PRESENTATION FOR INVESTORS 1 September 2018 1
2 LC CORP GROUP SUMMARY 3Q 2018 Housing sector 1397 units sold 1653 units delivered 889 units in the offer Commercialisation sector Increase in the fair value of the Retro Office House property, impact on the gross financial result 29,050 kpln Decrease in the fair value of the Arkady Wrocławskie property, impact on the gross financial result 50,830 kpln Commercialisation of the Retro Office House office building at the level of 98.8% Commercialisation of the Wola Retro office building at the level of 37.4% Activation of the sales process of 4 office buildings for an agreed selling price 275 mln EUR LC Corp Group - results Adjusted consolidated net profit 147,6 mpln (3Q 2018) vs 135,8 mpln (3Q 2017) Consolidated net profit 144,4 mpln (3Q 2018) vs 100,6 mpln (3Q2017) Separate net profit of LC Corp S.A. 130,6 mpln (3Q 2018) vs 36,1 mpln (3Q 2017) Increase in the fair value of investment property in the amount of 42.202 kpln Increase in the valuation of liabilities on account of loans in EUR in the amount of 13.945 kpln The cumulative impact of the change in the EUR exchange rate and fair value of real estate on the Group's consolidated financial result in H1 2018 amounted in total to 6,747 kpln and resulted in an increase in the consolidated gross profit
3 AGENDA Residential projects Commercial property Financials Attachments
Number of units 20 450 18 571 22 398 25 834 23 191 18 954 30 595 18 546 25 770 23 480 25 845 28 474 30 732 24 898 35 631 23 261 33 981 29 264 Flat prices in PLN 4 HOUSING MARKET Flats for sale and sold yearly compared with the offer Average prices of flats for sale a trend 60 000 8 500 8 369 50 000 40 000 50 200 50 000 50 800 48 200 44 700 45 100 46 800 8 000 7 500 7 000 6 500 7 621 6 987 6 846 30 000 6 000 20 000 18 600 16 000 17 500 17 500 17 600 17 500 18 900 18 400 16 400 14 900 16 100 15 600 15 500 14 200 5 500 5 000 5 575 10 000 4 500 2014 2015 2016 2017 2018 0 1Q'2017 2Q'2017 3Q'2017 4Q'2017 1Q'2018 2Q'2018 3Q'2018 Trójmiasto Kraków Łódź Poznań Warszawa Wrocław Flats for sale Flats for sold Offer at the end of quarter Source: REAS, aggregate for main biggest markets (Warsaw, Wrocław, Gdańsk, Sopot, Gdynia, Cracow, Poznań, Łódź) Source: NBP as at 31/12/2017 Source; Bankier.pl, as at 30/09/2018 Number of building permits granted, constructions started and flats delivered by developers on a quarterly basis Average cost of construction of m 2 of usable floor area of a residential building on selected markets (PLN/m 2 ) Construction started Flats delivered Building permits granted 50 000 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000-43 963 37 977 38 644 34 928 33 165 30 914 30 268 26 464 27 074 3Q'2016 4Q'2016 1Q'2017 2Q'2017 3Q'2017 4Q'2017 1Q'2018 2Q'2018 3Q'2018 Source: GUS Warsaw Source: own calculations based on Sekocenbud. Poland
Number of quarrters 5 HOUSING MARKET Time of selling flats on offer a trend 5,5 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 2,4 I II III IV I II III IV I II III IV IV IV IV IV I II III 2014 2015 2016 2017 2018 Kraków Wrocław Warszawa Gdańsk Average Increase in payroll dynamics, estimated increase of even 10% y/y Increase in the prices of apartments on the primary market, caused mainly by a small supply of labour, rising personnel costs and an increase in the prices of construction materials Introduced regulatory changes special purpose investment act, planned amendment of the developer act - closed accounts Source: based on data of Emmerson Events on local housing market Housing availability index The current level of index IDM Index line cut off = 100 Change 3Q'2018 of 2Q'2018 Change 3Q'2018 of 3Q'2017 Sales -8,9% -18,9% Placed on the market for sale -3,7% -10,8% Sales in the previous four quarters -4,7% -6,6% Placed on the market in the previous four quarters -2,9% -9,5% Offer at the end of the quarter 3,8% -7,8% Including ready, but not sold -8,1% -31,1% An average price of flats placed on the market in the quarter [gross] -2,1% 4,7% An average price of flats sold in the quarter [gross] 2,3% 6,4% An average price of flats in offer [gross] 1,8% 9,9% Source: ZBP Source: REAS, aggregate for main biggest markets (Warsaw, Wrocław, Gdańsk, Sopot, Gdynia, Cracow, Poznań, Łódź)
DEVELOPER INDUSTRY 3Q 2018 vs 3Q 2017 number of premises sold by selected companies listed on the WSE and Catalyst 6 3Q 2018 3Q 2017 year-to-year change 2017 2016 year-to-year change Murapol (***) 2 691 2 468 9,0% 3 605 3 042 18,5% Dom Development 2 596 2 926-11,3% 3 975 2 735 45,3% Robyg (***) 2 016 2 702-25,4% 3 470 2 957 17,3% Atal 1 799 2 041-11,9% 2 787 2 436 14,4% LC Corp 1 397 1 429-2,2% 2 029 2 092-3,0% Archicom 1 009 992 1,7% 1 431 942 51,9% J.W. Construction (*) 968 1 239-21,9% 1 819 1 575 15,5% Budimex Nieruchomości 810 1 220-33,6% 1 457 1 615-9,8% Lokum Deweloper 784 651 20,4% 1 052 645 63,1% Polnord (**) 753 1 034-27,2% 1 389 1 023 35,8% Echo Investment 718 889-19,2% 1 427 925 54,3% Ronson 639 645-0,9% 815 821-0,7% Inpro 638 487 31,0% 739 388 90,5% Vantage Development 622 729-14,7% 1 034 812 27,3% Marvipol 604 572 5,6% 765 627 22,0% i2 Development 343 381-10,0% 813 508 60,0% Wikana 170 191-11,0% 270 270 0,0% Suma 18 557 20 596-9,9% 28 877 23 413 23,3% Source: PAP Biznes (as at 10/10/2018) (*) development agreements, preliminary sales agreements and non-refundable reservations in total (**) sales weighted by the Polnord s share in subsidiaries (***) company listed on the Catalyst
HOUSING UNITS SOLD IN 3Q 2018 housing sector as at 30/09/2018 7 ŁÓDŹ GDAŃSK 3 67 105 138 1 45 66 68 55 88 99 1 71 159 104 78 175 76 1 86 79 51 69 140 ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA 240 219 235 265 320 33 142 147 KRAKÓW WROCŁAW WARSZAWA CITY 1Q 2Q 3Q 4Q 2017 1Q 2Q 3Q 4Q 2018 SALE 553 399 477 600 2029 649 341 407 1397 WARSZAWA 240 219 235 265 959 320 142 147 609 WROCŁAW 138 68 99 104 409 76 33 140 249 KRAKÓW 105 66 88 159 418 175 79 69 323 GDAŃSK 67 45 55 71 238 78 86 51 215 ŁÓDŹ 3 1 1 5 1 1 cumulatively in the year 553 952 1429 2029 649 990 1397 quarter cumulatively year to year +17% +4% -2% 2503 housing units sold and not delivered, including 61 finished housing units
SELECTED INVESTMENTS AVAILABLE FOR SALE housing sector as at 30/09/2018 8 Warsaw Osiedle na Woli sale in 3Q 2018 255 apartments Gdańsk Bastion Wałowa sale in 3Q 2018 97 apartments Cracow Centralna Park sale in 3Q 2018 201 apartments Wrocław Kamienna sale in 3Q 2018 125 apartments
HOUSING UNITS DELIVERED 3Q 2018 housing sector as at 30/09/2018 9 32 274 267 21 44 ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA 415 36 52 3 97 99 7 138 159 230 13 116 157 83 153 198 232 1 9 2 7 313 322 ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA CITY 1Q 2Q 3Q 4Q 2017 1Q 2Q 3Q 4Q 2018 DELIVERY 503 344 668 286 1801 702 610 341 1653 WARSZAWA 52 138 230 157 577 198 313 322 833 WROCŁAW 36 7 159 116 318 153 232 9 394 KRAKÓW 415 99 274 13 801 83 44 2 129 GDAŃSK 97 3 100 267 21 7 295 ŁÓDŹ 3 2 5 1 1 2 cumulatively in the year 503 847 1515 1801 702 1312 1653 quarter cumulatively year to year +40% +55% +9%
HOUSING UNITS IN OFFER housing sector as at 30/09/2018 10 1134 1559 KATOWICE 4 126 202 216 341 in offer as at 30.09.2018 108 108 64 added in 2018 254 302 177 to be added in 2018 317 723 to be added after 2018 ŁÓDŹ GDAŃSK KRAKÓW WROCŁAW WARSZAWA CITY in of f er as at 30.09.2018 added in 2018 to be added in 2018 to be added af ter 2018 OFFER 889 280 733 4415 WARSZAWA 341 177 723 WROCŁAW 216 64 302 317 KRAKÓW 202 108 1559 GDAŃSK 126 108 254 1134 ŁÓDŹ 4 KATOWICE 682
UNITS TO BE ADDED IN 2018 housing sector as at 30/09/2018 11 773 units to be delivered by the end of 2018 Gdańsk Gdańsk 254 units Warsaw Bastion Wałowa EIII - 139 units Bastion Wałowa EIV - 115 units Wrocław Warszawa 177 units Na Woli EVIII- 177 units Kamienna 145-186 units Między Parkami EII - 116 units Wrocław 302 units Katowice Kraków 280 units added in 2018
CHANGING INVESTMENT PORTFOLIO IN 3Q 2018 as at 30/09/2018; (*) event after the balance sheet date Location acquired / tender won Housing unit usable floor area (sq.m.) Estimated number of units preliminary contract concluded Housing unit usable floor area (sq.m.) Estimated number of units TOTAL Housing unit usable floor area (sq.m.) GDAŃSK 20 252 404 - - 20 252 KRAKÓW - - 72 000 1 440 72 000 KRAKÓW (*) 59 608 1 160 59 608 WROCŁAW 15 849 267 10 755 208 26 604 WARSZAWA 16 848 305 31 000 590 47 848 TOTAL 112 557 2 136 113 755 2 238 226 312 (*) event after the balance sheet date acquired / tender won (sq.mq) preliminary contract concluded (sq.mq) Warszawa 16 848 Gdańsk 20 252 Wrocław 10 755 Wrocław 15 849 Warszawa 31 000 Kraków 72 000 Kraków 59 608 Gdańsk Wrocław Warszawa Monitoring of offers / Seeking new locations Activation of projects from the investment portfolio depending on a market situation Kraków Warszawa Wrocław Land in analysis - potential purchase Location Housing unit usable floor area (sq.m.) Estimated number of units GDAŃSK 46 000 798 KRAKÓW 20 788 400 WROCŁAW 214 101 4 206 WARSZAWA 75 000 1 470 TOTAL 355 889 6 874 12
13 AGENDA Residential projects Commercial property Financials Attachments
INVESTMENT MARKET Total volume of investment transactions in Q2 2018 - EUR 3,24 billion (the best result for the first half of the year in the history of the Polish market) Total volume of investment transactions in 2017 - EUR 5.1 billion (the highest ever) Sale of 26 office buildings on regional markets in 2017, 75% of capital invested outside the capital city The length of lease agreements determines the prices of the best assets The best rates of return on the Warsaw office market are approx. 5.2% (the city centre) and approx. 7.0-7.5% outside the city centre. In the main regional cities (Cracow, Wrocław, Tricity, Łódź, Katowice) below 6.0%. Best rates of return on the retail market at the level of approx. 5 % for modern, dominant shopping centres Main investment indicators 2017 Volume of transactions EUR 5.1 billion Rates of return on the best properties Office Warsaw approx. 5.2% Office regional cities approx. 6.0% Commercial buildings approx. 5.0% Warehouses approx. 6.5% 2018 forecasts Seeing Poland as a recognised real estate market with a focus on the status of a core market Forecasted maintenance of market dynamics through GDP growth based on consumption and strong macroeconomic outlook Expected continuation of the trend from 2017 extended by increased interest in less popular cities Value of investment transactions in particular sectors Rates of return on the best properties in particular sectors EUR billion 6 5 4 3 2 1 0 8,5% 8,0% 7,5% 7,0% 6,5% 6,0% 5,5% 5,0% Commercial buildings Offices Warehouses Other 4,5% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Biura Offices (Warszawa) (Warsaw) Biura Offices (rynki (regional regionalne) markets) Obiekty Commercial handlowe buildings Source: Colliers International. Source: Colliers International and Knight Frank. 14
INVESTMENT PORTFOLIO as at 30/09/2018 PLN 1.92 billion of carrying amount PLN 1.22 billion NAV PLN 72,3 million NOI for Q3 2018 6 completed projects 201,000 sq.m. Usable Flor Area Warsaw PU[sq.m.]: 25 700 Occupancy: 37.4 % PU[sq.m.]: 33 339 Occupancy: 96.8 % Wrocław PU[sq.m.]: 21 937 Occupancy: 98.8 % PU[sq.m.]: 52 025 Occupancy: 84,0 % PU[sq.m.]: 38 670 Occupancy: 96.8 % Katowice PU[sq.m] EI and EII: 29 110 Occupancy : 96.4% Focusing strategy in the commercial real estate sector on construction, commercialisation and sales Reduction in the number of properties having own land and mortgage registers with a smaller portfolio and retained scale of operations for new facilities Change in the structure of cash flow sales revenue instead of lease revenue 15
INVESTMENT PORTFOLIO as at 30/09/2018 16 CITY PROJECT STATUS Yield [%] GAV [mpln] NAV [mpln] NOI [mpln] Usable Floor Area [sq.m.] Office Usable Floor Area [sq.m.] Retail Usable Floor Area [sq.m.] WROCŁAW center ARKADY WROCŁAWSKIE COMPLETED WROCŁAW office building SKY TOWER COMPLETED potential sale possible services: 6,8 offices: 6,8 services: 6,5 offices B1 & B3: 6,75 offices B2: 7,25 341,7 243,3 15,5 38 670 10 054 28 616 521,9 314,2 19,0 52 025 26 909 25 115 (*) in reconstruction 863,6 557,5 34,5 90 695 36 963 53 732 WARSAW office building WOLA CENTER COMPLETED 5,9 445,9 237,0 23,4 33 339 31 606 1 733 WARSAW office building WOLA RETRO UNDER CONSTRUCTION - 96,0 96,0 25 700 24 635 1 064 WROCŁAW office building RETRO OFFICE HOUSE COMPLETED - 238,8 157,4 1,2 21 937 19 725 2 212 KATOWICE office building SILESIA STAR - Etap I COMPLETED 6,75 147,0 103,9 7,6 14 910 13 841 1 068 KATOWICE office building SILESIA STAR - Etap II COMPLETED 6,75 124,5 71,1 5,6 14 200 13 040 1 160 1 052,3 665,4 37,8 110 086 102 848 7 237 Retro Office House in Wrocław handed over for operation Commercialisation at a level of 98,8 per cent Retro Office House in Wrocław handed over for operation Commercialisation at a level of 98,8 per cent Progress of works for Wola Retro in Warsaw according to schedule The alteration of Sky Tower 12,400 sq m under alteration, the final date of conversion into office space: 4Q of 2020, projected Usable Floor Area: 33,732 sq m Office Usable Floor Area, 20,495 sq m Retail Usable Floor Area, which means an increase in the area rented by 2,094 sq m The selling price was agreed for selected properties from the investment portfolio TOTAL 1 915,9 1 222,9 72,3 200 780 139 811 60 969
17 AGENDA Residential projects Commercial property Financials Attachments
18 MARKET POSITION Sales of apartments in Poland (by number of apartments) Gross margin on sales 32% 30% 27% 27% 31% 28% 25% 16% 17% 14% Source: PAP Biznes (as at 10/10/2018) (*) development agreements, preliminary sales agreements and non-refundable reservations in total (**) company listed on the Catalyst LC Corp Dom Development Ronson Atal Marvipol Cost effectiveness ((selling costs + administrative expenses) / revenue)) Focused on project effectiveness for years Since 2009, no project budget has been exceeded. Since 2009, all projects have been successfully completed, generating higher-than-expected margins. Since 2009, all purchased land has been developed, with the projects yielding higher-than-budgeted revenues. Long-established presence in the key markets (Warsaw, Wrocław, Gdańsk, Kraków) experience in project development and sales.
19 FINANCIAL PERFORMANCES 3Q 2018 Income from sales (mpln) Gross margin on sales (mpln) 449,9 547,0 145,1 706,2 143,5 581,5 107,5 10% 637,50 107,2 12% 131,6 318,3 402,0 562,7 474,0 530,3 2015 2016 2017 3Q 2017 3Q 2018 Property development Acitivity lease EBITDA 1 (mpln) Net profit and adjusted net profit 2 (mpln) 23% 9% 31% 1 EBITDA adjusted for: (i) result of property revaluation, (ii) write-downs of inventories 2 Net profit adjusted for: (i) result of the revaluation of property and foreign currency loan, (ii) write-downs of inventories, (ii) others
20 HIGH-VALUE AND HIGH-YIELD ASSETS Investment property (mpln NOI of investment property (mpln) 87,2 105,6 100,4 76,2 72,3 2015 2016 2017 3Q 2017 3Q 2018 Inventory value (mpln) - inventories include land, projects under construction and ready housing units, but not sold yet
21 SELECTED FINANCIAL DATA (mpln) 2015 2016 2017 3Q 2017 3Q 2018 3Q 2018/ 3Q 2017 Revenues 449,9 547,0 706,2 581,5 637,5 + 9,6% EBITDA 155,2 204,7 90,3 125,7 215,1 + 71,2% Net profit 108,9 113,1 80,2 100,6 144,4 + 43,6% Adjusted net profit 90,3 118,0 145,5 135,8 147,6 + 8,7% Assets 2 890,9 3 197,1 3 299,6 3 277,9 3 492,1 + 6,5% Equity 1 364,6 1 396,2 1 448,4 1 467,7 1 484,4 + 1,1% Interest-bearing debt 840,6 850,1 814,1 800,7 785,1-2,0% ROA 3,8% 3,5% 2,4% 3,1% 4,1% + 34,7% ROE 8,0% 8,1% 5,5% 6,9% 9,7% + 41,9% ND/E ratio 61,6% 60,9% 56,2% 54,6% 52,9% - 3,1%
22 FINANCIAL SITUATION Debt ratios decrease 1 1 364,6 1 396,1 1 448,4 1 484,4 0,53 1 186,3 0,51 0,51 1 092,0 1 081,7 934,7 0,48 479,9 354,9 344,2 242,1 Net financial debt divided into sectors (mpln) LTV 2 : 21% 614,6 809,2 194,7 LTV 1 : 32% 2015 2016 2017 3Q2018 Equity Financial liabilities Cash Net debt/equity Commercialisation sector Property development sector 1 Financial liabilities do not include the liabilities connected with the purchase of Sky Tower 1 ( loan and bond debts attributable to the sector cash of the sector)/balance sheet value of investment property 2 ( loan and bond debts attributable to the sector cash of the sector)/balance sheet value of inventories Liabilities connected with the purchase of Sky Tower (mpln) 80,8 Interest-free liabilities. 2 instalments still to be paid off, payable at the end of each year: 2018, 2019. In the basic scenario, the Company assumes maintenance of open accounts supplemented by a bank or insurance guarantee, which is in line with the currently proposed amendment
23 FINANCIAL SITUATION Maturity structure of bonds and loans (excluding the commercial sector) (million PLN) 200 Total bonds 400 mpln 150 100 50 0 88 50 50 65 100 40 45 50 4Q 2018 2Q 2019 1Q 2020 2Q 2021 4Q 2021 1Q 2022 2Q 2022 Bonds Loans Bank loans (mln PLN) No Project Balans 30.09.2018 1000000 Total repayment date 1 Arkady Wrocławskie 98,8 31.12.2022 2 Wola Center 204,7 30.06.2026 3 Sky Tower 207,1 20.12.2022 4 Silesia Star etap I 42,3 31.12.2025 5 Silesia Star etap II 53,7 31.12.2025 6 Retro Office House - investment loan 80,6 30.05.2029 7 Retro Office House - k. VAT 0,9 31.10.2019 8 Investment loan 50,1 15.12.2018 9 Investment loan 38,1 31.12.2018 TOTAL 776,5
24 AGENDA Residential projects Commercial property Financials Attachments
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME LC CORP GROUP 25 PLN'000 3Q 2017 3Q 2018 Sales revenue 581 550 637 450 Revenue from sales of services 107 518 107 193 Revenue from sales of goods and products 474 032 530 257 Cost of sales (365 294) (394 516) Gross profit on sales 216 256 242 934 Gain/(loss) on disposal of non-financial fixed assets (1) 61 Revaluation of investment property (61 104) 11 113 Write-downs of inventories - (1 153) Selling and distribution cost (11 354) (13 594) General administrative expenses (17 948) (24 466) Other operating income (expenses) (957) (612) Operating profit 124 892 214 283 Financial income 23 188 4 679 Financial expenses (24 112) (43 099) Gross profit 123 968 175 863 Income tax (tax burden) (23 357) (31 431) Net profit 100 611 144 432
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS LC CORP GROUP 26 PLN'000 3Q 2017 3Q 2018 A. Fixed assets 1 929 880 2 017 923 1. Intangible assets 440 410 2. Property, plant and equipment 5 881 5 725 2.1. Tangible assets 5 842 5 660 2.2. Tangible assets under construction 39 65 3. Non-current receivables 5 028 12 697 4. Land classified as fixed asset 86 250 86 364 5. Investment property 1 823 929 1 900 637 6. Long-term prepayments 643 1 091 7. Deferred tax assets 7 709 10 999 B. Current assets 1 348 007 1 474 194 1. Inventory 922 424 929 220 2. Trade and other receivables 36 896 38 189 3. Income tax receivable 7 1 041 4. Short-term financial assets 4 543 16 424 5. Cash and other cash equivalents 372 773 479 891 6. Short-term prepayments 11 364 9 429 C. Fixed assets held for sale - - Total assets 3 277 887 3 492 117
CONSOLIDATED STATEMENT OF FINANCIAL POSITION LIABILITIES LC CORP GROUP 27 PLN'000 3Q 2017 3Q 2018 A. Equity 1 467 725 1 484 413 I. Equity attributable to shareholders of the parent 1 467 725 1 484 413 1. Share capital 447 558 447 558 2. Other capital 919 556 892 423 3. Net profits / losses 100 611 144 432 II. Minority interest - - B. Non-current liabilities 1 087 104 1 104 914 1. Non-current financial liabilities 900 742 954 380 2. Non-current liabilities on account of the acquisition of a subsidiary 75 963 38 653 3. Provisions 22 22 4. Deferred income tax reserve 110 377 111 859 C. Current liabilities 723 058 902 790 1. Current financial liabilities 156 758 231 875 2. Current liabilities on account of the acquisition of a subsidiary 40 044 40 044 3. Current trade and other payables 132 271 119 984 4. Income tax liabilities 9 039 12 911 5. Provisions 1 488 1 537 6. Accrued expenses and revenue 383 458 496 439 Total liabilities 3 277 887 3 492 117
CONSOLIDATED STATEMENT OF FINANCIAL POSITION LIABILITIES LC CORP SA 28 PLN'000 3Q 2017 3Q 2018 Operating income 86 014 211 272 Revenue from sale of services, products and goods 18 575 54 489 Revenue from interest and discounts 12 460 13 352 Revenue from dividend 50 067 136 899 Other financial income 4 793 6 020 Other operating income 119 511 Operating expenses (52 215) (82 971) Operating expenses value of goods sold (30 815) (57 804) Costs of interest and discounts (17 488) (20 233) Other financial expenses (3 910) (3 100) Other operating expenses (2) (1 835) Gross profit 33 799 128 300 Income tax 2 312 2 348 Net profit / (loss) 36 111 130 648
STATEMENT OF FINANCIAL POSITION ASSETS LC CORP S.A. 29 PLN'000 3Q 2017 3Q 2018 A. Fixed assets 1 198 443 1 201 250 1. Intangible assets 359 341 2. Property, plant and equipment 737 737 2.1. Tangible assets 717 695 2.2. Tangible assets under construction 20 42 3. Non-current investments 886 710 947 948 4. Non-current loans and receivables 297 655 243 634 5. Long-term prepayments 0 0 6. Deferred tax assets 12 982 8 590 B. Current assets 210 830 339 592 1. Inventory 111 300 129 979 2. Trade and other receivables 2 310 8 158 3. Income tax receivable 0 0 4. Short-term financial assets 44 231 99 940 5. Cash and other cash equivalents 52 496 100 509 6. Short-term prepayments 493 1 006 C. Fixed assets held for sale - - Total assets 1 409 273 1 540 842
STATEMENT OF FINANCIAL POSITION LIABILITIES LC CORP S.A. 30 PLN'000 3Q 2017 3Q 2018 A. Equity 817 638 905 670 1. Share capital 447 558 447 558 2. Balance of called-up share capital not paid 0 0 3. Reserve funds 330 901 324 396 4. Other reserve funds 0 0 2. Other capital 3 068 3 068 6. Retained profit/(loss carried forward) 36 111 130 648 B. Non-current liabilities 508 717 386 136 1. Non-current financial liabilities 432 735 347 464 2. Non-current liabilities on account of the acquisition of a subsidiary 75 963 38 653 3. Provisions 19 19 4. Deferred income tax reserve 0 0 C. Current liabilities 82 918 249 036 1. Current financial liabilities 35 465 194 353 2. Current liabilities on account of the acquisition of a subsidiary 40 045 40 044 3. Current trade and other payables 2 402 6 759 4. Income tax liabilities 0 68 5. Provisions 370 0 6. Accrued expenses and revenue 4 636 7 812 Total liabilities 1 409 273 1 540 842
31 SHAREHOLDERS 18,22% 46,51% 17,25% 6,38% 11,65% SHARES COUNT NAME % QTY. Nationale-Nederlanden Otwarty Fundusz Emerytalny 18,22 81 530 228 OFE PZU Złota Jesień 17,25 77 195 648 Aviva OFE AVIVA BZ WBK 11,65 52 121 000 Aegon Otwarty Fundusz Emerytalny 6,38 28 546 601 Remaining shareholders 46,51 208 164 834 100,00 447 558 311 Shareholders of LC Corp S.A. having more than 5% of shares. The information dated 16th of October 2018.
32 DISCLAIMER By taking part in a meeting during which this Presentation will be displayed and by reading slides presented you undertake to comply with the below restrictions. The foregoing applies to the Presentation, information contained herein presented orally by the Company or any person acting on behalf of the Company and any answers to questions relating both to the Presentation and information presented orally. The Presentation does not constitute, or form part of or be treated as proposing to any person, inducing or inviting any person to subscribe for, ensuring or otherwise purchasing any securities of the Company or any of its subsidiaries belonging to its group ( the Group ). Neither this Presentation, nor any part hereof should be a basis for any contract for purchasing or taking up securities of the Company or any member of the Group, nor may this Presentation be relied on in relation to any contract for purchasing or taking up securities of the Company or any member of the Group. Neither this Presentation, nor any part hereof is a basis for any contract or obligation, nor may it be relied on in relation to any contract or obligation. This Presentation does not constitute any recommendation as to any securities of the Company or the Group. This Presentation contains certain statistical and market-related information. The said market-related information has been obtained from sources and/or has been produced on the basis of data provided by third parties referred to herein or where such data has not been linked exclusively to third party sources originating from the Company. Due to the fact that the aforementioned market-related information has been partially prepared on the basis of estimates, assessments, adjustments and opinions which are based on the Company's experience or third party sources, as well as on their knowledge of the sector of economy in which the Company is engaged, and that such estimates, assessments, adjustments and opinions have not been verified by an independent third party, this market-related information is to a certain extent subjective in its nature. Despite the fact that the foregoing estimates, assessments, adjustments and opinions shall be deemed to be reasonable and well-founded, and the market-related information prepared to properly reflect the sector of economy and market in which the Company is engaged, it cannot be ensured that such estimates, assessments, adjustments and opinions are the most suitable for arrangements concerning market-related information or that marketrelated information prepared by other sources will not be considerably different from the market-related information contained herein. Any issues which will be both discussed in this Presentation and presented orally may include forward-looking statements. These statements are other than those related to historical facts. Any statements that contain such words as expects, intends, plans, believes, foresees, anticipates, will be, tends towards, is aimed at, may be, would be, could be, continues or any other similar declarations concerning the future or relating to plans shall be construed as declarations referring to the future. The declarations referring to the future include declarations pertaining to the Company's future financial results, business strategy, plans and goals concerning its future activity (including the Company's development plans). Any forwardlooking statements contained in this Presentation and presented orally refer to issues associated both with known and unknown risks, uncertainties and other factors which may have an impact on the actual performance or results of the Company, and which can be therefore considerably different from those presented in the forward-looking statements and from the past performance and results of the Company. The aforementioned forward-looking statements are based on various assumptions about future events, including a variety of assumptions about the Company's current or future business strategies and the future operating environment. Although the Company believes that the foregoing estimates and assumptions are well-founded, they may prove to be incorrect. The Company and its relevant representatives, employees or advisers do not intend and expressly declare that they are not obliged to make or distribute any supplements, amendments, revisions or corrections to any information, opinions or forward-looking statements contained in this Presentation to the extent in which they reflect the change of events, conditions or circumstances. Neither this Presentation, nor information presented orally constitutes any offer to dispose of securities, nor an invitation to subscribe for or acquire securities of the Company in the United States of America. Neither any Shares, nor any other securities of the Company have been nor will they be registered under the American Securities Act of 1933 ( the American Securities Act ), or by any securities regulatory authority in any state or other jurisdiction of the United States. Neither any Shares, nor any other securities of the Company may be offered or disposed of in the United States of America (subject to specific exceptions) unless registered in accordance with the American Securities Act and applicable state law, or exempted from registration requirements, or traded in a transaction not subject to such registration. The Company does not intend to register either Shares or other securities under the American Securities Act, nor offer its Shares or other securities in the United States. Offers presented outside the United States will be in accordance with the Regulation S issued pursuant to the American Securities Act. The Company's current and periodic reports are the only legally binding documents containing information about the Company and they may contain information other than those presented herein.
THANK YOU www.lcc.pl 33