UNITARY FINANCIAL STATEMENT OF URSUS S.A. for the I half of (for the period from 1 January 2015 till 30 June 2015)
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1 UNITARY FINANCIAL STATEMENT OF URSUS S.A. for the I half of 2015 (for the period from 1 January 2015 till 30 June 2015) Lublin, 27 August 2015
2 TABLE OF CONTENTS TABLE OF CONTENTS... 2 CONDENSED INTERIM REPORT ON FINANCIAL SITUATION...5 CONDENSED INTERIM REPORT ON TOTAL INCOME..3 CONDENSED INTERIM REPORT ON CHANGES IN EQUITY...8 ADDITIONAL EXPLANATORY NOTES GENERAL INFORMATION BASIS FOR PREPARING THE INTERIM CONDENSED FINANCIAL STATEMENTS DECLARATION OF CONFORMITY MEASUREMENT CURRENCY AND THE CURRENCY OF FINANCIAL STATEMENTS CHANGES IN ACCOUNTING PRINCIPLES CHANGES INTRODUCED BY THE COMPANY INAPPLICABLE STANDARDS (NEW STANDARDS AND INTERPRETATIONS)12 6. CHANGES IN ACCOUNTING ESTIMATES TRANSLATION OF AMOUNTS DENOMINATED IN A FOREIGN CURRENCY INFORMATION ON BUSINESS SEGMENTS INCOME AND COSTS IMPAIRMENT ALLOWANCES RECOGNITION AND REVERSAL PROVISIONS OFF-BALANCE-SHEET COMMITMENTS CONTINGENT LIABILITIES INFORMATION ON TRANSACTIONS WITH RELATED ENTITIES INCOME TAX CYCLICALITY, SEASONALITY OF ACTIVITIES INFORMATION CONCERNING THE ISSUE, PURCHASE AND PAYMENT FOR DEBT AND EQUITY SECURITIES Page 2 of 29
3 17. EARNINGS PER SHARE INFORMATION ABOUT DIVIDEND PAID (OR DECLARED) DERIVATIVE FINANCIAL INSTRUMENTS FINANCIAL RISK MANAGEMENT EVENTS AFTER THE BALANCE SHEET DATE ADDITIONAL INFORMATION Page 3 of 29
4 CONDENSED INTERIM REPORT ON TOTAL INCOME for 6 months ended 30 June 2015 (in thousand PLN) Continuing operations Note Revenues from sales of products Revenues from sales of goods and materials Sales revenue Manufacturing cost of products sold Value of goods and materials sold Cost of sales Gross profit from sale % 15% Selling and distribution expenses Administrative expenses Other operating income Other operating expenses Net finance income and costs Share in net profit/loss of associated undertakings Profit (loss) before tax Income tax Net profit (loss) from continuing operation Discontinued operations (Loss) for the period of discontinued operation Net/(loss) for the period Other total income: Currency conversion differences of foreign operations Financial assets available for sale Cash flow hedges Gains arising on a revaluation of property, plant and equipment Actuarial gains and losses from occupational retirement provisions - benefit programs Share in other comprehensive income of undertakings valued with equity method Income tax on the components of other comprehensive income TOTAL INCOME FOR THE FINANCIAL YEAR Total earnings - attributable to equity holders of the parent company attributable to non-controlling interests Earnings per share (in PLN) basic, for profit for the year 0,32 0,01 basic, for profit from continuing operations 0,32 0,01 Page 4 of 29
5 CONDENSED INTERIM REPORT ON FINANCIAL SITUATION for 6 months ended 30 June 2015 ( in thousand PLN) ASSETS Note Fixed assets (long-term) Tangible fixed assets Investment properties perpetual usufruct of land Intangible assets Participating interests Stocks and shares Deferred tax assets Current assets (short-term) Inventories Trade and other receivables Corporate income tax receivables - - Cash and cash equivalents Other financial assets Assets for sale TOTAL ASSETS LIABILITIES Equity Share capital Capital from the issuance of shares above their nominal value Share capital under registration - Other capitals - - Retained earnings Equity attributable to minority interests - - Total equity Long-term liabilities Credits and loans Non-current provision Financial derivatives Employee benefit liabilities - - Trade payables and other Other liabilities Deferred tax liability Short-term liabilities Credits and loans Trade payables and other Advances received - Income tax liabilities Other financial liabilities Current provisions Employee benefit liabilities Accruals Financial derivatives Page 5 of 29
6 Total liabilities TOTAL LIABILITIES CONDENSED INTERIM REPORT ON CASH FLOW for 6 months ended 30 June 2015 ( in thousand PLN) Period Cash flows from operating activities Note Profit / (loss) before taxation Adjustments for: Share of profit of associates under the equity method Depreciation and amortization Interest and dividends, net (Gain) / loss on investing activities (25) (25) (Increase) / decrease in receivables (20 210) (Increase) / decrease in inventories (14 869) Increase / (decrease) in payables Increase / (decrease) in accruals (18 847) Change in provisions (1 711) (297) Income tax paid Other (57) (57) Net cash flows from operating activities Cash flows from investing activities Proceeds from sale of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Purchase of property, plant and equipment and intangible assets Proceeds from sale of property investment Purchase of property investment Proceeds from sale of financial assets Purchase of financial assets Acquisition of subsidiary, net of cash acquired (5 207) (5 207) Dividends and interests received Repayment of loans granted Granting loans Other Net cash flows used in investing activities (4 971) (4 971) Cash flows from financing activities Proceeds from issue of shares Repayment of liabilities by virtue of financial leasing Revenues from credits and loans (613) (613) Page 6 of 29
7 Repayment of credits and loans Dividends paid to equity holders of the parent company Dividends paid to non-controlling interests Interest paid, including: activated borrowing costs Other (37 487) (37 487) (1 278) (1 278) Net cash flows from financial activities (16 911) (16 911) Net increase in cash and cash equivalents Net foreign exchange difference (8) (8) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period, of which restricted cash Page 7 of 29
8 CONDENSED INTERIM REPORT ON CHANGES IN EQUITY for 6 months ended 30 June 2015 ( in thousand PLN) Equity attributable to the equity holders Share capital Capital from the issuance of shares above their nominal value Other capital Retained earnings Noncontrolling interests Total equity As at 1 January Adjustment of error As at 1 January 2014 (after adjustments) Exchange differences on consolidation - - Profit or loss for the period Share capital increase - - Surplus on sale of shares - - Issue of shares - - Costs of share issue - - Capital registration in the National Court Register - - Dividend payment - - Valuation of financial assets available for sale - - Deferred tax - - Non-controlling interests - - As at 30 June As at 1 January Adjustment of error - - As at 1 January 2015 (after adjustments) Exchange differences on consolidation - - Profit or loss for the period Share capital increase - - Surplus on sale of shares - - Issue of shares - - Costs of share issue - - Capital registration in the National Court Register - - Dividend payment - - Valuation of financial assets available for sale - - Deferred tax - - Non-controlling interests - - As at 30 June Total Page 8 of 29
9 ADDITIONAL EXPLANATORY NOTES 1. General information The financial report of URSUS S.A. (till POL-MOT Warfama S.A.) covers the period ended 30 June 2015 and contains the comparable data for the period ended 30 June 2014 and the period ended 31 December On the 4 th June 2012 the Issuer was informed that on 1 June 2012, the District Court in Olsztyn, 8th Commercial Division of the National Court Register, registered the amendments to the Statute of the Issuer in the Register of Entrepreneurs of the National Court Register, including the change of the Company's business name from POL-MOT Warfama S.A. to URSUS S.A. URSUS S.A. was established with a notary deed of 24 June On the 7 th May 2013 the Issuer was informed that the District Court in Olsztyn, 8th Commercial Division of the National Court Register, registered the amendment to the Statute of the Issuer in the Register of Entrepreneurs of the National Court Register, which consisted of the change of the company's registered office from Dobre Miasto to Lublin, made by way of a resolution no. 28/2013 of the Ordinary General Meeting dated 17 April The Company s seat is in Lublin, at Frezerów Street 7. URSUS S.A. is registered in the Register of Entrepreneurs of the National Court Register kept by the District Court Lublin-Wschód in Lublin, with its registered office in Świdnik, 6th Commercial Division of the National Court Register, under no. KRS The Company has the following REGON statistical number: and the tax identification number NIP: The Company has an unlimited period of operation. The main activity of the Company is the production of agricultural machinery, according to the Polish Classification of Activity (2007) Manufacture of agricultural and forestry machinery. The share capital of URSUS S.A. as at r. was PLN was constituted of 41,180,000 shares with the nominal value of PLN 1.00 each. The structure of the Company s shareholders: - POL-MOT HOLDING S.A. in Warsaw shares (50,09%); - Other shares (49,91%). Composition of the Management Board and Supervisory Board As on the date of preparing this report, the Management Board is composed of: 1. Karol Zarajczyk - President of the Management Board 2. Abdullah Akkus - Member of the Management Board 3. Jan Wielgus - Member of the Management Board 4. Wojciech Zachorowski - Member of the Management Board 5. Marek Włodarczyk - Member of the Management Board On 14 January 2015, at the meeting of the Supervisory Board, Mr Tadeusz Ustyniuk resigned from the position of a Member of the Management Board of URSUS S.A. The Supervisory Board accepted the aforementioned Page 9 of 29
10 resignation and removed Mr Tadeusz Ustyniuk from his position of a Member of the Management Board of URSUS S.A. Mr Tadeusz Ustyniuk acted in the capacity of the Member of the Management Board in the period from 18 March 2013 to 14 January As of , the Supevisory Board is composed of: 1. Andrzej Zarajczyk Chairman of the Supervisory Board 2. Henryk Goryszewski Deputy Chairman of the Supervisory Board 3. Zbigniew Janas Member of the Supervisory Board 4. Zbigniew Nita Member of the Supervisory Board 5. Stanisław Służałek - Member of the Supervisory Board 6. Michał Szwonder - Member of the Supervisory Board 2. Basis for preparing the interim condensed financial statements This financial statement has been prepared under the historical cost convention, except for investment properties, derivative financial instruments and financial asstes for sale that are valued at fair value. The carrying amount of recognised hedged assets and liabilities is adjusted for fair value changes which may be attributed to the risk against which such assets and liabilities are hedged The interim financial statement was prepared on the going concern assumption by the company in the foreseeable future. At of the date of preparing this financial statement, there exist no circumstances indicating threat to the continuation the business by the company. 3. Declaration of conformity The present interim financial statement covers the period of 6 months ended and was prepared in accordance with IAS 34, Interim Financial Reporting. The interim financial statement does not contain all information which are included in the annual consolidated financial statement according to IFRS. This interim financial statement shall be read together with the financial statement of the Company for the year Measurement currency and the currency of financial statements The financial statement is presented in Polish zlotys ("PLN") and all values, unless indicated otherwise, are expressed in thousands of PLN. 5. Changes in accounting principles Accountng principles (policy) applied to the preparation of this separate financial statement for the first half of 2015 are consistent with those applied in the preparation of the financial statement for the financial year ended 31 December 2014, except for the changes described below. The same principles were applied for the current and comparable period, unless the standard or interpretation assume a prospective application only. The detailed description of the accounting principles adopted by URSUS S.A. was presented in the annual separate financial statement for the year 2014, published on the 9 th March Page 10 of 29
11 Changes resulting from the IFRS changes The following new or amended standards and interpretations issued by the International Accounting Standards Board or the Commission for International Financial Reporting Interpretations are effective from January 1st 2015: The amendments to different standards resulting from annual review of the International Financial Reporting Standards (Annual Improvements ) The amendments to different standards resulting from annual review of the International Financial Reporting Standards (Annual Improvements ) Amendment to IAS 19 Defined benefit plans Contributions by employees Interpretation IFRIC 21 Public levies Their use does not affect the results of operations and financial condition, and only resulted in changes in accounting principles used and possible extension of the necessary disclosures or change in the terminology used. The main consequences of the application of the new regulations: Amendments resulting from the annual review of IFRS (Annual Improvements ) On 12 December 2013 further amendments were published to seven standards resulting from draft amendments proposed to the International Financial Reporting Standards published in May They are mainly used for annual periods beginning on 1 July 2014 or later. As a result of IFRS review, the following little amendments to 7 standards were made: in IFRS 2 Share-based payment was corrected the definition vesting conditions and market condition and tow new definitions were introduced: implementation condition and service condition. in IFRS 3 Business combination was clarified that a contingent consideration liability that meets the definition of a financial liability is subject to evaluation as at the end of the reporting period at the fair value and the evaluation result is recognized in the profit or loss statement, in IFRS 8 Operating segments was introduced, among others, the obligation of disclosure of the management judgement on criteria applied on connection of operating segments, of which in the paragraph 12 IFRS 8, together with a short description of these segments and used indicators showing similar economic properties of the segments connected on that basis. in IFRS 13 Fair value was introduced an amendment clarifying the Basis for Conclusions to IFRS 13, explaining that the deletion from IFRS 9 and IAS 39 accordingly of the paragraphs B and AG79 shall not misinterpreted as the Council s intention to remove possibility of valuation of short-term claims and liabilities currently valuated at the nominal value, resulting from the invoice, in IFRS 16 tangible fixed assets i IAS 38 Intangible assets was clarified information about the way of correction of the carrying amount and depreciation of assets valued at the end of each reporting period, in IFRS 24 Related Party Disclosures was added a provision clarifying the definition of determination of the relationship between entities. The application of these amendments will have no effect on the financial statement of the Company. In the Company s opinion, the above-mentioned amendments will have impact on additional disclosures resulting from the modified IFRS 8 Operating segments. The amendments to different standards resulting from annual review of the International Financial Reporting Standards (Annual Improvements ) On 12 December 2013 further amendments were published to seven standards resulting from draft amendments proposed to the International Financial Reporting Standards published in November They are mainly used for annual periods beginning on 1 July 2014 or later. The review of IFRS resulted in introduction of some little amendments to the following standards: Page 11 of 29
12 IFRS 1 Use of IFRS for the first time IFRS 3 Business combinations IFRS 13 Fair value IFRS 40 Investment properties. The application of the amended standards will not have effect on the financial statement of the Company. Changes to IAS 19 Defined benefit plans Contributions by employees The changes were published on 21 November 2013 and applies for annual periods beginning on 1 July 2014 or later. The changes provide clarifications and in some cases simplify the accounting principles for the benefits of employees (or other third parties) paid within the defined benefit plans. The application of changes will not have a significant effect on the financial statement of the Company because there are no defined benefit plans related to the employees contributions. Interpretation of IFRIC 21 Public levies The interpretation contains guidelines as to identification of the date of obligation of recognition in accounting books of liabilities related to payment of certain public charges other than those included in the present IFRS, f.ex. IAS 12 Income Tax. The application of the interpretation will not have a significant effect on the financial statement of the Company. Changes introduced by the Company The Company did not adjusted the presentation of the comparative data for the first half of 2014 and/or as at 31 December Inapplicable standards (New standards and interpretations) In this financial statement, the Company decided not to use the published standards or interpretations before their effective date. The following standards and interpretations have been issued by the International Accounting Standards Board or the Committee on International Financial Reporting Interpretations, but were not yet effective at the balance sheet date: IFRS 9 Financial Instruments The new standard was published on 24 July 2014 and applies for annual periods beginning on 1 January 2018 or later. The purpose of the standard is to organize the classification of financial assets and introduce the uniform principles of approach to the assessment of impairment for all financial instruments. The standard also introduces a new model of hedge accounting in order to harmonize the changes in recording risk management information in the financial statements. The Company applies the amended standards in terms of the changes from 1 January 2018 year. As of the date of preparation of this financial statement it is not possible to reliably estimate the impact of adopting the new standard. The company started examining the impact of this new standard. MSSF 14 Regulatory Deferral Accounts The new standard was published on 30 January 2014 and applies for annual periods beginning on 1 January 2016 or later. The new standard has a transitional character due to the ongoing work of the IASB on the regulation of the method of accounting transactions in terms of price regulation. The standard introduces the principle of recognition of assets and liabilities arising in connection with the transactions of regulated prices when the entity decides to switch to IFRS. The Company will apply the new standard from 1 January The application of the amended standard will have no effect on the financial statement of the Company. Page 12 of 29
13 IFRS 15 Revenue from contracts with customers The new unified standard was published on 28 May 2014 and is effective for annual periods beginning on 1 January 2017 or later with a permission for early application. The standard is to lay down a uniform framework for revenue recognition and contains rules which will replace most of the specific guidance on revenue recognition existing in IFRS, in particular IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.. As of the date of preparation of this financial statement it is not possible to reliably estimate the impact of adopting the new standard. The Company started examining the impact of this new standard. Amendments to IFRS 11 Recognition of the acquisition of shares in joint operations Changes in the IFRS 11 were published on 6 May 2014 and are effective for annual periods beginning on 1 January 2016 or later. The aim is to provide specific guidelines clarifying the method of recognizing the acquisition of shares in joint operations which constitute an undertaking. The changes require the application of rules identical to those used in a business combination. The application of the amended standards will not have a significant effect on the financial statement of the Company. Amendments to IAS 16 and IAS 38 Explanations in terms of the accepted methods of recognizing cancellation and depreciation The amendments to IFRS 16 Tangible Fixed Assets and IAS 38 Intangible Assets were published on 12 May 2014 and are effective for annual periods beginning on 1 January 2016 or later. The change provides additional clarification in relation to the use of the methods allowed for depreciation. The aim is to indicate that the method of calculating the cancellation of tangible fixed assets and intangible assets based on revenues is not appropriate, however, in the case of intangible assets, this method can be used in certain circumstances. The application of the amended standards will not have a significant effect on the financial statement of the Company. Amendments to IAS 16 and IAS 41 Agriculture: Production Plants The amendments to IFRS 16 and 41 were published on 30 June 2014 and are effective for annual periods beginning on 1 January 2016 or later. This change indicates that the production plants shall be recognized in the same way as tangible fixed assets in the scope of IAS 16. Accordingly, the production plants are to be seen through the prism of IAS 16, instead of IAS 41. The agricultural products produced by production plants are still subject to IAS 1. The application of the amended standards will not have a significant effect on the financial statement of the Company. Amendments to IAS 27: The equity method in separate financial statements The amendments to IAS 27 were published on 12 August 2014 and are effective for annual periods beginning on 1 January 2016 or later. The changes restore in IFRS the option of recognizing in separate financial statements the investments in subsidiaries, joint ventures and affiliated companies by means of the equity method. When selecting this method, it should be applied for each investments within a given category. The application of the amended standards will not have a significant effect on the financial statement of the Company. Amendments to IFRS 10 and IAS 28: Sales or transfers of assets between the investor and the affiliated company or joint venture The change in the IFRS 10 and IAS 28 were published on 11 September 2014 and are effective for annual periods beginning on 1 January 2016 or later. The amendments clarify the accounting for transactions in which the parent company loses control of a subsidiary which does not constitute "a business" as defined in IFRS 3 "Business Combinations", by way of sale of all or part of the shares in the subsidiary to an affiliated company or joint venture recognized by using the equity method. As of the date of preparation of this financial statement it is not possible to reliably estimate the impact of adopting the new standard. Amendments to various standards resulting from the annual review of the International Financial Reporting Standards (Annual Improvements ) On 25 September 2014 some little amendments to four standards were published: Page 13 of 29
14 - IFRS 5 Non-current assets held for sale and discontinued operations, in the scope of reclassification of assets of group held for sale from held for sale to held for distribution to owners and vice-versa, - IFRS 7 Financial instruments: disclosures, among others in the scope of use of the amendment s to IFRS 7 regarding the compensation of financial assets and liabilities to the interim condensed financial statements, - IAS 19 Contributions by employees, in the scope of the currency of high quality corporate bonds used to determine the discount rate, - IAS 34 Interim Financial Reporting, in the scope of clarification how the disclosures required by the section. 16A of IAS 34 were mentioned in other part of the interim report. They apply predominantly to annual periods beginning on 1 January 2016 or thereafter. The Company will apply the amended standards in the scope of introduced changes from 1 January 2016, unless a different period for their entry into force is provided for. In the Company's opinion, The application of the amended standards will not have a significant effect on the financial statement of the Company, except for the amendment to IAS 34, which may result in additional disclosures in the interim financial statements of the Company. Amendments to IAS 1: Initiative on disclosures On 18 December 2014, as part of a large initiative aimed at improving the presentation and disclosure in the financial reports, amendments to IAS 1 were published. These changes are designed to further encourage the use of professional judgment in determining what information should be disclosed in the financial statements. For ex ample, the changes clarify that the significance applies to entire financial statements and that the incorporation of irrelevant information can reduce the usefulness of purely financial disclosures. In addition, the changes clarify that entities should use professional judgment in determining the place and order of the information presentation when disclosing the financial information. The published changes are accompanied by a draft amendment to IAS 7 Cash flow statement, which enhances the disclosure requirements relating to cash flow from financial activities and cash and cash equivalents of the entities. The changes may be applied immediately, and mandatory for annual periods beginning on 1 January 2016 or later. The company started examining the effects of the implementation of such changes. The Company will apply the amendments not later than 1 January 2016, which May result in a change in the scope and / or form of disclosures presented in the financial statement. Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities: an exception from consolidation The amendments to IFRS 10, IFRS 12 and IAS 28 were published on 18 December 2014 and are effective for annual periods beginning on 1 January 2016 or later. Their aim is to clarify the accounting requirements of investment entities. The Company believes that the application of the amended standards will have no effect on the financial statement of the Company. IFRS as adopted by the EU do not differ significantly from the regulations adopted by the International Accounting Standards Board (IASB), except for the following standards, interpretations and amendments to them, which as of the date of approval of this financial statement for publication have not yet been adopted for application by the EU: IFRS 9 Financial Instruments published on 24 July 2014 IFRS 14 Regulatory Deferral Accounts published on 30 January 2014 IFRS 15 Revenue from contracts with customers published on 28 May 2014 Amendments to IFRS 11 Recognition of the acquisition of shares in joint operations, published on 6 May 2014 Amendments to IAS 16 and IAS 38 Explanations in terms of the accepted methods of recognizing cancellation and depreciation published on 12 May 2014 Amendments to IAS 16 and IAS 41 Agriculture: Production Plants published on 30 June 2014 Amendments to IAS 27: The equity method in separate financial statements published on 12 August 2014 Amendments to IFRS 10 and IAS 28: Sales or transfers of assets between the investor and the affiliated companies or joint venture published on 11 September 2014 Page 14 of 29
15 Amendments to various standards resulting from the annual review of the International Financial Reporting Standards (Annual Improvements ) published on 25 September 2014 Amendments to IAS 1: Initiative on disclosures, Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities: an exception from consolidation. 6. Changes in accounting estimates Information concerning particularly significant areas subject to estimates and judgments which have an impact on the interim financial statements was not subject to change in comparison with the information presented in the annual statements for Translation of amounts denominated in a foreign currency Transactions denominated in currencies other than the Polish zloty are translated into Polish zloty by using the exchange rate prevailing on the day preceding the date of the transaction. As of the balance sheet date, monetary assets and liabilities denominated in currencies other than the Polish zloty are translated into Polish zloty by using the average exchange rate for a given currency by the Polish National Bank, prevailing at the end of the reporting period. The resulting exchange differences are recognized in the position: - Sales revenues; if they relate to trade receivables, - Own cost of sale; if they relate to trade liabilities, - financial revenues (costs) in the case of other assets or liabilities. Non-monetary items recognized at historical cost in a foreign currency are recognized at the historical exchange rate of the transaction date. Exchange rates used for balance-sheet valuation Exchange rate applicable on the last day of the period USD 3,7645 3,5072 EURO 4,1944 4,2623 Average exchange rate, calculated as the arithmetic mean of the applicable exchange on the last day of each month during the period USD 3,7269 3,1784 EURO 4,1341 4, Information on business segments In accordance with IFRS 8 Operating segments' results arise from internal reports periodically verified by the Management Board. It analyzes the results of the operating segments on the level of profit (loss) from operations. The measurement of results of the operating segments used in the management calculations Page 15 of 29
16 converges with the accounting principles applied in the preparation of financial statement, except for the following areas: Impairment - in determining the segment result, the write-downs for impairment of fixed assets, including goodwill, are not included. Revenues from sales recognized in the statement of comprehensive income are not different from the revenues presented in the context of the operating segments, except for consolidation exclusions of transactions between segments. The main products produced by the various divisions of the company are: Dobre Miasto - agricultural machinery (presses, trailers, dispensers), TUR front loaders with equipment Opalenica - feed tanks Lublin - tractors, trolleys. Operating segments Continued operations Division in Dobre Division in Division in Miasto Opalenica Lublin Abandonded activity Total activity Income Sales to external customers, of which Sales between segments Total segment income Total Cost of sales to external customers (20 606) (9 175) ( ) ( ) - ( ) Cost of sales between segments Total segment costs (20 606) (9 175) ( ) ( ) - ( ) Gross profit (loss) of segment sales Costs of sales (1 249) (781) (13 582) (15 611) - (15 611) General administrative expenses (3 276) (819) (4 095) (8 189) (8 189) Other operating income/ costs 633 (10) Other operating income/ costs not assigned Segment operating profit Interest income - 3 Interest charges - Other net financial income/costs - - (2 968) Profit (loss) before taxation Income tax Net profit (loss) for the financial year Assets and liabilities Segment assets Page 16 of 29
17 Assets not assigned Total assets Segment liabilities Liabilities not assigned Equities Total liabilities and equities Other information about segments Investment expenditures: fixed assets intangible assets Tangible fixed assets amortization Intangible assets amortization Writedowns by virtue of the loss of value Other non-monetary expenditures: provision for warranty repairs Continued operations Division in Dobre Division in Division in Miasto Opalenica Lublin Abandonded activity Total activity Income Sales to external customers, of which Sales between segments Total segment income Total Cost of sales to external customers (23 464) (8 393) (20 447) (52 304) - (52 304) Cost of sales between segments Total segment costs (23 464) (8 393) (20 447) (52 304) - (52 304) Gross profit (loss) of segment sales Costs of sales (747) (445) (587) (1 778) - (1 778) General administrative expenses (2 525) (433) (4 256) (7 214) (7 214) Other operating income/ costs Other operating income/ costs not assigned Segment operating profit Interest income - 13 Interest charges - (1 513) Other net financial income/costs - - (455) Profit (loss) before taxation Income tax Page 17 of 29
18 Net profit (loss) for the financial year Assets and liabilities Segment assets Assets not assigned Total assets Segment liabilities Liabilities not assigned Equities Total liabilities and equities Other information about segments Investment expenditures: fixed assets intangible assets Tangible fixed assets amortization Intangible assets amortization Writedowns by virtue of the loss of value Other non-monetary expenditures: provision for warranty repairs Geographical areas Revenues Domestic (Poland) Foreign, of which EU Outside EU Total Income and costs 9.1 Sales revenues Revenue from sale of products Sales revenues Foreign exchange differences related to trade receivables (4 245) 30 Profits by virtue of the derivative instruments (valuation and results) Losses on derivative instruments (evaluation and result) Total income from sales Page 18 of 29
19 Trade income Sales income Exchange differences on trade receivables Gains on derivative instruments (evaluation and result) Losses on derivative instruments (evaluation and result) Total revenues from sales of goods and materials Note Costs by type Depreciation of tangible and intangible assets Costs of employee benefits Energy/ /materials consumption Services Taxes and fees Personal and property insurance R&D costs - - Other costs, of which impairment allowances of inventories - reversal of impairment allowances of inventories inventory differences - impairment allowances of payables reversal of impairment allowances of payables (298) (244) - payables charged to the costs -Foreign exchange differences of trade liabilities (781) 5 -waste disposal costs and other environmental costs - other operating costs Total costs by type Change in stock of products, work in progress and accruals (+/-) Manufacturing cost of products for internal purposes (-) (2 137) Value of goods and materials sold Total costs of goods and materials sold, sales and general administrative expenses (7 948) (2 108) Manufacturing costs of products sold (+) Total costs of goods and materials sold, sales and general administrative expenses Costs of employee benefits Salary costs (+) Costs of social insurance and other benefits (+) Total costs of employee benefits Page 19 of 29
20 9.4 Other operating income Net profit on sale of non-financial fixed assets Profit on disposal of fixed assets and intangible assets Revenues from investment property rent Profit on reselling services and re-invoiced payments Grants received Donations received Redeemed liabilities Penalties and compensations received 40 Remuneration of income tax and social security contribution payer Reimbursement of court expenses by the receiver and receivables collected by execution Tax returned Profit on investment property evaluation to fair value Compensations and penalties imposed Other Total other operating income Due to the change of use of the investment property located in Dobre Miasto, as at , valuation of this property was made by a property valuer. The fair value of a part of the investment property intended to be used for the needs of the run business activities was estimated at PLN as at The Company made a transfer of a part of the investment property to the tangible fixed assets. Gain from valuation of the investment property at the fair value was PLN. 9.5 Other operating expenses Net loss on disposal of non-financial fixed assets Write-offs revaluing intangible assets Write-offs revaluing tangible fixed assets Provisions for penalties and loss, proceeding costs and compensation Charitable contributions granted Page 20 of 29
21 Grants returned Penalties and compensation Costs of court proceedings 8 43 Budgetary interest Costs of underutilisation of proprrties and production capacity Expenditures for fixed assets under construction written down Inne Other operating expenses Net financial income and costs Przychody finansowe Interest income bank deposits - liabilities cash and cash equivalents other - 2 Dividends received Reversal of impairment for interest charges Gain on derivative instruments (evaluation and result) Gains from the disposal of securities - - Reversal of impairment of loss on securities and loans - - Other Financial income 3 13 Financial costs Interest expenses of credit and loans of financial leasing related to trade liabilities other Commissions Write-off on percentage charges Foreign exchange losses Changes in amount of long-term liabilities because of approaching of its maturity date Changes in amount of long-term provisions because of approaching of its maturity date Loss on derivative instruments (evaluation and result) Loss on disposal of securities - - Write-offs for impairment of securities and loans granted Other Financial costs Net financial revenues and costs (2 968) (1 955) Page 21 of 29
22 10. Impairment allowances recognition and reversal Write-downs for impairment of tangible fixed assets Recognition of impairment allowances Reversal of of impairment allowances Write-downs for impairment of intangible assets Recognition of impairment allowances Reversal of of impairment allowances Write-downs for impairment of shares and securities value Recognition of impairment allowances Reversal of of impairment allowances Write-downs for impairment of payables 180 (2 971) Recognition of impairment allowances Reversal of of impairment allowances (41) (3 260) Write-downs for impairment of inventory Recognition of impairment allowances Reversal of of impairment allowances 11. Provisions Provisions Provision for wase disposal costs and other environmental costs Provisions for disputable cases, penalties, fines and compensation Provisions for costs of liquidation of fixed assets Other provisions Total Balance as at the beginning of period Creation - Reversal - - Use (158) (158) Increase of discount - Balance as at the end of period Page 22 of 29
23 Provisions Provision for wase disposal costs and other environmental costs Provisions for disputable cases, penalties, fines and compensation Provisions for costs of liquidation of fixed assets Other provisions Total Balance as at the beginning of period Creation Reversal - - Use (276) (276) Increase of discount - Balance as at the end of period Time structure of the provisions long-time part short-time part Total provisions Off-balance-sheet commitments contingent liabilities Contingent receivables and liabilities Contingent liabilities Loan repayment guarantee Promissory note repayment guarantee Liabilities from bank guarantee issued mainly as warranty of trade contracts execution Bank loand guarantee granted to third parties Guarantee of leasing contract repatment Contractual liabilities of the licence agreement Lawsuit liabilities Liabilities of pending disuptes with tax authorities Other contingent liabilities Total contingent liabilities Contingent receivables Disuptable budgetary cases Guarantees received Disputable court cases and ongoing cases Page 23 of 29
24 Other contingent receivables Total contingent receivables - - Information about granted guarantees was presented in the Activity Report of the Capital Group in the point Information on the transactions with related entities Information on transactions with related entities revenues from sales of services revenues from sales of materials and goods Revenues from sales to related entities To subsidiaries To associated companies To jointly owned subsidiaries 3 6 To State Treasury enterprises To members of key management and supervisory staff To other related entities Total revenues from sales to related entities revenues from sales of tangible fixed assets and intangible assets Purchases from related entities purchase of services purchase of materials and goods From subsidiaries From associated companies From jointly owned subsidiaries From State Treasury enterprises From members of key management and supervisory staff From other related entities Total purchases from related entities purchase of tangible fixed assets and intangible assets Page 24 of 29
25 Receivables from related entities From subsidiaries From associated companies From jointly owned subsidiaries From State Treasury enterprises From members of key management and supervisory staff From other related entities Total receivables from related entities Revaluation write-offs for receivables from related entities At the beginning of period Increase - a write-off included in the profit and loss statement Release - a write-off reversed in the profit and loss statement Use At the end of period Liabilities to related entities To subsidiaries To associated companies To jointly owned subsidiaries To State Treasury enterprises To members of key management and supervisory staff To other related entities Total liabilities to related entities Sureties and guarantees granted To subsidiaries To associated companies To jointly owned subsidiaries To State Treasury enterprises To members of key management and supervisory staff To other related entities 14. Income tax Separate profit and loss statement Current income tax Current income tax charge 219 Adjustments recognised in the period for current tax of prior years Deferred income tax Related to creation and reversal of transitional differences Tax charge presented in the profit and loss statement Page 25 of 29
26 Other total income/capital Current income tax - - Tax effect of changes in share capital Deferred income tax - - Taxes on unrealised gain/(loss) on financial assets available for sale Tax on cash flow hedging instruments realised in the current year Tax advantage / (tax charge) disclosed in equity - - The reconciliation of the income tax on the gross financial result before tax at the statutory tax rate with the income tax computed at the effective tax rate for the period ended 30 June 2015 and 30 June 2014 is the following: Profit/(loss) before income tax from continuing operations Profit/(loss) before income tax from discontinued operations Profit/(loss) before income tax Tax at the statutory tax rate effective in Poland, at 19% (1 466) (96) Profit/(loss) before income tax Revenues not being the basis for taxation (20) (4 438) Costs not being tax deductible costs (366) Tax losses for which no deferred tax asset was recognised Utilisation of tax losses previously not recognised Tax investment relief Deductible temporary differences for which no deferred tax asset was recognised Adjustment to current tax payable in respect of previous years Other Basis for the current income tax calculation (4 300) Income tax was shown in the profit and loss statement Income tax attributed to discontinued operations Page 26 of 29
27 15. Cyclicality, seasonality of activities Seasonality of sales of agricultural machinery largely corresponds to seasonal in agriculture that the sale of certain categories of machinery related to specific agricultural operations ahead of them in a few weeks. Sales of machinery and equipment for agricultural production takes place throughout the whole year, with the exception of the severe winter months and summer months of intensive field work. Since 2003 this seasonality trends flatten, which is due to the Polish accession to the European Union and the co-investment programs in the agriculture sector (PROW and PROW ). In case of delays in releasing the next stages of the program, as well as in the event of organizational and procedural difficulties with submitting applications, the farms may not be able to use opportunities of financing investments with support measures. The Management Board of the company is monitoring the situation on implementation of programs PROW, the rates of implementation and availability of UE funds in particular voivodships. Finished EU payments within the program in the whole territory of EU and suspension of payment of the last tranche of subsidies in Poland refrained recipients of agricultural machinery in EU from purchasing decisions. Seasonality has impact on margins and financial results generated in particular quarters as well as diverse demand of the Group for working capital. 16. Information concerning the issue, purchase and payment for debt and equity securities. On 26 May 2014, the Ordinary General Meeting of URSUS S.A. adopted the Resolution on issuing the subscription warrants of class 1 with the right to take up the Company's class O shares and depriving the existing shareholders in full of the pre-emptive right related to the subscription warrants of class 1, as well as the Resolution on the conditional increase in the share capital of the Company in order to grant the shares of class O to the holders of the subscription warrants of class 1 issued by the Company, which entitle the holders to take up the Company's shares of class O. The conditional increase in the share capital adopted pursuant to the aforementioned resolutions was registered by the Court on 24 June (by the decision complementary to that of 2 June 2014). On 1 July 2014, URSUS S.A. offered the company POL-MOT Holding S.A. with its registered office in Warsaw, being the entitled entity, 15,000,000 subscription warrants of class 1 of the Company, entitling the holder to take up 15,000,000 (say: fifteen million) ordinary bearer shares of class O of the Company ("Class O Shares"), with the nominal value of PLN 1 (one) each, at the issue price of PLN 2 (say: two zlotys) each, within the period from the date of taking up the subscription warrants of class 1 to 31 May The company POL-MOT Holding S.A. with its registered office in Warsaw accepted the offer and took up the offered 15,000,000 subscription warrants of class 1 of the Company. In relation to covering and taking up 15,000,000 ordinary bearer shares of class O (all shares determined in the resolution of the General Meeting) by POL-MOT Holding S.A. with its registered office in Warsaw, the Management Board of the Issuer issued 15,000,000 shares of class O, from no to no , to the company POL-MOT Holding S.A., and the share capital of the Issuer was increased by PLN 15,000,000. The company URSUS S.A. in Lublin is a subsidiary company of the company POL-MOT Holding S.A. in Warsaw. As on the date of publishing this report, the company POL-MOT HOLDING S.A., along with its subsidiary entity, the company Aquarius VII spółka z ograniczoną odpowiedzialnością SPV IX S.K.A. (the new business name of the company is REO spółka z ograniczoną odpowiedzialnością Inwestycje S.K.A.) holds 20,629,000 shares, which constitute 50.09% of all URSUS S.A. shares and entitle the company to 20,629,000 votes at the General Meeting, which constitute 50.09% of all votes. The Issuer did not receive any money receipts in relation to the admission of the ordinary bearer shares of class O to the stock exchange trading. The Issuer applied for the admission of the shares of class O to the trading on the regulated market in order to increase the trading liquidity of the Company's shares. Page 27 of 29
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