amica wronki s.a. apital groupamica wronki s.a. apital group extended onsolidated quarterly...

Amica Wronki S.A. Capital Group

Extended Consolidated Quarterly Financial Statements

for the period from 1 January 2013 to 31 December 2013

Interim financial statements complying with the requirements of IAS34 „Interim Financial Reporting”

Wronki, 27 February 2014

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CONTENTS

SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP ............................ 4

SELECTED FINANCIAL DATA OF THE ISSUER ................................................................................. 5

CONSOLIDATED FINANCIAL STATEMENTS ..................................................................................... 6

SUPPLEMENTARY INFORMATION ..................................................................................................... 15

CONDENSED FINANCIAL STATEMENTS OF THE ISSUER ........................................................... 52

APPROVAL FOR PUBLICATION ........................................................................................................... 61

NOTES FROM THE MANAGEMENT BOARD ..................................................................................... 62

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Statement of The Members of The Management Board We declare that to the best of our knowledge Quarterly Condensed Consolidated Financial Statements and associated comparable data have been prepared in line with applicable accounting standards and that they present reliably and clearly the economic and financial standing of Issuer's Capital Group and its financial result, and further that the quarterly report on the activities of Issuer's Capital Group truly reflects its course of development and achievements and the situation of the issuer's financial group, including the description of fundamental threats and risks.

Signatures of all Members of the Board Date Full name Position Signature

27.02.2014 Jacek Rutkowski President of the Management Board

27.02.2014 Marcin Bilik Vice President of the Management Board responsible for Operational Affairs

27.02.2014 Wojciech Kocikowski Vice President of the Management Board responsible for Finance

27.02.2014 Tomasz Dudek Vice President of the Management Board responsible for Purchasing and Logistics

27.02.2014 Andrzej Sas Vice President of the Management Board responsible for Trade and Marketing

27.02.2014 Piotr Skubel Vice President of the Management Board responsible for Strategy and Controlling

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Selected Consolidated Financial Data of the Capital Group

thousands PLN thousands EUR

SELECTED FINANCIAL DATA 4 quarters of 2013 4 quarters of 2012 4 quarters of 2013 4 quarters of 2012

1 Net revenue from sales of products, goods and material 1,653,728 1,564,973 392,716 374,970

2 Profit (loss) on operating activities 95,371 74,334 22,648 17,811

3 Profit (loss) before tax 80,820 62,501 19,193 14,975

4 Net profit (loss) allocated to company shareholders 89,334 46,370 21,214 11,110

5 Net profit (loss) allocated to minority shareholders -320 -344 -76 -82

6 Net cash flows from operating activities 57,226 118,766 13,590 28,456

7 Net cash flows from investment activities -39,863 -55,680 -9,466 -13,341

8 Net cash flows from financial activities -66,248 -2,486 -15,732 -596

9 Total net cash flows -48,886 52,514 -11,609 12,582

10 Total assets 948,899 838,837 228,805 205,185

11 Liabilities and reserves 477,502 417,869 115,138 102,213

12 Long term liabilities 39,886 36,384 9,618 8,900

13 Current Liabilities 340,681 325,200 82,147 79,546

14 Equity capital allocated to shareholders 472,368 421,619 113,900 103,131

15 Equity capital allocated to minority shareholders -971 -651 -234 -159

16 Share capital 15,551 15,551 3,750 3,804

17 Number of shares 7,775,273 7,775,273 7,775,273 7,775,273

18 Number of own shares for disposal 0 0 0 0

19 Number of own shares for redemption 137,803 137,803 137,803 137,803

20 Profit (loss) per ordinary share 11.65 6.02 2.79 1.43

21 Book value per share (PLN / EUR) 62.47 55.82 15.06 13.65

22 Paid dividend per share (PLN / EUR) 4.58 0.00 1.10 0.00

*In order to calculate the book value per share, equity capital was increased by the value of shares presented in equity capital with a negative sign.

Financial data was converted to the euro according to the following currency exchange rates: 31.12.2013 31.12.2012 Currency exchange rates for the profit and loss account and cash flow statement 4.2110 4.1736

exchange rate for calculating the balance sheet items 4.1472 4.0882

5

Selected financial data of the Issuer

SELECTED FINANCIAL DATA

thousands PLN thousands EUR

4 quarters of 2013 4 quarters of 2012 4 quarters of 2013 4 quarters of 2012

1 Net revenue from sales of products, goods and material 1,244,760 1,202,198 295,597 288,048

2 Profit (loss) on operating activities 77,853 53,618 18,488 12,847

3 Profit (loss) before tax 81,513 48,087 19,357 11,522

4 Net profit (loss) allocated to company shareholders 95,044 38,210 22,570 9,155

5 Net cash flows from operating activities 11,893 121,777 2,824 29,178

6 Net cash flows from investment activities -29,702 -46,579 -7,053 -11,160

7 Net cash flows from financial activities -43,599 -19,485 -10,354 -4,669

8 Total net cash flows -61,408 55,713 -14,583 13,349

9 Total assets 872,305 744,600 210,336 182,134

10 Liabilities and reserves 430,349 358,031 103,769 87,577

11 Long term liabilities 38,977 35,020 9,398 8,566

12 Current Liabilities 296,589 285,686 71,515 69,881

13 Equity capital allocated to shareholders 441,956 386,569 106,567 94,557

14 Share capital 15,551 15,551 3,750 3,804

15 Number of shares 7,775,273 7,775,273 7,775,273 7,775,273

16 Number of own shares for disposal 0 0 0 0

17 Number of own shares for redemption 137,803 137,803 137,803 137,803

18 Net profit (loss) per ordinary share (PLN) 12.44 5.00 2.96 1.20

19 Book value per share (PLN / EUR) 57.45 50.33 13.85 12.31

20 Paid dividend per share (PLN / EUR) 4.58 0.00 1.10 0.00

*In order to calculate the book value per share, equity capital was increased by the value of shares presented in equity capital with a negative sign.

Financial data was converted to the euro according to the following currency exchange rates: 31.12.2013 31.12.2012 Currency exchange rates for the profit and loss account and cash flow statement 4.2110 4.1736

exchange rate for calculating the balance sheet items 4.1472 4.0882

CONSOLIDATED FINANCIAL STATEMENTS

AMICA WRONKI S.A. CAPITAL GROUP

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CONSOLIDATED BALANCE SHEET

thousands PLN

as at 31.12.2013 as at 31.12.2012

ASSETS

I. Fixed assets 414,857 353,460

1. Intangible Fixed Assets 22,310 17,354

2. Goodwill 23,752 22,903

3. Property, plant and equipment 254,107 237,175

4. Investments 21,245 21,984

4.1 Investment property 21,245 21,984

4.2 Others 0 0

5. Financial assets 8,292 6,937

5.1 Financial assets available for sale 0 0

a) in subsidiaries and affiliates 0 0

b) in other entities 0 0

5.2 Long-term loans and receivables 5,525 6,019

- for subsidiaries and affiliates 5,007 5,342

- for other entities 518 677

5.3 Other long-term financial assets 2,767 918

6. Long-term deferred charges and accruals 85,151 47,107

6.1 Deferred income tax assets 85,148 47,086

6.2 Other deferred charges and accruals 3 21

II. Current Assets 534,042 487,112

1. Inventory 201,214 155,418

2. Short-term receivables 295,724 240,220

2.1 From affiliated entities 2,295 1,397

2.2 From other entities 293,429 238,823

3. Short-term investments 34,765 86,853

3.1 Short-term financial assets 34,765 86,853

a) in subsidiaries and affiliates 2,402 2,675

b) in other entities 6,717 8,987

c) cash and other cash assets 25,646 75,191

3.2 Other short-term investments 0 0

4. Short-term deferred charges and accruals 2,339 2,886

III. Assets classified as items for sale 0 0

Total assets 948,899 838,837

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CONSOLIDATED BALANCE SHEET

thousands PLN

as at 31.12.2013 as at 31.12.2012

LIABILITIES

I. Shareholders' Equity 471,397 420,968

1. Equity capital allocated to shareholders 472,368 421,619

1.1 Share capital 15,551 15,551

1.2 Called up share capital (negative value)

1.3 Own shares (negative value) -4,726 -4,726

1.4 Supplementary capital 335,733 331,144

1.5 Revaluation reserve capital 2,345 7,611

1.6 Other reserve capitals 9,142 9,142

1.7 Exchange gain (loss) on consolidation 9,634 8,018

1.8 Profit (loss) from previous years 15,355 8,509

1.9 Net profit (loss) 89,334 46,370

1.10 Write-offs from the net profit during financial year (negative value)

2. Minority shareholders capital -971 -651

II. Liabilities and reserves 477,502 417,869

1. Reserves for liabilities 92,747 52,042

1.1 Deferred income tax reserve 0 0

1.2 Retirement benefits reserves 5,342 3,880

a) long-term 5,342 3,880

b) short-term

1.3 Other reserves 87,405 48,162

a) long-term 3,479 3,385

b) short-term 83,926 44,777

2. Long term liabilities 39,886 36,384

2.1 Towards affiliated entities

2.2 Towards other entities 39,886 36,384

3. Current Liabilities 340,681 325,200

3.1 Towards affiliated entities 1,370 1,014


4. Deferred charges and accruals 4,188 4,243

4.1 long-term 2,892 3,083

4.2 short-term 1,296 1,160

III. Liabilities associated with assets for sale

Total liabilities 948,899 838,837

Book value 477,094 426,345

Number of shares 7,775,273 7,775,273

Book value per share (PLN) 62.47 55.82

Number of shares taking into account own shares 7,637,470 7,637,470

Number of own shares 137,803 137,803

CONSOLIDATED STATEMENT OF TOTAL REVENUE thousands PLN

4 quarters of 2013 Year 2012 4th quarter 2013 4th quarter 2012

I. Net revenue from sales of products, goods and materials, including: 1,653,728 1,564,973 497,063 447,919

- from subsidiaries and affiliates 3,256 1,977 1,064 749

1. Net revenue from sale of products 1,000,337 982,569 305,887 291,335

2. Net revenue from sales of products, goods and materials 653,391 582,404 191,176 156,584

II. Costs of products, goods and materials sold, of which: 1,142,002 1,129,588 338,460 318,198

- to subsidiaries and affiliates 0 0 0 0

1. Cost of producing goods sold 652,824 671,927 199,303 211,049

2. Value of goods and materials sold 489,178 457,661 139,157 107,149

III. Gross profit (loss) on sales 511,726 435,385 158,603 129,721

IV. Sales costs 161,483 145,330 47,840 39,150

V. General administrative expenses 261,759 218,462 81,998 71,026

VI. Profit (loss) on sales 88,484 71,593 28,765 19,545

VII. Other operating revenue 27,561 21,796 18,810 11,347

1. Profit on sales of non-financial fixed assets 37 0 37

2. Subsidies 569 78 89 78

3. Revaluation of non-financial assets 4,118 3,296 3,103 -230

4. Other operating revenue 22,874 18,385 15,618 11,462

VIII. Other operating costs 20,674 19,055 8,965 4,905

1. Loss on sales of non-financial fixed assets 793 404 489 294

2. Revaluation of non-financial assets 3,196 2,317 1,550 -377

3. Other operating costs 16,685 16,334 6,926 4,988

IX. Profit (loss) on operating activities 95,371 74,334 38,610 25,987

X. Financial revenue 13,245 20,134 4,331 5,407

1. Share dividends, including: 0 0

- from subsidiaries and affiliates 0 0

2. Interest, of which: 652 552 170 283

- from subsidiaries and affiliates 401 310 86 142

3. Profit on sale of investments 0 0

4. Revaluation of investment 0 0

5. Others 12,593 19,582 4,161 5,124

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME C/D

thousands PLN

4 quarters of 2013 Year 2012 4th quarter 2013 4th quarter 2012

XI. Financial costs 27,796 31,967 9,909 9,137

1. Interest, including: 11,985 15,789 3,153 4,374

- for subsidiaries and affiliates 0 0 0 0

2. Loss on sale of investments 37 0 0

3. Revaluation of investment 0 0 0 -1,004

4. Others 15,811 16,141 6,756 5,767

XII. Profit (loss) from sales of all or part of shares in subsidiaries 0 0 0 0

XIII. Profit (loss) before tax 80,820 62,501 33,032 22,257

XIV. Income tax -8,194 16,475 3,580 6,066

1. current 28,401 10,803 8,356 -2,402

2. deferred -36,595 5,672 -4,776 8,468

XIV. Other obligatory decrease of gross profit (increased loss) 0 0 0 0

XV. Net profit (loss) share of subsidiaries and affiliates consolidated by equity method

0 0 0 0

XV. Net profit in the financial year 89,014 46,026 29,452 16,191

including: 0 0 0 0

allocated to company shareholders 89,334 46,370 29,624 16,240

allocated to minority shareholders -320 -344 -172 -49

XVI. Total other income -3,602 16,886 -4,517 2,364

1. Cash flow hedging instruments -6,375 22,601 -6,284 3,325

2. Income tax on hedging instruments 1,108 -4,673 670 -802

3. Resolution of reserves for re-evaluated fixed assets 46 46 10 23

4. Exchange gain (loss) on consolidation 1,619 -1,088 1,087 -182

XVII. Comprehensive income for the period 85,412 62,912 24,935 18,555

Net profit (loss) 89,014 46,026

Weighted average of number of ordinary shares (number of shares) 7,637,470 7,647,310

Number of shares issued 7,775,273 7,775,273


Profit (loss) per ordinary share (PLN) 11.65 6.02

CONSOLIDATED STATEMENT OF CHANGES

IN EQUITY continued

Stated capital

Supplementary capital

Non-distributed

result

Assets /own

shares/ available for sale

Net cash flow hedging instruments

Reserve from

revaluation

Other reserve capitals

Exchange gain (loss)

on consolidatio

n

Minority shareholders

capital

Total equity capital

Balance as at 1.01.2012 15,551 309,798 55,343 -1,944 -12,472 2,155 9,142 -16,432 -307 360,834

Adjustment of fundamental errors

Balance at 1.01.2012 after adjustment of fundamental error

15,551 309,798 55,343 -1,944 -12,472 2,155 9,142 -16,432 -307 360,834

Changes in equity capital in 2012, including

0 21,346 -464 -2,782 17,928 0 0 24,450 -344 60,134

Buy-back to redeem own shares

0 0 0 -2,782 0 0 0 0 0 -2,782

Share redemption 0 0 0 0 0 0 0 0 0 0

Re-booking of financial result to equity capital

0 38,421 -38,421 0 0 0 0 0 0 0

Total comprehensive income for 2012

0 46 46,370 0 17,928 0 0 -1,088 -344 62,912

Settlement of mergers of companies

0 -17,121 -8,456 0 0 0 0 25,534 0 -43

Dividends

Other changes 0 0 43 0 0 0 0 4 0 47

Balance as at 31.12.2012 15,551 331,144 54,879 -4,726 5,456 2,155 9,142 8,018 -651 420,968

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CONSOLIDATED STATEMENT OF CHANGES

IN EQUITY continued

Stated capital

Supplementary capital

Non-distributed

result

Assets /own

shares/ available for sale

Net cash flow

hedging instruments

Reserve from

revaluation

Other reserve capitals

Exchange gain (loss)

on consolidati

on

Minority shareholders

capital


Balance as at 1.01.2013 15,551 331,144 54,879 -4,726 5,456 2,155 9,142 8,018 -651 420,968

Adjustment of fundamental errors

Balance at 1.01.2013 after adjustment of fundamental error.

15,551 331,144 54,879 -4,726 5,456 2,155 9,142 8,018 -651 420,968


0 4,589 49,810 0 -5,266 0 0 1,616 -320 50,429

Buy-back to redeem own shares

0 0 0 0 0 0 0 0 0

Share redemption 0 0 0 0 0 0 0 0 0 0

Re-booking of financial result to equity capital

0 4,542 -4,542 0 0 0 0 0 0 0

Total comprehensive income for 2013

0 46 89,334 0 -5,267 0 0 1,619 -320 85,412

Settlement of mergers of companies

0 0 0 0 0 0 0 0 0 0

Dividends 0 0 -34,980 0 0 0 0 0 0 -34,980

Other changes 0 1 -2 0 1 0 0 -3 0 -3

Balance as at 31.12.2013 15,551 335,733 104,689 -4,726 190 2,155 9,142 9,634 -971 471,397

CONSOLIDATED CASH FLOW ACCOUNT

thousands PLN

Period from 1.01.2013 to 31.12.2013

Period from 1.01.2012 to 31.12.2012

I. Net profit 89,014 46,026

Income tax -8,194 16,475

II. Profit before tax 80,820 62,501

III. Total adjustments -23,594 56,265

1 Minority profit (loss) 0

2 Depreciation 28,894 24,910

3 Currency translation gains (losses) -8,644 -757

4 Interest and profit sharing (dividend) 8,244 15,855

5 Profit (loss) on investment activities 649 404

6 Change in provisions 40,705 8,540

7 Change in inventory -45,796 19,697

8 Change in receivables -63,158 14,100

9 Change in short-term liabilities excluding credits and loans 27,271 11,681

10 Cash flows related to hedging 15,165 -1,461

11 Change in prepayments and accruals 844 -330

12 Other adjustments -21,418 -13,307

13 Income tax paid -6,350 -23,067

III. Net cash flows from operating activities (I+/-II) - indirect method 57,226 118,766

B. Cash flows from investment activities

I. Inflows 23,108 19,957

1. Disposal of intangible assets and property, plant and equipment 1,039 242

2. Disposal of investments in real property and in intangible assets

3. From financial assets, including: 246 117

a) in subsidiaries and affiliates

- sale of financial assets

- dividend and profit sharing

- repayment of long-term loans

- Interest

- other inflows from financial assets



- dividend and profit sharing


- Interest 246 117


4. Other inflows from investment activities 21,823 19,598

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CONSOLIDATED CASH FLOW ACCOUNT

thousands PLN

Period from 1.01.2013 to 31.12.2013

Period from 1.01.2012 to 31.12.2012

II. Outflows -62,971 -75,637

1. Acquisition of intangible assets and property, plant and equipment -51,547 -63,975

2. Investments in real property and in intangible assets

3. For financial assets, including: -3,600 0

a) in subsidiaries and affiliates -3,600 0

- acquisition of financial assets -3,600 0

- granted long-term loans


- acquisition of financial assets


4. Dividends and other profit sharing paid out to minority shareholders

5. Other outflows from investment activities -7,824 -11,662

III. Net cash flows from investment activities (I+II) -39,863 -55,680

C. Cash flows from financial activities

I. Inflows 168,511 212,797

1.

Net inflows from issuance of shares and other capital instruments and from capital contributions

2. Credits and loans 51,498 48,213

3. Issuance of debt securities 117,013 164,584

4. Other inflows from financial activities 0

II. Outflows -234,759 -370,808

1. Acquisition of own shares -2,769

2. Dividends and other payments to shareholders -34,899

3. Profit distribution liabilities other than profit distribution payments to shareholders

4. Repayment of credits and loans -49,869 -4,250

5. Redemption of debt securities -132,704 -195,011

6. From other financial liabilities 7. Payment of liabilities arising from financial lease -6,349 -5,988

8. Interest -10,938 -15,351

9. Other outflows from financial activities

III. Net cash flows from financial activities (I+II) -66,248 -2,486

D. Total net cash flows (A.III+/-B.III+/-C.III) -48,886 52,514

E. Balance sheet change in cash, including: -49,563 52,241

change in cash due to currency translation differences 510 -514

change in cash due to consolidation 167 786

F. Opening balance of cash 74,823 22,310

G. Closing balance of cash, including 25,937 74,823

- of limited disposability

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SUPPLEMENTARY INFORMATION

TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AMICA WRONKI S.A. CAPITAL GROUP

General

IAS1.126Amica Wronki S.A. is a joint stock company registered in Poland by the District Court in Poznań – Nowe Miasto and Wilda in Poznań, 8th Commercial Division of The National Court Register on 7 June 2001 (National Court Register number KRS 17514). The Parent Company's registered office is in Wronki at ul. Mickiewicza 52. The company's core activities according to Polish business classification PKD 2007 (2751) are:

Manufacture of electrical and gas heating appliances, electrical refrigerators and washing machines,

Import of materials and export of ready products,

Wholesale and retail sales,

Sales of maintenance and repair services, heating media and financial services.

Composition of the Parent Company's Management Board as of 31.12.2013 was as follows: Jacek Rutkowski - President of the Management Board Marcin Bilik - First Vice President of the Management Board responsible for

Operational Affairs Wojciech Kocikowski - Vice President of the Management Board responsible for Purchasing Tomasz Dudek - Vice President of the Management Board responsible for Purchasing

and Logistics Piotr Skubel - Vice President of the Management Board responsible for Strategy and

Controlling

On 21 November 2013, the Extraordinary General Meeting appointed Mr Andrzej Sas to the Management Board of the Company . The Resolution on appointment of Mr Andrzej Sas came into force on 1 January 2014, upon entering in the Register of Entrepreneurs of the National Court Register of the amendments to the Articles of Association of Amica Wronki Spółka Akcyjna, made pursuant to the Resolution No. 7/2013 adopted on 21 November 2013, amending § 30 . 1 of the Articles of Amica Wronki Spółka Akcyjna by increasing the range of members of the managerial body (Management Board) of Amica Wronki Spółka Akcyjna. Composition of the Parent Company's Supervisory Board as of balance day 31.12.2013:

Tomasz Rynarzewski - Chairman of the Supervisory Board Bogdan Gleinert - Member of the Supervisory Board Wojciech Kochanek - Member of the Supervisory Board Bogna Sikorska -Independent Member of the Supervisory Board Grzegorz Golec -Independent Member of the Supervisory Board (Vice-Chairman of the

Supervisory Board) On 27 June 2013, in connection with the expiration of the term of office of Mr. Piotr Sawala (who served as Independent Member of the Supervisory Board), Mr Bogdan Gleinert was appointed to the Supervisory Board in his place (with effect from 27 June 2013).

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Amica Wronki S.A. is the parent company of the following companies: Amica International GmbH, Gram A/S, Amica Commerce sro, Hansa Rosja ooo, Amica Far East Ltd, Inteco Business Solution Sp. z o.o, Amica Handel i Marketing Sp. z o.o, Nova Panorama Sp. z o.o., Marcelin Management Sp. z o. o., Hansa Ukraina ooo which together form the Amica Capital Group. The parent company of Amica Capital Group is Holding Wronki S.A. Over 97.4% of the shares of Holding Wronki S.A. are owned by Invesco Sp. z o.o.

Description of major adopted accounting principles.

1. The basis for drawing up the consolidated financial statement

Ordinance of the Minister of Finance of 19 February 2009 regarding current and periodic information to be submitted by issuers of securities and the conditions for recognition as equivalent of the information whose disclosure is required under the laws of a non-member state (henceforth the "ordinance")

These quarterly condensed consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the EU ("IFRS"), in particular in accordance with the International Accounting Standard No. 34. As at the date of approval of these financial statements, taking into account the ongoing implementation of IFRS in the EU and the activities pursued by the Group, with regard to the accounting policies applied by the Group, the International Financial Reporting Standards differ from International Financial Reporting Standards adopted by the EU.

The International Financial Reporting Standards include standards and interpretations approved by the International Accounting Standards Board (“IASB”) and by the International Financial Reporting Interpretations Committee (“IFRIC”).

These quarterly condensed consolidated financial statements are presented in Polish zloty ("PLN"), while all the values, unless otherwise indicated, are expressed in thousand PLN.

These quarterly condensed consolidated financial statements have been prepared with the assumption that the business of the Group companies is to continue operating in the foreseeable future. On the date of approval of these financial statements, there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies.

The quarterly condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2012."

2. The differences between previously published financial data (separate and consolidated) and data presented in these financial statements for the same period.

Changes in presentation for financial income and expenses

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Pursuant to the provisions of IAS 1.35, the presentation concerning offsetting gains and losses on foreign exchange and financial instruments for 2012 was amended.

Before Adjustment After

Other financial revenue -20,596 6,138 -14,458

Other financial costs 16,512 -6,138 10,374

presentation changes related to netting of goodwill and goodwill from the merger Adjustment of consolidated data as of 31.12.2012


Intangible Fixed Assets 23,067 - 5,920 17,147

Goodwill 0 22,903 22,903

Goodwill of subsidiaries 16,983 - 16,983 0

Changes in the presentation of advances for intangible assets and fixed assets

Adjustment of separate data as of 31.12.2012


Intangible Fixed Assets 12,852 207 13,059

Property, plant and equipment 178,132 1,528 179,660

Short-term receivables 242,045 -1,735 240,310

Short-term receivables from other entities 129,856 -1,735 128,121

Adjustment of consolidated data as of 31.12.2012


Intangible Fixed Assets 17,147 207 17,354

Property, plant and equipment 235,647 1,528 237,175

Short-term receivables 241,955 -1,735 240,220

Short-term receivables from other entities 240,558 -1,735 238,823

presentation changes of cash flows related to factoring providers

Starting from the first half of 2013, the Group has changed the presentation of cash flows related to factoring providers. Prior to the change in presentation, the cash flows were presented under financing activities as other financial income and expenses for other financial liabilities. After the change, the cash flows related to factoring providers will be presented under operating activities as a change in liabilities.

19



Change in short-term liabilities 5,382 8,086 13,468

Other inflows from financial activities 155,525 -155,525 0

Expenses due to other financial liabilities -147,439 147,439 0



Change in short-term liabilities 3,595 8,086 11,681

Other inflows from financial activities 155,525 -155,525 0

Expenses due to other financial liabilities -147,439 147,439 0

changes related to netting of assets/deferred income tax provisions



Deferred income tax reserve -8,833 7,198 -1,635

Deferred income tax assets 7,198 -7,198 0



Deferred income tax reserve -9,082 9,082 0

Deferred income tax assets 56,168 -9,082 47,086

3. Accounting principles

The accounting principles (policies) applied in the preparation of the quarterly condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2012, except for the following new or amended standards and interpretations effective for annual periods beginning on or after 1 January 2013.

First phase of IFRS 9 Financial Instruments: Classification and Measurement – effective for the annual periods beginning on or after 1 January 2015 or later – until the date of approval of these financial statements, not adopted by the EU. In subsequent phases, the International Accounting

20

Standards Board deals with hedge accounting and impairment. Implementation of the first phase of IFRS 9 will affect the classification and measurement of financial assets of the Company/Group. The Company / Group will assess the effect in conjunction with other phases, when issued, to present a coherent picture,

IFRS 10 Consolidated Financial Statements - effective for annual periods beginning on or after 1 January 2013 or later - applicable in the EU at the latest for annual periods beginning on or after 1 January 2014 or later. The Company has decided to apply IFRS for the annual periods beginning on 1 January 2014,

IFRS 11 Joint Arrangements - effective for annual periods beginning on or after 1 January 2013 or later - applicable in the EU at the latest for annual periods beginning on or after 1 January 2014 or later. The Company has decided to apply IFRS for the annual periods beginning on 1 January 2014,

IFRS 12 Disclosure of Interests in Other Entities - effective for annual periods beginning on or after 1 January 2013 or later - applicable in the EU at the latest for annual periods beginning on or after 1 January 2014 or later. The Company has decided to apply IFRS for the annual periods beginning on 1 January 2014,

Amendments to IFRS 10 , IFRS 11 and IFRS 12 Transitional provisions - effective for annual periods beginning on or after 1 January 2013 or later - applicable in the EU at the latest for annual periods beginning on or after 1 January 2014 or later.

IFRS 27 Separate Financial Statements - effective for periods beginning on or after 1 January 2013 or later - applicable in the EU at the latest for annual periods beginning on or after 1 January 2014 or later. The company has decided to apply the amendments to IAS for the financial years beginning from 1 January 2014,

IFRS 28 Investments in associates and joint ventures - effective for periods beginning on or after 1 January 2013 or later - applicable in the EU at the latest for annual periods beginning on or after 1 January 2014 or later. The Company has decided to apply IAS for the annual periods beginning on 1 January 2014,

Amendments to IAS 32 Financial Instruments: Presentation: Offsetting Financial Assets and Financial Liabilities - effective for annual periods beginning on or after 1 January 2014 or later,

Amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities (published on 31 October 2012) – effective for annual periods beginning on or after 1 January 2014 – by the date of approval of these financial statements, not adopted by the EU.

IFRIC 21 Levies – effective for the annual periods beginning on or after 1 January 2014 or later – until the date of approval of these financial statements, not adopted by the EU.

Amendments to IAS 36 Recoverable amount disclosures for non-financial assets (published on 29 May 2013) – effective for annual periods beginning on or after 1 January 2014 – by the date of approval of these financial statements, not adopted by the EU.

Amendments to IAS 39 Continuing hedge accounting after derivative novations (published on 27 June 2013) – effective for annual periods beginning on or after 1 January 2014 or later – by the date of approval of these financial statements, not adopted by the EU.

The application of these amendments had no impact on the financial situation, the results of the Group operations or the scope of information presented in the Group's financial statements.

The Group has not adopted any other standard, interpretation or amendment that was issued but has not become effective yet.

21

Explanatory data required by IAS34

IAS 21. Balance valuation of items expressed in foreign currency To convert cash items expressed in foreign currencies at the balance date, average currency exchange rates published by the National Bank of Poland are used. In the event that the currency sale and currency purchase rates of a leading bank (Citi Bank Handlowy) was used as the closing exchange rate, the financial result would be reduced by 567,000 PLN.

IAS 34.16(b) seasonality or cyclicality of interim operations

The Group's operations are not seasonal or cyclical. Revenue on the domestic market is subject to slight fluctuation during the calendar year. Past analyses indicate that the highest level of sales of domestic appliances is observed during the 3rd quarter of each calendar year. The lowest demand for domestic appliances is observed in the period from April to June.

IAS34.16(c) The nature and amount of items affecting assets, liabilities, equity, net income, or cash flows that are unusual because of their nature, size, or incidence

In 2013, the parent company created an asset for deferred income tax in the amount of PLN 27,379,000. The created asset is a result of the fulfilment by the Company of two conditions for operaiton in Kostrzyńsko-Słubicka Special Economic Zone, namely:

incurring – in the zone – capital expenditures within the meaning of § 6 of the Regulation of the Council of Ministers of 10 December 2008 on the state aid granted to undertakings operating pursuant to a permission to conduct economic act6ivity in special economic zones in the amount of least PLN 45,632,000 and not more than PLN 68,448,000, the investment had to be completed by 31 October 2013;

increasing the current FTE figures by employing at least 35 new employees after obtaining permission to conduct economic activity in the zone and maintaining employment at the minimum level of 1,746 employees by 31 December 2014.

The created tax asset expresses the current nominal value of the state aid granted to the Company in the form of exemption from income tax on activities carried out in the special economic zone of up to 40% of the investment costs eligible for aid. As of the 31 October 2013, the Company did not incur all the eligible costs covered by the permission (PLN 68,448,000). The amount of public aid recognized as a tax asset represents the maximum value. By the end of December 2013, the tax asset was partially used. The Company is in the process of verifying the amount of public aid used. Detailed information in this respect will be communicated in the annual financial statements. The information on the financial instruments was presented in IAS 34.16A(j)

22

IAS34.16(d) Changes to estimates presented in previous reporting periods

Determining the balance of some of the Group's assets and liabilities requires an assessment of how uncertain events will affect these items on the balance date. Group estimates, which could significantly affect the balance of assets and liabilities refer primarily to calculation of permanent impairment loss, the economic cycle of a given fixed asset and the reserve. In this reporting period there have been no changes to estimates concerning the economic cycle of the Group's fixed assets. In the period of four quarters of 2013 when compared with the situation at the end of 2012 estimated reserves have changed as follows:

Short-term reserves Long-term reserves

31.12.2013 31.12.2012 31.12.2013 31.12.2012

Reserves for sales bonuses 12,012 7,963

Reserves for warranty repairs 21,475 16,587 3,479 5,826

Reserves for salaries and holiday leave 21,594 16,678

Reserves for retirement bonuses 5,342 3,880

Other reserves 28,845 1,108

Total other reserves 83,926 42,336 8,821 9,706

The value of PLN 28,847 thousand presented in other reserves as at 31.12.2013 includes: Reserve for marketing bonuses and commissions 25,374

Other reserves in cost of sales 1,726

Other reserves in administrative expenses 1,747

IAS34.16(e) issuances, repurchases, and repayments of debt and equity securities

During the reporting period the Group issued short term bonds on the domestic market, while at the same time repurchasing previously issued bonds. These operations in the reporting period reduced the Group's debt by 15,867,000 PLN when compared to the end of 2012. On the balance date Amica's liabilities associated with the issuance of bonds amounted to 25,894,000 PLN. Amica Wronki S.A.'s bonds in the four quarters of 2013 were issued for three-month periods. The issue agents are SGB Bank S.A and BRE Bank S.A. The base interest rate is the WIBOR rate for three-month deposits, determined two business days prior to the issue of bond, plus a fixed margin. The bonds are not collateralised; In the four quarters of 2013, the value of bonds repaid by Amica Wronki S.A. amounted to PLN 133,285,000. During the same period, Amica issued bonds which produced the receipts of PLN 117,418,000.

23

IAS34.16(f ) dividends paid (aggregate or per share) separately for ordinary shares and other shares

In accordance with Resolution No. 16/2013 of General Shareholders' Meeting of Amica Wronki S.A. dated 29 June 2013 the Company calculated the gross dividend for shareholders of 4.58 PLN per share. The value of the dividend payable at the date 16 July 2013 amounted to PLN 34,979,612.60. Dividend payment date in accordance with the resolution was set for 30 July 2013. A part of the net profit for the year 2012 in the amount of PLN 34,979,612.60 (profit for the year 2012 amounted to PLN 38,210,184.21) was allocated to pay out the dividend.

IAS14.16(g) revenue and results attributable to individual Group's business segments

Amica Wronki S.A. Capital Group is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki. The company produces heating appliances which includes range cookers, gas and electric hobs, gas-electric free-standing as well as built-in cookers. Commercial activities include mainly trade in refrigeration appliances, washing machines and small household appliances. Starting from 2012, the Group has redefined the business segments in line with its current business strategy. The process came to the end in the first quarter of 2013. The current data relating to individual segments, in comparison to the data presented in 2012, are distinguished by more detailed allocation of other costs to particular business segments. In addition to the segmentation, the revenues relating to trade in materials and the sale of services as well as the costs attributable to such revenue and all other revenues and expenses not directly attributable to segments were disclosed. The geographical segment which supplements the information concerning the Group's business activities presents revenue by location of the company's clients. Presented below are data from the regions where the Group achieves the highest turnover. Revenue and costs, which can be directly attributed to business segments are sourced directly from properly allocated documents.

The table below presents revenue and results attributable to individual segments of activity for four quarters of 2013 (figures presented in thousands of PLN). The data contained in the table for the four quarters of 2013 are distinguished by more detailed allocation of other costs to particular business segments than the data presented in 2012.

For the period from 1.01 to 31.12.2013 Free-standing

heating equipment

Built-in heating equipment

Other heating equipment

Goods Other Total

Revenue from external customers, net of sales bonuses. 669,209 251,678 112,263 592,249 28,329 1,653,728

Own sales costs 449,902 162,326 69,031 440,021 20,722 1,142,002

Revenue from inter-segmental sales

Gross profit margin on sales 219,307 89,352 43,232 152,228 7,607 511,726

Operating expenses allocated to the segment 110,731 52,092 21,369 134,390 318,581

Operating sector result 108,577 37,260 21,863 17,838 7,607 193,145

Result from other operating activities and non-allocated costs

-97,774

Group's operating profit 95,371

Result from financial activities -14,551

Group's gross profit 80,820

Obligatory result burden -16 17 -68 12 -1 8,194

Group's net profit 89,014

25

To maintain comparability of the results from individual segments for the four quarters of 2013 with the data presented in 2012, the

segmentation was presented according to rules applied in 2012.

For the period from 1.01 to 31.12.2013 Free-standing

heating equipment



Goods Other Total


Own sales costs 449,902 162,326 69,031 440,021 20,722 1,142,002

Revenue from inter-segmental sales





-224,939




Obligatory result burden 8,194


26

The table below presents revenue and results attributable to individual segments of activity for 2012 (figures presented in thousands of PLN).

for the period from 1.01 to 31.12.2012 Free-standing

heating equipment



Goods Other Total


Own sales costs 441,666 152,213 62,707 397,530 75,472 1,129,588

Revenue from inter-segmental sales 0





-216,623




Obligatory result burden -16,475


Sales revenue by geographic area The Group's revenues divided geographically into areas which the Group differentiates according to the

location of the external clients are presented below.

Country 1.01-31.12.2013 1.01-31.12.2012

Poland 592,548 549,038

Germany 318,358 295,351

Russian Federation 434,214 435,420

Scandinavia 148,340 142,727

the Czech Republic, Slovakia 31,453 41,623

United Kingdom 33,830 25,456

Other countries 94,985 75,358

TOTAL 1,653,728 1,564,973

* Revenues include all activities of the Group, i.e. the products (household appliances), services, materials from all Group companies.

The Group sells its products to individual clients both on the domestic market and European markets. In

Germany its products are distributed through a subsidiary Amica International, which is fully controlled by

Amica Wronki S.A. In North Europe sales are conducted partly through Gram, a subsidiary of Amica

Wronki S.A. A similar sales model is used in the Czech Republic and Slovakia where sales are conducted

through the subsidiary Amica Commerce. Sales on Russian markets is conducted primarily by a subsidiary

Hansa. Sales in the United Kingdom and South-Eastern Europe are carried out under agency agreements.

The Group's revenue from external clients is presented divided geographically into areas which the Group differentiates according to the location of the external clients.

Information concerning main clients. Due to the need for commercial confidentiality, Group does not disclose data on key customers. IAS34.16(h) material events subsequent to the end of the quarterly period that have not been reflected in the financial statements for the period.

After the day of balance statement there were no events that would materially impact the financial position of the Amica Group. IAS34.16A(h) Relevant disclosures related to the restructuring

28

On 26 June 2013, the Management Board of Amica Wronki S.A. adopted a resolution on the reorganization of the Company's organizational structure and relocation of the Department of Trade to a subsidiary Amica Marketing Sp. z o.o. whose name was changed to Amica Handel i Marketing Sp. z o.o. On 26 August 2013, Amica Wronki S.A. and Amica Trade and Marketing signed the Employers' Agreement, whereby the existing employees of Amica Wronki employed in: Product Management Department, Domestic Sales Department, Planning Department, Price Analysis and Management Department and Foreign Markets Development Department were transferred to Amica Handel i Marketing, On 1 September 2013, as a result of the described reorganization in Amica Wronki S.A. a group of 45 employees was separated and transferred to Amica Handel i Marketing. The purpose of transferring the sales activities to Amica Handel i Marketing was: - creating a complete and professional sales and marketing competence in Amica Group, - preparing the structure for implementation of future strategic plans of Amica Group, - improving coordination of works and communication between marketing communications department and other departments within the Sales and Marketing Division. IAS34.16A(j) Relevant disclosures related to the financial instruments Information in respect of transactions related to the financial instruments

In accordance with its Hedging Policy the Group entered in prior periods into forward contracts, which hedge:

o future revenues from export sales in euros, whose positive fair value at 31.12.2013 amounted to PLN 4,519,000. The positive value from valuation of forward contracts was re-booked to revaluation reserve capital, as a result of which, after recognition of assets for deferred tax, revaluation capital from financial instruments was PLN 3,530,000 on the balance date. In the reporting period, the value of capital from valuation of these contracts increased by PLN 12,153, 000.

o future revenues from export sales in GBP, whose positive fair value revealed under revaluation reserve capital as at 31.12.2013 amounted to PLN 542,000. Valuation of forward contracts, after recognition of assets for deferred tax, amounted to PLN 439,000 on the balance date. In the reporting period, the increase in the equity due to concluded hedge forward contracts amounted to PLN 1,905,000. Furthermore, valuation of contracts hedging future revenue from export sales in GBP, recognised directly in the financial result, amounted to PLN 397,000 as at 31.12.2013.

o future revenues from export sales in CZK, whose positive fair value at 31.12.2013 amounted to PLN 594,000. The positive value from valuation of forward contracts was re-booked to revaluation reserve capital, as a result of which, after recognition of assets for deferred tax, revaluation capital from financial instruments was PLN 481,000 on the balance date. In the reporting period, the value of capital from valuation of these contracts increased by PLN 960, 000. Furthermore, valuation of contracts hedging future revenue from export sales in CZK, recognised directly in the financial result, amounted to PLN 1,803,000 as at 31.12.2013

29

o future revenues from export sales in RUB, whose positive fair value as at 31.12.2013 amounted to PLN 4,000 were disclosed entirely under the financial result.

o future purchases of goods and materials in CNY, whose negative fair value as at 31.12.2013, allocated to the revaluation reserve capital amounted to PLN 4,965,000. In the reporting period, a change in the capital due to the concluded hedging forward contracts amounted to PLN 7,337,000 and after recognition of deferred tax assets as at the balance sheet date, the negative valuation of contracts re-booked to the revaluation capital amounted to PLN 4,096,000.

o future purchases of goods and materials in USD, whose negative fair value as at 31.12.2013, allocated to the revaluation reserve capital amounted to PLN 511,000. In the reporting period, a change in the capital due to the concluded hedging forward contracts amounted to PLN 677,000 and after recognition of deferred tax assets as at the balance sheet date, the negative valuation of contracts re-booked to the revaluation capital amounted to PLN 414,000.

o In line with the company's hedging policy, the Group also entered into an IRS transaction hedging against credit interest rate risk, whose positive fair value as at 31.12.2013 amounted to PLN 457,000. The fair value of the IRS, reduced by assets for deferred income tax was recognised in revaluation reserve capital in the amount of PLN 219,000, while the part of the transaction not satisfying the Security Policy, adjusted for deferred tax has been recognized in the financial result in the amount of PLN 151,000.

On the balance day of 31.12.2013 the Group had opened: AMICA WRONKI S.A.:

forward contracts to the total nominal value of 48.0m EUR, hedging expected foreign currency cash flows arising from export revenues calculated as a surplus of revenue over the costs expressed in EUR (net currency position of the profit and loss account), to settle in the following years:

to be settled by 31.12.2014 - 30.0m EUR to be settled after 31.12.2014 - 18.0m EUR;

forward contracts of the total nominal value of 9.8m GBP hedging expected cash flows in GBP relating to export revenue (net currency item on profit and loss account); all due for settlement within 12 months

to be settled by 31.12.2014 - 2.8m GBP to be settled by 31.12.2014 - 7.0m GBP;

forward contracts to the total nominal value of 195.0m CZK, hedging expected foreign currency cash flows arising from export revenues calculated as a surplus of revenue over the costs expressed in CZK (net currency position of the profit and loss account), to settle in the following years:

to be settled by 31.12.2014 - 160.0m CZK

30

to be settled after 31.12.2014 - 35.0m CZK

forward contracts to the total nominal value of 70.0m RUB, hedging expected foreign currency cash flows arising from export revenues calculated as a surplus of revenue over the costs expressed in RUB (net currency position of the profit and loss account), tall due for settlement within 12 months:

a forward contract to the total nominal value of 315.0m CNY hedging expected cash flows in CNY relating to import purchases; due for settlement in the following years:

to be settled by 31.12.2014 - 240m CNY to be settled after 31.12.2014 - 75.0m CNY

A forward contract to the total nominal value of 6.0m USD hedging expected cash flows in USD relating to import purchases; all due for settlement in 12 months

the IRS transactions hedging the interest rate risk of loans with a nominal amount of PLN 47.5m

AMICA INTERNATIONAL:

forward contracts to the total nominal value of 189.0m CNY hedging expected cash flows relating to import purchases.

Amica COMMERCE:

A forward contract to the total nominal value of 2.9m EUR hedging expected cash flows relating to import purchases; all due for settlement in the following years:

to be settled by 31.12.2014 - 2.4m EUR to be settled after 31.12.2014 - 0.5m EUR

The Group uses derivative instruments to minimise the translation risk for the currencies in which some sales and purchase transactions are conducted. Most of the derivative instruments were designated by the Group as cash flow and fair value hedges in accordance with the requirements of IAS 39 (Derivative hedging instruments). The other derivative instruments, although from the economic side they safeguard the Group against currency translation risk, do not constitute formal hedges in the understanding of IAS 39, and are thus treated as instruments for trading (trade derivatives). All derivative instruments are valued at their fair market value, established based on data from the market (exchange rates, interest rates).

31

31.12.2013 31.12.2012

Fixed assets:

Trade derivatives

Hedging derivatives 2,617 773

Long-term derivatives 2,617 773

Current assets:

Trade derivatives 4

Hedging derivatives 6,215 8,698

Hedging derivatives - ineffective 228 63

Short-term derivatives 6,447 8,761

Assets - derivatives 9,064 9,534

Long term liabilities:

Trade derivatives

Hedging derivatives 1,207

Long-term derivatives 1,207

Short term liabilities:

Trade derivatives


Short-term derivatives 4,986 2,666

Liabilities - derivatives 6,193 2,666

Information on the fair value of financial instruments

The Group did not establish a fair value of stocks and shares of stock exchange unlisted companies due to the difficulty in reliably assessing their fair value. Stocks and shares in stock exchange unlisted companies included in the category of financial assets available for sale are valued at purchase price taking impairment loss into consideration.

The fair value is defined as the sum for which a given asset could be exchanged, and liability

executed, under market conditions between well informed, interested and unconnected parties. In the

case of financial instruments for which there exists an active market, their fair value is established based

on parameters from the active market (sale and purchase prices). In the case of financial instruments for

which there is no active market, the fair price is established according to evaluation techniques, with

initial data of the model used at a maximum level being variable and coming from active markets

(exchange rates, interest rates, etc).

The table below presents the financial assets and liabilities measured by the Group at fair value, categorised at a defined level in the fair value hierarchy:

level 1 - listed prices (unadjusted) from active markets for identical assets and liabilities, level 2 - initial data for valuation of assets and liabilities, other than prices noted as part of level 1,

observable based on variables from active markets,

32

level 3 - initial data for valuation of assets and liabilities, not established based on variables from active markets.

Class of financial instrument Level 1 Level 2 Level 3 Total fair market

value

As at 31.12.2013

Assets:

Shares in stock-exchange listed companies

Stock, shares in companies not listed on stock exchange*


Hedging derivatives

Trade derivatives

8,832 4

8,832

4

Debt securities at fair value

Total assets 0 9,064 0 9,064

Liabilities:

Trade derivatives


Loans at fair value

Total liabilities 0 6,193 0 6,193

Net fair value 0 2,871 0 2,871

As at 31.12.2012

Assets:

Shares in stock-exchange listed companies 0

Stock, shares in companies not listed on stock exchange* 0



Debt securities at fair value

Total assets 0 9,534 0 9,534

Liabilities:

Trade derivatives


Loans at fair value

Total liabilities 0 2,666 0 2,666

Net fair value 0 6,868 0 6,868

* This item does not include stocks and shares valued at purchase price, as reliable determination of fair value is not possible.

During the reporting period there were no significant transfers between levels 1 and 2 of the fair value of

instruments.

IAS34.15B(m) changes in contingent liabilities or contingent assets, which occurred in the period of four quarters of 2013

To subsidiaries 31.12.2013 31.12.2012

Surety on payment of liabilities

Guarantee of payment to LLC " BEKO" in the amount of EUR

625,000

Corporate contract of surety for HSBC for the amount of

4,000,000 USD


4,000,000 USD


500,000 EUR


500,000 EUR

The contract of a corporate surety for Deutsche Bank AG

for an amount of 500,000 EUR

The contract of a corporate surety for Deutsche Bank Polska for an amount of

550,000 EUR

Corporate contract of surety for Deutsche Bank for the amount of 300,000 EUR

The contract of a corporate surety for Deutsche Bank Polska for an amount of

1,500,000 EUR

Corporate contract of surety for Deutsche Bank for the amount of 3,000,000 EUR

The contract of a corporate surety for Deutsche Bank

Polska S.A. for an amount of 1,000,000. EUR


Polska S.A. for an amount of 500,000. EUR

The contract of a corporate

surety for Deutsche Bank Polska S.A. for an amount of

5,000,000. EUR Corporate surety for BNP Paribas Factor A/S for an amount of 4,800,000 EUR


Polska S.A. for an amount of 5,000,000. EUR

IAS16.73(e) Changes in fixed assets

Land Buildings

and structures

Machines and

equipment

Means of transport

Other tangible assets:

Property, plant and

equipment in

production

Advance payments for

property, plant and

equipment in production

Total fixed assets

As at 31.12.2013

Gross balance 4,300 152,086 176,855 15,220 79,602 12,767 414 440,830

Accumulated depreciation and adjustment write-offs

27,036 100,838 9,500 47,882 1,881 187,137

Net balance 4,300 125,050 76,017 5,720 31,720 10,886 414 254,107

Reclassified as fixed assets designated for sale.

Adjusted net balance 4,300 125,050 76,017 5,720 31,720 10,886 414 254,107

As at 31.12.2012

Gross balance 4,301 142,844 159,640 13,589 73,528 11,970 1,528

407,400 Accumulated depreciation and adjustment write-offs

23,675 92,388 8,777 43,321 2,064 170,225

Net balance 4,301 119,169 67,252 4,812 30,207 9,906 1,528 237,175


Adjusted net balance 4,301 119,169 67,252 4,812 30,207 9,906 1,528 237,175

35

Land Buildings

and structures

Machines and

equipment

Means of transport

Other tangible assets:

Property, plant and


Advance payments for

property, plant and


Total fixed assets

For the period from 1.01 to 31.12.2013

Net carrying value on 1.01.2013 4,301 119,169 67,252 4,812 30,207 9,906 1,528 237,175

Acquisition through merging economic entities 267 267

Acquisition of the Company 49 187 3 16 255

Increases (purchase, production, leasing) 8,451 21,693 3,673 7,889 41,009 82,715

Decreases (sales, liquidation, adoption as intangible assets) (-)

741 -5,066 -2,054 -2,012 -43,912 -1,114 -53,417

Other changes (reclassification, transfer, etc.) -1 -351 -787 -301 3,867 2,427

Depreciation in accordance with the depreciation plan (-)

-3,459 -12,936 -2,268 -6,240 -24,903

Depreciation write-offs for liquidated or sold assets.

99 5,236 2,335 1,933 9,603

Net translation gain (loss) (+/-) 2 9 -26 -15

Net carrying value on 31.12.2013 4,300 125,050 76,017 5,720 31,720 10,886 414 254,107

36

IAS38.118(e) Changes in intangible assets and goodwill

Trademarks Patents and

licenses Computer software

Cost of completed developme

nt work

Goodwill Other

intangible assets

Intangible assets being developed

Advance payments

for intangible

assets

Intangible assets total

As at 31.12.2013

Gross balance 7,279 5,584 10,706 7,889 32,006 5,034 3,707 0 72,205


275 5,305 6,505 4,042 8,254 1,762 0 0 26,143

Net balance 7,004 279 4,201 3,847 23,752 3,272 3,707 0 46,062


Adjusted net balance 7,004 279 4,201 3,847 23,752 3,272 3,707 0 46,062

As at 31.12.2012

Gross balance 7,362 5,789 14,818 5,883 33,718 1,996 2,868 207 72,641


253 5,532 11,648 3,092 10,815 1,044 32,384

Net balance 7,109 257 3,170 2,791 22,903 952 2,868 207 40,257


Adjusted net balance 7,109 257 3,170 2,791 22,903 952 2,868 207 40,257

37

Trademarks Patents and

licenses Computer software

Cost of completed

development work

Goodwill Other

intangible assets

Intangible assets being

developed

Advance payments

for intangible

assets

Intangible assets total

For the period from 1.01 to 31.12.2013

Net carrying value on 1.01.2013 7,109 257 3,170 2,791 22,903 952 2,868 207 40,257

Acquisition through merger 324 324

Acquisition of the Company 18,860 10 18,870

Increases (purchase, production, leasing) 193 2,223 2,006 4,232 3,519 12,173

Decreases (sales, liquidation, adoption as intangible assets) (-)

-397 -6,352 -20,040 -1,339 -10,601 -38,729

Other changes (reclassification, transfer, etc.) -25 1,050 0 7,921 -207 8,739

Depreciation in accordance with the depreciation plan (-)

-21 -131 -1,056 -950

-813 -2,971

Depreciation write-offs for liquidated or sold assets.

357 6,225 846 7,428

Net translation gain (loss) (+/-) -84 16 133 -94 -29

Net carrying value on 31.12.2013 7,004 279 4,201 3,847 23,752 3,272 3,707 0 46,062

38

IFRS 7.8 Categories of financial assets and liabilities

Financial assets *Categories of financial instruments according to IAS 39

Total L&R AFV-T AFV-F IHD AAS HD C

Non-IAS 39

As at 31.12.2013

Fixed assets:

Receivables and loans 5,525 5,525

Derivative financial instruments 2,617 2,617

Other long-term financial assets 150 150

Current assets: 0

Receivables from deliveries and services and other receivables. 283,391 12,333 295,724

Loans 2,672 2,672

Derivative financial instruments 4 6,443 6,447

Other short-term financial assets 0

Cash and equivalents 25,646 25,646

Total financial asset category 291,588 4 0 0 0 9,060 25,646 12,483 338,781

As at 31.12.2012

Fixed assets:

Receivables and loans 6,019 6,019

Derivative financial instruments 773 773

Other long-term financial assets 145 145

Current assets: 0

Receivables from deliveries and services and other receivables. 215,457 24,763 240,220

Loans 2,889 2,889

Derivative financial instruments

8,761 8,761

Other short-term financial assets 12 12

Cash and equivalents 75,191 75,191

Total financial asset category 226,100 0 0 0 0 9,534 75,191 24,920 334,010

39

Financial liabilities *Categories of financial instruments according to IAS 39

TOTAL (LFV-T) (LFV-F) (LAC) (HD) (outside IAS39)

As at 31.12.2013


Credit, loans and other debt instruments 29,743 29,743

Financial leasing 8,027 8,027


Other liabilities 909 909


Liabilities from deliveries and services and other liabilities. 194,441 46,126 240,567

Factoring of liabilities 34,453 34,453

Credit, loans and other debt instruments 53,971

53,971



Total financial liabilities category 0 0 313,517 6,193 60,857 380,567

As at 31.12.2012


Credit, loans and other debt instruments 23,581 23,581


Derivative financial instruments 0

Other liabilities 1,363 1,363


Liabilities from deliveries and services and other liabilities. 191,166 21,750 212,916

Factoring of liabilities 28,129 28,129

Credit, loans and other debt instruments 74,922

74,922



Total financial liabilities category 0 0 319,161 2,666 39,757 361,584

Inventory

31.12.2013 31.12.2012

Materials 38,997 40,483

Semi-finished products and production in progress

6,821 5,449

Finished products 48,455 40,202

Goods * 96,526 56,904

Spare parts 10,415 12,380

Total 201,214 155,418

*The increase in the level of goods as at 31.12.2013, compared to 2012 is the result of an increase in sales in this segment in the Group. Short-term receivables

31.12.2013 31.12.2012

a) from subsidiaries and affiliates 2,295 1,397

- from deliveries and services 2,295 1,397

b) from other entities 293,429 238,823

- from deliveries and services 275,442 213,835

- from tax, customs, social security and other benefits

10,698 21,405

- advance payments 1,635 3,358

- other receivables 5,654 225

Net short-term receivables, total 295,724 240,220

c) allowance for collectible accounts 10,592 9,569

Gross short-term receivables, total 306,316 249,789

Receivables from deliveries and services - maturing after balance date:

31.12.2013 31.12.2012

up to 1 month 96,616 90,882

1 to 3 months 138,216 82,115

3 to 6 months 1,912 3,308

6 months to 1 year 5,360 0

more than 1 year 846 499

overdue receivables 45,379 47,997

Gross receivables 288,329 224,801

allowance for collectible accounts 10,592 9,569

Total net receivables 277,737 215,232

*a significant increase in the level of trade receivables in fourth quarter of 2013 compared to 2012 is the consequence of a conscious reduction in the level of factoring.

41

Contractual conditions for final repayment of loans and debt instruments (according to the payment of the last instalment):

31.12.2013 31.12.2012

up to 12 months 43,943 49,027

to 3 years 29,743 23,581

to 5 years 0 0

Total 73,686 72,608

Identification of other short term and long term liabilities (excluding long-term and short-term loans credits and debt instruments):

31.12.2013 31.12.2012

Long term liabilities 10,143 12,803

- liabilities from leasing agreements 8,027 11,440

- other financial liabilities (including derivative instruments) 2,116 1,363

Current Liabilities 286,710 250,278

- liabilities from subsidiaries and affiliates 1,370 1,014

- trade liabilities due to other entities 193,071 190,152

- regulatory liabilities 37,508 14,849

- liabilities from remuneration 7,580 6,901

- other liabilities; leasing, derivative instruments, factoring 46,143 33,166

- other liabilities 1,038 4,196

- advance payments for deliveries 0 0

Total 296,853 263,081

Liabilities from deliveries and services according to due dates:

Liabilities from deliveries and services 31.12.2013 31.12.2012

up to 1 month 91,184 95,628

1 to 3 months 70,678 68,632

3 to 6 months 3,517 2,916

6 months to 1 year 0 666

more than 1 year 524 382

overdue liabilities 28,539 22,943

Total 194,441 191,166

42

IAS 1.93 Costs by type

1.01-31.12.2013 1.01-31.12.2012

Depreciation of fixed assets and intangible assets 28,894 24,061

Use of materials and energy 601,511 600,291

Third-party services 108,600 109,485

Taxes and fees 5,371 4,558

Salaries 142,534 126,993

Cost of employee benefits 27,347 23,664

Other costs by type 146,460 150,242

Total costs by type 1,060,717 1,039,294

Change in product inventory 22,330 5,884

Cost of products manufactured for own needs -6,981 -9,459

Cost of sales (negative) -161,483 -145,330

General administrative expenses (negative) -261,759 -218,462

Cost of producing goods sold 652,824 671,927

Internal cost of goods, materials and spare parts sold 489,178 457,661

Other remaining operating revenue

1.01.2011-31.12.2013 1.01.2010-31.12.2012

Other operating revenue 22,874 18,385

bonuses received on purchases 9,821 10,535

subsidies to fixed assets 569 439

reimbursement of international VAT payments 21 456

compensation received 8,049 3,785

income from additional warranty 76 117

reversal of reserves 777 428

surplus on inventory 69 594

leasing of investments 660 244

other items 2,100 1,239

free shipments 732 548

43

Other operating costs

1.01.2011-31.12.2013 1.01.2012-31.12.2012

Other operating costs 16,685 16,334

replacement of faulty equipment 450 849

shortages and damage 110 709

Donations 914 1,056

compensation for former employees 6 13

inventory scrapping 4,722 8,564

penalties and fines 163 193

registered receivables 4,525 1,922

depreciation and tax on fixed property and long-term investments 1,212 1,202

creation of a provision for retirement benefits 393 114

contributions to community organizations 198 156

costs of Company's social benefit fund 174 22

permanent impairment loss on assets * 3,513 0

other operating costs 305 1,534

*Impairment of goodwill of AGD Media

Transactions with subsidiaries IAS1.126(c) IAS24.12 Amica Wronki is controlled by Holding Wronki, owning 41.08 % of Amica Wronki SA shares. The remaining shares are owned by many shareholders, including employees. Shareholders holding more than 5% of the shares of Amica Wronki SA are listed on page 40. The holding entity of the highest order is a natural person who owns (indirectly) over 97.4 % of shares in Holding Wronki S.A.; This entity does not publish financial reports available to the public. IAS27.40 Subsidiaries of the Company subject to consolidation during the four quarters of 2013:

Name and country of the subsidiary's registered office

% of owned shares in the subsidiary

The nature of predominant activity

Gram A/S, Denmark 100 Trade in Amica products in Scandinavia

Amica Commerce, the Czech Republic 100 Trade in Amica products in the Czech Republic and Slovakia

Hansa Russia 100 Commerce

Hansa Ukraine 100 Commerce

Amica International 100 Commerce

Amica Far East 100 Commerce and provision of services

Amica Handel i Marketing Sp. z o.o. 100 AMICA brand management, marketing activity

Nova Panorama Sp. z o.o. 100 Lease of retail space

Nowe Centrum Sp. z o.o. 100 Lease of warehouse space

Inteco Business Solutions Sp. z o.o. 80 Consulting and IT services

Marcelin Management Sp. z o. o. 100 Provision of services

All consolidated subsidiaries prepared the financial statements as at 31.12.2013.

44

IFRS 3 Business Combinations

On 21 June 2013, the Parent company acquired Marcelin Management Sp. z o. o. The purchase price (PLN 3,600 thousand) covered 100 % of the acquired shares.

The goodwill presented in the consolidated statements as of the acquisition date 4,229

Purchase price of shares 3,600

Acquired assets and liabilities of Marcelin Management Sp. z o.o.: FIXED ASSETS 265

Intangible Fixed Assets 10

Fixed assets 255

CURRENT ASSETS 1,461

Short-term receivables 1,149

Cash 141

Short-term deferred charges and accruals 171

LIABILITIES -2,355

Short-term loan liabilities -470

Current Liabilities -1,880

Short-term deferred charges and accruals -5

The main purpose of the acquisition was to simplify and make more transparent the capital structure of Amica Group's non-core business relating to the management of commercial properties, in particular:

• concentrating all the non-core activities related to real estate on this entity,

• establishing long-term and comprehensive property management strategy within Amica Group,

• acquiring competence in the commercial space management,

• optimization of the operating costs management (including purchase, costs of maintenance,

investment)

• exploiting the potential of the exclusive catering service for the stadium in Poznan.

In October this year, the combined Management Boards of Marcelin Management and Hotel Olympic

decided to merge. As a result of this transaction, as at 31.12.2013 Hotel Olympic Sp. z o.o. ceased to

exist, while the current operations of the Company and its assets was taken over by Marcelin

Management.

On 2.10.2013, within the framework of restructuring of Amica Group, 100 % of shares of AGD Media Sp. z o. o. – previously owned by the parent company – were acquired by Amica Handel i Marketing Sp. z o. o. The combined Management Boards of Amica Handel i Marketing Sp. z o.o. and AGD Media Sp. z o.o. made a decision on the merger. As a result of this transaction AGD Media Sp. z o. o. ceased to exist as of 30.12.2013. The existing operations and assets of the company have been integrated into Amica Handel i Marketing Sp. z o.o.

IAS24.17,22 entities affiliated with Amica according to the provisions of IAS 24:

45

Entities affiliated with the Parent Company include key management staff, subsidiaries subject to consolidation and subsidiaries excluded from consolidation, as well as other affiliated including entities controlled by Amica's owners. Subsidiaries include:

Consolidated subsidiaries - related companies

Parent companies: Holding Wronki S.A, Invesco Sp. z o. o

Entities affiliated by key personnel*: KKS Lech Poznań, Amicis Foundation

*The key staff includes the executives of Amica Wronki S.A.

Related party transactions carried out in the four quarters of 2013 were largely of commercial nature and were entered into on market conditions and these transactions resulted from current operational activities conducted by these companies. The largest by value group of typical transactions with affiliated entities were operations associated with the sales of products and goods produced by Amica Wronki S.A. List of commercial transactions with affiliated entities

Name of the subsidiary Revenues from core business Cost of core business

31.12.2013 31.12.2012 31.12.2013 31.12.2012

Holding Wronki SA 44 42 2,827 2,819

KKS LECH Poznań 3,144 1,128 1,245 2,609

Sports club 10

Invesco Sp. z o.o. 21 26

Marcelin Sp. z o.o. 726 58

Fundacja Amicis (Amicis Foundation)

47 45

Total 3,256 1,977 4,072 5,486

Name of the subsidiary Trade receivables Trade liabilities

31.12.2013 31.12.2012 31.12.2013 31.12.2012

Holding Wronki SA 7 10 372 563

KKS LECH Poznań 2,278 773 998 373

Marcelin Sp. z o.o. 582 78

Invesco Sp. z o.o. 6 28 0

Fundacja Amicis (Amicis Foundation)

4 4

0

Total 2,295 1,397 1,370 1,014

There were no allowances for impairment losses on receivables from subsidiaries and affiliates, and thus no costs for this item were included in the profit and loss account. As at 31.12.2013, the balance of receivables attributable to loans granted to affiliates amounted to PLN 7,409,000 including interest owed to the Group.

46

MSR37.14a Recognition of Provisions. According to the provisions of the Act on recycling of used electrical and electronic appliances, the company is obliged to organise and finance recycling of used household appliances. The obligation to create a reserve to finance these activities results from paragraph 14 lit. a IAS 37. Interpretation IFRIC 6 „Liabilities arising from Participating in a Specific Market – Waste”, as the agreed interpretation of the provisions of paragraph 14 section a IAS 37. IFRIC 6 concludes that the event that triggers liability recognition an obligation to create the reserve is participation in the market during a measurement period. Consequently, the obligation resulting from the cost of disposal of used household equipment does not arise at the moment when these products are produced or sold. Since the obligation associated with used household equipment is related to participation in the market during the measurement period and not with production or the sale of used products to be disposed of, the obligation arises only in the event of participation in the market during the measurement period and lasts as long as participation in the market. Determination of the time of occurrence of an event triggering the obligation may be independent of the specific period during which action is taken to manage and waste and during which the related costs are incurred. Obligations arising from these rules are implemented by the Company through an agreement signed with Biosystem Elektrorecykling S.A. Pursuant to this agreement, the Company incurred the cost PLN 2,469,000 associated with organising and collection of used appliances during four quarters of 2013, and for the entire 2012 the amount was PLN 2,828,000. So far the company has not created a reserve for future liabilities from this obligation, since it was not possible to reliably estimate the amount of this liability according to the provisions of paragraph 14 lit. c IAS 37.

Other information

The position of the Board concerning the possibility of meeting the previously released forecasts for the current financial year.

The Group has not published financial forecasts for the current financial year. Shareholders owning directly or indirectly at least 5% of the total number of voting rights in the General Shareholders' Meeting of Amica Wronki S.A.

Shareholder's name Number of

shares % of owned share capital of Amica

Number of voting rights

% of total number of voting rights

Holding Wronki 3,194,744 41.08 6,085,689 57.02

Noble TFI S.A.* 584,015 7.51 584,015 5.47

ING OFE* 555,952 7.15 555,952 5.21

* Data indicated based on the content of the notifications received by the Company from its Shareholders, and drawn up under

Article 69 of the Public Offering Act of July 29, 2005.

After the balance sheet date, the Company received a notice that the total share of funds: Noble Fund Fundusz Inwestycyjny

Otwarty, Noble Fund Opportunity Fundusz Inwestycyjny Zamknięty and Noble Fund 2DB Fundusz Inwestycyjny Zamknięty

fell bellow 5% of the total number of votes at the General Meeting.

47

At present, the above-mentioned funds hold jointly 400,894 (four hundred thousand eight hundred and ninety-four) shares of the

Company, accounting for 5.16% of the Company's share capital and are entitled to 400,894 (four hundred thousand eight

hundred and ninety-four) votes under the said shares, accounting for 3.76% (three point seventy-six percent) of the total number

of votes at the Company's General Meeting.

.

Shares owned by the Management Board of Amica Wronki

Owners name Number of shares as at

31.12.2012 Acquisition (disposal) of

shares Number of shares as at

31.12.2013

Marcin Bilik* 11,419 0 11,419

Piotr Skubel Not applicable** Not applicable** 3,061

* these shares are held by a person within statutory joint property of spouses

** Mr Piotr Sawala was appointed to the Management Board of Amica S.A. on 27 June 2013.

Shares owned by the Members of the Supervisory Board of Amica Wronki S.A.

Owners name Number of shares as of

31.12.2011 Acquisition (disposal) of

shares Number of shares as at

30.09.2012

Tomasz Rynarzewski 400 0 400

A presentation of the main proceedings being conducted by courts, the appropriate authority for arbitration or public administration bodies is outlined below.

item Parties to the

proceedings

Date claim made /

debts declared

Subject of the litigation Document

reference

Value of the

subject of

litigation

Court / Bailiff

1. Amica Wronki S.A. vs

Krzysztof Nowak

Kalmex Hurt-Detal

28.09.2010 for payment IX GNC 845/10 PLN 148,872.70

Regional Court in

Poznań, 9th

Commercial Division

Amica Wronki joined the proceedings conducted jointly with other creditors to secure the inheritance and inventory. Bailiff appointed to draw up an inventory has

drawn up a list, and the Law Office has requested a copy. As determined upon the court hearing the case files, the Court Bailiff by the virtue of the decision of

16.01.2012 appointed an expert to evaluate the debtor's real property at ul. Ostrowska in Poznan, Os. Oświecenia in Poznan and in Sieraków. The court

investigating the case requested the Court Bailiff on 9.05.2012 to report on the performed activities. The dates of 27.07.2012 and 31.07.2012 were designated for

taking the inventory at ul. Gostyńska and Głogowska. As of 30.09.2012, the Bailiff has not prepared a list of inventory, whereas the Court sent a reminder to the

bailiff. At the same time, there is pending a case for declaration of inheritance after the late K. Nowak by the City of Poznan. The first auction of the debtor's

movable property (including home appliances and bicycles) has already been held - the bailiff managed to obtain the amount of PLN 10,000 from the auction. On

14.2.2013, an application was made to establish a second date for sale at Bailiff auction. Bailiff prepares a description and evaluation of the property. The

inventory still has not been taken. On 7.26.2013, the District Court Poznań – Nowe Miasto i Wilda in Poznań, the First Civil Division, issued a decision

whereby the Court Bailiff of the District Court Poznań – Nowe Miasto i Wilda in Poznań, Paweł Śliwiński, was instructed to give to the administrator

of the estate, the solicitor Martin Butkiewicz, the possession of all the accounting records of the deceased Krzysztof Nowak, currently kept in the

possession of Aleksander Prusimski, pursuing economic activity under the name of Doradztwo Podatkowe, Rachunkowość, based in Mosina.

Pursuant to the order dated 12.17.2013, the Court Bailiff has determined the value of the net estate after the deceased debtor at the amount of PLN

-129,999.08. None of the creditors will be satisfied.

2.

Kazimierz Kobierski vs.

Amica Wronki S.A.

13 September 2011

and 23 March 2012

Payment by Amica Wronki of the

remuneration for the delivered goods and

the effectiveness of the representation

filed by Amica on settling the claimed

receivables against the liabilities of Amica

Wronki as a compensation for improper

performance of a contract by the Plaintiff.

IX GC 745/11 PLN 909,825.00

District Court in

Poznań, 9th

Commercial Division

49

At the request of Amica filed against the payment order in the case IX GC 322/12, the actions were combined in order to be resolved jointly (pursuant to the ruling

of 9 May 2012). Currently, both cases are conducted under the reference number IX GC 745/11. The case is pending. The date for the next court hearing was set for

5 and 7 March 2014.

3. Amica Wronki S.A.

Capital Group

vs. Vanta sp. z o.o. sp. k.

14 February 2013

The lawsuit for the payment of

compensation for damage in

transportation of 302 washing machines.

PLN 109,038.00

District Court in

Poznań, 9th

Commercial Division

On 14 February 2013 petition for the payment of compensation was sent the Regional Court in Poznań.

On April 2, 2013, a letter pertaining to the case was sent. As of 31.12.2013 the case is not completed. The judgement of the court of first instance will probably be issued in April 2014.

4. Amica Wronki S.A. vs.

Krzysztof Ziemski –

Firma Produkcyjno –

Handlowo – Usługowa

WROCAR

14.06.2013 Case for payment / re-issue of a lost

writ of execution

IX GCo

180/13/18 PLN 1,082,474

Regional Court in

Poznań, 9th

Commercial

Division

On 14 June 2013, the District Court in Poznań was requested to re-issue a writ of execution in the form of a payment order issued in the writ proceedings by the District Court in Poznań on 30.11.2007 in case no. IX GNc 665/07 enclosed with the enforcement clause issued by that Court on 30.01.2008. On 29.10.2013, the District Court in Poznań held a hearing during which the witnesses and the court bailiff M. Redelbach were interviewed. As at 31.12.2013, the situation has not changed.

5.

Amica Wronki S.A. vs. ART.-Dom M.M. Zielińscy sp. j., Marian Zieliński, Maria Zielińska

23.12.2013

Case for payment of a promissory note

IX GNc 1748/13

PLN 3,715,950

District Court in Poznań, 9th Commercial Division

On 23 December 2013, a lawsuit was filed for payment of the promissory note against all the defendants in the writ proceedings. It is expected that the payment order will be issued in the writ proceedings.

50

Composition and bankruptcy proceedings

1. Melgaz - A. Pogorzelczyk,

A. Barłożek General

Partnership

19.06.2009 for payment XII GUp 92/09 2,779,122.12

District Court in

Szczecin 12th

Commercial Division

18 May 2009 bankruptcy of the company was announced. As at 19 June 2009, AWSA claimed its receivables. Bankruptcy proceedings are under way. Amica Wronki

S.A.'s liability was included in full (2,779,122.12 PLN) on the list of liabilities in category 4. In a ruling of 21 December 2009 the Judge Commissioner approved the list

of creditors submitted by the receiver on 03 November 2009. In the present case, the final proposal for the distribution of the bankruptcy estate is being awaited. As

at 31.12.2013, the situation has not changed.

2. Amica Wronki vs „Domar –

Bydgoszcz” S.A. in

liquidation bankruptcy

29.07.2009 for payment V GUp 20/09, V

GU 98/09

1,254,471.69 PLN -

main duty,

55,173.83 PLN -

interest

Judge Commissioner

Artur Fornal , District

Court in Bydgoszcz,

D15th Commercial

Department, Gisela

Eckert-Kurczewska,

trustee in bankruptcy

The claim was reported to the bankruptcy assets. The claim follows from invoices and corrective invoices, issued by a creditor to the bankrupt entity for sale and

supply of home appliances. A debt is secured by a promissory note issued by "Domar-Bydgoszcz" in the amount of 1,292,288.79 PLN. Proceedings are in progress.

Hitherto, the bankruptcy estate distribution plan has not been prepared.

3. Amica Wronki vs Mix

Electronics S.A. in

arrangement

bankruptcy

Submission of claims

is at the stage of

preparation, the

deadline for

application is 28

November 2013

for payment V GUp 12/13 2,631,212.01 PLN -

main duty

Judge Commissioner: Grzegorz

Urbanik, District Court in Gorzów

Wielkopolski, 5th Commercial

Department, Court Supervisor:

Krzysztof Wojtkun

On 16 October 2013, the company's insolvency proceedings were initiated with the possibility of an arrangement. Notice in "Monitor Sądowy i

Gospodarczy" was published on 28 October 2013. Submission of claims is at the stage of preparation; the deadline, in accordance with the

decision of the bankruptcy court, shall expire one month after the date of announcement in "Monitor Sądowy i Gospodarczy" i.e. on 28

November 2013.On 27 November 2013, the notification of claims in the said bankruptcy proceeding was sent. No changes as of 31.12.2013.

51

* Criterion for referring cases to the court was the value of the dispute over PLN 100,000.

Proceedings against Amica Wronki S.A. As at the date hereof, there were no important proceedings pending against the company. Preliminary proceedings As at the date hereof, the company was not a party to any significant court proceedings.

CONDENSED FINANCIAL STATEMENTS OF THE ISSUER

AMICA WRONKI S.A.

53

BALANCE SHEET thousands PLN

31.12.2013 31.12.2012

ASSETS

I. Fixed assets 390,047 325,642

1. Intangible Fixed Assets 17,417 13,059

2. Property, plant and equipment 192,761 179,660

3. Investments 21,760 22,499

3.1 Investment property 21,760 22,499

3.2 Others

4. Financial assets 119,419 110,424

4.1 Financial assets available for sale 98,870 95,257



4.2 Long-term loans and receivables 17,786 14,248

- for subsidiaries and affiliates 17,726 14,128

- for other entities 60 120

4.3 Other long-term financial assets 2,763 919

5. Long-term deferred charges and accruals 38,690 0

5.1 Deferred income tax assets 38,687 0

5.2 Other deferred charges and accruals 3 0

II Current Assets 482,258 418,958

1. Inventory 126,728 99,696

2. Short-term receivables 341,580 240,310

2.1 From affiliated entities 165,673 112,189

2.2 From other entities 175,907 128,121

3. Short-term investments 12,736 77,864

3.1 Short-term financial assets 12,736 77,864


b) in other entities 6,717 8,950

c) cash and other cash assets 2,903 64,822

3.2 Other short-term investments 0 0

4. Short-term deferred charges and accruals 1,214 1,088

III. Assets classified as items for sale 0 0

Total assets 872,305 744,600

54

BALANCE SHEET thousands PLN

31.12.2013 31.12.2012

LIABILITIES

I. Shareholders' Equity 441,956 386,569

1. Equity capital allocated to shareholders 441,956 386,569

1.1 Share capital 15,551 15,551

1.2 Called up share capital (negative value) 0 0

1.3 Own shares (negative value) -4,726 -4,726

1.4 Supplementary capital 332,694 329,418

1.5 Revaluation reserve capital 3,393 8,116

1.6 Other reserve capitals 0 0

1.8 Profit (loss) from previous years 0 0

1.9 Net profit (loss) 95,044 38,210

1.10 Write-offs from the net profit during financial year (negative value) 0 0

II Liabilities and reserves 430,349 358,031

1. Reserves for liabilities 91,537 33,722

1.1 Deferred income tax reserve 0 1,635

1.2 Retirement benefits reserves 1,015 621

a) Long-term 1,015 621

b) Short-term 0 0

1.3 Other reserves 90,522 31,466

a) Long-term 3,481 3,387

b) Short-term 87,041 28,079

2. Long term liabilities 38,977 35,020

2.1 Towards affiliated entities 0 0


3. Current Liabilities 296,589 285,686

3.1 Towards affiliated entities 19,263 24,894


4. Deferred charges and accruals 3,246 3,603

4.1 Long-term 2,892 3,083

4.2 Short-term 354 520

III. Liabilities associated with assets for sale

Total liabilities 872,305 744,600

Book value 446,682 391,295

Number of shares 7,775,273 7,775,273


Number of shares taking into account own shares 7,637,470 7,637,470

Book value per share (PLN) 57.45 50.33

55

STATEMENT OF COMPREHENSIVE INCOME

thousands PLN

4 quarters of 2013

Year 2012 4th quarter

2013 4th quarter

2012

I. Net revenue from sales of products, goods and materials, including: 1,244,760 1,202,198 366,012 341,836

- from subsidiaries and affiliates 437,487 464,340 106,928 122,993

1. Net revenue from sale of products 882,876 857,792 256,728 246,305

2. Net revenue from sales of products, goods and materials

361,884 344,406 109,284 95,531

II. Costs of products, goods and materials sold, of which: 861,870 886,056 254,852 247,151

- to subsidiaries and affiliates 335,788 357,790 89,849 96,619

1. Cost of producing goods sold 595,091 616,866 174,557 175,534

2. Value of goods and materials sold 266,779 269,190 80,295 71,617

III. Gross profit (loss) on sales 382,890 316,142 111,160 94,685

IV. Sales costs 106,888 99,764 33,869 27,047

V. General administrative expenses 206,818 165,753 67,629 59,243

VI. Profit (loss) on sales 69,184 50,625 9,662 8,395

VII. Other operating revenue 24,128 19,287 17,009 10,350

1. Profit on sales of non-financial fixed assets

2. Subsidies 569 78 89 78

3. Revaluation of non-financial assets 2,540 3,181 1,862 218

3. Other operating revenue 21,019 16,028 15,058 10,054

VIII. Other operating costs 15,459 16,294 6,558 4,343

1. Loss on sales of non-financial fixed assets 649 404 277 258

2. Revaluation of non-financial assets

3. Other operating costs 14,810 15,890 6,281 4,085

IX. Profit (loss) on operating activities 77,853 53,618 20,113 14,402

X. Financial revenue 28,869 26,321 4,456 5,982

1. Share dividends, including: 15,057 6,346 628

- from subsidiaries and affiliates 15,057 6,346 628

2. Interest, of which: 1,258 947 313 298

- from subsidiaries and affiliates 1,148 856 309 262

3. Profit on sale of investments

4. Revaluation of investment

5. Others 12,554 19,028 4,143 5,056

56

STATEMENT OF COMPREHENSIVE INCOME continued

thousands PLN

4 quarters of 2013

Year 2012 4th quarter

2013 4th quarter

2012

XI. Financial costs 25,209 31,852 7,456 8,085

1. Interest, including: 10,179 14,492 2,580 4,026

- for subsidiaries and affiliates 166 115

2. Loss on sale of investments -322

3. Revaluation of investment -1,000

4. Others 15,030 17,360 6,198 4,059

XII.

Profit (loss) from sales of all or part of shares in subsidiaries

XIII. Profit (loss) before tax 81,513 48,087 17,113 12,299

XIV. Income tax -13,531 9,877 -764 2,927

1. current 25,637 7,045 5,275 -4,704

2. deferred -39,168 2,832 -6,039 7,631

XIV. Other obligatory decrease of gross profit (increased loss)

XV. Net profit in the financial year 95,044 38,210 17,877 9,372

including: 0 0

allocated to company shareholders 95,044 38,210 17,877 9,372

allocated to minority shareholders

XVI. Total other income -4,670 19,966 -2,837 28,848

1. Cash flow hedging instruments -5,831 24,591 -3,524 35,600

2. Income tax on hedging instruments 1,115 -4,672 676 -6,764

3. Resolution of reserves for re-evaluated fixed assets 46 47 11 12

XVII. Comprehensive income for the period 90,374 58,176 15,040 38,220

Net profit (loss) 95,044 38,210

Weighted average of number of ordinary shares (number of shares)

7,637,470 7,647,310

Number of shares issued 7,775,273 7,775,273


Profit (loss) per ordinary share (PLN) 12.44 5.00

STATEMENT OF CHANGES IN EQUITY Stated capital Supplementary

capital Non-distributed

result Own shares/

Hedging instruments,

net cash flows

Reserve from revaluation


Balance as at 1.01.2013 15,551 329,418 38,210 -4,726 5,961 2,155 386,569

Changes in equity capital in the four quarters of 2013, including

3,276 56,834

-4,723 55,387

Buy-back to redeem own shares 0

Re-booking of financial result to equity capital 3,230 -3,230 0

Comprehensive income for four quarters of 2013 46 95,044 -4,723 90,367

Allocation of the 2012 financial result to a dividend payment -34,980 -34,980

Balance as at 31.12.2013 15,551 332,694 95,044 -4,726 1,238 2,155 441,956

STATEMENT OF CHANGES IN EQUITY Stated capital Supplementary

capital Non-distributed

result

Assets /own shares/

available for sale

Hedging instruments,

net cash flows

Reserve from revaluation


Balance as at 1.01.2012 15,551 304,340 36,745 -1,944 -13,958 2,155 342,889


25,078 1,465 -2,782 19,919 43,680

Buy-back to redeem own shares -2,782 -2,782

Re-booking of financial result to equity capital 36,745 -36,745 0

Comprehensive income for 2012 47 38,210 19,919 58,176

Merger with a subsidiary -11,714 -11,714

Other changes 0

Balance as at 31.12.2012 15,551 329,418 38,210 -4,726 5,961 2,155 386,569

CASH FLOW ACCOUNT thousands PLN

4 quarters of 2013 Year 2012

A. Cash flows from operating activities

I Net profit 95,044 38,210

1 Income tax -13,531 9,877

II. Profit before tax 81,513 48,087

III. Total adjustments -69,620 73,690

1 Minority profit (loss)

2 Depreciation 26,398 22,652

3 Currency translation gains (losses) -8,644 -629

4 Interest and profit sharing (dividend) -5,921 13,915

5 Profit (loss) on investment activities 1,686 -5,942

6 Change in provisions 59,450 8,228

7 Change in inventory -27,031 14,696

8 Change in receivables -111,541 43,700

9 Change in short-term liabilities excluding credits and loans 5,155 13,468

10 Change in prepayments and accruals -29 -590

11 Cash flows related to hedging 15,671 -1,229

12 Other adjustments -21,515 -15,288

13 Income tax paid -3,299 -19,291

IV. Net cash flows from operating activities (I+/-II) - indirect method 11,893 121,777

B. Cash flows from investment activities

I. Inflows 32,448 27,775

1. Disposal of intangible assets and property, plant and equipment 2,634 120

2. Disposal of investments in real property and in intangible assets

3. From financial assets, including: 5,117 6,217



- dividend and profit sharing 4,357 5,898


- interest 664 260



- interest 96 59


4. Other inflows from investment activities 24,697 21,438

59

CASH FLOW ACCOUNT continued thousands PLN

4 quarters of 2013 Year 2012

II. Outflows -62,150 -74,354

1. Acquisition of intangible assets and property, plant and equipment -44,035 -59,293

2. Investments in real property and in intangible assets

3. For financial assets, including: -4,034 0

a) in subsidiaries and affiliates -4,034 0

- acquisition of financial assets -4,034 0



- acquisition of financial assets


4. Dividends and other profit sharing paid out to minority shareholders

5. Other outflows from investment activities -14,081 -15,061

III. Net cash flows from investment activities (I-II) -29,702 -46,579

C. Cash flows from financial activities

I. Inflows 175,039 200,766

1. Net inflows from issuance of shares and other capital instruments and from capital contributions

2. Credits and loans 58,026 36,182

3. Issuance of debt securities 117,013 164,584

4. Other inflows from financial activities

II. Outflows -218,638 -220,251

1. Acquisition of own shares -2,769

2. Dividends and other payments to shareholders -34,899

3. Profit distribution liabilities other than profit distribution payments to shareholders

4. Repayment of credits and loans -33,971 -1,555

5. Redemption of debt securities -132,704 -195,011

6. From other financial liabilities

7. Payment of liabilities arising from financial lease -6,349 -5,988

8. Interest -10,715 -14,928

9. Other outflows from financial activities III. Net cash flows from financial activities (I-II) -43,599 -19,485

D. Total net cash flows (A.III+/-B.III+/-C.III) -61,408 55,713

E. Balance sheet change in cash, including: -61,918 56,226

change in cash due to currency translation differences 510 -513

change in cash due to consolidation

F. Opening balance of cash 64,304 8,591

G. Closing balance of cash, including 2,896 64,304

- of limited disposability 10

60

Quarterly additional information to the Issuer's quarterly report containing information not included in the consolidated financial

statements

IAS34.16A(d) Changes to estimates presented in previous reporting periods

Short-term reserves Long-term reserves

31.12.2013 31.12.2012 31.12.2013 31.12.2012

Reserves for sales bonuses 24,144 3,225

Reserves for warranty repairs 15,406 12,120 3,481 3,387

Reserves for salaries and holiday leave 18,493 12,462

Reserves for retirement bonuses 1,015 621

Other reserves 28,999 272

Total other reserves 87,042 28,079 4,495 4,008

IAS38.118(e) Changes in intangible assets

The total increase in the value of intangible assets resulting from acquisitions made by Amica Wronki S.A. in the four quarters of 2013 amounted to PLN 17,462,000. The acquisitions result from the ongoing development in the Company and the purchase of software and licenses. Amortization of intangible assets in the four quarters of 2013 amounted to PLN 2,190,000.

IAS16.73(e) Changes in fixed assets

The total capital expenditures on fixed assets in Amica Wronki S.A. in the four quarters of 2013 amounted to PLN 41,565,000. The most significant item of increases in fixed assets were machinery and equipment. Depreciation of fixed assets in the four quarters of 2013 amounted to PLN 23,752,000.

61

Approval for publication

This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2013 to 31 December 2013 (with comparative information) has been approved for publication by the Company's Management Board on 27 February 2014.

Signatures of all Members of the Board

Date Full name Position Signature







Signature of the person responsible for the drawing up of the financial statement mentioned.


27.02.2014 Alina Jankowska-Brzóska

Chief Accountant / Commercial Proxy

62

NOTES FROM THE MANAGEMENT BOARD

to the extended financial statements

Amica Wronki S.A. Capital Group

63

Consolidated statements of Amica Wronki SA

for four quarters of 2013

Interim financial statements complying with the requirements of IAS34 „Interim Financial Reporting”

I. GENERAL INFORMATION

Amica Wronki S.A. is a joint stock company registered in Poland by the District Court in Poznań, 11th Commercial Division of The National Court Register on 7 June 2001 [National Court Register number 0000017514 (previous registration under the number RHB 831 at the District Court in Piła)]. The company's registered office is in Wronki at ul. Mickiewicza 52.

The Company's core business is: 1. manufacture of household goods (PKD 27.5); 2. manufacture of other electrical equipment (PKD 27.90.Z); 3. activity in the field of engineering, and associated technical consultancy (PKD 71.12.Z); 4. other research and technical analysis (PKD 71.20.B); 5. wholesale of home use articles (PKD 46.4); 6. retail sale conducted in non-specialised shops (PKD 47.1); 7. retail sale of articles for household use conducted in specialised shops (PKD 47.5); 8. retail sale conducted other than in shop chains or at stalls and markets (PKD 47.9); 9. repair and maintenance of personal and home use articles (PKD 95.2); 10. road transport of goods and service activities connected with removals (PKD 49.4); 11. storage of goods (PKD 52.1); 12. service activities in support of transport (PKD 52.2); 13. legal activities (PKD 69.10.Z); 14. legal and accounting activities; fiscal consultancy (PKD 69.20.Z);-- 15. activity of head offices and holdings, with the exception of financial holdings (PKD 70.10.Z); 16. consultancy connected with management (PKD 70.2); 17. hotels and similar premises for accommodation (PKD 55.10.Z); 18. production and supply of steam, hot water and air for air conditioning systems (PKD 35.30.Z); 19. activities of holding companies (PKD 64.20.Z); 20. other financial service activities, except insurance and pension funding (PKD 64.9); 21. other professional, scientific and technical activities n.e.c. (PKD 74.90.Z); 22. other business support service activities n.e.c. (PKD 82.99.Z); 23. renting and leasing of motor vehicles (PKD 77.1); 24. holiday and other short-stay accommodation(PKD 55.20.Z).

65

Composition of the Management Board as of 31.12.2013 was as follows:

Jacek Rutkowski - President of the Management Board Marcin Bilik - First Vice President of the Management Board responsible for

Operational Affairs Wojciech Kocikowski - Vice President of the Management Board responsible for

Purchasing Tomasz Dudek - Vice President of the Management Board responsible for

Purchasing and Logistics Andrzej Sas - Vice President of the Management Board responsible for Trade and

Marketing Piotr Skubel - Vice President of the Management Board responsible for Strategy

and Controlling

On 27 June 2013 the Ordinary General Shareholders' Meeting dismissed Mr Wojciech Antkowiak from the position of the Vice-Chair of the Management Board. On the same day Mr Piotr Skubel was appointed to the Management Board as the Vice-President for Strategy and Controlling. On 21 November 2013, the Extraordinary General Meeting appointed Mr Andrzej Sas to the Management Board of the Company . The Resolution on appointment of Mr Andrzej Sas came into force on 1 January 2014, upon entering in the Register of Entrepreneurs of the National Court Register of the amendments to the Articles of Association of Amica Wronki Spółka Akcyjna, made pursuant to the Resolution No. 7/2013 adopted on 21 November 2013, amending § 30 . 1 of the Articles of Amica Wronki Spółka Akcyjna by increasing the range of members of the managerial body (Management Board) of Amica Wronki Spółka Akcyjna.

Composition of the Supervisory Board as of the balance sheet date 31/12/2013:

Tomasz Rynarzewski - Chairman of the Supervisory Board Bogdan Gleinert - Member of the Supervisory Board Wojciech Kochanek - Member of the Supervisory Board Bogna Sikorska -Independent Member of the Supervisory Board Grzegorz Golec -Independent Member of the Supervisory Board (Vice-Chairman of the

Supervisory Board)

On 27 June 2013, in connection with the expiration of the term of office of Mr. Piotr Sawala (who served as Independent Member of the Supervisory Board), Mr Bogdan Gleinert was appointed to the Supervisory Board in his place (with effect from 27 June 2013). Amica Wronki S.A. is the parent company of the following companies: Amica International GmbH, Gram A/S, Amica Commerce sro, Hansa Rosja ooo, Amica Far East Ltd, Inteco Business Solution Sp. z o.o, Amica Handel i Marketing Sp. z o.o, Nova Panorama Sp. z o.o., Marcelin Management Sp. z o. o., Hansa Ukraina ooo which together form the Amica Capital Group. The parent company of Amica Capital Group is Holding Wronki S.A.

66

II. NOTES FROM THE MANAGEMENT BOARD on the results for the four quarter of 2013

- unless indicated otherwise, all figures are given in thousands of Polish Zlotys - this report meets the requirements of International Financial Reporting Standards (IFRS). - the contents and the date of publication of this report comply with Polish laws and regulations

The most important information relating to the Group's consolidated results (compared to 2012):

Revenue from sales increased by 6%

The increase in gross margin on sales by 3.1 percentage points, and all other performance

indicators

Increase in sales in Great Britain by 48% and in Southern Europe countries by 41%.

Increase in operating profit by 21m PLN and a higher profitability by 1 percentage points, to

almost 6%.

Increase of net profit by 43m PLN

Creation of the deferred tax asset related to the SSE in the amount of PLN 27.4 million.

Creation of company Amica Handel i Marketing Sp. z o.o.

o Introduction In 2013, the Group achieved the sales revenue of PLN 1,654 million, which is an increase by 6% year-to-year, whereas the gross profit from sales increased by PLN 76 million. The Group's gross profit margin on sales increased by 3.1 percentage points, of which the gross profit margin of Amica Wronki increased by 4.5 percentage points. The profitability improved mainly due to production cost reduction, increased production efficiency, enhanced profitability of goods, more favourable sales structure across segments. In 2013, the Group generated an operating profit of PLN 95.4 million, representing an increase of PLN 21 million, compared to 2012. The gross profit increased by 29% up to PLN 81 million. The results obtained in the recent years are supreme.

67

2. Selected financial data of the Group

thousands PLN 1Q - 4Q 2013 1Q - 4Q 2012 Change Dynamics %

Revenue from sales 1,653,728 1,564,973 88,755 106%

Gross profit on sales (thousands PLN) 511726 435,385 76,341 118%

EBITDA (thousands PLN) 121,047 102,648 18,399 118%

Operating profit (thousands PLN) 95,371 74,334 21,037 128°% EBIT (thousands PLN) 92,153 77,738 14,415 119°%

Profit before tax (thousands PLN) 80,820 62,501 18,319 129%

Net profit (thousands PLN) 89,014 46,026 42,988 193%

Long-term liabilities (thousands PLN) 51,599 46,732 4,867 110%

Short-term liabilities (thousands PLN) 425,903 371,137 54,766 115% Shareholders' Equity 472,368 421,619 50,749 112%

Stated capital (thousands PLN) 15,551 15,551 0 100%

Weighted average of number of ordinary shares (number of shares)

7,637,470 7,647,310 -9,840 100%

Profit per ordinary share (PLN) 11.65 6.02 5.64

EBITDA* calculated as gross profit + depreciation + interest The increase in revenue was recorded on the markets of Poland, Germany, United Kingdom and the markets of southern Europe. The sales in the German market increased by 8%, despite the bankruptcy of Neckermann in 2012. The loss of this client was offset with a surplus by sales to other clients. In 2013, the Group began selling on new markets such as Belarus, France. High sales growth in Poland partially resulted from filling the gap in the market, which occurred after the cessation of production by FagorMastercook. Gross profit on sales increased to 512m PLN, and was higher by 76m PLN than last year. The gross sales margin increased from 27.8% to 30.9%. Improved profitability is primarily the result of: (1) higher efficiency achieved in the production of heating equipment; (2) a fall in prices of raw materials and components; (3) last year's price increases of goods and commodities in certain markets; (4) product mix optimization; (5) effective hedging for the currency pairs CNY/PLN, EUR/PLN, GBP/PLN. Total costs of sales and general and administrative expenses increased by PLN 60 million and amounted to PLN 423 million. The increase in these expenses stemmed primarily from higher costs of marketing and logistics. This applies mainly to the domestic and Russian markets. The increase is related to the launch of a new portfolio of products, mainly cookers and refrigerators. The increase in logistics costs is related directly to higher sales volume. In 2013, the provision created for employee bonuses was higher by PLN 6 million compared to the previous year. Operating profit rose by PLN 21 million to PLN 95.4 million (+28%). The balance of revenue from financial activities amounted to PLN -14.6 million, and was lower by PLN 2.7 million than the previous year. The gross profit for 2013 amounts to 81 million PLN compared to 62.5 million in the previous year.

68

Price of Amica Wronki S.A. shares in 2013

3. Household appliances market report – Poland Domestic sales in 2013* Market The sales of large household appliances in Poland in 2013 exceeded PLN 4,295 million and was 2.7% higher compared to 2012.

69

In 2013, the sales of built-in appliances increased – the entire segment grew by +3.4% compared with the previous year. The increase resulted from higher demand for built-in ovens (+3.8%), hobs (+3.5%), built-in dishwashers (+4.4%), built-in fridges and freezers (+3.6%). In the segment of free-standing equipment, the situation was slightly worse. The value of the entire category was lower in the analysed period by 1.4% compared to 2012. The largest decreases were related to refrigeration equipment (-3.4%) and washing machines (-2.7%). Cookers (+7.8%) and dishwashers (+1.3%) enjoyed higher popularity among customers. Amica In 2013, Amica's sales reached the value of more than PLN 571 million and when compared with the same period 2012 was higher by +7.3%. This growth, coupled with a stable market, resulted in the increase of the market share by +0.9 percentage points. The increase in sales was influenced above all by positive results in the built-in appliances. In this category Amica recorded positive sales growth (+7.1%), which was mainly due to an increase in the category of refrigerators (+38.2%), cookers and built-in ovens (+10.9%) as well as hobs (+8.7%). In these segments, Amica improved its market shares by +1.0, +1.4 and +1.1 pp. accordingly. Weaker sales results were recorded for dishwashers and hoods. Also in the segment of free-standing appliances, Amica recorded increased sales (+7.4%). The growth in this category was mainly due to improved results in dishwashers (+51.7%), fridges (+22.9%) and cookers (+9.8%). In both segments, Amica improved its market share by +1.8, +1.5 and +0.8 respectively. Washing machines enjoyed less popularity among customers (-20.8%). * Data for the period from January to September concerning the large household appliances market based on CECED surveys and our own estimates. Foreign sales of the Group in 2013 In 2013, Amica Group's foreign sales reached EUR 266.9 million and were higher by 5.4% compared with 2012. The eastern market i.e. Russia and Ukraine, where the Group sells its products under the brand Hansa, had the largest share in the Group's foreign sales. The sales on this market remained at the last year's level and constituted 45% of foreign sales. The sales in the eastern market are effected primarily through Hansa (36.5%), and to a lesser extent through direct supplies from Amica Wronki SA to customers from Asia, Moldova, Kaliningrad and Ukraine (8.5%). In 2013, Hansa recorded an increase in sales revenue by 5% compared to the previous year; however, due to the depreciation of the rouble, the increase was not reflected in the Group's result. Direct sales from Amica Wronki SA to customers increased by 10.7% compared with the previous year. The largest share in sales in the Eastern market is attributable to free-standing cookers i.e. 57% of total sales. In 2013, Hansa's market share in the segment of free-standing cookers amounted to 16.4%. In addition, the company recorded very good results in the segment of fitted

70

heating appliances with the sales of hobs higher by 31% and fitted ovens and cookers by 13.5% y/y. Hobs and built-in ovens and cookers represented correspondingly 6% and 4.5% of share in the Russian market. The second largest foreign sales market during the analysed period was the German market managed by Amica International. Turnover achieved in this market accounted for 31% of foreign sales of the Amica Group and was higher by 8% when compared to last year. The greatest growth dynamics was in washing machines, hobs and refrigerators, whose sales rose compared with the previous year, respectively by 137%, 12% and 19%. The share of the Scandinavian market, where sales are carried out under the Gram brand, in international sales amounted to over 13%. Compared with the previous year, the turnover in this region increased by 4%, while in Denmark which accounts for 37% of the total sales, the turnover increased by 19%. The highest share in sales in the Nordic market is attributable to free-standing cookers and fridges i.e. 44% and 36% of total turnover. Furthermore, the sales of free-standing cookers increased year-to-year by 18%. Gram's market share on the Danish market grew in 2013 by 1.4 percentage points from 6.3% in 2012 to 7.7%, taking into account the product categories offered by the company. Amica Commerce operating on the Czech and Slovak market, constituted 3% of the Group's export sales. The turnover achieved by the Company in 2013 was lower by 19% compared with the previous year. The decrease was caused by lower results in the segment of heating equipment. The Group's foreign sales to direct customers on other markets, where the largest share in the turnover is attributable to the United Kingdom and Romania, rose by 23% compared to the previous year, representing 11% of sales. The highest sales dynamics were recorded in Great Britain and the countries of South-Eastern Europe. In these markets, sales increased by 48% and 41% respectively. The largest share in sales is attributable to free-standing cookers i.e. 51% of the total turnover. In 2013, the Company launched sales in the new markets i.e. in Belarus, France, Greece and Cyprus.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013

KLIENCI BEZPOŚREDNI

AMICA COMMERCE

GRAM

AMICA INTERNATIONAL

HANSA

DIRECT SALES CUSTOMERS

71

4. Balance

thousands PLN 31.12.2013 31.12.2012 Change in PLN Dynamics %

I. Fixed assets 414,857 353,460 61,397 117%

II. Current Assets 534,042 485,377 48,665 110%

1. Inventory 201,214 155,418 45,796 129%

2. Short-term receivables 295,724 240,220 55,504 123%

3. Short-term investments 34,765 86,853 -52,088 40%

4. Short-term deferred charges and accruals 2,339 2,886 -547 81%

III. Assets classified as items for sale 0 0 0

Total assets 948,899 838,837 110,062 113%

31.12.2013 31.12.2012 Change in PLN Dynamics %

I. Shareholders' Equity 471,397 420,968 50,429 112%

II. Liabilities and reserves 477,502 417,869 59,633 114%

1. Reserves for liabilities 92,747 52,042 40,705 178%

2. Long term liabilities 39,886 36,384 3,502 110%

3. Current Liabilities 340,681 325,200 15,481 105%

4. Deferred charges and accruals 4,188 4,243 -55 99%

III. Liabilities associated with assets for sale 0 0 0

Total liabilities 948,899 838,837 110,062 113%

At the end of the fourth quarter of 2013, the Group recorded a 13% increase in total assets compared to the same period of the previous year. Fixed assets increased by PLN 61.4, including tangible and intangible assets by nearly PLN 21.9 million, which resulted directly from the investments made in the Cookers Factory as well as accrual of deferred tax on investments pursued in Kostrzyńsko-Słubicka Special Economic Zone in the amount of PLN 27.4 million. The increase in receivables by PLN 55.5 million stemmed from changes in the structure of payments at Amica Wronki S.A. In the last quarter, the turnover with customers entitled to longer payment periods increased and the turnover with one of the clients was excluded from the factoring program, which increased the balance of receivables by approximately PLN 40 million. The increase in the Group's equity compared to the previous year is mainly the result of the earned net profit. The reserves increased to PLN 92.7 million. This was due to higher provisions for the cost of bonuses for customers , marketing, employee bonuses and an increase in provisions for warranty repairs resulting from the increase in sales. It is estimated that by the end of the first quarter, approximately PLN 40 million will be reversed due to settlement of bonuses for 2013. The aforesaid changes will be reflected in the annual statements for 2013. The level of trade payables and services has not changed compared to the same period over the last year. The Group recorded a decrease in debt by approximately PLN 20.9 million under bank short-term borrowings. The increase in current liabilities resulted primarily from an increase in the level of public liabilities and other current liabilities including factoring of suppliers. The debt ratio of the Group amounted to 50.3% and was by 1 pp higher than last year. The debt to total assets ratio takes into account the provisions, which are to be partially reversed in the first quarter of the next year. The net working capital defined as the difference between current assets and current liabilities

72

(taking into account the short-term provisions) reached the level similar to the same period over the previous year and at the end of the fourth quarter amounted to PLN 108.1 million. 5. Cash flow

1Q - 4Q 2013 1Q - 4Q 2012 Change in thousands PLN

Net cash flows from operating activities (thousands PLN)

Net cash flows from investment activities (thousands PLN)

Net cash flows from financial activities (thousands PLN)

57,226

-39,863

-66,248

118,766

-55,680

-2,486

-61,540

15,817

-63,762

Net cash flows (thousands PLN) -48,886 60,600 -109,486

After four quarters of 2013, the operating balance amounted to PLN +57.2 million. The balance was positively influenced by a net profit of PLN +80.8 million and the change in reserves by PLN +40.7 million, which was related to the accrual of sales and marketing bonuses and provision for marketing activities. The increase in inventory (PLN -45.8 million) and accounts receivable (PLN -63.2 million) had a negative impact. The explanation for the negative balance of receivables is included in the commentary on the balance sheet. The amount of capital expenditure after four quarters was PLN 63 million and was about PLN 12.6 million lower than in the previous year. These investments were associated with the extension of the factory and an increase in the production capacity and development of new products. In addition, the capital expenditures comprise the shares in Marcelin Management Sp. z o.o. with the total value of PLN 3.6 million acquired in the second quarter. In the reported period, the Group's interest debt was reduced by more than PLN 20 million. The dividend in the amount of PLN 34.9 million was paid. Total interest paid was PLN 10.9 million and was lower by PLN 4.4 million compared to the previous year. At the end of the fourth quarter, the Group had more than PLN 20 million free cash.

6. Key performance indicators The Increase in gross profit margin on sales by 3.1 percentage points was attributable mainly to lower production costs, lower costs of purchase of goods and more favourable sales structure across segments. All the performance indicators improved.

Margins 1Q - 4Q 2013 1Q - 4Q 2012 Change in pp

Gross profit on sales 30.9% 27.8% 3.1

Operating profit margin 5.8% 4.7% 1.0

EBIT margin 5.6% 5.0% 0.6

EBITDA margin 7.3% 6.6% 0.8

Gross profit margin 4.9% 4.0% 0.9

Net profit margin 5.4% 2.9% 2.4

KPIs 1Q - 4Q 2013 1Q - 4Q 2012 Dynamics %

Current ratio 1.57 1.49 105.0%

Quick ratio 0.98 1.01 96.3%

Liability ratio 50.3% 49.8% 101.0%

73

Net working capital (thousands PLN) 108,139 114 240 94.7%

Liquidity ratios remain at high levels. 7. Commentary on financial statements of major Group companies Amica Wronki SA Selected financial data

1Q-4Q 2013 1Q-4Q 2012

Change in thousands PLN

Dynamics %

Net revenue from sales of products, goods materials and services (thousands PLN)

1,244,760 1,202,198 42,562 103.5%

Gross profit on sales (thousands PLN) 382,890 316,142 66,748 121%

EBITDA (thousands PLN) 116,832 84,284 32,548 139% Operating profit (thousands PLN) 77,853 53,618 24,235 145% EBIT (thousands PLN) 90,434 61,632 28,802 147% Profit before tax (thousands PLN) 81,513 48,087 33,426 170% Net profit (thousands PLN) 95,044 38,210 56,834 249%

Long-term liabilities (thousands PLN) 46,365 42,111 4,254 110%

Short-term liabilities (thousands PLN) 383,984 315,920 68,064 122% Equity capital allocated to shareholders of the Parent Company (thousands PLN)

441,956 386,569 55,387 114%

Stated capital (thousands PLN) 15,551 15,551 0 100% Weighted average of number of ordinary shares (number of shares) 7,637,470 7,647,310 -9,840 100% Profit per ordinary share (PLN) 12.44 5.00 7.45 249%

EBITDA* calculated as gross profit + depreciation + interest

In 2013, the Company's sales revenue amounted to PLN 1244.8 million and were higher by more than PLN 42.5 million than last year. More information on the sales results is included in the report on the household appliances market. In the domestic market, the Company recorded a sales increase of nearly 7.3%. The largest increase in foreign markets was recorded in the United Kingdom and Southern Europe countries. The increase in domestic and export sales was accompanied by a rise in profitability. Gross profit on sales was 382m PLN, and was higher by 67m PLN than last year. Likewise in the case of the Group's results, improved profitability was primarily a result of: (1) a fall in prices of raw materials and components; (2) last year's price increases of goods and commodities in certain markets; (3) product mix optimization and higher goods profitability; (4) effective hedging for the currency pairs CNY/PLN, EUR/PLN, GBP/PLN. The increase sales and general and administrative expenses by PLN 48 million results mainly from higher marketing bonuses (PLN 21 million) and marketing expenses (PLN 13 million). The costs were related to the launch of a new portfolio of cookers and refrigerators mainly on Polish market. In addition, in connection with the expansion into new foreign markets, the company incurred costs of sales-oriented marketing activities. In 2013, the provision created for employee bonuses was higher by PLN 6 million compared to the previous year. In connection with higher revenue, the costs of logistics and sales departments grew by a total of PLN 5 million. The lower net debt, over the period of four quarters, and lower interest rates caused a decrease in debt interest expenses by PLN 4.6 million. Income from dividends received amounted to PLN 15 million compared to 6.4 million last year.

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The gross profit achieved for 2013 amounts to 81.5 million PLN compared to 48 million in the previous year. Owing to the deferred tax in the amount of PLN 27.4 million activated in September, the net profit is higher than the gross profit and amounts to over PLN 95 million. Balance The balance sheet total of Amica Wronki S.A. at the end of the fourth quarter of 2013 amounted to PLN 872.3 million and was PLN 127.7 million higher than at the end of the same period of previous year. Fixed assets at the end of the fourth quarter of 2013 amounted to PLN 390.0 million and were higher by PLN 64.4 million in comparison to the same period of the last year. The main events that led to this increase include: (1) investments in the company, which contributed to an increase of PLN 17.3 million of intangible and tangible fixed assets (at end of period they were respectively PLN 17.4 million and PLN 192.7 million), (2 ) the acquisition in the second quarter of 2013 of 100% of the shares in Marcelin Management Sp. z o.o. which increased the value of financial assets available for sale by PLN 3.6 million, (3) an increase in long-term loans granted to subsidiaries, (4) creation of a deferred tax asset in the amount of PLN 27.4 million. Current assets amounted to PLN 482.3 million i.e. were higher by PLN 63.3 million compared to the previous year. Inventories amounted to PLN 126.7 million and were higher by PLN 27.0 million. Change in the structure of inventories - a higher level of inventory of products and goods, with a decline in the level of inventories of raw materials. The level of short-term receivables at the end of the year amounted to PLN 341.5 million (PLN 101.3 million more than last year). In the last quarter, the turnover with customers entitled to longer payment periods increased and the turnover with one of the clients was excluded from the factoring program, which increased the balance of receivables by approximately PLN 40 million. A higher level of export receivables is a result of higher sales. Short-term financial assets amounted to PLN 12.7 million. The financial liquidity of the Company has improved compared to the previous year. Liquidity ratios were as follows: cash ratio – 1.63; quick ratio – 1.20. The increase in equity by 55.3 million resulted from the earned net profit. The debt ratio increased slightly to 49.3% i.e. by 2.6 pp. The debt to total assets ratio takes into account the provisions, which are to be partially reversed in the first quarter of the next year. The level of liabilities and reserves reached PLN 430.3 million and was PLN 72.3 million higher than in previous year. The provisions totalled to PLN 91.5 million. The increase in reserves is the result of an increase in 2013 of the provision for marketing costs and the expected bonus payments. As in the case of the Group, it is estimated that by the end of the first quarter, a significant part of the provisions will be reversed, which will be reflected in the annual statements. The increase in long-term liabilities was the result of incurring long-term loans for the implementation of the Company's investments. Gram A/S Profit and loss account Revenues in 2013 amounted to DKK 216.4 million and were higher than in the previous year by 4.4 %. The increase in turnover was mainly due to higher sales of free-standing cookers, thanks to the introduction of a new product portfolio in June. The highest sales growth was recorded in Denmark i.e. an increase by

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22 % compared to 2012. This contributed to an increase in market share in free-standing cookers from 16.3% in 2012 to 20.8 % in 2013. Profitability fell by 1.3 percentage points, which was due to higher costs of sales and marketing campaigns carried out in the second half of the year, in connection with the introduction of a new product portfolio. The company recorded an operating profit of DKK 6.8 million lower than the previous year by 2.5 %. Gross profit amounted to DKK 6.85 million and was higher than in 2012 by 13%. Balance The balance sheet total as at 31.12.2013 amounted to DKK 82.9 million and was DKK 4.1 million lower than at the end of 31.12.2012. Reduction of the balance sheet total resulted from lower trade receivables by DKK 4.8 million, which was caused by lower level of trade receivables. Amica International GmbH /AI Profit and loss account Amica International sales revenues in the 2013 reached the level of 82.2 million EUR and in comparison to 2012 are higher by 5 million EUR. Increased sales were achieved for commercial goods, especially on refrigerators (EUR 3.1 million) and washing machines (EUR 3.0 million). There has been a decline in sales of cookers (EUR 3.7 million). Shortage of heating equipment sales to a key customer in 2013 has not been compensated by other customers. The growth in sales of commercial goods was accompanied by an increase in their profitability, which contributed to the overall increase in profitability by 1.3 percentage points. Gross profit from sales amounted to EUR 11.3 million and is larger by EUR 1.5 million, which was influenced by the transfer of trade discount and the effect of financial income hedging to the costs of the goods sold. Fixed costs in 2013 were higher by EUR 0.9 million. Their share in sales is higher by 0.4 p.p. compared with the previous year , which is related to changes in the structure of sales department and higher costs of storage and transportation. Operating profit earned by the company is at the level of EUR 0.8 million and in comparison to the previous year is higher by EUR 0.9 million. After taking into account the operating result, Amica International reported a net profit of EUR 0.5 million, which remains at the same level as the result generated in the same period of 2012. Balance

The balance sheet total at the end of 2013 amounted to EUR 16 million and was higher by EUR 3.2 million than in the last year. The increase in assets was significantly affected by the increase in the level of inventories by EUR 4.2 million, mainly trade goods, which is justified by the higher sales of this product range. Higher inventory level was offset by a lower level of trade receivables (about EUR 2.1 million) as well as higher trade payables towards both Amica Wronki S.A. (EUR 1.1 million) and other unrelated entities (EUR 1.4 million).

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Amica Commerce s.r.o. Profit and loss account

In 2013, Amica Commerce earned the revenue of nearly CZK 187 million, which compared to 2012, was lower by nearly 20%. From the month of June, Amica began introducing a new portfolio of products in the key segment of free-standing cookers in the Czech and Slovak markets. On the other hand, 2013 witnessed the commercial offer optimization, taking into account the performance achieved. As a result, despite lower revenues on the market, due to the higher profitability of sales (by 2.7 p.p.), the Company generated gross profit on sales at the level of CZK 25 million. The consistent optimization of the operating costs of the Company and the austerity measures made it possible to improve the company's operating profit by CZK 5.5 million compared to the previous year and achieve the result of CZK 82 thousand. A significant depreciation of the Czech crown in November was the cause of foreign exchange losses which have caused the negative result before tax of CZK 3.8 million. Balance

Total assets at the end of 2013 amounted to CZK 97.7 million and were lower than in the previous year by CZK 23 million. On the asset side, this was primarily due to lower inventory levels (CZK14.7 million), which allowed to reduce the level of intra-trade payables (CZK 14.2 million). HANSA OOO Profit and loss account Sales revenue in 2013 increased by 178.8 million roubles, which represents an increase of 5.2% compared with the previous year. With the introduction of the two new product groups (hoods and dishwashers), the revenue from sale of commercial goods in 2013 was higher by 35.8% than a year earlier. According to GfK, Hansa OOO had a share of 11.7% in the Russian heating equipment market (built-in cookers and free-standing cookers) and was a leader in this market segment. In 2013, the market for built-in cookers grew by 14%, while in case of free-standing cookers it shrank by 5%. Despite delays in the availability of a new portfolio, Hansa's share in the segment free-standing cookers increased (+0.8 pp). Free-standing cookers sold under the brand name of Hansa constituted in 2013 15.4 % of the market in terms of volume and 16.4 % taking into account the value of sales to the customer (here Hansa was also the leader). These shares remain stable despite the depreciation of the rouble, which took place in 2013. The weakening of the rouble by 6 % y/y affected the company's sales margin. The decrease in the profitability of Hansa OOO was however significantly restricted by the price increases introduced by the company and the optimization of the product offer. As far as operating profit is concerned, Hansa OOO recorded a profit of 22.9 million, which is 61% less than a year ago. EBIT was affected by higher logistics costs (launching of additional storage), marketing expenses and increased administrative expenses, which meant that fixed costs were higher by 2.7 % than in 2012. After four quarters of 2013 years, the company generated a loss of 19.7 million roubles.

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Balance Total assets of Hansa OOO as of 31.12.2013 amounted to 1224 million roubles and was higher at the end of 2012 by 373 million roubles. On the asset side, this was the result of higher inventory levels (about 50 million roubles), trade receivables from other entities (250 million roubles) and higher cash levels at the end of 2013 by 77 million roubles, which was reflected in a higher level of trade liabilities, predominantly within the group. Signatures of Members of the Board








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