period of six months ended June 30, 2015 Magellan S.A. financial statements

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1 Magellan S.A. financial statements

2 List of contents I. Magellan S.A. consolidated financial statements Consolidated statement of comprehensive income Consolidated statement of financial position as at Consolidated statement of changes in shareholders equity Consolidated cash flow statement... 7 II. Magellan S.A. financial statements Statement of comprehensive income Statement of financial position as at Statement of changes in shareholders equity Cash flow statement

3 Magellan S.A. financial statements for the I. Magellan S.A. consolidated financial statements 1. Consolidated statement of comprehensive income Period of three months 30, 2015 Period of six months 30, 2015 Period of three months 30, Period of six months 30, PLN 000 PLN 000 PLN 000 PLN 000 Continuing operations Sales revenue Costs of portfolio financing (14 623) (30 362) (13 568) (26 654) The value of the goods sold (1 320) (1 682) (856) (1 142) Cost margin Consumption of raw materials and consumables (217) (397) (204) (407) Employee benefit expenses (3 854) (8 085) (4 753) (8 680) Depreciation/amortization (315) (637) (285) (555) Cost of advisory services (273) (650) (246) (538) Other expenses (3 984) (5 977) (2 206) (4 702) Operating profit Other operating income and costs Finance income and costs (19) 41 Profit before tax Income tax (2 299) (5 590) (2 993) (6 089) Net profit from continuing operations Net profit Other comprehensive income that will be reclassified to profit Exchange rate differences 332 (99) (25) 7 Other comprehensive income that will not be reclassified to profit Other net comprehensive income 332 (99) (25) 7 Total comprehensive income Average number of shares Earnings per share (in PLN per share) 1,47 3,35 1,87 3,83 3

4 2. Consolidated statement of financial position as at 2015 ASSETS 2015 December 31, PLN 000 PLN 000 PLN 000 Fixed assets Property, plant and equipment Intangible assets Investments in affiliates and associated companies Deferred tax assets Financial leasing assets Loans and own receivables Other financial assets Other receivables Total fixed assets Current assets Inventories Trade and other receivables Financial leasing assets Loans and own receivables Current tax receivables Other tax receivables Other assets Derivative financial instruments Cash and cash equivalents Total current assets Total assets

5 SHAREHOLDERS EQUITY AND LIABILITIES 2015 December 31, PLN 000 PLN 000 PLN 000 Shareholders equity Share capital issued Magellan S.A. shares (12) (12) (12) Supplementary capital Reserve capital Exchange rate differences (41) 58 (156) Retained earnings Total shareholders equity Long-term liabilities Loans and bank borrowings Obligations under bonds Other financial liabilities Deferred tax provision Other liabilities Total long-term liabilities Short-term liabilities Trade liabilities Loans and bank borrowings Obligations under bonds Other financial liabilities Tax liabilities Short-term provisions Derivative financial instruments Other liabilities Total short-term liabilities Total liabilities Total shareholders equity and liabilities

6 3. Consolidated statement of changes in shareholders equity Share capital Magellan S.A. shares Suppleme ntary capital Reserve capital Currency exchange rates Retained earnings Total PLN 000 PLN 000 PLN 000 PLN 000 PLN 000 PLN 000 PLN 000 As at January 1, (12) Comprehensive income (99) Share-based payment Registration of capital increase in the National (4 171) Court Register Costs of share issue - - (11) (11) Dividend (12 432) (12 432) Distribution of profit (29 097) - As at (12) (41) As at January 1, (12) (163) Comprehensive income Share-based payment Issue of shares Costs of share issue - - (25) (25) Distribution of profit (37 788) - As at December 31, (12) As at January 1, (12) (163) Comprehensive income Issue of shares Costs of share issue - - (12) (12) Distribution of profit (37 788) - As at (12) (156)

7 4. Consolidated cash flow statement Period of six months ended 2015 PLN 000 Period of six months ended PLN 000 Cash flows from operating activities Profit Adjustments Income tax paid (6 727) (5 034) (Profit)/loss from investing activities 56 (23) Interest paid (446) (405) Share of profits of associated companies (1 132) (1 270) Depreciation of fixed assets (Increase)/decrease in balance of trade and other receivables (Increase)/decrease in inventories (1 042) (Increase)/decrease in loans and own receivables (30 119) (74 907) Increase/(decrease) in balance of financial liabilities (5 425) Increase/(decrease) in balance of trade liabilities 921 (1 294) Increase/(decrease) in short-term provisions (1 053) (78) (Increase)/decrease in other liabilities and other assets 251 (6 409) Valuation of management options scheme Others in it exchange rate differences (1 498) 13 Net cash from operating activities (60 135) Cash flows from investing activities Dividends from associated companies Proceeds from sale of property, plant and equipment Expenditure on acquisition of property, plant and equipment (485) (250) Expenditure on other financial assets - (15 000) Net cash from investing activities 86 (14 778) Cash flows from financing activities Proceeds from share issue Payments for share issue costs (11) (12) Proceeds from loans and bank borrowings Repayment of loans and bank borrowings ( ) ( ) Proceeds from bonds issue Redemption of bonds (77 713) ( ) Repayment of obligations under finance leases (400) (288) Interest paid (31) (23) Net cash from financing activities Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

8 II. Magellan S.A. financial statements 1. Statement of comprehensive income Period of three months 30, 2015 Period of six months 30, 2015 Period of three months 30, Period of six months 30, PLN 000 PLN 000 PLN 000 PLN 000 Continuing operations Sales revenue Costs of portfolio financing (11 814) (24 497) (12 050) (23 660) Cost margin Consumption of raw materials and consumables (148) (272) (146) (295) Employee benefit expenses (3 236) (6 811) (4 058) (7 206) Depreciation/amortization (233) (473) (223) (446) Cost of advisory services (281) (579) (192) (443) Other expenses (3 253) (4 157) (1 711) (3 721) Operating profit Other operating income and costs Finance income and costs Profit before tax Income tax (1 435) (4 189) (2 532) (5 258) Net profit from continuing operations Net profit Other comprehensive income that will be reclassified to profit Exchange rate differences 12 (1) - - Other comprehensive income that will not be reclassified to profit Other net comprehensive income 12 (1) - - Total comprehensive income Average number of shares Earnings per share (in PLN per share) 1,01 2,55 1,52 3,18 8

9 2. Statement of financial position as at 2015 ASSETS 2015 December 31, PLN 000 PLN 000 PLN 000 Fixed assets Property, plant and equipment Intangible assets Investments in affiliates and associated companies Deferred tax assets Loans and own receivables Other financial assets Other receivables Total fixed assets Current assets Trade and other receivables Loans and own receivables Other tax receivables Other assets Derivative financial instruments Cash and cash equivalents Total current assets Total assets

10 SHAREHOLDERS EQUITY AND LIABILITIES 2015 December 31, PLN 000 PLN 000 PLN 000 Shareholders equity Share capital issued Magellan S.A. shares (12) (12) (12) Supplementary capital Reserve capital Exchange rate differences Retained earnings Total shareholders equity Long-term liabilities Loans and bank borrowings Obligations under bonds Other financial liabilities Deferred tax provision Other liabilities Total long-term liabilities Short-term liabilities Loans and bank borrowings Obligations under bonds Loans from related entities Other financial liabilities Tax liabilities Short-term provisions Derivative financial instruments Other liabilities Total short-term liabilities Total liabilities Total shareholders equity and liabilities

11 3. Statement of changes in shareholders equity Share capital Magellan S.A. shares Supplement ary capital Reserve capital Currency exchange rates Retained earnings Total PLN 000 PLN 000 PLN 000 PLN 000 PLN 000 PLN 000 As at January 1, (12) Comprehensive income (1) Share-based payment Registration of capital increase in the National (4 171) Court Register Costs of share issue - - (11) (11) Dividend (12 432) (12 432) Distribution of profit (29 097) - As at (12) As at January 1, (12) Comprehensive income Share-based payment Issue of shares Costs of share issue - - (25) (25) Distribution of profit (37 788) - As at December 31, (12) As at January 1, (12) Comprehensive income Issue of shares Costs of share issue - - (12) (12) Distribution of profit (37 788) - As at (12)

12 4. Cash flow statement Period of six months ended 2015 Period of six months ended PLN 000 PLN 000 Cash flows from operating activities Profit Adjustments Income tax paid (6 493) (4 421) (Profit)/loss from investing activities 56 (23) Interest paid (454) (412) Depreciation of fixed assets (Increase)/decrease in balance of trade and other receivables (494) (Increase)/decrease in loans and own receivables (63 664) Increase/(decrease) in balance of financial liabilities (15 441) Increase/(decrease) in short-term provisions (1 103) 48 (Increase)/decrease in other liabilities and other assets 353 (4 673) Valuation of management options scheme Others in it exchange rate differences (12) - Net cash from operating activities (44 694) Cash flows from investing activities Dividends from associated companies Proceeds from sale of property, plant and equipment Expenditure on acquisition of property, plant and equipment (461) (234) Expenditure on other financial assets - (15 000) Net cash from investing activities 80 (14 762) Cash flows from financing activities Proceeds from share issue Payments for share issue costs (11) (12) Proceeds from loans and bank borrowings Repayment of loans and bank borrowings ( ) ( ) Proceeds from bonds issue Redemption of bonds (77 713) ( ) Repayment of obligations under finance leases (319) (217) Interest paid (23) (16) Net cash from financing activities (11 423) Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period (3 167)

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER ENDESA, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 31 DECEMBER AND 31 DECEMBER ASSETS 31 December 31 December