Consolidated Annual Report of the AB Capital Group for the financial year 2008/2009
covering the period from July 1, 2008 to June 30, 2009
Selected financial data converted to EUR
SELECTED FINANCIAL DATA PLN M EUR M
30.06.2009 30.06.2008 30.06.2009 30.06.2008
I. Net sales of products, goods
and materials 2 839 738 3 003 828 700 737 828 140
II. Operating profit (loss)
76 509 35 412 18 879 9 763
III. Gross profit (loss) 37 478 22 544 9 248 6 215
IV. Net profit (loss) 26 969 17 122 6 655 4 720
V. Net cash flows from operating
activities 148 929 -4 517 36 750 -1 245
VI. Net cash flows from investing
activities -24 828 -118 282 -6 127 -32 610
VII. Net cash flows from financing
activities -130 519 122 399 -32 207 33 745
VIII. Total net cash flows -6 418 -400 -1 584 -110
IX. Total assets 673 012 624 786 150 575 186 270
X. Liabilities and provisions for
liabilities 409 117 423 143 91 533 126 153
XI. Long-term liabilities 6 069 20 325 1 358 6 060
XII. Short-term liabilities 403 048 402 818 90 175 120 094
XIII. Shareholders’ equity 263 895 201 643 59 042 60 117
XIV. Share capital 15 950 15 950 3 569 4 755
XV. Number of shares 15 950 002 15 950 002 15 950 002 15 950 002
XVI. Profit (loss) per ordinary
share (PLN / EUR) 1,69 1,26 0,42 0,35
XVII. Diluted profit (loss) per
ordinary share (PLN / EUR) 1,68 0,41
XVIII. Book value per share (PLN /
EUR) 16,55 12,64 3,70 3,77
XIX. Diluted book value per share
(PLN / EUR) 16,45 3,68
XX.
Dividend per share paid out or declared to be paid out (PLN / EUR)
In order to translate the Balance Sheet data as at the last day of the 2008 reporting period, i.e. June 30, 2008, the EUR exchange rate effective at NBP on this day was applied, i.e. 3.3542 EUR/PLN.
In order to translate the Balance Sheet data as at the last day of the 2009 reporting period, i.e. June 30, 2009, the EUR exchange rate effective at NBP on this day was applied, i.e. 4.4696 PLN/EUR.
To translate data of the Income Statement for the period starting on January 1, 2007 and ending on June 30, 2008, the average EU exchange rate was applied, calculated as an arithmetic mean of exchange rates effective on the last day of each month in the given period, i.e. 3.6272 PLN/EUR.
To translate data of the Income Statement for the period starting on July 1, 2008 and ending on June 30, 2009, the average EU exchange rate was applied, calculated as an arithmetic mean of exchange rates effective on the last day of each month in the given period, i.e 4.0525 PLN/EUR.
To translate data of the Cash Flow Statement for the period from January 1, 2007 to June 30, 2008, the average EUR exchange rate was adopted, calculated as an arithmetic mean of exchange rates effective on the last day of each month in the given period, i.e. 3.6272 PLN/EUR.
To translate data of the Cash Flow Statement for the period from July 1, 2008 to June 30, 2009, the average EUR exchange rate was adopted, calculated as an arithmetic mean of exchange rates effective on the last day of each month in the given period, i.e. 4.0525 PLN/EUR.
Representation of the Management Board on reliability of the financial statement
The Management Board of AB S.A. as the dominant entity of the Group represents that in view of the facts known to the Management Board as of the day of drafting hereof and based on documents owned, according to our best knowledge and acting in the best economic interest of the Group, the attached consolidated financial statement has been drafted pursuant to the International Accounting Standards, International Financial Reporting Standards and interpretations thereof published in the form of the Commission Regulations. The Statement presents in a reliable manner the Group’s assets and financial standing, the results of its operations and cash flows as at June 30, 2009, in compliance with the provisions of the above-mentioned regulations as well as the requirements of the Ordinance of the Minister of Finance of February 19, 2009 on current and periodical information provided by issuers of securities (Journal of Laws No. 33, Item 259). In accordance with the best knowledge and belief of the Management Board, the financial statement is free from any material errors or omissions. The financial statement has been drafted applying in all periods presented the uniform accounting standards adopted in the currently binding accounting policy.
Date Name and Surname Position / Function Signature
October
29, 2009 Andrzej Przybyło
PRESIDENT OF THE
MANAGEMENT BOARD
October
29, 2009 Zbigniew Mądry
MEMBER OF THE
MANAGEMENT BOARD
October
29, 2009 Grzegorz Ochędzan
MEMBER OF THE
MANAGEMENT BOARD
Declaration of the Management Board on the entity licensed to conduct audit of financial statements
Wrocław, October 29, 2009 .
Representation
The Management Board of AB S.A. declares that the entity licensed to audit the financial statements and conducting the audit of the annual financial statement of the Group, has been selected in compliance with the legal provisions and that this entity and chartered auditors performing the audit thereof met the requirements for issuing an impartial and independent opinion on audit, as required by the Polish law.
Date Name and Surname Position / Function Signature
October
29, 2009 Andrzej Przybyło
PRESIDENT OF THE
MANAGEMENT BOARD
October Zbigniew Mądry
MEMBER OF THE
MANAGEMENT BOARD
29, 2009
October
29, 2009 Grzegorz Ochędzan
MEMBER OF THE
MANAGEMENT BOARD
Letter of the President of the Management Board
Wrocław, October 29, 2009
Ladies and Gentlemen,
It is with pleasure that I present the financial statement and the report on the operations of the AB Capital Group, presenting the financial results and the most important developments of the year ended on June 30, 2009.
Consolidated economic results of AB S.A. resulting from the adopted and consistently implemented strategy of development, with particular emphasis put on expansion of the sales structure and efforts to improve the cost efficiency, especially in view of the extremely demanding macroeconomic environment. The implementation of the strategy and the very good economic results guarantee stability of the Group’s strong position in the Polish, Czech and Slovak markets.
Last year was the first full one-year reporting period after completion of the acquisition of AT Computers Holding a.s. The Group used this time to achieve product synergy effects within the Group, and to attain the first objectives in the area of organizational consolidation.
In the upcoming years, we shall put greater emphasis on the Group’s organisational consolidation and enhanced synergies with the intent to improve, already high as compared to other industry players, cost efficiency of the Group’s operations.
On behalf of the Management Board of the AB S.A. Capital Group I wish to thank all those who have contributed to the development of the Company. I direct special acknowledgements to our Shareholders who have placed their confidence in us.
I believe that our strategy of growth of value shall provide you with expected profits on invested capitals.
Yours faithfully,
Andrzej Przybyło
President of the
Management Board of AB S.A.
