pl en
Chosen consolidated financial data of KGL Group
Profit and Loss Account
(annual data)

2015

2014

2013

2012

I. Revenues from sales of products

117 651

97 547

95 998

88 373

II. Revenues from sales of goods and materials

131 589

111 375

103 050

95 467

III. Revenues from sales

249 240

208 922

199 048

183 841

IV. Cost of products sold

90 639

79 481

83 040

76 906

V. Value of sold goods and materials

117 351

101 073

92 292

85 861

VI. Profit (loss) on sales

41 249

28 367

23 716

21 074

VII. Other operating income

1080

1 540

901

1 210

VIII. Cost of sales, general and administrative expenses

23 765

20 333

19 783

16 222

IX. Other operating costs

2110

502

145

606

X. Operational profit

16 455

9 072

4 689

5 456

XI. Financial income

70

493

373

148

XII. Financial costs

2 361

3 391

2 739

3 084

XIII. Profit (loss) before tax

14 163

6 175

2 323

2 520

XIII. Income tax

3008

1 407

446

-1 426

XIV. Profit (loss) from continuing operations

11 155

4 768

1 877

3 945

XV. Profit (loss) from discontinued operations

0

0

0

0

XVI. Profit (loss) from continuing operations and discontinued operations

11 155

4 768

1 877

3 945

Profit (loss) on continued and discontinued operations attributable to non-controlling interests

0

0

0

0

Profit (loss) on continued and discontinued operations attributable to equity holders of the parent company

11 155

4 768

1 877

3 945

Profit and Loss Account
(semi-annual data)

I H 2016

I H 2015

I H 2014

I. Revenues from sales of products

66 503

55 225

45 460

II. Revenues from sales of goods and materials

79 215

67 261

56 980

III. Revenues from sales

145 718

122 486

102 440

IV. Cost of products sold

53 075

42 635

38 571

V. Value of sold goods and materials

70 410

60 365

51 496

VI. Profit (loss) on sales

22 233

19 485

12 373

VII. Other operating income

626

386

517

VIII. Cost of sales, general and administrative expenses

12 547

11 356

9 728

IX. Other operating costs

766

618

52

Operational profit

9 547

7 897

3 110

X. Financial income

233,92088

365

25

XI. Financial costs

1 635

1 370

1 212

XII. Profit (loss) before tax

8 146

6 893

1 924

XIII. Income tax

1 642

1 468

1 520

XIV. Profit (loss) from continuing operations

6 503

5 425

404

XV. Profit (loss) from discontinued operations

0

0

0

XVI. Profit (loss) from continuing operations and discontinued operations

6 503

5 425

404

Profit (loss) on continued and discontinued operations attributable to non-controlling interests

0

0

0

Profit (loss) on continued and discontinued operations attributable to equity holders of the parent company

6 503

5 425

404

Profit and Loss Account
(dane kwartalne)

I Q 2016

I Q 2016

I. Revenues from sales of products

32 801

30 048

II. Revenues from sales of goods and materials

35 375

29 825

III. Revenues from sales

68 177

59 873

IV. Cost of products sold

25 887

23 785

V. Value of sold goods and materials

31 625

26 555

VI. Profit (loss) on sales

10 664

9 533

VII. Other operating income

259

197

VIII. Cost of sales, general and administrative expenses

6 060

5 295

IX. Other operating costs

381

268

X. Operational profit

4 483

4 166

XI. Financial income

143

590

XII. Financial costs

396

519

XIII. Profit (loss) before tax

4 231

4 237

XIII. Income tax

824

987

XIV. Profit (loss) from continuing operations

3 407

3 250

XV. Profit (loss) from discontinued operations

0

0

XVI. Profit (loss) from continuing operations and discontinued operations

3 407

3 250

Profit (loss) on continued and discontinued operations attributable to non-controlling interests

0

0

Profit (loss) on continued and discontinued operations attributable to equity holders of the parent company

3 407

3 250

Balance Sheet of Assets
(annual data)

31.12.2015

31.12.2014

31.12.2013

31.12.2012

31.12.2011

I. Current assets

70 400

71 507

64 863

52 710

49 787

1. Intangible fixed assets

103

140

161

276

416

2. Tangible fixed assets

70 153

71 235

64 697

52 434

49 362

3. Assets from deferred income tax

37

0

0

0

0

4. Long-term receivables

107

132

5

0

9

II. Current Short-term assets

69 792

64 268

66 889

62 468

46 826

1. Reserves

29 665

34 885

36 196

31 527

23 009

2. Receivables from supplies and services and other receivables

37 534

27 016

28 269

29 472

22 887

3. Receivables from income tax

767

986

1 284

886

402

4. Cash and cash equivalents

1 826

1 381

1 139

583

529

TOTAL ASSET

140 192

135 775

131 752

115 178

96 614

 

Balance Sheet of Assets
(semi-annual data)

30.06.2015

30.12.2015

30.06.2015

30.12.2014

30.06.2014

I. Current assets

76 344

70 400

70 400

71 507

71 507

1. Intangible fixed assets

201

103

103

140

b.d.

2. Tangible fixed assets

75 857

70 153

70 153

71 235

b.d.

3. Assets from deferred income tax

73

37

37

0

b.d.

4. Long-term receivables

214

107

107

132

b.d.

II. Assets held for sale

234

0

0

0

0

III. Current Short-term assets

122144

69792

69792

64268

64268

1. Reseves

41 788

29 665

29 665

34 885

b.d.

2. Receivables from supplies and services and other receivables

50 810

37 534

37 534

27 016

b.d.

3. Receivables from income tax

189

767

767

986

b.d.

4. Cash and cash equivalents

29 357

1 826

1 826

1 381

b.d.

TOTAL ASSET

198 722

140 192

140 192

135 775

135 775

Balance Sheet of Assets
(quarterly data)

31.03.2016

31.12.2015

31.03.2015

I. Current assets

72 967

72 298

70 892

1. Intangible fixed assets

155

188

121

2. Tangible fixed assets

72 663

71 950

70 626

3. Assets from deferred income tax

60

59

26

4. Long-term receivables

88

101

120

II. Current Short-term assets

118 608

97 880

66 160

1. Reseves

44 833

39 312

29 385

2. Receivables from supplies and services and other receivables

39 803

26 190

33 386

3. Receivables from income tax

471

767

831

4. Cash and cash equivalents

33 502

31 610

2 558

TOTAL ASSET

191 575

170 177

137 052

Balance Sheet of Liabilities
(annual data)

31.12.2015

31.12.2014

31.12.2013

31.12.2012

31.12.2011

I. Total equity

80 709

37 751

33 560

31 748

25 162

1. Share capital

7 159

5 409

5 409

5 409

5 409

2. Currency translation differences on foreign operations

-58

-61

-64

-67

8

3. Retained earnings

73 629

32 402

28 216

26 406

19 744

Ia. Equity attributable to non-controlling interests

0

0

0

0

0

4. Minority interests

-21

0

0

0

0

II. Reserves for liabilities

4 959

4 719

3 714

3 379

4 774

1. Deferred tax liability

4 783

4 576

3 619

3 300

4 687

2. Provisions for employee benefits

176

143

95

79

86

III. Non-current liabilities

34 519

49 739

26 063

11 141

17 495

1. Credits and loans

23 790

38 542

18 393

4 388

12 595

2. Long-term liabilities from financial leasing

10 729

11 198

7 671

6 753

4 899

III. Current liabilities

48 413

41 919

66 201

66 246

44 138

1. Credits and loans

1 172

3 777

20 492

25 287

15 353

2. Short-term liabilities from financial leasing

4 929

4 519

4 251

3 821

4 286

3. Liabilities from supplies and services and other liabilities

40 046

32 235

40 146

35 918

23 467

4. Liabilities from income

7

0

9

2

0

5. Liabilities for employee benefits

2 258

1 388

1 304

1 218

1 032

IV. Subsidies received

1 577

1 647

2 213

2 664

5 046

TOTAL LIABILITIES

170 177

135 775

131 752

115 178

96 614

Balance Sheet of Liabilities
(semi-annual data)

30.06.2016

30.12.2015

30.06.2015

30.12.2014

30.06.2014

I. Total equity

87 255

80 709

43 197

37 751

37 751

1. Share capital

7 159

7 159

5 409

5 409

b.d.

2. Surplus from sale of shares

30 071

-58

30 071

-61

b.d.

3. Currency translation differences on foreign operations

-15

73 629

-40

32 402

b.d.

4. Retained earnings

50 061

0

37 827

0

b.d.

5. Changes in actuarial assumptions including deferred tax

-21

-21

0

0

b.d.

II. Reserves for liabilities

4 989

4 959

4 825

4 719

4 719

1. Deferred income tax

4 812

4 783

4 682

4 576

b.d.

2. Provisions for employee benefits

176

176

143

143

b.d.

III. Non-current liabilities

46 001

34 519

42 633

49 739

49 739

1. Credits and loans

34 098

23 790

33 264

38 542

b.d.

2. Long-term liabilities from financial leasing

11 904

10 729

9 369

11 198

b.d.

IV. Current liabilities

59 059

48 413

47 802

41 919

41 919

1. Credits and loans

1 182

1 172

2 624

3 777

b.d.

2. Short-term liabilities from financial leasing

5 521

4 929

4 367

4 519

b.d.

3. Liabilities from supplies and services and other liabilities

50 126

40 046

39 013

32 235

b.d.

4. Liabilities from income

68

7

17

0

b.d.

5. Liabilities for employee benefits

2 161

2 258

1 781

1 388

b.d.

V. Subsidies received

1 418

1 577

1 736

1 647

1 647

TOTAL LIABILITIES

198 722

170 177

140 192

135 775

135 775

Balance Sheet of Liabilities
(quarterly data)

31.03.2016

31.12.2015

31.03.2015

I. Total equity

84 116

80 709

40 993

1. Share capital

7 159

7 159

5 409

2. Currency translation differences on foreign operations

30 071

30 071

 

3. Retained earningąs

-57

-58

-68

Ia. Equity attributable to non-controlling interests

46 964

43 558

35 652

4. Minority interests

-21

-21

0

II. Reserves for liabilities

4 951

4 959

4 937

1. Deferred tax liability

4 774

4 783

4 794

2. Provisions for employee benefits

176

176

143

III. Non-current liabilities

42 372

34 519

45 391

1. Credits and loans

31 783

23 790

35 315

2. Long-term liabilities from financial leasing

10 589

10 729

10 076

III. Current liabilities

58 639

48 413

43 916

1. Credits and loans

1 177

1 172

3 346

2. Short-term liabilities from financial leasing

5 083

4 929

4 262

3. Liabilities from supplies and services and other liabilities

49 799

40 046

34 698

4. Liabilities from income

97

7

5

5. Liabilities for employee benefits

2 483

2 258

1 605

IV. Subsidies received

1 497

1 577

1 815

TOTAL LIABILITIES

191 575

170 177

137 052

CASH FLOW
(annual data)

2015

2014

2013

2012

Cash flows from operating activities

 

 

 

 

Gross profit

14 163

6 175

2 323

2 520

Total adjustments, including:

11 465

2 511

8 723

4 873

Depreciation

6 567

6 905

6 586

5 285

Interest and share in profits (dividends)

1 819

2 295

2 325

2 420

Profit / loss on foreign exchange differences

13

                   –    

                   –    

                   –    

Profit (loss) from investing activities

-33

-44

-11

-172

Change in balance of reserves

7

320

4

260

Change in reserves

-4 428

1 311

-4 669

-8 518

Change in receivables

1 673

1 126

1 198

-6 576

Change in current liabilities, excluding credits and loans

8 543

-7 836

4 321

12 639

Change in interperiod settlements

-70

-566

-451

-2 382

Income tax paid

-2790

-424

-513

-714

Other adjustments

162

-576

-67

2 631

Net cash flows from operating activities

25 627

8 686

11 046

7 393

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Proceeds from sale of intangible and tangible fixed asset

162

34

3

15

Acquisition of intangible and tangible fixed assets

3 360

-1 877

-13 861

-1 850

Net cash flows from investing activities

-3 197

-1 843

-13 858

-1 835

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Net proceeds from issue of shares and other equity instruments and additional capital

31 925

Proceeds from credits and loans

102

16 148

20 370

5 627

Expenses arising from:

24 133

22 749

17 002

11 131

Credits and loans repaid

17 458

-12 714

-11 160

-3 900

Payment of liabilities under finance lease agreements

4 855

-7 740

-3 517

-4 811

Interests

1819

-2 295

-2 325

-2 420

Net cash flows from financing activities

7 792

-6 601

3 368

-5 504

 

 

 

 

 

Total net cash flows

30 222

242

556

54

Change in cash due to exchange differences

7

                   –     

                   –     

                  –     

Cash and cash equivalents at beginning of year

1 381

1 139

583

529

Cash and cash equivalents at end of year

31 610

1 381

1 139

583

CASH FLOW

(semi-annual data)

I H 2016

I H 2015

I H 2014

Cash flows from operating activities

 

 

 

Gross profit

8 146

6 893

1 924

Total adjustments, including:

11 172

4 836

2 717

Depreciation

3 624

3 237

2 790

Interest and share in profits (dividends)

504

897

1 160

Profit / loss on foreign exchange differences

498

-221

24

Profit (loss) from investing activities

-156

                   –    

                 –    

Change in balance of reserves

0

                   –    

                 –    

Change in reserves

-2 476

5 219

4 305

Change in receivables

-22 051

-10 645

594

Change in current liabilities, excluding credits and loans

9 983

7 170

-4 435

Change in interperiod settlements

159

89

-159

Income tax paid

-1 415

-672

-560

Other adjustments

476

-241

-1 002

Net cash flows from operating activities
(Gross profit – Total adjustments)

3 026

11 728

4 640

 

 

 

 

Cash flows from investing activities

 

 

 

Proceeds from sale of intangible and tangible fixed asset

163

                   –    

                 –    

Acquisition of intangible and tangible fixed assets

6 182

-1 762

-769

Net cash flows from investing activities

-6 019

-1 762

-769

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from credits and loans

11255

                   –    

1 390

Expenses arising from:

4 693

-9 565

-5 569

Credits and loans repaid

938

-6 431

-1 479

Payment of liabilities under finance lease agreements

3 020

-2 237

-2 930

Interests

735

-897

-1 160

Net cash flows from financing activities

6 793

-9 565

-4179

 

 

 

 

Total net cash flows

-2 252

402

-307

Change in cash due to exchange differences

-2

19

6

Cash and cash equivalents at beginning of year

31 610

1 381

1 139

Cash and cash equivalents at end of year

29 357

1 826

838

CASH FLOW

(quarterly data)

I Q 2016

I Q 2015

Cash flows from operating activities

 

 

Gross profit

4 231

4 237

Total adjustments, including:

-5 538

2 838

Depreciation

1 756

1 590

Interest and share in profits (dividends)

218

255

Profit / loss on foreign exchange differences

42

-464

Profit (loss) from investing activities

-8

0

Change in balance of reserves

0

0

Change in reserves

-5 520

5 500

Change in receivables

-11 406

-6 370

Change in current liabilities, excluding credits and loans

9 978

2 680

Change in interperiod settlements

-80

169

Income tax paid

-696

-635

Other adjustments

177

114

Net cash flows from operating activities

-1 307

7 075

 

 

 

Cash flows from investing activities

 

 

Proceeds from sale of intangible and tangible fixed asset

15

0

Acquisition of intangible and tangible fixed assets

3 138

715

Net cash flows from investing activities

-3 123

-715

 

 

 

Cash flows from financing activities

 

 

Proceeds from credits and loans

10 689

260

Expenses arising from:

4 516

5 443

Credits and loans repaid

2 692

3 917

Payment of liabilities under finance lease agreements

1 464

1 271

Interests

360

255

Net cash flows from financing activities

6 314

-5 183

 

 

 

Total net cash flows

1 884

1 177

Change in cash due to exchange differences

7

0

Cash and cash equivalents at beginning of year

31 610

1 381

Cash and cash equivalents at end of year

33 502

2 558

DIVIDENDS

DISTRIBUTION OF PROFIT

Distribution of profit for 2015

AGM of the Company, acting pursuant to Art. 395 § 2 point 2 and art. 348 § 3 of CCC, the request of the Management Board of 9 May 2016 on the proposed distribution of the net profit for the year 2015, and an assessment of the request by the Supervisory Board contained in a resolution of the Supervisory Board no. 04/05/2016 of 11 May 2016 decided to allocate the net profit for the financial year covering the period from 1 January 2015 to 31 December 2015, in the amount of 2,072,889.94 PLN to reserve capital.

DIVIDEND POLICY OF THE COMPANY

The dividend is paid under the provisions of the Commercial Companies Code. Articles of Association do not provide for any restrictions or preferences will the right to dividend.

In the period 2012-2015, the Company did not pay dividends. Companies from KGL SA Group allocated the profits for 2014 in full to the capital reserves.

Management does not intend to request payment of dividend from the profit generated in 2015. In the future, the value of dividend, intended for distribution, will depend on profits, economic market, values of current investments, financial situation of the Issuer, possibility of disposition of capital reserves and backup, as also implementation of elementary objectives of the Issuer, which include sustainable development, broad expansion of the market and systematically increase the value of the Issuer’s shares.

In order to determine the rules of allocation of the dividend distribution for the future on 22 June 2015 by resolution No. 06/09/2015, the Board adopted the principle of the dividend policy.

The resolution states that within the next 3 financial years, Management Board of the Issuer intends to apply for non-payment of dividend and to allocate funds for financing current and future investments and secure liquidity to carry out development activities and increase the value of the Group. In subsequent financial years, in accordance with that resolution, the Issuer’s Management Board intends to request an allocation of the dividend of part of the Issuer’s net profit after taking into account current investment needs and the liquidity of the Issuer Group to achieve the development of business and increase values the Issuer’s Group, and in the case of large-scale of listed above requirements, the Board of the Issuer may apply for non-payment of a dividend in the financial year.

In the event of circumstances allowing the division of part of the profit to the shareholders within the next 3 financial years, the Board does not rule out changes in the above resolution.

AUDITOR

The auditor performing examination of historical financial information published in the Prospectus in connection with the public offering of series C shares was:

bdo

Name (company):

BDO Sp. z o.o.

Adres:

ul. Postępu 12, 02-676 Warszawa

Contact

Investor Relations Office

Magdalena Dziekańska

tel.(+48)22 321 30 00

e-mail: ri@kgl.pl