Skonsolidowany raport kwartalny QSr 1 / 2011

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 2011 01 01 do 2011 03 31 zawierający skrócone skonsolidowane sprawozdanie finansowe według MSSF w walucie zł oraz skrócone sprawozdani e finansowe według MSSF w walucie zł data przekazania: 2011 05 13 INTER GROCLIN AUTO S.A. (pełna nazwa emitenta) GROCLIN Motoryzacyjny (mot) (skrócona nazwa emitenta) (sektor wg klasyfikacji GPW w Warszawie / branża) 64 200 Wolsztyn Wolsztyn Karpicko (kod pocztowy) (miejscowość) ul. Jeziorna 3 (ulica) (numer) 061 44 36 100 061 44 36 366 (skrócona nazwa emitenta) (sektor wg klasyfikacji GPW w Warszawie / branża) groclin@groclin.com.pl www.groclin.com.pl (e mail) (www) 923 002 60 02 970679408 (NIP) (REGON) WYBRANE DANE FINANSOWE Dane dotyczące grupy kapitałowej Inter Groclin Auto w tys. zł 1 kwartał(y) narastająco / 2011 okres od 2011 01 01 do 2011 01 01 1 kwartał(y) narastająco / 2010 okres od 2010 01 01 do 2010 03 31 w tys. EUR 1 kwartał(y) narastająco / 2011 okres od 2011 01 01 do 2011 01 01 1 kwartał(y) narastająco / 2010 okres od 2010 01 01 do 2010 03 31 I. Przychody ze sprzedaży 47 805 31 013 12 029 7 818 II. Zysk (strata) z działalności operacyjnej 1 464 20 368 5 III. Zysk (strata) przed opodatkowaniem 651 721 164 182 IV Zysk (strata) netto przypadający akcjonariuszom podmiotu. dominującego 513 180 129 45 V. Środki pieniężne netto z działalności operacyjnej 534 1 925 134 485 VI. Środki pieniężne netto wykorzystane w działalności inwestycyjnej 5 517 3 337 1 388 841 VII. Środki pieniężne netto z działalności finansowej 4 909 1 161 1 235 293 VIII. Aktywa razem 274 763 277 606 68 487 70 097 IX. Zobowiązania długoterminowe 2 659 2 531 663 639 X. Zobowiązania krótkoterminowe 80 806 82 112 20 142 20 734 XI. Kapitał własny 182 825 184 169 45 571 46 504 XII. Kapitał podstawowy 5 500 5 500 1 371 1 389 XIII. Liczba akcji 5 500 000 5 500 000 5 500 000 5 500 000 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 47 675 31 081 11 996 7 835 XVII. Zysk (strata) z działalności operacyjnej 2 115 412 532 104 XVIII. Zysk (strata) przed opodatkowaniem 1 049 1 072 264 270 XIX. Zysk (strata) netto z działalności kontynuowanej 913 534 230 135 XX. Środki pieniężne netto z działalności operacyjnej 232 1 354 58 341 XXI. Środki pieniężne netto wykorzystane w działalności inwestycyjnej 5 338 3 346 1 343 844 XXII. Środki pieniężne netto z działalności finansowej 4 909 1 107 1 235 279 XXIII. Aktywa razem 333 298 334 070 83077 84 355 XXIV. Zobowiązania długoterminowe 2 659 2 531 663 639 XXV. Zobowiązania krótkoterminowe 74 136 75 628 18 479 19 097 XXVI. Kapitał własny 248 030 247 117 61 824 62 399 XXVII. Kapitał podstawowy 5 500 5 500 5 500 5 500 XXVIII. Liczba akcji 5 500 000 5 500 000 5 500 000 5 500 000 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

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 2011 05 13 Zbigniew Drzymała Prezes Zarządu Zbigniew Drzymała 2011 05 13 Mirosława Doliwa Wiceprezes Zarządu ds. ekonomiczno finansowych Mirosława Doliwa 2011 05 13 Barbara Sikorska Wiceprezes Zarządu ds. handlowych Barbara Sikorska 2011 05 13 Halina Głuszak Dyrektor ds. finansowych Halina Głuszak Komisja Nadzoru Finansowego 2

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

Contents: 1. Description of the Inter Groclin Auto capital group organization... 9 2. The rules accepted when preparing the report... 10 3. Significant changes of the estimated values... 10 4. Brief description of the Inter Groclin Auto capital group achievements in the I st quarter 2011... 11 4.1. Agreements concluded in the I st quarter 2011, significant for the Inter Groclin Auto capital group activity... 11 4.2. Investments to the tangible fixed assets and intangible fixed assets... 12 4.3. Share exchange rate... 12 4.4. Employment... 12 4.5. Inter Grociln Auto capital group sale revenues... 12 4.6. Basic indicators... 14 5. The factors and evenets having a significant influence to the results achieved in the I st quarter 2011 15 6. The emitter activity seasonal character or periodicity in the presented period... 15 7. The information about emission, repurchase and repayment of the indebted and capital securities... 16 8. Paid (or declared) dividend in total and per one share, with the division to normal and preferential shares... 16 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... 16 10. Changes of the conditional payables or assets that occurred since the end of the last current year... 16 11. Results of the changes in the economic unit structure within a semester.... 16 12. Realization of the financial results forecast... 16 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... 17 14. 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... 17 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... 18 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... 18 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... 18 18. 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... 18 19. Applied EUR exchange rates... 19 Comment to the brief financial report for the I st quarter 2011 of the dominant unit... 21 1. The rules accepted when preparing the report... 26 2. Significant changes of the estimated values... 26 3. Financial results... 26 Financial Supervisory Committee 2

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 01.01.2011 till 31.03.2011 for the period from 01.01.2010 till 31.03.2010 Continued activity Sale revenues 47 805 31 013 Revenues on sales of products and services 47 449 29 313 Revenues on sales of goods and materials 356 1 700 Sale own cost (cost of sold products, services, goods and materials) -43 580-28 028 Cost of sold products and services -43 244-27 251 Cost of sold goods and materials -336-777 Gross profit (loss) on sale 4 225 2 985 Sale costs -268-185 Administrative costs -3 124-2 738 Other operating revenues 1 582 1 467 Other operating costs -951-1 509 Profit (loss) on operating activity 1 464 20 Financial revenues 115 1 521 Financial costs -928-820 Other profits (losses) on investments Profit (loss) before taxation 651 721 Income tax 138 541 Net profit (loss) on continued activity 513 180 Stopped activity Net loss on the stopped activity Net profit (loss) 513 180 Other total income from 01.01.2011 till 31.03.2011 from 01.01.2010 till 31.03.2010 - exchange rate differences from counting foreign units -1 857 786 - 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 353-149 Other total income (net) -1 504 637 Total income: -991 817 Net profit (loss) for one normal share from 01.01.2011 till 31.03.2011 from 01.01.2010 till 31.03.2010 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 01.01.2011 till 31.03.2011 from 01.01.2010 till 31.03.2010 - shareholders of the dominant subject 513 180 - minority shareholders 0 0 Financial Supervisory Committee 3

Consolidated report on the financial situation of the Inter Groclin Auto capital group Assets for 31.03.2011 31.12.2010 FIXED ASSETS 199 926 201 820 Intangible fixed assets 1 105 1 239 Company value of the submitted units 2 844 2 844 Tangible fixed assets 166 052 168 116 Investment properties 7 127 7 143 Long term financial assets available for sale 543 631 Other long term financial assets 22 012 21 600 Long term receivables Assets on deferred income tax 243 247 CURRENT ASSETS 74 837 75 786 Inventories 23 009 20 174 Receivables in virtue of deliveries and services 33 116 36 533 Receivables in virtue of the current income tax Other short term receivables 6 753 7 143 Short term financial assets available for sale Short term financial assets designed for turnover Other short term financial assets Cash and its equivalents 11 959 11 936 Fixed assets classified as designed for sale TOTAL ASSETS 274 763 277 606 Equity and payables for 31.03.2011 31.12.2010 EQUITY 182 825 184 169 Company capital 5 500 5 500 Reserve capital 224 384 224 384 Capital from revaluation 457 457 Own shares Reserve capitals 16 761 16 761 Foreign exchange variances -32 527-30 670 The amounts included directly in the capital and referring to the fixed assets designed for sale Profit (loss) from previous years and current year -31 728-32 241 Equity for the dominant unit shareholders 182 847 184 191 Shares out of control -22-22 PAYABLES 83 465 84 643 Long term payables 2 659 2 531 Long term credits and loans Other long term financial payables 14 21 Other long term payables Reserve on deferred income tax 2 372 2 237 Reserves for payables in virtue of working benefits 273 273 Other long term reserves Short term payables 80 806 82 112 Short term credits and loans 51 781 56 329 Other short term financial payables 28 37 Payables in virtue of deliveries and services 22 628 21 327 Payables in virtue of current income tax Other short term payables 5 780 3 833 Reserves for payables in virtue of working benefits 443 441 Short term reserves 146 145 Payables connected with the fixed assets classified as designed for sale FUTURE PERIODS' REVENUES 8 473 8 794 Long term future periods' revenues 7 186 7 507 Short term future periods' revenues 1 287 1 287 TOTAL LIABILITIES 274 763 277 606 Financial Supervisory Committee 4

Consolidated report on the cash flow of the Inter Groclin Auto capital group Indirect method from 01.01.2011 till 31.03.2011 for the period from 01.01.2010 till 31.03.2010 Cash flows from operating activity Profit before taxation 651 721 Corrections: 2 375 1 742 Amortization of intangible fixed assets 93 96 Revaluation deductions in virtue of the company value loss Amortization of fixed assets 1 206 1 376 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 1 076 322 (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 3 026 2 463 Change of the inventories' status -2 852 1 338 Change of the receivables' status 3 154 4 881 Change of the payables' status 2 618-1 207 Change of the reserves' status 3 133 Other corrections -5 406-5 350 Cash generated during the operating activity 543 2 258 Paid interests -1 077-333 Paid income tax Net cash from the operating activity -534 1 925 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 -1 174-417 Receipts from the sale of tangible fixed assets 81 119 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 2 385 1 600 Receipts from the received government allocations 4 575 2 443 Granted loans -411-408 Received payments of granted loans Received interests Received dividends Net cash used in the investment activity 5 517 3 337 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 100 64 Payments of credits and loans -4 994-1 225 Payment of payables in virtue of the financial leasing -15 Paid dividends Net cash from the financial activity -4 909-1 161 Net increasing (decreasing) of the cash and cash equivalents' status 74 4 101 Cash and its equivalents at the beginning of the period 11 936 16 159 Change of the cash and its equivalents' status in virtue of the exchange rate differences -51 359 Cash and its equivalents at the end of the period 11 959 20 619 Financial Supervisory Committee 5

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 01.01.2010) 5 500 223 438 457 16 761-32 431-31 811 181 914-22 181 892 Changes of the accountancy rules (policy) 0 0 Correction of basic faults 0 0 Balance followed by changes 5 500 223 438 457 16 761-32 431-31 811 181 914-22 181 892 List of changes in equity in the previous period Profits (losses) in virtue of revaluation 0 0 Investm ents available for sale: 0 0 0 0 0 0 0 0 0 - profits (losses) in virtue of valuation transferred to equity 0 0 - transferred to the profit (loss) on sale 0 0 Instruments securing cash flows: 0 0 0 0 0 0 0 0 0 - profits (losses) transferred to equity 0 0 - profits (losses) transferred to the period financial result 0 0 - 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 787 787 787 Tax connected with the items presented in the capital or transferred from the capital 0 0 Net profit presented directly in equity 0 0 0 0 787 0 787 0 1 574 Net profit for the previous period 0 0 Net profit of the current year 180 180 180 Sum of profits and losses included in the previous period 0 0 0 0 787 180 967 0 1 934 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 31.03.2010) 5 500 223 438 457 16 761-31 644-31 631 182 881-22 182 859 Equities M inority shares To ta l e qu ity Financial Supervisory Committee 6

Status at the beginning of the reporting period (for 01.01.2011) 5 500 224 384 457 16 761-30 670-32 241 184 191-22 184 169 Changes in the accountancy rules (policy) 0 0 Correction of basic faults 0 0 Balance followed by changes 5 500 224 384 457 16 761-30 670-32 241 184 191-22 184 169 List of changes in equity in the reporting period Profits (losses) in virtue of revaluation 0 0 Investments available for sale: 0 0 0 0 0 0 0 0 0 - profits in virtue of revaluation transferred to equity 0 0 - transferred to the profit (loss) on sale 0 0 Instruments securing cash flows: 0 0 0 0 0 0 0 0 0 - profits (losses) transferred to equity 0 0 - profits (losses) transferred to the period financial result 0 0 - 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 -1 857-1 857-1 857 Tax connected with the items presented in the capital or transferred from the capital 0 0 Net profit presented directly in equity 0 0 0 0-1 857 0-1 857 0-1 857 Net profit for the previous period 0 0 Net profit of the current year 513 513 513 Sum of profits and losses included in the reporting period 0 0 0 0-1 857 513-1 344 0-1 344 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 31.03.2011) 5 500 224 384 457 16 761-32 527-31 728 182 847-22 182 825 Financial Supervisory Committee 7

BRANCH SEGMENTS Specification Segments Consolidated Automotive Other Exclusions value segment segments Financial results of the branch segments for the period from 01.01.2011 till 31.03.2011 Total revenues 45 036 3 628 47 48 711 Outside sale 45 036 3 628 47 48 711 Sale between the segments Segment results 3 581 340 3 921 Not assigned revenues 677 Not assigned costs -3 134 Net loss on the stopped activity sale Profit on the operating activity 1 464 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 01.01.2011 till 31.03.2011 Consolidated total assets 209 525 23 554-114 722 274 763 Segment assets 209 525 23 554-114 722 118 357 Investment in the associated units 0 Not assigned assets of the whole group 156 406 Consolidated total liabilities 23 994 93-114 303 274 763 Segment liabilities 23 994 93-114 303-90 216 Not assigned liabilities of the whole group 364 979 Investment costs 560 0 297 857 - tangible fixed assets 560 297 857 - intangible fixed assets 0 - investment properties 0 Amortization of tangible fixed assets 585 146 475 1 206 Amortization of intangible fixed assets 93 93 Revaluation deductions in virtue of the value 0 Other non-cash costs 0 Financial results of the branch segments for the period from 01.01.2010 till 31.03.2010 Total revenues 30 578 1 700 11 32 289 Outside sale 30 578 1 700 11 32 289 Sale between the segments Segment result 1 206 105 1 311 Not assigned revenues 202 Not assigned costs -1 493 Net loss on the stopped activity sale Profit on the operating activity 20 Financial revenues 1 521 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 01.01.2010 till 31.03.2010 Consolidated total assets 206 800 23 508-113 034 281 930 Segment assets 206 800 23 508-113 034 117 274 Investments in the associated units 0 Not assigned assets of the whole group 164 656 Consolidated total liabilities 17 201 172-112 579 281 930 Segment liabilities 17 201 172-112 579-95 206 Not assigned liabilities of the whole group 377 136 Investment costs 81 0 13 94 - tangible fixed assets 81 13 94 - intangible fixed assets 0 - investment properties 0 Amortization of tangible fixed assets 816 148 412 1 376 Amortization of intangible fixed assets 96 96 Revaluation deductions in virtue of the value loss 0 Other non-cash costs 0 Financial Supervisory Committee 8

GEOGRAPHICAL SEGMENTS Financial results of the geographical segments for the period from 01.01.2011 till 31.03.2011 Specification Holland Sweden Germany United Kingdom France Other countries Poland Total Revenues from external customers 2 034 12 840 3 375 8 088 5 365 256 16 753 48 711 Financial results od the geographical segments for the period from 01.01.2010 till 31.03.2010 Specification Holland Sweden Germany United Kingdom France Other countries Poland Total Revenues from external customers 1 962 858 1 096 7 554 6 830 214 13 775 32 289 MAIN CUSTOMERS, period from 01.01.2011 till 31.03.2011 Specification Received revenues Segment CUSTOMER 1 22 552 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, 64 200 Wolsztyn, Management Board seat: Grodzisk Wlkp., Slowianska 4, 62 065 Grodzisk Wlkp. Dependant units according to the status for 31.03.2011: Dependant unit Groclin Karpaty Sp. z o.o. with its registered seat in Uzgorod, Zakarpacki District, Ukraine, Slowianska Nadberezna 31, 88000 Uzgorod. Dependant unit Groclin Dolina Sp. z o.o. with its registered seat in Dolina, Iwanofrankowski District, Dolinski Region, Ukraine, Gruszewskiego 11, 77500 Dolina. Dependant unit Groclin Service Sp. z o.o. with its registered seat in Nowa Sol, Wojska Polskiego 34, 67 100 Nowa Sol. Dependant unit Centre of Sport Development Groclin Sp. o.o. with its registered seat in Grodzisk Wlkp., Sportowa 2, 62 065 Grodzisk Wlkp. According to the status for 31.03.2011 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., 100 000 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

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 31.03.2011. 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

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 2011. 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 2011. 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 14.02.2011 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 (2011 2021). The start of the deliveries is planned for the III rd quarter 2011. 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

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 2011 30 25 20 15 10 5 0 2011-01-03 2011-01-10 2011-01-17 2011-01-24 2011-01-31 2011-02-07 2011-02-14 2011-02-21 2011-02-28 2011-03-07 2011-03-14 2011-03-21 2011-03-28 4.4 Employment At the end of the I st quarter 2011 the employment status in the Inter Groclin Auto capital group was 1.680565 people and was higher by 114 people comparing to the status at the end of the IV th quarter 2010. 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 47.805 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 12.029 thousand and were higher by 53,9 % than the result from the same period of the previous year. Financial Supervisory Committee 12

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) 50 000 40 000 30 000 20 000 10 000 47 805 154,2% 31 013 100,0% 0 I Q 2011 I Q 2010 period (quarter) Inter Groclin Auto capital group sale revenues (in EUR thousands) 13 000 11 000 9 000 12 029 153,9% 7 818 100,0% 7 000 5 000 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

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 31.03.2011 31.03.2010 1. 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 31.03.2011 31.03.2010 1. 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 01.01 31.03.2011 01.01 31.03.2010 1. 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

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 31.03.2011 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 4.225 thousand gross profit at the level of sale result there was PLN 1.464 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

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 2011 03 31 status for 2010 12 31 1. Conditional liabilities 35 820 35 820 1.1. On behalf of associated units (in virtue) 0 0 of the granted guarantees and warranties 1.2. On behalf of other companies (in virtue) 35 820 35 820 of the granted guarantees and warranties 35 820 35 820 Conditional items, total 35 820 35 820 11. 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 47.805 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

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 13.05.2011, 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 1.474.760 shares which is 26,81% of the Inter Groclin Auto S.A. initial capital, including 382.300 shares preferential five times to the vote, which is 3.003.960 votes in total and is 42,73% votes in the Inter Groclin Auto S.A. General Meeting. Mrs. Maria Drzymała has 1.474.760 company shares which is 26,81% of the company initial capital, and has the right to 1.475.160 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 19.04.2011. 14. 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 19.04.2011. According to the status for 13.05.2011 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 13.05.2011 1.474.760 Including: 382.300 of A series preferential five times to the vote 1.092.460 of B and C series normal to the bearer Mirosława Doliwa Barbara Sikorska 5 normal to the bearer Financial Supervisory Committee 17

Supervisory Board members Number of shares Status for 13.05.2011 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

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 14001 19. 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 31.03.2011 (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

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/2011 31.01.2011 3,9345 40/A/NBP/2011 28.02.2011 3,9763 63/A/NBP/2011 31.03.2011 4,0119 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 31.03.2010 (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 2010 1 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/2010 29.01.2010 4,0616 40/A/NBP/2010 26.02.2010 3,9768 63/A/NBP/2010 31.03.2010 3,8622 The exchange rate being the arithmetic mean 3,9669 Financial Supervisory Committee 20

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 01.01.2011 till 31.03.2011 for the period from 01.01.2010 till 31.03.2010 Continued activity Sale revenues 47 675 31 081 Revenues on sales of products and services 33 904 16 862 Revenues on sales of goods and materials 13 771 14 219 Sale own cost (cost of sold products, services, goods and materials) -43 374-28 326 Cost of sold products and services -31 754-17 341 Cost of sold goods and materials -11 620-10 985 Gross profit (loss) on sale 4 301 2 755 Sale costs -197-78 Administrative costs -2 680-2 245 Other operating revenues 1 535 1 464 Other operating costs -844-1 484 Profit (loss) on operating activity 2 115 412 Financial revenues 103 1 545 Financial costs -1 169-885 Other profits (losses) on investments Profit (loss) before taxation 1 049 1 072 Income tax 136 538 Net profit (loss) on continued activity 913 534 Stopped activity Net loss on the stopped activity Net profit (loss) 913 534 Other total income from 01.01.2011 till 31.03.2011 from 01.01.2010 till 31.03.2010 - 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: 913 534 Net profit (loss) for one normal share: from 01.01.2011 till 31.03.2011 from 01.01.2010 till 31.03.2010 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

The report on the financial situation of the Inter Groclin Auto S.A. dominant unit Assets for 31.03.2011 31.12.2010 FIXED ASSETS 265 092 265 224 Intangible fixed assets 520 607 Tangible fixed assets 118 063 118 502 Investment properties 7 127 7 143 Long term financial assets available for sale Other long term financial assets 139 198 138 787 Long term receivables Assets on deferred income tax 184 185 CURRENT ASSETS 68 206 68 846 Inventories 22 735 19 908 Receivables in virtue of deliveries and services 32 464 35 922 Receivables in virtue of the current income tax Other short term receivables 2 927 3 082 Short term financial assets available for sale Short term financial assets designed for turnover Other short term financial assets Cash and its equivalents 10 080 9 934 Fixed assets classified as designed for sale TOTAL ASSETS 333 298 334 070 Equity and payables for 31.03.2011 31.12.2010 EQUITY 248 030 247 117 Company capital 5 500 5 500 Reserve capital 225 094 225 094 Capital from revaluation 461 461 Own shares Reserve capitals 16 762 16 762 The amounts included directly in the capital and referring to the fixed assets designed for sale Profit (loss) from previous years and current year 213-700 PAYABLES 76 795 78 159 Long term payables 2 659 2 531 Long term credits and loans Other long term financial payables 14 21 Other long term payables Reserve on deferred income tax 2 372 2 237 Reserves for payables in virtue of working benefits 273 273 Other long term reserves Short term payables 74 136 75 628 Short term credits and loans 44 693 48 920 Other short term financial payables 28 37 Payables in virtue of deliveries and services 22 961 21 700 Payables in virtue of current income tax Other short term payables 5 867 4 385 Reserves for payables in virtue of working benefits 441 441 Short term reserves 146 145 Payables connected with the fixed assets classified as designed for sale FUTURE PERIODS' REVENUES 8 473 8 794 Long term future periods' revenues 7 186 7 507 Short term future periods' revenues 1 287 1 287 TOTAL LIABILITIES 333 298 334 070 Financial Supervisory Committee 22