Skonsolidowany raport kwartalny QSr 1 / 2011

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1 GROCLIN QSr 1/2011 skorygowany KOMISJA NADZORU FINANSOWEGO Skonsolidowany raport kwartalny QSr 1 / 2011 kwartał / rok (zgodnie z 82 ust. 2 i 83 ust. 1 Rozporządzenia Ministra Finansów z dnia 19 lutego 2009 r. Dz. U. Nr 33, poz. 259) dla emitentów papierów wartościowych prowadzących działalność wytwórczą, budowlaną, handlową lub usługową za 1 kwartał roku obrotowego 2011 obejmujący okres od do zawierający skrócone skonsolidowane sprawozdanie finansowe według MSSF w walucie zł oraz skrócone sprawozdani e finansowe według MSSF w walucie zł data przekazania: INTER GROCLIN AUTO S.A. (pełna nazwa emitenta) GROCLIN Motoryzacyjny (mot) (skrócona nazwa emitenta) (sektor wg klasyfikacji GPW w Warszawie / branża) Wolsztyn Wolsztyn Karpicko (kod pocztowy) (miejscowość) ul. Jeziorna 3 (ulica) (numer) (skrócona nazwa emitenta) (sektor wg klasyfikacji GPW w Warszawie / branża) groclin@groclin.com.pl (e mail) (www) (NIP) (REGON) WYBRANE DANE FINANSOWE Dane dotyczące grupy kapitałowej Inter Groclin Auto w tys. zł 1 kwartał(y) narastająco / 2011 okres od do kwartał(y) narastająco / 2010 okres od do w tys. EUR 1 kwartał(y) narastająco / 2011 okres od do kwartał(y) narastająco / 2010 okres od do I. Przychody ze sprzedaży II. Zysk (strata) z działalności operacyjnej III. Zysk (strata) przed opodatkowaniem IV Zysk (strata) netto przypadający akcjonariuszom podmiotu. dominującego V. Środki pieniężne netto z działalności operacyjnej VI. Środki pieniężne netto wykorzystane w działalności inwestycyjnej VII. Środki pieniężne netto z działalności finansowej VIII. Aktywa razem IX. Zobowiązania długoterminowe X. Zobowiązania krótkoterminowe XI. Kapitał własny XII. Kapitał podstawowy XIII. Liczba akcji XIV. Zysk (strata) na jedną akcję zwykłą (w zł / EUR) 0,09 0,03 0,02 0,01 XV. Wartość księgowa na jedną akcję (w zł / EUR) 33,24 33,49 8,29 8,46 Dane dotyczące jednostki dominującej Inter Groclin Auto S.A. XVI. Przychody ze sprzedaży XVII. Zysk (strata) z działalności operacyjnej XVIII. Zysk (strata) przed opodatkowaniem XIX. Zysk (strata) netto z działalności kontynuowanej XX. Środki pieniężne netto z działalności operacyjnej XXI. Środki pieniężne netto wykorzystane w działalności inwestycyjnej XXII. Środki pieniężne netto z działalności finansowej XXIII. Aktywa razem XXIV. Zobowiązania długoterminowe XXV. Zobowiązania krótkoterminowe XXVI. Kapitał własny XXVII. Kapitał podstawowy XXVIII. Liczba akcji XXIX. Zysk (strata) na jedną akcję zwykłą (w zł / EUR) 0,17 0,10 0,04 0,02 XXX. Wartość księgowa na jedną akcję (w zł / EUR) 45,10 44,93 11,24 11,35 Komisja Nadzoru Finansowego

2 GROCLIN QSr 1/2011 W przypadku prezentowania wybranych danych finansowych z kwartalnej informacji finansowej dane te należy odpowiednio opisać. Wybrane dane fi nansowe ze skonsolidowanego bilansu (skonsolidowanego sprawozdania z sytuacji finansowej) lub odpowiednio z bilansu (sprawozdania z sytuacji finansowej) prezentuje się na koni ec bi eżącego kwartału i koniec poprzedniego roku obrotowego, co należy odpowiednio opisać. Raport powinien zostać przekazany Komisji Nadzoru Finansowego, spółce prowadzącej rynek regulowany oraz do publicznej wiadomości za pośrednictwem agencji informacyjnej zgodnie z przepisami prawa. ZAWARTOŚĆ RAPORTU Plik QSr_1_2011_ESPI.pdf Opis Skonsolidowany rozszerzony raport kwartalny grupy kapitałowej Inter Groclin Auto wraz z komentarzem. PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ Data mię i Nazwisko Stanowisko/Funkcja Podpis Zbigniew Drzymała Prezes Zarządu Zbigniew Drzymała Mirosława Doliwa Wiceprezes Zarządu ds. ekonomiczno finansowych Mirosława Doliwa Barbara Sikorska Wiceprezes Zarządu ds. handlowych Barbara Sikorska Halina Głuszak Dyrektor ds. finansowych Halina Głuszak Komisja Nadzoru Finansowego 2

3 Consolidated, extended quarter report of the Inter Groclin Auto capital group for the I st quarter 2011 Grodzisk Wlkp., May 2011 Financial Supervisory Committee 1

4 Contents: 1. Description of the Inter Groclin Auto capital group organization The rules accepted when preparing the report Significant changes of the estimated values Brief description of the Inter Groclin Auto capital group achievements in the I st quarter Agreements concluded in the I st quarter 2011, significant for the Inter Groclin Auto capital group activity Investments to the tangible fixed assets and intangible fixed assets Share exchange rate Employment Inter Grociln Auto capital group sale revenues Basic indicators The factors and evenets having a significant influence to the results achieved in the I st quarter The emitter activity seasonal character or periodicity in the presented period The information about emission, repurchase and repayment of the indebted and capital securities Paid (or declared) dividend in total and per one share, with the division to normal and preferential shares The information about the events that occurred followed by the day for which the quarter consolidated financial report was made, not included in this report and that could significantly influence future group results Changes of the conditional payables or assets that occurred since the end of the last current year Results of the changes in the economic unit structure within a semester Realization of the financial results forecast The information about the shareholders having, directly or indirectly by the dependent subjects, at least 5% of the total number of votes in the Inter Groclin Auto S.A. General Meeting The information about the status of being in the possession of the emitter shares or rights to the shares (options) by the managing and supervising people The information about the proceedings for the liabilities or receivables of the emitter or the units that depend on him, running in the I st quarter 2011 in the court, authority appropriate for the arbitrary proceeding or public administration authority Concluding one or more transactions by the emitter or the units that depend on him with the associated subjects if they are important (individually or mutually) and were concluded on the basis of different conditions than the market ones The information about granting, by Inter Groclin Auto S.A. or the units that depend on it, the credit or loan warranties or granting a guarantee Indicating the factors that, in the emitter opinion, will have the influence on the results achieved by him in the view of at least next quarter Applied EUR exchange rates Comment to the brief financial report for the I st quarter 2011 of the dominant unit The rules accepted when preparing the report Significant changes of the estimated values Financial results Financial Supervisory Committee 2

5 Comment to the consolidated report for the I st quarter 2011 Consolidated report on the total income of the Inter Groclin Auto capital group Calculation variant from till for the period from till Continued activity Sale revenues Revenues on sales of products and services Revenues on sales of goods and materials Sale own cost (cost of sold products, services, goods and materials) Cost of sold products and services Cost of sold goods and materials Gross profit (loss) on sale Sale costs Administrative costs Other operating revenues Other operating costs Profit (loss) on operating activity Financial revenues Financial costs Other profits (losses) on investments Profit (loss) before taxation Income tax Net profit (loss) on continued activity Stopped activity Net loss on the stopped activity Net profit (loss) Other total income from till from till exchange rate differences from counting foreign units results of the valuation of the financial assets available for sale - security accountancy - results of the fixed assets' update - profits and losses for the previous year - income tax on the other, total income Other total income (net) Total income: Net profit (loss) for one normal share from till from till on the continued activity - basic and weakened 0,09 0,03 on the continued and stopped activity - basic and weakened 0,09 0,03 Net profit (loss), of which the one for: from till from till shareholders of the dominant subject minority shareholders 0 0 Financial Supervisory Committee 3

6 Consolidated report on the financial situation of the Inter Groclin Auto capital group Assets for FIXED ASSETS Intangible fixed assets Company value of the submitted units Tangible fixed assets Investment properties Long term financial assets available for sale Other long term financial assets Long term receivables Assets on deferred income tax CURRENT ASSETS Inventories Receivables in virtue of deliveries and services Receivables in virtue of the current income tax Other short term receivables Short term financial assets available for sale Short term financial assets designed for turnover Other short term financial assets Cash and its equivalents Fixed assets classified as designed for sale TOTAL ASSETS Equity and payables for EQUITY Company capital Reserve capital Capital from revaluation Own shares Reserve capitals Foreign exchange variances The amounts included directly in the capital and referring to the fixed assets designed for sale Profit (loss) from previous years and current year Equity for the dominant unit shareholders Shares out of control PAYABLES Long term payables Long term credits and loans Other long term financial payables Other long term payables Reserve on deferred income tax Reserves for payables in virtue of working benefits Other long term reserves Short term payables Short term credits and loans Other short term financial payables Payables in virtue of deliveries and services Payables in virtue of current income tax Other short term payables Reserves for payables in virtue of working benefits Short term reserves Payables connected with the fixed assets classified as designed for sale FUTURE PERIODS' REVENUES Long term future periods' revenues Short term future periods' revenues TOTAL LIABILITIES Financial Supervisory Committee 4

7 Consolidated report on the cash flow of the Inter Groclin Auto capital group Indirect method from till for the period from till Cash flows from operating activity Profit before taxation Corrections: Amortization of intangible fixed assets Revaluation deductions in virtue of the company value loss Amortization of fixed assets Revaluation deductions in virtue of the loss of tangible fixed assets' value (Profit) loss on sale of intangible fixed assets -52 (Profit) loss on sale of the financial assets available for sale Profits (losses) on the valuation of the investment properties according to the fair value (Profits) losses on the fair value change of the financial assets indicated according to the fair value Costs of interests (Profit) loss on the sale of the shares in the associated units Deduction of the company negative value Received interests Received dividends Cash from operating activity before taking into consideration the changes in current capital Change of the inventories' status Change of the receivables' status Change of the payables' status Change of the reserves' status Other corrections Cash generated during the operating activity Paid interests Paid income tax Net cash from the operating activity Cash flows from the investment activity Costs for purchasing intangible fixed assets Receipts from the sale of intangible fixed assets Costs for purchasing tangible fixed assets Receipts from the sale of tangible fixed assets Costs for purchasing financial assets available for sale Receipts from the sale of financial assets available for sale 61 Costs for purchasing financial assets designed for turnover Receipts from the sale of financial assets designed for turnover Costs for purchasing dependant units (reduced by taken over cash) Receipts from the sale of dependant units Receipts from the received government allocations Granted loans Received payments of granted loans Received interests Received dividends Net cash used in the investment activity Cash flows from the financial activity Net receipts in virtue of the shares emission Own shares' purchasing Receipts in virtue of the emission of debentures Repurchase of debentures Receipts in virtue of negotiating credits and loans Payments of credits and loans Payment of payables in virtue of the financial leasing -15 Paid dividends Net cash from the financial activity Net increasing (decreasing) of the cash and cash equivalents' status Cash and its equivalents at the beginning of the period Change of the cash and its equivalents' status in virtue of the exchange rate differences Cash and its equivalents at the end of the period Financial Supervisory Committee 5

8 Consolidated list of changes in the equity of the Inter Groclin Auto capital group Specification Company capital Reserve capital Capital from revaluation Other rese rve capitals Exchange rate differences from counting Indivisible financial result Total equities Status at the beg in ning of the previous period (for ) Changes of the accountancy rules (policy) 0 0 Correction of basic faults 0 0 Balance followed by changes List of changes in equity in the previous period Profits (losses) in virtue of revaluation 0 0 Investm ents available for sale: profits (losses) in virtue of valuation transferred to equity transferred to the profit (loss) on sale 0 0 Instruments securing cash flows: profits (losses) transferred to equity profits (losses) transferred to the period financial result profits (losses) taken into consideration in the balance value valuation of the secured item s 0 0 Exchange rate differences from the valuation of the units acting abroad Tax connected with the items presented in the capital or transferred from the capital 0 0 Net profit presented directly in equity Net profit for the previous period 0 0 Net profit of the current year Sum of profits and losses included in the previous period consolidation correction - the com panies' merger 0 0 Emitted company capital 0 0 Sale of the dependant unit shares 0 0 Covering the dependant unit by consolidation 0 0 Fixed assets' sale 0 0 Status at the end of the previous period (for ) Equities M inority shares To ta l e qu ity Financial Supervisory Committee 6

9 Status at the beginning of the reporting period (for ) Changes in the accountancy rules (policy) 0 0 Correction of basic faults 0 0 Balance followed by changes List of changes in equity in the reporting period Profits (losses) in virtue of revaluation 0 0 Investments available for sale: profits in virtue of revaluation transferred to equity transferred to the profit (loss) on sale 0 0 Instruments securing cash flows: profits (losses) transferred to equity profits (losses) transferred to the period financial result profits (losses) taken into consideration in the balance value valuation of the secured items 0 0 Exchange rate differences from the valuation of the units acting abroad Tax connected with the items presented in the capital or transferred from the capital 0 0 Net profit presented directly in equity Net profit for the previous period 0 0 Net profit of the current year Sum of profits and losses included in the reporting period Dividends 0 0 Emitted equity 0 0 Emitted options replaceable for shares 0 0 Covering by the consolidation of the dependant unit 0 0 Sale of the fixed assets 0 0 Status at the end of the reporting period (for ) Financial Supervisory Committee 7

10 BRANCH SEGMENTS Specification Segments Consolidated Automotive Other Exclusions value segment segments Financial results of the branch segments for the period from till Total revenues Outside sale Sale between the segments Segment results Not assigned revenues 677 Not assigned costs Net loss on the stopped activity sale Profit on the operating activity Financial revenues 115 Financial costs -928 Profit / loss on the shares' sale Profit before taxation 651 Income tax -138 Shares of the minority Net profit 513 Other information concerning branch segments for the period from till Consolidated total assets Segment assets Investment in the associated units 0 Not assigned assets of the whole group Consolidated total liabilities Segment liabilities Not assigned liabilities of the whole group Investment costs tangible fixed assets intangible fixed assets 0 - investment properties 0 Amortization of tangible fixed assets Amortization of intangible fixed assets Revaluation deductions in virtue of the value 0 Other non-cash costs 0 Financial results of the branch segments for the period from till Total revenues Outside sale Sale between the segments Segment result Not assigned revenues 202 Not assigned costs Net loss on the stopped activity sale Profit on the operating activity 20 Financial revenues Financial costs -820 Profit / loss on the shares' sale Profit before taxation 721 Income tax -541 Shares of the minority Net profit 180 Other information concerning branch segments for the period from till Consolidated total assets Segment assets Investments in the associated units 0 Not assigned assets of the whole group Consolidated total liabilities Segment liabilities Not assigned liabilities of the whole group Investment costs tangible fixed assets intangible fixed assets 0 - investment properties 0 Amortization of tangible fixed assets Amortization of intangible fixed assets Revaluation deductions in virtue of the value loss 0 Other non-cash costs 0 Financial Supervisory Committee 8

11 GEOGRAPHICAL SEGMENTS Financial results of the geographical segments for the period from till Specification Holland Sweden Germany United Kingdom France Other countries Poland Total Revenues from external customers Financial results od the geographical segments for the period from till Specification Holland Sweden Germany United Kingdom France Other countries Poland Total Revenues from external customers MAIN CUSTOMERS, period from till Specification Received revenues Segment CUSTOMER automotive On the basis of the regulation 87 of the Cabinet Ordinance dated 19 February 2009 (Dz. U. no. 33, item 259) the Inter Groclin Auto S.A. Management Board present: 1. Description of the Inter Groclin Auto capital group Dominant unit Inter Groclin Auto S.A. with its registered seat in Karpicko, Jeziorna 3, Wolsztyn, Management Board seat: Grodzisk Wlkp., Slowianska 4, Grodzisk Wlkp. Dependant units according to the status for : Dependant unit Groclin Karpaty Sp. z o.o. with its registered seat in Uzgorod, Zakarpacki District, Ukraine, Slowianska Nadberezna 31, Uzgorod. Dependant unit Groclin Dolina Sp. z o.o. with its registered seat in Dolina, Iwanofrankowski District, Dolinski Region, Ukraine, Gruszewskiego 11, Dolina. Dependant unit Groclin Service Sp. z o.o. with its registered seat in Nowa Sol, Wojska Polskiego 34, Nowa Sol. Dependant unit Centre of Sport Development Groclin Sp. o.o. with its registered seat in Grodzisk Wlkp., Sportowa 2, Grodzisk Wlkp. According to the status for Inter Groclin Auto S.A. had: 99,98 % shares in the statutory fund in Groclin Karpaty Sp. z o.o., 99,99 % shares in the statutory fund in Groclin Dolina Sp. z o.o., shares of the nominal value of PLN 100,00 each in Groclin Service Sp. z o.o., which is 100% of the initial capital and votes in the Groclin Service Sp. z o.o. Meeting of Shareholders, 2 shares of the nominal value of PLN 100,00 each in Fabryka Tapicerki Samochodowej Fatsa Sp. z o.o., which is 0,4% of the initial capital and votes in the Fabryka Tapicerki Samochodowej Fatsa Sp. z o.o. Meeting of Shareholders, 100 shares of the value of PLN 50,00 each in the Centre of Sport Development Groclin Sp. z o.o., which is 100% of the initial capital and votes in the Centre of Sport Development Groclin Sp. z o.o. Meeting of Shareholders Dominant unit Inter Groclin Auto S.A. is a manufacturer of the car equipment and accessories, including mainly car seats, car seat covers as well as upholstery furniture and its covers. The company also offers hotel services together will full package of sport and rehabilitation services. Financial Supervisory Committee 9

12 The dependant units activity subject of Groclin Karpaty Sp. z o.o. and Groclin Service Sp. z o.o. is manufacturing of car seat covers. Groclin Dolina Sp. z o.o. is under construction. The activity subject of the Centre of Sport Development Groclin Sp. z o.o. is a non profit activity in order to make sport among children and youths more popular through making available and running the sport complex together with hotel and boarding school basis as well as medical centre in Grodzisk Wlkp., intended especially to organize trainings and sport camps. The company foundation is connected with deinvestment plans in this scope of operation. The company didn t run any activity for The Inter Groclin Auto capital group operates in the field of manufacturing products and services, foreign trade in the field of the raw materials, materials and investment s import as well as products and services export. Taking strategic decisions concerning production, commercial and investment development, including the decisions concerning capital involvement in new enterprises, is one of the tasks of the Inter Groclin Auto capital group managing organs. The dominant subject coordinates the dependent units activities and is also responsible for coordinating the financial policy as well as organization of the capital group units activity. Independently on performing the management and ownership control function, the company authorities engage directly in running the dependent units operational activity. 2. The rules accepted when preparing the report Legal basis Since 1 January 2005 the Inter Groclin Auto capital group runs the accountancy and prepares the financial report according to the International Standards of the Financial Reporting issued by the International Accounting Standards Board (IASB). The data was prepared using the rule of the assets and liabilities pricing as well as measuring the net financial result defined for the balance day taking into consideration the corrections in virtue of reserves, reserve and assets on deferred income tax as well as deductions revaluating the assets elements value. Accountancy rules and methods used while preparing the financial report were defined in the additional information for 2010 in detail. 3. Significant changes of the estimated values In the I st quarter 2011 the Inter Groclin Auto capital group: decreased the assets on deferred income tax by PLN 4 thousand, increased the reserve on deferred income tax by PLN 135 thousand, increased the reserves for future commitments by PLN 3 thousand, reversed the deduction on restoring the assets for PLN 624 thousand, made a deduction in virtue of the assets value loss for PLN 239 thousand. Financial Supervisory Committee 10

13 4. Brief description of the Inter Groclin Auto capital group achievements in the I st quarter 2011 In the I st quarter 2011 the Inter Groclin Auto S.A. Management Board finalized the negotiations directed to source new orders and as a result of that the contract with General Motors and KEIPER GmbH & Co. KG, defined in further part of the comment, was signed. The signed agreements will allow to use the potential of Polish and Ukrainian production plants using the possessed current means, strengthen the company position as well as diversify the package of customers and orders. They will also create the possibilities of further development of direct cooperation with OEM. The negotiations leading to source the contracts of the branches, that absorb maximum dimension of the added value as well as starting in the branches that generate the demand for large productions areas, are still continued. 4.1 Agreements concluded in the I st quarter 2011, significant for the Inter Groclin Auto capital group activity In the I st quarter 2011 the commercial negotiations with General Motors were successfully concluded. As a result of these negotiations the contract for the production and delivery of car seat covers to new model of Opel Astra was signed. The Management Board informed about it in the current report no. 3 dated 1 February The newly conluded export contract is a significant turning point in the company cooperation relations in the automotive branch. Thanks to that Inter Groclin Auto S.A. is in the position of the supplier nominated directly by a global concern GM that produces over 7 million cars per year. First, the company was positively audited in terms of the systems that qualify the production and quality systems according to the GM criteria and requirements. First, according to the plan, the production and delivery of car seat covers to the Opel factory in Gliwice will be launched and then to the concern factory in Ellesmere Port in England. The serial production for the Astra assembly lines will be launched in the II nd quarter Thanks to the restructuring operation the company will realize the contract with no additional investment costs and effectively use the production potential at the same time. The forecasted period of the new contract realization is from 5 to 7 years. The initially calculated, total value of the orders realization will be over EUR 80 million in their maximum period. Moreover, by continuing the activities leading to successive increase of the company orders package, the Management Board signed the agreement on with KEIPER GmbH & Co. KG with its registered seat in Kaiserslautern, on the basis of which Inter Groclin Auto S.A. will be producing car seat covers for trucks. The forecasted period of the contract realization is 10 years ( ). The start of the deliveries is planned for the III rd quarter The initially calculated, total value of the orders realization will be about EUR 24 million in their maximum period. The above agreement conclusion is a continuation of the existing company policy aiming in diversifying revenues and it gives the access to the new production branch, i.e. covers for trucks. The significant information is also the fact that on 24 January 2011 the Inter Groclin Auto S.A. dominant unit concluded the agreement (that doesn t meet the criteria of a significant agreement) Financial Supervisory Committee 11

14 with the Wielkopolski Self government for additional financing to the project: Lean Manufacturing as a support of the Inter Groclin Auto S.A. profile change process within the Kapitał Ludzki operation program cofinanced with the European Social Fund means. The purpose of the Lean Manufacturing system implementation is to increase the work capacity, decrease the production of faulty products in order to make it possible for the enterprise to successfully compete in the market and constant development of the company. 4.2 Investments to the tangible fixed assets and intangible fixed assets The investments value of the Inter Groclin Auto capital group in the I st quarter 2011 was PLN 857 thousand. 4.3 Share exchange rate The average Groclin exchange rate in the I st quarter 2011 was PLN 20,56, the minimum exchange rate in the analyzed period was PLN 13,10, and the maximum exchange rate was at the level of PLN 28,11. IGA S.A. share exchange rate in the I-st quarter Employment At the end of the I st quarter 2011 the employment status in the Inter Groclin Auto capital group was people and was higher by 114 people comparing to the status at the end of the IV th quarter The employment increase results from the increase of the orders from the automotive branch. 4.5 Inter Groclin Auto capital group sale revenues In the I st quarter 2011 the sale revenues were PLN thousand and were higher by 54,2 % comparing to the revenues of the same period of the previous year. In the EUR currency the revenues for the I st quarter 2011 were thousand and were higher by 53,9 % than the result from the same period of the previous year. Financial Supervisory Committee 12

15 The observed increase of the revenues is a consequence of the intensified Management Board activities leading to the increase and distinguishing of the orders package as well as a reflection of the higher level of orders for the cars being supplied by IGA. The EUR/PLN exchange rate was the additional factor influencing the revenues value. In the analyzed period the NBP exchange rate for EUR counted from the last days of the months of the I st quarter 2011 was at the level of PLN 3,9742, comparing to the same period of 2010 the level was PLN 3,9669. Inter Groclin Auto capital group sale revenues (in PLN thousands) ,2% ,0% 0 I Q 2011 I Q 2010 period (quarter) Inter Groclin Auto capital group sale revenues (in EUR thousands) ,9% ,0% I Q 2011 I Q 2010 period (quarter) Sale of the capital group products is directed both to export and local market. In the I st quarter 2011, 66,4 % products and services was directed to foreign markets. The dominant export directions in the analyzed period were the following countries: Sweden, United Kingdom, France, Germany, Holland what is presented in the below chart. Financial Supervisory Committee 13

16 Structure of the export, I-st quarter 2011 Wielka Brytania 25,0% Pozostałe 0,8% Szwecja 40,4% Francja 16,9% Niemcy 10,5% Holandia 6,4% 4.6 Basic indicators Financial fluctuation indicators of the Inter Groclin Auto capital group Name of the indicator Calculating formula Current fluctuation current assets short term payables 2. Cash fluctuation short term investments indicator short term payables 3. Covering the payables by short term receivables receivables short term payables Indicators of the Inter Groclin Auto capital group activity financing 0,93 0,97 0,15 0,25 0,49 0,53 Name of the indicator Calculating formula Debt ratio Long term and short term payables total liabilities 2. Covering the debt by own capitals 3. Covering the fixed assets by constant capital own capitals foreign capitals* own capitals + long term payables fixed assets Reliability indicators of the Inter Groclin Auto capital group 0,30 0,32 1,99 1,85 0,93 0,94 Name of the indicator Calculating formula Gross margin on sale gross profit on sale net sale 8,84% 9,62% 2. Gross profitability gross profit 1,36% 2,32% Financial Supervisory Committee 14

17 net sale 3. Net profitability net profit * foreign capitals = total liabilities own capital net sale 1,07% 0,58% Basic indicators of the financial fluctuation and financing the activity were at approximate level comparing to the same period of the previous year. The level of the fluctuation indicators according to the status for guarantees punctual settlement of the commitments to the company. The debt indicators are also correct and this promises lack of difficulties in the commitments payment. The reliability indicators, that depend on the value of the sale revenues and profit in the period of I st quarter 2011, changed the most significantly in the following way: gross sale margin decreased by 0,78 % gross profitability decreased by 0,96 % net profitability increased by 0,49 % 5. The factors and events having a significant influence to the results achieved in the I st quarter 2011 The following factors influenced the results achieved in the I st quarter 2011: intensified competition increase from local and foreign companies aiming in keeping optimum costs level introducing changes in the production management system with the aim to the capacity increase shaping the exchange rate difference balance terminating and creating the reserve of non financial assets In the particular field the financial results in the I st quarter 2011 were as follows: there was PLN thousand gross profit at the level of sale result there was PLN thousand profit at the level of operating activity gross profit was PLN 651 thousand and net profit was PLN 513 thousand (including the one for the shareholders of the dominant unit PLN 513 thousand) 6. The emitter activity seasonal character or periodicity in the presented period The Inter Groclin Auto capital group companies acting in the sector of the companies connected with foreign and partially national automotive industry are characterized by the sale seasonal character. There is a sale decrease in the summer period and holiday break. In the I st quarter 2011 there was no sale seasonal character. Financial Supervisory Committee 15

18 7. The information about emission, repurchase and repayment of the indebted and capital securities In the I st quarter 2011 the Inter Groclin Auto capital group didn t emit, repurchase and repay any indebted and capital securities. 8. Paid (or declared) dividend in total and per one share, with the division to normal and preferential shares In the I st quarter 2011 Inter Groclin Auto S.A. didn t pay and declare the dividend payment. 9. The information about the events that occurred followed by the day for which the quarter consolidated financial report was made, not included in this report and that could significantly influence future group results Followed by the day, for which the consolidated financial report was made, there were no events, not included in this report, that could significantly influence future company results. 10. Changes of the conditional payables or assets that occurred since the end of the last current year In thousands of PLN status for status for Conditional liabilities On behalf of associated units (in virtue) 0 0 of the granted guarantees and warranties 1.2. On behalf of other companies (in virtue) of the granted guarantees and warranties Conditional items, total Results of the changes in the economic unit structure within a semester In the I st quarter 2011 there were no changes in the economic unit structure. 12. Realization of the financial results forecasts Inter Groclin Auto capital group realized the forecast of the sale revenues of the Inter Groclin Auto capital group for the I st quarter 2011 published in the current report no. 4 dated 14 February 2011 at the level of PLN thousand. The sale revenues, higher than the forecasted ones, were achieved as a result of unplanned increase of the need for the company products. Financial Supervisory Committee 16

19 13. The information about the shareholders having, directly or indirectly by the dependent subjects, at least 5% of the total number of votes in the Inter Groclin Auto S.A. General Meeting. According to the status for , Mr. Zbigniew Drzymała and Mrs. Maria Drzymała are the shareholders having at least 5% of the total number of votes in the Inter Groclin Auto S.A. General Meeting. Mr. Zbigniew Drzymała has shares which is 26,81% of the Inter Groclin Auto S.A. initial capital, including shares preferential five times to the vote, which is votes in total and is 42,73% votes in the Inter Groclin Auto S.A. General Meeting. Mrs. Maria Drzymała has company shares which is 26,81% of the company initial capital, and has the right to votes in the company general meeting of shareholders, which is 20,98% of the total number of votes. There were no changes in the ownership structure of the significant packages of the emitter shares within the period from providing the previous periodical report, i.e. comparing to the status for The information about the status of being in the possession of the emitter shares or rights to the shares (options) by the managing and supervising people According to the information being in the possession of the company, there were no changes in the Inter Groclin Auto S.A. shares possession status as well as there were no changes of the rights to them by the managing and supervising people from the time of providing the previous report, i.e. comparing to the status for According to the status for the managing and supervising people had the following number of the Inter Groclin Auto S.A. shares: Management Board members Zbigniew Drzymała Number of shares Type of shares Status for Including: of A series preferential five times to the vote of B and C series normal to the bearer Mirosława Doliwa Barbara Sikorska 5 normal to the bearer Financial Supervisory Committee 17

20 Supervisory Board members Number of shares Status for Type of shares Waldemar Frąckowiak Wojciech Witkowski 900 including: 100 of A series preferential five times to the vote 800 of B series normal to the bearer Janusz Brzeziński Monika Drzymała Krzysztof Jordan 15. The information about the proceedings for the liabilities or receivables of the emitter or the units that depend on him, running in the I st quarter 2011 in the court, authority appropriate for the arbitrary proceeding or public administration authority In the IV th quarter 2010 there were no proceedings in the court, authority appropriate for the arbitrary proceeding or public administration authority, for the liabilities or receivables of Inter Groclin Auto S.A. or the units that depends on it, the total value of which would constitute at least 10% of the Inter Groclin Auto S.A. own capitals. 16. Concluding one or more transactions by the emitter or the units that depend on him with the associated subjects if they are important (individually or mutually) and were concluded on the basis of different conditions than the market ones. In the I st quarter 2011 the emitter and the units that depend on him didn t conclude any transactions that were significant and were concluded on the basis of different conditions than the market ones. 17. The information about granting, by Inter Groclin Auto S.A. or the units that depend on it the credit or loan warranties or granting a guarantee In the I st quarter 2011 there were no credit and loan warranties as well as guarantee granted, by the emitter or the unit that depends on it, the total value of the existing warranties and guarantees equals at least 10% of the emitter own capitals. 18. Indicating the factors that, in the emitter opinion, will have the influence on the results achieved him in the view of at least next quarter External factors: shaping the EUR/PLN exchange rate change of the credit commitments conditions Financial Supervisory Committee 18

21 increase of the cost factors being regulated by the nation energy, fuel, taxes, etc. economic policy of the nation securing the interest and position of Polish exporters using legal and economic tools decreasing the demand on the automotive branch products the level of the investments in the industry, especially in the automotive branch and automotive components sector constant increase of the competition from the local and foreign companies The main, internal factors significant for the enterprise results and activities are as follows: continuation of the changes in the production management system automation of the main engineering processes rationalization of the manufacturing costs in all the elements of the generic system introducing the complex restructuring program including the planned activity in the scope of the cost reduction, engineering changes (testing and introducing modern machines, that allow for more economical use of the possessed production resources, to the machine park) as well as locating production capabilities in the particular dependent units of the Inter Groclin Auto capital group high personnel qualifications short distribution channels as well as efficient travelling and promoting activity of the company modern and flexible company production property that ensures large performance mobility in the scope of the offered services introduced and mastered quality assurance system that complies with ISO 9001:2000 as well as having the homologation and safety certificate increase of the competitive company power in the global market of the suppliers of the components to manufacture cars with relation to the introduced quality systems of the automotive branch ISO/TS 16949:2002 and quality system according to the environmental standards, ISO Applied EUR exchange rates Period: I st quarter 2011 The below mentioned exchange rates were assumed to calculate the data in the table Selected financial data from PLN to EUR: particular items of the financial situation report were calculated according to the average exchange rate published by Narodowy Bank Polski for the balance day (table no. 63/A/NBP/2011) 1 EUR = 4,0119 particular items of the total income report and cash flow report for the I st quarter 2011 were calculated according to the exchange rate being the arithmetic mean of the exchange rates established by Narodowy Bank Polski for EUR from the last months of the I st quarter of the current year 2011 Financial Supervisory Committee 19

22 1 EUR = 3,9742 Below are the EUR exchange rates used to calculate the exchange rate being the arithmetic mean. No. of the average exchange Date of publication 1 EUR, average rates table 20/A/NBP/ , /A/NBP/ , /A/NBP/ ,0119 The exchange rate being the arithmetic mean 3,9742 Period: I st quarter 2010 The below mentioned exchange rates were assumed to calculate the data in the table Selected financial data from PLN to EUR: particular items of the financial situation report were calculated according to the average exchange rate published by Narodowy Bank Polski for the balance day (table no. 63/A/NBP/2010) 1 EUR = 3,8622 particular items of the total income report and cash flow report for the I st quarter 2010 were calculated according to the exchange rate being the arithmetic mean of the exchange rates established by Narodowy Bank Polski for EUR from the last days of the months of the I st quarter of the current year EUR = 3,9669 Below are the EUR exchange rates used to calculate the exchange rate being the arithmetic mean. No. of the average exchange Date of 1 EUR, average rates table publication 20/A/NBP/ , /A/NBP/ , /A/NBP/ ,8622 The exchange rate being the arithmetic mean 3,9669 Financial Supervisory Committee 20

23 Comment to the brief financial report for the I st quarter 2011 of the dominant unit The report on the total income of the Inter Groclin Auto S.A. dominant unit Calculation variant from till for the period from till Continued activity Sale revenues Revenues on sales of products and services Revenues on sales of goods and materials Sale own cost (cost of sold products, services, goods and materials) Cost of sold products and services Cost of sold goods and materials Gross profit (loss) on sale Sale costs Administrative costs Other operating revenues Other operating costs Profit (loss) on operating activity Financial revenues Financial costs Other profits (losses) on investments Profit (loss) before taxation Income tax Net profit (loss) on continued activity Stopped activity Net loss on the stopped activity Net profit (loss) Other total income from till from till exchange rate differences from counting foreign units - results of the valuation of the financial assets available for sale - security accountancy - results of the fixed assets' update - profits and losses for the previous year - income tax on the other, total income 0 0 Other total income (net) 0 0 Total income: Net profit (loss) for one normal share: from till from till on the continued activity - basic and weakened 0,17 0,10 on the continued and stopped activity - basic and weakened 0,17 0,10 Financial Supervisory Committee 21

24 The report on the financial situation of the Inter Groclin Auto S.A. dominant unit Assets for FIXED ASSETS Intangible fixed assets Tangible fixed assets Investment properties Long term financial assets available for sale Other long term financial assets Long term receivables Assets on deferred income tax CURRENT ASSETS Inventories Receivables in virtue of deliveries and services Receivables in virtue of the current income tax Other short term receivables Short term financial assets available for sale Short term financial assets designed for turnover Other short term financial assets Cash and its equivalents Fixed assets classified as designed for sale TOTAL ASSETS Equity and payables for EQUITY Company capital Reserve capital Capital from revaluation Own shares Reserve capitals The amounts included directly in the capital and referring to the fixed assets designed for sale Profit (loss) from previous years and current year PAYABLES Long term payables Long term credits and loans Other long term financial payables Other long term payables Reserve on deferred income tax Reserves for payables in virtue of working benefits Other long term reserves Short term payables Short term credits and loans Other short term financial payables Payables in virtue of deliveries and services Payables in virtue of current income tax Other short term payables Reserves for payables in virtue of working benefits Short term reserves Payables connected with the fixed assets classified as designed for sale FUTURE PERIODS' REVENUES Long term future periods' revenues Short term future periods' revenues TOTAL LIABILITIES Financial Supervisory Committee 22