MIRA INFORM REPORT

 

 

Report Date :

30.04.2012

 

IDENTIFICATION DETAILS

 

Name :

BAKALLAND S.A.

 

 

Registered Office :

ul. Fabryczna 5, Warszawa, 00-446

 

 

Country :

Poland

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

27.03.2006

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacturing, packaging, import, and distribution of dried fruits, nuts, seeds and olives

 

 

No. of Employees :

359

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Poland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Bakalland S.A.

ul. Fabryczna 5

Warszawa, 00-446

Poland

Tel:       48-22-3552200

Fax:      48-22-3552220

Web:    www.bakalland.pl

 

 

Synthesis

 

Employees:                  359

Company Type:            Public Independent

Traded:                         Warsaw Stock Exchange:          BAK

Incorporation Date:         27-Mar-2006

Auditor:                        HLB Sarnowski & Wisniewski Sp. z o.o. 

Financials in:                 USD (Millions)

Fiscal Year End:            30-Jun-2011

Reporting Currency:       Polish New Zloty

Annual Sales:               85.3  1

Net Income:                  1.4

Total Assets:                 86.2  2

Market Value:               27.1

(04-Apr-2012)

 

 

Business Description     

 

Bakalland SA is a Poland-based company that is active in the food processing industry. It is engaged in the manufacturing, packaging, import, and distribution of dried fruits, nuts, seeds and olives. The Company's offering includes raisins, apricots, Californian prunes, figs, dates, pears, peaches, apples and desiccated coconut; cereals; nuts, such as hazelnuts, walnuts and pistachios, seeds, both sunflower and pumpkin, flakes, and others. Additionally, Bakalland SA’s offer includes seeds for cakes and canned fruits, as well as olives and olive oil, cake fillings and jams, among others. Bakalland SA group holds the following brands: Bakalland, Fresco, Orico, Polski Blonnik, Medicea, Sabana Oil. Bakalland SA is a Poland-based company that is active in the food processing industry. It is engaged in the import, processing and distribution of dried fruits, nuts, seeds and olives. The Company's offering includes raisins, apricots, Californian prunes, figs, dates, pears, peaches, apples and desiccated coconut; cereals; nuts, such as hazelnuts, walnuts and pistachios, and seeds, both sunflower. Bakalland SA offers also seeds for cakes.

 

Industry             

Industry            Food Processing

ANZSIC 2006:    1140 - Fruit and Vegetable Processing

NACE 2002:      1533 - Processing and preserving of fruit and vegetables not elsewhere classified

NAICS 2002:     311421 - Fruit and Vegetable Canning

UK SIC 2003:    1533 - Processing and preserving of fruit and vegetables not elsewhere classified

US SIC 1987:    2033 - Canned Fruits, Vegetables, Preserves, Jams, and Jellies

 

           

Key Executives   

 

Name

Title

Barbara Dabrowska

Member of the Supervisory Board

Jadwiga Raszko vel Rzepa

Chief Accounting Officer

Elzbieta Marciniak

Chairman of the Supervisory Board

Evangelos Evangelou

Vice Chairman of the Supervisory Board

Pawel Poruszek

Vice Chairman of the Management Board

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Restructuring / Reorganization

1

Bakalland SA Merges With POLGRUNT Sp. z o. o.

28-Jun-2011

Equity Investments

3

Dellingate Holdings Limited Increases Its Stake in Bakalland SA to 29.61% Following the Deed of Gift from Mr. Marian Owerko and Mr. Artur Ungier

7-Jun-2011

Debt Financing / Related

5

Bakalland SA Signs Annex to Loan Agreement with BRE Bank SA

30-Mar-2012

Share Repurchases

3

Bakalland SA Announces Further Details on Its Share Repurchase Program

21-Sep-2011

 

* number of significant developments within the last 12 months   

 

 

Financial Summary    

 

As of 31-Dec-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   1.02                  1.53

Quick Ratio (MRQ)                     0.64                  0.78

Debt to Equity (MRQ)                 2.56                  1.14

Sales 5 Year Growth                  14.83                6.97

Net Profit Margin (TTM) %           1.52                  7.06

Return on Assets (TTM) %          1.72                  7.05

Return on Equity (TTM) %           5.88                  21.45

           


 

Stock Snapshot

 

 

Traded: Warsaw Stock Exchange: BAK

 

As of 4-Apr-2012

   Financials in: PLN

Recent Price

4.20

 

EPS

0.19

52 Week High

7.27

 

Price/Sales

0.34

52 Week Low

2.81

 

Price/Earnings

26.13

Avg. Volume (mil)

0.0049

 

Price/Book

1.56

Market Value (mil)

83.87

 

Beta

1.09

 

Price % Change

Rel S&P 500%

4 Week

-7.49%

-6.27%

13 Week

0.24%

-7.29%

52 Week

-42.23%

-28.74%

Year to Date

-1.18%

-8.95%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = PLN 2.917488

2 - Balance Sheet Item Exchange Rate: USD 1 = PLN 2.7453

 

 

Corporate Overview

 

Location

ul. Fabryczna 5

Warszawa, 00-446

Poland

Tel:       48-22-3552200

Fax:      48-22-3552220

Web:    www.bakalland.pl

           

Quote Symbol - Exchange

BAK - Warsaw Stock Exchange

Sales PLN(mil):             249.0

Assets PLN(mil):           236.8

Employees:                   359

Fiscal Year End:            30-Jun-2011

Industry:                        Food Processing

Incorporation Date:         27-Mar-2006

Company Type:             Public Independent

Quoted Status:              Quoted

Member of the

Supervisory Board:         Barbara Dabrowska

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Home Page

Products/Services

 

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3609     -          Other Grocery Wholesaling

1140     -          Fruit and Vegetable Processing

1191     -          Potato, Corn and Other Crisp Manufacturing

 

NACE 2002 Codes:

1589     -          Manufacture of other food products not elsewhere classified

1533     -          Processing and preserving of fruit and vegetables not elsewhere classified

5138     -          Wholesale of other food including fish, crustaceans and molluscs

 

NAICS 2002 Codes:

424490  -          Other Grocery and Related Products Merchant Wholesalers

311421  -          Fruit and Vegetable Canning

311919  -          Other Snack Food Manufacturing

311423  -          Dried and Dehydrated Food Manufacturing

 

US SIC 1987:

5149     -          Groceries and Related Products, Not Elsewhere Classified

2033     -          Canned Fruits, Vegetables, Preserves, Jams, and Jellies

2096     -          Potato Chips, Corn Chips, and Similar Snacks

2034     -          Dried and Dehydrated Fruits, Vegetables, and Soup Mixes

 

UK SIC 2003:

1589     -          Manufacture of other food products not elsewhere classified

1533     -          Processing and preserving of fruit and vegetables not elsewhere classified

5138     -          Wholesale of other food including fish, crustaceans and molluscs

 

Business Description

Bakalland SA is a Poland-based company that is active in the food processing industry. It is engaged in the manufacturing, packaging, import, and distribution of dried fruits, nuts, seeds and olives. The Company's offering includes raisins, apricots, Californian prunes, figs, dates, pears, peaches, apples and desiccated coconut; cereals; nuts, such as hazelnuts, walnuts and pistachios, seeds, both sunflower and pumpkin, flakes, and others. Additionally, Bakalland SA’s offer includes seeds for cakes and canned fruits, as well as olives and olive oil, cake fillings and jams, among others. Bakalland SA group holds the following brands: Bakalland, Fresco, Orico, Polski Blonnik, Medicea, Sabana Oil. Bakalland SA is a Poland-based company that is active in the food processing industry. It is engaged in the import, processing and distribution of dried fruits, nuts, seeds and olives. The Company's offering includes raisins, apricots, Californian prunes, figs, dates, pears, peaches, apples and desiccated coconut; cereals; nuts, such as hazelnuts, walnuts and pistachios, and seeds, both sunflower. Bakalland SA offers also seeds for cakes.

 

More Business Descriptions

·         Packaging and distribution of nuts, dried fruits, and canned fruit

·         Advertising Material Distribution Services

 

Brand/Trade Names

Bakalland                      Orico

Fresco                          Polski Blonnik

 

Financial Data

Financials in:

PLN(mil)

 

Revenue:

249.0

Net Income:

4.1

Assets:

236.8

Long Term Debt:

57.8

 

Total Liabilities:

183.2

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

30-Jun-2011

 

1 Year Growth

28.0%

-56.3%

70.6%

 

Market Data

Quote Symbol:

BAK

Exchange:

Warsaw Stock Exchange

Currency:

PLN

Stock Price:

4.2

Stock Price Date:

04-04-2012

52 Week Price Change %:

-42.2

Market Value (mil):

83,874.2

 

SEDOL:

B1JXXF2

ISIN:

PLBKLND00017

 

 

Subsidiaries

Company

Percentage Owned

Country

PIFO Eko-Strefa Sp zoo

99.95%

POLAND

Bakalland Ukraina TOW

90%

UKRAINE

Beer Fingers Sp zoo

65%

POLAND

Bakalland Brands Sp zoo

100%

POLAND

 

 

 

 

Shareholders

 

 

Major Shareholders

Dellingate Holdings Ltd, Cyprus (29.61%); Anvik Holdings Ltd, Cyprus (15.47%); Marian Owerko (7.29%)

 

 

 

 

Key Corporate Relationships

Auditor:

HLB Sarnowski & Wisniewski Sp. z o.o.

 

Auditor:

HLB Sarnowski & Wisniewski Sp. z o.o., HLB Sarnowski & Wisniewski Sp zoo

 

 

 

 

 

 

 

 

 

 

 

 

Executive report

 

Executives

 

Name

Title

Function

 

Barbara Dabrowska

 

Member of the Supervisory Board

Administration Executive

 

 

Ms. Barbara Dabrowska has served as Member of the Supervisory Board of Bakalland SA since March 22, 2007. From 1995 to 2003, she was Tutor in Economy Law. She served at Supervisory Boards of such companies, as Jelfa SA, Gdanska Stocznia Remontowa SA, Kompania Piwowarska SA, Naftobazy Sp. z o.o., Browary Tyskie SA, Elektrownia Polaniec SA, Budimex Instal SA and Browary Wielkopolskie Lech SA.


Compensation/Salary: 1,000

Krzysztof Marciniak

 

Member of the Supervisory Board

Administration Executive

 

 

 

Mr. Krzysztof Marciniak has served as Member of the Supervisory Board of Bakalland SA since January 25, 2007. Prior to this, he acted as Vice Chairman of the Management Board of the Company from 2006 to January 25, 2007. He began his professional career in 1988, when he joined AGARICUS, a foreign trade company, as an authorized proxy and General Director. From 1990 to 1992, he held the same positions in AGRO-RING in Warsaw. From 1992 to 1992, he was the owner of PHZ FRESCO. In 2000, he was appointed Vice Chairman of the Management Board in Uno Fresco Tradex Sp. z o.o. He remained in this position until 2006.


Compensation/Salary: 14,000

Pawel Sobkow

 

Member of the Supervisory Board

Administration Executive

 

 

 

Mr. Pawel Sobkow has served as Member of the Supervisory Board at Bakalland SA since May 7, 2009. From June 2006 to May 2009, he acted as Chairman of the Management Board at MOGO sp. z o.o. Grupa Bakalland. During his professional career, he also worked for Zaklady Produkcji Spozywczej Firma ROLESKI as Deputy General Director-Export Director from 2003 to 2006 and for Panstwowa Agencja Inwestycji Zagranicznych as Project Manager from 2001 to 2003. In 1998, he obtained Bachelor of Arts degree in Business Management at National-Louis University. He also obtained Master of Business Administration degree from Maastricht School of Management in 1999. In 2008, he also completed studies at Szkola Glowna Handlowa with a Doctorate degree.



PHD Economic Sciences, Szkola Glowna Handlowa
MBA , Maastricht School of Management
M , Wyzsza Szkola Biznesu - National Louis University

Jadwiga Raszko vel Rzepa

 

Chief Accounting Officer

Accounting Executive

 

 

 

 

 

Significant Developments

 

Bakalland SA Signs Annex to Loan Agreement with BRE Bank SA Mar 30, 2012

 

Bakalland SA announced that it has signed an annex to the agreement with BRE Bank SA concerning a bank loan. On the basis of the annex the credit limit for the period between March 29, 2012 and April 30, 2012 is going to amount to PLN 33.8 million, the credit limit for the period starting May 1, 2012 and ending September 27, 2012 is going to amount to PLN 28.8 million and the credit limit for the period between September 28, 2012 and April 30, 2012 is going to amount to PLN 38.8 million. The repayment date has been extended to April 30, 2012. The funds from the loan are going to be used to finance current operations of the Company and other purposes.

 

Bakalland SA Announces Further Details on Its Share Repurchase Program Sep 21, 2011

 

Bakalland SA announced that following the resolution number 4/II/2011 of the general meeting of Shareholders from September 8, 2011, it is going to start share repurchase program on September 22, 2011. The Company is going to purchase up to 10% of its shares. The Company is going to allocate an amount of PLN 6 million from its supplementary capital. The program is going to run for the period of 24 months.

 

Bakalland SA Announces Share Repurchase-PAP Sep 08, 2011

 

PAP reported that Bakalland SA has decided to acquire up to 10% of the Company's shares. The Company will assign for the acquisition the maximum value of PLN 60 million. The authorization to share repurchase will be available for two years from the resolution date.

 

Bakalland SA Signs Annex to Credit Agreement with Bank Gospodarki Zywnosciowej SA Jul 25, 2011

 

Bakalland SA announced that it has signed an annex to the credit contract with Bank Gospodarki Zywnosciowej SA signed on January 31, 2011. The total value of the credit has been decreased to PLN 48,450,000.

 

Bakalland SA Signs Annex to Credit Agreement with PKO BP SA Jul 01, 2011

 

Bakalland SA announced that it has signed an annex to the credit agreement signed with PKO BP SA on July 2, 2008. According to the annex the Company receives a credit limits in the amount of PLN 15 million from July 2, 2011; PLN 20 million from October 1, 2011 and PLN 15 million from May 1, 2012. The credit must be repaid on July 1, 2012. The credit will be used to finance the current activity of the Company.

 

Bakalland SA Merges With POLGRUNT Sp. z o. o. Jun 28, 2011

 

Bakalland SA announced that it has decided to merger with its subsidiary POLGRUNT Sp. z o. o. The merger is effective as of June 20, 2011.

 

Bakalland SA's Subsidiary BioConcept-Gardenia Sp. z o. o. Signs Credit Agreement with Bank Gospodarki Zywnosciowej SA Jun 15, 2011

 

Bakalland SA announced that its subsidiary BioConcept-Gardenia Sp. z o. o. has signed an agreement with Bank Gospodarki Zywnosciowej SA concerning investment credit for a project co-financed with European Union's Funds System within programme named Kredyt Agro Unia under the Rural Development Programme 2007 - 2013. The credit agreement is of the value of PLN 12,102,035 and is going to cover 59.9% of BioConcept-Gardenia Sp. z o. o.'s the project's expenditure. The repayment date has been set to May 31, 2019.

Dellingate Holdings Limited Increases Its Stake in Bakalland SA to 29.61% Following the Deed of Gift from Mr. Marian Owerko and Mr. Artur Ungier Jun 07, 2011

 

Bakalland SA announced that it has received notices from Mr. Marian Owerko, the Company's Chairman of the Management Board and Mr. Artur Ungier, the Company's Vice Chairman of the Management Board concerning a decrease in the Company's share capital. Mr. Owerko has transferred as the deed of gift a number of 1,500,000 shares of Bakalland SA to Dellingate Holdings Limited. Following the deed of gift, Mr. Owerko has decreased his stake in the Company from a stake of 14.44% comprised of 3,032,573 shares to a stake of 7.30% comprised of 1,532,573 shares of Bakalland SA. Mr. Artur Ungier has transferred as the deed of gift a number of 775,770 shares of Bakalland SA to Dellingate Holdings Limited. Following the deed of gift, Mr. Ungier has decreased his stake in the Company from a stake of 6.55% comprised of 1,375,770 shares to a stake of 2.85% comprised of 600,000 shares of Bakalland SA. Following the transactions, Dellingate Holdings Limited has increased its stake in the Company from a stake of 18.00% comprised of 3,781,475 shares to a stake of 29.61% comprised of 6,218,696 shares of Bakalland SA.

 

Dellingate Holdings Limited Sells Bakalland SA's Stake Jun 07, 2011

 

Bakalland SA announced that Dellingate Holdings Limited has sold 800,000 of the Company's shares. Before the transaction Dellingate Holdings Limited held 4,581,475 of the Company's shares, representing a 21.81% stake in the Company's share capital. After the transaction Dellingate Holdings Limited holds 3,781,475 of the Company's shares, representing a 18% stake in the Company's share capital.

 

Bakalland SA's Subsidiary BioConcept-Gardenia Sp. z o. o. Signs Two Credit Agreements with Bank Gospodarki Zywnosciowej SA May 25, 2011

 

Bakalland SA announced that its subsidiary BioConcept-Gardenia Sp. z o. o. has signed two agreements with Bank Gospodarki Zywnosciowej SA concerning investment credits. The first credit agreement is of the value of PLN 1,636,250 and is going to cover 85% of the price of the real estate that BioConcept-Gardenia Sp. z o. o. has purchased in Starachowice. The repayment date has been set to March 29, 2019. The second credit agreement is of the value of PLN 8 million. The repayment date has been set to May 31, 2012.

 

Anvik Holdings Limited Transfers Shares Held in Bakalland SA to Dellingate Holdings Limited May 12, 2011

 

Bakalland SA announced that it has been notified that Anvik Holdings Limited has transferred as a payment in kind 4,216,418 of the Company's shares to Dellingate Holdings Limited. Further details were not disclosed.

 

Bakalland SA Completes Share Repurchase Program May 06, 2011

 

Bakalland SA announced that it completed its share repurchase program on May 6, 2011. The program was scheduled to last for 24 months from the date of the resolution to May 7, 2011 (Saturday). After the buyback the Company possesses 1,029,950 of its shares, representing a 4.90% stake in the capital. The Company was paying an average price for its shares in the amount of PLN 4.8752 per share, and PLN 5,050,201.88 in total.

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

85.3

65.9

63.4

76.7

50.8

Revenue

85.3

65.9

63.4

76.7

50.8

Total Revenue

85.3

65.9

63.4

76.7

50.8

 

 

 

 

 

 

    Cost of Revenue

61.0

44.7

42.9

52.4

35.1

Cost of Revenue, Total

61.0

44.7

42.9

52.4

35.1

Gross Profit

24.4

21.2

20.4

24.4

15.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

22.1

16.4

16.1

17.4

12.5

Total Selling/General/Administrative Expenses

22.1

16.4

16.1

17.4

12.5

    Loss (Gain) on Sale of Assets - Operating

-0.1

0.0

0.0

0.0

0.0

Unusual Expense (Income)

-0.1

0.0

0.0

0.0

0.0

    Other Operating Expense

1.0

1.1

2.3

1.2

0.5

    Other, Net

-1.9

-0.8

-0.7

-0.8

-0.8

Other Operating Expenses, Total

-0.8

0.3

1.6

0.4

-0.3

Total Operating Expense

82.2

61.4

60.6

70.2

47.3

 

 

 

 

 

 

Operating Income

3.2

4.4

2.8

6.6

3.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.8

-0.7

-0.9

-1.0

-0.6

    Interest Expense, Net Non-Operating

-1.8

-0.7

-0.9

-1.0

-0.6

        Interest Income - Non-Operating

0.3

0.2

0.2

0.5

0.0

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.4

    Interest/Investment Income - Non-Operating

0.3

0.2

0.2

0.5

0.4

Interest Income (Expense) - Net Non-Operating Total

-1.5

-0.6

-0.7

-0.5

-0.1

    Other Non-Operating Income (Expense)

0.0

-0.4

-2.1

-1.2

-0.1

Other, Net

0.0

-0.4

-2.1

-1.2

-0.1

Income Before Tax

1.7

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Total Income Tax

0.1

0.3

0.1

1.0

0.5

Income After Tax

1.7

3.1

-0.1

3.9

2.7

 

 

 

 

 

 

    Minority Interest

-0.3

0.1

0.0

0.0

-

Net Income Before Extraord Items

1.4

3.2

-0.1

3.9

2.7

Net Income

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Basic EPS Excl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Basic/Primary EPS Incl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

1.4

3.2

-0.1

3.9

2.7

Diluted Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Diluted EPS Excl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Diluted EPS Incl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Dividends per Share - Common Stock Primary Issue

-

0.06

0.05

0.05

0.30

Interest Expense, Supplemental

1.8

0.7

0.9

1.0

0.6

Depreciation, Supplemental

1.4

1.1

1.0

1.0

0.6

Total Special Items

-0.1

0.0

0.0

0.0

0.0

Normalized Income Before Tax

1.6

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.1

0.3

0.1

1.0

0.5

Normalized Income After Tax

1.5

3.1

-0.2

3.9

2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.3

3.2

-0.2

3.9

2.7

 

 

 

 

 

 

Basic Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Diluted Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Amort of Intangibles, Supplemental

0.2

0.2

0.1

0.4

0.1

Advertising Expense, Supplemental

3.7

2.8

-

-

-

Normalized EBIT

3.0

4.4

2.7

6.6

3.5

Normalized EBITDA

4.7

5.7

3.8

8.0

4.2

    Current Tax - Total

0.1

0.5

0.4

1.0

0.6

Current Tax - Total

0.1

0.5

0.4

1.0

0.6

    Deferred Tax - Total

0.0

-0.2

-0.2

0.1

0.0

Deferred Tax - Total

0.0

-0.2

-0.2

0.1

0.0

Income Tax - Total

0.1

0.3

0.1

1.0

0.5

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Restated Normal 
30-Jun-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

2.7453

3.37715

3.18305

2.1269

2.78515

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

1.6

0.9

0.6

-

-

    Cash & Equivalents

0.3

-

-

0.3

0.5

    Short Term Investments

2.3

2.0

1.3

1.2

0.0

Cash and Short Term Investments

4.1

2.8

1.9

1.5

0.5

        Accounts Receivable - Trade, Gross

15.9

10.1

9.6

15.5

8.0

        Provision for Doubtful Accounts

-0.8

-0.2

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

15.1

9.8

9.5

15.4

7.9

    Other Receivables

2.7

1.5

1.7

1.2

0.8

Total Receivables, Net

17.8

11.3

11.2

16.6

8.7

    Inventories - Finished Goods

14.7

7.4

7.1

12.6

5.8

    Inventories - Work In Progress

0.2

0.0

0.0

0.0

0.0

    Inventories - Raw Materials

3.0

1.3

1.1

2.2

1.6

    Inventories - Other

0.0

0.5

0.2

0.6

0.1

Total Inventory

17.8

9.3

8.4

15.4

7.5

    Other Current Assets

0.2

0.2

0.4

1.0

0.2

Other Current Assets, Total

0.2

0.2

0.4

1.0

0.2

Total Current Assets

40.0

23.5

21.9

34.5

16.9

 

 

 

 

 

 

        Buildings

13.7

9.3

5.1

5.7

3.9

        Land/Improvements

1.9

0.6

0.6

0.8

0.6

        Machinery/Equipment

21.9

6.4

6.3

8.5

5.0

        Construction in Progress

0.5

1.1

5.4

2.2

0.9

        Other Property/Plant/Equipment

1.4

0.9

0.7

0.9

0.9

    Property/Plant/Equipment - Gross

39.3

18.4

18.1

18.1

11.2

    Accumulated Depreciation

-8.4

-5.2

-4.6

-5.5

-2.7

Property/Plant/Equipment - Net

30.9

13.2

13.6

12.6

8.5

Goodwill, Net

9.6

0.7

0.7

0.7

0.6

    Intangibles - Gross

1.5

1.1

1.1

-

-

    Accumulated Intangible Amortization

-1.4

-0.9

-0.9

-

-

Intangibles, Net

0.2

0.2

0.2

0.5

0.5

    LT Investment - Affiliate Companies

0.3

0.1

0.1

1.0

0.8

    LT Investments - Other

4.6

3.0

1.4

1.1

0.1

Long Term Investments

4.9

3.2

1.6

2.1

0.8

    Deferred Income Tax - Long Term Asset

0.7

0.4

0.6

0.5

0.2

Other Long Term Assets, Total

0.7

0.4

0.6

0.5

0.2

Total Assets

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

Accounts Payable

8.0

5.7

5.6

5.5

4.0

Accrued Expenses

1.3

0.6

0.6

0.5

0.3

Notes Payable/Short Term Debt

28.7

13.7

11.0

18.6

3.8

Current Portion - Long Term Debt/Capital Leases

0.1

-

-

-

-

    Customer Advances

2.7

2.3

-

-

-

    Other Current Liabilities

0.7

0.3

1.2

1.3

1.3

Other Current liabilities, Total

3.4

2.7

1.2

1.3

1.3

Total Current Liabilities

41.5

22.7

18.3

26.0

9.3

 

 

 

 

 

 

    Long Term Debt

21.0

2.3

5.6

0.0

1.4

    Capital Lease Obligations

0.0

-

-

-

-

Total Long Term Debt

21.1

2.3

5.6

0.0

1.4

Total Debt

49.9

16.0

16.5

18.6

5.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.8

0.2

0.4

0.7

0.4

Deferred Income Tax

0.8

0.2

0.4

0.7

0.4

Minority Interest

0.6

0.3

0.1

0.0

-

    Pension Benefits - Underfunded

0.0

-

-

-

-

    Other Long Term Liabilities

2.7

-

-

-

-

Other Liabilities, Total

2.7

-

-

-

-

Total Liabilities

66.7

25.4

24.3

26.7

11.2

 

 

 

 

 

 

    Common Stock

0.8

0.6

0.7

1.0

0.8

Common Stock

0.8

0.6

0.7

1.0

0.8

Additional Paid-In Capital

19.4

14.6

15.2

19.2

12.6

Retained Earnings (Accumulated Deficit)

1.2

1.4

-1.5

4.0

3.1

Treasury Stock - Common

-1.8

-1.0

-0.2

-

-

Total Equity

19.5

15.7

14.3

24.3

16.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

20.0

20.2

21.0

21.0

21.0

Total Common Shares Outstanding

20.0

20.2

21.0

21.0

21.0

Treasury Shares - Common Stock Primary Issue

1.0

0.8

-

-

-

Employees

258

232

228

294

290

Accumulated Intangible Amort, Suppl.

1.4

0.9

0.9

1.1

0.7

Deferred Revenue - Current

2.7

2.3

0.8

0.8

0.7

Deferred Revenue - Long Term

2.7

-

-

-

-

Total Long Term Debt, Supplemental

-

2.3

5.6

-

1.4

Long Term Debt Maturing within 1 Year

-

0.8

0.7

-

0.5

Long Term Debt Maturing in Year 2

-

0.8

0.7

-

0.5

Long Term Debt Maturing in Year 3

-

0.8

0.7

-

0.5

Long Term Debt Maturing in 2-3 Years

-

1.5

1.5

-

1.0

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

3.4

-

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

1.7

3.4

0.0

4.9

3.3

    Depreciation

1.9

1.2

1.1

1.1

0.7

Depreciation/Depletion

1.9

1.2

1.1

1.1

0.7

    Other Non-Cash Items

3.5

0.8

1.0

1.2

0.2

Non-Cash Items

3.5

0.8

1.0

1.2

0.2

    Accounts Receivable

-3.0

1.2

0.1

-4.3

1.2

    Inventories

-6.0

-1.6

2.1

-4.8

-0.1

    Payable/Accrued

0.8

-1.7

1.3

-0.4

-1.5

    Other Assets & Liabilities, Net

2.0

1.9

0.1

-0.9

0.1

    Other Operating Cash Flow

0.4

-0.5

-0.1

-1.0

-0.7

Changes in Working Capital

-5.8

-0.7

3.5

-11.4

-1.0

Cash from Operating Activities

1.2

4.6

5.6

-4.2

3.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-5.9

-1.6

-6.6

-2.5

-1.2

Capital Expenditures

-5.9

-1.6

-6.6

-2.5

-1.2

    Sale of Fixed Assets

0.2

0.0

0.1

0.1

0.6

    Sale/Maturity of Investment

0.3

0.0

0.1

1.1

2.2

    Purchase of Investments

-4.8

-1.9

-3.1

-2.7

-3.3

    Other Investing Cash Flow

-0.2

0.1

0.9

-0.4

0.0

Other Investing Cash Flow Items, Total

-4.5

-1.8

-2.0

-2.0

-0.5

Cash from Investing Activities

-10.4

-3.4

-8.6

-4.5

-1.7

 

 

 

 

 

 

    Other Financing Cash Flow

-1.1

-0.7

-0.9

-1.0

-0.6

Financing Cash Flow Items

-1.1

-0.7

-0.9

-1.0

-0.6

    Cash Dividends Paid - Common

-1.3

0.0

-1.1

-0.8

0.0

Total Cash Dividends Paid

-1.3

0.0

-1.1

-0.8

0.0

        Sale/Issuance of Common

-

0.3

0.6

0.0

6.1

        Repurchase/Retirement of Common

-0.6

-1.0

-0.2

0.0

0.0

    Common Stock, Net

-0.6

-0.6

0.4

0.0

6.1

Issuance (Retirement) of Stock, Net

-0.6

-0.6

0.4

0.0

6.1

        Long Term Debt Reduction

-0.1

-

0.0

0.0

0.0

    Long Term Debt, Net

-0.1

-

0.0

0.0

0.0

    Total Debt Issued

15.3

5.1

6.4

20.9

10.8

    Total Debt Reduction

-2.2

-4.8

-1.5

-10.7

-17.5

Issuance (Retirement) of Debt, Net

13.0

0.3

4.9

10.2

-6.7

Cash from Financing Activities

9.9

-1.0

3.4

8.4

-1.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

0.8

0.3

0.4

-0.2

0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

1.0

0.7

0.2

0.5

0.1

Net Cash - Ending Balance

1.8

1.0

0.7

0.3

0.4

Cash Interest Paid

1.9

0.7

0.9

1.0

0.6

Cash Taxes Paid

-0.4

0.5

0.1

1.0

0.7

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Sale of Products

52.2

39.3

42.5

53.0

38.9

    Sale of Goods and Materials

33.2

26.5

20.8

23.8

11.8

Total Revenue

85.3

65.9

63.4

76.7

50.8

 

 

 

 

 

 

    Cost of Products

34.8

24.3

27.4

34.4

26.0

    Cost of Goods and Materials

26.2

20.3

15.5

18.0

9.0

    Selling Expenses

15.5

12.1

12.6

12.3

8.6

    General and Administrative Costs

6.6

4.3

3.6

5.1

3.9

    Gain on Sale of Non-Financial Assets

-0.1

0.0

0.0

0.0

0.0

    Subsidies

-0.2

-0.1

-0.1

-0.1

-0.1

    Other Operating income

-1.6

-0.7

-0.6

-0.7

-0.6

    Loss on Sale of Non-Financial Assets

0.0

0.0

0.0

0.0

0.0

    Revaluation of Financial Assets

0.2

0.3

-

-

-

    Revaluation of Non-Financial Assets

0.0

0.1

0.5

0.0

0.0

    Other Operating Expense

0.8

0.7

1.7

1.1

0.5

Total Operating Expense

82.2

61.4

60.6

70.2

47.3

 

 

 

 

 

 

    Interest Income

0.3

0.2

0.2

0.5

0.0

    Investment Income

0.0

0.0

0.0

0.0

0.4

    Revaluation Income

0.0

0.1

0.0

0.0

0.0

    Other Financial Income

0.0

0.1

0.0

0.0

0.0

    Interest Expense

-1.8

-0.7

-0.9

-1.0

-0.6

    Revaluation Expense

0.0

0.0

-0.1

0.0

0.0

    Other Financial Expense

0.0

-0.7

-1.9

-1.2

-0.1

Net Income Before Taxes

1.7

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Provision for Income Taxes

0.1

0.3

0.1

1.0

0.5

Net Income After Taxes

1.7

3.1

-0.1

3.9

2.7

 

 

 

 

 

 

    Minority Interest

-0.3

0.1

0.0

0.0

-

Net Income Before Extra. Items

1.4

3.2

-0.1

3.9

2.7

Net Income

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Basic Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Basic EPS Excluding ExtraOrdinary Items

0.07

0.15

-0.01

0.18

0.13

Basic EPS Including ExtraOrdinary Items

0.07

0.15

-0.01

0.18

0.13

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

1.4

3.2

-0.1

3.9

2.7

Diluted Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Diluted EPS Excluding ExtraOrd Items

0.07

0.15

-0.01

0.18

0.13

Diluted EPS Including ExtraOrd Items

0.07

0.15

-0.01

0.18

0.13

DPS-Common Stock

-

0.06

0.05

0.05

0.30

Normalized Income Before Taxes

1.6

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.1

0.3

0.1

1.0

0.5

Normalized Income After Taxes

1.5

3.1

-0.2

3.9

2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.3

3.2

-0.2

3.9

2.7

 

 

 

 

 

 

Basic Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Diluted Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Interest Expense

1.8

0.7

0.9

1.0

0.6

Depreciation

1.4

1.1

1.0

1.0

0.6

Amortization of Intangibles

0.2

0.2

0.1

0.4

0.1

Advertising Expense, Supplemental

3.7

2.8

-

-

-

    Current Tax

0.1

0.5

0.4

1.0

0.6

Current Tax - Total

0.1

0.5

0.4

1.0

0.6

    Deffered Tax

0.0

-0.2

-0.2

0.1

0.0

Deferred Tax - Total

0.0

-0.2

-0.2

0.1

0.0

Income Tax - Total

0.1

0.3

0.1

1.0

0.5

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Restated Normal 
30-Jun-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

2.7453

3.37715

3.18305

2.1269

2.78515

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Materials

3.0

1.3

1.1

2.2

1.6

    Work in Progress

0.2

0.0

0.0

0.0

0.0

    Finished Goods

6.1

2.1

2.5

4.7

1.6

    Merchandise

8.6

5.3

4.6

7.9

4.2

    Prepaid Supplies

0.0

0.5

0.2

0.6

0.1

    Other ST Receivables /Affiliates

0.0

0.0

0.0

-

-

    Tax/Social Security/Other Rcvbls

2.3

1.2

1.5

1.2

0.8

    ST Receivables/Litigation

0.2

0.1

0.2

0.0

-

    Other ST Receivables /Others

0.2

0.1

0.0

0.1

0.1

    Trade Receivables

15.9

10.1

9.6

15.5

8.0

    Provision for Doubtful Accounts

-0.8

-0.2

-0.1

-0.1

-0.1

    Cash in Bank / Hand

1.6

0.9

0.6

-

-

    Cash Equivalents

0.3

-

-

-

-

    Cash and Cash Equivalents

-

-

-

0.3

0.5

    Investments /Affiliates

1.5

1.2

1.2

0.0

-

    Investments/ Others

0.8

0.8

0.1

1.2

0.0

    Accruals /Deferrals

0.2

0.2

0.4

1.0

0.2

Total Current Assets

40.0

23.5

21.9

34.5

16.9

 

 

 

 

 

 

    Intangibles, Gross

1.5

1.1

1.1

-

-

    Amortization of Intangibles

-1.4

-0.9

-0.9

-

-

    Intangibles

-

-

-

0.5

0.5

    Goodwill of Susidiary

9.6

0.7

0.7

0.7

0.6

    Land

1.9

0.6

0.6

0.8

0.6

    Buildings

13.7

9.3

5.1

5.7

3.9

    Equipment and Machines

18.2

4.8

4.6

6.5

4.1

    Transport

3.6

1.7

1.7

2.0

1.0

    Other Fixed Assets

1.2

0.7

0.7

0.9

0.7

    Work in Progress

0.5

1.1

5.4

2.2

0.9

    Work in Progress / Prepayments

0.2

0.2

-

0.0

0.2

    Real Estate

-

-

-

0.0

0.0

    Depreciation

-8.4

-5.2

-4.6

-5.5

-2.7

    LT Financial Assets /Affiliates

0.3

0.1

0.1

1.0

0.8

    LT Financial Assets /Others

4.6

3.0

1.4

1.1

0.1

    Defererd Tax

0.7

0.4

0.6

0.5

0.2

Total Assets

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

    Loans and Credits

28.7

13.7

11.0

18.6

3.8

    ST Liablilities /Affiliates

0.1

0.0

0.0

0.0

0.2

    ST Liabilities /Others

7.8

5.7

5.6

5.5

3.8

    Pension Reserves

0.2

0.2

0.1

0.1

0.0

    Other Reserves

0.4

0.2

0.2

0.0

0.2

    Financial Lease

0.1

-

-

-

-

    Tax Duties and Other Liabilities

0.4

0.3

0.4

0.5

0.3

    Wages

0.4

0.2

0.2

-

-

    Other Liabilities

0.1

0.0

0.0

0.4

0.4

    Special Funds

0.0

-

-

-

-

    Deferred Income

2.7

2.3

-

-

-

    Accrued Expenses

0.5

0.2

-

-

-

    Accruals /Deferrals

-

-

0.9

0.8

0.7

Total Current Liabilities

41.5

22.7

18.3

26.0

9.3

 

 

 

 

 

 

    Loans and Credits

21.0

2.3

5.6

0.0

1.4

    Financial Lease

0.0

-

-

-

-

Total Long Term Debt

21.1

2.3

5.6

0.0

1.4

 

 

 

 

 

 

    Pension Reserves

0.0

-

-

-

-

    Deferred Tax

0.8

0.2

0.4

0.7

0.4

    Deffered Income

2.7

-

-

-

-

    Minority Interest

0.6

0.3

0.1

0.0

-

Total Liabilities

66.7

25.4

24.3

26.7

11.2

 

 

 

 

 

 

    Share Capital

0.8

0.6

0.7

1.0

0.8

    Treasury Stock

-1.8

-1.0

-0.2

-

-

    Reserve Capital

19.2

14.6

15.2

19.2

12.6

    Other Reserve Capital

0.2

0.0

-

-

-

    Revaluation Capital

-0.4

-0.5

-1.1

-1.0

0.0

    Retained Earnings

-0.2

-0.8

-

-

-

    Net Profit /Loss

1.5

2.8

-0.2

0.5

0.1

    Write-Down of Profit /Loss

0.4

-

-0.1

4.5

2.9

Total Equity

19.5

15.7

14.3

24.3

16.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

    S/O-Common Stock

20.0

20.2

21.0

21.0

21.0

Total Common Shares Outstanding

20.0

20.2

21.0

21.0

21.0

T/S-Common Stock

1.0

0.8

-

-

-

Amortization

1.4

0.9

0.9

1.1

0.7

Deferred Revenue - Long Term

2.7

-

-

-

-

Deferred Revenue - Current

2.7

2.3

0.8

0.8

0.7

Full-Time Employees

258

232

228

294

290

LT Debt 1-3 Years

-

2.3

2.2

-

1.4

Remaining LT Debt

-

0.0

3.4

-

-

Total Long Term Debt, Supplemental

-

2.3

5.6

-

1.4

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

1.7

3.4

0.0

4.9

3.3

    Depreciation

1.9

1.2

1.1

1.1

0.7

    Foreig Exchange Effects

0.2

0.2

0.0

0.0

0.0

    Interests and Dividends

1.8

0.6

0.9

1.0

0.6

    Investing Activity

0.0

-0.1

0.1

0.2

-0.4

    Reserves

-0.2

0.0

0.0

0.0

0.0

    Inventory

-6.0

-1.6

2.1

-4.8

-0.1

    Receivables

-3.0

1.2

0.1

-4.3

1.2

    ST Liabilities

0.8

-1.7

1.3

-0.4

-1.5

    Accruals /Deferrals

2.0

1.9

0.1

-0.9

0.1

    Difference from Consolid. with POLGRUNT

0.4

-

-

-

-

    Other Adjustments

1.2

0.0

0.0

0.0

0.0

    Income Tax

0.4

-0.5

-0.1

-1.0

-0.7

Cash from Operating Activities

1.2

4.6

5.6

-4.2

3.2

 

 

 

 

 

 

    Sale of Fixed Assets

0.2

0.0

0.1

0.1

0.6

    Sale of Investments /Real Estate

-

-

0.0

0.0

0.0

    Sale of Financial Assets/Affiliates

-

-

-

1.0

2.0

    Sale of Financial Assets/Others

0.1

-

-

-

-

    Repayment of Loans and Credits

-

-

-

0.0

0.4

    Sale of Financial Assets

-

0.0

0.1

0.1

0.3

    Loans Repaid

-

0.1

0.7

-

-

    Interest Received

0.2

0.0

0.0

0.0

0.0

    Purchase of Fixed Assets

-5.9

-1.6

-6.6

-2.5

-1.2

    Financial Assets /Affiliates

-4.0

-0.1

-1.7

0.0

-3.7

    Financial Assets /Other

-0.8

-1.7

-1.5

-2.7

-

    Other Investing Inflows

0.0

0.0

0.2

-

0.0

    Loans Granted

-

-0.2

0.0

0.0

0.0

    Loans Granted/Other

0.0

0.1

0.0

-

0.0

    Other Investing Outflow

-0.2

-

0.0

-0.4

0.0

Cash from Investing Activities

-10.4

-3.4

-8.6

-4.5

-1.7

 

 

 

 

 

 

    Shares Issued

-

0.3

0.6

0.0

6.1

    Loans and Credits Issued

15.3

5.1

6.4

20.9

10.8

    Other Financial Inflow

0.8

0.0

0.0

0.0

0.0

    Repurchase of Shares

-0.6

-1.0

-0.2

0.0

0.0

    Dividends Paid

-1.3

0.0

-1.1

-0.8

0.0

    Share of Profit

-

-

0.0

0.0

0.0

    Repayment of Loans and Credits

-2.2

-4.8

-1.5

-10.7

-17.5

    Financial Liabilities

-

-

0.0

0.0

0.0

    Financial Leases / Liabilities

-0.1

-

0.0

0.0

0.0

    Interest Paid

-1.9

-0.7

-0.9

-1.0

-0.6

    Other Financial Outflow

-

-

-

0.0

0.0

Cash from Financing Activities

9.9

-1.0

3.4

8.4

-1.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

0.8

0.3

0.4

-0.2

0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

1.0

0.7

0.2

0.5

0.1

Net Cash - Ending Balance

1.8

1.0

0.7

0.3

0.4

    Cash Interest Paid

1.9

0.7

0.9

1.0

0.6

    Cash Taxes Paid

-0.4

0.5

0.1

1.0

0.7

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2011

Quarter
Ending
Yr Ago

Annual
Year End
30-Jun-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

28.7

3.55%

85.3

28.03%

9.61%

14.83%

Operating Income1

2.6

-16.05%

3.2

-29.91%

-17.25%

4.53%

Income Available to Common Excl Extraord Items1

1.6

-27.51%

1.4

-56.25%

-24.57%

-3.76%

Basic EPS Excl Extraord Items1

0.08

-29.13%

0.07

-55.11%

-23.45%

-2.91%

Capital Expenditures2

3.1

0.39%

5.9

272.00%

40.67%

32.42%

Cash from Operating Activities2

2.2

-

1.2

-73.70%

-

-

Free Cash Flow

-0.8

-

-5.0

-

-

-

Total Assets3

80.4

40.09%

86.2

70.62%

29.77%

33.77%

Total Liabilities3

63.5

55.59%

66.7

113.19%

47.77%

38.23%

Total Long Term Debt3

15.9

372.61%

21.1

638.10%

-

68.25%

Employees3

-

-

258

11.21%

-4.26%

10.17%

Total Common Shares Outstanding3

19.7

-1.61%

20.0

-1.35%

-1.66%

-1.00%

1-ExchangeRate: PLN to USD Average for Period

3.280471

 

2.917488

 

 

 

2-ExchangeRate: PLN to USD Average for Period

3.106319

 

2.917488

 

 

 

3-ExchangeRate: PLN to USD Period End Date

3.433950

 

2.745300

 

 

 

Key Ratios

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Profitability

Gross Margin

28.56%

32.18%

32.27%

31.75%

30.92%

Operating Margin

3.69%

6.74%

4.35%

8.58%

6.87%

Pretax Margin

2.00%

5.21%

0.01%

6.36%

6.46%

Net Profit Margin

1.64%

4.80%

-0.22%

5.03%

5.38%

Financial Strength

Current Ratio

0.96

1.04

1.20

1.33

1.81

Long Term Debt/Equity

1.08

0.15

0.39

0.00

0.09

Total Debt/Equity

2.56

1.03

1.16

0.77

0.32

Management Effectiveness

Return on Assets

2.57%

7.01%

-0.34%

10.27%

12.29%

Return on Equity

7.67%

18.98%

-0.84%

19.56%

25.14%

Efficiency

Receivables Turnover

5.73

5.27

5.24

6.34

7.04

Inventory Turnover

4.44

4.56

4.25

4.81

5.29

Asset Turnover

1.33

1.49

1.61

2.04

2.28

Market Valuation USD (mil)

P/E (TTM)

25.82

.

Enterprise Value2

66.1

Price/Sales (TTM)

0.31

.

Enterprise Value/Revenue (TTM)

0.85

Price/Book (MRQ)

1.43

.

Enterprise Value/EBITDA (TTM)

11.83

Market Cap as of 04-Apr-20121

27.1

.

 

 

1-ExchangeRate: PLN to USD on 4-Apr-2012

3.097529

 

 

 

2-ExchangeRate: PLN to USD on 31-Dec-2011

3.433950

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Financial Strength

Current Ratio

0.96

1.04

1.20

1.33

1.81

Quick/Acid Test Ratio

0.53

0.62

0.72

0.70

0.99

Working Capital1

-1.5

0.8

3.6

8.5

7.6

Long Term Debt/Equity

1.08

0.15

0.39

0.00

0.09

Total Debt/Equity

2.56

1.03

1.16

0.77

0.32

Long Term Debt/Total Capital

0.30

0.07

0.18

0.00

0.07

Total Debt/Total Capital

0.72

0.51

0.54

0.43

0.24

Payout Ratio

-

42.02%

-773.20%

26.51%

232.86%

Effective Tax Rate

3.14%

9.40%

3,709.09%

20.94%

16.72%

Total Capital1

69.4

31.7

30.8

42.9

21.6

 

 

 

 

 

 

Efficiency

Asset Turnover

1.33

1.49

1.61

2.04

2.28

Inventory Turnover

4.44

4.56

4.25

4.81

5.29

Days In Inventory

82.26

80.06

85.85

75.83

68.99

Receivables Turnover

5.73

5.27

5.24

6.34

7.04

Days Receivables Outstanding

63.73

69.23

69.63

57.53

51.85

Revenue/Employee2

351,532

248,205

256,494

302,403

186,666

Operating Income/Employee2

12,979

16,740

11,162

25,947

12,825

EBITDA/Employee2

19,643

21,569

15,677

31,385

15,451

 

 

 

 

 

 

Profitability

Gross Margin

28.56%

32.18%

32.27%

31.75%

30.92%

Operating Margin

3.69%

6.74%

4.35%

8.58%

6.87%

EBITDA Margin

5.59%

8.69%

6.11%

10.38%

8.28%

EBIT Margin

3.69%

6.74%

4.35%

8.58%

6.87%

Pretax Margin

2.00%

5.21%

0.01%

6.36%

6.46%

Net Profit Margin

1.64%

4.80%

-0.22%

5.03%

5.38%

COGS/Revenue

71.44%

67.82%

67.73%

68.25%

69.08%

SG&A Expense/Revenue

25.94%

24.96%

25.47%

22.70%

24.66%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

2.57%

7.01%

-0.34%

10.27%

12.29%

Return on Equity

7.67%

18.98%

-0.84%

19.56%

25.14%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.25

0.13

-0.04

-0.37

0.10

Operating Cash Flow/Share 2

0.07

0.20

0.25

-0.23

0.16

1-ExchangeRate: PLN to USD Period End Date

2.7453

3.37715

3.18305

2.1269

2.78515

2-ExchangeRate: PLN to USD Average for Period

2.7453

3.37715

3.18305

2.1269

2.78515

 

Current Market Multiples

Market Cap/Earnings (TTM)

26.17

Market Cap/Equity (MRQ)

1.45

Market Cap/Revenue (TTM)

0.31

Market Cap/EBIT (TTM)

6.93

Market Cap/EBITDA (TTM)

4.38

Enterprise Value/Earnings (TTM)

70.77

Enterprise Value/Equity (MRQ)

3.91

Enterprise Value/Revenue (TTM)

0.85

Enterprise Value/EBIT (TTM)

18.73

Enterprise Value/EBITDA (TTM)

11.83

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

85.3

65.9

63.4

76.7

50.8

Revenue

85.3

65.9

63.4

76.7

50.8

Total Revenue

85.3

65.9

63.4

76.7

50.8

 

 

 

 

 

 

    Cost of Revenue

61.0

44.7

42.9

52.4

35.1

Cost of Revenue, Total

61.0

44.7

42.9

52.4

35.1

Gross Profit

24.4

21.2

20.4

24.4

15.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

22.1

16.4

16.1

17.4

12.5

Total Selling/General/Administrative Expenses

22.1

16.4

16.1

17.4

12.5

    Loss (Gain) on Sale of Assets - Operating

-0.1

0.0

0.0

0.0

0.0

Unusual Expense (Income)

-0.1

0.0

0.0

0.0

0.0

    Other Operating Expense

1.0

1.1

2.3

1.2

0.5

    Other, Net

-1.9

-0.8

-0.7

-0.8

-0.8

Other Operating Expenses, Total

-0.8

0.3

1.6

0.4

-0.3

Total Operating Expense

82.2

61.4

60.6

70.2

47.3

 

 

 

 

 

 

Operating Income

3.2

4.4

2.8

6.6

3.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.8

-0.7

-0.9

-1.0

-0.6

    Interest Expense, Net Non-Operating

-1.8

-0.7

-0.9

-1.0

-0.6

        Interest Income - Non-Operating

0.3

0.2

0.2

0.5

0.0

        Investment Income - Non-Operating

0.0

0.0

0.0

0.0

0.4

    Interest/Investment Income - Non-Operating

0.3

0.2

0.2

0.5

0.4

Interest Income (Expense) - Net Non-Operating Total

-1.5

-0.6

-0.7

-0.5

-0.1

    Other Non-Operating Income (Expense)

0.0

-0.4

-2.1

-1.2

-0.1

Other, Net

0.0

-0.4

-2.1

-1.2

-0.1

Income Before Tax

1.7

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Total Income Tax

0.1

0.3

0.1

1.0

0.5

Income After Tax

1.7

3.1

-0.1

3.9

2.7

 

 

 

 

 

 

    Minority Interest

-0.3

0.1

0.0

0.0

-

Net Income Before Extraord Items

1.4

3.2

-0.1

3.9

2.7

Net Income

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Basic EPS Excl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Basic/Primary EPS Incl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

1.4

3.2

-0.1

3.9

2.7

Diluted Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Diluted EPS Excl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Diluted EPS Incl Extraord Items

0.07

0.15

-0.01

0.18

0.13

Dividends per Share - Common Stock Primary Issue

-

0.06

0.05

0.05

0.30

Interest Expense, Supplemental

1.8

0.7

0.9

1.0

0.6

Depreciation, Supplemental

1.4

1.1

1.0

1.0

0.6

Total Special Items

-0.1

0.0

0.0

0.0

0.0

Normalized Income Before Tax

1.6

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.1

0.3

0.1

1.0

0.5

Normalized Income After Tax

1.5

3.1

-0.2

3.9

2.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.3

3.2

-0.2

3.9

2.7

 

 

 

 

 

 

Basic Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Diluted Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Amort of Intangibles, Supplemental

0.2

0.2

0.1

0.4

0.1

Advertising Expense, Supplemental

3.7

2.8

-

-

-

Normalized EBIT

3.0

4.4

2.7

6.6

3.5

Normalized EBITDA

4.7

5.7

3.8

8.0

4.2

    Current Tax - Total

0.1

0.5

0.4

1.0

0.6

Current Tax - Total

0.1

0.5

0.4

1.0

0.6

    Deferred Tax - Total

0.0

-0.2

-0.2

0.1

0.0

Deferred Tax - Total

0.0

-0.2

-0.2

0.1

0.0

Income Tax - Total

0.1

0.3

0.1

1.0

0.5

 

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

6 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Reclassified Special
31-Dec-2011

Updated Normal
31-Mar-2011

Reclassified Normal
31-Dec-2011

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

3.280471

2.934151

2.819755

2.885323

2.921347

 

 

 

 

 

 

    Net Sales

28.7

22.0

38.6

20.1

31.1

Revenue

28.7

22.0

38.6

20.1

31.1

Total Revenue

28.7

22.0

38.6

20.1

31.1

 

 

 

 

 

 

    Cost of Revenue

19.9

15.6

27.9

14.3

21.3

Cost of Revenue, Total

19.9

15.6

27.9

14.3

21.3

Gross Profit

8.8

6.3

10.7

5.8

9.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

6.3

4.5

12.2

5.5

6.4

Total Selling/General/Administrative Expenses

6.3

4.5

12.2

5.5

6.4

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-0.1

-0.1

0.0

Unusual Expense (Income)

0.0

0.0

-0.1

-0.1

0.0

    Other Operating Expense

0.5

0.3

0.8

0.3

0.2

    Other, Net

-0.7

-0.5

-1.4

-0.5

-0.3

Other Operating Expenses, Total

-0.2

-0.2

-0.6

-0.2

-0.1

Total Operating Expense

26.0

20.0

39.4

19.5

27.5

 

 

 

 

 

 

Operating Income

2.6

1.9

-0.8

0.6

3.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.4

-0.7

-1.2

-0.6

-0.3

    Interest Expense, Net Non-Operating

-0.4

-0.7

-1.2

-0.6

-0.3

        Interest Income - Non-Operating

0.1

0.2

0.2

0.1

0.0

        Investment Income - Non-Operating

0.0

0.1

0.0

0.0

0.0

    Interest/Investment Income - Non-Operating

0.1

0.3

0.2

0.1

0.0

Interest Income (Expense) - Net Non-Operating Total

-0.3

-0.4

-1.0

-0.4

-0.3

    Other Non-Operating Income (Expense)

-0.4

-0.4

-0.1

0.1

-0.1

Other, Net

-0.4

-0.4

-0.1

0.1

-0.1

Income Before Tax

1.9

1.1

-1.9

0.3

3.1

 

 

 

 

 

 

Total Income Tax

0.4

0.2

-0.6

-0.1

0.5

Income After Tax

1.5

1.0

-1.3

0.4

2.6

 

 

 

 

 

 

    Minority Interest

0.1

-0.4

0.1

0.0

-0.1

Net Income Before Extraord Items

1.6

0.5

-1.2

0.4

2.5

Net Income

1.6

0.5

-1.2

0.4

2.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1.6

0.5

-1.2

0.4

2.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1.6

0.5

-1.2

0.4

2.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

20.1

20.1

19.5

20.1

19.7

Basic EPS Excl Extraord Items

0.08

0.03

-0.06

0.02

0.13

Basic/Primary EPS Incl Extraord Items

0.08

0.03

-0.06

0.02

0.13

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

1.6

0.5

-1.2

0.4

2.5

Diluted Weighted Average Shares

20.1

20.1

19.5

20.1

19.7

Diluted EPS Excl Extraord Items

0.08

0.03

-0.06

0.02

0.13

Diluted EPS Incl Extraord Items

0.08

0.03

-0.06

0.02

0.13

Dividends per Share - Common Stock Primary Issue

0.00

0.00

-

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

-

0.0

0.0

Interest Expense, Supplemental

0.4

0.7

1.2

0.6

0.3

Depreciation, Supplemental

0.5

0.6

1.2

0.6

0.4

Total Special Items

0.0

0.0

-0.1

-0.1

0.0

Normalized Income Before Tax

1.9

1.2

-2.0

0.2

3.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.4

0.2

-0.6

-0.1

0.5

Normalized Income After Tax

1.5

1.0

-1.4

0.3

2.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.6

0.5

-1.3

0.3

2.5

 

 

 

 

 

 

Basic Normalized EPS

0.08

0.03

-0.07

0.02

0.13

Diluted Normalized EPS

0.08

0.03

-0.07

0.02

0.13

Normalized EBIT

2.6

2.0

-0.9

0.5

3.5

Normalized EBITDA

3.2

2.6

0.3

1.1

3.9

    Current Tax - Total

0.2

0.2

-0.6

-0.1

0.5

Current Tax - Total

0.2

0.2

-0.6

-0.1

0.5

    Deferred Tax - Total

0.2

-0.1

0.0

0.1

0.0

Deferred Tax - Total

0.2

-0.1

0.0

0.1

0.0

Income Tax - Total

0.4

0.2

-0.6

-0.1

0.5

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Restated Normal 
30-Jun-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

2.7453

3.37715

3.18305

2.1269

2.78515

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

1.6

0.9

0.6

-

-

    Cash & Equivalents

0.3

-

-

0.3

0.5

    Short Term Investments

2.3

2.0

1.3

1.2

0.0

Cash and Short Term Investments

4.1

2.8

1.9

1.5

0.5

        Accounts Receivable - Trade, Gross

15.9

10.1

9.6

15.5

8.0

        Provision for Doubtful Accounts

-0.8

-0.2

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

15.1

9.8

9.5

15.4

7.9

    Other Receivables

2.7

1.5

1.7

1.2

0.8

Total Receivables, Net

17.8

11.3

11.2

16.6

8.7

    Inventories - Finished Goods

14.7

7.4

7.1

12.6

5.8

    Inventories - Work In Progress

0.2

0.0

0.0

0.0

0.0

    Inventories - Raw Materials

3.0

1.3

1.1

2.2

1.6

    Inventories - Other

0.0

0.5

0.2

0.6

0.1

Total Inventory

17.8

9.3

8.4

15.4

7.5

    Other Current Assets

0.2

0.2

0.4

1.0

0.2

Other Current Assets, Total

0.2

0.2

0.4

1.0

0.2

Total Current Assets

40.0

23.5

21.9

34.5

16.9

 

 

 

 

 

 

        Buildings

13.7

9.3

5.1

5.7

3.9

        Land/Improvements

1.9

0.6

0.6

0.8

0.6

        Machinery/Equipment

21.9

6.4

6.3

8.5

5.0

        Construction in Progress

0.5

1.1

5.4

2.2

0.9

        Other Property/Plant/Equipment

1.4

0.9

0.7

0.9

0.9

    Property/Plant/Equipment - Gross

39.3

18.4

18.1

18.1

11.2

    Accumulated Depreciation

-8.4

-5.2

-4.6

-5.5

-2.7

Property/Plant/Equipment - Net

30.9

13.2

13.6

12.6

8.5

Goodwill, Net

9.6

0.7

0.7

0.7

0.6

    Intangibles - Gross

1.5

1.1

1.1

-

-

    Accumulated Intangible Amortization

-1.4

-0.9

-0.9

-

-

Intangibles, Net

0.2

0.2

0.2

0.5

0.5

    LT Investment - Affiliate Companies

0.3

0.1

0.1

1.0

0.8

    LT Investments - Other

4.6

3.0

1.4

1.1

0.1

Long Term Investments

4.9

3.2

1.6

2.1

0.8

    Deferred Income Tax - Long Term Asset

0.7

0.4

0.6

0.5

0.2

Other Long Term Assets, Total

0.7

0.4

0.6

0.5

0.2

Total Assets

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

Accounts Payable

8.0

5.7

5.6

5.5

4.0

Accrued Expenses

1.3

0.6

0.6

0.5

0.3

Notes Payable/Short Term Debt

28.7

13.7

11.0

18.6

3.8

Current Portion - Long Term Debt/Capital Leases

0.1

-

-

-

-

    Customer Advances

2.7

2.3

-

-

-

    Other Current Liabilities

0.7

0.3

1.2

1.3

1.3

Other Current liabilities, Total

3.4

2.7

1.2

1.3

1.3

Total Current Liabilities

41.5

22.7

18.3

26.0

9.3

 

 

 

 

 

 

    Long Term Debt

21.0

2.3

5.6

0.0

1.4

    Capital Lease Obligations

0.0

-

-

-

-

Total Long Term Debt

21.1

2.3

5.6

0.0

1.4

Total Debt

49.9

16.0

16.5

18.6

5.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.8

0.2

0.4

0.7

0.4

Deferred Income Tax

0.8

0.2

0.4

0.7

0.4

Minority Interest

0.6

0.3

0.1

0.0

-

    Pension Benefits - Underfunded

0.0

-

-

-

-

    Other Long Term Liabilities

2.7

-

-

-

-

Other Liabilities, Total

2.7

-

-

-

-

Total Liabilities

66.7

25.4

24.3

26.7

11.2

 

 

 

 

 

 

    Common Stock

0.8

0.6

0.7

1.0

0.8

Common Stock

0.8

0.6

0.7

1.0

0.8

Additional Paid-In Capital

19.4

14.6

15.2

19.2

12.6

Retained Earnings (Accumulated Deficit)

1.2

1.4

-1.5

4.0

3.1

Treasury Stock - Common

-1.8

-1.0

-0.2

-

-

Total Equity

19.5

15.7

14.3

24.3

16.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

20.0

20.2

21.0

21.0

21.0

Total Common Shares Outstanding

20.0

20.2

21.0

21.0

21.0

Treasury Shares - Common Stock Primary Issue

1.0

0.8

-

-

-

Employees

258

232

228

294

290

Accumulated Intangible Amort, Suppl.

1.4

0.9

0.9

1.1

0.7

Deferred Revenue - Current

2.7

2.3

0.8

0.8

0.7

Deferred Revenue - Long Term

2.7

-

-

-

-

Total Long Term Debt, Supplemental

-

2.3

5.6

-

1.4

Long Term Debt Maturing within 1 Year

-

0.8

0.7

-

0.5

Long Term Debt Maturing in Year 2

-

0.8

0.7

-

0.5

Long Term Debt Maturing in Year 3

-

0.8

0.7

-

0.5

Long Term Debt Maturing in 2-3 Years

-

1.5

1.5

-

1.0

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

3.4

-

0.0

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

3.29075

2.7453

2.8396

2.95445

 

 

 

 

 

 

    Cash & Equivalents

1.0

2.0

1.9

2.6

0.4

    Short Term Investments

1.6

2.5

2.3

2.5

2.5

Cash and Short Term Investments

2.5

4.5

4.1

5.2

2.9

        Accounts Receivable - Trade, Gross

22.4

-

15.9

-

27.2

        Provision for Doubtful Accounts

-0.6

-

-0.8

-

-0.5

    Trade Accounts Receivable - Net

22.0

13.9

15.1

22.7

26.8

    Other Receivables

1.7

1.9

2.7

1.8

1.4

Total Receivables, Net

23.7

15.8

17.8

24.5

28.2

    Inventories - Finished Goods

12.9

-

14.7

-

10.6

    Inventories - Work In Progress

0.1

-

0.2

-

0.0

    Inventories - Raw Materials

2.8

-

3.0

-

1.8

    Inventories - Other

0.0

-

0.0

-

0.1

Total Inventory

15.8

18.5

17.8

14.9

12.4

    Other Current Assets

0.1

0.2

0.2

0.3

0.2

Other Current Assets, Total

0.1

0.2

0.2

0.3

0.2

Total Current Assets

42.1

39.1

40.0

44.9

43.7

 

 

 

 

 

 

        Buildings

10.9

-

-

-

-

        Land/Improvements

1.5

-

-

-

-

        Machinery/Equipment

17.7

-

-

-

-

        Construction in Progress

3.0

-

-

-

-

        Other Property/Plant/Equipment

0.9

-

-

-

-

    Property/Plant/Equipment - Gross

34.1

-

-

-

-

    Accumulated Depreciation

-7.7

-

-

-

-

Property/Plant/Equipment - Net

26.4

25.6

30.9

25.1

17.5

Goodwill, Net

7.6

8.0

9.6

11.6

0.7

    Intangibles - Gross

1.2

-

-

-

-

    Accumulated Intangible Amortization

-1.1

-

-

-

-

Intangibles, Net

0.1

0.2

0.2

0.2

0.2

    LT Investment - Affiliate Companies

0.3

0.3

0.3

0.2

0.1

    LT Investments - Other

3.0

2.2

4.6

3.8

3.8

Long Term Investments

3.2

2.5

4.9

3.9

4.0

    Deferred Income Tax - Long Term Asset

0.8

0.8

0.7

0.5

0.5

Other Long Term Assets, Total

0.8

0.8

0.7

0.5

0.5

Total Assets

80.4

76.1

86.2

86.2

66.7

 

 

 

 

 

 

Accounts Payable

12.1

10.1

8.0

8.9

11.9

Accrued Expenses

0.5

0.5

0.8

0.7

0.6

Notes Payable/Short Term Debt

27.2

23.4

28.7

27.9

26.4

Current Portion - Long Term Debt/Capital Leases

0.0

0.0

0.1

-

-

    Other Current Liabilities

1.5

5.9

3.9

6.1

3.7

Other Current liabilities, Total

1.5

5.9

3.9

6.1

3.7

Total Current Liabilities

41.3

39.8

41.5

43.6

42.6

 

 

 

 

 

 

    Long Term Debt

15.9

18.2

21.1

21.7

3.9

Total Long Term Debt

15.9

18.2

21.1

21.7

3.9

Total Debt

43.1

41.6

49.9

49.6

30.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.9

0.6

0.8

0.3

0.2

Deferred Income Tax

0.9

0.6

0.8

0.3

0.2

Minority Interest

1.0

0.9

0.6

0.7

0.7

    Pension Benefits - Underfunded

-

-

0.0

-

-

    Other Long Term Liabilities

4.4

-

2.7

-

-

Other Liabilities, Total

4.4

-

2.7

-

-

Total Liabilities

63.5

59.6

66.7

66.2

47.4

 

 

 

 

 

 

    Common Stock

0.6

0.6

0.8

0.7

0.7

Common Stock

0.6

0.6

0.8

0.7

0.7

Additional Paid-In Capital

13.3

16.5

19.4

17.6

16.9

Retained Earnings (Accumulated Deficit)

3.3

0.8

1.2

3.4

3.1

Treasury Stock - Common

-0.3

-1.5

-1.8

-1.7

-1.4

Total Equity

16.9

16.5

19.5

20.0

19.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

80.4

76.1

86.2

86.2

66.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

19.7

20.0

20.0

19.2

20.0

Total Common Shares Outstanding

19.7

20.0

20.0

19.2

20.0

Treasury Shares - Common Stock Primary Issue

0.3

1.0

1.0

1.0

1.0

Employees

359

-

258

-

247

Accumulated Intangible Amort, Suppl.

1.1

-

-

-

-

Total Long Term Debt, Supplemental

15.9

-

-

-

-

Long Term Debt Maturing within 1 Year

2.6

-

-

-

-

Long Term Debt Maturing in Year 2

2.6

-

-

-

-

Long Term Debt Maturing in Year 3

2.6

-

-

-

-

Long Term Debt Maturing in Year 4

3.1

-

-

-

-

Long Term Debt Maturing in Year 5

3.1

-

-

-

-

Long Term Debt Maturing in 2-3 Years

5.1

-

-

-

-

Long Term Debt Maturing in 4-5 Years

6.1

-

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

2.0

-

-

-

-

 

 Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

1.7

3.4

0.0

4.9

3.3

    Depreciation

1.9

1.2

1.1

1.1

0.7

Depreciation/Depletion

1.9

1.2

1.1

1.1

0.7

    Other Non-Cash Items

3.5

0.8

1.0

1.2

0.2

Non-Cash Items

3.5

0.8

1.0

1.2

0.2

    Accounts Receivable

-3.0

1.2

0.1

-4.3

1.2

    Inventories

-6.0

-1.6

2.1

-4.8

-0.1

    Payable/Accrued

0.8

-1.7

1.3

-0.4

-1.5

    Other Assets & Liabilities, Net

2.0

1.9

0.1

-0.9

0.1

    Other Operating Cash Flow

0.4

-0.5

-0.1

-1.0

-0.7

Changes in Working Capital

-5.8

-0.7

3.5

-11.4

-1.0

Cash from Operating Activities

1.2

4.6

5.6

-4.2

3.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-5.9

-1.6

-6.6

-2.5

-1.2

Capital Expenditures

-5.9

-1.6

-6.6

-2.5

-1.2

    Sale of Fixed Assets

0.2

0.0

0.1

0.1

0.6

    Sale/Maturity of Investment

0.3

0.0

0.1

1.1

2.2

    Purchase of Investments

-4.8

-1.9

-3.1

-2.7

-3.3

    Other Investing Cash Flow

-0.2

0.1

0.9

-0.4

0.0

Other Investing Cash Flow Items, Total

-4.5

-1.8

-2.0

-2.0

-0.5

Cash from Investing Activities

-10.4

-3.4

-8.6

-4.5

-1.7

 

 

 

 

 

 

    Other Financing Cash Flow

-1.1

-0.7

-0.9

-1.0

-0.6

Financing Cash Flow Items

-1.1

-0.7

-0.9

-1.0

-0.6

    Cash Dividends Paid - Common

-1.3

0.0

-1.1

-0.8

0.0

Total Cash Dividends Paid

-1.3

0.0

-1.1

-0.8

0.0

        Sale/Issuance of Common

-

0.3

0.6

0.0

6.1

        Repurchase/Retirement of Common

-0.6

-1.0

-0.2

0.0

0.0

    Common Stock, Net

-0.6

-0.6

0.4

0.0

6.1

Issuance (Retirement) of Stock, Net

-0.6

-0.6

0.4

0.0

6.1

        Long Term Debt Reduction

-0.1

-

0.0

0.0

0.0

    Long Term Debt, Net

-0.1

-

0.0

0.0

0.0

    Total Debt Issued

15.3

5.1

6.4

20.9

10.8

    Total Debt Reduction

-2.2

-4.8

-1.5

-10.7

-17.5

Issuance (Retirement) of Debt, Net

13.0

0.3

4.9

10.2

-6.7

Cash from Financing Activities

9.9

-1.0

3.4

8.4

-1.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

0.8

0.3

0.4

-0.2

0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

1.0

0.7

0.2

0.5

0.1

Net Cash - Ending Balance

1.8

1.0

0.7

0.3

0.4

Cash Interest Paid

1.9

0.7

0.9

1.0

0.6

Cash Taxes Paid

-0.4

0.5

0.1

1.0

0.7

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

3.106319

2.934151

2.917488

2.972134

3.01474

 

 

 

 

 

 

Net Income/Starting Line

3.1

1.1

1.7

2.9

3.5

    Depreciation

1.2

0.6

1.9

1.3

0.7

Depreciation/Depletion

1.2

0.6

1.9

1.3

0.7

    Other Non-Cash Items

0.2

0.5

3.5

3.1

-0.1

Non-Cash Items

0.2

0.5

3.5

3.1

-0.1

    Accounts Receivable

-10.3

-1.1

-3.0

-10.7

-13.7

    Inventories

-1.7

-4.1

-6.0

-3.8

-1.8

    Payable/Accrued

10.3

4.0

0.8

5.2

2.8

    Other Assets & Liabilities, Net

-0.2

-0.1

2.0

-0.3

0.3

    Other Operating Cash Flow

-0.3

-0.2

0.4

-

-0.3

Changes in Working Capital

-2.3

-1.5

-5.8

-9.6

-12.8

Cash from Operating Activities

2.2

0.7

1.2

-2.4

-8.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.1

-0.5

-5.9

-3.6

-3.2

    Purchase/Acquisition of Intangibles

0.0

-

-

-

-

Capital Expenditures

-3.1

-0.5

-5.9

-3.6

-3.2

    Sale of Fixed Assets

0.0

0.3

0.2

0.2

0.1

    Sale/Maturity of Investment

1.4

0.9

0.3

0.0

0.0

    Purchase of Investments

-0.9

-0.3

-4.8

-19.2

-0.5

    Other Investing Cash Flow

0.0

-0.1

-0.2

0.0

0.0

Other Investing Cash Flow Items, Total

0.5

0.9

-4.5

-19.0

-0.3

Cash from Investing Activities

-2.6

0.4

-10.4

-22.6

-3.5

 

 

 

 

 

 

    Other Financing Cash Flow

0.3

-0.3

-1.1

-0.8

-0.5

Financing Cash Flow Items

0.3

-0.3

-1.1

-0.8

-0.5

    Cash Dividends Paid - Common

0.0

0.0

-1.3

-1.3

-

Total Cash Dividends Paid

0.0

0.0

-1.3

-1.3

-

        Sale/Issuance of Common

0.0

-

-

-

-

        Repurchase/Retirement of Common

-0.3

0.0

-0.6

-0.5

-0.3

    Common Stock, Net

-0.3

0.0

-0.6

-0.5

-0.3

Issuance (Retirement) of Stock, Net

-0.3

0.0

-0.6

-0.5

-0.3

        Long Term Debt Reduction

-0.1

0.0

-0.1

-

-

    Long Term Debt, Net

-0.1

0.0

-0.1

-

-

    Total Debt Issued

1.4

1.2

15.3

32.1

13.3

    Total Debt Reduction

-1.6

-1.5

-2.2

-3.0

-0.8

Issuance (Retirement) of Debt, Net

-0.2

-0.3

13.0

29.1

12.5

Cash from Financing Activities

-0.2

-0.6

9.9

26.5

11.7

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

-

0.0

Net Change in Cash

-0.6

0.5

0.8

1.5

-0.6

 

 

 

 

 

 

Net Cash - Beginning Balance

1.7

1.8

1.0

1.0

1.0

Net Cash - Ending Balance

1.1

2.3

1.8

2.5

0.4

Cash Interest Paid

0.1

0.4

1.9

0.0

0.5

Cash Taxes Paid

-0.3

0.2

-0.4

-

0.3

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Sale of Products

52.2

39.3

42.5

53.0

38.9

    Sale of Goods and Materials

33.2

26.5

20.8

23.8

11.8

Total Revenue

85.3

65.9

63.4

76.7

50.8

 

 

 

 

 

 

    Cost of Products

34.8

24.3

27.4

34.4

26.0

    Cost of Goods and Materials

26.2

20.3

15.5

18.0

9.0

    Selling Expenses

15.5

12.1

12.6

12.3

8.6

    General and Administrative Costs

6.6

4.3

3.6

5.1

3.9

    Gain on Sale of Non-Financial Assets

-0.1

0.0

0.0

0.0

0.0

    Subsidies

-0.2

-0.1

-0.1

-0.1

-0.1

    Other Operating income

-1.6

-0.7

-0.6

-0.7

-0.6

    Loss on Sale of Non-Financial Assets

0.0

0.0

0.0

0.0

0.0

    Revaluation of Financial Assets

0.2

0.3

-

-

-

    Revaluation of Non-Financial Assets

0.0

0.1

0.5

0.0

0.0

    Other Operating Expense

0.8

0.7

1.7

1.1

0.5

Total Operating Expense

82.2

61.4

60.6

70.2

47.3

 

 

 

 

 

 

    Interest Income

0.3

0.2

0.2

0.5

0.0

    Investment Income

0.0

0.0

0.0

0.0

0.4

    Revaluation Income

0.0

0.1

0.0

0.0

0.0

    Other Financial Income

0.0

0.1

0.0

0.0

0.0

    Interest Expense

-1.8

-0.7

-0.9

-1.0

-0.6

    Revaluation Expense

0.0

0.0

-0.1

0.0

0.0

    Other Financial Expense

0.0

-0.7

-1.9

-1.2

-0.1

Net Income Before Taxes

1.7

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Provision for Income Taxes

0.1

0.3

0.1

1.0

0.5

Net Income After Taxes

1.7

3.1

-0.1

3.9

2.7

 

 

 

 

 

 

    Minority Interest

-0.3

0.1

0.0

0.0

-

Net Income Before Extra. Items

1.4

3.2

-0.1

3.9

2.7

Net Income

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1.4

3.2

-0.1

3.9

2.7

 

 

 

 

 

 

Basic Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Basic EPS Excluding ExtraOrdinary Items

0.07

0.15

-0.01

0.18

0.13

Basic EPS Including ExtraOrdinary Items

0.07

0.15

-0.01

0.18

0.13

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

1.4

3.2

-0.1

3.9

2.7

Diluted Weighted Average Shares

20.1

20.6

21.0

21.0

21.0

Diluted EPS Excluding ExtraOrd Items

0.07

0.15

-0.01

0.18

0.13

Diluted EPS Including ExtraOrd Items

0.07

0.15

-0.01

0.18

0.13

DPS-Common Stock

-

0.06

0.05

0.05

0.30

Normalized Income Before Taxes

1.6

3.4

0.0

4.9

3.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.1

0.3

0.1

1.0

0.5

Normalized Income After Taxes

1.5

3.1

-0.2

3.9

2.7

Normalized Inc. Avail to Com.

1.3

3.2

-0.2

3.9

2.7

Basic Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Diluted Normalized EPS

0.06

0.15

-0.01

0.18

0.13

Interest Expense

1.8

0.7

0.9

1.0

0.6

Depreciation

1.4

1.1

1.0

1.0

0.6

Amortization of Intangibles

0.2

0.2

0.1

0.4

0.1

Advertising Expense, Supplemental

3.7

2.8

-

-

-

    Current Tax

0.1

0.5

0.4

1.0

0.6

Current Tax - Total

0.1

0.5

0.4

1.0

0.6

    Deffered Tax

0.0

-0.2

-0.2

0.1

0.0

Deferred Tax - Total

0.0

-0.2

-0.2

0.1

0.0

Income Tax - Total

0.1

0.3

0.1

1.0

0.5

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

6 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Reclassified Special 
31-Dec-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

3.280471

2.934151

2.819755

2.885323

2.921347

 

 

 

 

 

 

    Sale of Products

24.7

15.0

24.9

12.5

21.5

    Sale of Goods and Materials

3.9

7.0

13.7

7.6

9.5

Total Revenue

28.7

22.0

38.6

20.1

31.1

 

 

 

 

 

 

    Cost of Products

16.3

11.5

17.8

9.0

13.1

    Cost of Goods and Materials

3.6

4.1

10.1

5.3

8.2

    Selling Expenses

5.0

2.8

8.7

3.6

4.7

    General and Administrative Costs

1.3

1.7

3.5

1.9

1.7

    Gain/Loss on Sale of Fixed Assets

0.0

0.0

-0.1

-0.1

0.0

    Subsidies

-0.1

-0.1

-0.1

0.0

-0.1

    Other Operating Income

-0.6

-0.4

-1.3

-0.5

-0.2

    Loss on Sale of Non-Financial Assets

0.0

0.0

0.0

0.0

0.0

    Revaluation of Financial Assets

0.1

0.0

0.2

-

0.0

    Revaluation of Non-Financial Assets

0.1

0.0

0.0

0.0

0.0

    Other Operating Expense

0.4

0.3

0.6

0.3

0.1

Total Operating Expense

26.0

20.0

39.4

19.5

27.5

 

 

 

 

 

 

    Interest Income

0.1

0.2

0.2

0.1

0.0

    Sale of Investment

0.0

0.1

0.0

0.0

0.0

    Investment Income

-

-

0.0

-

0.0

    Actualisation of Investment Value

0.0

0.0

0.0

0.0

0.0

    Other Financial Income

-0.1

0.1

-0.5

0.1

0.3

    Interest Expense

-0.4

-0.7

-1.2

-0.6

-0.3

    Loss on Sale of Investment

0.0

0.0

0.0

0.0

0.0

    Revaluation of Investment

0.0

0.0

0.0

0.0

0.0

    Other Financial Expense

-0.3

-0.5

0.3

-

-0.4

Net Income Before Taxes

1.9

1.1

-1.9

0.3

3.1

 

 

 

 

 

 

Provision for Income Taxes

0.4

0.2

-0.6

-0.1

0.5

Net Income After Taxes

1.5

1.0

-1.3

0.4

2.6

 

 

 

 

 

 

    Minority Interest

0.1

-0.4

0.1

0.0

-0.1

Net Income Before Extra. Items

1.6

0.5

-1.2

0.4

2.5

Net Income

1.6

0.5

-1.2

0.4

2.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1.6

0.5

-1.2

0.4

2.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1.6

0.5

-1.2

0.4

2.5

 

 

 

 

 

 

Basic Weighted Average Shares

20.1

20.1

19.5

20.1

19.7

Basic EPS Excluding ExtraOrdinary Items

0.08

0.03

-0.06

0.02

0.13

Basic EPS Including ExtraOrdinary Items

0.08

0.03

-0.06

0.02

0.13

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

1.6

0.5

-1.2

0.4

2.5

Diluted Weighted Average Shares

20.1

20.1

19.5

20.1

19.7

Diluted EPS Excluding ExtraOrd Items

0.08

0.03

-0.06

0.02

0.13

Diluted EPS Including ExtraOrd Items

0.08

0.03

-0.06

0.02

0.13

DPS-Common Stock

0.00

0.00

-

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

-

0.0

0.0

Normalized Income Before Taxes

1.9

1.2

-2.0

0.2

3.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.4

0.2

-0.6

-0.1

0.5

Normalized Income After Taxes

1.5

1.0

-1.4

0.3

2.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.6

0.5

-1.3

0.3

2.5

 

 

 

 

 

 

Basic Normalized EPS

0.08

0.03

-0.07

0.02

0.13

Diluted Normalized EPS

0.08

0.03

-0.07

0.02

0.13

Depreciation

0.5

0.6

1.2

0.6

0.4

Interest Expense

0.4

0.7

1.2

0.6

0.3

    Current Tax

0.2

0.2

-0.6

-0.1

0.5

Current Tax - Total

0.2

0.2

-0.6

-0.1

0.5

    Deffered Tax

0.2

-0.1

0.0

0.1

0.0

Deferred Tax - Total

0.2

-0.1

0.0

0.1

0.0

Income Tax - Total

0.4

0.2

-0.6

-0.1

0.5

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Restated Normal 
30-Jun-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

2.7453

3.37715

3.18305

2.1269

2.78515

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Materials

3.0

1.3

1.1

2.2

1.6

    Work in Progress

0.2

0.0

0.0

0.0

0.0

    Finished Goods

6.1

2.1

2.5

4.7

1.6

    Merchandise

8.6

5.3

4.6

7.9

4.2

    Prepaid Supplies

0.0

0.5

0.2

0.6

0.1

    Other ST Receivables /Affiliates

0.0

0.0

0.0

-

-

    Tax/Social Security/Other Rcvbls

2.3

1.2

1.5

1.2

0.8

    ST Receivables/Litigation

0.2

0.1

0.2

0.0

-

    Other ST Receivables /Others

0.2

0.1

0.0

0.1

0.1

    Trade Receivables

15.9

10.1

9.6

15.5

8.0

    Provision for Doubtful Accounts

-0.8

-0.2

-0.1

-0.1

-0.1

    Cash in Bank / Hand

1.6

0.9

0.6

-

-

    Cash Equivalents

0.3

-

-

-

-

    Cash and Cash Equivalents

-

-

-

0.3

0.5

    Investments /Affiliates

1.5

1.2

1.2

0.0

-

    Investments/ Others

0.8

0.8

0.1

1.2

0.0

    Accruals /Deferrals

0.2

0.2

0.4

1.0

0.2

Total Current Assets

40.0

23.5

21.9

34.5

16.9

 

 

 

 

 

 

    Intangibles, Gross

1.5

1.1

1.1

-

-

    Amortization of Intangibles

-1.4

-0.9

-0.9

-

-

    Intangibles

-

-

-

0.5

0.5

    Goodwill of Susidiary

9.6

0.7

0.7

0.7

0.6

    Land

1.9

0.6

0.6

0.8

0.6

    Buildings

13.7

9.3

5.1

5.7

3.9

    Equipment and Machines

18.2

4.8

4.6

6.5

4.1

    Transport

3.6

1.7

1.7

2.0

1.0

    Other Fixed Assets

1.2

0.7

0.7

0.9

0.7

    Work in Progress

0.5

1.1

5.4

2.2

0.9

    Work in Progress / Prepayments

0.2

0.2

-

0.0

0.2

    Real Estate

-

-

-

0.0

0.0

    Depreciation

-8.4

-5.2

-4.6

-5.5

-2.7

    LT Financial Assets /Affiliates

0.3

0.1

0.1

1.0

0.8

    LT Financial Assets /Others

4.6

3.0

1.4

1.1

0.1

    Defererd Tax

0.7

0.4

0.6

0.5

0.2

Total Assets

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

    Loans and Credits

28.7

13.7

11.0

18.6

3.8

    ST Liablilities /Affiliates

0.1

0.0

0.0

0.0

0.2

    ST Liabilities /Others

7.8

5.7

5.6

5.5

3.8

    Pension Reserves

0.2

0.2

0.1

0.1

0.0

    Other Reserves

0.4

0.2

0.2

0.0

0.2

    Financial Lease

0.1

-

-

-

-

    Tax Duties and Other Liabilities

0.4

0.3

0.4

0.5

0.3

    Wages

0.4

0.2

0.2

-

-

    Other Liabilities

0.1

0.0

0.0

0.4

0.4

    Special Funds

0.0

-

-

-

-

    Deferred Income

2.7

2.3

-

-

-

    Accrued Expenses

0.5

0.2

-

-

-

    Accruals /Deferrals

-

-

0.9

0.8

0.7

Total Current Liabilities

41.5

22.7

18.3

26.0

9.3

 

 

 

 

 

 

    Loans and Credits

21.0

2.3

5.6

0.0

1.4

    Financial Lease

0.0

-

-

-

-

Total Long Term Debt

21.1

2.3

5.6

0.0

1.4

 

 

 

 

 

 

    Pension Reserves

0.0

-

-

-

-

    Deferred Tax

0.8

0.2

0.4

0.7

0.4

    Deffered Income

2.7

-

-

-

-

    Minority Interest

0.6

0.3

0.1

0.0

-

Total Liabilities

66.7

25.4

24.3

26.7

11.2

 

 

 

 

 

 

    Share Capital

0.8

0.6

0.7

1.0

0.8

    Treasury Stock

-1.8

-1.0

-0.2

-

-

    Reserve Capital

19.2

14.6

15.2

19.2

12.6

    Other Reserve Capital

0.2

0.0

-

-

-

    Revaluation Capital

-0.4

-0.5

-1.1

-1.0

0.0

    Retained Earnings

-0.2

-0.8

-

-

-

    Net Profit /Loss

1.5

2.8

-0.2

0.5

0.1

    Write-Down of Profit /Loss

0.4

-

-0.1

4.5

2.9

Total Equity

19.5

15.7

14.3

24.3

16.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

86.2

41.1

38.6

50.9

27.6

 

 

 

 

 

 

    S/O-Common Stock

20.0

20.2

21.0

21.0

21.0

Total Common Shares Outstanding

20.0

20.2

21.0

21.0

21.0

T/S-Common Stock

1.0

0.8

-

-

-

Amortization

1.4

0.9

0.9

1.1

0.7

Deferred Revenue - Long Term

2.7

-

-

-

-

Deferred Revenue - Current

2.7

2.3

0.8

0.8

0.7

Full-Time Employees

258

232

228

294

290

LT Debt 1-3 Years

-

2.3

2.2

-

1.4

Remaining LT Debt

-

0.0

3.4

-

-

Total Long Term Debt, Supplemental

-

2.3

5.6

-

1.4

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

3.29075

2.7453

2.8396

2.95445

 

 

 

 

 

 

    Inventories

-

18.5

-

14.9

-

    Materials

2.8

-

3.0

-

1.8

    Work in Progress

0.1

-

0.2

-

0.0

    Finished Goods

6.0

-

6.1

-

2.6

    Merchandise

6.9

-

8.6

-

8.0

    Prepaid Supplies

0.0

-

0.0

-

0.1

    Other ST Receivables /Affiliates

0.2

0.0

0.0

0.0

0.0

    Trade Receivables /Others

-

13.9

-

22.7

-

    Tax Duties & Others Receivables

1.6

1.9

2.3

1.4

1.1

    ST Receivables/Litigation

0.0

-

0.2

-

0.2

    Other ST Receivables /Others

0.0

0.0

0.2

0.4

0.2

    Trade Receivables, Gross

22.4

-

15.9

-

27.2

    Provision for Doubftul Accounts

-0.6

-

-0.8

-

-0.5

    Investments /Affiliates

1.3

1.4

1.5

1.2

1.2

    Investments /Others

0.2

1.1

0.8

1.3

1.3

    Cash and Cash Equivalents

1.0

2.0

1.9

2.6

0.4

    Accruals /Deferrals

0.1

0.2

0.2

0.3

0.2

Total Current Assets

42.1

39.1

40.0

44.9

43.7

 

 

 

 

 

 

    Intangibles, Net

-

0.2

0.2

0.2

0.2

    Intangibles, Gross

1.2

-

-

-

-

    Accumulated Intangible Amortization

-1.1

-

-

-

-

    Goddwil of Subsidiary

7.6

8.0

9.6

11.6

0.7

    Tangibles, Net

-

25.6

30.9

25.1

17.5

    Land

1.5

-

-

-

-

    Buildings

10.9

-

-

-

-

    Equipment and Machines

14.9

-

-

-

-

    Transport

2.8

-

-

-

-

    Other Fixed Assets

0.9

-

-

-

-

    Work in Progress

1.9

-

-

-

-

    Work in Progress/Prepayments

1.1

-

-

-

-

    Depreciation

-7.7

-

-

-

-

    LT Financial Assets /Affiliates

0.3

0.3

0.3

0.2

0.1

    LT Financial Assets /Others

3.0

2.2

4.6

3.8

3.8

    Defererd Tax

0.8

0.8

0.7

0.5

0.5

Total Assets

80.4

76.1

86.2

86.2

66.7

 

 

 

 

 

 

    ST Liablilities /Affiliates

0.0

0.1

0.1

-

1.3

    Credits and Loans

27.2

23.4

28.7

27.9

26.4

    Trade Liabilities

12.0

10.0

7.8

8.9

10.7

    Tax Duties and Other Liabilities

0.5

0.5

0.4

0.7

0.6

    Wages

-

-

0.4

-

-

    Financial Lease

0.0

0.0

0.1

-

-

    Other Liabilities

0.4

0.4

0.1

2.2

0.3

    Pension Reserves

0.2

0.1

0.2

0.2

0.1

    Other Reserves

0.3

0.4

0.4

0.1

0.1

    Accruals /Deferrals

0.6

5.0

3.2

3.5

3.1

Total Current Liabilities

41.3

39.8

41.5

43.6

42.6

 

 

 

 

 

 

    Loans and Credits

15.9

18.2

21.1

21.7

3.9

Total Long Term Debt

15.9

18.2

21.1

21.7

3.9

 

 

 

 

 

 

    Deferred Income

-

-

2.7

-

-

    Deferred Tax

0.9

0.6

0.8

0.3

0.2

    Pension Reserves

-

-

0.0

-

-

    Accruals /Deferrals

4.4

-

-

-

-

    Minority Interest

1.0

0.9

0.6

0.7

0.7

Total Liabilities

63.5

59.6

66.7

66.2

47.4

 

 

 

 

 

 

    Share Capital

0.6

0.6

0.8

0.7

0.7

    Treasury Stock

-0.3

-1.5

-1.8

-1.7

-1.4

    Reserve Capital

13.0

16.3

19.2

17.4

16.7

    Other Reserve Capital

0.3

0.2

0.2

0.1

0.1

    Revaluation Capital

-0.9

-0.7

-0.4

-0.5

-0.3

    Profit/Loss for Previous Years

2.2

1.1

-0.2

0.9

0.8

    Net Profit /Loss

2.0

0.5

1.5

3.0

2.6

    Deductions from Profit / Loss

-

0.0

0.4

-

-

Total Equity

16.9

16.5

19.5

20.0

19.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

80.4

76.1

86.2

86.2

66.7

 

 

 

 

 

 

    S/O-Common Stock

19.7

20.0

20.0

19.2

20.0

Total Common Shares Outstanding

19.7

20.0

20.0

19.2

20.0

T/S-Common Stock

0.3

1.0

1.0

1.0

1.0

Amortization

1.1

-

-

-

-

Full Time Employees

359

-

258

-

247

LT Debt Maturing within 3 Years

7.7

-

-

-

-

Long Term Debt Maturing in 3-5 Years

6.1

-

-

-

-

LT Maturing in Over 5 Years

2.0

-

-

-

-

Total Long Term Debt, Supplemental

15.9

-

-

-

-

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.917488

2.952367

2.937006

2.46415

2.968394

Auditor

HLB Sarnowski & Wisniewski Sp. z o.o.

HLB Sarnowski & Wisniewski Sp. z o.o.

Sarnowski & Wisniewski Spolka Audytorska SP. Z.O.O.

Grant Thornton Frackowiak

HLB Frackowiak i Wspolnicy Sp. z o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

1.7

3.4

0.0

4.9

3.3

    Depreciation

1.9

1.2

1.1

1.1

0.7

    Foreig Exchange Effects

0.2

0.2

0.0

0.0

0.0

    Interests and Dividends

1.8

0.6

0.9

1.0

0.6

    Investing Activity

0.0

-0.1

0.1

0.2

-0.4

    Reserves

-0.2

0.0

0.0

0.0

0.0

    Inventory

-6.0

-1.6

2.1

-4.8

-0.1

    Receivables

-3.0

1.2

0.1

-4.3

1.2

    ST Liabilities

0.8

-1.7

1.3

-0.4

-1.5

    Accruals /Deferrals

2.0

1.9

0.1

-0.9

0.1

    Difference from Consolid. with POLGRUNT

0.4

-

-

-

-

    Other Adjustments

1.2

0.0

0.0

0.0

0.0

    Income Tax

0.4

-0.5

-0.1

-1.0

-0.7

Cash from Operating Activities

1.2

4.6

5.6

-4.2

3.2

 

 

 

 

 

 

    Sale of Fixed Assets

0.2

0.0

0.1

0.1

0.6

    Sale of Investments /Real Estate

-

-

0.0

0.0

0.0

    Sale of Financial Assets/Affiliates

-

-

-

1.0

2.0

    Sale of Financial Assets/Others

0.1

-

-

-

-

    Repayment of Loans and Credits

-

-

-

0.0

0.4

    Sale of Financial Assets

-

0.0

0.1

0.1

0.3

    Loans Repaid

-

0.1

0.7

-

-

    Interest Received

0.2

0.0

0.0

0.0

0.0

    Purchase of Fixed Assets

-5.9

-1.6

-6.6

-2.5

-1.2

    Financial Assets /Affiliates

-4.0

-0.1

-1.7

0.0

-3.7

    Financial Assets /Other

-0.8

-1.7

-1.5

-2.7

-

    Other Investing Inflows

0.0

0.0

0.2

-

0.0

    Loans Granted

-

-0.2

0.0

0.0

0.0

    Loans Granted/Other

0.0

0.1

0.0

-

0.0

    Other Investing Outflow

-0.2

-

0.0

-0.4

0.0

Cash from Investing Activities

-10.4

-3.4

-8.6

-4.5

-1.7

 

 

 

 

 

 

    Shares Issued

-

0.3

0.6

0.0

6.1

    Loans and Credits Issued

15.3

5.1

6.4

20.9

10.8

    Other Financial Inflow

0.8

0.0

0.0

0.0

0.0

    Repurchase of Shares

-0.6

-1.0

-0.2

0.0

0.0

    Dividends Paid

-1.3

0.0

-1.1

-0.8

0.0

    Share of Profit

-

-

0.0

0.0

0.0

    Repayment of Loans and Credits

-2.2

-4.8

-1.5

-10.7

-17.5

    Financial Liabilities

-

-

0.0

0.0

0.0

    Financial Leases / Liabilities

-0.1

-

0.0

0.0

0.0

    Interest Paid

-1.9

-0.7

-0.9

-1.0

-0.6

    Other Financial Outflow

-

-

-

0.0

0.0

Cash from Financing Activities

9.9

-1.0

3.4

8.4

-1.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

0.8

0.3

0.4

-0.2

0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

1.0

0.7

0.2

0.5

0.1

Net Cash - Ending Balance

1.8

1.0

0.7

0.3

0.4

    Cash Interest Paid

1.9

0.7

0.9

1.0

0.6

    Cash Taxes Paid

-0.4

0.5

0.1

1.0

0.7

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

3.106319

2.934151

2.917488

2.972134

3.01474

 

 

 

 

 

 

Net Income

3.1

1.1

1.7

2.9

3.5

    Depreciation

1.2

0.6

1.9

1.3

0.7

    Foreign Exchange Effects

0.0

0.0

0.2

0.2

-0.6

    Interests and Dividends

0.0

0.4

1.8

1.1

0.4

    Investing Activity

0.0

0.1

0.0

1.6

0.1

    Reserves

0.0

0.0

-0.2

-0.3

-0.1

    Inventory

-1.7

-4.1

-6.0

-3.8

-1.8

    Receivables

-10.3

-1.1

-3.0

-10.7

-13.7

    ST Liabilities

10.3

4.0

0.8

5.2

2.8

    Accruals /Deferrals

-0.2

-0.1

2.0

-0.3

0.3

    Minority Interest

-

-

-

0.3

-

    Difference from Consolid. with POLGRUNT

0.0

0.0

0.4

-

-

    Other Adjustments

0.1

0.0

1.2

0.1

0.1

    Income Tax

-0.3

-0.2

0.4

-

-0.3

Cash from Operating Activities

2.2

0.7

1.2

-2.4

-8.8

 

 

 

 

 

 

    Sale of Fixed Assets

0.0

0.3

0.2

0.2

0.1

    Sale of Financial Assets/Affiliates

0.0

0.0

0.0

0.0

0.0

    Sale of Financial Assets/Other

1.0

0.8

0.1

-

0.0

    Repayment of Loans and Credits

0.4

0.1

-

-

-

    Interest Received

0.0

0.0

0.2

-

-

    Other Investing Inflow

0.0

0.0

0.0

0.0

0.0

    Purchase of Fixed Assets

-3.1

-0.5

-5.9

-3.6

-3.2

    Purchase of Property Inv.&Intangibles

0.0

-

-

-

-

    Purchase of Financial Assets /Affiliates

0.0

0.0

-4.0

-18.7

-0.1

    Loans Granted/Affiliates

-0.2

-

-

0.0

0.0

    Purchase of Financial Assets /Others

-0.7

0.0

-0.8

-0.5

-0.4

    LT Loans Granted/Others

0.0

-0.2

-

0.0

0.0

    Other Investing Outflow

0.0

-0.1

-0.2

-

-

Cash from Investing Activities

-2.6

0.4

-10.4

-22.6

-3.5

 

 

 

 

 

 

    Shares Issued

0.0

-

-

-

-

    Loans and Credits Issued

1.4

1.2

15.3

32.1

13.3

    Other Inflow

0.5

0.0

0.8

0.0

0.1

    Dividends and Other Payments

0.0

0.0

-1.3

-1.3

-

    Repurchase of Shares

-0.3

0.0

-0.6

-0.5

-0.3

    Repayment of Loans and Credits

-1.6

-1.5

-2.2

-3.0

-0.8

    Repayment of Debt Securities

0.0

-

-

-

-

    Other Financial Liabilities

0.0

-

-

-

-

    Financial Leases / Liabilities

-0.1

0.0

-0.1

-

-

    Interest Paid

-0.1

-0.4

-1.9

-0.9

-0.5

Cash from Financing Activities

-0.2

-0.6

9.9

26.5

11.7

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

-

0.0

Net Change in Cash

-0.6

0.5

0.8

1.5

-0.6

 

 

 

 

 

 

Net Cash - Beginning Balance

1.7

1.8

1.0

1.0

1.0

Net Cash - Ending Balance

1.1

2.3

1.8

2.5

0.4

    Cash Interest Paid

0.1

0.4

1.9

0.0

0.5

    Cash Taxes Paid

-0.3

0.2

-0.4

-

0.3

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual  

 

 

External Revenue   USD (mil)

 

30-Jun-11

30-Jun-10

30-Jun-09

30-Jun-08

30-Jun-07

Poland

71.7

84 %

60.4

91.8 %

57.6

90.8 %

70.1

91.4 %

47.6

93.6 %

Export

13.7

16 %

5.4

8.2 %

5.8

9.2 %

6.6

8.6 %

3.2

6.4 %

Segment Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Consolidated Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Exchange Rate: PLN to USD

2.917488

 

2.952367

 

2.937006

 

2.464150

 

2.968394

 

Total Revenue   USD (mil)

 

30-Jun-11

30-Jun-10

30-Jun-09

30-Jun-08

30-Jun-07

Poland

71.7

84 %

60.4

91.8 %

57.6

90.8 %

70.1

91.4 %

47.6

93.6 %

Export

13.7

16 %

5.4

8.2 %

5.8

9.2 %

6.6

8.6 %

3.2

6.4 %

Segment Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Consolidated Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Exchange Rate: PLN to USD

2.917488

 

2.952367

 

2.937006

 

2.464150

 

2.968394

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Interim    

            

 

External Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Poland

6.1

37.2 %

9.7

59.7 %

17.5

47.8 %

17.0

84.7 %

5.9

32.3 %

Export

10.2

62.8 %

6.5

40.3 %

19.1

52.2 %

3.1

15.3 %

12.4

67.7 %

Segment Total

16.3

100 %

16.2

100 %

36.6

100 %

20.1

100 %

18.3

100 %

Consolidated Total

16.3

100 %

16.2

100 %

36.6

100 %

20.1

100 %

18.3

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

Total Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Poland

6.1

37.2 %

9.7

59.7 %

17.5

47.8 %

17.0

84.7 %

5.9

32.3 %

Export

10.2

62.8 %

6.5

40.3 %

19.1

52.2 %

3.1

15.3 %

12.4

67.7 %

Segment Total

16.3

100 %

16.2

100 %

36.6

100 %

20.1

100 %

18.3

100 %

Consolidated Total

16.3

100 %

16.2

100 %

36.6

100 %

20.1

100 %

18.3

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual   

           

External Revenue   USD (mil)

 

30-Jun-11

30-Jun-10

30-Jun-09

30-Jun-08

30-Jun-07

Chain

39.9

46.7 %

32.5

49.3 %

33.0

52 %

38.4

50 %

24.0

47.3 %

Wholesale

45.5

53.3 %

33.4

50.7 %

30.4

48 %

38.4

50 %

26.8

52.7 %

Segment Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Consolidated Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Exchange Rate: PLN to USD

2.917488

 

2.952367

 

2.937006

 

2.464150

 

2.968394

 

Total Revenue   USD (mil)

 

30-Jun-11

30-Jun-10

30-Jun-09

30-Jun-08

30-Jun-07

Chain

39.9

46.7 %

32.5

49.3 %

33.0

52 %

38.4

50 %

24.0

47.3 %

Wholesale

45.5

53.3 %

33.4

50.7 %

30.4

48 %

38.4

50 %

26.8

52.7 %

Segment Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Consolidated Total

85.3

100 %

65.9

100 %

63.4

100 %

76.7

100 %

50.8

100 %

Exchange Rate: PLN to USD

2.917488

 

2.952367

 

2.937006

 

2.464150

 

2.968394

 

 

Cost of Revenue   USD (mil)

 

30-Jun-11

30-Jun-10

30-Jun-09

30-Jun-08

30-Jun-07

Chain

28.2

46.2 %

21.1

47.1 %

22.5

52.3 %

25.6

48.8 %

17.1

48.8 %

Wholesale

32.8

53.8 %

23.6

52.9 %

20.5

47.7 %

26.8

51.2 %

18.0

51.2 %

Segment Total

61.0

100 %

44.7

100 %

42.9

100 %

52.4

100 %

35.1

100 %

Consolidated Total

61.0

100 %

44.7

100 %

42.9

100 %

52.4

100 %

35.1

100 %

Exchange Rate: PLN to USD

2.917488

 

2.952367

 

2.937006

 

2.464150

 

2.968394

 

 

 

Business Segments

 

Financials in: As Reported (mil)

 

Interim    

          

External Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Chain

14.7

51.3 %

7.7

35.3 %

8.4

45.7 %

9.2

45.8 %

16.9

54.3 %

Wholesale

14.0

48.7 %

14.2

64.7 %

10.0

54.3 %

10.9

54.2 %

14.2

45.7 %

Segment Total

28.7

100 %

21.9

100 %

18.5

100 %

20.1

100 %

31.1

100 %

Consolidated Total

28.7

100 %

21.9

100 %

18.5

100 %

20.1

100 %

31.1

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

Total Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Chain

14.7

51.3 %

7.7

35.3 %

8.4

45.7 %

9.2

45.8 %

16.9

54.3 %

Wholesale

14.0

48.7 %

14.2

64.7 %

10.0

54.3 %

10.9

54.2 %

14.2

45.7 %

Segment Total

28.7

100 %

21.9

100 %

18.5

100 %

20.1

100 %

31.1

100 %

Consolidated Total

28.7

100 %

21.9

100 %

18.5

100 %

20.1

100 %

31.1

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

 

Cost of Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Chain

10.4

51.1 %

4.1

27.2 %

6.3

46.8 %

6.5

45.7 %

11.3

53.1 %

Wholesale

10.0

48.9 %

10.9

72.8 %

7.2

53.2 %

7.7

54.3 %

10.0

46.9 %

Segment Total

20.4

100 %

15.0

100 %

13.6

100 %

14.3

100 %

21.3

100 %

Consolidated Total

20.4

100 %

15.0

100 %

13.6

100 %

14.3

100 %

21.3

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.68

UK Pound

1

Rs.85.12

Euro

1

Rs.69.38

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.