2012 revenue generated from sales of services and products and materials and goods for resale was at the level of PLN 370,097,000, which represents an increase by PLN 40,478,00 in relation to the corresponding period in 2011, i.e. by 12.3%, including the revenue of the companies acquired in 2012 (Climbex S.A., GK Gwarant and Ad Akta S.A.) of PLN 8,466,000 in Q Sales recorded by the Facility Management segment had the largest share in the Group s revenue in Q and in the presented period reached the level of PLN 181,739,000, which represents an increase by PLN 22,337,000 as compared to Q4 2011, i.e. by 14.0%. The increase results from the acquisition of new contracts, primarily in the area of cleaning services and revenue earned by foreign companies, which totalled PLN 20,416,000 in Q4 2012, increasing by PLN 10,102,000, i.e. by 97.9% in relation to Q Revenue from sales produced by the Security segment in Q reached the level of PLN 108,908,000, which represents an increase by PLN 6,900,000, i.e. by 6.8% as compared to the corresponding period last year. The provision of manned guarding services and the consolidation of newly acquired s of GK Gwarant were the main contributors to this increase. A significant growth was also observed in temporary work services which in Q produced revenue of PLN 31,095,000, which represents an increase by PLN 9,951,000, i.e. by 47.1% in relation to the corresponding period in The Impel Group s financial income earned in Q was PLN 459,000, which represents a decrease by PLN 457,000 as compared to the corresponding period last year. A drop in financial income results mainly from the separation of the property development activity in Q The high value of income on interest in 2011 was attributable to the loans granted to related s (mainly the Vantage Development Group companies). Expenses In Q the Impel Group s operating expenses totalled PLN 375,904,000, which represents an increase by PLN 48,987,000 in relation to Q4 2011, i.e. by 15.0%. An increase in the Impel Group s operating expenses results mainly from higher costs of contracted services (increase by PLN 30,360,000, i.e. by 25.5%) and higher costs of salaries and wages (increase by PLN 15,366,000, i.e. 11.0%). Because of the business profile of the decisive majority of the Impel Group s s (provision of services), personnel costs and costs of contracted services are the main cost items, growing along with an increase in sales. The Impel Group s financial expenses incurred in Q amounted to PLN 4,001,000, which represents an increase by PLN 1,345,000 in relation to Q4 2011, i.e. by 50.6%. It results from the Impel Group s higher indebtedness, which translates directly into an increase in interest expenses by PLN 1,333,000, as compared to the corresponding period last year. EBIT In the fourth quarter of 2012 EBIT was at the level of PLN 3,134,000, decreasing by PLN 5,818,000 in relation to the corresponding period in 2011, i.e. by 65.0%. The drop in EBIT was induced to the greatest extent by the changes in the provisions of law, which were unfavourable from the Impel Group s point of view (increase in the minimum wages and in the disability pension contribution, payable by the employer), costs related to the acquisitions effected in Q4 2012, estimated at PLN 1,900,000, and lower operating results in the Security segment caused by the adverse situation on the market. EBITDA In the last quarter of 2012 EBITDA was PLN 13,010,000, which represents a decrease by PLN 3,818,000 in relation to Q4 2011, i.e. by 22.7%. This change was caused by the lower operating 26

27 result accompanied by an increase in depreciation/amortisation related to the Impel Group s organic growth. Net profit/loss In Q4 2012, net profit attributable to the shareholders of the Parent Undertaking reached the level of PLN 498,000, decreasing by PLN 2,067,000 in relation to the fourth quarter last year, i.e. by 80.6%. It was caused mainly by lower EBIT, which did not compensate for higher expenses incurred on financial activity. Structure of assets and equity and liabilities As at 31 December 2012 the consolidated financial statements of the Impel Group disclosed the balance sheet total of PLN 722,028,000, which was higher in comparison to its position as at 31 December 2011 by PLN 61,993,000 (i.e. by 9.4%). As at 31 December 2012 non-current assets represented 41.6% of the balance sheet total as compared to 32.9% as at 31 December 2011 and current assets, 58.4% against 67.1%. The most significant changes in assets were related to the following items: assets classified as held for sale that were spun off to the Vantage Development Group, which resulted in their decrease by PLN 86,041,000; details are described in section IV.10 of the mid-year condensed consolidated financial statements. trade receivables, which increased by PLN 60,391,000 as compared to 31 December 2011 above all, an increase in trade receivables results from the organic growth, property, plant and equipment, which increased by PLN 57,281,000 as compared to the value as at 31 December 2011, mainly due to the acquisition and recognition in the consolidated balance sheet of the assets of House Rent Management S.K.A. (+PLN 24,254,000), Climbex (+PLN 26,212,000) and GK Gwarant companies (+PLN 5,626,000) advanced loans whose value increased by PLN 6,097,000 in comparison to the position as at 31 December An increase in the value of this item is mainly due to the loans advanced to a natural person in connection with the planned joint venture. Future cash flows connected with the loans depend on the results generated by the joint venture. As at the date of this report, the Management Board does not see any risk of the impairment of the value of the above-mentioned loans. The Management Board believes that between the date of the initial recognition of the loan and the date of the approval of the report, there were no changes in the financial forecasts, on which the embedded financial instrument is based. Trade receivables form the the biggest item of assets, amounting to PLN 304,871,000. As at 31 December 2012 the equity of the Impel Group accounted for 37.7% of funding, compared to 50.5% as at 31 December Such a significant change is caused by the division of Impel S.A. and the transfer of property development activities to Vantage Development S.A. Current borrowings and loans represent the biggest item in equity and liabilities and as at 31 December 2012 their value increased by PLN 49,579,000 to the level of PLN 143,642,000. This increase results mainly from the acquisition and recognition in the results of the companies which as at 31 December 2011 were not incorporated in the Impel Group s structure (mainly House Rent Management S.K.A., Climbex S.A., GK Gwarant companies) and the financing of working capital in connection with the growth in sales. As at 31 December 2012 the Impel Group disclosed positive net working capital of PLN 73,581,000 and maintained a safe financing mix. 2. FACTORS WHICH MAY AFFECT THE PERFORMANCE OF THE ISSUER IN THE NEXT QUARTER AT LEAST The future performance of the Impel Group will be affected by the following factors: 27