MIRA INFORM REPORT

 

 

Report Date :

18.07.2012

 

IDENTIFICATION DETAILS

 

Name :

KRAKCHEMIA SA

 

 

Registered Office :

Ul. Plk. Dabka 10 Krakow, 30-832

 

 

Country :

Poland

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1991

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Manufacture of plastics in primary forms

 

 

No. of Employees :

82

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limited :

USD 269000

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 and address Top of Form

Bottom of Form


Krakchemia SA

                                                                                                                                                 

 

ul. Plk. Dabka 10

 

 

Krakow, 30-832

Poland

 

Tel:

48-12-6522000

Fax:

48-12-6522001

 

www.krakchemia.com.pl

 

Employees:

82

Company Type:

Public Subsidiary

Corporate Family:

6 Companies

Ultimate Parent:

Alma Market SA

Traded:

Warsaw Stock Exchange:

KCH

Incorporation Date:

1991

Auditor:

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Polish New Zloty

Annual Sales:

168.5  1

Net Income:

2.4

Total Assets:

44.8  2

Market Value:

13.1

 

(29-Jun-2012)

                                      

Business Description       

 

Krakchemia SA is a Poland-based distributor of industrial and commercial chemicals and plastic products. The Company’s product portfolio consist five segments: Plastic raw materials, such as polyethylene, polypropylene, polystyrenes, construction plastics, coloring concentrates and polyethylene powders, among others; Films, such as polypropylene, heat-shrinkable and wrapping films; Plastic materials; Reagents, such as solvents, acids, ethanols, hydroxides and disinfectants, among others; and Packages, including cardboard packaging, plastic packaging, thermally-formed packaging and paper bags, among others. Krakchemia SA operates a central warehouse in Cracow, a logistics center in Plock and has a distribution network across Poland. As of December 31, the Company was a member of the Capital Group Alma Market SA. Krakchemia SA is a Poland-based distributor of industrial and commercial chemicals and plastic products. The Company's offering comprises plastic raw materials, including polyethylene, polypropylene, polystyrenes, among others; polypropylene, heat-shrinkable and wrapping films; miscellaneous plastic and rubber products, chemical reagents, various floor coverings, as well as plastic processing machines.

 

Industry                                                                                                                                      

 

Industry

Chemicals - Plastics and Rubber

ANZSIC 2006:

1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002:

2416 - Manufacture of plastics in primary forms

NAICS 2002:

325211 - Plastics Material and Resin Manufacturing

UK SIC 2003:

2416 - Manufacture of plastics in primary forms

US SIC 1987:

2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

 

 Key Executives          

   

 

Name

Title

Wlodzimierz Oprzedek

Vice Chairman of the Management Board, Managing Director

Dorota Widz-Szwarc

Director of Finance, Chief Accounting Officer, Proxy

Marek Klucinski

Member of the Supervisory Board

Katarzyna Mielech-Wierzbicka

Deputy Chief Accountant

Barbara Waga

Commercial Director

   

Significant Developments                                                                                                    

 

Topic

#*

Most Recent Headline

Date

Business Deals

1

Krakchemia SA Signs Distribution Agreement with Basell Sales & Marketing Company BV and Basell Orlen Polyolefins Sprzedaz Sp. z o.o.

27-Mar-2012

* number of significant developments within the last 12 months

 

      

Financial Summary                                                                                                                   

 

As of 31-Dec-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.82

2.03

Quick Ratio (MRQ)

1.41

1.20

Debt to Equity (MRQ)

0.43

0.95

Sales 5 Year Growth

18.56

1.42

Net Profit Margin (TTM) %

1.40

4.60

Return on Assets (TTM) %

4.57

3.98

Return on Equity (TTM) %

11.79

12.15

 

 

 

 

 

Stock Snapshot                                    

 

Traded: Warsaw Stock Exchange: KCH

 

As of 29-Jun-2012

   Financials in: PLN

Recent Price

4.51

 

EPS

0.70

52 Week High

5.01

 

Price/Sales

0.09

52 Week Low

3.25

 

Price/Earnings

5.64

Avg. Volume (mil)

0.0042

 

Price/Book

0.72

Market Value (mil)

45.10

 

Beta

0.80

 

Price % Change

Rel S&P 500%

4 Week

-3.01%

-11.33%

13 Week

-0.88%

0.23%

52 Week

-7.96%

9.19%

Year to Date

14.18%

5.19%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = PLN 2.964349
2 - Balance Sheet Item Exchange Rate: USD 1 = PLN 3.43395

 

 

Corporate Overview

 

Location
ul. Plk. Dabka 10
Krakow, 30-832
Poland

 

Tel:

48-12-6522000

Fax:

48-12-6522001

 

www.krakchemia.com.pl

Quote Symbol - Exchange

KCH - Warsaw Stock Exchange

Sales PLN(mil):

499.4

Assets PLN(mil):

153.7

Employees:

82

Fiscal Year End:

31-Dec-2011

 

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:

1991

Company Type:

Public Subsidiary

Quoted Status:

Quoted

 

Secretary of the Supervisory Board:

Ilona Malik

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

 

Financial Information

Home Page

Investor Relations

 

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

1522

-

Paper Bag Manufacturing

3323

-

Industrial and Agricultural Chemical Product Wholesaling

1913

-

Polymer Foam Product Manufacturing

1912

-

Rigid and Semi-Rigid Polymer Product Manufacturing

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

1919

-

Other Polymer Product Manufacturing

1899

-

Other Basic Chemical Product Manufacturing Not Elsewhere Classified

1813

-

Basic Inorganic Chemical Manufacturing

3736

-

Paper Product Wholesaling

 

NACE 2002 Codes:

2416

-

Manufacture of plastics in primary forms

5156

-

Wholesale of other intermediate products

2524

-

Manufacture of other plastic products

2521

-

Manufacture of plastic plates, sheets, tubes and profiles

2466

-

Manufacture of other chemical products not elsewhere classified

2413

-

Manufacture of other inorganic basic chemicals

2522

-

Manufacture of plastic packing goods

2417

-

Manufacture of synthetic rubber in primary forms

5155

-

Wholesale of chemical products

 

NAICS 2002 Codes:

326199

-

All Other Plastics Product Manufacturing

326111

-

Plastics Bag Manufacturing

325212

-

Synthetic Rubber Manufacturing

325211

-

Plastics Material and Resin Manufacturing

424610

-

Plastics Materials and Basic Forms and Shapes Merchant Wholesalers

325998

-

All Other Miscellaneous Chemical Product and Preparation Manufacturing

325188

-

All Other Basic Inorganic Chemical Manufacturing

424130

-

Industrial and Personal Service Paper Merchant Wholesalers

326130

-

Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing

326140

-

Polystyrene Foam Product Manufacturing

 

US SIC 1987:

2822

-

Synthetic Rubber (Vulcanizable Elastomers)

2673

-

Plastics, Foil, and Coated Paper Bags

5113

-

Industrial and Personal Service Paper

3086

-

Plastics Foam Products

3083

-

Laminated Plastics Plate, Sheet, and Profile Shapes

3089

-

Plastics Products, Not Elsewhere Classified

2899

-

Chemicals and Chemical Preparations, Not Elsewhere Classified

2819

-

Industrial Inorganic Chemicals, Not Elsewhere Classified

5162

-

Plastics Materials and Basic Forms and Shapes

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

 

UK SIC 2003:

2522

-

Manufacture of plastic packing goods

2417

-

Manufacture of synthetic rubber in primary forms

2413

-

Manufacture of other inorganic basic chemicals

5155

-

Wholesale of chemical products

2416

-

Manufacture of plastics in primary forms

5156

-

Wholesale of other intermediate products

2524

-

Manufacture of other plastic products

2466

-

Manufacture of other chemical products not elsewhere classified

2521

-

Manufacture of plastic plates, sheets, tubes and profiles

 

 

Business Description

Krakchemia SA is a Poland-based distributor of industrial and commercial chemicals and plastic products. The Company’s product portfolio consist five segments: Plastic raw materials, such as polyethylene, polypropylene, polystyrenes, construction plastics, coloring concentrates and polyethylene powders, among others; Films, such as polypropylene, heat-shrinkable and wrapping films; Plastic materials; Reagents, such as solvents, acids, ethanols, hydroxides and disinfectants, among others; and Packages, including cardboard packaging, plastic packaging, thermally-formed packaging and paper bags, among others. Krakchemia SA operates a central warehouse in Cracow, a logistics center in Plock and has a distribution network across Poland. As of December 31, the Company was a member of the Capital Group Alma Market SA. Krakchemia SA is a Poland-based distributor of industrial and commercial chemicals and plastic products. The Company's offering comprises plastic raw materials, including polyethylene, polypropylene, polystyrenes, among others; polypropylene, heat-shrinkable and wrapping films; miscellaneous plastic and rubber products, chemical reagents, various floor coverings, as well as plastic processing machines.

 

 

More Business Descriptions

Distribution of chemicals

 

Industrial, Commercial Chemicals & Plastic Products Distr

 

Other Chemical and Allied Products Merchant Wholesalers

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

PLN(mil)

 

Revenue:

499.4

Net Income:

7.0

Assets:

153.7

Long Term Debt:

16.2

 

Total Liabilities:

90.8

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

27.9%

36.9%

0.6%

 

Market Data

Quote Symbol:

KCH

Exchange:

Warsaw Stock Exchange

Currency:

PLN

Stock Price:

4.5

Stock Price Date:

06-29-2012

52 Week Price Change %:

-8.0

Market Value (mil):

45,100.0

 

SEDOL:

B23WYT3

ISIN:

PLKRKCH00019

 

 

 

Shareholders

 

 

Major Shareholders

Alma Market SA, Poland (50%) Quercus TFI SA, Poland (9.58%); OFE PZU Zlota Jesien, Poland (9.5%)

 

 

 

 

 

Key Corporate Relationships

Auditor:

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

 

Auditor:

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o., Kancelaria Bieglych RewidentĂ³w Konto Sp zoo

 

 

 

 

 

 

 

 

 

Corporate Structure News

Krakchemia SA
Total Corporate Family Members: 6

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Alma Market SA

Parent

Krakow

Poland

Retail (Grocery)

479.7

3,171

Krakowski Kredens Sp. z o.o.

Subsidiary

Krakow, Lesser Poland

Poland

Retail (Grocery)

 

2,007

Krakowski Kredens Tradycja Galicyjska S A

Subsidiary

Krakow

Poland

Food Processing

20.3

200

Krakchemia SA

Subsidiary

Krakow

Poland

Chemicals - Plastics and Rubber

168.5

82

Alma Development Sp. z o.o.

Subsidiary

Krakow, Lesser Poland

Poland

Real Estate Operations

 

 

Paradise Group Sp. z o. o.

Subsidiary

Krakow, Lesser Poland

Poland

Retail (Apparel)

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Jerzy Mazgaj

 

Chairman of the Supervisory Board

Chairman

Biography:

Mr. Jerzy Mazgaj has occupied the position of Chairman of the Supervisory Board at Krakchemia SA since May 19, 2004. He has been Member of the Company’s Supervisory Board since July 8, 2000. He is also Chairman of the Supervisory Board of Vistula Group SA. From 1999 to 2006, he served as Chairman of the Management Board at Paradise Group Sp. z o.o. He was also appointed to the position of Chairman of the Management Board at ALMA MARKET SA in 1999, and at ALMA DEVELOPMENT in 2005. Also in 2005, he was appointed as Chairman of the Supervisory Board of Premium Cigars Sp. z o.o. Between 2003 and 2005, Mr. Mazgaj held the position of Member of the Supervisory Board at Brok Strzelec SA. He graduated from German Philology from Uniwersytet Jagiellonski, Krakow.

 

Age: 53

 

Education:

Uniwersytet Jagiellonski, Krakow (German)

 

Compensation/Salary:94,000

Compensation Currency: PLN

 

Andrzej Maria Zdebski

 

Chairman of the Management Board

Chairman

 

 

Biography:

Mr. Andrzej Zdebski has served as Chairman of the Management Board at Krakchemia SA since February 1, 2007. From 1984 to 1992, he was Assistant at the Jagiellonian University's Faculty of International Public Law. From 1992 to 1994, he acted as Director of the Cracow representative office of Polska Izba Handlu Zagranicznego. Subsequently, between 1994 and 1997, he was Director of Izba Przemyslowo-Handlowa in Cracow. Between 1997 and 2001, Mr. Andrzej Zdebski served as Director of departments and branches of central banks: BWR SA in Cracow, Deutsche Bank 24 and Millennium Prestige. From 2003 to 2006, he was Chairman of the Management Board at Polska Agencja Informacji i Inwestycji Zagranicznych SA. In his professional career, he was also Member of the Supervisory Board at Bank Gospodarstwa Krajowego and CONDOMI AG. Mr. Andrzej Zdebski graduated in Law from Uniwersytet Jagiellonski in Cracow.

 

Age: 55

 

Education:

Polska Akademia Nauk - PAN
Uniwersytet Jagiellonski, Krakow, M (Law)

 

Compensation/Salary:311,000

Compensation Currency: PLN

 

Barbara Mazgaj

 

Vice Chairman of the Supervisory Board

Vice-Chairman

 

 

Biography:

Ms. Barbara Mazgaj serves as Vice Chairman of the Supervisory Board of Krakchemia SA. Ms. Mazgaj has been Member of the Supervisory Board of ALMA MARKET SA since August 1999 and since May 2004 she has been its Chairman. Currently, she has been active in Paradise Group Sp. z o.o. Between April 2002 and February 2004, she was Chairman of the Supervisory Board of Paradise Group Sp. z o.o. Ms. Mazgaj graduated from Akademia Rolnicza w Krakowie.

 

Education:

Akademia Rolnicza w Krakowie

 

Compensation/Salary:48,000

Compensation Currency: PLN

 

Wlodzimierz Oprzedek

 

Vice Chairman of the Management Board, Managing Director

Vice-Chairman

 

 

Biography:

Mr. Wlodzimierz Oprzedek has held the position of Vice Chairman of the Management Board and Managing Director of Krakchemia SA since April 23, 2007. From 1980 to 1989, he was Assistant at AGH University of Science and Technology. From 1989 to 1991, he held the position of Specialist on Export at Kolejowe Zaklady Automatyki. Subsequently, between 1991 and 2000, he served at FH KRAKCHEMIA SA (current ALMA MARKET SA), firstly as Specialist on Foreign Trade, and then moving on to the position of Head of Foreign Trade Office. He joined Krakchemia-Hurt Sp. z o.o. in 2000 as Head of the Foreign Trade Office, and until 2004, held various positions within the Company, the most recent being that of Chairman of the Management Board. Mr. Oprzedek graduated from Akademia Gorniczo Hutnicza and from Uniwersytet Ekonomiczny w Krakowie in Economics and Building Industry Exports Organization, as well as in Economics and Business Management.

 

Age: 56

 

Education:

Uniwersytet Ekonomiczny w Krakowie (Economics and Business Administration)
Uniwersytet Ekonomiczny w Krakowie (Economics)
Akademia Gorniczo-Hutnicza im. Stanislawa Staszica w Krakowie

 

Compensation/Salary:199,000

Compensation Currency: PLN

 

Bogdan Wrzesniak

 

Vice-Chairman & General Director

Vice-Chairman

 

 

 

Executives

 

Name

Title

Function

Wlodzimierz Oprzedek

 

Vice Chairman of the Management Board, Managing Director

Managing Director

Biography:

Mr. Wlodzimierz Oprzedek has held the position of Vice Chairman of the Management Board and Managing Director of Krakchemia SA since April 23, 2007. From 1980 to 1989, he was Assistant at AGH University of Science and Technology. From 1989 to 1991, he held the position of Specialist on Export at Kolejowe Zaklady Automatyki. Subsequently, between 1991 and 2000, he served at FH KRAKCHEMIA SA (current ALMA MARKET SA), firstly as Specialist on Foreign Trade, and then moving on to the position of Head of Foreign Trade Office. He joined Krakchemia-Hurt Sp. z o.o. in 2000 as Head of the Foreign Trade Office, and until 2004, held various positions within the Company, the most recent being that of Chairman of the Management Board. Mr. Oprzedek graduated from Akademia Gorniczo Hutnicza and from Uniwersytet Ekonomiczny w Krakowie in Economics and Building Industry Exports Organization, as well as in Economics and Business Management.

 

Age: 56

 

Education:

Uniwersytet Ekonomiczny w Krakowie (Economics and Business Administration)
Uniwersytet Ekonomiczny w Krakowie (Economics)
Akademia Gorniczo-Hutnicza im. Stanislawa Staszica w Krakowie

 

Compensation/Salary:199,000

Compensation Currency: PLN

 

Marek Klucinski

 

Member of the Supervisory Board

Administration Executive

 

 

Biography:

Mr. Marek Klucinski has served as Member of the Supervisory Board of Krakchemia SA since January 26, 2011. He also serves as Deputy Director of Advertising Office of Telewizja Polska SA. He graduated from Wyzsza Szkola Ekonomiczna in Berlin, Germany, from Foreign Trade Faculty. He also completed post graduate studies at Studium Podyplomowe Public Relation at Uniwersytet Warszawski. He held managing positions in Powszechny Bank Kredytowy SA in Warsaw, Bank Przemyslowo-Handlowy PBK SA in Warsaw, PKO Bank Polski SA, PKP Cargo SA and he was Advisor to Chairman of the Management Board of Bank Pocztowy SA.

 

Education:

Uniwersytet Warszawski (Public Relations)

 

Ilona Malik

 

Secretary of the Supervisory Board

Administration Executive

 

 

Biography:

Ms. Ilona Malik has occupied the position of Secretary of the Supervisory Board at Krakchemia SA since March 3, 2009. Between 2006 and 2008, she held the post of Member of the Supervisory Board at Zaklady Azotowe Kedzierzyn SA and TBS Mokotow Sp. z o.o. In December 2008, she was appointed as Director of the Privatization Office at Nafta Polska SA. She is a lawyer.

 

Age: 36

 

Education:

Uniwersytet Jagiellonski, Krakow (Law)

 

Compensation/Salary:46,000

Compensation Currency: PLN

 

Mariusz Wojdon

 

Member of the Supervisory Board

Administration Executive

 

 

Biography:

Mr. Mariusz Wojdon has occupied the position of Member of the Supervisory Board at Krakchemia SA since December 29, 2000. In 2001, he was appointed as Vice Chairman of the Management Board at ALMA MARKET SA, and in 2005, he became Member of the Supervisory Board at Instal Krakow SA. Between 2002 and 2004, he was also Secretary of the Supervisory Board at Paradise Group Sp. z o.o. He holds Master of Engineering degree from Politechnika Krakowska im. Tadeusza Kosciuszki, CETT, ACCA (Association of Chartered Certified Accountants) diploma in Accountancy and Finance Management, and Diploma of Post-Graduate Industrial Management School. He also completed the post-graduate studies at Szkola Glowna Handlowa in European Standards Accountancy and Finance.

 

Age: 45

 

Education:

Politechnika Krakowska im. Tadeusza Kosciuszki, ME
Szkola Glowna Handlowa (Finance and Accounting)

 

Compensation/Salary:34,000

Compensation Currency: PLN

 

Elzbieta Wyrobiec

 

Member of the Supervisory Board

Administration Executive

 

 

Biography:

Ms. Elzbieta Wyrobiec has served as Member of the Supervisory Board of Krakchemia SA since January 26, 2011. She holds Masters Degree in Russian Language from Uniwersytet Jagiellonski in Krakow. She completed many accounting and financial courses. She is Chairwoman of the Management Board of Agencja Reklamy Wenecja Sp. z o.o. in Krakow.

 

Education:

Uniwersytet Jagiellonski, Krakow, M (Russian)

 

Sebastian Dulewicz

 

Deputy Finance Director

Finance Executive

 

 

Katarzyna Mielech-Wierzbicka

 

Deputy Chief Accountant

Finance Executive

 

 

Dorota Widz-Szwarc

 

Director of Finance, Chief Accounting Officer, Proxy

Finance Executive

 

 

Compensation/Salary:122,000

Compensation Currency: PLN

 

Ewa Hoettel

 

Personnel Specialist

Human Resources Executive

 

 

Barbara Waga

 

Commercial Director

Sales Executive

 

 

Jaroslaw Zakowski

 

IT Manager

Engineering/Technical Executive

 

 

Marek Batko

 

Logistics Director

Logistics Executive

 

 

 

Significant Developments

 

 

 

 

Krakchemia SA Signs Distribution Agreement with Basell Sales & Marketing Company BV and Basell Orlen Polyolefins Sprzedaz Sp. z o.o.

Mar 27, 2012


Krakchemia SA announced that it has signed a distribution agreement with Basell Sales & Marketing Company BV, based in Netherlands, and Basell Orlen Polyolefins Sprzedaz Sp. z o.o., based in Poland. The contract is a continuation of an agreement signed on January 20, 2010 and will run until December 31, 2013. The Company will distribute in Poland products manufactured under the trademarks of Basell Sales & Marketing Company BV. Further details were not disclosed.

 

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

168.5

129.4

81.2

130.1

101.0

Revenue

168.5

129.4

81.2

130.1

101.0

Total Revenue

168.5

129.4

81.2

130.1

101.0

 

 

 

 

 

 

    Cost of Revenue

159.0

121.3

75.6

123.0

96.2

Cost of Revenue, Total

159.0

121.3

75.6

123.0

96.2

Gross Profit

9.5

8.1

5.6

7.1

4.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

5.7

5.0

4.6

5.4

3.9

Total Selling/General/Administrative Expenses

5.7

5.0

4.6

5.4

3.9

    Depreciation

0.3

0.3

-

-

-

Depreciation/Amortization

0.3

0.3

-

-

-

        Investment Income - Operating

0.0

0.0

0.0

0.0

-0.4

    Interest/Investment Income - Operating

0.0

0.0

0.0

0.0

-0.4

Interest Expense (Income) - Net Operating Total

0.0

0.0

0.0

0.0

-0.4

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

0.0

0.0

0.0

Unusual Expense (Income)

0.0

0.0

0.0

0.0

0.0

    Other, Net

0.0

0.3

0.0

0.0

-0.2

Other Operating Expenses, Total

0.0

0.3

0.0

0.0

-0.2

Total Operating Expense

165.0

126.9

80.1

128.3

99.4

 

 

 

 

 

 

Operating Income

3.5

2.4

1.1

1.8

1.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.6

-0.4

-0.3

-0.7

-0.4

    Interest Expense, Net Non-Operating

-0.6

-0.4

-0.3

-0.7

-0.4

Interest Income (Expense) - Net Non-Operating Total

-0.6

-0.4

-0.3

-0.7

-0.4

Gain (Loss) on Sale of Assets

0.0

-

-

-

-

    Other Non-Operating Income (Expense)

0.0

0.1

0.1

0.2

0.1

Other, Net

0.0

0.1

0.1

0.2

0.1

Income Before Tax

3.0

2.1

0.9

1.3

1.3

 

 

 

 

 

 

Total Income Tax

0.6

0.5

0.2

0.3

0.3

Income After Tax

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Net Income Before Extraord Items

2.4

1.7

0.7

1.0

1.0

Net Income

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Basic EPS Excl Extraord Items

0.24

0.17

0.07

0.10

0.10

Basic/Primary EPS Incl Extraord Items

0.24

0.17

0.07

0.10

0.10

Diluted Net Income

2.4

1.7

0.7

1.0

1.0

Diluted Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Diluted EPS Excl Extraord Items

0.24

0.17

0.07

0.10

0.10

Diluted EPS Incl Extraord Items

0.24

0.17

0.07

0.10

0.10

Dividends per Share - Common Stock Primary Issue

-

-

0.00

0.00

0.00

Gross Dividends - Common Stock

-

-

0.0

0.0

0.0

Interest Expense, Supplemental

0.6

0.4

0.3

0.7

0.4

Depreciation, Supplemental

0.2

0.2

0.2

0.3

0.2

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

3.0

2.2

0.9

1.3

1.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.6

0.5

0.2

0.3

0.3

Normalized Income After Tax

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.17

0.07

0.10

0.10

Diluted Normalized EPS

0.24

0.17

0.07

0.10

0.10

Amort of Intangibles, Supplemental

0.1

0.0

0.0

0.1

0.0

Normalized EBIT

3.5

2.5

1.1

1.8

1.2

Normalized EBITDA

3.8

2.8

1.4

2.1

1.5

    Current Tax - Domestic

0.7

0.5

0.2

0.2

0.2

Current Tax - Total

0.7

0.5

0.2

0.2

0.2

    Deferred Tax - Domestic

0.0

-0.1

0.0

0.0

0.1

Deferred Tax - Total

0.0

-0.1

0.0

0.0

0.1

Income Tax - Total

0.6

0.5

0.2

0.3

0.3

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

2.95445

2.8617

2.963

2.45935

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.2

0.1

0.2

0.0

-

    Cash & Equivalents

0.9

1.0

2.3

2.2

0.3

    Short Term Investments

-

-

0.0

0.1

0.0

Cash and Short Term Investments

1.1

1.1

2.5

2.3

0.3

        Accounts Receivable - Trade, Gross

30.5

34.1

21.8

21.5

25.0

        Provision for Doubtful Accounts

-2.1

-1.5

-1.1

-0.5

-0.5

    Trade Accounts Receivable - Net

28.4

32.6

20.7

21.0

24.5

    Other Receivables

0.6

0.4

0.5

0.2

1.0

Total Receivables, Net

29.0

32.9

21.2

21.2

25.5

    Inventories - Finished Goods

8.8

11.0

7.3

5.7

10.1

    Inventories - Raw Materials

-

-

-

-

0.0

Total Inventory

8.8

11.0

7.3

5.7

10.1

Prepaid Expenses

-

-

0.0

0.1

-

    Other Current Assets

0.1

0.1

0.1

0.0

-

Other Current Assets, Total

0.1

0.1

0.1

0.0

-

Total Current Assets

39.1

45.1

31.1

29.4

35.9

 

 

 

 

 

 

        Buildings

1.0

0.9

0.9

0.9

1.0

        Machinery/Equipment

1.5

1.7

1.5

1.4

1.6

        Construction in Progress

0.0

0.1

0.1

0.1

0.0

    Property/Plant/Equipment - Gross

2.4

2.7

2.4

2.3

2.6

    Accumulated Depreciation

-1.2

-1.3

-1.1

-1.0

-0.9

Property/Plant/Equipment - Net

1.2

1.4

1.3

1.3

1.7

Goodwill, Net

2.6

3.1

3.2

3.1

-

    Intangibles - Gross

1.3

1.5

1.6

1.5

-

    Accumulated Intangible Amortization

-0.9

-1.0

-1.0

-0.9

-

Intangibles, Net

0.4

0.5

0.6

0.6

4.4

    LT Investments - Other

1.2

1.4

0.8

0.7

0.9

Long Term Investments

1.2

1.4

0.8

0.7

0.9

Note Receivable - Long Term

0.0

0.0

0.0

0.0

0.1

    Deferred Income Tax - Long Term Asset

0.2

0.2

0.1

0.1

-

Other Long Term Assets, Total

0.2

0.2

0.1

0.1

-

Total Assets

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

Accounts Payable

0.0

0.0

0.0

0.0

-

Payable/Accrued

17.8

22.0

11.2

8.7

16.8

Accrued Expenses

0.0

0.1

0.1

0.2

-

Notes Payable/Short Term Debt

3.0

4.0

7.3

4.4

3.3

Current Portion - Long Term Debt/Capital Leases

0.1

0.1

0.1

0.0

0.1

    Income Taxes Payable

0.2

0.2

0.0

-

0.0

    Other Current Liabilities

0.3

0.2

0.2

0.1

0.0

Other Current liabilities, Total

0.5

0.4

0.2

0.1

0.0

Total Current Liabilities

21.5

26.5

18.8

13.5

20.2

 

 

 

 

 

 

    Long Term Debt

4.5

5.7

0.0

4.9

3.7

    Capital Lease Obligations

0.2

0.3

0.2

0.1

0.1

Total Long Term Debt

4.7

6.0

0.2

5.0

3.8

Total Debt

7.9

10.0

7.5

9.4

7.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.2

0.2

0.2

0.2

0.2

Deferred Income Tax

0.2

0.2

0.2

0.2

0.2

    Reserves

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.4

32.8

19.2

18.8

24.1

 

 

 

 

 

 

    Common Stock

2.9

3.4

3.5

3.4

15.8

Common Stock

2.9

3.4

3.5

3.4

15.8

Retained Earnings (Accumulated Deficit)

15.4

15.6

14.3

13.1

3.0

Total Equity

18.3

18.9

17.8

16.5

18.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

10.0

10.0

10.0

10.0

10.0

Total Common Shares Outstanding

10.0

10.0

10.0

10.0

10.0

Employees

82

85

-

84

82

Accumulated Intangible Amort, Suppl.

0.9

1.0

1.0

0.9

1.1

Total Long Term Debt, Supplemental

7.5

9.7

7.5

9.4

7.0

Long Term Debt Maturing within 1 Year

3.0

4.0

7.3

4.4

3.3

Long Term Debt Matur. in Year 6 & Beyond

4.5

5.7

0.2

5.0

3.7

Total Capital Leases, Supplemental

0.3

0.4

0.2

0.1

0.2

Capital Lease Payments Due in Year 1

0.1

0.1

0.0

0.0

0.1

Capital Lease Payments Due in Year 2

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in Year 3

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.1

0.1

0.1

0.0

0.0

Capital Lease Payments Due in 4-5 Years

0.1

0.1

0.1

0.0

0.0

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

2.4

1.7

0.7

1.0

1.0

    Depreciation

0.2

0.2

0.2

0.3

0.2

Depreciation/Depletion

0.2

0.2

0.2

0.3

0.2

    Amortization of Intangibles

0.1

0.0

0.0

0.1

0.0

Amortization

0.1

0.0

0.0

0.1

0.0

    Unusual Items

0.0

0.0

0.1

-0.1

-0.4

    Other Non-Cash Items

0.5

0.3

0.2

0.5

0.3

Non-Cash Items

0.6

0.4

0.3

0.3

-0.1

    Accounts Receivable

-0.8

-12.2

0.7

-0.2

-2.5

    Inventories

0.7

-3.9

-1.2

3.3

-3.6

    Taxes Payable

0.6

0.5

0.2

0.3

0.3

    Other Liabilities

-1.1

10.8

1.9

-5.9

-3.3

    Other Operating Cash Flow

-0.7

-0.3

-0.2

-0.2

-0.2

Changes in Working Capital

-1.2

-5.1

1.4

-2.8

-9.3

Cash from Operating Activities

2.0

-2.8

2.6

-1.0

-8.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

-0.1

-0.1

-0.2

-0.1

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

0.0

0.0

Capital Expenditures

-0.2

-0.1

-0.1

-0.3

-0.1

    Acquisition of Business

-

-

-

0.0

-4.2

    Sale of Fixed Assets

0.0

0.0

0.1

0.0

0.0

    Sale/Maturity of Investment

0.7

0.0

0.0

0.6

0.0

    Investment, Net

0.0

0.0

-

-

-

    Purchase of Investments

-0.7

-0.6

0.0

-0.6

0.0

    Other Investing Cash Flow

0.0

0.1

0.1

0.2

0.1

Other Investing Cash Flow Items, Total

0.0

-0.5

0.2

0.2

-4.1

Cash from Investing Activities

-0.2

-0.6

0.1

-0.1

-4.2

 

 

 

 

 

 

    Other Financing Cash Flow

-0.6

-0.4

-0.3

-0.7

-0.4

Financing Cash Flow Items

-0.6

-0.4

-0.3

-0.7

-0.4

    Common Stock, Net

-

-

-

0.0

12.3

Issuance (Retirement) of Stock, Net

-

-

-

0.0

12.3

        Long Term Debt Issued

0.0

5.6

-4.7

2.3

6.9

        Long Term Debt Reduction

-0.1

-0.1

0.0

-0.1

-0.1

    Long Term Debt, Net

-0.1

5.5

-4.7

2.2

6.8

    Total Debt Reduction

-0.5

-

-

0.0

-8.0

Issuance (Retirement) of Debt, Net

-0.6

5.5

-4.7

2.2

-1.2

Cash from Financing Activities

-1.2

5.1

-5.0

1.5

10.7

 

 

 

 

 

 

Net Change in Cash

0.7

1.7

-2.3

0.4

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

-2.9

-4.5

-2.0

-3.1

-1.1

Net Cash - Ending Balance

-2.2

-2.8

-4.4

-2.6

-2.7

Cash Interest Paid

0.5

0.4

0.3

0.7

0.4

Cash Taxes Paid

0.7

0.3

0.2

0.2

0.2

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

168.5

129.4

81.2

130.1

101.0

Total Revenue

168.5

129.4

81.2

130.1

101.0

 

 

 

 

 

 

    Cost of Products Sold

159.0

121.3

75.6

123.0

96.2

    Selling and Marketing Costs

4.5

4.1

3.5

3.9

2.8

    Depreciation and Amortization

0.3

0.3

-

-

-

    General Administrative Costs

1.2

0.9

1.1

1.5

1.1

    Investment Income/Loss

0.0

0.0

0.0

0.0

-0.4

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Other Operating Income/Loss

0.0

0.3

0.0

0.0

-0.2

Total Operating Expense

165.0

126.9

80.1

128.3

99.4

 

 

 

 

 

 

    Interest Expense

-0.6

-0.4

-0.3

-0.7

-0.4

    Income/Exp. from Sale of Finan. Assets

0.0

-

-

-

-

    Other Financial Income/Expense

0.0

0.1

0.1

0.2

0.1

Net Income Before Taxes

3.0

2.1

0.9

1.3

1.3

 

 

 

 

 

 

Provision for Income Taxes

0.6

0.5

0.2

0.3

0.3

Net Income After Taxes

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Net Income Before Extra. Items

2.4

1.7

0.7

1.0

1.0

Net Income

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Basic EPS Excluding ExtraOrdinary Items

0.24

0.17

0.07

0.10

0.10

Basic EPS Including ExtraOrdinary Items

0.24

0.17

0.07

0.10

0.10

Diluted Net Income

2.4

1.7

0.7

1.0

1.0

Diluted Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Diluted EPS Excluding ExtraOrd Items

0.24

0.17

0.07

0.10

0.10

Diluted EPS Including ExtraOrd Items

0.24

0.17

0.07

0.10

0.10

DPS-Common Stock

-

-

0.00

0.00

0.00

Gross Dividends - Common Stock

-

-

0.0

0.0

0.0

Normalized Income Before Taxes

3.0

2.2

0.9

1.3

1.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

0.5

0.2

0.3

0.3

Normalized Income After Taxes

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.17

0.07

0.10

0.10

Diluted Normalized EPS

0.24

0.17

0.07

0.10

0.10

Interest Expense

0.6

0.4

0.3

0.7

0.4

Depreciation

0.2

0.2

0.2

0.3

0.2

Amortization of Intangibles

0.1

0.0

0.0

0.1

0.0

    Current Tax

0.7

0.5

0.2

0.2

0.2

Current Tax - Total

0.7

0.5

0.2

0.2

0.2

    Deferred Tax

0.0

-0.1

0.0

0.0

0.1

Deferred Tax - Total

0.0

-0.1

0.0

0.0

0.1

Income Tax - Total

0.6

0.5

0.2

0.3

0.3

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

2.95445

2.8617

2.963

2.45935

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Materials

-

-

-

-

0.0

    Merchandise

8.8

11.0

7.3

5.7

10.1

    Trade Receivables, Gross

30.5

34.1

21.8

21.5

25.0

    Provisions for Doubtful Accounts

-2.1

-1.5

-1.1

-0.5

-0.5

    Other Receivables

0.6

0.4

0.5

0.2

1.0

    Deferrals and Accruals

0.1

0.1

0.1

0.0

-

    Prepayments

-

-

0.0

0.1

-

    Tax Receivables

-

0.0

0.0

0.0

0.0

    Other Financial Assets at Fair Value

-

-

0.0

0.1

0.0

    Cash in Bank / Hand

0.2

0.0

0.2

0.0

-

    ST Deposits

0.9

1.0

2.3

2.2

-

    Interests from Deposits

0.0

0.0

0.0

0.0

-

    Cash in Transit

0.0

0.0

0.0

0.0

-

    Cash and Equivalents

-

-

-

-

0.3

Total Current Assets

39.1

45.1

31.1

29.4

35.9

 

 

 

 

 

 

    Buildings/Plants

1.0

0.9

0.9

0.9

1.0

    Machinery and Equipment

0.6

0.7

0.4

0.4

0.4

    Vehicles

0.7

0.8

0.9

0.8

0.9

    Furniture and Equipment

0.2

0.2

0.2

0.2

0.2

    Fixed Assets in Progress

0.0

0.1

0.1

0.1

0.0

    Accumulated Depreciation

-1.2

-1.3

-1.1

-1.0

-0.9

    Real Estate Investments

1.1

1.3

0.8

0.7

0.9

    Intangibles, Gross

1.3

1.5

1.6

1.5

-

    Amortization of Intangibles

-0.9

-1.0

-1.0

-0.9

-

    Goodwill

2.6

3.1

3.2

3.1

-

    Intangibles

-

-

-

-

4.4

    Deferred Tax

0.2

0.2

0.1

0.1

-

    AFS Financial Assets

0.1

0.1

-

-

0.0

    Trade and Other Receivables

0.0

0.0

0.0

0.0

0.1

Total Assets

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

    Liabilities / Affiliates

0.0

0.0

0.0

0.0

-

    Trade/Other Liabilities

17.8

22.0

11.2

8.7

16.8

    Current Income Tax Liabilities

0.2

0.2

0.0

-

0.0

    Taxes and Other Duties

0.0

0.1

0.1

0.2

-

    ST Credits and Loans

3.0

4.0

7.3

4.4

3.3

    ST Capital Leases

0.1

0.1

0.0

0.0

0.1

    Derivatives

-

-

-

-

0.0

    Other Liabilities

0.0

0.0

0.1

0.0

-

    Other Liabilities Fair Value/Leases

0.1

0.0

0.0

0.0

-

    Accruals/ Deferrals

0.3

0.2

0.1

0.1

-

    Other Reserves

0.0

0.0

-

0.0

0.0

Total Current Liabilities

21.5

26.5

18.8

13.5

20.2

 

 

 

 

 

 

    Loans and Credits

4.5

5.7

0.0

4.9

3.7

    LT Capital Leases

0.2

0.3

0.2

0.1

0.1

Total Long Term Debt

4.7

6.0

0.2

5.0

3.8

 

 

 

 

 

 

    Deferred Income Tax Liabilities

0.2

0.2

0.2

0.2

0.2

    Reserves for Other Liabilities

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.4

32.8

19.2

18.8

24.1

 

 

 

 

 

 

    Share Capital

2.9

3.4

3.5

3.4

15.8

    Other Capital

8.9

10.1

10.3

9.9

-

    Retained Profit

6.6

5.4

4.0

3.2

3.0

Total Equity

18.3

18.9

17.8

16.5

18.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

    S/O-Common Stock

10.0

10.0

10.0

10.0

10.0

Total Common Shares Outstanding

10.0

10.0

10.0

10.0

10.0

Accumulated Intangibles Amortization

0.9

1.0

1.0

0.9

1.1

Full-Time Employees

82

85

-

84

82

LT Debt Due within 1 Year

3.0

4.0

7.3

4.4

3.3

Remaining Maturities

4.5

5.7

0.2

5.0

3.7

Total Long Term Debt, Supplemental

7.5

9.7

7.5

9.4

7.0

Capital Leases Maturing in 1 Year

0.1

0.1

0.0

0.0

0.1

Capital Leases Maturing in 1-5 Years

0.2

0.3

0.2

0.1

0.1

Total Capital Leases, Supplemental

0.3

0.4

0.2

0.1

0.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

2.4

1.7

0.7

1.0

1.0

    Depreciation

0.2

0.2

0.2

0.3

0.2

    Amortization of Intangibles

0.1

0.0

0.0

0.1

0.0

    Income Tax

0.6

0.5

0.2

0.3

0.3

    Income/Loss on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Impairment of Other Financial Assets

0.0

0.0

0.1

-0.2

-0.4

    Interest Expense

0.6

0.4

0.3

0.7

0.4

    Investing Activities

0.0

0.0

-

-

-

    Interest Income

0.0

-0.1

-0.1

-0.2

-0.1

    Dividend Income

0.0

-

-

-

-

    Inventories

0.7

-3.9

-1.2

3.3

-3.6

    Trade/Other Receivables

-0.8

-12.2

0.7

-0.2

-2.5

    Reserves

0.0

0.0

0.0

0.0

0.0

    Trade/Other Liabilities

-1.1

10.8

1.9

-5.9

-3.3

    Income Tax Paid

-0.7

-0.3

-0.2

-0.2

-0.2

Cash from Operating Activities

2.0

-2.8

2.6

-1.0

-8.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

-0.1

-0.1

-0.2

-0.1

    Sale of Fixed Assets

0.0

0.0

0.1

0.0

0.0

    Purchase of Intangibles

0.0

0.0

0.0

0.0

0.0

    Purchase of AFS Financial Assets

-0.7

-0.1

0.0

-0.6

0.0

    Purchase of Real Estates

0.0

-0.5

-

-

-

    Proceeds from Real Estates Investments

0.0

0.0

-

-

-

    Sale of Financial Assets

0.7

0.0

0.0

0.6

0.0

    Purchase of Subsidiaries

-

-

-

0.0

-4.2

    Interest Received

0.0

0.1

0.1

0.2

0.1

    Dividends Received

0.0

0.0

-

-

-

Cash from Investing Activities

-0.2

-0.6

0.1

-0.1

-4.2

 

 

 

 

 

 

    Shares Issued

-

-

-

0.0

12.3

    Credits and Loans

0.0

5.6

-4.7

2.3

6.9

    Capital Lease Liabilities

-0.1

-0.1

0.0

-0.1

-0.1

    Credits and Loans Repayment

-0.5

-

-

0.0

-8.0

    Interest Paid

-0.5

-0.4

-0.3

-0.7

-0.4

    Other Financial Flow

0.0

-

-

-

-

Cash from Financing Activities

-1.2

5.1

-5.0

1.5

10.7

 

 

 

 

 

 

Net Change in Cash

0.7

1.7

-2.3

0.4

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

-2.9

-4.5

-2.0

-3.1

-1.1

Net Cash - Ending Balance

-2.2

-2.8

-4.4

-2.6

-2.7

    Cash Interest Paid

0.5

0.4

0.3

0.7

0.4

    Cash Taxes Paid

0.7

0.3

0.2

0.2

0.2

 

 

 

 

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
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

38.1

12.33%

168.5

27.91%

16.79%

18.56%

Operating Income1

1.1

15.09%

3.5

40.27%

34.69%

26.85%

Income Available to Common Excl Extraord Items1

0.8

14.27%

2.4

36.85%

40.90%

30.19%

Basic EPS Excl Extraord Items1

0.08

14.27%

0.24

36.85%

40.90%

30.19%

Capital Expenditures2

0.2

149.47%

0.2

149.47%

2.05%

-21.05%

Cash from Operating Activities2

2.0

-

2.0

-

-

-

Free Cash Flow

1.5

-

1.5

-

-

-

Total Assets3

44.8

0.64%

44.8

0.64%

13.76%

20.00%

Total Liabilities3

26.4

-6.19%

26.4

-6.19%

17.78%

11.63%

Total Long Term Debt3

4.7

-8.58%

4.7

-8.58%

2.93%

158.90%

Employees3

-

-

82

-3.53%

-0.80%

0.00%

Total Common Shares Outstanding3

10.0

0.00%

10.0

0.00%

0.00%

0.00%

1-ExchangeRate: PLN to USD Average for Period

3.280471

 

2.964349

 

 

 

2-ExchangeRate: PLN to USD Average for Period

2.964349

 

2.964349

 

 

 

3-ExchangeRate: PLN to USD Period End Date

3.433950

 

3.433950

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

5.64%

6.24%

6.92%

5.48%

4.79%

Operating Margin

2.07%

1.89%

1.36%

1.35%

1.58%

Pretax Margin

1.77%

1.66%

1.09%

1.01%

1.26%

Net Profit Margin

1.40%

1.31%

0.86%

0.80%

1.01%

Financial Strength

Current Ratio

1.82

1.70

1.65

2.17

1.78

Long Term Debt/Equity

0.26

0.32

0.01

0.30

0.20

Total Debt/Equity

0.43

0.53

0.42

0.57

0.38

Management Effectiveness

Return on Assets

4.57%

3.96%

2.06%

2.38%

3.37%

Return on Equity

11.79%

9.58%

4.35%

5.27%

10.13%

Efficiency

Receivables Turnover

5.07

4.94

4.10

5.01

5.23

Inventory Turnover

14.99

13.73

12.46

14.14

14.13

Asset Turnover

3.26

3.02

2.40

2.99

3.34

Market Valuation USD (mil)

P/E (TTM)

6.44

.

Enterprise Value2

19.9

Price/Sales (TTM)

0.09

.

Enterprise Value/Revenue (TTM)

0.14

Price/Book (MRQ)

0.72

.

Enterprise Value/EBITDA (TTM)

6.08

Market Cap as of 29-Jun-20121

13.1

.

 

 

1-ExchangeRate: PLN to USD on 29-Jun-2012

3.455808

 

 

 

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)

 

 

 



 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.82

1.70

1.65

2.17

1.78

Quick/Acid Test Ratio

1.40

1.28

1.26

1.74

1.28

Working Capital1

17.6

18.6

12.3

15.9

15.7

Long Term Debt/Equity

0.26

0.32

0.01

0.30

0.20

Total Debt/Equity

0.43

0.53

0.42

0.57

0.38

Long Term Debt/Total Capital

0.18

0.21

0.01

0.19

0.15

Total Debt/Total Capital

0.30

0.35

0.30

0.36

0.28

Payout Ratio

-

-

0.00%

0.00%

0.00%

Effective Tax Rate

20.79%

21.07%

21.38%

20.58%

19.82%

Total Capital1

26.2

29.0

25.3

25.9

26.0

 

 

 

 

 

 

Efficiency

Asset Turnover

3.26

3.02

2.40

2.99

3.34

Inventory Turnover

14.99

13.73

12.46

14.14

14.13

Days In Inventory

24.36

26.58

29.29

25.82

25.84

Receivables Turnover

5.07

4.94

4.10

5.01

5.23

Days Receivables Outstanding

72.00

73.89

89.12

72.92

69.81

Revenue/Employee2

1,773,585

1,554,747

-

1,259,743

1,385,112

Operating Income/Employee2

36,778

29,399

-

17,027

21,868

EBITDA/Employee2

39,658

32,629

-

20,692

25,498

 

 

 

 

 

 

Profitability

Gross Margin

5.64%

6.24%

6.92%

5.48%

4.79%

Operating Margin

2.07%

1.89%

1.36%

1.35%

1.58%

EBITDA Margin

2.24%

2.10%

1.70%

1.64%

1.84%

EBIT Margin

2.07%

1.89%

1.36%

1.35%

1.58%

Pretax Margin

1.77%

1.66%

1.09%

1.01%

1.26%

Net Profit Margin

1.40%

1.31%

0.86%

0.80%

1.01%

COGS/Revenue

94.36%

93.76%

93.08%

94.52%

95.21%

SG&A Expense/Revenue

3.38%

3.85%

5.62%

4.16%

3.83%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

4.57%

3.96%

2.06%

2.38%

3.37%

Return on Equity

11.79%

9.58%

4.35%

5.27%

10.13%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.15

-0.29

0.28

-0.10

-0.92

Operating Cash Flow/Share 2

0.17

-0.28

0.29

-0.08

-0.91

1-ExchangeRate: PLN to USD Period End Date

3.43395

2.95445

2.8617

2.963

2.45935

2-ExchangeRate: PLN to USD Average for Period

3.43395

2.95445

2.8617

2.963

2.45935

 

Current Market Multiples

Market Cap/Earnings (TTM)

6.44

Market Cap/Equity (MRQ)

0.72

Market Cap/Revenue (TTM)

0.09

Market Cap/EBIT (TTM)

4.33

Market Cap/EBITDA (TTM)

4.02

Enterprise Value/Earnings (TTM)

9.75

Enterprise Value/Equity (MRQ)

1.09

Enterprise Value/Revenue (TTM)

0.14

Enterprise Value/EBIT (TTM)

6.56

Enterprise Value/EBITDA (TTM)

6.08

 

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

168.5

129.4

81.2

130.1

101.0

Revenue

168.5

129.4

81.2

130.1

101.0

Total Revenue

168.5

129.4

81.2

130.1

101.0

 

 

 

 

 

 

    Cost of Revenue

159.0

121.3

75.6

123.0

96.2

Cost of Revenue, Total

159.0

121.3

75.6

123.0

96.2

Gross Profit

9.5

8.1

5.6

7.1

4.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

5.7

5.0

4.6

5.4

3.9

Total Selling/General/Administrative Expenses

5.7

5.0

4.6

5.4

3.9

    Depreciation

0.3

0.3

-

-

-

Depreciation/Amortization

0.3

0.3

-

-

-

        Investment Income - Operating

0.0

0.0

0.0

0.0

-0.4

    Interest/Investment Income - Operating

0.0

0.0

0.0

0.0

-0.4

Interest Expense (Income) - Net Operating Total

0.0

0.0

0.0

0.0

-0.4

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

0.0

0.0

0.0

Unusual Expense (Income)

0.0

0.0

0.0

0.0

0.0

    Other, Net

0.0

0.3

0.0

0.0

-0.2

Other Operating Expenses, Total

0.0

0.3

0.0

0.0

-0.2

Total Operating Expense

165.0

126.9

80.1

128.3

99.4

 

 

 

 

 

 

Operating Income

3.5

2.4

1.1

1.8

1.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.6

-0.4

-0.3

-0.7

-0.4

    Interest Expense, Net Non-Operating

-0.6

-0.4

-0.3

-0.7

-0.4

Interest Income (Expense) - Net Non-Operating Total

-0.6

-0.4

-0.3

-0.7

-0.4

Gain (Loss) on Sale of Assets

0.0

-

-

-

-

    Other Non-Operating Income (Expense)

0.0

0.1

0.1

0.2

0.1

Other, Net

0.0

0.1

0.1

0.2

0.1

Income Before Tax

3.0

2.1

0.9

1.3

1.3

 

 

 

 

 

 

Total Income Tax

0.6

0.5

0.2

0.3

0.3

Income After Tax

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Net Income Before Extraord Items

2.4

1.7

0.7

1.0

1.0

Net Income

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Basic EPS Excl Extraord Items

0.24

0.17

0.07

0.10

0.10

Basic/Primary EPS Incl Extraord Items

0.24

0.17

0.07

0.10

0.10

Diluted Net Income

2.4

1.7

0.7

1.0

1.0

Diluted Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Diluted EPS Excl Extraord Items

0.24

0.17

0.07

0.10

0.10

Diluted EPS Incl Extraord Items

0.24

0.17

0.07

0.10

0.10

Dividends per Share - Common Stock Primary Issue

-

-

0.00

0.00

0.00

Gross Dividends - Common Stock

-

-

0.0

0.0

0.0

Interest Expense, Supplemental

0.6

0.4

0.3

0.7

0.4

Depreciation, Supplemental

0.2

0.2

0.2

0.3

0.2

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

3.0

2.2

0.9

1.3

1.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.6

0.5

0.2

0.3

0.3

Normalized Income After Tax

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.17

0.07

0.10

0.10

Diluted Normalized EPS

0.24

0.17

0.07

0.10

0.10

Amort of Intangibles, Supplemental

0.1

0.0

0.0

0.1

0.0

Normalized EBIT

3.5

2.5

1.1

1.8

1.2

Normalized EBITDA

3.8

2.8

1.4

2.1

1.5

    Current Tax - Domestic

0.7

0.5

0.2

0.2

0.2

Current Tax - Total

0.7

0.5

0.2

0.2

0.2

    Deferred Tax - Domestic

0.0

-0.1

0.0

0.0

0.1

Deferred Tax - Total

0.0

-0.1

0.0

0.0

0.1

Income Tax - Total

0.6

0.5

0.2

0.3

0.3

 

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

3.280471

2.934151

2.819755

2.885323

2.921347

 

 

 

 

 

 

    Net Sales

38.1

45.3

85.7

42.8

38.0

Revenue

38.1

45.3

85.7

42.8

38.0

Total Revenue

38.1

45.3

85.7

42.8

38.0

 

 

 

 

 

 

    Cost of Revenue

35.2

43.5

80.9

40.0

35.2

Cost of Revenue, Total

35.2

43.5

80.9

40.0

35.2

Gross Profit

2.8

1.9

4.8

2.9

2.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.4

1.4

3.2

1.7

1.3

Total Selling/General/Administrative Expenses

1.4

1.4

3.2

1.7

1.3

    Depreciation

-

-

-

-

0.1

Depreciation/Amortization

-

-

-

-

0.1

        Investment Income - Operating

0.0

0.0

0.0

0.0

0.1

    Interest/Investment Income - Operating

0.0

0.0

0.0

0.0

0.1

Interest Expense (Income) - Net Operating Total

0.0

0.0

0.0

0.0

0.1

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

0.0

0.0

0.0

Unusual Expense (Income)

0.0

0.0

0.0

0.0

0.0

    Other, Net

0.3

-0.3

-0.1

0.0

0.3

Other Operating Expenses, Total

0.3

-0.3

-0.1

0.0

0.3

Total Operating Expense

36.9

44.6

84.0

41.7

37.0

 

 

 

 

 

 

Operating Income

1.1

0.7

1.6

1.2

1.1

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

-0.1

-0.3

-0.1

-0.1

    Interest Expense, Net Non-Operating

-0.1

-0.1

-0.3

-0.1

-0.1

Interest Income (Expense) - Net Non-Operating Total

-0.1

-0.1

-0.3

-0.1

-0.1

Gain (Loss) on Sale of Assets

0.0

-

-

-

-

    Other Non-Operating Income (Expense)

0.0

0.0

0.0

0.0

0.0

Other, Net

0.0

0.0

0.0

0.0

0.0

Income Before Tax

1.0

0.6

1.3

1.0

1.0

 

 

 

 

 

 

Total Income Tax

0.2

0.1

0.3

0.2

0.2

Income After Tax

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Net Income Before Extraord Items

0.8

0.5

1.1

0.8

0.8

Net Income

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Basic EPS Excl Extraord Items

0.08

0.05

0.11

0.08

0.08

Basic/Primary EPS Incl Extraord Items

0.08

0.05

0.11

0.08

0.08

Diluted Net Income

0.8

0.5

1.1

0.8

0.8

Diluted Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Diluted EPS Excl Extraord Items

0.08

0.05

0.11

0.08

0.08

Diluted EPS Incl Extraord Items

0.08

0.05

0.11

0.08

0.08

Dividends per Share - Common Stock Primary Issue

-

0.00

0.00

0.00

-

Gross Dividends - Common Stock

-

0.0

0.0

0.0

-

Interest Expense, Supplemental

0.1

0.1

0.3

0.1

0.1

Depreciation, Supplemental

0.0

0.1

0.1

0.1

0.1

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

1.0

0.6

1.3

1.0

1.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.2

0.1

0.3

0.2

0.2

Normalized Income After Tax

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Basic Normalized EPS

0.08

0.05

0.11

0.08

0.08

Diluted Normalized EPS

0.08

0.05

0.11

0.08

0.08

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized EBIT

1.1

0.7

1.6

1.2

1.1

Normalized EBITDA

1.2

0.8

1.8

1.2

1.2

    Current Tax - Total

-

-

0.3

-

-

Current Tax - Total

-

-

0.3

-

-

    Deferred Tax - Total

-

-

0.0

-

-

Deferred Tax - Total

-

-

0.0

-

-

Income Tax - Total

-

-

0.3

-

-

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

2.95445

2.8617

2.963

2.45935

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.2

0.1

0.2

0.0

-

    Cash & Equivalents

0.9

1.0

2.3

2.2

0.3

    Short Term Investments

-

-

0.0

0.1

0.0

Cash and Short Term Investments

1.1

1.1

2.5

2.3

0.3

        Accounts Receivable - Trade, Gross

30.5

34.1

21.8

21.5

25.0

        Provision for Doubtful Accounts

-2.1

-1.5

-1.1

-0.5

-0.5

    Trade Accounts Receivable - Net

28.4

32.6

20.7

21.0

24.5

    Other Receivables

0.6

0.4

0.5

0.2

1.0

Total Receivables, Net

29.0

32.9

21.2

21.2

25.5

    Inventories - Finished Goods

8.8

11.0

7.3

5.7

10.1

    Inventories - Raw Materials

-

-

-

-

0.0

Total Inventory

8.8

11.0

7.3

5.7

10.1

Prepaid Expenses

-

-

0.0

0.1

-

    Other Current Assets

0.1

0.1

0.1

0.0

-

Other Current Assets, Total

0.1

0.1

0.1

0.0

-

Total Current Assets

39.1

45.1

31.1

29.4

35.9

 

 

 

 

 

 

        Buildings

1.0

0.9

0.9

0.9

1.0

        Machinery/Equipment

1.5

1.7

1.5

1.4

1.6

        Construction in Progress

0.0

0.1

0.1

0.1

0.0

    Property/Plant/Equipment - Gross

2.4

2.7

2.4

2.3

2.6

    Accumulated Depreciation

-1.2

-1.3

-1.1

-1.0

-0.9

Property/Plant/Equipment - Net

1.2

1.4

1.3

1.3

1.7

Goodwill, Net

2.6

3.1

3.2

3.1

-

    Intangibles - Gross

1.3

1.5

1.6

1.5

-

    Accumulated Intangible Amortization

-0.9

-1.0

-1.0

-0.9

-

Intangibles, Net

0.4

0.5

0.6

0.6

4.4

    LT Investments - Other

1.2

1.4

0.8

0.7

0.9

Long Term Investments

1.2

1.4

0.8

0.7

0.9

Note Receivable - Long Term

0.0

0.0

0.0

0.0

0.1

    Deferred Income Tax - Long Term Asset

0.2

0.2

0.1

0.1

-

Other Long Term Assets, Total

0.2

0.2

0.1

0.1

-

Total Assets

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

Accounts Payable

0.0

0.0

0.0

0.0

-

Payable/Accrued

17.8

22.0

11.2

8.7

16.8

Accrued Expenses

0.0

0.1

0.1

0.2

-

Notes Payable/Short Term Debt

3.0

4.0

7.3

4.4

3.3

Current Portion - Long Term Debt/Capital Leases

0.1

0.1

0.1

0.0

0.1

    Income Taxes Payable

0.2

0.2

0.0

-

0.0

    Other Current Liabilities

0.3

0.2

0.2

0.1

0.0

Other Current liabilities, Total

0.5

0.4

0.2

0.1

0.0

Total Current Liabilities

21.5

26.5

18.8

13.5

20.2

 

 

 

 

 

 

    Long Term Debt

4.5

5.7

0.0

4.9

3.7

    Capital Lease Obligations

0.2

0.3

0.2

0.1

0.1

Total Long Term Debt

4.7

6.0

0.2

5.0

3.8

Total Debt

7.9

10.0

7.5

9.4

7.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.2

0.2

0.2

0.2

0.2

Deferred Income Tax

0.2

0.2

0.2

0.2

0.2

    Reserves

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.4

32.8

19.2

18.8

24.1

 

 

 

 

 

 

    Common Stock

2.9

3.4

3.5

3.4

15.8

Common Stock

2.9

3.4

3.5

3.4

15.8

Retained Earnings (Accumulated Deficit)

15.4

15.6

14.3

13.1

3.0

Total Equity

18.3

18.9

17.8

16.5

18.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

10.0

10.0

10.0

10.0

10.0

Total Common Shares Outstanding

10.0

10.0

10.0

10.0

10.0

Employees

82

85

-

84

82

Accumulated Intangible Amort, Suppl.

0.9

1.0

1.0

0.9

1.1

Total Long Term Debt, Supplemental

7.5

9.7

7.5

9.4

7.0

Long Term Debt Maturing within 1 Year

3.0

4.0

7.3

4.4

3.3

Long Term Debt Matur. in Year 6 & Beyond

4.5

5.7

0.2

5.0

3.7

Total Capital Leases, Supplemental

0.3

0.4

0.2

0.1

0.2

Capital Lease Payments Due in Year 1

0.1

0.1

0.0

0.0

0.1

Capital Lease Payments Due in Year 2

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in Year 3

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

0.1

0.1

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.1

0.1

0.1

0.0

0.0

Capital Lease Payments Due in 4-5 Years

0.1

0.1

0.1

0.0

0.0

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Updated Normal
31-Dec-2010

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

3.29075

2.7453

2.8396

2.95445

 

 

 

 

 

 

    Cash

0.2

0.5

0.7

0.1

-

    Cash & Equivalents

0.9

0.9

1.1

1.1

1.1

    Short Term Investments

-

0.1

0.0

0.0

-

Cash and Short Term Investments

1.1

1.5

1.8

1.2

1.1

        Accounts Receivable - Trade, Gross

30.5

32.0

36.9

39.3

34.1

        Provision for Doubtful Accounts

-2.1

-1.6

-1.8

-1.7

-1.5

    Trade Accounts Receivable - Net

28.4

30.4

35.1

37.6

32.6

    Other Receivables

0.7

0.4

0.6

0.5

0.5

Total Receivables, Net

29.1

30.8

35.7

38.1

33.0

    Inventories - Finished Goods

8.8

8.2

8.7

13.0

11.0

Total Inventory

8.8

8.2

8.7

13.0

11.0

Total Current Assets

39.1

40.6

46.2

52.3

45.1

 

 

 

 

 

 

        Buildings

1.0

0.9

1.1

1.0

0.9

        Machinery/Equipment

1.5

1.6

1.9

1.8

1.7

        Construction in Progress

0.0

0.0

0.0

0.0

0.1

    Property/Plant/Equipment - Gross

2.4

2.5

3.0

2.9

2.7

    Accumulated Depreciation

-1.2

-1.3

-1.5

-1.4

-1.3

Property/Plant/Equipment - Net

1.2

1.3

1.5

1.5

1.4

Goodwill, Net

2.6

2.8

3.3

3.2

3.1

    Intangibles - Gross

1.3

1.4

0.5

1.6

-

    Accumulated Intangible Amortization

-0.9

-0.9

-

-1.1

-

Intangibles, Net

0.4

0.4

0.5

0.5

0.5

    LT Investments - Other

1.2

1.2

1.5

1.4

1.4

Long Term Investments

1.2

1.2

1.5

1.4

1.4

Note Receivable - Long Term

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax - Long Term Asset

0.2

0.2

0.2

0.2

0.2

Other Long Term Assets, Total

0.2

0.2

0.2

0.2

0.2

Total Assets

44.8

46.5

53.3

59.1

51.7

 

 

 

 

 

 

Accounts Payable

18.1

21.1

21.9

26.1

22.2

Notes Payable/Short Term Debt

3.1

2.1

3.9

4.7

4.0

Current Portion - Long Term Debt/Capital Leases

-

0.1

0.1

0.0

-

    Income Taxes Payable

0.2

0.1

0.0

0.1

0.2

    Other Current Liabilities

0.1

0.0

0.0

-

0.0

Other Current liabilities, Total

0.2

0.1

0.0

0.1

0.3

Total Current Liabilities

21.5

23.3

25.8

30.9

26.5

 

 

 

 

 

 

    Long Term Debt

4.5

4.4

5.4

7.4

5.7

    Capital Lease Obligations

0.2

0.3

0.3

-

0.3

Total Long Term Debt

4.7

4.6

5.7

7.4

6.0

Total Debt

7.8

6.8

9.7

12.2

10.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.2

0.2

0.2

0.2

0.2

Deferred Income Tax

0.2

0.2

0.2

0.2

0.2

    Reserves

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.4

28.2

31.8

38.6

32.8

 

 

 

 

 

 

    Common Stock

2.9

-

-

3.5

-

Common Stock

2.9

-

-

3.5

-

Retained Earnings (Accumulated Deficit)

15.4

-

-

17.1

-

    Other Equity

-

18.3

21.5

0.0

18.9

Other Equity, Total

-

18.3

21.5

0.0

18.9

Total Equity

18.3

18.3

21.5

20.5

18.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

44.8

46.5

53.3

59.1

51.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

10.0

10.0

10.0

10.0

10.0

Total Common Shares Outstanding

10.0

10.0

10.0

10.0

10.0

Accumulated Intangible Amort, Suppl.

0.9

0.9

1.1

1.1

1.0

Total Long Term Debt, Supplemental

7.5

11.1

9.3

11.8

9.7

Long Term Debt Maturing within 1 Year

3.0

6.5

3.9

4.6

4.0

Long Term Debt Matur. in Year 6 & Beyond

4.5

4.6

5.4

7.2

5.7

Total Capital Leases, Supplemental

-

-

0.4

0.4

0.4

Capital Lease Payments Due in Year 1

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 2

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 3

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 4

-

-

0.1

0.1

0.1

Capital Lease Payments Due in Year 5

-

-

0.1

0.1

0.1

Capital Lease Payments Due in 2-3 Years

-

-

0.2

0.1

0.1

Capital Lease Payments Due in 4-5 Years

-

-

0.2

0.1

0.1

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

2.4

1.7

0.7

1.0

1.0

    Depreciation

0.2

0.2

0.2

0.3

0.2

Depreciation/Depletion

0.2

0.2

0.2

0.3

0.2

    Amortization of Intangibles

0.1

0.0

0.0

0.1

0.0

Amortization

0.1

0.0

0.0

0.1

0.0

    Unusual Items

0.0

0.0

0.1

-0.1

-0.4

    Other Non-Cash Items

0.5

0.3

0.2

0.5

0.3

Non-Cash Items

0.6

0.4

0.3

0.3

-0.1

    Accounts Receivable

-0.8

-12.2

0.7

-0.2

-2.5

    Inventories

0.7

-3.9

-1.2

3.3

-3.6

    Taxes Payable

0.6

0.5

0.2

0.3

0.3

    Other Liabilities

-1.1

10.8

1.9

-5.9

-3.3

    Other Operating Cash Flow

-0.7

-0.3

-0.2

-0.2

-0.2

Changes in Working Capital

-1.2

-5.1

1.4

-2.8

-9.3

Cash from Operating Activities

2.0

-2.8

2.6

-1.0

-8.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

-0.1

-0.1

-0.2

-0.1

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

0.0

0.0

Capital Expenditures

-0.2

-0.1

-0.1

-0.3

-0.1

    Acquisition of Business

-

-

-

0.0

-4.2

    Sale of Fixed Assets

0.0

0.0

0.1

0.0

0.0

    Sale/Maturity of Investment

0.7

0.0

0.0

0.6

0.0

    Investment, Net

0.0

0.0

-

-

-

    Purchase of Investments

-0.7

-0.6

0.0

-0.6

0.0

    Other Investing Cash Flow

0.0

0.1

0.1

0.2

0.1

Other Investing Cash Flow Items, Total

0.0

-0.5

0.2

0.2

-4.1

Cash from Investing Activities

-0.2

-0.6

0.1

-0.1

-4.2

 

 

 

 

 

 

    Other Financing Cash Flow

-0.6

-0.4

-0.3

-0.7

-0.4

Financing Cash Flow Items

-0.6

-0.4

-0.3

-0.7

-0.4

    Common Stock, Net

-

-

-

0.0

12.3

Issuance (Retirement) of Stock, Net

-

-

-

0.0

12.3

        Long Term Debt Issued

0.0

5.6

-4.7

2.3

6.9

        Long Term Debt Reduction

-0.1

-0.1

0.0

-0.1

-0.1

    Long Term Debt, Net

-0.1

5.5

-4.7

2.2

6.8

    Total Debt Reduction

-0.5

-

-

0.0

-8.0

Issuance (Retirement) of Debt, Net

-0.6

5.5

-4.7

2.2

-1.2

Cash from Financing Activities

-1.2

5.1

-5.0

1.5

10.7

 

 

 

 

 

 

Net Change in Cash

0.7

1.7

-2.3

0.4

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

-2.9

-4.5

-2.0

-3.1

-1.1

Net Cash - Ending Balance

-2.2

-2.8

-4.4

-2.6

-2.7

Cash Interest Paid

0.5

0.4

0.3

0.7

0.4

Cash Taxes Paid

0.7

0.3

0.2

0.2

0.2

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

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 (Period Average)

2.964349

2.858712

2.819755

2.885323

3.017571

 

 

 

 

 

 

Net Income/Starting Line

2.4

1.5

1.1

0.8

1.7

    Depreciation

0.2

0.2

0.1

0.1

0.2

Depreciation/Depletion

0.2

0.2

0.1

0.1

0.2

    Amortization of Intangibles

0.1

0.0

0.0

0.0

0.0

Amortization

0.1

0.0

0.0

0.0

0.0

    Unusual Items

0.0

-0.1

0.0

0.0

0.0

    Other Non-Cash Items

0.5

0.4

0.3

0.1

0.3

Non-Cash Items

0.6

0.3

0.3

0.1

0.4

    Accounts Receivable

-0.8

-1.3

-0.1

-3.7

-12.2

    Inventories

0.7

1.9

3.1

-1.5

-3.9

    Taxes Payable

0.6

0.4

0.3

0.2

0.5

    Other Liabilities

-1.1

1.4

-2.0

3.0

10.8

    Other Operating Cash Flow

-0.7

-0.6

-0.5

-0.4

-0.3

Changes in Working Capital

-1.2

1.7

0.7

-2.4

-5.1

Cash from Operating Activities

2.0

3.7

2.2

-1.4

-2.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

-0.2

-0.1

-0.1

-0.1

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

0.0

0.0

Capital Expenditures

-0.2

-0.2

-0.1

-0.1

-0.1

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

0.7

0.0

0.0

0.0

0.0

    Purchase of Investments

-0.7

0.0

0.0

-

-0.6

    Other Investing Cash Flow

0.0

0.0

0.0

0.0

0.1

Other Investing Cash Flow Items, Total

0.0

0.0

0.0

0.0

-0.5

Cash from Investing Activities

-0.2

-0.1

-0.1

-0.1

-0.6

 

 

 

 

 

 

    Other Financing Cash Flow

-0.6

-0.4

-0.3

-0.1

-0.4

Financing Cash Flow Items

-0.6

-0.4

-0.3

-0.1

-0.4

        Long Term Debt Issued

0.0

-

-

1.2

5.6

        Long Term Debt Reduction

-0.1

-0.1

-0.1

0.0

-0.1

    Long Term Debt, Net

-0.1

-0.1

-0.1

1.2

5.5

    Total Debt Reduction

-0.5

-0.9

-0.7

-

-

Issuance (Retirement) of Debt, Net

-0.6

-0.9

-0.8

1.2

5.5

Cash from Financing Activities

-1.2

-1.4

-1.1

1.0

5.1

 

 

 

 

 

 

Net Change in Cash

0.7

2.2

1.0

-0.5

1.7

 

 

 

 

 

 

Net Cash - Beginning Balance

-2.9

-3.0

-3.0

-3.0

-4.5

Net Cash - Ending Balance

-2.2

-0.8

-2.0

-3.4

-2.8

Cash Interest Paid

0.5

0.4

0.3

0.1

0.4

Cash Taxes Paid

0.7

0.6

0.5

0.4

0.3

 

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

168.5

129.4

81.2

130.1

101.0

Total Revenue

168.5

129.4

81.2

130.1

101.0

 

 

 

 

 

 

    Cost of Products Sold

159.0

121.3

75.6

123.0

96.2

    Selling and Marketing Costs

4.5

4.1

3.5

3.9

2.8

    Depreciation and Amortization

0.3

0.3

-

-

-

    General Administrative Costs

1.2

0.9

1.1

1.5

1.1

    Investment Income/Loss

0.0

0.0

0.0

0.0

-0.4

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Other Operating Income/Loss

0.0

0.3

0.0

0.0

-0.2

Total Operating Expense

165.0

126.9

80.1

128.3

99.4

 

 

 

 

 

 

    Interest Expense

-0.6

-0.4

-0.3

-0.7

-0.4

    Income/Exp. from Sale of Finan. Assets

0.0

-

-

-

-

    Other Financial Income/Expense

0.0

0.1

0.1

0.2

0.1

Net Income Before Taxes

3.0

2.1

0.9

1.3

1.3

 

 

 

 

 

 

Provision for Income Taxes

0.6

0.5

0.2

0.3

0.3

Net Income After Taxes

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Net Income Before Extra. Items

2.4

1.7

0.7

1.0

1.0

Net Income

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Basic EPS Excluding ExtraOrdinary Items

0.24

0.17

0.07

0.10

0.10

Basic EPS Including ExtraOrdinary Items

0.24

0.17

0.07

0.10

0.10

Diluted Net Income

2.4

1.7

0.7

1.0

1.0

Diluted Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Diluted EPS Excluding ExtraOrd Items

0.24

0.17

0.07

0.10

0.10

Diluted EPS Including ExtraOrd Items

0.24

0.17

0.07

0.10

0.10

DPS-Common Stock

-

-

0.00

0.00

0.00

Gross Dividends - Common Stock

-

-

0.0

0.0

0.0

Normalized Income Before Taxes

3.0

2.2

0.9

1.3

1.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

0.5

0.2

0.3

0.3

Normalized Income After Taxes

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2.4

1.7

0.7

1.0

1.0

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.17

0.07

0.10

0.10

Diluted Normalized EPS

0.24

0.17

0.07

0.10

0.10

Interest Expense

0.6

0.4

0.3

0.7

0.4

Depreciation

0.2

0.2

0.2

0.3

0.2

Amortization of Intangibles

0.1

0.0

0.0

0.1

0.0

    Current Tax

0.7

0.5

0.2

0.2

0.2

Current Tax - Total

0.7

0.5

0.2

0.2

0.2

    Deferred Tax

0.0

-0.1

0.0

0.0

0.1

Deferred Tax - Total

0.0

-0.1

0.0

0.0

0.1

Income Tax - Total

0.6

0.5

0.2

0.3

0.3

 

 

 

 

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
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

3.280471

2.934151

2.819755

2.885323

2.921347

 

 

 

 

 

 

    Net Sales

38.1

45.3

85.7

42.8

38.0

Total Revenue

38.1

45.3

85.7

42.8

38.0

 

 

 

 

 

 

    Cost of Products Sold

35.2

43.5

80.9

40.0

35.2

    Depreciation and Amortization

-

-

-

-

0.1

    Selling and Marketing Cost

1.0

1.1

2.4

1.3

1.2

    General Administrative Cost

0.3

0.3

0.8

0.4

0.1

    Investment Income/Loss

0.0

0.0

0.0

0.0

0.1

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Other Operating Income/Loss

0.3

-0.3

-0.1

0.0

0.3

Total Operating Expense

36.9

44.6

84.0

41.7

37.0

 

 

 

 

 

 

    Interest Expense

-0.1

-0.1

-0.3

-0.1

-0.1

    Income/Exp. from Sale of Finan. Assets

0.0

-

-

-

-

    Other Financial Income/Expense

0.0

0.0

0.0

0.0

0.0

Net Income Before Taxes

1.0

0.6

1.3

1.0

1.0

 

 

 

 

 

 

Provision for Income Taxes

0.2

0.1

0.3

0.2

0.2

Net Income After Taxes

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Net Income Before Extra. Items

0.8

0.5

1.1

0.8

0.8

Net Income

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Basic Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Basic EPS Excluding ExtraOrdinary Items

0.08

0.05

0.11

0.08

0.08

Basic EPS Including ExtraOrdinary Items

0.08

0.05

0.11

0.08

0.08

Diluted Net Income

0.8

0.5

1.1

0.8

0.8

Diluted Weighted Average Shares

10.0

10.0

10.0

10.0

10.0

Diluted EPS Excluding ExtraOrd Items

0.08

0.05

0.11

0.08

0.08

Diluted EPS Including ExtraOrd Items

0.08

0.05

0.11

0.08

0.08

DPS-Common Stock

-

0.00

0.00

0.00

-

Gross Dividends - Common Stock

-

0.0

0.0

0.0

-

Normalized Income Before Taxes

1.0

0.6

1.3

1.0

1.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

0.1

0.3

0.2

0.2

Normalized Income After Taxes

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.8

0.5

1.1

0.8

0.8

 

 

 

 

 

 

Basic Normalized EPS

0.08

0.05

0.11

0.08

0.08

Diluted Normalized EPS

0.08

0.05

0.11

0.08

0.08

Interest Expense

0.1

0.1

0.3

0.1

0.1

Depreciation

0.0

0.1

0.1

0.1

0.1

Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

    Current Tax - Total

-

-

0.3

-

-

Current Tax - Total

-

-

0.3

-

-

    Deferred Tax - Total

-

-

0.0

-

-

Deferred Tax - Total

-

-

0.0

-

-

Income Tax - Total

-

-

0.3

-

-

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

2.95445

2.8617

2.963

2.45935

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Materials

-

-

-

-

0.0

    Merchandise

8.8

11.0

7.3

5.7

10.1

    Trade Receivables, Gross

30.5

34.1

21.8

21.5

25.0

    Provisions for Doubtful Accounts

-2.1

-1.5

-1.1

-0.5

-0.5

    Other Receivables

0.6

0.4

0.5

0.2

1.0

    Deferrals and Accruals

0.1

0.1

0.1

0.0

-

    Prepayments

-

-

0.0

0.1

-

    Tax Receivables

-

0.0

0.0

0.0

0.0

    Other Financial Assets at Fair Value

-

-

0.0

0.1

0.0

    Cash in Bank / Hand

0.2

0.0

0.2

0.0

-

    ST Deposits

0.9

1.0

2.3

2.2

-

    Interests from Deposits

0.0

0.0

0.0

0.0

-

    Cash in Transit

0.0

0.0

0.0

0.0

-

    Cash and Equivalents

-

-

-

-

0.3

Total Current Assets

39.1

45.1

31.1

29.4

35.9

 

 

 

 

 

 

    Buildings/Plants

1.0

0.9

0.9

0.9

1.0

    Machinery and Equipment

0.6

0.7

0.4

0.4

0.4

    Vehicles

0.7

0.8

0.9

0.8

0.9

    Furniture and Equipment

0.2

0.2

0.2

0.2

0.2

    Fixed Assets in Progress

0.0

0.1

0.1

0.1

0.0

    Accumulated Depreciation

-1.2

-1.3

-1.1

-1.0

-0.9

    Real Estate Investments

1.1

1.3

0.8

0.7

0.9

    Intangibles, Gross

1.3

1.5

1.6

1.5

-

    Amortization of Intangibles

-0.9

-1.0

-1.0

-0.9

-

    Goodwill

2.6

3.1

3.2

3.1

-

    Intangibles

-

-

-

-

4.4

    Deferred Tax

0.2

0.2

0.1

0.1

-

    AFS Financial Assets

0.1

0.1

-

-

0.0

    Trade and Other Receivables

0.0

0.0

0.0

0.0

0.1

Total Assets

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

    Liabilities / Affiliates

0.0

0.0

0.0

0.0

-

    Trade/Other Liabilities

17.8

22.0

11.2

8.7

16.8

    Current Income Tax Liabilities

0.2

0.2

0.0

-

0.0

    Taxes and Other Duties

0.0

0.1

0.1

0.2

-

    ST Credits and Loans

3.0

4.0

7.3

4.4

3.3

    ST Capital Leases

0.1

0.1

0.0

0.0

0.1

    Derivatives

-

-

-

-

0.0

    Other Liabilities

0.0

0.0

0.1

0.0

-

    Other Liabilities Fair Value/Leases

0.1

0.0

0.0

0.0

-

    Accruals/ Deferrals

0.3

0.2

0.1

0.1

-

    Other Reserves

0.0

0.0

-

0.0

0.0

Total Current Liabilities

21.5

26.5

18.8

13.5

20.2

 

 

 

 

 

 

    Loans and Credits

4.5

5.7

0.0

4.9

3.7

    LT Capital Leases

0.2

0.3

0.2

0.1

0.1

Total Long Term Debt

4.7

6.0

0.2

5.0

3.8

 

 

 

 

 

 

    Deferred Income Tax Liabilities

0.2

0.2

0.2

0.2

0.2

    Reserves for Other Liabilities

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.4

32.8

19.2

18.8

24.1

 

 

 

 

 

 

    Share Capital

2.9

3.4

3.5

3.4

15.8

    Other Capital

8.9

10.1

10.3

9.9

-

    Retained Profit

6.6

5.4

4.0

3.2

3.0

Total Equity

18.3

18.9

17.8

16.5

18.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

44.8

51.7

37.0

35.2

42.9

 

 

 

 

 

 

    S/O-Common Stock

10.0

10.0

10.0

10.0

10.0

Total Common Shares Outstanding

10.0

10.0

10.0

10.0

10.0

Accumulated Intangibles Amortization

0.9

1.0

1.0

0.9

1.1

Full-Time Employees

82

85

-

84

82

LT Debt Due within 1 Year

3.0

4.0

7.3

4.4

3.3

Remaining Maturities

4.5

5.7

0.2

5.0

3.7

Total Long Term Debt, Supplemental

7.5

9.7

7.5

9.4

7.0

Capital Leases Maturing in 1 Year

0.1

0.1

0.0

0.0

0.1

Capital Leases Maturing in 1-5 Years

0.2

0.3

0.2

0.1

0.1

Total Capital Leases, Supplemental

0.3

0.4

0.2

0.1

0.2

 

 

 

 

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

Updated Normal
31-Dec-2010

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate

3.43395

3.29075

2.7453

2.8396

2.95445

 

 

 

 

 

 

    Merchandise

8.8

8.2

8.7

13.0

11.0

    Trade Receivables, Gross

30.5

32.0

36.9

39.3

34.1

    Provisions for Doubtful Accounts

-2.1

-1.6

-1.8

-1.7

-1.5

    Other Receivables

0.7

0.4

0.6

0.5

0.5

    Tax Receivables

-

-

0.0

-

-

    Other Financial Assets

-

0.1

0.0

0.0

-

    Cash in Bank & Cash in Hand

0.2

0.5

0.7

0.1

-

    ST Deposits

0.9

0.9

1.1

1.1

-

    Interest on ST Deposits

0.0

0.0

0.0

0.0

-

    Cash in Transit

0.0

0.0

0.0

-

-

    Cash and Equivalents

-

-

-

-

1.1

Total Current Assets

39.1

40.6

46.2

52.3

45.1

 

 

 

 

 

 

    Buildings/Plants

1.0

0.9

1.1

1.0

0.9

    Machinery and Equipment

0.6

0.6

0.7

0.7

0.7

    Vehicles

0.7

0.8

0.9

0.9

0.8

    Furniture and Equipment

0.2

0.2

0.2

0.2

0.2

    Fixed Assets in Progress

0.0

0.0

0.0

0.0

0.1

    Accumulated Depreciation

-1.2

-1.3

-1.5

-1.4

-1.3

    Investment Property

1.1

1.1

1.4

1.3

1.3

    Goodwill

2.6

2.8

3.3

3.2

3.1

    Intangibles

1.3

1.4

0.5

1.6

-

    Accumulated Intangible Amortization

-0.9

-0.9

-

-1.1

-

    Intangibles

-

-

-

-

0.5

    Deferred Tax Assets

0.2

0.2

0.2

0.2

0.2

    AFS Financial Assets

0.1

0.1

0.1

0.1

0.1

    LT Receivables

0.0

0.0

0.0

0.0

0.0

Total Assets

44.8

46.5

53.3

59.1

51.7

 

 

 

 

 

 

    Trade/Other Liabilities

18.1

21.1

21.9

26.1

22.2

    Current Income Tax Liabilities

0.2

0.1

0.0

0.1

0.2

    ST Credits and Loans

3.1

2.1

3.9

4.7

4.0

    ST Capital Leases

-

0.1

0.1

0.0

-

    Other Reserves

-

-

-

-

0.0

    Other Financial Obligations

0.1

0.0

0.0

-

0.0

Total Current Liabilities

21.5

23.3

25.8

30.9

26.5

 

 

 

 

 

 

    Credits

4.5

4.4

5.4

7.4

5.7

    LT Capital Leases

0.2

0.3

0.3

-

0.3

Total Long Term Debt

4.7

4.6

5.7

7.4

6.0

 

 

 

 

 

 

    Deferred Income Tax Liabilities

0.2

0.2

0.2

0.2

0.2

    Reserves for Other Liabilities

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.4

28.2

31.8

38.6

32.8

 

 

 

 

 

 

    Share Capital

2.9

-

-

3.5

-

    Other Capital

8.9

-

-

0.5

-

    Surplus Capital

-

-

-

10.2

-

    Retained Profit

6.6

-

-

6.4

-

    Other Earnings

-

-

-

0.0

-

    Total Equity

-

18.3

21.5

-

18.9

Total Equity

18.3

18.3

21.5

20.5

18.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

44.8

46.5

53.3

59.1

51.7

 

 

 

 

 

 

    S/O-Common Stock

10.0

10.0

10.0

10.0

10.0

Total Common Shares Outstanding

10.0

10.0

10.0

10.0

10.0

Accumulated Intangibles Amortization

0.9

0.9

1.1

1.1

1.0

LT Debt Maturing in 1 Year

3.0

6.5

3.9

4.6

4.0

Remaining Maturities

4.5

4.6

5.4

7.2

5.7

Total Long Term Debt, Supplemental

7.5

11.1

9.3

11.8

9.7

Capital Leases Maturing in 1 Year

-

-

0.1

0.1

0.1

Capital Leases Maturing in 1-5 Years

-

-

0.3

0.3

0.3

Total Capital Leases, Supplemental

-

-

0.4

0.4

0.4

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

PLN

PLN

PLN

PLN

PLN

Exchange Rate (Period Average)

2.964349

3.017571

3.113934

2.409971

2.76483

Auditor

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Kancelaria Bieglych Rewidentow "Konto" Sp. z.o.o.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

2.4

1.7

0.7

1.0

1.0

    Depreciation

0.2

0.2

0.2

0.3

0.2

    Amortization of Intangibles

0.1

0.0

0.0

0.1

0.0

    Income Tax

0.6

0.5

0.2

0.3

0.3

    Income/Loss on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Impairment of Other Financial Assets

0.0

0.0

0.1

-0.2

-0.4

    Interest Expense

0.6

0.4

0.3

0.7

0.4

    Investing Activities

0.0

0.0

-

-

-

    Interest Income

0.0

-0.1

-0.1

-0.2

-0.1

    Dividend Income

0.0

-

-

-

-

    Inventories

0.7

-3.9

-1.2

3.3

-3.6

    Trade/Other Receivables

-0.8

-12.2

0.7

-0.2

-2.5

    Reserves

0.0

0.0

0.0

0.0

0.0

    Trade/Other Liabilities

-1.1

10.8

1.9

-5.9

-3.3

    Income Tax Paid

-0.7

-0.3

-0.2

-0.2

-0.2

Cash from Operating Activities

2.0

-2.8

2.6

-1.0

-8.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

-0.1

-0.1

-0.2

-0.1

    Sale of Fixed Assets

0.0

0.0

0.1

0.0

0.0

    Purchase of Intangibles

0.0

0.0

0.0

0.0

0.0

    Purchase of AFS Financial Assets

-0.7

-0.1

0.0

-0.6

0.0

    Purchase of Real Estates

0.0

-0.5

-

-

-

    Proceeds from Real Estates Investments

0.0

0.0

-

-

-

    Sale of Financial Assets

0.7

0.0

0.0

0.6

0.0

    Purchase of Subsidiaries

-

-

-

0.0

-4.2

    Interest Received

0.0

0.1

0.1

0.2

0.1

    Dividends Received

0.0

0.0

-

-

-

Cash from Investing Activities

-0.2

-0.6

0.1

-0.1

-4.2

 

 

 

 

 

 

    Shares Issued

-

-

-

0.0

12.3

    Credits and Loans

0.0

5.6

-4.7

2.3

6.9

    Capital Lease Liabilities

-0.1

-0.1

0.0

-0.1

-0.1

    Credits and Loans Repayment

-0.5

-

-

0.0

-8.0

    Interest Paid

-0.5

-0.4

-0.3

-0.7

-0.4

    Other Financial Flow

0.0

-

-

-

-

Cash from Financing Activities

-1.2

5.1

-5.0

1.5

10.7

 

 

 

 

 

 

Net Change in Cash

0.7

1.7

-2.3

0.4

-1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

-2.9

-4.5

-2.0

-3.1

-1.1

Net Cash - Ending Balance

-2.2

-2.8

-4.4

-2.6

-2.7

    Cash Interest Paid

0.5

0.4

0.3

0.7

0.4

    Cash Taxes Paid

0.7

0.3

0.2

0.2

0.2

 

 

 

 

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

12 Months

9 Months

6 Months

3 Months

12 Months

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 (Period Average)

2.964349

2.858712

2.819755

2.885323

3.017571

 

 

 

 

 

 

Net Income

2.4

1.5

1.1

0.8

1.7

    Depreciation

0.2

0.2

0.1

0.1

0.2

    Amortization of Intangibles

0.1

0.0

0.0

0.0

0.0

    Income Tax

0.6

0.4

0.3

0.2

0.5

    Income/Loss on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Impairment of Other Financial Assets

0.0

-0.2

0.0

0.0

0.0

    Interest Income

0.0

0.0

0.0

0.0

-0.1

    Dividends Income

0.0

0.0

-

-

-

    Interest Expense

0.6

0.4

0.3

0.1

0.4

    Investing Activities

0.0

0.0

0.0

0.0

0.0

    Inventories

0.7

1.9

3.1

-1.5

-3.9

    Trade/Other Receivables

-0.8

-1.3

-0.1

-3.7

-12.2

    Reserves

0.0

0.0

0.0

0.0

0.0

    Trade/Other Liabilities

-1.1

1.4

-2.0

3.0

10.8

    Income Tax Paid

-0.7

-0.6

-0.5

-0.4

-0.3

Cash from Operating Activities

2.0

3.7

2.2

-1.4

-2.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.2

-0.2

-0.1

-0.1

-0.1

    Dividends Received

0.0

0.0

-

-

0.0

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Profit from Real Estate Investments

0.0

0.0

0.0

0.0

0.0

    Purchase of Intangibles

0.0

0.0

0.0

0.0

0.0

    Purchase of AFS Financial Assets

-0.7

0.0

0.0

-

-0.1

    Purchase of Real Estates

0.0

-

-

-

-0.5

    Sale of Financial Assets

0.7

-

-

-

0.0

    Interest Received

0.0

0.0

0.0

0.0

0.1

Cash from Investing Activities

-0.2

-0.1

-0.1

-0.1

-0.6

 

 

 

 

 

 

    Credits and Loans

0.0

-

-

1.2

5.6

    Other Outflow

0.0

0.0

0.0

0.0

-

    Capital Lease Liabilities

-0.1

-0.1

-0.1

0.0

-0.1

    Credits and Loans Repayment

-0.5

-0.9

-0.7

-

-

    Interest Paid

-0.5

-0.4

-0.3

-0.1

-0.4

Cash from Financing Activities

-1.2

-1.4

-1.1

1.0

5.1

 

 

 

 

 

 

Net Change in Cash

0.7

2.2

1.0

-0.5

1.7

 

 

 

 

 

 

Net Cash - Beginning Balance

-2.9

-3.0

-3.0

-3.0

-4.5

Net Cash - Ending Balance

-2.2

-0.8

-2.0

-3.4

-2.8

    Cash Interest Paid

0.5

0.4

0.3

0.1

0.4

    Cash Taxes Paid

0.7

0.6

0.5

0.4

0.3

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Merchandise and Materials - Retail Sale

-

-

-

-

0.0

0 %

0.1

0.1 %

0.1

0.1 %

Merchandise and Materials - Wholesale

-

-

-

-

81.0

64.6 %

129.9

99.8 %

99.6

98.6 %

Products - Wholesale

-

-

-

-

-

-

-

-

1.1

1.1 %

Wholesale

168.5

100 %

129.4

100 %

125.4

100 %

-

-

-

-

Investing Activity

0.0

0 %

0.0

0 %

0.0

0 %

-

-

-

-

Services

-

-

-

-

0.1

0.1 %

0.2

0.1 %

0.2

0.2 %

Segment Total

168.5

100 %

129.3

100 %

125.3

100 %

130.1

100 %

101.0

100 %

Consolidated Total

168.5

100 %

129.3

100 %

125.3

100 %

130.1

100 %

101.0

100 %

Exchange Rate: PLN to USD

2.964349

 

3.017571

 

3.113934

 

2.409971

 

2.764830

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Merchandise and Materials - Retail Sale

-

-

-

-

0.0

0 %

0.1

0.1 %

0.1

0.1 %

Merchandise and Materials - Wholesale

-

-

-

-

81.0

64.6 %

129.9

99.8 %

99.6

98.6 %

Products - Wholesale

-

-

-

-

-

-

-

-

1.1

1.1 %

Wholesale

168.5

100 %

129.4

100 %

125.4

100 %

-

-

-

-

Investing Activity

0.0

0 %

0.0

0 %

0.0

0 %

-

-

-

-

Services

-

-

-

-

0.1

0.1 %

0.2

0.1 %

0.2

0.2 %

Segment Total

168.5

100 %

129.3

100 %

125.3

100 %

130.1

100 %

101.0

100 %

Consolidated Total

168.5

100 %

129.3

100 %

125.3

100 %

130.1

100 %

101.0

100 %

Exchange Rate: PLN to USD

2.964349

 

3.017571

 

3.113934

 

2.409971

 

2.764830

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

Wholesale

3.5

100.6 %

2.5

102 %

2.4

102 %

Investing Activity

0.0

-0.6 %

0.0

-2 %

0.0

-2 %

Segment Total

3.5

100 %

2.4

100 %

2.4

100 %

Consolidated Total

3.5

100 %

2.4

100 %

2.4

100 %

Exchange Rate: PLN to USD

2.964349

 

3.017571

 

3.113934

 

Operating Margin (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

Wholesale

2.1

-

1.9

-

1.9

-

Investing Activity

100.0

-

100.0

-

100.0

-

Segment Total

2.1

-

1.9

-

1.9

-

Consolidated Total

2.1

-

1.9

-

1.9

-

 

Total Assets   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

Wholesale

43.7

97.6 %

50.4

97.6 %

51.8

97.6 %

Investing Activity

1.1

2.4 %

1.3

2.4 %

1.3

2.4 %

Segment Total

44.8

100 %

51.7

100 %

53.1

100 %

Consolidated Total

44.8

100 %

51.7

100 %

53.1

100 %

Exchange Rate: PLN to USD

3.433950

 

2.954450

 

2.861700

 

Operating Return on Assets (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

Wholesale

6.9

-

5.1

-

5.1

-

Investing Activity

-1.7

-

-3.9

-

-3.9

-

Segment Total

6.7

-

4.8

-

4.9

-

Consolidated Total

6.7

-

4.8

-

4.9

-

 

Purchase of Fixed Assets   USD (mil)

 

31-Dec-11

31-Dec-10

Wholesale

0.3

99.6 %

0.4

100 %

Investing Activity

0.0

0.4 %

0.0

0 %

Segment Total

0.3

100 %

0.4

100 %

Consolidated Total

0.3

100 %

0.4

100 %

Exchange Rate: PLN to USD

2.964349

 

3.017571

 

 

 

 

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

Wholesale

38.1

100 %

45.3

100 %

42.8

100 %

42.8

100 %

38.0

100 %

Investing Activity

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

38.0

100 %

45.3

100 %

42.8

100 %

42.8

100 %

38.0

100 %

Consolidated Total

38.0

100 %

45.3

100 %

42.8

100 %

42.8

100 %

38.0

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

Wholesale

38.1

100 %

45.3

100 %

42.8

100 %

42.8

100 %

38.0

100 %

Investing Activity

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

38.0

100 %

45.3

100 %

42.8

100 %

42.8

100 %

38.0

100 %

Consolidated Total

38.0

100 %

45.3

100 %

42.8

100 %

42.8

100 %

38.0

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Wholesale

1.1

101.6 %

0.7

100 %

0.4

100 %

1.2

100.1 %

1.1

100.5 %

Investing Activity

0.0

-1.6 %

0.0

0 %

0.0

0 %

0.0

-0.1 %

0.0

-0.5 %

Segment Total

1.1

100 %

0.7

100 %

0.4

100 %

1.2

100 %

1.1

100 %

Consolidated Total

1.1

100 %

0.7

100 %

0.4

100 %

1.2

100 %

1.1

100 %

Exchange Rate: PLN to USD

3.280471

 

2.934151

 

2.754298

 

2.885323

 

2.921347

 

Operating Margin (%)  

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Wholesale

3.0

-

1.6

-

1.0

-

2.7

-

2.9

-

Investing Activity

100.0

-

-

-

-

-

100.0

-

100.0

-

Segment Total

2.9

-

1.6

-

1.0

-

2.7

-

2.9

-

Consolidated Total

2.9

-

1.6

-

1.0

-

2.7

-

2.9

-

 

Total Assets   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Wholesale

43.7

97.6 %

45.3

97.6 %

52.0

97.5 %

57.8

97.8 %

50.4

97.6 %

Investing Activity

1.1

2.4 %

1.1

2.4 %

1.4

2.5 %

1.3

2.2 %

1.3

2.4 %

Segment Total

44.8

100 %

46.5

100 %

53.3

100 %

59.1

100 %

51.7

100 %

Consolidated Total

44.8

100 %

46.5

100 %

53.3

100 %

59.1

100 %

51.7

100 %

Exchange Rate: PLN to USD

3.433950

 

3.290750

 

2.745300

 

2.839600

 

2.954450

 

Operating Return on Assets (%)  

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Wholesale

2.5

-

1.4

-

0.9

-

2.1

-

2.1

-

Investing Activity

-1.6

-

0.0

-

0.0

-

-0.1

-

-0.4

-

Segment Total

2.4

-

1.4

-

0.8

-

2.0

-

2.1

-

Consolidated Total

2.4

-

1.4

-

0.8

-

2.0

-

2.1

-

 

Total Liabilities   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Wholesale

0.2

99.6 %

28.2

100 %

31.8

100 %

38.6

100 %

Investing Activity

0.0

0.4 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

0.2

100 %

28.2

100 %

31.8

100 %

38.6

100 %

Consolidated Total

0.2

100 %

28.2

100 %

31.8

100 %

38.6

100 %

Exchange Rate: PLN to USD

3.433950

 

3.290750

 

2.745300

 

2.839600

 

 

 

Bottom of Form

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.86.30

Euro

1

Rs.67.73

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.