Total past-due trade receivables maturing within 31 December 2011 31 December 2010 01 January 2010
1. Receivables not subject to write-down: 17,702 32,020 35,530
Under 1 month 10,671 10,093 16,874
Between 1 month and 3 months 5,194 18,708 13,477
Between 3 month and 6 months 658 2,308 4,908
Between 6 month and 12 months 1,167 908 271
Over 12 months 12 3 -
2. Receivables subject to write-down: 5,197 1,379 1,599
Gross past-due trade receivables 22,899 33,399 37,129
Net past-due trade receivables 17,702 32,020 35,530
28. Cash and cash equivalents
Cash in bank is subject to variable interest rates which depend on the interest rate of one-day bank deposits.
Short-term deposits are established for different periods of time, depending on the current needs of the Company for cash, and are subject to interest rates set for them. As at 31 December 2011 fair value of cash and cash equivalents is PLN 2,165 thousand (31 December 2010: PLN 12,173 thousand).
The balance of cash and cash equivalents presented in the statement on cash flows consisted of the following items:
Year ended
31 December 2011 31 December 2010 01 January 2010
Cash at hand and in bank 850 7,412 1,331
Short-term deposits up to 3 months 1,300 4,761 2,139
Commercial papers 15 - 126
2,165 12,173 3,596
29. Initial and supplementary/reserve capital
29.1. Initial capital
Details as at
31 December 2011 31 December 2010 01 January 2010
Number of shares 13,550,676 13,550,676 13,553,587
Share nominal value (PLN/share) 1 1 1
Initial capital 13,550,676 13,550,676 13,553,587
As at 31 December 2011 the Company's initial capital consisted of 13,550,676 shares of the nominal value of PLN 1.00 each. In 2011 there were no changes in the Company's initial capital.
The accounting principles (policies) and additional notes to the financial statements found on pages from 9 to 51 constitute an In 2010, pursuant to art. 360 of the Code of Commercial Partnerships and Companies and resolution no. 8/2010 of the Ordinary General Meeting of Shareholders of 21 June 2010 on redemption of own shares, the Issuer's General Meeting of Shareholders decided to lower the Company's share capital from PLN 13,554 thousand to PLN 13,551 thousand. The capital was lowered by redemption of own series F shares in the number of 2,911, i.e.
to the amount of PLN 2,911.
Structure of the initial capital presenting type of preference and limitations due to a particular group of shares is outlined in the table below:
series/issue type of shares
type of privilege type of limitation of
registration date right to dividend (since date)
The entities (shareholders) holding directly and indirectly at least 5% of the Company’s share capital and at least 5% of the total votes at the General Meeting of Shareholders, given the total number of shares of 13,550,676 and the total number of votes of 15,550,676:
Status as at 31 December 2011:
Shareholder Number of shares held % of share capital Number of votes Share in the total number votes at the General
* Jerzy Pater holds the Issuer’s shares indirectly via PPHU Elżbieta i Jerzy Pater Sp. z o.o. (PPHU Elżbieta i Jerzy Pater Sp. z o.o. holds 2,375,000 shares of the Issuer, giving the holder a 17.53% share in the initial capital and a 15.27% share in the total number votes at the General Meeting of Shareholders).
** Stanisław Cymbor holds the Issuer’s shares indirectly via PPHU Iwona i Stanisław Cymbor Sp. z o.o. (PPHU Iwona i Stanisław Cymbor Sp. z o.o. holds 2,375,000 shares of the Issuer, giving the holder a 17.53% share in the initial capital and a 15.27% share in the total number votes at the General Meeting of Shareholders).
Status as at 31 December 2010:
Shareholder Number of shares held % of share capital Number of votes Share in the total number votes at the General
*Jerzy Pater holds the Issuer’s shares indirectly via PPHU Elżbieta i Jerzy Pater Sp. z o.o. (PPHU Elżbieta i Jerzy Pater Sp. z o.o. holds 2,375,000 shares of the Issuer, giving the holder a 17.53% share in the initial capital and a 15.27% share in the total number votes at the General Meeting of Shareholders).
** Stanisław Cymbor holds the Issuer’s shares indirectly via PPHU Iwona i Stanisław Cymbor Sp. z o.o. (PPHU Iwona i Stanisław Cymbor Sp. z o.o. holds 2,375,000 shares of the Issuer, giving the holder a 17.53% share in the initial capital and a 15.27% share in the total number votes at the General Meeting of Shareholders).
On 14 March 2011 The Management Board of FFiL Śnieżka S.A. was informed by AMPLICO PTE S.A. by a letter dated 11 March 2011 that AMPLICO Otwarty Fundusz Emerytalny (hereinafter referred to as the “OFE”) managed by the latter had exceeded a 10% share in the total number of votes of Fabryka Farb i Lakierów Śnieżka S.A. The threshold of 10% of votes had been exceeded as a result of a purchase transaction of the Company’s shares on 7 March 2011. Immediately before the change in shareholding, OFE had had 1,540,481 ordinary bearer shares out of the total of 13,550,676 shares, accounting for a 11.37% share in the Company’s share capital, and giving the holder 1,540,481 votes at the General Meeting of Shareholders, accounting for a 9.90% share in the total number of votes at the General Meeting of Shareholders of the Company.
At the moment, OFE holds 1,710,696 ordinary bearer shares out of the total of 13,550,676 shares, accounting for a 12.62% share in the Company’s share capital, and giving the holder 1,710,696 votes at the General Meeting of Shareholders, accounting for an 11.00% share in the total votes at the General Meeting of Shareholders of the Company.
29.2. Supplementary capital
The Company established its supplementary capital obligatorily, in accordance with the obligation applicable to joint-stock companies, to the amount of one third of initial capital, allocating 8% of pure annual profit.
Moreover, the Company voluntarily allocates a certain part of its net profit from a particular financial year to increase the supplementary capital in a certain year.
29.3. Undistributed financial result and limitations in dividend payout
Pursuant to the Code of Commercial Partnerships and Companies, the Company is obliged to establish its supplementary capital to cover losses. This capital is supplied with at least 8% of profit for a particular financial year, presented in the Company's statements until this capital reaches the amount of at least one third of the initial capital. The use of supplementary and serve capital is decided upon by the General Meeting of Shareholders; however, a part of supplementary capital in the amount of one third of share capital may be used only to cover losses presented in the financial statements and it cannot be allocated for any other purposes.
As at 31 December 2011 there are no other limitations in dividend payout.
The accounting principles (policies) and additional notes to the financial statements found on pages from 9 to 51 constitute an The General Meeting of Shareholders held on 17 June 2011 distributed the net profit for 2010 in the amount of PLN 35,963 thousand and profit from previous years in the amount of PLN 10 thousand, in total: PLN 35,972 thousand, in the following way:
dividend payout – PLN 23,036 thousand,
payment of founder certificate – PLN 719 thousand,
allocation to supplementary capital – PLN 12,217 thousand.
30. Interest-bearing bank loans and borrowings
Specification of loans and borrowings as at 31 December 2011 is as follows:
Debt owing to loans and
PLN ‘000 currency PLN ‘000 currency short-term Repayment date
Collateral Other
Bank Pekao S.A. O/Dębica 30,000 PLN 12,994 PLN 12,994 18/12/2012 registered pledge and transfer of ownership as collateral of fixed assets in the amount of PLN 9,127 thousand, mortgage securing future claims up to the amount of PLN 9,500 thousand on the property located in Pustków, including assignment of rights from insurance policy, power of attorney to dispose of current accounts of the company in Pekao S.A.
loan for financing operating activity, which can be used in PLN or convertible currencies. As at 31-12-2011 debt owing to this loan is PLN 10,571 thousand and USD 709 thousand
Bank BPH S.A. O/Dębica 5,000 PLN 575 PLN 575 18/01/2012 power of attorney to dispose of current accounts of the company in BPH
loan for financing operating activity, which can be used in PLN or convertible currencies.
Bank PKO BP S.A.O/Rzeszów
10,000 PLN 7,107 PLN 7,107 18/01/2012 mortgage securing existing or future claims on the right of perpetual usufruct and property located in Brzeźnica up to the amount of PLN 10,000 thousand including assignment of rights from insurance policy, a statement on voluntary submission for enforcement up to the amount of PLN 20,000 thousand
working capital facility
Bank PKO BP S.A.O/Rzeszów
20,000 PLN 14,000 PLN 14,000 18/01/2012 mortgage securing existing or future claims on the right of perpetual usufruct and property located in Brzeźnica up to the amount of PLN 10,000 thousand including assignment of rights from insurance policy, a statement on voluntary submission for enforcement up to the amount of PLN 40,000 thousand
working capital facility, which can be used in PLN or convertible currencies.
Podkarpacki Bank Spółdzielczy O/Dębica
1,000 PLN 511 PLN 511 29/03/2012 power of attorney to dispose of current accounts of the company in PBS, own blank bill of exchange; a statement on voluntary submission for enforcement up to the amount of PLN 2,000 thousand
working capital facility
ING Bank Śląski S.A.
O/Katowice
30,000 PLN 12,578 PLN 12,578 06/07/2012 assignment of claims with monitoring of receivables from selected trading partners covered by the insurance policy for trade credit, issued by TU EULER HERMES S.A., joint mortgage securing existing or future claims up to the amount of PLN 30,000 thousand on the property in Biała Podlaska, registered pledge up to the amount of PLN 6,600 thousand on finished goods of the warehouse in Brzeźnica, assignment of rights from the above-mentioned insurance policies: for trade credit, property and inventory, own blank bill of exchange
revolving overdraft facility As at 31-12-2011 debt owing to this loan is USD 3,681 thousand
CITI BANK HANDLOWY S.A. o/Kraków
30,000 PLN 20,892 PLN 20,892 22/02/2013 total mortgage securing future claims up to the amount of PLN 11,250 thousand on the right of perpetual usufruct of the property in Chojnice and related ownership right to a part of the building, registered pledge on inventory in Pustków up to the amount of PLN 11,000 thousand, assignment of rights from insurance policy of the above properties and inventory
currency overdraft facility As at 31-12-2011 debt owing to this loan is 374 thousand and USD 6,003 thousand USD
Bank DnB NORD Polska S.A. Warsaw
6,000 PLN 253 PLN 253 19/01/2012 mortgage securing future claims up to the amount of PLN 30,000 thousand on the right of perpetual usufruct of the property in Lubzina, registered pledge on fixed assets up to the amount of PLN 11,870 thousand, assignment of rights from insurance policy of the above property and fixed assets, assignment of claims up to the amount of PLN 5,000 thousand from selected debtors, a statement on voluntary submission for enforcement up to the amount of PLN 5,300 thousand
working capital facility
Bank DnB NORD Polska S.A. Warsaw
5,000 USD 17,076 PLN 17,076 19/01/2012 as above currency overdraft facilities As at
31-12-2011 debt owing to this loan is 4,997 thousand USD
Loans maturing in Q1 2012 have been rolled by the Company.
Debt owing to loans and borrowings as at 31 December 2011 is presented in the following table:
Loans Liabilities as at 31
December 2011
Interest rate Liabilities as at 31 December 2010
Loan in Citibank Handlowy O/Kraków 20,892 1M WIBOR + margin 18,543 17,432
Loan in PBS O/Dębica 511 1M WIBOR + margin 368 294
Loan in ING Bank Śląski O/Katowice 12,578 1M WIBOR + margin 26,032 11,497
Loan in PKO BP O/Rzeszów 14,000 1M WIBOR + margin - 19,250
Loan in DnB NORD Polska Warszawa 253 1M WIBOR + margin - -
Loan in DnB NORD Polska Warszawa 17,076 1M LIBOR + margin - -
Total loans 85,986 85,033 66,427
Borrowings 9,019 - - -
Total loans and borrowings 95,005 85,033 66,427
Loans and borrowings per currencies are presented in the table below: