MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	ATLANTA POLAND SA
Registered Office :	UL. Zalogowa 17 Gdansk, 80-557
Country :	Poland
Financials (as on) :	31.12.2011
Year of Establishment :	1990
Legal Form :	Public Independent
Line of Business :	Manufacturing, wholesale, retail and commission trade of nuts and dried food
No. of Employees :	191

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 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

Atlanta Poland SA

ul. Zalogowa 17
Gdansk, 80-557
Poland
Tel:	48-58-5220600
Fax:	48-58-5220564
www.atlantapoland.com.pl

Employees:

191

Company Type:

Public Independent

Traded:

Warsaw Stock Exchange:

ATP

Incorporation Date:

1990

Auditor:

HLB M2 Audyt

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Polish New Zloty
Annual Sales:	73.8 ^1
Net Income:	3.4
Total Assets:	42.8 ^2
Market Value:	14.9
	(25-May-2012)

Business Description

Atlanta Poland SA is a Poland-based company active in food industry. The Company’s activities include manufacturing, wholesale, retail and commission trade of nuts and dried food. Its products include raw and processed peanuts, hazelnuts, peanuts pulp, desiccated coconuts, almonds, sultanas, sesame seeds, dried prunes, raisins, cranberries, banana chips, marzipan products and hulled sunflower kernels, and popcorn, among others. As of December 31, 2011, the Company's majority stakeholder was Rockfield Trading Limited, based in Cyprus, holding a 58.8% stake in the capital. Atlanta Poland SA is a Poland-based company. It's main activities comprise manufacture, wholesale, retail and commission trade of food products and beverages. It's products include raw and processed peanuts, hazelnuts, desiccated coconuts, almonds, sultanas, sesame seeds, dried prunes, marzipan products and hulled sunflower kernels, among others. The Company also exports it's products to the European Union countries.

Industry

Industry	Food Processing
ANZSIC 2006:	1182 - Confectionery Manufacturing
NACE 2002:	1533 - Processing and preserving of fruit and vegetables not elsewhere classified
NAICS 2002:	311911 - Roasted Nuts and Peanut Butter Manufacturing
UK SIC 2003:	1533 - Processing and preserving of fruit and vegetables not elsewhere classified
US SIC 1987:	2068 - Salted and Roasted Nuts and Seeds

Key Executives

Name	Title
Roman Gierszewski	Member of the Supervisory Board
Iwona Spyra	Chief Accountant
Jaroslaw Antczak	Commercial Director
Agata Mazur	Logistics and Supply Manager
Malgorzata Lipinska	Deputy Quality Control Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Business Deals	2	Atlanta Poland SA Comments on Transactions with Jeronimo Martins Dystrybucja Sp. z o.o.	16-Mar-2012
Debt Financing / Related	1	Atlanta Poland SA Signs Annex to Credit Contract	16-Jun-2011

* number of significant developments within the last 12 months

News

Title	Date
Atlanta Poland improves business processes with IFS Applications Cision (English) (446 Words)	28-Nov-2011

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	3.33	1.53
Quick Ratio (MRQ)	1.90	0.78
Debt to Equity (MRQ)	1.44	1.14
Sales 5 Year Growth	9.48	6.97
Net Profit Margin (TTM) %	4.62	7.06
Return on Assets (TTM) %	7.64	7.05
Return on Equity (TTM) %	22.28	21.45

Stock Snapshot

Traded: Warsaw Stock Exchange: ATP

As of 25-May-2012

   Financials in: PLN

Recent Price	8.50	EPS	1.67
52 Week High	16.50	Price/Sales	0.24
52 Week Low	8.20	Price/Earnings	6.71
Avg. Volume (mil)	0.0026	Price/Book	1.03
Market Value (mil)	51.78	Beta	1.29

	Price % Change	Rel S&P 500%
4 Week	-17.48%	-9.89%
13 Week	-32.81%	-24.35%
52 Week	-29.87%	-6.37%
Year to Date	-23.63%	-22.11%

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. Zalogowa 17
Gdansk, 80-557
Poland

Tel:	48-58-5220600
Fax:	48-58-5220564

www.atlantapoland.com.pl

Quote Symbol - Exchange
ATP - Warsaw Stock Exchange
Sales PLN(mil):	218.6
Assets PLN(mil):	147.1
Employees:	191
Fiscal Year End:	31-Dec-2011

Industry:	Food Processing

Incorporation Date:	1990
Company Type:	Public Independent
Quoted Status:	Quoted

Member of the Supervisory Board:	Roman Gierszewski

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Home Page

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1191	-	Potato, Corn and Other Crisp Manufacturing
3609	-	Other Grocery Wholesaling
1140	-	Fruit and Vegetable Processing
1182	-	Confectionery Manufacturing

NACE 2002 Codes:
5138	-	Wholesale of other food including fish, crustaceans and molluscs
1533	-	Processing and preserving of fruit and vegetables not elsewhere classified
1589	-	Manufacture of other food products not elsewhere classified

NAICS 2002 Codes:
424490	-	Other Grocery and Related Products Merchant Wholesalers
311423	-	Dried and Dehydrated Food Manufacturing
311919	-	Other Snack Food Manufacturing
311911	-	Roasted Nuts and Peanut Butter Manufacturing

US SIC 1987:
5149	-	Groceries and Related Products, Not Elsewhere Classified
2034	-	Dried and Dehydrated Fruits, Vegetables, and Soup Mixes
2096	-	Potato Chips, Corn Chips, and Similar Snacks
2068	-	Salted and Roasted Nuts and Seeds

UK SIC 2003:
5138	-	Wholesale of other food including fish, crustaceans and molluscs
1533	-	Processing and preserving of fruit and vegetables not elsewhere classified
1589	-	Manufacture of other food products not elsewhere classified

Business Description

Atlanta Poland SA is a Poland-based company active in food industry. The Company’s activities include manufacturing, wholesale, retail and commission trade of nuts and dried food. Its products include raw and processed peanuts, hazelnuts, peanuts pulp, desiccated coconuts, almonds, sultanas, sesame seeds, dried prunes, raisins, cranberries, banana chips, marzipan products and hulled sunflower kernels, and popcorn, among others. As of December 31, 2011, the Company's majority stakeholder was Rockfield Trading Limited, based in Cyprus, holding a 58.8% stake in the capital. Atlanta Poland SA is a Poland-based company. It's main activities comprise manufacture, wholesale, retail and commission trade of food products and beverages. It's products include raw and processed peanuts, hazelnuts, desiccated coconuts, almonds, sultanas, sesame seeds, dried prunes, marzipan products and hulled sunflower kernels, among others. The Company also exports it's products to the European Union countries.

More Business Descriptions

Wholesale trade in nuts and dried fruit

Trading Companies

Financial Data

Financials in:	PLN(mil)
Revenue:	218.6
Net Income:	10.1
Assets:	147.1
Long Term Debt:	62.5
Total Liabilities:	96.7
Working Capital:	0.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

26.2%

71.9%

25.3%

Market Data

Quote Symbol:	ATP
Exchange:	Warsaw Stock Exchange
Currency:	PLN
Stock Price:	8.5
Stock Price Date:	05-25-2012
52 Week Price Change %:	-29.9
Market Value (mil):	51,781.2
SEDOL:	B05JYN2
ISIN:	PLATLPL00018
Equity and Dept Distribution:
06/2006, Rights Issue, 1 new shares for every 8 shares held (Factor: 1).

Shareholders

Major Shareholders

Rockfield Trading Ltd, Cyprus (58.79%); Generali OFE (9.19%); AIG Asset Management (Polska) SA, Poland (6.13%)

Key Corporate Relationships

Auditor:	HLB M2 Audyt
Bank:	Bank Millennium SA
Auditor:	HLB M2 Audyt Sp zoo, HLB M2 Audyt

Executives Report

Board of Directors

Name	Title	Function
Dariusz Romuald Mazur	Chairman of the Management Board	Chairman
Biography Mr. Dariusz Romuald Mazur has served as Chairman of the Management Board of Atlanta Poland SA since June 20, 2008. He served as Vice Chairman of the Company's Management Board between May 14, 2007 and June 19, 2008. He held the post of Chairman of the Management Board of the Company until May 14, 2007. He is founder and main Shareholder of the Company. In addition, he acts as Chairman of the Management Board of Rockfield Jurata Sp. z o.o. and Rockfield Puck Sp. z o.o. Compensation/Salary:578,392 Compensation Currency: PLN
Jolanta Tomalka	Chairman of the Supervisory Board	Chairman
Maciej Nienartowicz	Vice Chairman of the Management Board	Vice-Chairman
Biography Mr. Maciej Nienartowicz has been Vice Chairman of the Management Board of Atlanta Poland SA since September 30, 2008. He has been employed by the Company since 1993. He previously worked as import Director in Atlanta Poland Sp. z o.o. from 1993 to 2000. He graduated from Akademia Morska w Gdyni, with a Master of Engineering degree. Education: Akademia Morska w Gdyni, ME Compensation/Salary:530,392 Compensation Currency: PLN
Roman Zalewski	Vice Chairman of the Supervisory Board	Vice-Chairman
Biography Mr. Roman Zalewski has served as Vice Chairman of the Supervisory Board of Atlanta Poland SA since August 16, 2010. He has been Member of the Supervisory Board at the Company since October 7, 2005. He has several years of experience in the field of capital markets. In October 2009, he was appointed Head of Analysis and Strategies Department at LOT Services Sp. z o.o. and since January 2004, he has also ran his own business OUT Roman Zalewski. Additionally, in February 2003, he was appointed Member of the Supervisory Board at Elektrobudowa S.A. He held the same post at Optimus Real Estate SA. Mr. Zalewski served as Analyst at a number of companies, including Biuro Maklerskie Banku Staropolskiego S.A., WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A., Biuro Maklerskie PBK S.A., PBK Asset Management S.A., and Dom Maklerski BIG-BG S.A., among others. Between April 2002 and September 2003, he also acted as Specialist for Stock Exchange at Optimus S.A. He graduated from the Faculty of Tourism and Recreation of Akademia Wychowania Fizycznego im. Eugeniusza Piaseckiego w Poznaniu and from the Faculty of Law and Administration of Uniwersytet im. Adama Mickiewicza w Poznaniu. Education: Akademia Wychowania Fizycznego im. Eugeniusza Piaseckiego w Poznaniu Uniwersytet im. Adama Mickiewicza w Poznaniu Compensation/Salary:2,400 Compensation Currency: PLN

Executives

Name	Title	Function
Roman Gierszewski	Member of the Supervisory Board	Administration Executive
Biography Mr. Roman Gierszewski has served as Member of the Supervisory Board of Atlanta Poland SA since August 16, 2010. From 1971 to 1973, he was working as Manager of General Administrative Department of Municipality Czluchow Office. From 1973 to 1985, he was a Manager of Department of Revenues Office in Gdansk. From 1985 to 1989, he was Chief Accounting Officer of Zaklady Piwowarskie in Gdansk. From 1989 to 1990, he was Deputy Chief Executive Officer of Horn Sp. z o.o. in Sopot. He graduated in Economics from Uniwersytet Gdanski. Education: Uniwersytet Gdanski (Economics) Compensation/Salary:909 Compensation Currency: PLN
Piotr Mazur	Member of the Supervisory Board	Administration Executive
Maciej Andrzej Mozejko	Member of the Supervisory Board	Administration Executive
Biography Mr. Maciej Andrzej Mozejko has served as Member of the Supervisory Board at Atlanta Poland SA since May 30, 2005. Mr. Mozejko joined the Company in 1996. He graduated from Faculty of Management of Uniwersytet Gdanski, and completed a post-graduate studies in Controlling at Politechnika Gdanska. Education: Uniwersytet Gdanski Politechnika Gdanska Compensation/Salary:2,400 Compensation Currency: PLN
Iwona Spyra	Chief Accountant	Finance Executive
Jaroslaw Antczak	Commercial Director	Sales Executive
Danuta Horodynska	Deputy Commercial Director	Sales Executive
Krystyna Semeniuk	Export Director	Sales Executive
Agata Mazur	Logistics and Supply Manager	Logistics Executive
Malgorzata Lipinska	Deputy Quality Control Manager	Quality Executive
Anna Rutkiewicz	Quality Control Manager	Quality Executive

Significant Developments

Atlanta Poland SA Comments on Transactions with Jeronimo Martins Dystrybucja Sp. z o.o.

Mar 16, 2012

Atlanta Poland SA announced that the total value of transactions completed between the Company and Jeronimo Martins Dystrybucja Sp. z o.o. amounts to PLN 20,568,483.76net. The agreement of the greatest value was signed on November 7, 2011 and amounted to PLN 215,761.22 net. The transactions concerned the sale of raisins, nuts, poppy seeds and almonds. Further details were not disclosed.

Atlanta Poland SA Comments on Transactions with Jeronimo Martins Dystrybucja Sp. z o.o.

Aug 04, 2011

Atlanta Poland SA announced that the total value of transactions completed between the Company and Jeronimo Martins Dystrybucja Sp. z o.o. during the 2011 fiscal year amounts to PLN 18,282,095.73 net. The agreement of the greatest value was signed on March 18, 2011 and amounted to PLN 189,344.38 net. The transactions concerned the sale of raisins, nuts, poppy seeds and almonds.

Atlanta Poland SA Signs Annex to Credit Contract

Jun 16, 2011

Atlanta Poland SA announced that it has signed an annex to credit contract with PKO BP SA for the total of PLN 60 million. The credit should be repaid till June 14, 2014.

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	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	73.8	57.4	45.8	61.8	56.7
Revenue	73.8	57.4	45.8	61.8	56.7
Total Revenue	73.8	57.4	45.8	61.8	56.7
Cost of Revenue	59.4	46.3	37.2	49.4	46.4
Cost of Revenue, Total	59.4	46.3	37.2	49.4	46.4
Gross Profit	14.4	11.1	8.6	12.4	10.3
Selling/General/Administrative Expense	8.8	8.2	6.1	10.6	9.3
Total Selling/General/Administrative Expenses	8.8	8.2	6.1	10.6	9.3
Impairment-Assets Held for Use	0.0	0.0	-	-	-
Impairment-Assets Held for Sale	0.1	-	-	-	-
Loss (Gain) on Sale of Assets - Operating	0.0	-0.4	0.0	0.0	0.0
Unusual Expense (Income)	0.0	-0.3	0.0	0.0	0.0
Other Operating Expense	1.1	0.6	0.2	0.8	1.1
Other, Net	-0.2	-0.5	-0.1	-1.0	-0.8
Other Operating Expenses, Total	0.8	0.1	0.0	-0.2	0.3
Total Operating Expense	69.0	54.3	43.3	59.8	56.0
Operating Income	4.7	3.1	2.5	2.0	0.6
Interest Expense - Non-Operating	-0.9	-0.7	-0.6	-1.5	-1.1
Interest Expense, Net Non-Operating	-0.9	-0.7	-0.6	-1.5	-1.1
Interest Income - Non-Operating	0.3	0.2	0.2	0.3	0.2
Investment Income - Non-Operating	0.3	-	-	-0.2	0.0
Interest/Investment Income - Non-Operating	0.6	0.2	0.2	0.0	0.2
Interest Income (Expense) - Net Non-Operating Total	-0.4	-0.5	-0.4	-1.4	-1.0
Other Non-Operating Income (Expense)	0.0	-0.2	-0.1	-0.1	0.1
Other, Net	0.0	-0.2	-0.1	-0.1	0.1
Income Before Tax	4.4	2.5	1.9	0.5	-0.2
Total Income Tax	1.0	0.5	0.4	0.6	-0.1
Income After Tax	3.4	1.9	1.6	-0.1	-0.1
Minority Interest	-	-	0.0	0.1	0.1
Net Income Before Extraord Items	3.4	1.9	1.6	0.0	0.0
Net Income	3.4	1.9	1.6	0.0	0.0
Income Available to Common Excl Extraord Items	3.4	1.9	1.6	0.0	0.0
Income Available to Common Incl Extraord Items	3.4	1.9	1.6	0.0	0.0
Basic/Primary Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Basic EPS Excl Extraord Items	0.56	0.32	0.26	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.56	0.32	0.26	0.01	0.00
Diluted Net Income	3.4	1.9	1.6	0.0	0.0
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excl Extraord Items	0.56	0.32	0.26	0.01	0.00
Diluted EPS Incl Extraord Items	0.56	0.32	0.26	0.01	0.00
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	0.7	0.6	1.5	1.1
Depreciation, Supplemental	0.7	0.6	0.7	0.9	0.8
Total Special Items	0.0	-0.3	0.0	0.0	0.0
Normalized Income Before Tax	4.4	2.1	1.9	0.5	-0.2
Effect of Special Items on Income Taxes	0.0	-0.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.0	0.4	0.4	0.6	-0.1
Normalized Income After Tax	3.4	1.7	1.5	-0.1	-0.1
Normalized Inc. Avail to Com.	3.4	1.7	1.5	0.0	0.0
Basic Normalized EPS	0.56	0.27	0.25	0.01	0.00
Diluted Normalized EPS	0.56	0.27	0.25	0.01	0.00
Amort of Intangibles, Supplemental	0.0	0.1	0.0	0.0	0.0
Advertising Expense, Supplemental	-	0.1	0.1	0.1	0.1
Normalized EBIT	4.8	2.8	2.5	2.0	0.6
Normalized EBITDA	5.5	3.5	3.2	3.0	1.5
Current Tax - Total	-	0.7	0.5	0.6	0.2
Current Tax - Total	-	0.7	0.5	0.6	0.2
Deferred Tax - Total	-	-0.1	-0.1	0.0	-0.3
Deferred Tax - Total	-	-0.1	-0.1	0.0	-0.3
Income Tax - Total	-	0.5	0.4	0.6	-0.1

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	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	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	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash	-	0.8	1.0	-	-
Cash & Equivalents	0.4	0.0	0.2	1.9	1.1
Short Term Investments	0.0	0.0	0.0	0.4	0.0
Cash and Short Term Investments	0.4	0.8	1.1	2.3	1.1
Accounts Receivable - Trade, Gross	-	18.4	14.4	13.2	18.6
Provision for Doubtful Accounts	-	0.0	0.0	-0.1	-0.1
Trade Accounts Receivable - Net	17.0	18.4	14.4	13.2	18.5
Other Receivables	0.5	1.5	0.4	0.3	0.5
Total Receivables, Net	17.4	19.9	14.8	13.5	19.0
Inventories - Finished Goods	-	10.8	7.5	7.9	11.6
Inventories - Raw Materials	-	0.3	0.0	0.4	0.4
Inventories - Other	-	0.0	0.0	-0.4	0.0
Total Inventory	13.3	11.0	7.6	8.0	12.0
Discontinued Operations - Current Asset	-	-	-	0.0	0.0
Other Current Assets, Total	-	-	-	0.0	0.0
Total Current Assets	31.2	31.7	23.5	23.8	32.1
Buildings	-	4.6	5.6	5.4	6.5
Land/Improvements	-	0.8	1.0	1.0	1.2
Machinery/Equipment	-	5.0	4.5	3.6	4.3
Construction in Progress	-	0.0	0.2	0.0	0.0
Other Property/Plant/Equipment	-	0.6	0.6	1.2	1.6
Property/Plant/Equipment - Gross	-	11.0	11.9	11.2	13.7
Accumulated Depreciation	-	-3.7	-3.4	-2.6	-2.8
Property/Plant/Equipment - Net	11.0	7.3	8.5	8.6	10.9
Intangibles - Gross	-	0.7	0.5	-	-
Accumulated Intangible Amortization	-	-0.2	-0.1	-	-
Intangibles, Net	0.4	0.5	0.4	0.4	0.5
LT Investments - Other	0.0	0.0	0.0	0.0	0.1
Long Term Investments	0.0	0.0	0.0	0.0	0.1
Note Receivable - Long Term	0.0	-	-	-	-
Deferred Income Tax - Long Term Asset	0.2	0.2	0.2	0.5	0.5
Other Long Term Assets, Total	0.2	0.2	0.2	0.5	0.5
Total Assets	42.8	39.7	32.6	33.4	44.0
Accounts Payable	4.7	7.3	1.4	2.9	7.0
Accrued Expenses	0.0	0.0	0.0	0.0	0.0
Notes Payable/Short Term Debt	2.9	15.2	0.4	1.7	18.7
Current Portion - Long Term Debt/Capital Leases	-	0.1	0.1	0.2	0.1
Income Taxes Payable	0.0	0.3	0.0	0.0	0.0
Other Current Liabilities	1.8	1.1	1.0	1.1	0.7
Other Current liabilities, Total	1.8	1.4	1.0	1.1	0.7
Total Current Liabilities	9.4	24.0	2.9	5.9	26.6
Long Term Debt	18.1	1.2	16.8	15.3	2.7
Capital Lease Obligations	0.1	0.1	0.1	0.2	0.3
Total Long Term Debt	18.2	1.4	16.9	15.4	3.0
Total Debt	21.1	16.6	17.3	17.3	21.8
Deferred Income Tax - LT Liability	0.6	0.7	0.8	0.9	1.0
Deferred Income Tax	0.6	0.7	0.8	0.9	1.0
Minority Interest	-	-	-	0.0	0.1
Pension Benefits - Underfunded	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	28.2	26.1	20.6	22.2	30.7
Common Stock	1.8	2.1	2.1	2.1	2.5
Common Stock	1.8	2.1	2.1	2.1	2.5
Additional Paid-In Capital	3.8	4.4	4.5	4.4	5.3
Retained Earnings (Accumulated Deficit)	9.0	7.0	5.2	4.6	5.5
Other Equity	0.1	0.2	0.2	0.1	0.1
Other Equity, Total	0.1	0.2	0.2	0.1	0.1
Total Equity	14.7	13.6	12.0	11.1	13.4
Total Liabilities & Shareholders’ Equity	42.8	39.7	32.6	33.4	44.0
Shares Outstanding - Common Stock Primary Issue	6.1	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.1	6.1	6.1	6.1	6.1
Employees	-	-	191	145	-
Accumulated Intangible Amort, Suppl.	-	0.2	0.1	0.1	0.1
Deferred Revenue - Current	-	-	-	0.0	0.0
Total Capital Leases, Supplemental	-	0.1	0.1	-	-
Capital Lease Payments Due in Year 1	-	0.0	0.0	-	-
Capital Lease Payments Due in Year 2	-	0.0	0.0	-	-
Capital Lease Payments Due in Year 3	-	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	-	0.1	0.1	-	-

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	4.4	2.5	1.9	0.0	0.0
Depreciation	0.7	0.7	0.5	0.9	0.8
Depreciation/Depletion	0.7	0.7	0.5	0.9	0.8
Other Non-Cash Items	1.6	0.4	-0.7	1.4	1.4
Non-Cash Items	1.6	0.4	-0.7	1.4	1.4
Accounts Receivable	-4.9	-4.2	3.3	2.2	4.8
Inventories	-4.5	-3.6	-1.2	2.4	1.3
Accounts Payable	-1.9	5.3	-0.3	-4.8	-5.3
Accrued Expenses	0.0	0.0	0.0	0.0	-0.1
Taxes Payable	-1.1	-0.4	-0.6	-0.6	-0.3
Changes in Working Capital	-12.5	-3.0	1.2	-0.7	0.5
Cash from Operating Activities	-5.8	0.6	3.0	1.6	2.6
Purchase of Fixed Assets	-1.6	-0.7	-2.9	-0.3	-0.4
Capital Expenditures	-1.6	-0.7	-2.9	-0.3	-0.4
Sale of Fixed Assets	0.0	0.0	0.0	0.1	0.0
Sale/Maturity of Investment	0.0	0.7	-	-	1.3
Purchase of Investments	0.0	0.0	-0.2	-	-2.0
Other Investing Cash Flow Items, Total	0.0	0.7	-0.2	0.1	-0.7
Cash from Investing Activities	-1.6	0.0	-3.1	-0.1	-1.1
Other Financing Cash Flow	-0.9	-0.7	-0.6	-1.4	-1.0
Financing Cash Flow Items	-0.9	-0.7	-0.6	-1.4	-1.0
Long Term Debt Reduction	0.0	0.0	-0.1	0.0	-0.1
Long Term Debt, Net	0.0	0.0	-0.1	0.0	-0.1
Total Debt Issued	8.2	0.2	1.2	27.0	7.6
Total Debt Reduction	-0.3	-0.3	-0.3	-25.9	-7.6
Issuance (Retirement) of Debt, Net	8.0	-0.2	0.8	1.2	-0.1
Cash from Financing Activities	7.1	-0.9	0.2	-0.2	-1.1
Net Change in Cash	-0.3	-0.3	0.1	1.2	0.4
Net Cash - Beginning Balance	0.8	1.1	0.9	1.1	0.6
Net Cash - Ending Balance	0.4	0.8	1.0	2.3	1.0
Cash Interest Paid	-	0.7	0.6	1.4	1.0
Cash Taxes Paid	-	0.4	0.6	0.6	0.3

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	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Sale of Products	39.6	23.2	17.6	30.5	14.4
Sale of Goods & Materials	34.1	34.2	28.2	31.3	42.2
Total Revenue	73.8	57.4	45.8	61.8	56.7
Cost of Products	30.5	17.9	13.0	23.7	11.2
Cost of Goods and Materials	28.8	28.4	24.2	25.7	35.2
Selling Costs	6.4	6.0	4.2	7.4	7.3
General Administrative Costs	2.4	2.2	1.9	3.2	2.1
Gain on Sale of Fixed Assets	0.0	-0.4	0.0	0.0	0.0
Other Operating Income	-0.2	-0.5	-0.1	-1.0	-0.8
Loss on Sale of Fixed Assets	-	-	-	0.0	0.0
Revaluation of Fixed Assets	0.0	0.0	-	-	-
Revaluation of Inventories	0.1	-	-	-	-
Other Operating Costs	1.1	0.6	0.2	0.8	1.1
Total Operating Expense	69.0	54.3	43.3	59.8	56.0
Interest Income	0.3	0.2	0.2	0.3	0.2
Foreign Currency Gains	0.3	-	-	0.0	0.1
Other Financial Income	0.0	-	-	0.0	0.2
Foreign Currency Loss	-	-	-	-0.2	-0.1
Interest Expense	-0.9	-0.7	-0.6	-1.5	-1.1
Other Financial Expenses	0.0	-0.2	-0.1	-0.1	-0.1
Net Income Before Taxes	4.4	2.5	1.9	0.5	-0.2
Provision for Income Taxes	1.0	0.5	0.4	0.6	-0.1
Net Income After Taxes	3.4	1.9	1.6	-0.1	-0.1
Minority Interest	-	-	0.0	0.1	0.1
Net Income Before Extra. Items	3.4	1.9	1.6	0.0	0.0
Net Income	3.4	1.9	1.6	0.0	0.0
Income Available to Com Excl ExtraOrd	3.4	1.9	1.6	0.0	0.0
Income Available to Com Incl ExtraOrd	3.4	1.9	1.6	0.0	0.0
Basic Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Basic EPS Excluding ExtraOrdinary Items	0.56	0.32	0.26	0.01	0.00
Basic EPS Including ExtraOrdinary Items	0.56	0.32	0.26	0.01	0.00
Diluted Net Income	3.4	1.9	1.6	0.0	0.0
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excluding ExtraOrd Items	0.56	0.32	0.26	0.01	0.00
Diluted EPS Including ExtraOrd Items	0.56	0.32	0.26	0.01	0.00
DPS-Common Stock	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	4.4	2.1	1.9	0.5	-0.2
Inc Tax Ex Impact of Sp Items	1.0	0.4	0.4	0.6	-0.1
Normalized Income After Taxes	3.4	1.7	1.5	-0.1	-0.1
Normalized Inc. Avail to Com.	3.4	1.7	1.5	0.0	0.0
Basic Normalized EPS	0.56	0.27	0.25	0.01	0.00
Diluted Normalized EPS	0.56	0.27	0.25	0.01	0.00
Interest Expense	0.9	0.7	0.6	1.5	1.1
Depreciation	0.7	0.6	0.7	0.9	0.8
Amortization of Intangibles	0.0	0.1	0.0	0.0	0.0
Advertising Expense	-	0.1	0.1	0.1	0.1
Current Tax	-	0.7	0.5	0.6	0.2
Current Tax - Total	-	0.7	0.5	0.6	0.2
Deferred Tax	-	-0.1	-0.1	0.0	-0.3
Deferred Tax - Total	-	-0.1	-0.1	0.0	-0.3
Income Tax - Total	-	0.5	0.4	0.6	-0.1

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	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	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	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Materials	-	0.3	0.0	0.4	0.4
Finished Goods	-	0.6	0.8	1.3	0.8
Merchandise	-	10.1	6.7	6.6	10.8
Prepayments	-	0.0	0.0	0.0	0.1
Revaluation of Inventory	-	-	-	-0.4	-0.1
Receivables, Gross	-	18.4	14.4	13.2	18.6
Provision for Doubtful Accounts	-	0.0	0.0	-0.1	-0.1
Receivables Trade	17.0	-	-	-	-
Tax, State Duties	0.1	0.0	0.2	0.0	0.1
Other Receivables	0.4	1.5	0.2	0.3	0.4
ST Financial Assets/Other	0.0	0.0	0.0	0.4	0.0
ST Deposits	-	0.0	0.2	-	-
Cash in Hand	-	0.0	0.0	-	-
Cash in Bank	-	0.8	1.0	-	-
Cash and Equivalents	0.4	-	-	1.9	1.1
Fixed Assets for Sale	-	-	-	0.0	0.0
Inventories	13.3	-	-	-	-
Total Current Assets	31.2	31.7	23.5	23.8	32.1
Tangibles, Net	11.0	-	-	-	-
Intangibles	-	0.7	0.5	-	-
Amortisation of Intangibles	-	-0.2	-0.1	-	-
Intangibles, Net	0.4	-	-	0.4	0.5
Land	-	0.3	0.5	0.2	0.2
Land Leasehold	-	0.6	0.6	0.8	1.0
Buildings	-	4.6	5.6	5.4	6.5
Machinery	-	3.6	3.4	2.8	3.3
Transport	-	1.4	1.1	0.8	1.0
Fixed Assets Leased	-	-	-	0.7	1.1
Other Tangible Assets	-	0.6	0.6	0.4	0.5
Construction under Progress	-	0.0	0.2	0.0	0.0
Depreciation	-	-3.7	-3.4	-2.6	-2.8
LT Receivables	0.0	-	-	-	-
LT Investments	0.0	0.0	0.0	0.0	0.1
Deferred Tax	0.2	0.2	0.2	0.5	0.5
Total Assets	42.8	39.7	32.6	33.4	44.0
Bank Loans	2.9	15.2	0.4	1.7	18.7
Leasing	-	0.1	0.1	0.2	0.1
Trade Liabilities	4.7	7.3	1.4	2.9	7.0
Tax Payable	0.0	0.3	0.0	0.0	0.0
Wages and Salaries	0.0	0.0	0.0	0.0	0.0
Other ST Liabilities	1.8	1.1	1.0	1.1	0.7
Adjustment	0.0	-	-	-	-
Total Current Liabilities	9.4	24.0	2.9	5.9	26.6
Loans and Credits	18.1	1.2	16.8	15.3	2.7
Financial Leases	0.1	0.1	0.1	0.2	0.3
Total Long Term Debt	18.2	1.4	16.9	15.4	3.0
Deferred Tax	0.6	0.7	0.8	0.9	1.0
Pension Reserve	0.0	0.0	0.0	0.0	0.0
Minority Interest	-	-	-	0.0	0.1
Total Liabilities	28.2	26.1	20.6	22.2	30.7
Share Capital	1.8	2.1	2.1	2.1	2.5
Surplus Capital	3.8	4.4	4.5	4.4	5.3
Reserve Capital	6.6	7.7	7.9	5.8	6.2
Realized Options	0.1	0.2	0.2	0.1	0.1
Revaluation Capital	1.4	1.6	2.1	2.0	2.5
Other Capital	2.5	2.9	3.0	2.9	3.5
Accumulated Loss/Profit	-4.5	-7.2	-9.5	-6.2	-6.7
Net Profit/Loss	2.9	2.0	1.7	0.0	0.0
Total Equity	14.7	13.6	12.0	11.1	13.4
Total Liabilities & Shareholders' Equity	42.8	39.7	32.6	33.4	44.0
S/O-Common Stock	6.1	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.1	6.1	6.1	6.1	6.1
Accumulated Intangible Amortization	-	0.2	0.1	0.1	0.1
Deferred Revenue - Current	-	-	-	0.0	0.0
Full-Time Employees	-	-	191	145	-
Financial Leases Paid within 3 Years	-	0.1	0.1	-	-
Total Capital Leases	-	0.1	0.1	-	-

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Income Before Taxes	4.4	2.5	1.9	0.0	0.0
Depreciation	0.7	0.7	0.5	0.9	0.8
Minority Interest	-	-	-	-0.1	-0.1
Currency Translation	0.0	0.0	0.0	-	-
Interest and Dividends	0.9	0.7	0.6	1.4	1.0
Investing Activities	0.0	-0.4	0.0	0.0	0.2
Reserves	0.7	0.1	0.6	0.1	0.3
Inventories	-4.5	-3.6	-1.2	2.4	1.3
Receivables	-4.9	-4.2	3.3	2.2	4.8
ST Liabilities	-1.9	5.3	-0.3	-4.8	-5.3
Accruals/Deferrals	0.0	0.0	0.0	0.0	-0.1
Income Tax Paid	-1.1	-0.4	-0.6	-0.6	-0.3
Adjustments	0.0	0.0	-1.9	0.0	-0.1
Cash from Operating Activities	-5.8	0.6	3.0	1.6	2.6
Sale of Fixed Assets	0.0	0.0	0.0	0.1	0.0
Sale of Investment	0.0	0.7	-	-	1.3
Purchase of Fixed Assets	-1.6	-0.7	-2.9	-0.3	-0.4
Purchase of Fin. Assets/Affiliates	-	-	-	-	-0.9
Purchase of Fin. Assets/Other	0.0	0.0	-0.2	-	-1.1
Cash from Investing Activities	-1.6	0.0	-3.1	-0.1	-1.1
Loans Issued	8.2	0.2	1.2	27.0	7.6
Loans Repayments	-0.3	-0.3	-0.3	-25.9	-7.6
Lease Payments	0.0	0.0	-0.1	0.0	-0.1
Interest Paid	-0.9	-0.7	-0.6	-1.4	-1.0
Other Financing Outflow	0.0	-	-	-	-
Cash from Financing Activities	7.1	-0.9	0.2	-0.2	-1.1
Net Change in Cash	-0.3	-0.3	0.1	1.2	0.4
Net Cash - Beginning Balance	0.8	1.1	0.9	1.1	0.6
Net Cash - Ending Balance	0.4	0.8	1.0	2.3	1.0
Cash Interest Paid	-	0.7	0.6	1.4	1.0
Cash Taxes Paid	-	0.4	0.6	0.6	0.3

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	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	23.2	20.56%	73.8	26.18%	13.65%	9.48%
Operating Income1	1.0	-45.06%	4.7	48.40%	42.82%	98.38%
Income Available to Common Excl Extraord Items1	0.6	-51.21%	3.4	71.86%	373.76%	-
Basic EPS Excl Extraord Items1	0.10	-51.21%	0.56	71.86%	373.71%	-
Capital Expenditures2	1.6	131.17%	1.6	131.17%	94.72%	26.85%
Cash from Operating Activities2	-5.8	-	-5.8	-	-	-
Free Cash Flow	-6.4	-	-6.4	-	-	-
Total Assets3	42.8	25.31%	42.8	25.31%	14.16%	2.62%
Total Liabilities3	28.2	25.44%	28.2	25.44%	13.64%	3.36%
Total Long Term Debt3	18.2	1,457.20%	18.2	1,457.20%	10.92%	51.61%
Total Common Shares Outstanding3	6.1	0.00%	6.1	0.00%	0.00%	0.00%
1-ExchangeRate: PLN to USD Average for Period	3.280471	Â	2.964349	Â	Â	Â
2-ExchangeRate: PLN to USD Average for Period	2.964349	Â	2.964349	Â	Â	Â
3-ExchangeRate: PLN to USD Period End Date	3.433950	Â	3.433950	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	19.48%	19.37%	18.80%	20.14%	18.10%
Operating Margin	6.41%	5.45%	5.44%	3.23%	1.13%
Pretax Margin	5.94%	4.30%	4.25%	0.77%	-0.36%
Net Profit Margin	4.62%	3.39%	3.39%	0.06%	0.02%
Financial Strength
Current Ratio	3.33	1.32	8.17	4.03	1.21
Long Term Debt/Equity	1.24	0.10	1.40	1.39	0.22
Total Debt/Equity	1.44	1.22	1.44	1.56	1.63
Management Effectiveness
Return on Assets	7.64%	5.58%	5.04%	-0.17%	-0.16%
Return on Equity	22.28%	15.73%	14.36%	0.29%	0.08%
Efficiency
Receivables Turnover	3.68	3.42	3.46	3.43	3.18
Inventory Turnover	4.49	5.16	5.12	4.47	4.17
Asset Turnover	1.65	1.64	1.49	1.44	1.32

Market Valuation USD (mil)
P/E (TTM)	5.13	.	Enterprise Value2	35.8
Price/Sales (TTM)	0.24	.	Enterprise Value/Revenue (TTM)	0.56
Price/Book (MRQ)	1.03	.	Enterprise Value/EBITDA (TTM)	7.55
Market Cap as of 25-May-20121		.
1-ExchangeRate: PLN to USD on 25-May-2012	Â
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	3.33	1.32	8.17	4.03	1.21
Quick/Acid Test Ratio	1.90	0.86	5.54	2.68	0.75
Working Capital1	21.8	7.7	20.6	17.9	5.5
Long Term Debt/Equity	1.24	0.10	1.40	1.39	0.22
Total Debt/Equity	1.44	1.22	1.44	1.56	1.63
Long Term Debt/Total Capital	0.51	0.04	0.58	0.54	0.08
Total Debt/Total Capital	0.59	0.55	0.59	0.61	0.62
Payout Ratio	-	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	22.26%	21.04%	20.15%	115.79%	-
Total Capital1	35.8	30.3	29.3	28.5	35.2
Efficiency
Asset Turnover	1.65	1.64	1.49	1.44	1.32
Inventory Turnover	4.49	5.16	5.12	4.47	4.17
Days In Inventory	81.23	70.70	71.33	81.70	87.53
Receivables Turnover	3.68	3.42	3.46	3.43	3.18
Days Receivables Outstanding	99.13	106.60	105.39	106.30	114.93
Revenue/Employee2	-	-	261,105	346,694	-
Operating Income/Employee2	-	-	14,208	11,193	-
EBITDA/Employee2	-	-	18,332	16,665	-
Profitability
Gross Margin	19.48%	19.37%	18.80%	20.14%	18.10%
Operating Margin	6.41%	5.45%	5.44%	3.23%	1.13%
EBITDA Margin	7.45%	6.62%	7.02%	4.81%	2.61%
EBIT Margin	6.41%	5.45%	5.44%	3.23%	1.13%
Pretax Margin	5.94%	4.30%	4.25%	0.77%	-0.36%
Net Profit Margin	4.62%	3.39%	3.39%	0.06%	0.02%
COGS/Revenue	80.52%	80.63%	81.20%	79.86%	81.90%
SG&A Expense/Revenue	11.90%	14.31%	13.35%	17.20%	16.50%
Management Effectiveness
Return on Assets	7.64%	5.58%	5.04%	-0.17%	-0.16%
Return on Equity	22.28%	15.73%	14.36%	0.29%	0.08%
Valuation
Free Cash Flow/Share2	-1.05	-0.02	0.02	0.18	0.41
Operating Cash Flow/Share 2	-0.82	0.10	0.53	0.22	0.48
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)	5.13
Market Cap/Equity (MRQ)	1.03
Market Cap/Revenue (TTM)	0.24
Market Cap/EBIT (TTM)	3.70
Market Cap/EBITDA (TTM)	3.21
Enterprise Value/Earnings (TTM)	12.17
Enterprise Value/Equity (MRQ)	2.44
Enterprise Value/Revenue (TTM)	0.56
Enterprise Value/EBIT (TTM)	8.78
Enterprise Value/EBITDA (TTM)	7.63

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	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	73.8	57.4	45.8	61.8	56.7
Revenue	73.8	57.4	45.8	61.8	56.7
Total Revenue	73.8	57.4	45.8	61.8	56.7
Cost of Revenue	59.4	46.3	37.2	49.4	46.4
Cost of Revenue, Total	59.4	46.3	37.2	49.4	46.4
Gross Profit	14.4	11.1	8.6	12.4	10.3
Selling/General/Administrative Expense	8.8	8.2	6.1	10.6	9.3
Total Selling/General/Administrative Expenses	8.8	8.2	6.1	10.6	9.3
Impairment-Assets Held for Use	0.0	0.0	-	-	-
Impairment-Assets Held for Sale	0.1	-	-	-	-
Loss (Gain) on Sale of Assets - Operating	0.0	-0.4	0.0	0.0	0.0
Unusual Expense (Income)	0.0	-0.3	0.0	0.0	0.0
Other Operating Expense	1.1	0.6	0.2	0.8	1.1
Other, Net	-0.2	-0.5	-0.1	-1.0	-0.8
Other Operating Expenses, Total	0.8	0.1	0.0	-0.2	0.3
Total Operating Expense	69.0	54.3	43.3	59.8	56.0
Operating Income	4.7	3.1	2.5	2.0	0.6
Interest Expense - Non-Operating	-0.9	-0.7	-0.6	-1.5	-1.1
Interest Expense, Net Non-Operating	-0.9	-0.7	-0.6	-1.5	-1.1
Interest Income - Non-Operating	0.3	0.2	0.2	0.3	0.2
Investment Income - Non-Operating	0.3	-	-	-0.2	0.0
Interest/Investment Income - Non-Operating	0.6	0.2	0.2	0.0	0.2
Interest Income (Expense) - Net Non-Operating Total	-0.4	-0.5	-0.4	-1.4	-1.0
Other Non-Operating Income (Expense)	0.0	-0.2	-0.1	-0.1	0.1
Other, Net	0.0	-0.2	-0.1	-0.1	0.1
Income Before Tax	4.4	2.5	1.9	0.5	-0.2
Total Income Tax	1.0	0.5	0.4	0.6	-0.1
Income After Tax	3.4	1.9	1.6	-0.1	-0.1
Minority Interest	-	-	0.0	0.1	0.1
Net Income Before Extraord Items	3.4	1.9	1.6	0.0	0.0
Net Income	3.4	1.9	1.6	0.0	0.0
Income Available to Common Excl Extraord Items	3.4	1.9	1.6	0.0	0.0
Income Available to Common Incl Extraord Items	3.4	1.9	1.6	0.0	0.0
Basic/Primary Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Basic EPS Excl Extraord Items	0.56	0.32	0.26	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.56	0.32	0.26	0.01	0.00
Diluted Net Income	3.4	1.9	1.6	0.0	0.0
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excl Extraord Items	0.56	0.32	0.26	0.01	0.00
Diluted EPS Incl Extraord Items	0.56	0.32	0.26	0.01	0.00
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	0.7	0.6	1.5	1.1
Depreciation, Supplemental	0.7	0.6	0.7	0.9	0.8
Total Special Items	0.0	-0.3	0.0	0.0	0.0
Normalized Income Before Tax	4.4	2.1	1.9	0.5	-0.2
Effect of Special Items on Income Taxes	0.0	-0.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.0	0.4	0.4	0.6	-0.1
Normalized Income After Tax	3.4	1.7	1.5	-0.1	-0.1
Normalized Inc. Avail to Com.	3.4	1.7	1.5	0.0	0.0
Basic Normalized EPS	0.56	0.27	0.25	0.01	0.00
Diluted Normalized EPS	0.56	0.27	0.25	0.01	0.00
Amort of Intangibles, Supplemental	0.0	0.1	0.0	0.0	0.0
Advertising Expense, Supplemental	-	0.1	0.1	0.1	0.1
Normalized EBIT	4.8	2.8	2.5	2.0	0.6
Normalized EBITDA	5.5	3.5	3.2	3.0	1.5
Current Tax - Total	-	0.7	0.5	0.6	0.2
Current Tax - Total	-	0.7	0.5	0.6	0.2
Deferred Tax - Total	-	-0.1	-0.1	0.0	-0.3
Deferred Tax - Total	-	-0.1	-0.1	0.0	-0.3
Income Tax - Total	-	0.5	0.4	0.6	-0.1

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	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	3.280471	2.934151	2.754298	2.885323	2.921347
Net Sales	23.2	17.0	15.7	17.1	21.6
Revenue	23.2	17.0	15.7	17.1	21.6
Total Revenue	23.2	17.0	15.7	17.1	21.6
Cost of Revenue	19.0	13.4	12.8	13.6	17.2
Cost of Revenue, Total	19.0	13.4	12.8	13.6	17.2
Gross Profit	4.3	3.6	2.9	3.5	4.4
Selling/General/Administrative Expense	2.6	2.0	2.2	1.9	2.9
Total Selling/General/Administrative Expenses	2.6	2.0	2.2	1.9	2.9
Other Operating Expense	0.8	0.0	0.0	0.1	0.1
Other, Net	-0.1	-0.1	0.0	0.0	-0.7
Other Operating Expenses, Total	0.7	0.0	0.0	0.1	-0.5
Total Operating Expense	22.2	15.4	15.0	15.7	19.6
Operating Income	1.0	1.6	0.7	1.4	2.0
Interest Income (Expense) - Net Non-Operating	-0.1	-0.2	-0.2	0.1	-
Interest Income (Expense) - Net Non-Operating Total	-0.1	-0.2	-0.2	0.1	-
Other Non-Operating Income (Expense)	-	-	-	-	-0.2
Other, Net	-	-	-	-	-0.2
Income Before Tax	0.9	1.4	0.5	1.5	1.8
Total Income Tax	0.3	0.3	0.1	0.3	0.4
Income After Tax	0.6	1.1	0.4	1.3	1.5
Net Income Before Extraord Items	0.6	1.1	0.4	1.3	1.5
Net Income	0.6	1.1	0.4	1.3	1.5
Income Available to Common Excl Extraord Items	0.6	1.1	0.4	1.3	1.5
Income Available to Common Incl Extraord Items	0.6	1.1	0.4	1.3	1.5
Basic/Primary Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Basic EPS Excl Extraord Items	0.10	0.18	0.06	0.21	0.24
Basic/Primary EPS Incl Extraord Items	0.10	0.18	0.06	0.21	0.24
Diluted Net Income	0.6	1.1	0.4	1.3	1.5
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excl Extraord Items	0.10	0.18	0.06	0.21	0.24
Diluted EPS Incl Extraord Items	0.10	0.18	0.06	0.21	0.24
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Depreciation, Supplemental	0.2	0.2	0.2	0.2	0.2
Normalized Income Before Tax	0.9	1.4	0.5	1.5	1.8
Inc Tax Ex Impact of Sp Items	0.3	0.3	0.1	0.3	0.4
Normalized Income After Tax	0.6	1.1	0.4	1.3	1.5
Normalized Inc. Avail to Com.	0.6	1.1	0.4	1.3	1.5
Basic Normalized EPS	0.10	0.18	0.06	0.21	0.24
Diluted Normalized EPS	0.10	0.18	0.06	0.21	0.24
Normalized EBIT	1.0	1.6	0.7	1.4	2.0
Normalized EBITDA	1.2	1.8	0.8	1.6	2.2
Current Tax - Total	-	-	-	0.2	0.6
Current Tax - Total	-	-	-	0.2	0.6
Deferred Tax - Total	-	-	-	0.1	-0.2
Deferred Tax - Total	-	-	-	0.1	-0.2
Income Tax - Total	-	-	-	0.3	0.4

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	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	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	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash	-	0.8	1.0	-	-
Cash & Equivalents	0.4	0.0	0.2	1.9	1.1
Short Term Investments	0.0	0.0	0.0	0.4	0.0
Cash and Short Term Investments	0.4	0.8	1.1	2.3	1.1
Accounts Receivable - Trade, Gross	-	18.4	14.4	13.2	18.6
Provision for Doubtful Accounts	-	0.0	0.0	-0.1	-0.1
Trade Accounts Receivable - Net	17.0	18.4	14.4	13.2	18.5
Other Receivables	0.5	1.5	0.4	0.3	0.5
Total Receivables, Net	17.4	19.9	14.8	13.5	19.0
Inventories - Finished Goods	-	10.8	7.5	7.9	11.6
Inventories - Raw Materials	-	0.3	0.0	0.4	0.4
Inventories - Other	-	0.0	0.0	-0.4	0.0
Total Inventory	13.3	11.0	7.6	8.0	12.0
Discontinued Operations - Current Asset	-	-	-	0.0	0.0
Other Current Assets, Total	-	-	-	0.0	0.0
Total Current Assets	31.2	31.7	23.5	23.8	32.1
Buildings	-	4.6	5.6	5.4	6.5
Land/Improvements	-	0.8	1.0	1.0	1.2
Machinery/Equipment	-	5.0	4.5	3.6	4.3
Construction in Progress	-	0.0	0.2	0.0	0.0
Other Property/Plant/Equipment	-	0.6	0.6	1.2	1.6
Property/Plant/Equipment - Gross	-	11.0	11.9	11.2	13.7
Accumulated Depreciation	-	-3.7	-3.4	-2.6	-2.8
Property/Plant/Equipment - Net	11.0	7.3	8.5	8.6	10.9
Intangibles - Gross	-	0.7	0.5	-	-
Accumulated Intangible Amortization	-	-0.2	-0.1	-	-
Intangibles, Net	0.4	0.5	0.4	0.4	0.5
LT Investments - Other	0.0	0.0	0.0	0.0	0.1
Long Term Investments	0.0	0.0	0.0	0.0	0.1
Note Receivable - Long Term	0.0	-	-	-	-
Deferred Income Tax - Long Term Asset	0.2	0.2	0.2	0.5	0.5
Other Long Term Assets, Total	0.2	0.2	0.2	0.5	0.5
Total Assets	42.8	39.7	32.6	33.4	44.0
Accounts Payable	4.7	7.3	1.4	2.9	7.0
Accrued Expenses	0.0	0.0	0.0	0.0	0.0
Notes Payable/Short Term Debt	2.9	15.2	0.4	1.7	18.7
Current Portion - Long Term Debt/Capital Leases	-	0.1	0.1	0.2	0.1
Income Taxes Payable	0.0	0.3	0.0	0.0	0.0
Other Current Liabilities	1.8	1.1	1.0	1.1	0.7
Other Current liabilities, Total	1.8	1.4	1.0	1.1	0.7
Total Current Liabilities	9.4	24.0	2.9	5.9	26.6
Long Term Debt	18.1	1.2	16.8	15.3	2.7
Capital Lease Obligations	0.1	0.1	0.1	0.2	0.3
Total Long Term Debt	18.2	1.4	16.9	15.4	3.0
Total Debt	21.1	16.6	17.3	17.3	21.8
Deferred Income Tax - LT Liability	0.6	0.7	0.8	0.9	1.0
Deferred Income Tax	0.6	0.7	0.8	0.9	1.0
Minority Interest	-	-	-	0.0	0.1
Pension Benefits - Underfunded	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	28.2	26.1	20.6	22.2	30.7
Common Stock	1.8	2.1	2.1	2.1	2.5
Common Stock	1.8	2.1	2.1	2.1	2.5
Additional Paid-In Capital	3.8	4.4	4.5	4.4	5.3
Retained Earnings (Accumulated Deficit)	9.0	7.0	5.2	4.6	5.5
Other Equity	0.1	0.2	0.2	0.1	0.1
Other Equity, Total	0.1	0.2	0.2	0.1	0.1
Total Equity	14.7	13.6	12.0	11.1	13.4
Total Liabilities & Shareholders’ Equity	42.8	39.7	32.6	33.4	44.0
Shares Outstanding - Common Stock Primary Issue	6.1	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.1	6.1	6.1	6.1	6.1
Employees	-	-	191	145	-
Accumulated Intangible Amort, Suppl.	-	0.2	0.1	0.1	0.1
Deferred Revenue - Current	-	-	-	0.0	0.0
Total Capital Leases, Supplemental	-	0.1	0.1	-	-
Capital Lease Payments Due in Year 1	-	0.0	0.0	-	-
Capital Lease Payments Due in Year 2	-	0.0	0.0	-	-
Capital Lease Payments Due in Year 3	-	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	-	0.1	0.1	-	-

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 & Equivalents	0.4	0.7	0.5	0.1	0.8
Short Term Investments	0.0	-	-	0.0	0.0
Cash and Short Term Investments	0.4	0.7	0.5	0.1	0.8
Trade Accounts Receivable - Net	17.0	14.5	14.4	14.7	18.4
Other Receivables	0.5	0.2	1.6	2.0	1.5
Total Receivables, Net	17.4	14.7	16.1	16.8	19.9
Total Inventory	13.3	12.2	12.6	14.5	11.0
Total Current Assets	31.2	27.6	29.2	31.3	31.7
Property/Plant/Equipment - Net	11.0	8.4	8.7	7.4	7.3
Intangibles, Net	0.4	0.4	0.5	0.5	0.5
LT Investments - Other	0.0	0.0	0.0	0.0	0.0
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Note Receivable - Long Term	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	42.8	36.7	38.6	39.5	39.7
Accounts Payable	4.7	2.3	2.9	4.9	7.3
Accrued Expenses	0.0	0.0	0.0	0.0	0.0
Notes Payable/Short Term Debt	2.9	0.3	0.4	16.0	15.2
Income Taxes Payable	0.0	0.2	0.0	0.1	0.3
Other Current Liabilities	1.8	1.1	1.1	1.0	1.2
Other Current liabilities, Total	1.8	1.3	1.1	1.1	1.5
Total Current Liabilities	9.4	3.9	4.4	22.0	24.0
Long Term Debt	18.1	17.4	17.0	1.2	1.2
Capital Lease Obligations	0.1	-	0.1	-	0.1
Total Long Term Debt	18.2	17.4	17.1	1.2	1.4
Total Debt	21.1	17.7	17.5	17.2	16.5
Deferred Income Tax - LT Liability	0.6	0.6	0.8	0.8	0.7
Deferred Income Tax	0.6	0.6	0.8	0.8	0.7
Pension Benefits - Underfunded	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	-	0.1	-	0.1	-
Other Liabilities, Total	0.0	0.1	0.0	0.1	0.0
Total Liabilities	28.2	22.1	22.2	24.0	26.1
Common Stock	1.8	1.9	2.2	2.1	2.1
Common Stock	1.8	1.9	2.2	2.1	2.1
Additional Paid-In Capital	3.8	3.9	4.7	4.6	4.4
Retained Earnings (Accumulated Deficit)	9.0	8.8	9.3	8.6	7.0
Other Equity	0.1	0.2	0.2	0.2	0.2
Other Equity, Total	0.1	0.2	0.2	0.2	0.2
Total Equity	14.7	14.7	16.4	15.5	13.6
Total Liabilities & Shareholders’ Equity	42.8	36.7	38.6	39.5	39.7
Shares Outstanding - Common Stock Primary Issue	6.1	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.1	6.1	6.1	6.1	6.1
Accumulated Intangible Amort, Suppl.	-	-	-	-	0.2
Total Capital Leases, Supplemental	-	-	-	-	0.1
Capital Lease Payments Due in Year 1	-	-	-	-	0.0
Capital Lease Payments Due in Year 2	-	-	-	-	0.0
Capital Lease Payments Due in Year 3	-	-	-	-	0.0
Capital Lease Payments Due in 2-3 Years	-	-	-	-	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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	4.4	2.5	1.9	0.0	0.0
Depreciation	0.7	0.7	0.5	0.9	0.8
Depreciation/Depletion	0.7	0.7	0.5	0.9	0.8
Other Non-Cash Items	1.6	0.4	-0.7	1.4	1.4
Non-Cash Items	1.6	0.4	-0.7	1.4	1.4
Accounts Receivable	-4.9	-4.2	3.3	2.2	4.8
Inventories	-4.5	-3.6	-1.2	2.4	1.3
Accounts Payable	-1.9	5.3	-0.3	-4.8	-5.3
Accrued Expenses	0.0	0.0	0.0	0.0	-0.1
Taxes Payable	-1.1	-0.4	-0.6	-0.6	-0.3
Changes in Working Capital	-12.5	-3.0	1.2	-0.7	0.5
Cash from Operating Activities	-5.8	0.6	3.0	1.6	2.6
Purchase of Fixed Assets	-1.6	-0.7	-2.9	-0.3	-0.4
Capital Expenditures	-1.6	-0.7	-2.9	-0.3	-0.4
Sale of Fixed Assets	0.0	0.0	0.0	0.1	0.0
Sale/Maturity of Investment	0.0	0.7	-	-	1.3
Purchase of Investments	0.0	0.0	-0.2	-	-2.0
Other Investing Cash Flow Items, Total	0.0	0.7	-0.2	0.1	-0.7
Cash from Investing Activities	-1.6	0.0	-3.1	-0.1	-1.1
Other Financing Cash Flow	-0.9	-0.7	-0.6	-1.4	-1.0
Financing Cash Flow Items	-0.9	-0.7	-0.6	-1.4	-1.0
Long Term Debt Reduction	0.0	0.0	-0.1	0.0	-0.1
Long Term Debt, Net	0.0	0.0	-0.1	0.0	-0.1
Total Debt Issued	8.2	0.2	1.2	27.0	7.6
Total Debt Reduction	-0.3	-0.3	-0.3	-25.9	-7.6
Issuance (Retirement) of Debt, Net	8.0	-0.2	0.8	1.2	-0.1
Cash from Financing Activities	7.1	-0.9	0.2	-0.2	-1.1
Net Change in Cash	-0.3	-0.3	0.1	1.2	0.4
Net Cash - Beginning Balance	0.8	1.1	0.9	1.1	0.6
Net Cash - Ending Balance	0.4	0.8	1.0	2.3	1.0
Cash Interest Paid	-	0.7	0.6	1.4	1.0
Cash Taxes Paid	-	0.4	0.6	0.6	0.3

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	Updated Normal 31-Dec-2010
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	4.4	3.5	2.0	1.5	2.5
Depreciation	0.7	0.5	0.4	0.2	0.7
Depreciation/Depletion	0.7	0.5	0.4	0.2	0.7
Other Non-Cash Items	1.6	0.6	0.2	0.1	0.4
Non-Cash Items	1.6	0.6	0.2	0.1	0.4
Accounts Receivable	-4.9	3.6	5.2	3.9	-4.2
Inventories	-4.5	-2.7	-0.8	-3.0	-3.6
Accounts Payable	-1.9	-5.9	-5.3	-3.4	5.3
Accrued Expenses	0.0	0.0	0.0	-0.1	0.0
Taxes Payable	-1.1	0.3	-0.3	0.1	-0.4
Changes in Working Capital	-12.5	-4.7	-1.1	-2.4	-3.0
Cash from Operating Activities	-5.8	-0.1	1.6	-0.6	0.6
Purchase of Fixed Assets	-1.6	-2.8	-1.2	-0.1	-0.7
Capital Expenditures	-1.6	-2.8	-1.2	-0.1	-0.7
Sale of Fixed Assets	0.0	0.0	-	-	0.0
Sale/Maturity of Investment	0.0	-	-	0.0	0.7
Purchase of Investments	0.0	-	-	-	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	-	0.0	0.7
Cash from Investing Activities	-1.6	-2.8	-1.2	-0.1	0.0
Other Financing Cash Flow	-0.9	-0.6	-0.4	-0.2	-0.7
Financing Cash Flow Items	-0.9	-0.6	-0.4	-0.2	-0.7
Long Term Debt Reduction	0.0	0.0	0.0	0.0	0.0
Long Term Debt, Net	0.0	0.0	0.0	0.0	0.0
Total Debt Issued	8.2	3.7	0.0	0.2	0.2
Total Debt Reduction	-0.3	-0.3	-0.3	-0.1	-0.3
Issuance (Retirement) of Debt, Net	8.0	3.4	-0.3	0.1	-0.2
Cash from Financing Activities	7.1	2.8	-0.7	-0.1	-0.9
Net Change in Cash	-0.3	0.0	-0.3	-0.7	-0.3
Net Cash - Beginning Balance	0.8	0.8	0.8	0.8	1.1
Net Cash - Ending Balance	0.4	0.8	0.5	0.1	0.8
Cash Interest Paid	-	0.6	0.4	0.2	0.7
Cash Taxes Paid	-	-0.3	0.3	-0.1	0.4

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	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Sale of Products	39.6	23.2	17.6	30.5	14.4
Sale of Goods & Materials	34.1	34.2	28.2	31.3	42.2
Total Revenue	73.8	57.4	45.8	61.8	56.7
Cost of Products	30.5	17.9	13.0	23.7	11.2
Cost of Goods and Materials	28.8	28.4	24.2	25.7	35.2
Selling Costs	6.4	6.0	4.2	7.4	7.3
General Administrative Costs	2.4	2.2	1.9	3.2	2.1
Gain on Sale of Fixed Assets	0.0	-0.4	0.0	0.0	0.0
Other Operating Income	-0.2	-0.5	-0.1	-1.0	-0.8
Loss on Sale of Fixed Assets	-	-	-	0.0	0.0
Revaluation of Fixed Assets	0.0	0.0	-	-	-
Revaluation of Inventories	0.1	-	-	-	-
Other Operating Costs	1.1	0.6	0.2	0.8	1.1
Total Operating Expense	69.0	54.3	43.3	59.8	56.0
Interest Income	0.3	0.2	0.2	0.3	0.2
Foreign Currency Gains	0.3	-	-	0.0	0.1
Other Financial Income	0.0	-	-	0.0	0.2
Foreign Currency Loss	-	-	-	-0.2	-0.1
Interest Expense	-0.9	-0.7	-0.6	-1.5	-1.1
Other Financial Expenses	0.0	-0.2	-0.1	-0.1	-0.1
Net Income Before Taxes	4.4	2.5	1.9	0.5	-0.2
Provision for Income Taxes	1.0	0.5	0.4	0.6	-0.1
Net Income After Taxes	3.4	1.9	1.6	-0.1	-0.1
Minority Interest	-	-	0.0	0.1	0.1
Net Income Before Extra. Items	3.4	1.9	1.6	0.0	0.0
Net Income	3.4	1.9	1.6	0.0	0.0
Income Available to Com Excl ExtraOrd	3.4	1.9	1.6	0.0	0.0
Income Available to Com Incl ExtraOrd	3.4	1.9	1.6	0.0	0.0
Basic Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Basic EPS Excluding ExtraOrdinary Items	0.56	0.32	0.26	0.01	0.00
Basic EPS Including ExtraOrdinary Items	0.56	0.32	0.26	0.01	0.00
Diluted Net Income	3.4	1.9	1.6	0.0	0.0
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excluding ExtraOrd Items	0.56	0.32	0.26	0.01	0.00
Diluted EPS Including ExtraOrd Items	0.56	0.32	0.26	0.01	0.00
DPS-Common Stock	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	4.4	2.1	1.9	0.5	-0.2
Inc Tax Ex Impact of Sp Items	1.0	0.4	0.4	0.6	-0.1
Normalized Income After Taxes	3.4	1.7	1.5	-0.1	-0.1
Normalized Inc. Avail to Com.	3.4	1.7	1.5	0.0	0.0
Basic Normalized EPS	0.56	0.27	0.25	0.01	0.00
Diluted Normalized EPS	0.56	0.27	0.25	0.01	0.00
Interest Expense	0.9	0.7	0.6	1.5	1.1
Depreciation	0.7	0.6	0.7	0.9	0.8
Amortization of Intangibles	0.0	0.1	0.0	0.0	0.0
Advertising Expense	-	0.1	0.1	0.1	0.1
Current Tax	-	0.7	0.5	0.6	0.2
Current Tax - Total	-	0.7	0.5	0.6	0.2
Deferred Tax	-	-0.1	-0.1	0.0	-0.3
Deferred Tax - Total	-	-0.1	-0.1	0.0	-0.3
Income Tax - Total	-	0.5	0.4	0.6	-0.1

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	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	3.280471	2.934151	2.754298	2.885323	2.921347
Sale of Products	14.6	9.2	7.9	7.2	9.9
Sale of Goods & Materials	8.6	7.8	7.7	9.9	11.8
Total Revenue	23.2	17.0	15.7	17.1	21.6
Cost of Products	11.5	6.7	6.2	5.6	7.5
Cost of Goods and Materials	7.5	6.7	6.6	8.0	9.7
Other Operating Income	-0.1	-0.1	0.0	0.0	-0.7
Selling Expenses	2.1	1.4	1.4	1.4	2.1
General and Administrative Expenses	0.5	0.7	0.7	0.5	0.8
Other Operating Costs	0.8	0.0	0.0	0.1	0.1
Total Operating Expense	22.2	15.4	15.0	15.7	19.6
Financial Income	0.2	0.1	-0.1	0.4	-
Other Financial Income	-	-	-	-	0.0
Financial Expense	-0.3	-0.2	-0.1	-0.3	-
Other Financial Expenses	-	-	-	-	-0.3
Net Income Before Taxes	0.9	1.4	0.5	1.5	1.8
Provision for Income Taxes	0.3	0.3	0.1	0.3	0.4
Net Income After Taxes	0.6	1.1	0.4	1.3	1.5
Net Income Before Extra. Items	0.6	1.1	0.4	1.3	1.5
Net Income	0.6	1.1	0.4	1.3	1.5
Income Available to Com Excl ExtraOrd	0.6	1.1	0.4	1.3	1.5
Income Available to Com Incl ExtraOrd	0.6	1.1	0.4	1.3	1.5
Basic Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Basic EPS Excluding ExtraOrdinary Items	0.10	0.18	0.06	0.21	0.24
Basic EPS Including ExtraOrdinary Items	0.10	0.18	0.06	0.21	0.24
Diluted Net Income	0.6	1.1	0.4	1.3	1.5
Diluted Weighted Average Shares	6.1	6.1	6.1	6.1	6.1
Diluted EPS Excluding ExtraOrd Items	0.10	0.18	0.06	0.21	0.24
Diluted EPS Including ExtraOrd Items	0.10	0.18	0.06	0.21	0.24
DPS-Common Stock	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	0.9	1.4	0.5	1.5	1.8
Inc Tax Ex Impact of Sp Items	0.3	0.3	0.1	0.3	0.4
Normalized Income After Taxes	0.6	1.1	0.4	1.3	1.5
Normalized Inc. Avail to Com.	0.6	1.1	0.4	1.3	1.5
Basic Normalized EPS	0.10	0.18	0.06	0.21	0.24
Diluted Normalized EPS	0.10	0.18	0.06	0.21	0.24
Depreciation	0.2	0.2	0.2	0.2	0.2
Current Tax	-	-	-	0.2	0.6
Current Tax - Total	-	-	-	0.2	0.6
Deferred Tax	-	-	-	0.1	-0.2
Deferred Tax - Total	-	-	-	0.1	-0.2
Income Tax - Total	-	-	-	0.3	0.4

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	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	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	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Materials	-	0.3	0.0	0.4	0.4
Finished Goods	-	0.6	0.8	1.3	0.8
Merchandise	-	10.1	6.7	6.6	10.8
Prepayments	-	0.0	0.0	0.0	0.1
Revaluation of Inventory	-	-	-	-0.4	-0.1
Receivables, Gross	-	18.4	14.4	13.2	18.6
Provision for Doubtful Accounts	-	0.0	0.0	-0.1	-0.1
Receivables Trade	17.0	-	-	-	-
Tax, State Duties	0.1	0.0	0.2	0.0	0.1
Other Receivables	0.4	1.5	0.2	0.3	0.4
ST Financial Assets/Other	0.0	0.0	0.0	0.4	0.0
ST Deposits	-	0.0	0.2	-	-
Cash in Hand	-	0.0	0.0	-	-
Cash in Bank	-	0.8	1.0	-	-
Cash and Equivalents	0.4	-	-	1.9	1.1
Fixed Assets for Sale	-	-	-	0.0	0.0
Inventories	13.3	-	-	-	-
Total Current Assets	31.2	31.7	23.5	23.8	32.1
Tangibles, Net	11.0	-	-	-	-
Intangibles	-	0.7	0.5	-	-
Amortisation of Intangibles	-	-0.2	-0.1	-	-
Intangibles, Net	0.4	-	-	0.4	0.5
Land	-	0.3	0.5	0.2	0.2
Land Leasehold	-	0.6	0.6	0.8	1.0
Buildings	-	4.6	5.6	5.4	6.5
Machinery	-	3.6	3.4	2.8	3.3
Transport	-	1.4	1.1	0.8	1.0
Fixed Assets Leased	-	-	-	0.7	1.1
Other Tangible Assets	-	0.6	0.6	0.4	0.5
Construction under Progress	-	0.0	0.2	0.0	0.0
Depreciation	-	-3.7	-3.4	-2.6	-2.8
LT Receivables	0.0	-	-	-	-
LT Investments	0.0	0.0	0.0	0.0	0.1
Deferred Tax	0.2	0.2	0.2	0.5	0.5
Total Assets	42.8	39.7	32.6	33.4	44.0
Bank Loans	2.9	15.2	0.4	1.7	18.7
Leasing	-	0.1	0.1	0.2	0.1
Trade Liabilities	4.7	7.3	1.4	2.9	7.0
Tax Payable	0.0	0.3	0.0	0.0	0.0
Wages and Salaries	0.0	0.0	0.0	0.0	0.0
Other ST Liabilities	1.8	1.1	1.0	1.1	0.7
Adjustment	0.0	-	-	-	-
Total Current Liabilities	9.4	24.0	2.9	5.9	26.6
Loans and Credits	18.1	1.2	16.8	15.3	2.7
Financial Leases	0.1	0.1	0.1	0.2	0.3
Total Long Term Debt	18.2	1.4	16.9	15.4	3.0
Deferred Tax	0.6	0.7	0.8	0.9	1.0
Pension Reserve	0.0	0.0	0.0	0.0	0.0
Minority Interest	-	-	-	0.0	0.1
Total Liabilities	28.2	26.1	20.6	22.2	30.7
Share Capital	1.8	2.1	2.1	2.1	2.5
Surplus Capital	3.8	4.4	4.5	4.4	5.3
Reserve Capital	6.6	7.7	7.9	5.8	6.2
Realized Options	0.1	0.2	0.2	0.1	0.1
Revaluation Capital	1.4	1.6	2.1	2.0	2.5
Other Capital	2.5	2.9	3.0	2.9	3.5
Accumulated Loss/Profit	-4.5	-7.2	-9.5	-6.2	-6.7
Net Profit/Loss	2.9	2.0	1.7	0.0	0.0
Total Equity	14.7	13.6	12.0	11.1	13.4
Total Liabilities & Shareholders' Equity	42.8	39.7	32.6	33.4	44.0
S/O-Common Stock	6.1	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.1	6.1	6.1	6.1	6.1
Accumulated Intangible Amortization	-	0.2	0.1	0.1	0.1
Deferred Revenue - Current	-	-	-	0.0	0.0
Full-Time Employees	-	-	191	145	-
Financial Leases Paid within 3 Years	-	0.1	0.1	-	-
Total Capital Leases	-	0.1	0.1	-	-

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
Inventories	13.3	12.2	12.6	14.5	11.0
Receivables Other	17.0	14.5	14.4	14.7	18.4
ST Financial Assets/Other	0.0	-	-	0.0	0.0
Tax, State Duties	0.1	-	-	0.0	0.0
Other Receivables	0.4	0.2	1.6	2.0	1.5
Cash and Equivalents	0.4	0.7	0.5	0.1	0.8
Total Current Assets	31.2	27.6	29.2	31.3	31.7
Intangibles	0.4	0.4	0.5	0.5	0.5
Tangible Assets	11.0	8.4	8.7	7.4	7.3
LT Receivables	0.0	-	-	-	-
LT Investments	0.0	0.0	0.0	0.0	0.0
Deferred Tax	0.2	0.2	0.2	0.2	0.2
Total Assets	42.8	36.7	38.6	39.5	39.7
Loans and Credits	2.9	0.3	0.4	16.0	15.2
Trade Payables	4.7	2.3	2.9	4.9	7.3
Tax Payable	0.0	0.2	0.0	0.1	0.3
Other ST Liabilities	1.8	1.1	1.1	1.0	1.2
Wages and Salaries	0.0	0.0	0.0	0.0	0.0
Adjustment	0.0	-	-	-	-
Total Current Liabilities	9.4	3.9	4.4	22.0	24.0
Loans and Credits	18.1	17.4	17.0	1.2	1.2
Capital Lease	0.1	-	0.1	-	0.1
Total Long Term Debt	18.2	17.4	17.1	1.2	1.4
Deferred Tax	0.6	0.6	0.8	0.8	0.7
Other LT Liabilities	-	0.1	-	0.1	-
Pension Reserve	0.0	0.0	0.0	0.0	0.0
Total Liabilities	28.2	22.1	22.2	24.0	26.1
Share Capital	1.8	1.9	2.2	2.1	2.1
Surplus Capital	3.8	3.9	4.7	4.6	4.4
Reserve Capital	6.6	6.9	8.3	8.0	7.7
Realized Options	0.1	0.2	0.2	0.2	0.2
Revaluation Capital	1.4	1.5	1.8	1.7	1.6
Other Capital	2.5	2.6	3.1	3.0	2.9
Accumulated Loss/Profit	-4.5	-4.7	-5.6	-5.4	-7.2
Net Profit/Loss	2.9	2.4	1.7	1.3	2.0
Total Equity	14.7	14.7	16.4	15.5	13.6
Total Liabilities & Shareholders' Equity	42.8	36.7	38.6	39.5	39.7
S/O-Common Stock	6.1	6.1	6.1	6.1	6.1
Total Common Shares Outstanding	6.1	6.1	6.1	6.1	6.1
Accumulated Intangible Amortization	-	-	-	-	0.2
Capital Lease Payments Due in Year 3	-	-	-	-	0.1
Total Capital Leases	-	-	-	-	0.1

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	3.017571	3.113934	2.409971	2.76483
Auditor	HLB M2 Audyt	HLB M2 Audyt	HLB M2 Audyt	Europejskie Centrum Audytu Sp. z o.o.	ISP Modzelewski i Wspolnicy - AUDYT
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Income Before Taxes	4.4	2.5	1.9	0.0	0.0
Depreciation	0.7	0.7	0.5	0.9	0.8
Minority Interest	-	-	-	-0.1	-0.1
Currency Translation	0.0	0.0	0.0	-	-
Interest and Dividends	0.9	0.7	0.6	1.4	1.0
Investing Activities	0.0	-0.4	0.0	0.0	0.2
Reserves	0.7	0.1	0.6	0.1	0.3
Inventories	-4.5	-3.6	-1.2	2.4	1.3
Receivables	-4.9	-4.2	3.3	2.2	4.8
ST Liabilities	-1.9	5.3	-0.3	-4.8	-5.3
Accruals/Deferrals	0.0	0.0	0.0	0.0	-0.1
Income Tax Paid	-1.1	-0.4	-0.6	-0.6	-0.3
Adjustments	0.0	0.0	-1.9	0.0	-0.1
Cash from Operating Activities	-5.8	0.6	3.0	1.6	2.6
Sale of Fixed Assets	0.0	0.0	0.0	0.1	0.0
Sale of Investment	0.0	0.7	-	-	1.3
Purchase of Fixed Assets	-1.6	-0.7	-2.9	-0.3	-0.4
Purchase of Fin. Assets/Affiliates	-	-	-	-	-0.9
Purchase of Fin. Assets/Other	0.0	0.0	-0.2	-	-1.1
Cash from Investing Activities	-1.6	0.0	-3.1	-0.1	-1.1
Loans Issued	8.2	0.2	1.2	27.0	7.6
Loans Repayments	-0.3	-0.3	-0.3	-25.9	-7.6
Lease Payments	0.0	0.0	-0.1	0.0	-0.1
Interest Paid	-0.9	-0.7	-0.6	-1.4	-1.0
Other Financing Outflow	0.0	-	-	-	-
Cash from Financing Activities	7.1	-0.9	0.2	-0.2	-1.1
Net Change in Cash	-0.3	-0.3	0.1	1.2	0.4
Net Cash - Beginning Balance	0.8	1.1	0.9	1.1	0.6
Net Cash - Ending Balance	0.4	0.8	1.0	2.3	1.0
Cash Interest Paid	-	0.7	0.6	1.4	1.0
Cash Taxes Paid	-	0.4	0.6	0.6	0.3

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	Updated Normal 31-Dec-2010
Filed Currency	PLN	PLN	PLN	PLN	PLN
Exchange Rate (Period Average)	2.964349	2.858712	2.819755	2.885323	3.017571
Net Income	4.4	3.5	2.0	1.5	2.5
Depreciation	0.7	0.5	0.4	0.2	0.7
Currency Translation	0.0	-	-	-	0.0
Interest and Dividends	0.9	0.6	0.4	0.2	0.7
Investing Activities	0.0	-	-	-	-0.4
Reserves	0.7	0.0	-0.2	-0.1	0.1
Inventories	-4.5	-2.7	-0.8	-3.0	-3.6
Receivables	-4.9	3.6	5.2	3.9	-4.2
ST Liabilities	-1.9	-5.9	-5.3	-3.4	5.3
Accruals/Deferrals	0.0	0.0	0.0	-0.1	0.0
Tax Paid	-1.1	0.3	-0.3	0.1	-0.4
Adjustments	0.0	0.0	0.0	-	0.0
Cash from Operating Activities	-5.8	-0.1	1.6	-0.6	0.6
Sale of Fixed Assets	0.0	0.0	-	-	0.0
Sale of Investment	0.0	-	-	-	0.7
Financial Assets	-	-	-	0.0	-
Purchase of Fixed Assets	-1.6	-2.8	-1.2	-0.1	-0.7
Purchase of Fin. Assets/Other	0.0	-	-	-	0.0
Cash from Investing Activities	-1.6	-2.8	-1.2	-0.1	0.0
Loans Issued	8.2	3.7	0.0	0.2	0.2
Loans Repayments	-0.3	-0.3	-0.3	-0.1	-0.3
Lease Payments	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-0.6	-0.4	-0.2	-0.7
Other Financing Outflow	0.0	-	-	-	-
Cash from Financing Activities	7.1	2.8	-0.7	-0.1	-0.9
Net Change in Cash	-0.3	0.0	-0.3	-0.7	-0.3
Net Cash - Beginning Balance	0.8	0.8	0.8	0.8	1.1
Net Cash - Ending Balance	0.4	0.8	0.5	0.1	0.8
Cash Interest Paid	-	0.6	0.4	0.2	0.7
Cash Taxes Paid	-	-0.3	0.3	-0.1	0.4

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Poland	50.5	87.9 %	39.7	86.5 %	51.6	83.5 %	48.9	86.4 %	40.5	90.5 %
Export	6.9	12.1 %	6.2	13.5 %	10.2	16.5 %	7.7	13.6 %	4.3	9.5 %
Segment Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Consolidated Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Exchange Rate: PLN to USD	3.017571		3.113934		2.409971		2.764830		3.102890
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Poland	50.5	87.9 %	39.7	86.5 %	51.6	83.5 %	48.9	86.4 %	40.5	90.5 %
Export	6.9	12.1 %	6.2	13.5 %	10.2	16.5 %	7.7	13.6 %	4.3	9.5 %
Segment Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Consolidated Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Exchange Rate: PLN to USD	3.017571		3.113934		2.409971		2.764830		3.102890

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-10		30-Sep-10		30-Jun-10		31-Dec-09		30-Jun-09
Poland	28.7	86.5 %	26.8	86.1 %	21.8	89.8 %	20.0	83.1 %	14.9	82.1 %
Export	4.5	13.5 %	4.3	13.9 %	2.5	10.2 %	4.1	16.9 %	3.2	17.9 %
Segment Total	33.2	100 %	31.1	100 %	24.2	100 %	24.1	100 %	18.1	100 %
Retail Chains	-	-	5.0	15.9 %	-	-	-	-	-	-
Consolidated Total	33.2	100 %	36.1	115.9 %	24.2	100 %	24.1	100 %	18.1	100 %
Exchange Rate: PLN to USD	3.014740		3.049265		3.021704		2.881579		3.347048
Total Revenue   USD (mil)
	31-Dec-10		30-Sep-10		30-Jun-10		31-Dec-09		30-Jun-09
Poland	28.7	86.5 %	26.8	86.1 %	21.8	89.8 %	20.0	83.1 %	14.9	82.1 %
Export	4.5	13.5 %	4.3	13.9 %	2.5	10.2 %	4.1	16.9 %	3.2	17.9 %
Segment Total	33.2	100 %	31.1	100 %	24.2	100 %	24.1	100 %	18.1	100 %
Retail Chains	-	-	5.0	15.9 %	-	-	-	-	-	-
Consolidated Total	33.2	100 %	36.1	115.9 %	24.2	100 %	24.1	100 %	18.1	100 %
Exchange Rate: PLN to USD	3.014740		3.049265		3.021704		2.881579		3.347048

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Sale of Services	-	-	-	-	0.1	0.2 %	0.1	0.2 %	0.1	0.2 %
Sale of Products	-	-	-	-	30.4	49.2 %	14.3	25.3 %	9.3	20.8 %
Sale of Merchandise	-	-	-	-	31.2	50.6 %	42.2	74.5 %	35.4	79 %
Sale of Materials	-	-	-	-	0.0	0 %	0.0	0 %	0.0	0 %
Wholesale	46.9	81.8 %	41.0	89.5 %	-	-	-	-	-	-
Retail	10.5	18.2 %	4.8	10.5 %	-	-	-	-	-	-
Segment Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Consolidated Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Exchange Rate: PLN to USD	3.017571		3.113934		2.409971		2.764830		3.102890
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Sale of Services	-	-	-	-	0.1	0.2 %	0.1	0.2 %	0.1	0.2 %
Sale of Products	-	-	-	-	30.4	49.2 %	14.3	25.3 %	9.3	20.8 %
Sale of Merchandise	-	-	-	-	31.2	50.6 %	42.2	74.5 %	35.4	79 %
Sale of Materials	-	-	-	-	0.0	0 %	0.0	0 %	0.0	0 %
Wholesale	46.9	81.8 %	41.0	89.5 %	-	-	-	-	-	-
Retail	10.5	18.2 %	4.8	10.5 %	-	-	-	-	-	-
Segment Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Consolidated Total	57.4	100 %	45.8	100 %	61.8	100 %	56.7	100 %	44.8	100 %
Exchange Rate: PLN to USD	3.017571		3.113934		2.409971		2.764830		3.102890

Cost of Revenue   USD (mil)
	31-Dec-10		31-Dec-09
Wholesale	38.9	84 %	33.9	91.1 %
Retail	7.4	16 %	3.3	8.9 %
Segment Total	46.3	100 %	37.2	100 %
Consolidated Total	46.3	100 %	37.2	100 %
Exchange Rate: PLN to USD	3.017571		3.113934
Gross Profit   USD (mil)
	31-Dec-10		31-Dec-09
Wholesale	8.1	72.5 %	7.1	82.6 %
Retail	3.1	27.5 %	1.5	17.4 %
Segment Total	11.1	100 %	8.6	100 %
Consolidated Total	11.1	100 %	8.6	100 %
Exchange Rate: PLN to USD	3.017571		3.113934

Gross Margin (%)
	31-Dec-10		31-Dec-09
Wholesale	17.2	-	17.3	-
Retail	29.2	-	31.2	-
Segment Total	19.4	-	18.8	-
Consolidated Total	19.4	-	18.8	-
Operating Income/Loss   USD (mil)
	31-Dec-10		31-Dec-09
Wholesale	4.2	83 %	3.7	84.2 %
Retail	0.9	17 %	0.7	15.8 %
Segment Total	5.1	100 %	4.4	100 %
Consolidated Total	5.1	100 %	4.4	100 %
Exchange Rate: PLN to USD	3.017571		3.113934

Operating Margin (%)
	31-Dec-10		31-Dec-09
Wholesale	9.0	-	9.0	-
Retail	8.2	-	14.5	-
Segment Total	8.8	-	9.6	-
Consolidated Total	8.8	-	9.6	-

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Wholesale Segment	13.3	78.5 %	25.1	76.3 %	13.7	79.6 %	15.9	73.3 %	10.6	89.4 %
Retail Segment	3.7	21.5 %	7.8	23.7 %	3.5	20.4 %	5.8	26.7 %	1.3	10.6 %
Segment Total	17.0	100 %	32.8	100 %	17.1	100 %	21.6	100 %	11.8	100 %
Consolidated Total	17.0	100 %	32.8	100 %	17.1	100 %	21.6	100 %	11.8	100 %
Exchange Rate: PLN to USD	2.934151		2.819755		2.885323		2.921347		3.107025
Total Revenue   USD (mil)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Wholesale Segment	13.3	78.5 %	25.1	76.3 %	13.7	79.6 %	15.9	73.3 %	10.6	89.4 %
Retail Segment	3.7	21.5 %	7.8	23.7 %	3.5	20.4 %	5.8	26.7 %	1.3	10.6 %
Segment Total	17.0	100 %	32.8	100 %	17.1	100 %	21.6	100 %	11.8	100 %
Consolidated Total	17.0	100 %	32.8	100 %	17.1	100 %	21.6	100 %	11.8	100 %
Exchange Rate: PLN to USD	2.934151		2.819755		2.885323		2.921347		3.107025

Cost of Revenue   USD (mil)
	30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10		30-Sep-10
Wholesale Segment	10.4		77.9 %		20.4		77.2 %		10.9		80.2 %		13.2	76.4 %	8.9	90.6 %
Retail Segment	3.0		22.1 %		6.0		22.8 %		2.7		19.8 %		4.1	23.6 %	0.9	9.4 %
Segment Total	13.4		100 %		26.5		100 %		13.6		100 %		17.2	100 %	9.8	100 %
Consolidated Total	13.4		100 %		26.5		100 %		13.6		100 %		17.2	100 %	9.8	100 %
Exchange Rate: PLN to USD	2.934151				2.819755				2.885323				2.921347		3.107025
Gross Profit   USD (mil)
		30-Sep-11				30-Jun-11				31-Mar-11			31-Dec-10		30-Sep-10
Wholesale Segment		2.9		80.7 %		4.6		72.6 %		2.7		77.6 %	2.7	61 %	1.7	83.5 %
Retail Segment		0.7		19.3 %		1.7		27.4 %		0.8		22.4 %	1.7	39 %	0.3	16.5 %
Segment Total		3.6		100 %		6.4		100 %		3.5		100 %	4.4	100 %	2.0	100 %
Consolidated Total		3.6		100 %		6.4		100 %		3.5		100 %	4.4	100 %	2.0	100 %
Exchange Rate: PLN to USD		2.934151				2.819755				2.885323			2.921347		3.107025

Gross Margin (%)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Wholesale Segment	22.0	-	18.5	-	19.8	-	17.0	-	15.9	-
Retail Segment	19.2	-	22.4	-	22.5	-	29.9	-	26.5	-
Segment Total	21.4	-	19.4	-	20.4	-	20.5	-	17.0	-
Consolidated Total	21.4	-	19.4	-	20.4	-	20.5	-	17.0	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

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