Skonsolidowany raport kwartalny QSr 3 / 2014

Transkrypt

1 VISTULA GROUP skorygowany QSr 3/204 KOMISJA NADZORU FINANSOWEGO Skonsolidowany raport kwartalny QSr 3 / 204 kwartał / rok (zgodnie z 82 ust. 2 i 83 ust. Rozporządzenia Ministra Finansów z dnia 9 lutego 2009 r. Dz. U. Nr 33, poz. 259, z późn. zm.) dla emitentów papierów wartościowych prowadzących działalność wytwórczą, budowlaną, handlową lub usługową za 3 kwartał roku obrotowego 204 obejmujący okres od do zawierający skrócone skonsolidowane sprawozdanie finansowe według w walucie zł Międzynarodowych Standardów Sprawozdawczości Finansowej Międzynarodowych Standardów Sprawozdawczości oraz skrócone sprawozdanie finansowe według Finansowej w walucie zł data przekazania: VISTULA GROUP SA (pełna nazwa emitenta) VISTULA GROUP Lekki (lek) (skrócona nazwa emitenta) (sektor wg klasyfikacji GPW w Warszawie / branża) Kraków (kod pocztowy) (miejscowość) Pilotów 0 (ulica) (numer) (0-2) (0-2) (telefon) (fax) sekretariat@vistulagroup.pl vistulagroup.pl ( ) (www) (NIP) (REGON) WYBRANE DANE FINANSOWE WYBRANE DANE FINANSOWE ZE SKONSOLIDOWANEGO SPRAWOZDANIA Z SYTUACJI FINANSOWEJ 3 kwartał(y) narastająco / 204 okres od do w tys. zł 3 kwartał(y) narastająco / 203 okres od do kwartał(y) narastająco / 204 okres od do w tys. EUR 3 kwartał(y) narastająco / 203 okres od do I. Przychody netto ze sprzedaży produktów, towarów i materiałów II. Zysk (strata) z działalności operacyjnej III. Zysk (strata) brutto IV. Zysk (strata) netto V. Przepływy pieniężne netto z działalności operacyjnej VI. Przepływy pieniężne netto z działalności inwestycyjnej VII. Przepływy pieniężne netto z działalności finansowej VIII. Przepływy pieniężne netto, razem IX. Aktywa, razem X. Zobowiązania i rezerwy na zobowiązania XI. Zobowiązania długoterminowe XII. Zobowiązania krótkoterminowe XIII. Kapitał własny XIV. Kapitał zakładowy XV. Liczba akcji (w szt.) XVI. Rozwodniona liczba akcji (w szt.) XVII. Zysk (strata) na jedną akcję zwykłą (w zł/ EUR) 0,04 0,25 0,0 0,06 XVIII. Rozwodniony zysk (strata) na jedną akcję zwykłą (w zł/eur) 0,03 0,24 0,0 0,06 XIX. Wartość księgowa na jedną akcję (w zł/eur) 2,40 2,30 0,57 0,55 XX. Rozwodniona wartość księgowa na jedną akcję (w zł/eur) 2,27 2,8 0,54 0,52 Zadeklarowana lub wypłacona dywidenda na jedną akcję (w XXI. zł/eur) WYBRANE DANE FINANSOWE ZE SPRAWOZDANIA Z SYTUACJI FINANSOWEJ XXII. Przychody netto ze sprzedaży produktów, towarów i materiałów XXIII. Zysk (strata) z działalności operacyjnej Komisja Nadzoru Finansowego

2 VISTULA GROUP WYBRANE DANE FINANSOWE QSr 3/204 3 kwartał(y) narastająco / 204 okres od do w tys. zł 3 kwartał(y) narastająco / 203 okres od do kwartał(y) narastająco / 204 okres od do w tys. EUR 3 kwartał(y) narastająco / 203 okres od do XXIV. Zysk (strata) brutto XXV. Zysk (strata) netto XXVI. Przepływy pieniężne netto z działalności operacyjnej XXVII. Przepływy pieniężne netto z działalności inwestycyjnej XXVIII. Przepływy pieniężne netto z działalności finansowej XXIX. Przepływy pieniężne netto, razem XXX. Aktywa, razem XXXI. Zobowiązania i rezerwy na zobowiązania XXXII. Zobowiązania długoterminowe XXXIII. Zobowiązania krótkoterminowe XXXIV. Kapitał własny XXXV. Kapitał zakładowy XXXVI. Liczba akcji (w szt.) XXXVII. Rozwodniona liczba akcji (w szt.) XXXVIII. Zysk (strata) na jedną akcję zwykłą (w zł/ EUR) 0,05 0,27 0,0 0,06 XXXIX. Rozwodniony zysk (strata) na jedną akcję zwykłą (w zł/eur) 0,05 0,26 0,0 0,06 XL. Wartość księgowa na jedną akcję (w zł/eur) 2,38 2,27 0,57 0,54 XLI. Rozwodniona wartość księgowa na jedną akcję (w zł/eur) 2,26 2,5 0,54 0,5 Zadeklarowana lub wypłacona dywidenda na jedną akcję (w XLII. zł/eur) W przypadku prezentowania wybranych danych finansowych z kwartalnej informacji finansowej dane te należy odpowiednio opisać. Wybrane dane finansowe ze skonsolidowanego bilansu (skonsolidowanego sprawozdania z sytuacji finansowej) lub odpowiednio z bilansu (sprawozdania z sytuacji finansowej) prezentuje się na koniec bieżącego 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 Śródroczne skrócone sprawozdanie finansowe za_iii kw 204r.pdf Opis Śródroczne Skrócone Skonsolidowane Sprawozdanie Finansowe za okres 3 kwartału 204 roku PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ Data Imię i Nazwisko Stanowisko/Funkcja Podpis Grzegorz Pilch Prezes Zarządu Mateusz Żmijewski Wiceprezes Zarządu Radosław Jakociuk Wiceprezes Zarządu Komisja Nadzoru Finansowego 2

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

20 (&6#+9$ ;9#7 $ #!!"#$2%&#"'!# #( #"$2 =+-=-<-+=*@.:-;=6<2<):(-(4*<6.> -;-E56 58:0J H:3-(4*<6 $+?7- -7:=-B*<-*.0(:-A.86:4=(:0/9*H:0;=6<(0 5*<*56?=+-=6 <-+=*@.: 4;B-5(:;- -;=6<2<):(-(4*<6.>3?H+?76-;=6<2<):(-(4*<6.>;B-5(:;-;=6<2<):(-(4*<6.>3?H+?7--;=6<2<):(-(M 4*<6.>?=+-.:B6 <-+=*@CA - 4=+-=- 8 =6=?B??=+-=6 <-+=*@.: 8*4=-B- 7*(:04:*(- <=056 : =63;* <=056A 56 :4=(:0/9 *H:0;=6<(05*<*56?=+-=6<-+=*@.:<6(:;-/9.08/05(0*3?H<:G.0/85-+80J,-/9.6.>,:0/4.07*7*.89=;*<6,?/G.:?4;B-5(:;--;=6<2< (:0N3?H85-+80(:-O7*<*5?/9.04=+-=G,-<7B6<(-*.80;:<-( B07+80M 7B6<67:0(:GE(0A<6(:;-/9.0804;B-5(:;--;=6<2<):(-(4*<6.>3?H+?76-;=6<2<):(-(4*<6.>A;=2+6.><:-+6M *5(0*48-.*<-(:0/04=,*E3:<0 **H:0;=6<(6.>5*<*52<?=+-=6<-+=*@.:4;B-5(:;--;=6<2<):(-(4*<6.>3?H+?76-;=6<2<8-3:.8-4:G?86M 4;-( *4: ;B-5(:;--;=6<2<:()*+,-./0A5*=6.89.0(-4=G7?/9.6.>85-+80J7*<*5?/9.6.>4=+-=6D 8(-.89.0=+?5(*@.:):(-(4*<05B?E(:;-A<64=97:0(:0(-5+*G495*<97+80.:<;*5B?E(:;*<:A8-(:;?-;=6<(0* +6(;?(-5-(64;B-5(:;-;=6<2<):(-(4*<6.>80<83G5?(-=+?5(*@.:):(-(4*<0U:()*+,-./:(-=0,-=8(-.89M.6.>(0-=6<(6.>8,:-(,-/9.6.>,:0/4.0<@+*5*<:4;?=0.>(*3*:.8(6,A+6(;*<6,A*47*5-+.86,A7+-<(6, 3?H:((6,A<;=2+6,58:-B-<64=-<.-:(4=+?,0(=? ;?8-:4=(:0(:-*H:0;=6<(6.>5*<*52<(-=*AE05*48B*5*?=+-=6<-+=*@.:-;=6<2<):(-(4*<6.>5*M 4=G7(6.>5* E6A03:,:(?/04:G8)?(5?48?-;=?-3:8-./:<6.0(64;?,?3*<-(6*57:4-;=?-3:8?/9.6:?/,?/0 4:G*<<6(:;?):(-(4*<6, -30E(*@.::7*E6.8;:*+-8-;=6<-):(-(4*<0?=+86,6<-(05*=0+,:(?<6,--3(*@.:<6.0(:-(0<8-,*+=68*M <-(6,;*48.:07*55-<-(049(-;-E5658:0JH:3-(4*<6:(56<:5?-3(6,=04=*,7*5;9=0,<64=97:0(:-7+804B-M (0;<4;-8?/9.6.>(-?=+-=G<-+=*@.:0@3:<64=G7?/97+804B-(;:<4;-8?/9.0(-,*E3:<*@C?=+-=6<-+=*@.:5*;*M (6<-(6/04=*57:4-;=?-3:8?/9.6<*=-*57:4?/04=?4=-3-(-/-;*+2E(:.-7*,:G586<-+=*@.:9H:3-(4*<9-;=6<2<A -<-+=*@.:9H:0E9.9*48-.*<-(6.>7+8648B6.>7+807B6<2<7:0(:GE(6.>8564;*(=*<-(6.>0)0;=6<(94=*797+*M.0(=*<953-=6.>-;=6<2<57:4-;=?-3:8?/9.68=6=?B??=+-=6<-+=*@.:?/,?/04:G<+-.>?(;?864;2<:4=+-= #F).%.%3!!"3"BF ;=6<-=+<-B05*4=G7(05* E64=-(*<:98-;<-3:):;*<-(05*=0/;-=0*+::-;=6<-3?H:.>+?76:?/,*<-(0 49<47+-<*85-(:?):(-(4*<6,<;<*.:0(:E480/*5:.><-+=*@.:H:3-(4*<0/3?H<-+=*@.:*58:<0/7*,(:0/48*(0/ *;*48= E6 -+?(;:0,8-3:.80(:--;=6<2<5*=0/+?764=-(*<:-;=6<(07*48?;:<-(:0(-H6<.6*+-8<64*;:07+-<5*7*5*M H:0J4=<*8H6.:-=6.>-;=6<2<<.:9?/05(0*+*;?*55-=6:.>8-;<-3:):;*<-(:--=-;E05*4=G7(*@C=6.>-;=6M <2<5*(-=6.>,:-4=*<0/ E6 #F7 *A&!%.9! =+86,6<-( B;G(:0+?.>*,*@.:<.03?*4:9(:G.:-7+86.>*52<858:0+E-<6A.86(482<3?H7+86+*4=? :.><-+=*@.:<6.0(:-(049(-,*,0(=(-H6.:-<05B?.0(6(-H6.:-N;*48=?<6=<*+80(:-OA(-58:0JH:3-(4*<6 <6.0(:-(049<.0(:0(-H6.:-3?H<;*48.:0<6=<*+80(:-A7*,(:0/48*(6.>*5*=6.>.8-4*<0?,*+80(:0:8-;?M,?3*<-(0*57:46-;=?-3:8?/9.08=6=?B??=+-=6<-+=*@.: ,*+=68-./:*+-8=<*+80(:-*57:42<8=6=?B??=+-=6<-+=*@.:(:0+?.>*,*@.::(<04=6.6/(6.>49-(-3*:.8(0 5*8-4-54=*4*<-(6.><*5(:04:0(:?5*+80.8*<6.>-;=6<2<=+<-B6.> #F2 %.%.% 80.8*<0-;=6<-=+<-B04=-(*<:9.0H?56(;:A,-486(6:?+89580(:-<6;*+864=6<-(05*7+*5?;./:A5*4=-+.8-(:- 3?H <.03-.> (:-A <6.0(:*(0 8*4=-B6 (- 58:0J 7*.89=;*<0*?/G.:- <.0(:0(-H6.:-3?H;*48.:0<6=<*+80(:- -58:0JH:3-(4*<6+80.8*<0-;=6<-=+<-B0<6.0(:-4:G<05B?.0(6(-H6.:-3?H;*48=?<6=<*+80(:-A7*,(:0/M 48*(0*4;?,?3*<-(0*57:46-,*+=68-.6/(0*+-8*57:468=6=?B??=+-=6<-+=*@.: #+*5;: =+<-B0 -,*+=68*<-(0 49,0=*59 3:(:*<9A <05B? 7+80<:56<-(0* *;+04??E6=;*<-(:- 53-7* M (6.>+?7@+*5;2< =+<-B6.>0=*5--,*+=68-./:*+-8 4=-<;- 7*530-/9 <0+6):;-./:(-;-E56 58:0JH:3-(4*<6 $+?(=6(:049-,*+=68*<-(0 3-7* (6.>+?7+80.8*<6.>-;=6<2<=+<-B6.>7+86/G=**;+046?E6=;*<-(:-<(-4=G7?/9.6.>7+8058:-M B-.>D 3 4!'5#&!"56,#!#&!#6 %&#"'!#"+'7+ 8 #"$9%&'594,56 %&'$' 4:&%$97

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

22 (&6#+9$ ;9#7 $ #!!"#$2%&#"'!# #( #"$2 #F($,..%.&.%;%!I!!%A ;?<64=97:0(:-7+804B-(0;<4;-8?/9.6.>(-,*E3:<*@C?=+-=6<-+=*@.:7*4:-5-(6.>4;B-5(:;2<+80M.8*<0*,-/9=;?=+<-B0*A<-+=*@.:(:0,-=0+:-3(6.>*+-8<-+=*@.:):+, *<-58-(6/04==04=(-?=+-=G<-+M =*@.:-?4=-3*(0;<*=6*57:42<-;=?-3:8?/9.6.>*H(:E-/9<-+=*@CH:3-(4*<9-;=6<?A;=2+0*5*=6.89:*5(*48*(0 49<+-.>?(0;864;2<:4=+-= 57:46-;=?-3:8?/9.0<-+=*@C-;=6<2<7*530-/9.6.>?7+805(:0,? *<-(:?A;*+6?/9;-7:=-B8-;=?-3:8-M./: <6.0(6 5* <64*;*@.:;<*=?/G=6.> <;-7:=-30A- 7*(:E0/.0(6(-H6.:-*5(*48*(0 49 < +-.>?(0; 864;2<: 4=+-= -+=*@C*5864;:<-3(-*57*<:-5- <6E480/ 8(-4=G7?/9.6.> <-+=*@.:D.0( E6(0==* 3?H<-+=*@.:?E6=;*<0/ :0):(-(4*<0-;=6<-N*7+2.8<-+=*@.:):+,6OA*5;=2+6.>5*;*(-(*<.80@(:0/*57:42<-;=?-3:8?/9.6.>=04=*<-(0 <6/9=;:0, ;<*=A?7+805(:**H(:E-/9.6.> ;-7:=-B 8 -;=?-3:8-./: <6.0(6A;=2+0;*+6?/9 =0( ;-7:=-B 5* <64*;*@.: 5*;*(-(6.>/0**H(:E0J #F(( *H0/,?/94?+*<.0A,-=0+:-B67+*5?;./G<=*;?A<6+*H6*=*<0:=*<-+6 *48=67*(:04:*(0(-5*7+*<-580(:0;-E50*804;B-5(:;2<8-7-42<5*/0*-;=?-3(0*,:0/4.-<6.0(:-(049 <(-4=G7?/9.647*42HD M4?+*<.0A,-=0+:-B6:=*<-+6R.0(-(-H6.:- M72B7+*5?;=6A7+*5?;=6<=*;?:<6+*H6*=*<0R+80.86<:4=6;*48=<6=<*+80(:- *8.> <<6.0(:-(6/04=(-4=G7?/9.*D M4?+*<.0A,-=0+:-B6:=*<-+6RP7:0+<480<048B*M7:0+<480<648B*Q M72B7+*5?;=6A7+*5?;=6<=*;?:<6+*H6*=*<0M<05B?+80.86<:4=0*;*48=?<6=<*+80(: <6.0(:*(0(-58:0JH:3-(4*<6<05B?.0(6(-H6.:-3?H;*48=?<6=<*+80(:-A/05(-;E0(-7*8:*,:0 (:0<6E486,*5,*E3:<0/5*?864;-(:-.0( E6 0E03:.0(-(-H6.:-=*<-+2<3?H=0.>(:.8(6;*48=<6=<*+80(:-<6+*H2<*=*<6.>/04=<6E486(:E7+80<:56<-(-.0( E6A/05(*4=;-5*;*(?/0*57:42<-;=?-3:8-.6/(6.>A;=2+0;*+6?/97*8*4=-B0;*48=6*70+-.6/(00M ( E64=-(*<:.0(G E65*;*(6<-(0/<=*;?8<6;B0/58:-B-3(*@.:*47*5-+.80/A7*,(:0/48*(9* 48-.*<-(0;*48=68-;*J.80(:-7+*5?;./::;*48=6(:08HG5(05*5*7+*<-580(: E65*4;?=;? #F(' =B!&..**".%**43.!=B!& -30E(*@.:8=6=?B?5*4=-<:?4B?A;=2+6.>=0+,:( (*@.:<6(*4:8-8<6.8-/*5F5*F5(:A49?/,*<-(0 <05B?<-+=*@.:*58:<0/N;<*=7:0+<*=(:08-)-;=?+*<-(6.>OA8?<83G5(:0(:0,*57:42<8=6=?B??=+-=6<-+=*@.: 57:46 -;=?-3:8?/9.0 5*;*(6<-(0 49 (- (-30E(*@.: <9=73:<0 *5 5B?E(:;2< 7*4=-<:*(6.> < 4=-( 3:;<:5-./: <*=6?=<*+8*(6.>*57:42<-;=?-3:8?/9.6.><-+=*@C(-30E(*@.:*5(*48*(049<.:GE-++-.>?(;?864;2<:4=+-= <;*48= E6<*=6+*8<:98-(6.>*57:42<(-(-30E(*@.:;*+6?/9;*48= E6-30E(*@.:8=0+,:(-,:<6,--3(*@.:7*<6E0/&,:04:G.6*55(:-H:3-(4*<0*;<-3:):;?/04:G5*-;=6<2<=+<-M B6.>*-;=6<2<*H+*=*<6.>8-3:.8-(049(-30E(*@.:*=0+,:(:0<6,--3(*@.:<*;+04:05*&,:04:G.6*55(:- H:3-(4*<0* #F(# "3!B!A%%=!.F #+*5;:7:0(:GE(0:0;<:<-30(=6@+*5;2<7:0(:GE(6.>*H0/,?/9@+*5;:7:0(:GE(0<H-(;?:;-4:0*+-83*;-=6;+2=M ;*=0+,:(*<0*7:0+<*=(6,*;+04: (*@.:(:07+80;+-.8-/9.6,=+80.>,:04:G.6-35*@+*5;2<7:0(:GE(6.><+-.>?(;?7+807B6<2<7:0(:GE(6.>4;B-5-4:G8*;+0@3*(6.>7*<6E0/@+*5;2<7:0M (:GE(6.>::.>0;<:<-30(=2<A7*,(:0/48*(6.>*(:047B-.*(0;+056=6<+-.>?(;-.>H:0E9.6.> 3 4!'5#&!"56,#!#&!#6 %&#"'!#"+'7+ 8 #"$9%&'594,56 %&'$' 4:&%$99

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

34 6$,#&'! (&6#+9 ( #"5+E!"#$2%&#"'!# #( #"$2 0,0(= odzieowy Segment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ŁASZCZE KOSZULE SPODNIE SUKIENKI PRZEDMIOTY O CHARAKTERZE UPOMINKÓW )&*!&+'$&*+$ )&*!&+'$&*+$!"#$%&#"'!# $( #"$'#"#&,#-./0&%&'!'$'2! %&'!'$'2! $' 3 4!'5#&!"56,#!#&!#6 %&#"'!#"+'7+ 8 #"$9%&'594,56 %&'$' 4:&%$93

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

37 6$,#&'! (&6#+9 ( #"5+E!"#$2%&#"'!# #( #"$2 'F!=3A";%!.%!&K*3 ;*(4*3:5*<-(0 <6(:;: ):(-(4*<0 $+?76-7:=-B*<0/ K:4=?3- $+*?7 8- ;<-+=-B6 %&+?<83G5(:-/9 <6(:;: 7*5,:*=? 5*,:(?/9.0* K:4=?3- $+* *?7 *+-8 <6(:;: 7*5,:*=2< 8-30E(6.> N< =6, +2<(:0E $ O *;+04:0I,:04:G.6%&+*+-8<*;+04:07*+2<(6<-3(6,(:0(-4=97:B68,:-(6< > (:-7+805M 4:GH:*+4=<0,$+?76 %&&'&& 2!! " 4 "#! " 3 $ $# )&*!&+'$&*+$ $!"#$%&#"'!# $( #"$'#"#&,#-./0&%&'!'$'2! $' 3 4!'5#&!"56,#!#&!#6 %&#"'!# #"+'7+ 8 #"$9%&'594,56 %&'$' 4:&%$934

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