Consolidated financial statements

Transkrypt

LC CORP
CAPITAL GROUP
CONSOLIDATED QUARTERLY REPORT
FOR THE PERIOD OF TWELVE MONTHS, ENDED
DECEMBER 31st, 2007
Wrocław, February 27th ,2008
LC Corp Group
Q4 2007
1. Selected financial data
in PLN ‘000
SELECTED FINANCIAL DATA
in EUR ‘000
2007-12-31
2006-12-31
2007-12-31
2006-12-31
Year 2007
cumulative
period
Year 2006
cumulative
period
Year 2007
cumulative
period
Year 2006
cumulative
period
from Jan 1st 2007
to Dec 31st 2007
from Jan 1st 2006
to Dec 31st 2006
from Jan 1st 2007
to Dec 31st 2007
from Jan 1st 2006
to Dec 31st 2006
279,510
221,173
510,791
290,877
152,653
67,261
5,955
( 6,370)
( 5,514)
( 0.08)
1.95
139,481
289,409
428,890
250,442
95,496
82,952
9,106
35,239
28,070
0.07
0.56
72,956
57,729
133,324
75,923
39,844
17,556
1,527
( 1,634)
( 1,414)
( 0.02)
0.51
Data concerning condensed consolidated financial statements
Non-current assets
Current assets
Total assets
Equity
Non-current liabilities
Current liabilities
Sales revenue
Pre-tax profit (loss)
Net profit (loss)
Profit (loss) per share (in PLN/EUR)
Book value per share (PLN)
499,621
1,036 662
1,536 283
897,084
342,065
297,134
34,390
133,091
106,016
0.27
2.01
in PLN ‘000
SELECTED FINANCIAL DATA
in EUR ‘000
2007-12-31
2006-12-31
2007-12-31
2006-12-31
Year 2007
cumulative
period
Year 2006
cumulative
period
Year 2007
cumulative
period
Year 2006
cumulative
period
from Jan 1st 2007
to Dec 31st 2007
from Jan 1st 2006
to Dec 31st 2006
from Jan 1st 2007
to Dec 31st 2007
from Jan 1st 2006
to Dec 31st 2006
291,475
256,451
( 1,319)
236,724
200,786
484
73,171
64,378
( 338)
Data concerning condensed non-consolidated financial statements
Total assets
Equity
Net profit (loss)
894,224
758,471
1,829
2
LC Corp Group
Q4 2007
2. Consolidated balance sheet of LC Corp Capital Group in PLN ‘000
Assets
A. Non-current assets
1. Intangible assets
2. Goodwill of subordinated undertakings
3. Property, plant and equipment
3.1. Tangible assets
3.2. Tangible assets under construction
4. Non-current receivables
5. Non-current investments
6. Non-current prepayments and accrued income
7. Deferred tax assets
as at
2007-12-31
as at
2006-12-31
end of
year
end of previous
year
499,621
447
0
5,247
1,584
3,663
0
489,373
1,811
2,743
279,510
6
0
277,089
25,161
251,928
0
0
429
1,986
1,036,662
736,843
77,925
164
220,708
1,022
221,173
152,564
10,735
122
57,426
326
0
10,108
1,536 283
510,791
Equity and liabilities
A. Equity
1. Share capital
2. Balance of called-up share capital not paid
3. Reserve funds
4. Other reserve funds
5. Other capital
6. Retained profit
7. Minority interest
897,084
446,558
0
302,659
39,771
3,108
104,988
0
290,877
149,125
0
9,698
39,771
102,000
( 9,717)
0
B. Non-current liabilities
1. Non-current financial liabilities
2. Provisions
3. Deferred tax liability
342,065
304,884
26
37,155
152,653
143,300
24
9,329
Current liabilities
1. Current financial liabilities
2. Trade and other payables
3. Income tax payable
4. Provisions
5. Accrued expenses and revenue
297,134
171,137
36,948
0
5,461
83,588
67,261
36,759
24,431
0
2
6,069
1,536,283
510,791
Current assets
1. Inventories
2. Trade and other receivables
3. Income tax receivable
4. Cash and cash equivalents
5. Current prepayments and accrued income
C. Non-current assets classified as held for sale
Total assets
Total equity and liabilities
3
LC Corp Group
Q4 2007
as at
2007-12-31
as at
2006-12-31
end of
year
end of previous
year
897,084
446,558,311
2.01
Book value
Number of registered shares
Book value per share (PLN)
290,877
149,125
1.95
3. 3. Consolidated profit and loss account of LC Corp Capital Group in PLN ‘000
4th quarter
2007
period
Year 2007
4th quarter
2006
period
period
Year 2006
period
from Oct 1st
from Jan 1st
from Oct 1st
from Jan 1st
2007
2007
2006
2006
to Dec 31st 2007 to Dec 31st 2007 to Dec 31st 2006 to Dec 31st 2006
Operating activity
Sales revenue
10,401
10,401
34,390
34,390
1,338
1,338
5,955
5,955
Cost of sales
Pre-tax profit on sales
( 3,662)
6,739
( 14,652)
19,738
( 375)
963
( 3,415)
2,540
Gain (loss) on disposal of non-current non-financial assets
Revaluation of non-current non-financial assets
Selling and distribution costs
General administrative expenses
Other operating income
Other operating expenses
Operating profit (loss)
( 1)
( 5,835)
0
( 2,366)
1,900
( 4,245)
( 3,808)
( 37)
124,741
0
( 17,626)
11,684
( 17,099)
121,401
316
( 509)
0
( 4,747)
206
( 9)
( 3,780)
411
( 509)
0
( 7,378)
336
( 131)
( 4,731)
Financial income
Financial expenses
15,281
( 7,835)
3,638
23,519
( 11,829)
133,091
2,803
( 1,130)
( 2,107)
2,966
( 4,605)
( 6,370)
892
4,530
( 27,075)
106,016
239
( 1,868)
856
( 5,514)
0
0
0
0
4,530
106,016
( 1,868)
( 5,514)
Revenue on sales of services
Corporate income tax
Net profit on business activities
Discontinued operations
Profit (loss) on discontinued operations for the business year
Net profit (loss)
4
LC Corp Group
Q4 2007
Net profit (loss)
Average weighted number of ordinary shares
Net profit (loss) per share (in PLN)
Year 2007
period
Year 2006
period
from Jan 1st
2007
to Dec 31st 2007
from Jan 1st
2006
to Dec 31st 2006
106,016
391,913,729
0.27
( 5,514)
69,395,615
( 0.08)
5
LC Corp Group
Q4 2007
3. 4. Changes in consolidated equity of LC Corp Capital Group in PLN ‘000
Capital allocated to the shareholders of the parent undertaking
Issued share
capital
Balance of
called-up share
capital not paid
Reserve funds
Other reserve
funds
Minority
interest
Other capital
Retained profit
Total equity
Total
As of January 1st 2007
Registration of series F shares
Issue of series G shares
Issue of series H shares
Issue of series J shares
Cost of share issues
Coverage of losses for 2006 and from the previous
years acc. to PSR (Polish Accounting Standards)
Capital from valuation of management options
Profit in 2007
149,125
102,000
80,000
58,433
57,000
0
0
0
0
0
0
0
9,698
0
0
0
313,500
( 11,850)
39,771
0
0
0
0
0
102,000
( 102,000)
0
0
0
0
( 9,717)
0
0
0
0
0
290,877
0
80,000
58,433
370,500
( 11,850)
0
0
0
0
0
0
290,877
0
80,000
58,433
370,500
( 11,850)
0
0
0
0
0
0
( 8,689)
0
0
0
0
0
0
3,108
0
8,689
0
106,016
( 0)
3,108
106,016
0
0
0
( 0)
3,108
106,016
As of December 31st 2007
446,558
0
302,659
39,771
3,108
104,988
897,084
0
897,084
6
LC Corp Group
Q4 2007
Capital allocated to the shareholders of the parent undertaking
Issued share
capital
Change of the parent undertaking in the group
Issue of series A shares
Issue of series B shares
Issue of series C shares
Issue of series D shares
Issue of series E shares
Issue of series F shares (as of December 31st 2006
not registered in KRS – National Court Register)
Contribution connected with acquiring an asset
Impact of merging of subsidiary undertakings
Coverage of losses for 2005
Loss in 2006
Minority
interest
Other capital
Balance of
called-up share
capital not paid
Reserve funds
Other reserve
funds
11,700
( 113,700)
500
113,700
1,453
1,472
32,000
( 45,000)
45,000
0
0
0
0
0
17,656
0
0
7,952
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
( 4,429)
0
0
0
0
0
0
81,927
( 68,700)
500
121,652
1,453
1,472
32,000
0
0
0
0
0
0
0
81,927
( 6,700)
500
121,652
1,453
1,472
32,000
0
0
0
0
0
0
0
0
0
0
0
0
0
( 1,307)
0
( 14,377)
( 226)
0
0
0
39,771
0
0
0
102,000
0
0
0
102,000
( 1,307)
39,771
( 14,377)
0
( 5,514)
0
0
0
0
0
0
0
0
0
226
( 5,514)
0
102,000
( 1,307)
39,771
( 14,377)
0
( 5,514)
149,125
0
9,698
39,771
102,000
( 9,717)
290,877
0
290,877
7
Retained profit
Total equity
Total
LC Corp Group
Q4 2007
8
LC Corp Group
Q4 2007
3. 5. Consolidated cash-flow statement of LC Corp Capital Group in PLN ‘000
Year 2007
period
Year 2006
period
from Jan 1st 2007
to Dec 31st 2007
from Jan 1st 2006
to Dec 31st 2006
I. Pre-tax loss
II. Total adjustments
1. Depreciation and amortisation
2. Foreign exchange gains (losses)
3. Interest and distributions from profit (dividends)
4. Profit (loss) on investing activities
5. Change in provisions
6. Change in inventories
7. Change in receivables
8. Change in current liabilities (net of loans and borrowings)
9. Change in accruals and deferrals
10. Corporate income tax
11. Other adjustments
III. Net cash provided by (used in) operating activities (l±ll)
133,091
( 586,640)
2,351
( 14,565)
14,271
37
5,461
( 584,279)
( 67,189)
12,517
75,440
( 49)
( 30,635)
( 453,549)
( 6,370)
( 91,559)
755
( 2,589)
4,176
( 407)
26
( 152,564)
( 6,557)
12,244
4,697
( 160)
48,820
( 97,929)
Cash provided by investing activities
1. Sale of intangible assets and property, plant and equipment
2. Sale of investment property and intangible assets
3. Cash provided by financial assets
4. Other cash used in investing activities
II. Cash used in investing activities
32,256
32,256
0
0
0
( 172,757)
5,391
5,391
0
0
0
( 204,326)
1. Acquisition of intangible assets and property, plant and equipment
2. Investment property and intangible assets
3. Cash used on financial assets
III. Net cash provided by (used in) investing activities (l-ll)
( 114,255)
0
( 58,502)
0
( 140,501)
( 204,326)
0
0
0
( 198,935)
Cash provided by financing activities
1. Net proceeds from issue of shares and additional contributions to equity
2. Increase in loans and borrowings
3. Issue of debt securities
4. Other cash provided by financing activities
1,041,602
508,934
335,048
197,620
0
454,565
176,000
148,565
130,000
0
II. Cash used in financing activities
1. Repayments of loans and borrowings
2. Redemption of debt securities
3. Interest paid
4. Other cash used in financing activities
III. Net cash provided by (used in) financing activities (l-ll)
( 284,225)
( 148,646)
( 111,171)
( 12,558)
( 11,850)
757,377
( 101,400)
( 6,400)
( 91,000)
( 2,693)
( 1,307)
353,165
163,327
56,301
D. Total net cash flow (A.III±B.III±C.III)
9
LC Corp Group
Q4 2007
E. Balance-sheet change in cash, including:
- foreign exchange change in cash
F. Cash at beginning of period
163,282
45
57,426
56,301
0
1,125
G. Cash at end of period (F±D)
220,708
57,426
20
0
- restricted cash
3. 6. Other information for the consolidated financial statements of LC Corp Capital Group
6.1. Basic information
LC Corp Capital Group (the “Group”) consists of LC Corp S.A. and its subsidiary companies.
The Group’s consolidated financial statements cover the period of 12 months ended December 31st 2007 and contain
data comparable for the period ended December 31st 2006 and as at December 31st 2006.
LC Corp S.A. (“the Parent Undertaking”, “the Company", “the Issuer”) was established by virtue of the Notarial Deed
dated March 3rd 2006. The Parent Undertaking's registered office is situated in Wrocław, Poland, in ul. Powstańców
Śląskich 2-4. The Parent Undertaking is entered in the Business Register of the National Court Register maintained by
the District Court for Wrocław-Krzyki in Wrocław, 4th Commercial Section of the National Court Register, under KRS No.
0000253077.
The Company was assigned statistical identification number REGON 020246398.
The Parent Undertaking and the subsidiaries of the Capital Group were established for an indefinite period of time. The
Parent Undertaking’s primary activity is:

PKD 7415Z Activities of Holdings
The subsidiaries’ primary activity is renting and selling residential and commercial property.
The Parent Undertaking of LC Corp S.A. and the whole group is LC Corp B.V., which is controlled by Leszek Czarnecki.
6.2. Description of the organisation of LC Corp Capital Group, indicating undertakings subject to
consolidation
As of December 31st 2007 LC Corp Capital Group comprises the following subsidiaries of LC Corp S.A.:




Arkady Wrocławskie S.A. - seated in Wrocław, ul. Powstańców Śl. 2-4,
LC Corp Sky Tower sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4
Katowice Ceglana sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4 (until January 10th 2008 operating
under Warszawa Nieruchomości sp. z o.o.),
Vratislavia Residence sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4,
10
LC Corp Group
Q4 2007










Łódź Residence sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4,
Gdańsk Residence sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4,
Warszawa Projekt V sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4,
LC Corp Stabłowice sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4,
LC Corp Pustynna sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4,
Warszawa Przy Promenadzie sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4 (until December 20th 2007
operating under Europlan Projekt Gocław sp. z o.o., seated in Warsaw, Al. Jana Pawła II 15),
Warszawa Przy Promenadzie sp. z o.o. sp.k. - seated in Wrocław, ul. Powstańców Śl. 2-4 (until February 11th
2008 operating under Europlan Projekt Gocław sp. z o.o. Sp. k., seated in Warsaw, Al. Jana Pawła II 15),
Warszawa Przyokopowa sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4 (until January 17th 2008
operating under Europlan Projekt II sp. z o.o., seated in Warsaw, Al. Jana Pawła II 15),
Warszawa Rezydencja Kaliska sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4 (until January 15th 2008
operating under Europlan Projekt III sp. z o.o., seated in Warsaw, Al. Jana Pawła II 15),
Kraków Zielony Złocień sp. z o.o. - seated in Wrocław, ul. Powstańców Śl. 2-4 (until January 14th 2008 operating
under Europlan Projekt IV sp. z o.o., seated in Warsaw, Al. Jana Pawła II 15),
The subsidiary companies are fully-consolidated, and valued with the equity method.
Graphic structure of LC Corp Capital Group as as December 31st 2007
4.
11
LC Corp Group
Q4 2007
LC Corp S.A. seated in
Wrocław
PARENT UNDERTAKING
Arkady Wrocławskie S.A. - seated in Wrocław
share in capital: 100%
Katowice Ceglana sp. z o.o. seated in
Wrocław
share in capital: 99,997%
LC Corp Sky Tower sp. z o.o. seated in
Wrocław, ul.
share in capital: 99,998%
Vratislavia Residence sp. z o.o. seated in
Wrocław
Łódź Residence sp. z o.o. seated in Wrocław
Gdańsk Residence sp. z o.o. seated in
Wrocław
Warszawa Projekt V sp. z o.o. seated in
Wrocław
LC Corp Stabłowice sp. z o.o. seated in
Wrocław
LC Corp Stabłowice sp. z o.o. seated in
Wrocław
Warszawa Przy Promenadzie sp. z o.o. seated in Warsaw
Warszawa Przy Promenadzie sp. z o.o. sp. k.
seated in Warsaw
controlled (directly or indirectly): in 100%
Warszawa Przyokopowa sp. z o.o. seated in
Warsaw
Warszawa Rezydencja Kaliska sp. z o.o.
seated in Warsaw
Kraków Zielony Złocień sp. z o.o. seated in
Warsaw
6.3. Effects of changes in the structure of the business undertakings, including mergers, acquisitions or
sale of subsidiary undertakings of the Capital Group, long-term investments, division, restructuring
and discontinued operations
12
LC Corp Group
Q4 2007
In the 4th quarter of 2007 the Issuer recapitalised existing single-purpose companies assigned to new development
projects by an increase of the capital.
1.
2.
3.
4.
5.
6.
On October 25th 2007 the Meeting of Partners in Europlan Projekt II Sp. z o.o. (currently Warszawa
Przyokopowa sp. z o.o.) revoked a previous resolution of July 31st 2007 and adopted a resolution to increase the
share capital to the amount of PLN 2,450,000, i.e. by the amount of PLN 1,700,000 and the new shares were
acquired by the Issuer.
On November 23rd 2007 the Meeting of Partners in Europlan Projekt Gocław Sp. z o.o. (currently Warszawa
Przy Promenadzie sp. z o.o.) adopted a resolution to increase the share capital to the amount of PLN 1,500,000,
i.e. by the amount of PLN 1,300,000 and the new shares were acquired by the Issuer.
On November 23rd 2007 the Meeting of Partners in Europlan Projekt III Sp. z o.o. (currently Warszawa
Rezydencja Kaliska sp. z o.o.) adopted a resolution to increase the share capital to the amount of PLN
4,500,000, i.e. by the amount of PLN 4,450,000 and the new shares were acquired by the Issuer.
On December 10th 2007 the Meeting of Partners in Warszawa Projekt V Sp. z o.o. adopted a resolution to
increase the share capital to the amount of PLN 13,500,000, i.e. by the amount of PLN 13,450,000 and the new
shares were acquired by the Issuer.
On December 10th 2007 the Meeting of Partners in Warszawa Nieruchomości Sp. z o.o. (currently Katowice
Ceglana sp. z o.o.) adopted a resolution to increase the share capital to the amount of PLN 36,000,000, i.e. by
the amount of PLN 34,500,000 and the new shares were acquired by the Issuer.
On December 21st 2007 the Meeting of Partners in LC Corp Stabłowice Sp. z o.o. adopted a resolution to
increase the share capital to the amount of PLN 23,000,000, i.e. by the amount of PLN 22,950,000 and the new
shares were acquired by the Issuer.
6.4. Policies adopted for preparing the quarterly report (particularly information on changes in the
accounting rules/policy)
The consolidated quarterly report of LC Corp Capital Group for 4th quarter of 2007 contains:











Condensed financial statements of LC Capital Group for the reporting period of twelve months, cumulative from
January 1st 2007 to December 31st 2007, for the 4th quarter of 2007, i.e. the period from October 1st 2007 to
December 31st 2007 and on December 31st 2007, including: consolidated balance-sheet, consolidated profit and
loss account, changes in the consolidated equity, consolidated cash-flow statement,
Comparable financial data to the condensed consolidated balance-sheet on December 31st 2006,
Comparable financial data to the condensed consolidated profit and loss account for the period from January 1 st
2006 to December 31st 2006 and for 4th quarter 2006, i.e. from October 1st 2006 to December 31st 2006,
Comparable financial data to the consolidated cash-flow statement for the period from January 1st 2006 to
December 31st 2006,
Comparable financial data to the consolidated equity for the previous financial year, i.e. 2006,
Condensed financial statements of LC Corp S.A. for the reporting period of twelve months, cumulative from
January 1st 2007 to December 31st 2007, for the 4th quarter of 2007, i.e. the period from October 1st 2007 to
December 31st 2007 and on December 31st 2007, including: balance-sheet, profit and loss account, changes in
equity, cash-flow statement,
Comparable financial data to the condensed balance-sheet of LC Corp S.A. on December 31st 2006,
Comparable financial data to the condensed profit and loss account of LC Corp S.A. for the period from March
3rd 2006 to December 31st 2006 and for 4th quarter 2006, i.e. from October 1st 2006 to December 31st 2006,
Comparable financial data to the cash-flow statement for the period from March 3rd 2006 to December 31st 2006,
Comparable financial data to the equity of LC Corp S.A. for the previous financial i.e. 2006 (the period from
March 3rd 2006 to December 31st 2006),
Supplementary information and other information defined by § 91 of the Regulation of the Minister of Finance
dated October 19th 2005 on current and periodic reports to be disclosed by issuers of securities.
13
LC Corp Group
Q4 2007
The enclosed consolidated financial statements of LC Corp Capital Group and financial statements of LC Corp S.A. were
prepared in accordance with International Financial Reporting Standards (“IFRS”) and relevant IFRS adopted by the EU.
IFRS comprise standards and interpretations accepted by the International Accounting Standards Board (“IASB") and the
International Financial Reporting Interpretations Committee (“IFRIC”).
Information on the accounting policy adopted by LC Corp Group was presented in the consolidated statement for 1st half
of 2007. Since the last publication of the accounting policies they have not changed.
6.5. Information on material approximate values, including adjustments in provisions, provisions and
deferred tax assets, valuation allowances made for asset constituents
The Board of the Parent Undertaking used their best knowledge of applied standards and interpretations, and also the
methods and principles of valuation of particular items of the enclosed condensed consolidated financial statements.
Preparing the financial statements in accordance with IFRS required from the Company Board to make some
assessments and assumptions which will be reflected in the statement. The actual results may vary from these
assessments. The presented financial data were not subject to examination by an auditor.
as at
2007-12-31
end of year
as at
2006-12-31
end of previous
year
2,743
1,986
37,155
9,329
Provisions
5,487
26
Valuation allowance for assets
1,638
4,379
Deferred tax asset
Deferred tax liability
6.6. Main achievements and failures of LC Corp Capital Group
The activities of LC Corp Capital Group in the 4th quarter 2007 were aimed at execution of the Group's strategy. In
accordance with the plan, the previously started investments were continued and there was intensive work to expand the
Bank of Land.
An important success was the launch of construction of the Sky Tower complex, executed by LC Corp Sky
Tower sp. z o.o., at the streets: Powstańców Śląskich 73-95, Wielka 4-20, Gwiaździsta 62-68 and Szczęśliwa in Wrocław.
Thanks to the accelerated demolition of the Poltegor building, which stood at the investment site, the construction could
start ahead of schedule, i.e. instead of March 2008, the works commenced in December 2007 with the so-called piling.
The investment should be completed at the end of the 4th quarter 2010 / the beginning of the 1st quarter of 2011. Also, the
sale of flats and commercialization of the complex started in January 2008.
14
LC Corp Group
Q4 2007
On October 25th 2007 the decision of the President of the capital city of Warsaw, approving the building design and
granting Europlan Projekt Gocław Sp. z o.o. Sp. komandytowa (limited partnership) (currently Warszawa Przy
Promenadzie Sp. z o.o. S.k.) permission to construct a residential multifamily building complex with services,
underground car parks, and technical infrastructure, located on the land comprising the plot registry No. 5/9-part, 5/10 and
the exit from ul. Anińska at a part of the plot registry No. 1/4 area 3-05-2, ul. Anińska in Warsaw became final.
In the 4th quarter of 2007 the Group also intensively searched for new attractive investment locations to ensure execution
of an appropriate number of investments over the next 5 or more years, in keeping with the strategic goal to maintain the
continuity of investment processes. In that period creation of the bank of land covered the following transactions:

On December 3rd 2007, Europlan Projekt Gocław sp. z o.o. (currently Warszawa Przy Promenadzie Sp. z o.o.), a
subsidiary undertaking of the Issuer, purchased the right of perpetual usufruct of a property located in Warsaw,
in the Praga Południe district, at ul. T. Rechniewskiego, of the area of 3,716 m2, which will be the site of an
investment project – the construction of a housing estate.

On December 12th 2007 Warszawa Nieruchomości Sp. z o.o. (currently Katowice Ceglana Sp. z o.o.), a
subsidiary undertaking of the Issuer, purchased the right of perpetual usufruct of a property located in Katowice,
at ul. Ceglana, of the total area of 103,940 m2, which will be the site of a housing and service investment.
The Bond Issue Scheme continued, which was important for the strengthening of the security of the financial liquidity of
the Group in the 4th quarter of 2007. The bonds were offered pursuant to Art. 9.3 of the Act on Bonds dated June 29 th
1995 and the issue did not constitute public trading in securities as understood by this act. In the 4th quarter LC Corp S.A.
issued 600 zero coupon Bonds of par value PLN 100,000.
6.7. Description of factors and events, particularly non-typical, which have a significant impact on the
achieved financial results
Factors and events, which had a significant impact on the financial results of LC Corp Group in the 4 th quarter, by each
entity of the Group:
The Issuer:
 carrying out of the statutory activity, connected mainly with the management of single-purpose companies making
investments (all management, financial and accounting, legal, IT and administrative purposes)
 establishment and securing of the financing of subsidiary entities from the Group connected with the executed
investments as well as conclusion of contracts for the purchase of property intended for such investments, in
particular executed by means of capital increase and provision of loans subordinated to those goals.
 sale of the jet aircraft Cessna Model 560 Citation Encore No 560-0697
 bond issue in accordance with the Bond Issue Scheme, described in point 6.6.
15
LC Corp Group
Q4 2007
Arkady Wrocławskie S.A.:
 carrying out of the statutory activity, i.e. management of the “Arkady Wrocławskie” complex, resulting in rental
income and running costs.
LC Corp Sky Tower Sp. z o.o.
 continuation of the Sky Tower investment process, in particular connected with the completion of the demolition
work at the Poltegor building and start of construction in accordance with the detailed design ahead of the previous
schedule,
 incurring obligations in the form of a contract for a loan from the Issuer for the execution of the Sky Tower
investment
Vratislavia Residence Sp. z o.o.
 activities connected with the start of the building investment in Malin, on land belonging to the company; signing of
contracts connected with the execution of the investment, in particular continued design works.
Łódź Residence Sp. z o.o.
 preparations for the building investment in Łódź, at ul. Spadkowa, in the form of construction of a housing estate;
the investment is currently the subject of advanced design works
Gdańsk Residence Sp. z o.o.
 preparations for a building investment on the property located, among others, at ul. Starogardzka in GdańskMaćkowy and preparation for a building investment on that property – construction of a housing estate; the
investment is currently the subject of advanced design works.
Warszawa Przy Promenadzie Sp. z o.o. Sp. k. (previously Europlan Projekt Gocław Sp. z o.o. Sp. k.)
 continuation of an investment – construction of the Przy Promenadzie housing estate in the Gocław district, PragaPołudnie in Warsaw on a plot of the area of 32,000 m2 located at the crossroads of Rechniewskiego and Anińska
streets; start of construction works in connection with acquisition of the final construction permit,
 incurring obligations in the form of a contract for a loan from the Issuer for the execution of the Osiedle Przy
Promenadzie investment.
Warszawa Przy Promenadzie Sp. z o.o. (previously Europlan Projekt Gocław Sp. z o.o.)
 conclusion of a contract for the purchase of the right of perpetual usufruct of a property located in Gocław district,
Praga-Południe in Warsaw at ul. Rechniewskiego, of the area of about 3,700 m2
 taking steps to start the investment – construction of a housing estate on the property described above.
 conclusion of a preliminary purchase contract for the property with the aggregate area 10 6217 ha, located in
Gdańsk near Łostowice, and then an annex to the contract, under which all rights and obligations of Europlan
Projekt Gocław Sp. z o.o. were assumed by Warszawa Projekt V Sp. z o.o.
 incurring obligations in the form of a contract for a loan from the Issuer for the execution of the Osiedle Przy
Promenadzie investment.
Warszawa Przyokopowa Sp. z o.o. (previously Projekt II Sp. z o.o.)
 preparations for an investment at the property located in Warsaw at ul. Przyokopowa
 incurring obligations in the form of a contract for a loan from the Issuer for the executed investment.
Warszawa Rezydencja Kaliska Sp. z o.o. (previously Europlan Projekt III Sp. z o.o.)
 preparation for an investment located in Warsaw in Kaliska and Niemcewicza streets (at the boundary of
Śródmieście and Ochota districts).
Kraków Zielony Złocień Sp. z o.o. (previously Europlan Projekt IV Sp. z o.o.)
16
LC Corp Group
Q4 2007
 preparation for an investment at the property located in Kraków, where the development project Osiedle Zielony
Złocień will be carried out and conclusion of a credit contract with the PKO BP S.A. bank for the amount of
PLN 94,000,000.00 refinancing the purchase of the right of perpetual usufruct of the parcels of land located in
Kraków in the Podgórze district (intended for the execution of the “Zielony Złocień” project).
Katowice Ceglana Sp. z o.o. (previously Warszawa Nieruchomości Sp. z o.o.)
 purchase of the right of perpetual usufruct of the property located in Katowice at ul. Ceglana, of the total area of
103,940 m2, which will be the site of a housing and service investment.
 incurring obligations in the form of a contract for a loan from the Issuer for the purchase of the right of perpetual
usufruct of a property.
Warszawa Projekt V Sp. z o.o.
 assumption of all rights and obligations of Europlan Projekt Gocław Sp. z o.o. (currently Warszawa Przy
Promenadzie Sp. z o.o.) concerning the preliminary purchase contract concluded by that company for the property
with the aggregate area of 10 6217 ha, located in Gdańsk near Łostowice.
LC Corp Stabłowice Sp. z o.o.
 incurring an obligation in the form of a contract for loan from the Issuer.
6.8. Seasonal or cyclical character of the activity of LC Corp Capital Group
Does not concern LC Corp Capital Group.
6.9. Information concerning the issue, redemption and repayment of debt and capital securities
Issue of series I shares of the Issuer under Management Options as part of conditional increase of the share
capital
From January 30th 2008 to February 6th 2008 there were subscriptions for series I shares. This was the first portion of the
issue of series I shares offered by the Issuer as part of the Management Option Scheme in accordance with the General
Meeting Resolution No 3, adopted on March 23rd 2007.
The subscription ended on February 6th 2008. The number of securities covered by the subscription in that tranche
amounted to 1,000,000. There were 21 people who were assigned 1,000,000 series I shares. The offer under which the
series I shares were acquired in connection with the conditional raising of the share capital did not constitute public
trading in securities as understood by the Act on Public Offering, Conditions Governing the Introduction of Financial
Instruments to Organized Trading, and Public Companies dated July 29th 2005 (Journal of Laws No. 184, item 1539). The
price at which the securities were acquired amounted to PLN 1 per share (the issue price equal to the par value).
17
LC Corp Group
Q4 2007
Bond issue under Bond Issue Scheme
In the 4th quarter of 2007 LC Corp Capital Group performed subsequent bond issues as part of the Bond Issue Scheme
described in point 6.6. On November 12th 2007 LC Corp S.A. issued 100 zero coupon bonds with the par value of PLN
100,000 each, with the maturity date on January 16th 2008. On December 17th 2007 LC Corp S.A. issued 500 zero
coupon bonds with the par value of PLN 100,000 each, with the maturity date on March 18th 2008.
6.10. Information concerning paid out (or declared) dividend, in total and expressed in one share, divided
into ordinary and preferred shares
The parent Undertaking LC Corp S.A. did not pay or declare payment of dividend.
6.11. Events subsequent to December 31st 2007, not disclosed in this statement, and which could have a
material bearing on the future financial results of LC Corp Capital Group
1.
On January 17th 2008 LC Corp Stabłowice Sp. z o.o., a subsidiary undertaking of the Issuer, concluded a contract
for the purchase of the right of perpetual usufruct of the property located in Katowice at Al. Roździeńskiego, of the
area of 0.9938 ha, for the total price of PLN 79,900,000.00 net (which was reported by the Issuer in the current
report No 5/2008).
2.
On January 21st 2008 the Issuer granted a loan to the subordinate entity Warszawa Projekt V Sp. z o.o. on market
terms, for the purchase of the property referred to in point 3 below.
3.
On January 21st 2008 Warszawa Projekt V sp. z o.o., a subsidiary undertaking of the Issuer, concluded contracts for
purchase of land comprising 53 plots of 10.6217 ha in total area, located in Gdańsk, Łostowice district for the total
amount of PLN 43,600,000.00 net (PLN 53,192,000.00 gross). The purchase land will be the site of an investment
project - construction of a housing estate.
4. On January 21st 2008 the Issuer granted a loan to the subordinate entity Europlan Projekt III Sp. z o.o. (currently
Warszawa Rezydencja Kaliska Sp. z o.o.) on market terms, for the investment executed by that company in Warsaw
in Kaliska and Niemcewicza streets (at the boundary of Śródmieście and Ochota districts).
5.
On February 14th 2008 the Issuer granted a loan to the subordinate entity Vratislavia Residence Sp. z o.o. on market
terms, for the building investment executed by that company in Malin (Gmina Wisznia Mała).
6.12. Changes in contingent liabilities or contingent assets, after the end of the last financial year
1.
Expiry on October 31st 2007 of the LC Corp S.A. surety, granted to secure the insurance guarantee
commissioned by Europlan Projekt Gocław Sp. z o.o. Spółka Komandytowa (limited partnership) (currently
Warszawa Przy Promenadzie Sp. z o.o. Sp. k.) issued by TU Europa S.A. No 11/2007 on July 2nd 2007 on behalf
of the beneficiary Polskie Sieci Elektroenergetyczne – CENTRUM Sp. z o.o. seated in Warsaw in order to secure
the payment of remuneration for the execution of building and assembly work comprising wiring up a section of a
double circuit overhead line 110 kV supplying Gocław and Grochów stations along Trasa Anińska in the section
of the intended transition poles 20N (in the existing span 20-21) and 17N (in the existing span 17-18) and wiring
up of an overhead telecommunications fibre-optic cable in this section, under concluded Agreement
No. 0031/2007/21/PSE-CENTRUM Sp z o.o. dated March 20th 2007.
18
LC Corp Group
Q4 2007
2.
Expiry on December 31st 2007 of the LC Corp S.A. security in the form of a cash deposit, granted to secure the
bank guarantee commissioned by Europlan Project Gocław Sp. z o.o. (currently Warszawa Przy Promenadzie
Sp. z o.o.), issued by Getin Bank S.A. up to PLN 10,000,000 in execution of the agreement on the purchase of
land comprising 53 plots of 10.6217 ha in total area, located in Gdańsk, Łostowice district to secure the payment
of part of the purchase price.
6.13. Opinion of the Management Board of LC Corp S.A. on the feasibility of meeting the earlier published
financial forecasts for the year in view of the results presented in this quarterly report
LC Corp S.A. Capital Group reached the financial result projected for the year 2007, as reported, among others, in its
current report No 34 of August 13th 2007, supplemented with the current report No 49 of September 25th 2007.
6.14. Ownership structure of significant blocks of the Issuer’s shares
Since the day of presentation of the report for the 3rd quarter of 2007, the ownership structure of significant blocks of
shares has remained unchanged.
Shareholders possessing, directly or indirectly through subsidiary undertakings, at least 5% of the total vote at the
Issuer’s general meeting on February 27th 2008 were:
Number of
shares
Number of votes
Share % in
share capital
Share % in vote at
general meeting
226,354,564
226,354,564
50.68%
50.68%
211,929,000
211,929,000
47.45%
47.45%
ING Nationale-Nederlanden Polska
Otwarty Fundusz Emerytalny
27,000,000
27,000,000
6.05%
6.05%
Commercial Union Powszechne
Towarzystwo Emerytalne BPH CU WBK
S.A
25,000,000
25,000,000
5.60%
5.60%
Shareholder
Leszek Czarnecki directly and indirectly*
including:
LC Corp B.V. seated in Amsterdam
19
LC Corp Group
Q4 2007
Mr Leszek Czarnecki directly holds 14,424,564 shares constituting 3.23% of the share capital and 3.23% share in the vote at the
General Meeting, and indirectly through his subsidiary undertakings Mr Leszek Czarnecki holds 211,930,000 shares constituting
47,45% of the share capital and 47.45% share in the vote at the General Meeting. Leszek Czarnecki’s subsidiary undertaking is LC
Corp. B.V seated in Amsterdam holding 211,929,000 shares constituting 47.45% of the share capital and 47.45% share in the vote
at the General Meeting and RB Investcom Sp. z o.o. seated in Wrocław holding 1,000 shares constituting 0.0002% of the share
capital and 0.0002% share in the vote at the General Meeting.
6.15. Changes in the Issuer’s shares or options held by the management or supervisory staff of the Issuer
as at February 27th 2008, after the last quarterly report
Supervisory staff holding the Issuer’s shares – as at the date of quarterly report for the 4th quarter of 2007:
Full name
function in the body
ownership of
Issuer as at
November 14th
2007
Remigiusz
Baliński
President of the
Supervisory Board
1,445
increase
decrease
ownership of
Issuer as at
February 27th
2008
50,000
-
51,445
In connection with the subscriptions for series I shares that took place from January 30 th 2008 to February 6th 2008, as
described in point 6.9, the supervisory staff subscribed for series I shares. The shares have not been recorded on the
accounts of the entitled persons until the day of publication of the quarterly report, therefore they are marked below as
allotment certificates.
Full name
function in the body
ownership of
allotment
certificates for
series I shares of
the Issuer as at
November 14th
2007
increase
decrease
ownership of
allotment
certificates for
series I shares of
the Issuer as at
February 27th
2008
Remigiusz
Baliński
President of the
Supervisory Board
-
14,000
-
14,000
Dariusz Niedośpiał
Vice-President of the
Supervisory Board
-
6,000
-
6,000
Jarosław Dowbaj
Member of the
Supervisory Board
-
70,000
-
70,000
Ludwik Czarnecki
Member of the
Supervisory Board
-
10,000
-
10,000
Management staff holding the Issuer’s shares – as at the date of quarterly report for the 4th quarter of 2007:
20
LC Corp Group
Q4 2007
As at the date of presentation of the report, none of the current management board members has previously held or
currently holds the Issuer’s shares.
In connection with the subscriptions for series I shares that took place from January 30 th 2008 to February 6th 2008, as
described in point 6.9, the management staff subscribed for series I shares. The shares have not been recorded on the
accounts of the entitled persons until the day of publication of the quarterly report, therefore they are marked below as
allotment certificates.
Full name
Konrad Dubelski
Dariusz Karwacki
Waldemar
Horbacki
function in the
body
Chairman of the
Management
Board
Vice-Chairman of
the Management
Board
Vice-Chairman of
the Management
Board
ownership of
allotment
certificates for
series I shares of
the Issuer as at
November 14th
2007
increase
decrease
ownership of
allotment
certificates for
series I shares
of the Issuer as
at February 27th
2008
-
660,000
-
660,000
-
120,000
-
120,000
-
15,000
-
15,000
6.16. Court proceedings
There is no single proceeding concerning obligations or liabilities of the Issuer or its subsidiary undertakings whose worth
would amount to at least 10% of the Issuer equity.
The Issuer is not a party to any litigation. Also, in the opinion of the Issuer there are no circumstances which could create
the risk of litigation in future.
There are proceedings concerning obligations or liabilities whose total value amounts to less than 10% of the Issuer
equity.
At present there are the following court proceedings, where Arkady Wrocławskie S.A., a subsidiary entity of the Issuer, is
a party:
Claims lodged by Janusz Bryś, considered by the Regional Court for Wrocław-Fabryczna in Wrocław, value of
the claim: PLN 24,400. The payment order in the admonitory proceedings was opposed.
2. Claims lodged by Janusz Bryś, considered by the Regional Court for Wrocław-Fabryczna in Wrocław, value of
3. Claims lodged by Janusz Bryś, considered by the Regional Court for Wrocław-Fabryczna in Wrocław, value of
1.
21
LC Corp Group
Q4 2007
Claims lodged by Decus Sp. z o.o., considered by the Regional Court in Wrocław, value of the claim:
PLN 660,000.
5. Claims lodged by Arkady Wrocławskie S.A. against Janusz Bryś, considered by the Regional Court in Wrocław,
value of the claim: PLN 345,000. The case has not yet come to trial.
4.
6.17. Information on non-typical related party transactions (for more than EUR 500,000) of the Issuer or its
subsidiary undertaking
On October 3rd 2007 the Issuer sold the jet aircraft Cessna Model 560 Citation Encore No 560-0697 to a related party.
6.18. Information on loans sureties issued by the Issuer or its subsidiary undertaking; guarantees issued
for the value of at least 10% of the Issuer’s equity
In the 4th quarter the Issuer or its subsidiary undertaking did not issue loan sureties or guarantees for the value of at least
10% of the Issuer’s equity.
6.19. Factors which may affect the performance of the Issuer in the next quarter
The LC Corp Capital Group’s performance in the next periods will be affected by such factors as regular income from
rental agreements in Arkady Wrocławskie and the general situation in the Polish and international financial and real
property markets.
6.20. Other information material for the assessment of the personnel, economic, or financial standing of
the Issuer and the feasibility of carrying out its obligations
In the relevant reporting period there were no events material for the assessment of the personnel, economic, or financial
standing of the Issuer and the feasibility of carrying out its obligations.
6.21. Segment revenue and results
Each strategic business activity of LC Corp Capital Group is conducted in a separate subsidiary company (single-purpose
company dedicated to real estate), however, a significant majority of the Group's activity concerns the same market - real
estate market. The Group does not work in different industry segments, and its activity focuses on the area of Poland,
hence in the reporting industry or geographical segments are not singled out.
22
LC Corp Group
Q4 2007
At present, most of the Group’s income comes from office and retail space rental and this is why the Group does not
identify separate segments and they are not presented in the report. In the future, the Group will also generate income
from other activities (among others from selling flats), and then it will present its income divided into separate segments of
activity.
3. 7. Balance sheet of LC Corp S.A. in PLN ‘000
as at
2007-12-31
as at
2006-12-31
end of
year
end of previous
year
Assets
A. Non-current assets
1. Intangible assets
2. Property, plant and equipment
2.1. Tangible assets
2.2. Tangible assets under construction
3. Non-current receivables
4. Non-current investments
5. Non-current prepayments and accrued income
6. Deferred tax assets
686,071
426
2,026
1,352
674
253,852
428,211
0
1,556
252,091
0
24,990
24,823
167
0
226,832
0
269
Current assets
1. Inventories
2. Trade and other receivables
3. Income tax receivable
4. Cash and cash equivalents
5. Current prepayments and accrued income
208,153
9,018
5,675
146
193,163
151
39,384
0
977
68
38,154
185
C. Non-current assets classified as held for sale
Total assets
0
0
894 224
291 475
23
LC Corp Group
Q4 2007
Equity and liabilities
758,471
446,558
0
306,976
0
3,108
1,829
256,451
149,125
0
6,645
0
102,000
( 1,319)
22
0
22
0
24
0
24
0
Current liabilities
1. Current financial liabilities
2. Trade and other payables
3. Income tax payable
4. Provisions
5. Accrued expenses and revenues
135,731
129,245
6,129
0
2
355
35,000
26,546
7,829
0
2
623
Total equity and liabilities
894,224
291,475
A. Equity
1. Share capital
2. Balance of called-up share capital not paid
3. Reserve funds
4. Other reserve funds
5. Other capital
6. Retained profit
B. Non-current liabilities
1. Non-current financial liabilities
2. Provisions
3. Deferred tax liability
4. 1.8. Profit and loss account of LC Corp S.A. in PLN '000
5.
Operating activity
Sales revenue
4th quarter 2007
period
Year 2007
period
4th quarter 2006
period
from Oct 1st 2007
from Jan 1st 2007
from Oct 1st 2006
to Dec 31st 2007
to Dec 31st 2007
to Dec 31st 2006
Year 2006
period
from March 3rd
2006 (*)
to Dec 31st 2006
600
600
12,333
12,333
2,405
2,405
3,964
3,964
Cost of sales
Pre-tax profit on sales
( 1,339)
( 739)
( 10,622)
1,711
( 2,080)
325
( 3,468)
496
Gain (loss) on disposal of non-current non-financial assets
Revaluation of non-current non-financial assets
Selling and distribution costs
General administrative expenses
Other operating income
Other operating expenses
Operating profit (loss)
( 3)
0
0
( 2,558)
664
(337)
( 2,993)
4
0
0
( 9,472)
8,069
( 7,587)
( 7,275)
0
0
0
( 692)
8
( 8)
( 367)
0
0
0
( 1,153)
8
( 8)
( 657)
Financial income
Financial expenses
5,379
( 1,210)
1,176
10,911
( 3,095)
541
69
( 542)
( 840)
74
( 995)
( 1,578)
Revenue on sale of services
24
LC Corp Group
Q4 2007
Corporate income tax
Net profit on business activities
Discontinued operations
Profit (loss) on discontinued operations for the business
year
Net profit (loss)
1,278
2,454
1,288
1,829
122
( 718)
259
( 1,319)
0
0
0
0
2,454
1,829
( 718)
( 1,319)
(*) The Company was created on March 3rd 2006
25
Grupa Kapitałowa
LC Corp
SA - QSr za IV kwartał 2007
SKONSOLIDOWANY RAPORT KWARTALNY
6. 9. Changes in equity of LC Corp S.A. in PLN ‘000
7.
8.
Issued share capital
Registration of series F shares
Issue of series G shares
Issue of series H shares
Issue of series J shares
Coverage of losses for 2006 according to Polish
Accounting Standards (PSR)
Capital from valuation of management options
Profit in 2007
149,125
102,000
80,000
58,433
57,000
0
Balance of calledup share capital not
paid
0
0
0
0
0
0
0
0
0
446,558
Reserve funds
Other reserve
funds
Other capital
Retained profit
Total
6,645
0
0
0
313,500
( 11,850)
0
0
0
0
0
0
102,000
( 102,000)
0
0
0
0
( 1,319)
0
0
0
0
0
256,451
0
80,000
58,433
370,500
( 11,850)
0
0
0
( 1,319)
0
0
0
0
0
0
3,108
0
1,319
0
1,829
0
3,108
1,829
0
306,976
0
3,108
1,829
758,471
26
Grupa Kapitałowa
LC Corp
Issued share capital
As of March 3rd 2006
Issue of series B shares
Issue of series C shares
Issue of series D shares
Issue of series E shares
Issue of series F shares (as of December 31st 2006
not registered in KRS – National Court Register)
Loss in 2006
500
113,700
1,453
1,472
32,000
Balance of calledup share capital not
paid
0
0
0
0
0
0
0
0
149,125
Reserve funds
Other reserve
funds
Other capital
Retained profit
Total
0
7,952
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
500
121,652
1,453
1,472
32,000
0
0
0
0
( 1,307)
0
0
0
0
102,000
0
0
0
0
( 1,319)
102,000
( 1,307)
( 1,319)
0
6,645
0
102,000
( 1,319)
256,451
27
Grupa Kapitałowa
LC Corp
9. 10. Cash-flow statement of LC Corp S.A. in PLN ‘000
10.
Year 2007
period
from Jan 1st 2007
to Dec 31st 2007
Year 2006
period
from March 3rd
2006 (*)
to Dec 31st 2006
541
( 8,288)
2,091
45
270
( 30)
( 3)
( 9,018)
( 2,757)
( 1,700)
( 233)
( 77)
3,124
( 7,747)
( 1,579)
1,365
132
0
995
0
26
0
( 977)
7,829
437
( 77)
( 7,000)
( 214)
23,553
0
22,057
0
2. Sale of investment property and intangible assets
3. Cash provided by financial assets
II. Cash used in investing activities
0
1,496
0
( 457,547)
0
0
0
( 120,378)
1. Acquisition of intangible assets and property, plant and equipment
2. Investment property and intangible assets
3. Cash used on financial assets
III. Net cash provided by (used in) investing activities (l-ll)
( 1,621)
0
( 455,926)
0
( 433,994)
( 25,123)
0
( 95,255)
0
( 120,378)
706,553
508,934
0
197,619
0
184,600
134,000
25,600
25,000
0
( 109,758)
0
( 97,171)
( 737)
( 11,850)
596,795
( 26,354)
( 25,000)
0
( 47)
( 1,307)
158,246
I. Pre-tax loss
II. Total adjustments
1. Depreciation and amortisation
2. Foreign exchange gains (losses)
3. Interest and distributions from profit (dividends)
4. Profit (loss) on investing activities
5. Change in provisions
6. Change in inventories
7. Change in receivables
8. Change in current liabilities (net of loans and borrowings)
9. Change in accruals and deferrals
10. Corporate income tax
11. Other adjustments
III. Net cash provided by (used in) operating activities (l±ll)
Cash provided by investing activities
1. Sale of intangible assets and property, plant and equipment
Cash provided by financing activities
1. Net proceeds from issue of shares and additional contributions to equity
2. Increase in loans and borrowings
3. Issue of debt securities
4. Other cash provided by financing activities
II. Cash used in financing activities
1. Repayments of loans and borrowings
2. Redemption of debt securities
3. Interest paid
4. Other cash used in financing activities
III. Net cash provided by (used in) financing activities (l-ll)
28
Grupa Kapitałowa
LC Corp
D. Total net cash flow (A.III±B.III±C.III)
E. Balance-sheet change in cash, including:
- foreign exchange change in cash
F. Cash at beginning of period
155,054
155,009
45
38,154
37,654
37,654
0
500
G. Cash at end of period (F±D)
193,163
38,154
20
0
- restricted cash
10 11. Other information for the non-consolidated financial statements
11.
11.1. Information on material approximate values, including adjustments in provisions, provisions and
deferred tax assets, valuation allowances made for asset constituents
as at
2007-12-31
as at
2006-12-31
end of previous
year
end of year
Deferred tax asset
Deferred tax liability
Provisions
Valuation allowance for assets
1,556
269
0
0
24
26
0
0
29

Consolidated financial statements

Transkrypt

Podobne dokumenty

3-Number of shares and votes

English version

komisja nadzoru finansowego

pdf

centre of entrepreneurship smolna networking meeting

Current Report