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grupa kęty sa capital group
GRUPA KĘTY S.A. CAPITAL GROUP STANDALONE FINANCIAL STATEMENT AS AT 30 JUNE 2007 AND FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2007 PREPARED ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED BY THE EUROPEAN UNION AND WITH THE REPORT OF THE INDEPENDENT CERTIFIED AUDITOR ON ITS REVIEW Mid-year standalone balance sheet as at 30 June 2007 in PLN ‘000 ASSETS 30.06.2007 31.12.2006 I. Tangible assets Property, plant and equipment Intangible assets Shares and interests Advances for tangible assets 653 042 335 701 6 722 307 415 3 204 624 256 322 230 7 128 294 610 288 II. Current assets Inventory Income tax dues Trade and other receivables Short-term loans Financial derivatives Cash and cash equivalents Total assets 281 645 92 903 0 179 683 265 1 610 7 184 934 687 260 080 83 652 859 154 902 0 3 360 17 307 884 336 Dariusz Mańko Adam Piela Andrzej Stempak President of the Management Board Member of the Management Board President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. KĘTY, 5 SEPTEMBER 2007 Profit and loss account should be analysed with notes which are an integral part of this standalone mid-year financial statement Balance sheet as at 30 June 2007 (continued) LIABILITIES I. Shareholders’ equity 30.06.2007 31.12.2006 512 257 506 495 66 964 66 964 771 350 Result on cash flow hedging transactions 250 1 040 Reserve from the revaluation of hedging instruments (151) 1 236 444 423 436 905 170 123 176 900 138 299 10 918 146 252 10 856 496 20 410 252 307 407 19 385 200 941 122 813 111 684 2 720 0 118 358 79 957 Provisions and accruals 6 803 7 439 Financial derivatives 1 588 1 836 25 25 934 687 884 336 Share capital Capital from the issue of options for the management staff Retained gains II. Long-term liabilities Loan payables Employee benefits Subsidies Deferred income tax provision III. Short-term liabilities Loan payables Income tax payables Trade and other payables Subsidies Total liabilities Dariusz Mańko Adam Piela Andrzej Stempak President of the Management Board Member of the Management Board President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. KĘTY, 5 SEPTEMBER 2007 Profit and loss account should be analysed with notes which are an integral part of this standalone mid-year financial statement Profit and loss account for the period of 6 months ended 30 June 2007 in PLN ‘000 PROFIT AND LOSS ACCOUNT Total operating income, including: Sales revenue Other operating income Change in inventory of finished products and work-inprogress Cost of products manufactured for the Company’s inhouse purposes Total operating expenses, including: Depreciation Materials and power Outsourced services Taxes and other levies Employee benefits Write-downs of assets Other operating expenses Net operating profit Financial income Financial expense Profit before tax Income tax payable Net profit Basic and diluted per share earnings in the period 01.01.2007 - 30.06.2007 First half Current year 01.01.06 - 30.06.2007 First half Previous year 415 975 414 389 1 586 367 254 345 634 21 620 9 357 11 478 2 765 2 658 (403 667) (13 226) (315 491) (32 718) (1 954) (37 643) (355 124) (12 415) (264 728) (31 504) (2 161) (31 364) (2 635) 24 430 32 002 (6 872) 49 560 (5 120) 44 440 (12 952) 26 266 37 220 (5 410) 58 076 (4 685) 53 391 4.81 5.79 Dariusz Mańko Adam Piela Andrzej Stempak President of the Management Board Member of the Management Board President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. KĘTY, 5 SEPTEMBER 2007 Profit and loss account should be analysed with notes which are an integral part of this standalone mid-year financial statement Statement of changes in shareholders’ equity for the period of 6 months ended 30 June 2007 in PLN ‘000 Capital from the issue of options Result on cash flow Reserve from the Total Share capital for the hedging revaluation of Retained gains shareholders’ management transactions hedging instruments equity staff W Wartość W Odpisy strat odniesieniu odniesieniu dniu przez aktualizujące 30.05.2003r. środków do do łącznej trwałych będący należności podmiot nalezności wartości średnią nieamortyzowanych zdominujacy tytułu ważoną należności dostaw okresu nizszego i(długousług lub ekonomicznej nieumarzanych na szczebla wi2007 nalezności krótkoterminowych) Grupie Kapitałowej użyteczności odużywanych spółek Sp. z zostały o.o. jednostek należności będących nabytych dokonał na w podstawie powiązanych w isporne podlegających sprzedaży stanie umowy brutto upadłośi udziałów CIECH, wynoszą najmu, amortyzacji i ilikwidacji, W Wartość Informacje Informacje się W W Informacje Odpisy przedziały Ciech spółki dzierżawy odniesieniu 23.205 odniesieniu dniu na skonsolidowany ujemną stowarzyszonej aktywów, aktualizujące 30.05.2003r. środków natys. oczasowe onalezności i zabezpieczeniach zabezpieczeniach innych PLN, do do wartość łącznej trwałych należności wpodmiot nalezności rachunek firmy W Wartość Informacje W Informacje skonsolidowany Odpisy wartości ujemną odniesieniu nieamortyzowanych odniesieniu dniu zodpisuje dominujacy tytułu ustanowionych ustanowionych aktualizujące 30.05.2003r. zostały środków wartość należności oodostaw zabezpieczeniach zabezpieczeniach się do do firmy łącznej trwałych na strat należności i12. podmiot nalezności na na lub odpisuje wartości zysków W Wartość Informacje nieamortyzowanych Informacje skonsolidowany W Odpisy wartość zodniesieniu odniesieniu dniu dominujacy tytułu ustanowionych ustanowionych się zostały należności iaktualizujące 30.05.2003r. środków na strat firmy oskonsolidowany o zabezpieczeniach utworzone zabezpieczeniach przez do do odpisuje nizszego rachunek trwałych łącznej inależności (długousług na 60 na lub podmiot nalezności W Informacje udziałach Wartość Informacje W udziałach miesięcy skonsolidowany środkach W Informacje Odpisy ujemną się na szczebla odniesieniu wartości w odniesieniu dniu izysków nieamortyzowanych nazdominujacy skonsolidowany tytułu aktualizujące ustanowionych 30.05.2003r. środków ustanowionych W Informacje wartość W PLN. Informacje odpisuje W Informacje Odpisy zostały Ciech onotcie należności oodniesieniu iodniesieniu dniu zabezpieczeniach strat do dostaw doujemną rachunek firmy aktualizujące łącznej utworzone 30.05.2003r. trwałych należności przez się nizszego oopodmiot nalezności na izabezpieczeniach (długozabezpieczeniach usług odpisuje do na 60 do na rachunek wartość lub skonsolidowany wartości zysków łącznej udziałach nieamortyzowanych udziałach miesięcy należności środkach nieumarzanych na szczebla zwdominujacy ipodmiot tytułu ustanowionych nalezności ustanowionych nalezności Grupie się zostały firmy należności zysków wartości i na strat iidostaw zskonsolidowany odpisuje dominujacy tytułu ustanowionych utworzone ustanowionych przez rachunek zostały inizszego należności i12. (długodostaw na 60 na lub się na wi i Informacje miesiąca, tawione Informacje wwnotcie oookres którym zabezpieczeniach zabezpieczeniach objaśniającej dokonano zakupu. ustanowionych ustanowionych dozostały bilansu nr 12. na na udziałach zapasach nieruchomościach udziałach środkach przedstawione trwałych i Fosfory akcjach przedstawione przedstawione przedstawione zostały zostały notach zostały w w964 notach notach notach i 23c. 22a 22a 22a ii23a. 23c. 23a 23a tawione 23a. w notcie objaśniającej przedstawione przedstawione do bilansu zostały wirachunek notcie nr w objaśniającej notach przedstawione tawione 22d w i dostaw 23c. do bilansu zostały objaśniającej nr w zapasach tawione 12. notach do w 22d przedstawione 12. bilansu izabezpieczeniach 23c. objaśniającej nr 12. zostały do w notach bilansu 22d nr iusług 23c. Shareholders’ equity as at 1 utworzone January 66w22d 350 1zysków 040 1notcie 236 436 905 506 495 Net profit on cash flow hedging Recognition of the costs of options for the management staff Reclassification of the result on hedging to profit and loss account Net profit Total recognized profit and loss Distribution of profit for the payment of dividend Acquisition of shares from minority shareholders Shareholders’ equity as at 30 June 2007 0 0 250 (1 387) 0 (1 137) 0 421 0 0 0 421 0 0 (1 040) 0 0 (1 040) 0 0 0 421 0 1 290 0 (1 387) 44 440 44 440 44 440 47 038 0 0 0 0 (36 922) (36 922) 66 964 771 250 (151) 444 423 512 257 Dariusz Mańko Adam Piela Andrzej Stempak President of the Management Board Member of the Management Board President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. KĘTY, 5 SEPTEMBER 2007 Statement of changes in shareholders’ equity for the period of 6 months ended 30 June 2007 Statement of changes in shareholders’ equity should be analysed with notes which are an integral part of this standalone mid-year financial statement 5 (continued). Capital from Reserve from the the issue of Result on cash flow revaluation of Share capital options for the hedging hedging management transactions instruments staff Retained gains Total shareholders’ equity W Wartość W Odpisy strat odniesieniu odniesieniu dniu przez aktualizujące 30.05.2003r. środków do do łącznej trwałych będący należności podmiot nalezności wartości średnią nieamortyzowanych zdominujacy tytułu ważoną należności dostaw okresu nizszego i(długousług lub ekonomicznej nieumarzanych na szczebla wi2006 nalezności krótkoterminowych) Grupie Kapitałowej użyteczności odużywanych spółek Sp. z zostały o.o. jednostek należności będących nabytych dokonał na w podstawie powiązanych w isporne podlegających sprzedaży stanie brutto upadłośi udziałów CIECH, wynoszą najmu, amortyzacji i ilikwidacji, W Wartość Informacje Informacje się W W Informacje Odpisy przedziały Ciech spółki dzierżawy odniesieniu odniesieniu dniu na skonsolidowany ujemną stowarzyszonej aktywów, aktualizujące 30.05.2003r. środków natys. oczasowe onalezności i zabezpieczeniach zabezpieczeniach innych PLN, do do wartość łącznej trwałych należności wpodmiot nalezności rachunek firmy W Wartość Informacje W Informacje skonsolidowany Odpisy wartości ujemną odniesieniu nieamortyzowanych odniesieniu dniu dominujacy tytułu ustanowionych ustanowionych aktualizujące 30.05.2003r. zysków zostały środków wartość należności oodostaw zabezpieczeniach zabezpieczeniach się do do firmy łącznej trwałych na strat należności i12. podmiot nalezności na na lub odpisuje wartości zysków W Wartość Informacje nieamortyzowanych Informacje skonsolidowany W Odpisy wartość zodniesieniu odniesieniu dniu dominujacy tytułu ustanowionych ustanowionych się zostały należności 30.05.2003r. środków na strat firmy oskonsolidowany o zabezpieczeniach utworzone zabezpieczeniach przez do do odpisuje nizszego rachunek trwałych łącznej inależności (długousług na 60 na lub podmiot nalezności W Informacje udziałach Wartość Informacje W udziałach miesięcy skonsolidowany środkach W Informacje Odpisy ujemną się na szczebla odniesieniu wartości w odniesieniu dniu izysków nieamortyzowanych na zdominujacy skonsolidowany tytułu aktualizujące ustanowionych 30.05.2003r. środków ustanowionych W Informacje wartość W PLN. Informacje odpisuje W Informacje Odpisy zostały Ciech o742 należności oodniesieniu iodniesieniu dniu zabezpieczeniach strat do dostaw doujemną rachunek firmy aktualizujące łącznej utworzone 30.05.2003r. trwałych należności przez się nizszego oopodmiot nalezności na izabezpieczeniach (długozabezpieczeniach usług odpisuje do na 60 do na rachunek wartość lub skonsolidowany wartości zysków łącznej udziałach nieamortyzowanych udziałach miesięcy należności środkach nieumarzanych na szczebla zwdominujacy ipodmiot tytułu ustanowionych nalezności ustanowionych nalezności Grupie się zostały firmy należności zysków wartości i na strat iidostaw zskonsolidowany odpisuje dominujacy tytułu ustanowionych utworzone ustanowionych przez rachunek zostały inizszego należności i12. (długodostaw na 60 na lub się na wi i Informacje miesiąca, tawione Informacje wwnotcie oookres którym zabezpieczeniach zabezpieczeniach objaśniającej dokonano zakupu. ustanowionych ustanowionych dozostały bilansu nr 12. na na udziałach zapasach nieruchomościach udziałach środkach przedstawione trwałych i Fosfory akcjach przedstawione przedstawione przedstawione zostały zostały notach zostały w22d w wumowy notach notach notach i 23c. 22a 22a 22a ii23a. 23c. 23a 23a tawione 23a. w notcie objaśniającej przedstawione przedstawione do bilansu zostały wirachunek notcie nr w objaśniającej notach przedstawione tawione 22d w i dostaw 23c. do notcie bilansu zostały objaśniającej nr w zapasach tawione 12. notach do w 22d przedstawione 12. notcie bilansu izabezpieczeniach 23c. objaśniającej nr 12. zostały do w notach bilansu 22d nr iusług 23c. Shareholders’ equity as at 1 utworzone January 66 964 023.205 0zodpisuje 0iaktualizujące 406 473 706 Net profit on cash flow hedging Net profit Total recognized profit and loss 0 0 0 0 0 0 (4 528) 0 (4 528) 0 0 0 0 53 391 53 391 (4 528) 53 391 48 863 Payment of dividend 0 0 0 0 (36 903) (36 903) 66 964 0 (4 528) 0 423 230 485 666 Shareholders’ equity as at 30 June 2006 Dariusz Mańko Adam Piela Andrzej Stempak President of the Management Board Member of the Management Board President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. KĘTY, 5 SEPTEMBER 2007 Statement of changes in shareholders’ equity should be analysed with notes which are an integral part of this standalone mid-year financial statement 6 Grupa KĘTY S.A. Cash flow statement for the period of 6 months ended 30 June 2007 in PLN ‘000 Cash flow statement Cash flow from operations Profit before tax for the period Adjustments: Depreciation Establishment / (reversal) of write-downs Net (profit) / loss on currency translation differences (Profit) / loss from investments (Profit) / loss from sale of tangible assets Interest and shares in profits Other net items Operating cash flow before change in working capital Increase/decrease in inventory Increase/decrease in net receivables Increase/decrease in short-term payables (excluding credits and loans) Increase/decrease in provisions Increase/decrease in subsidies Net operating cash Paid tax Net operating cash flow Cash flow from investments (+) Inflows: Disposal of intangible assets and property, plant and equipment Disposal of financial assets Dividends received (-) Outflows: Acquisition of intangible assets and property, plant and equipment Acquisition of financial assets Net investing cash flow Cash flow from financial activity (+) Inflows: Credits and loans payables 01.01.2007 01.01.06 - 30.06.2007 - 30.06.2007 First half First half Current year Previous year 49 560 (13 221) 13 226 (213) 283 (5 187) 46 (22 022) 646 36 339 (9 251) (7 286) 58 076 (13 127) 12 415 753 573 (2 303) (236) (30 962) 6 633 44 949 9 397 (21 583) 972 (3 349) (574) 89 20 289 (193) 20 096 4 860 (13) 34 261 (3 666) 30 595 14 726 38 058 1 663 310 4 440 8 623 3 784 33 964 (43 634) (133 139) (30 578) (27 045) (13 056) (28 908) (106 094) (95 081) 7 607 7 607 93 266 93 266 Cash flow statement should be analysed with notes which are an integral part of this standalone mid-year financial statement 7 (-) Outflows: Repayment of credits and loans Interest paid Net cash flow on financial activities Total net cash flow: (10 539) (6 380) (4 159) (2 932) (11 744) (31 105) (28 504) (2 601) 62 161 (2 325) Cash and its equivalents at period beginning Change in cash due to currency translation differences Cash and its equivalents at period end (15 195) (5 936) 2 (8 259) (26 939) Dariusz Mańko Adam Piela Andrzej Stempak President of the Management Board Member of the Management Board President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. KĘTY, 5 SEPTEMBER 2007 Cash flow statement should be analysed with notes which are an integral part of this standalone mid-year financial statement 8 . Notes to the standalone financial statement 1. Information about Grupa KĘTY S.A. and material accounting principles (A) Information about Grupa KĘTY S.A. Grupa KĘTY S.A. („Company”) is a joint stock company incorporated in Poland with registered office in Kęty at ul. Kościuszki 111. The Company was established through the transformation of state-owned Zakłady Metali Lekkich „KĘTY” into a sole-shareholder joint-stock company of the State Treasury by virtue of a notarial deed of 3 March 1992. On 1 April 1992, the Company was registered in District Court in Bielsko – Biała, 6th Economic Division under RHB No. 1768/92, and on 9 July 2002, District Court in Kraków, 12th Economic Division of the National Court Register entered the Company to the Register of Entrepreneurs under KRS No. 0000121845. The Company was granted tax identification number NIP 549-000-14-68 by Tax Office in Oświęcim. In 1995, the Company was listed for the first time on Warsaw Stock Exchange and became a public company. According to the classification of the Warsaw Stock Exchange, the Company operates in the metal sector. The Company’s business involves production, trade and services related to the processing of aluminium and its alloys and production and trade related to the production of plastic and paper packaging materials, including trade, supply, marketing and other intermediation. (B) Compliance statements and the format of this financial statement This mid-year standalone financial statement has been prepared according to the International Financial Reporting Standards (“IFRS”), particularly according to IAS 34 and IFRS adopted by the EU. As at the date of approving this financial statement for publication, having regard for the process of implementing IFRS in the EU and the Company’s business, as far as the accounting principles applied by the Company as concerned, there are no differences between IFRS and IFRS approved by the European Union. IFRS include standards and interpretations approved by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC). Comparable financial data for 6 months ended 30 June 2006 and as at 31 December 2006 were prepared on the same basis as the financial statements. The changes in IFRS described below have not affected this financial statement. This mid-year standalone financial statement has been approved for publishing by the Company’s Management Board on 5 September 2007. 9 (C) Basis of financial statement preparation Data in this standalone mid-year financial statement are presented in Polish zloty (PLN) which is the Company’s functional and presentation currency, rounded to full thousands. This financial statement was prepared on the basis of historical cost principle, except for property, plant and equipment which was valued at fair value as at the date of transition to IFRS, i.e. 1 January 2004, which is deemed cost under IFRS 1, shareholders’ equity which was revalued according to IAS 29 and except for assets and liabilities carried at fair value: derivatives, financial instruments available for sale, financial instruments carried at fair value with the inflow recognition in financial result. This mid-year standalone financial statement does not cover all data and disclosures required in annual financial statement and it should be read with the annual financial statement of the Company as at 31 December 2006. The preparation of the financial statement according to IAS 34 requires the preparation of estimates and assumptions by the Management Board which affect the amounts disclosed in this financial statement. The majority of estimates are based on analyses and best knowledge of the Management Board. Although the adopted estimates and assumptions are based on the best knowledge of the Management Board of the current events and actions, real results may differ from the estimates. Estimated and related assumptions are subject to verification. The change of accounting estimates is recognized in the period in which an estimate was changed or in current and future periods if a change in estimate is related both to the current period and future periods. Evaluations made by the Management Board when applying IAS 34 which materially affect this financial statement as well as estimates bearing a material risk of changes in future years are presented in Note 28 of Mid-year Consolidated Financial Statement. Below we present new and amended IFRS regulations and new IFRIC interpretations that the Company applied this year. Their application, apart from a few additional disclosures, did not affect this financial statement. IAS 1 Presentation of Financial Statements – Capital Disclosures Amended IAS 1 has not affected the Company’s financial statement. Additional capital disclosures are presented in Note 27 of mid-year consolidated financial statement of Grupa Kęty S.A. Capital Group for 6 months of 2007 ended 30 June 2007. IFRS 7 Financial Instruments: Recognition and Measurement Amended IFRS 7 has not affected the Company’s financial statement. Additional capital disclosures are presented in Note 27 of mid-year consolidated financial statement of Grupa Kęty S.A. Capital Group for 6 months of 2007 ended 30 June 2007. IFRIC 7 Applying the Restatement Approach under IAS 29: Financial Reporting in Hyperinflationary Economies Amended IFRIC 7 has not affected the Group’s financial statement. 10 IFRIC 8 Scope of IFRS 2 The Group applies the interpretation of IFRIC 8. It resulted in changes in certain adopted accounting principles (policy). The Group reviewed the transactions under which shares were issued (or the Group bore liabilities based on the value of equity instruments) as payment for received goods or services and confirmed that there were no transactions which would require changed recognition as a result of the application of IFRIC 8 interpretation. IFRIC 9 Reassessment of Embedded Derivatives The Group applies IFRIC 9 interpretation. This interpretation states that assessments whether a given agreement contains embedded derivative is made as at the date of entering into such an agreement. The reassessment is possible only when such changes are made in the agreement which materially affect cash flows resulting from such an agreement. The application of this interpretation did not result in any material changes in the recognition of the Group’s embedded instruments. IFRIC 10 Interim Financial Reporting and Impairment The Group applied IFRIC 10 interpretation. The interpretation states that a business cannot reverse impairment recognized in an interim period and concerning the goodwill or investments in equity instruments classified as available for sale. The application of this interpretation did not result in material changes which would affect this financial statement. The following standards and interpretations were issued, but not yet became effective, by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC): IFRS 8 Operating Segments – applicable to annual periods starting after 1 January 2009 – not yet approved by the EU by the approval date of this financial statement. IAS 23 Borrowing Costs (amended in March 2007) – applicable to annual periods starting after 1 January 2009 – not yet approved by the EU by the approval date of this financial statement. Interpretation IFRIC 11 Group and Treasury Share Transactions - applicable to annual periods after 1 March 2007. Interpretation of IFRIC 12 Service Concession Arrangements – applicable to annual periods starting after 1 January 2008 – not yet approved by the EU by the approval date of this financial statement. Interpretation of IFRIC 13 Customer Loyalty Programmes – applicable to annual periods starting after 1 July 2008 – not yet approved by the EU by the approval date of this financial statement. IFRIC 14 “IAS 19 - The Limit on a Defined Benefit Asset and the Minimum Funding Requirements” – applicable to annual periods starting after 1 January 2008 – not yet approved by the EU by the approval date of this financial statement. The Management Board does not envisage that the introduction of the said standards and interpretations should exert any impact on the Company’s accounting principles (policy). At present, the Company analyses the consequences and impact of the application of the above new standards and interpretations upon the financial statement. 11 Accounting principles described in the consolidated financial statement published along with this financial statement were applied on a continuous basis in periods covered by this financial statement. The balance sheet year of Grupa Kęty S.A. equals calendar year. In the reporting period, Grupa Kęty S.A. did not discontinue any material business. This mid-year standalone financial statement was prepared based on the assumption that the Company shall remain a going concern in the foreseeable future. As at the date of approving this financial statement, no circumstances indicating to any threat to the Company’s continuation were confirmed. This mid-year standalone financial statement should be read with Financial Statement for 2006, including notes, for the period of 12 months ended 31 December 2006 prepared according to IFRS. Mid-year Consolidated Financial Statement of Grupa Kęty S.A. Capital Group was published together with this Mid-year Individual Financial Statement. This mid-year financial statement was not audited by an independent certified auditor. The more recent financial statement audited by a certified auditor is the financial statement for 12 months ended 31 December 2006. This mid-year financial statement was reviewed. The review report is attached hereto as an Appendix. (D) Principles of preparing mid-year individual financial statement Accounting Principles adopted for the preparation of this Mid-year Standalone Financial Statement are consistent with principles applied in the Financial Statement for 12 months ended 31 December 2006 prepared according to IFRS. 2. Information on seasonality Information about seasonality is contained in Note 37 of the mid-year consolidated financial statement for 6 months ended 30 June 2007. 12 3. Cash and cash equivalents For the purpose of this mid-year standalone cash flow statement, cash and its equivalents are composed of the following items: 30.06.2007 31.12.2006 30.06.2006 Bank deposits (current accounts) and shortterm interest-bearing deposits Cash recognized in the balance sheet Overdraft facility 7 184 7 184 (34 123) 17 307 17 307 (32 502) 16 910 16 910 (25 169) Cash recognized in cash flow statement (26 939) (15 195) (8 259) 4. Dividend paid and proposed Information about dividend is contained in Note 16 of the mid-year consolidated financial statement for 6 months ended 30 June 2007. 5. Income tax For 6 months ended 30 June 2007 2006 Current income tax Current income tax payables Current income tax on items in shareholders’ equity Income tax from previous years Deferred income tax Related to the establishment and reversal of temporary differences Tax payable as presented in the profit and loss account PLN ‘000 PLN ‘000 3,734 (48) 38 7,295 - 1,480 5,204 (2,610) 4,685 6. Operating segments Information about operating segments is contained in Note 12 of the mid-year consolidated financial statement for 6 months ended 30 June 2007. 7. Property, plant and equipment In the period of 6 months ended 30 June 2007, the Company acquired property, plant and equipment for PLN 27,829 thousand (H1 2006: PLN 15,181 thousand). In the period of 6 months ended 30 June 2007, the Company sold property, plant and equipment for PLN 1,709 thousand (H1 2006: PLN 138 thousand), generating net profit from sale of PLN 45 thousand (H1 2006: PLN 236 thousand). 13 8. Investments In the period, the Company’s investments were related to the subscription of shares in existing subsidiaries. In the first half of the year, the Group increased share capital in: - Alupol LLC, Ukraine, by PLN 12,685 thousand - Alutrans System, Zawiercie, Poland, by PLN 150 thousand 9. Inventory In the period of 6 months ended 30 June 2007, the Company decreased inventory by PLN 457 thousand (H1 2006: PLN 488 thousand). The amount was recognized in “Other operating expenses”. Furthermore, the Company reversed write-downs of inventory due to the sale of inventory for PLN 948 thousand (H1 2006: PLN 765 thousand). The amount was recognized in “Other operating income”. 10. Interest-bearing bank loans and credits Information about interest-bearing loans and credits is contained in Note 28 of the midyear consolidated financial statement for 6 months ended 30 June 2007. 11. Contingent liabilities and receivables Off-balance sheet items: Item 30.06.2007 Bills endorsement Guarantee for the State Treasury PLN 23,500 thousand 31.12.2006 30.06.2006 PLN 1,475 PLN 980 thousand thousand - - Off-balance sheet payables related to bills of exchange include bills of exchange to be cashed and accepted as payment for goods and services of the Group. The guarantee is related to the satisfaction by Aluprof S.A. of commitments resulting from the agreement on the acquisition of 85% of shares in Metalplast Złotów S.A. Furthermore, Grupa Kęty S.A.: a) granted sureties for loans to subsidiaries; as at the balance sheet date, guarantee amounts were as follows: - a guarantee for trade credit in BP Polska for Alupol sp. z o.o. in Tychy amounting to PLN 10 thousand - a guarantee for overdraft facility in BPH S.A. for Aluprof S.A. in Bielsko-Biała amounting to PLN 22 million - a guarantee for investment loan in BPH S.A. for Aluprof S.A. in Bielsko-Biała amounting to PLN 29 million - a guarantee for overdraft facility in BPH S.A. for Metalplast Stolarka sp. z o.o. amounting to PLN 9 million 14 b) it received guarantees of loans from subsidiaries - a guarantee for loans in BP Polska from Alupol sp. z o.o. in Tychy for PLN 48 million - a guarantee for a loan in Bank Handlowy w Warszawie from Alupol sp. z o.o. in Tychy for PLN 30 million - a guarantee for a loan in Bank Handlowy w Warszawie from Alupol sp. z o.o. in BielskoBiała for PLN 30 million - guarantee for a loan in PKO BP S.A. from Aluprof S.A. in Bielsko-Biała for PLN 62.6 million 12. Related party transactions Statement of intergroup transactions for the period from 1 January 2007 to 30 June 2007 Aluprof Alupol Bielsko Alutech Alutrans Run- Dekret Metalplast Metalplast Aluprof Alupol Impet System Pak Stolarka Karo Węgry Ukraina Celtech S.A. Sp. z o.o. Sp. z o.o. Sp. z Sp. z o.o. o.o. Sp. z. o.o Sale of trade goods and services Acquisitions Dividends Paid interest 52 322 Receivables Liabilities 34 614 129 Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z. o.o 35 378 800 3773 5 100 214 70 297 2 673 10 4 624 28 317 10 000 16 000 40 2 133 - - 16 689 118 - 565 - 2 - - - - 88 - 161 204 2 849 - 5 - 23 280 48 - 19 1 218 - 1 023 - 4 - 1 13 20 865 15 800 Furthermore, in the period, the Company sold plant and machinery to Alupol Tychy for PLN 1,581 thousand. Transactions with the Management Board and the Supervisory Board were described in Note 33 of the consolidated financial statement. Apart from the above-mentioned transactions and balances, there were no other material related party transactions. 15 Statement of intergroup transactions for the period from 1 January 2006 to 30 June 2006 Aluprof Alupol Aluprof Bielsko Tychy Opole S.A. Sp. z o.o. Alutech Alutrans Run- Dekret System Pak Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. Metelplast Metalplast Aluprof Alupol Impet Celtech Stolarka Karo Węgry Ukraina Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z. o.o Sale Acquisitions Dividends Interest paid 39 059 37 367 1 999 19 453 22 000 - 5 297 9 334 - 795 2 189 2 630 - 1 - 28 11 277 115 820 - 100 178 - 34 36 - 419 - 49 - 8 - 3 66 - Receivables Liabilities 14 413 18 379 395 11 764 4 214 - 66 185 - 75 - 26 167 22 34 8 - 291 - 3 - 2 - 39 63 Apart from the above-mentioned transactions and balances, there were no other material related party transactions. 13. Other material events No untypical material events occurred in the period. In comparable data concerning the first half of 2006, the Company recognized costs related to the fire in Flexible Packaging Segment and income from insurance indemnity; this information is contained in Note 13 of mid-year consolidated financial statement for 6 months ended 30 June 2007. 14. Post-balance sheet events Information about post-balance sheet events is contained in Note 27 of the mid-year consolidated financial statement for 6 months ended 30 June 2007. 16 Dariusz Mańko President of the Management Board Adam Piela Member of the Management Board ……………………………… …………………………………………. Kęty, 5 September 2007 Signatures of a person responsible for the Company’s accounts Andrzej Stempak President of the Management Board Dekret Centrum Rachunkowe sp. z o.o. …………………………………………. Kęty, 5 September 2007 17
