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Independent Auditors Report on review of the condensed interim consolidated financial statements and the condensed interim financial statements for the period from 01 January 2016 to 30 June 2016
For the shareholders of Amica Spoacutełka Akcyjna
1 We have conducted an examination of the attached condensed consolidated financial statements of the Capital Group of which the parent company is Amica SA (Company) with registered office in Wronki at ul Mickiewicza 52 and the accompanying condensed interim financial statements which comprise the consolidated and separate condensed balance sheets as at 30 June 2016 consolidated and separate condensed statements of comprehensive income consolidated and separate condensed statement of changes in equity consolidated and separate condensed cash flow accounts for the period from 01 January 2016 to 30 June 2016 and selected explanatory notes
2 The companys Management Board is responsible for compliance of these condensed interim consolidated financial statements and the condensed interim financial statements with International Accounting Standard 34 Interim Financial Reporting issued in the form of regulations of the European Commission and other applicable regulations Our task was to review these reports
Statutory auditor No 9530 Key statutory auditor conducting the examination on behalf of Grant Thornton Polska Spoacutełka z ograniczoną
odpowiedzialnością sp k Poznań ul Abpa Antoniego Baraniaka 88 E an entity authorised to examine financial statements registration number 4055
3 The examination of the report was conducted according to the provisions
- Accounting Act dated 29 September 1994 (consolidated text Journal of Laws of 2016 item 1047)
mdash the national financial reviewing standards issued by the National Council of Statutory Auditors
The standards referred to above oblige us to plan and conduct the examination in such a manner in order to obtain sufficient certainty that the audited separate and consolidated financial statements do not contain significant irregularities
The examination focused primarily on analysis of the condensed interim consolidated and separate financial statements examination of the companys ledgers and cross-referencing information obtained from the Management Board and from the personnel responsible for the Companys finances and accounting
The scope and method of review of the financial statements materially differs from the studies underlying the opinions expressed on compliance and the accuracy and clarity of annual financial statements with the applicable accounting rules (policy) and thus we cannot offer such an opinion regarding the attached condensed interim consolidated and separate financial statements
4 Our review has not identified anything that would not allow us to conclude that the condensed interim consolidated and separate financial statements have been prepared in all material respects in accordance with International Accounting Standard 34 Interim Financial Reporting issued in the form of regulations of the European Commission
5 Not making reservations concerning the propriety and reliability of the examined condensed interim consolidated financial statement and condensed interim financial statement we draw attention to the question below
a In the note 16 of the consolidated financial statements the Management Board of the parent company reported the existence of a trade receivable of the subsidiary in the amount of PLN 79 million due from the company subject to the insolvency proceedings The fee was not included in the write-down due to the fact that it was covered by insurance The Management Board of the parent company announced that the amount receivable is claimed from the insurer in court According to the Management Board of the parent company the positive outcome of the dispute before the court is highly unlikely
Poznań 25 August 2016
copy2016 Grant Thornton Polska Spoacutełka z ograniczoną odpowiedzialnością sp k All rights reserved
Jan Letkiewicz
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 June 2016
Legal status as at 25 August 2016
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
250
Selected Consolidated Financial Data of the Capital Group 4 Selected financial data of the Issuer 5 Interim condensed consolidated statement of comprehensive income 6 Interim condensed consolidated balance sheet 8 Interim condensed cash flow account 9 Interim condensed consolidated statement of changes in equity 10 Additional explanatory notes 12 1 Overview 12 2 Composition of the Parent Companys Management Board and Supervisory Board 12 3 The basis for drawing up the interim condensed consolidated financial statement 13 4 Significant Accounting Policies 13 5 Changes in the presentation 13 6 Seasonality of operations 14 7 Information concerning business segments 14 8 Revenue and costs 16 10 Dividends paid out and proposed dividends 18 11 Property plant and equipment 19 12 Investment property 22 13 Intangible assets 23 14 Other assets 26 15 Inventory 27 16 Receivables from deliveries and services and other receivables 27 17 Cash and equivalents 28 18 Assets held for sale 28 19 Employee benefits 28 20 Interest bearing bank credits and loans 29 21 Provisions 29 22 Liabilities from deliveries and services other liabilities 30 23 Issuances repurchases and repayments of debt securities 31 24 Financial instruments 32 25 Objectives and principles of financial risk management 35 26 Capital management 35 27 Contingent liabilities and contingent assets 35 28 Lawsuits 35 29 Investment liabilities 35 30 Used electrical and electronic equipment 35 31 Transactions with affiliates and subsidiaries 36 32 Events after the balance date 38 33 Other information 38 Additional notes to the interim condensed consolidated financial statements 40 Interim condensed statement of comprehensive income of the ISSUER 41 Interim condensed statement of changes in the equity of the Issuer 46 Additional notes to the interim condensed statements of the Issuer 49 34 Approval for publication 50
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
350
Statement of The Members of The Management Board
We declare that to the best of our knowledge Interim 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 Issuers Capital Group and its financial result and further that the quarterly report on the activities of Issuers Capital Group truly reflects its course of development and achievements and the situation of the issuers financial group including the description of fundamental threats and risks We declare that the entity authorised to examine financial statements which reviewed the condensed interim financial statements has been chosen pursuant to the provisions of law and further confirming that both this entity and the statutory auditors conducting the review or examination fulfil the conditions for issuing an impartial and independent opinion on the condensed interim consolidated financial statements being examined in accordance with the appropriate legislation and professional standards
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 450
SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP thousands PLN thousands EUR
SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015
1 Net revenue from sales of products goods and material 1 154 997 926 413 264 422 223 723 2 Profit (loss) on operating activities 70 308 60 608 16 096 14 636 3 Profit (loss) before tax 60 832 49 456 13 927 11 943 4 Net profit (loss) allocated to company shareholders 50 004 39 388 11 448 9 512 5 Net profit (loss) allocated to minority shareholders 68 86 16 21 6 Net cash flows from operating activities 42 979 37 192 9 840 8 982 7 Net cash flows from investment activities -31 232 -32 608 -7 150 -7 875 8 Net cash flows from financial activities -3 631 398 -831 96 9 Total net cash flows 8 116 4 982 1 858 1 203
10 Total assets 1 498 497 1 189 279 338 605 286 580 11 Non-current liabilities 170 351 79 914 38 493 19 257 12 Current liabilities 713 006 552 680 161 113 133 179 13 Equity capital allocated to shareholders 616 352 557 892 139 273 134 435 14 Equity capital allocated to minority shareholders -1 212 -1 207 -274 -291 15 Share capital 15 551 15 551 3 514 3 747 16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 17 Number of own shares for disposal 0 0 0 0 18 Number of own shares for redemption 0 0 0 0 19 Profit (loss) per ordinary share 643 508 147 122 20 Book value per share (PLN EUR) 7927 7175 1791 1729 21 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
Statutory auditor No 9530 Key statutory auditor conducting the examination on behalf of Grant Thornton Polska Spoacutełka z ograniczoną
odpowiedzialnością sp k Poznań ul Abpa Antoniego Baraniaka 88 E an entity authorised to examine financial statements registration number 4055
3 The examination of the report was conducted according to the provisions
- Accounting Act dated 29 September 1994 (consolidated text Journal of Laws of 2016 item 1047)
mdash the national financial reviewing standards issued by the National Council of Statutory Auditors
The standards referred to above oblige us to plan and conduct the examination in such a manner in order to obtain sufficient certainty that the audited separate and consolidated financial statements do not contain significant irregularities
The examination focused primarily on analysis of the condensed interim consolidated and separate financial statements examination of the companys ledgers and cross-referencing information obtained from the Management Board and from the personnel responsible for the Companys finances and accounting
The scope and method of review of the financial statements materially differs from the studies underlying the opinions expressed on compliance and the accuracy and clarity of annual financial statements with the applicable accounting rules (policy) and thus we cannot offer such an opinion regarding the attached condensed interim consolidated and separate financial statements
4 Our review has not identified anything that would not allow us to conclude that the condensed interim consolidated and separate financial statements have been prepared in all material respects in accordance with International Accounting Standard 34 Interim Financial Reporting issued in the form of regulations of the European Commission
5 Not making reservations concerning the propriety and reliability of the examined condensed interim consolidated financial statement and condensed interim financial statement we draw attention to the question below
a In the note 16 of the consolidated financial statements the Management Board of the parent company reported the existence of a trade receivable of the subsidiary in the amount of PLN 79 million due from the company subject to the insolvency proceedings The fee was not included in the write-down due to the fact that it was covered by insurance The Management Board of the parent company announced that the amount receivable is claimed from the insurer in court According to the Management Board of the parent company the positive outcome of the dispute before the court is highly unlikely
Poznań 25 August 2016
copy2016 Grant Thornton Polska Spoacutełka z ograniczoną odpowiedzialnością sp k All rights reserved
Jan Letkiewicz
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 June 2016
Legal status as at 25 August 2016
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
250
Selected Consolidated Financial Data of the Capital Group 4 Selected financial data of the Issuer 5 Interim condensed consolidated statement of comprehensive income 6 Interim condensed consolidated balance sheet 8 Interim condensed cash flow account 9 Interim condensed consolidated statement of changes in equity 10 Additional explanatory notes 12 1 Overview 12 2 Composition of the Parent Companys Management Board and Supervisory Board 12 3 The basis for drawing up the interim condensed consolidated financial statement 13 4 Significant Accounting Policies 13 5 Changes in the presentation 13 6 Seasonality of operations 14 7 Information concerning business segments 14 8 Revenue and costs 16 10 Dividends paid out and proposed dividends 18 11 Property plant and equipment 19 12 Investment property 22 13 Intangible assets 23 14 Other assets 26 15 Inventory 27 16 Receivables from deliveries and services and other receivables 27 17 Cash and equivalents 28 18 Assets held for sale 28 19 Employee benefits 28 20 Interest bearing bank credits and loans 29 21 Provisions 29 22 Liabilities from deliveries and services other liabilities 30 23 Issuances repurchases and repayments of debt securities 31 24 Financial instruments 32 25 Objectives and principles of financial risk management 35 26 Capital management 35 27 Contingent liabilities and contingent assets 35 28 Lawsuits 35 29 Investment liabilities 35 30 Used electrical and electronic equipment 35 31 Transactions with affiliates and subsidiaries 36 32 Events after the balance date 38 33 Other information 38 Additional notes to the interim condensed consolidated financial statements 40 Interim condensed statement of comprehensive income of the ISSUER 41 Interim condensed statement of changes in the equity of the Issuer 46 Additional notes to the interim condensed statements of the Issuer 49 34 Approval for publication 50
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
350
Statement of The Members of The Management Board
We declare that to the best of our knowledge Interim 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 Issuers Capital Group and its financial result and further that the quarterly report on the activities of Issuers Capital Group truly reflects its course of development and achievements and the situation of the issuers financial group including the description of fundamental threats and risks We declare that the entity authorised to examine financial statements which reviewed the condensed interim financial statements has been chosen pursuant to the provisions of law and further confirming that both this entity and the statutory auditors conducting the review or examination fulfil the conditions for issuing an impartial and independent opinion on the condensed interim consolidated financial statements being examined in accordance with the appropriate legislation and professional standards
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 450
SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP thousands PLN thousands EUR
SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015
1 Net revenue from sales of products goods and material 1 154 997 926 413 264 422 223 723 2 Profit (loss) on operating activities 70 308 60 608 16 096 14 636 3 Profit (loss) before tax 60 832 49 456 13 927 11 943 4 Net profit (loss) allocated to company shareholders 50 004 39 388 11 448 9 512 5 Net profit (loss) allocated to minority shareholders 68 86 16 21 6 Net cash flows from operating activities 42 979 37 192 9 840 8 982 7 Net cash flows from investment activities -31 232 -32 608 -7 150 -7 875 8 Net cash flows from financial activities -3 631 398 -831 96 9 Total net cash flows 8 116 4 982 1 858 1 203
10 Total assets 1 498 497 1 189 279 338 605 286 580 11 Non-current liabilities 170 351 79 914 38 493 19 257 12 Current liabilities 713 006 552 680 161 113 133 179 13 Equity capital allocated to shareholders 616 352 557 892 139 273 134 435 14 Equity capital allocated to minority shareholders -1 212 -1 207 -274 -291 15 Share capital 15 551 15 551 3 514 3 747 16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 17 Number of own shares for disposal 0 0 0 0 18 Number of own shares for redemption 0 0 0 0 19 Profit (loss) per ordinary share 643 508 147 122 20 Book value per share (PLN EUR) 7927 7175 1791 1729 21 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 June 2016
Legal status as at 25 August 2016
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
250
Selected Consolidated Financial Data of the Capital Group 4 Selected financial data of the Issuer 5 Interim condensed consolidated statement of comprehensive income 6 Interim condensed consolidated balance sheet 8 Interim condensed cash flow account 9 Interim condensed consolidated statement of changes in equity 10 Additional explanatory notes 12 1 Overview 12 2 Composition of the Parent Companys Management Board and Supervisory Board 12 3 The basis for drawing up the interim condensed consolidated financial statement 13 4 Significant Accounting Policies 13 5 Changes in the presentation 13 6 Seasonality of operations 14 7 Information concerning business segments 14 8 Revenue and costs 16 10 Dividends paid out and proposed dividends 18 11 Property plant and equipment 19 12 Investment property 22 13 Intangible assets 23 14 Other assets 26 15 Inventory 27 16 Receivables from deliveries and services and other receivables 27 17 Cash and equivalents 28 18 Assets held for sale 28 19 Employee benefits 28 20 Interest bearing bank credits and loans 29 21 Provisions 29 22 Liabilities from deliveries and services other liabilities 30 23 Issuances repurchases and repayments of debt securities 31 24 Financial instruments 32 25 Objectives and principles of financial risk management 35 26 Capital management 35 27 Contingent liabilities and contingent assets 35 28 Lawsuits 35 29 Investment liabilities 35 30 Used electrical and electronic equipment 35 31 Transactions with affiliates and subsidiaries 36 32 Events after the balance date 38 33 Other information 38 Additional notes to the interim condensed consolidated financial statements 40 Interim condensed statement of comprehensive income of the ISSUER 41 Interim condensed statement of changes in the equity of the Issuer 46 Additional notes to the interim condensed statements of the Issuer 49 34 Approval for publication 50
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
350
Statement of The Members of The Management Board
We declare that to the best of our knowledge Interim 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 Issuers Capital Group and its financial result and further that the quarterly report on the activities of Issuers Capital Group truly reflects its course of development and achievements and the situation of the issuers financial group including the description of fundamental threats and risks We declare that the entity authorised to examine financial statements which reviewed the condensed interim financial statements has been chosen pursuant to the provisions of law and further confirming that both this entity and the statutory auditors conducting the review or examination fulfil the conditions for issuing an impartial and independent opinion on the condensed interim consolidated financial statements being examined in accordance with the appropriate legislation and professional standards
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 450
SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP thousands PLN thousands EUR
SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015
1 Net revenue from sales of products goods and material 1 154 997 926 413 264 422 223 723 2 Profit (loss) on operating activities 70 308 60 608 16 096 14 636 3 Profit (loss) before tax 60 832 49 456 13 927 11 943 4 Net profit (loss) allocated to company shareholders 50 004 39 388 11 448 9 512 5 Net profit (loss) allocated to minority shareholders 68 86 16 21 6 Net cash flows from operating activities 42 979 37 192 9 840 8 982 7 Net cash flows from investment activities -31 232 -32 608 -7 150 -7 875 8 Net cash flows from financial activities -3 631 398 -831 96 9 Total net cash flows 8 116 4 982 1 858 1 203
10 Total assets 1 498 497 1 189 279 338 605 286 580 11 Non-current liabilities 170 351 79 914 38 493 19 257 12 Current liabilities 713 006 552 680 161 113 133 179 13 Equity capital allocated to shareholders 616 352 557 892 139 273 134 435 14 Equity capital allocated to minority shareholders -1 212 -1 207 -274 -291 15 Share capital 15 551 15 551 3 514 3 747 16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 17 Number of own shares for disposal 0 0 0 0 18 Number of own shares for redemption 0 0 0 0 19 Profit (loss) per ordinary share 643 508 147 122 20 Book value per share (PLN EUR) 7927 7175 1791 1729 21 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
250
Selected Consolidated Financial Data of the Capital Group 4 Selected financial data of the Issuer 5 Interim condensed consolidated statement of comprehensive income 6 Interim condensed consolidated balance sheet 8 Interim condensed cash flow account 9 Interim condensed consolidated statement of changes in equity 10 Additional explanatory notes 12 1 Overview 12 2 Composition of the Parent Companys Management Board and Supervisory Board 12 3 The basis for drawing up the interim condensed consolidated financial statement 13 4 Significant Accounting Policies 13 5 Changes in the presentation 13 6 Seasonality of operations 14 7 Information concerning business segments 14 8 Revenue and costs 16 10 Dividends paid out and proposed dividends 18 11 Property plant and equipment 19 12 Investment property 22 13 Intangible assets 23 14 Other assets 26 15 Inventory 27 16 Receivables from deliveries and services and other receivables 27 17 Cash and equivalents 28 18 Assets held for sale 28 19 Employee benefits 28 20 Interest bearing bank credits and loans 29 21 Provisions 29 22 Liabilities from deliveries and services other liabilities 30 23 Issuances repurchases and repayments of debt securities 31 24 Financial instruments 32 25 Objectives and principles of financial risk management 35 26 Capital management 35 27 Contingent liabilities and contingent assets 35 28 Lawsuits 35 29 Investment liabilities 35 30 Used electrical and electronic equipment 35 31 Transactions with affiliates and subsidiaries 36 32 Events after the balance date 38 33 Other information 38 Additional notes to the interim condensed consolidated financial statements 40 Interim condensed statement of comprehensive income of the ISSUER 41 Interim condensed statement of changes in the equity of the Issuer 46 Additional notes to the interim condensed statements of the Issuer 49 34 Approval for publication 50
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
350
Statement of The Members of The Management Board
We declare that to the best of our knowledge Interim 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 Issuers Capital Group and its financial result and further that the quarterly report on the activities of Issuers Capital Group truly reflects its course of development and achievements and the situation of the issuers financial group including the description of fundamental threats and risks We declare that the entity authorised to examine financial statements which reviewed the condensed interim financial statements has been chosen pursuant to the provisions of law and further confirming that both this entity and the statutory auditors conducting the review or examination fulfil the conditions for issuing an impartial and independent opinion on the condensed interim consolidated financial statements being examined in accordance with the appropriate legislation and professional standards
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 450
SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP thousands PLN thousands EUR
SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015
1 Net revenue from sales of products goods and material 1 154 997 926 413 264 422 223 723 2 Profit (loss) on operating activities 70 308 60 608 16 096 14 636 3 Profit (loss) before tax 60 832 49 456 13 927 11 943 4 Net profit (loss) allocated to company shareholders 50 004 39 388 11 448 9 512 5 Net profit (loss) allocated to minority shareholders 68 86 16 21 6 Net cash flows from operating activities 42 979 37 192 9 840 8 982 7 Net cash flows from investment activities -31 232 -32 608 -7 150 -7 875 8 Net cash flows from financial activities -3 631 398 -831 96 9 Total net cash flows 8 116 4 982 1 858 1 203
10 Total assets 1 498 497 1 189 279 338 605 286 580 11 Non-current liabilities 170 351 79 914 38 493 19 257 12 Current liabilities 713 006 552 680 161 113 133 179 13 Equity capital allocated to shareholders 616 352 557 892 139 273 134 435 14 Equity capital allocated to minority shareholders -1 212 -1 207 -274 -291 15 Share capital 15 551 15 551 3 514 3 747 16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 17 Number of own shares for disposal 0 0 0 0 18 Number of own shares for redemption 0 0 0 0 19 Profit (loss) per ordinary share 643 508 147 122 20 Book value per share (PLN EUR) 7927 7175 1791 1729 21 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
350
Statement of The Members of The Management Board
We declare that to the best of our knowledge Interim 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 Issuers Capital Group and its financial result and further that the quarterly report on the activities of Issuers Capital Group truly reflects its course of development and achievements and the situation of the issuers financial group including the description of fundamental threats and risks We declare that the entity authorised to examine financial statements which reviewed the condensed interim financial statements has been chosen pursuant to the provisions of law and further confirming that both this entity and the statutory auditors conducting the review or examination fulfil the conditions for issuing an impartial and independent opinion on the condensed interim consolidated financial statements being examined in accordance with the appropriate legislation and professional standards
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 450
SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP thousands PLN thousands EUR
SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015
1 Net revenue from sales of products goods and material 1 154 997 926 413 264 422 223 723 2 Profit (loss) on operating activities 70 308 60 608 16 096 14 636 3 Profit (loss) before tax 60 832 49 456 13 927 11 943 4 Net profit (loss) allocated to company shareholders 50 004 39 388 11 448 9 512 5 Net profit (loss) allocated to minority shareholders 68 86 16 21 6 Net cash flows from operating activities 42 979 37 192 9 840 8 982 7 Net cash flows from investment activities -31 232 -32 608 -7 150 -7 875 8 Net cash flows from financial activities -3 631 398 -831 96 9 Total net cash flows 8 116 4 982 1 858 1 203
10 Total assets 1 498 497 1 189 279 338 605 286 580 11 Non-current liabilities 170 351 79 914 38 493 19 257 12 Current liabilities 713 006 552 680 161 113 133 179 13 Equity capital allocated to shareholders 616 352 557 892 139 273 134 435 14 Equity capital allocated to minority shareholders -1 212 -1 207 -274 -291 15 Share capital 15 551 15 551 3 514 3 747 16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 17 Number of own shares for disposal 0 0 0 0 18 Number of own shares for redemption 0 0 0 0 19 Profit (loss) per ordinary share 643 508 147 122 20 Book value per share (PLN EUR) 7927 7175 1791 1729 21 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 450
SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP thousands PLN thousands EUR
SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015
1 Net revenue from sales of products goods and material 1 154 997 926 413 264 422 223 723 2 Profit (loss) on operating activities 70 308 60 608 16 096 14 636 3 Profit (loss) before tax 60 832 49 456 13 927 11 943 4 Net profit (loss) allocated to company shareholders 50 004 39 388 11 448 9 512 5 Net profit (loss) allocated to minority shareholders 68 86 16 21 6 Net cash flows from operating activities 42 979 37 192 9 840 8 982 7 Net cash flows from investment activities -31 232 -32 608 -7 150 -7 875 8 Net cash flows from financial activities -3 631 398 -831 96 9 Total net cash flows 8 116 4 982 1 858 1 203
10 Total assets 1 498 497 1 189 279 338 605 286 580 11 Non-current liabilities 170 351 79 914 38 493 19 257 12 Current liabilities 713 006 552 680 161 113 133 179 13 Equity capital allocated to shareholders 616 352 557 892 139 273 134 435 14 Equity capital allocated to minority shareholders -1 212 -1 207 -274 -291 15 Share capital 15 551 15 551 3 514 3 747 16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 17 Number of own shares for disposal 0 0 0 0 18 Number of own shares for redemption 0 0 0 0 19 Profit (loss) per ordinary share 643 508 147 122 20 Book value per share (PLN EUR) 7927 7175 1791 1729 21 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement 550
SELECTED FINANCIAL DATA OF THE ISSUER thousands PLN thousands EUR SELECTED FINANCIAL DATA 1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 1 Net revenue from sales of products goods and material 741 954 676 703 169 861 163 419 2 Profit (loss) on operating activities 45 205 39 211 10 349 9 469 3 Profit (loss) before tax 81 142 52 155 18 576 12 595 4 Net profit (loss) allocated to company shareholders 75 059 44 993 17 184 10 866 5 Net cash flows from operating activities 21 340 23 370 4 886 5 644 6 Net cash flows from investment activities -23 858 -14 149 -5 462 -3 417 7 Net cash flows from financial activities 12 602 9 193 2 885 2 220 8 Total net cash flows 10 084 18 414 2 309 4 447 9 Total assets 1 234 793 993 046 279 018 236 755
10 Non-current liabilities 159 284 73 515 35 992 17 527 11 Current liabilities 481 852 419 365 108 881 99 982 12 Equity capital allocated to shareholders 593 657 500 166 134 145 119 246 13 Share capital 15 551 15 551 3 514 3 708 14 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273 15 Number of own shares for disposal 0 0 0 0 16 Number of own shares for redemption 0 0 0 0 17 Profit (loss) per ordinary share 965 579 221 138 18 Book value per share (PLN EUR) 7635 6433 1725 1534 19 Paid dividend per share (PLN EUR) 400 300 090 072
Financial data was converted to the euro according to the following currency exchange rates 30062016 30062015 Currency exchange rates for the profit and loss account as well as cash flow statement are as follows 43680 41409 Currency exchange rates for the balance sheet are 44255 41944
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
650
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2016
Note 1st half of 2016
1st half of 2015
2nd quarter 2016
2nd quarter 2015
Continued activities Revenue from sales of goods and products 1 137 992 909 819 574 243 442 408 Revenue from sale of services 17 005 16 594 7 267 8 660 Revenue from sales 1 154 997 926 413 581 510 451 068 Own sales costs 789 094 619 517 399 593 304 967 Gross profit(loss) on sales 365 903 306 896 181 917 146 101 Other operating revenue 81 6 409 3 975 4 873 1 917 Cost of sales 130 984 98 570 65 426 49 219 General administrative expenses 157 036 141 186 79 428 66 578 Other operating costs 82 13 984 10 507 11 840 5 937 Profit(loss) on operating activities 70 308 60 608 30 096 26 284 Financial revenue 3 081 12 982 1 233 2 328 Financial costs 12 469 24 134 5 287 6 271 Share in financial result Investments recognized using the equity method -88 0 -88 -
Gross profit(loss) 60 832 49 456 25 954 22 341 Income tax 9 10 760 9 982 4 608 4 744 Net profit(loss) on continuing operations 50 072 39 474 21 346 17 597 Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 50 072 39 474 21 346 17 597 Profit(loss) allocated to 50 072 39 474 21 346 17 597 Shareholders of the Parent Company 50 004 39 388 21 269 17 549 Non-controlling shareholders 68 86 77 48 Other total revenue Items to be reclassified to the profit (loss) in subsequent reporting periods 2 841 6 762 1 437 -15 711
Exchange gain (loss) of a foreign entities -5 322 5 165 4 583 1 447 Net assets hedging 5 450 0 -561 0 Cash flow hedging 2 287 4 496 -4 596 -23 306 Share in other total revenue of affiliates or subsidiaries
Income tax associated with other total revenues 426 -2 899 2 011 6 148
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 50 0 38
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
750
Actuarial profit (loss) on specific benefit schemes 0 0 0 0
Profit (loss) on cash flow hedging
Revaluation of land and buildings 0 50 0 38 Income tax associated with other total revenues Other total net revenue 2 841 6 812 1 437 -15 673
COMPREHENSIVE INCOME FOR THE YEAR 52 913 46 286 22 783 1 924
Comprehensive income allocated to 52 913 46 286 22 783 1 924 Shareholders of the Parent Company 52 845 46 200 22 706 1 876 Non-controlling shareholders 68 86 77 48
Profit(loss) per share ndash basic from the profit for the period allocated to
shareholders of the Parent Company 643 507 273 226
ndash basic from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
ndash diluted from the profit for the period allocated to shareholders of the Parent Company 643 507 273 226
ndash diluted from the profit from continued activities for the period allocated to shareholders of the Parent Company
643 507 273 226
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
850
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET as at 30 June 2016
Note 30 June 2016 30 June 2015 31 December 2015 ASSETS Fixed assets 524 659 436 933 508 797 Property plant and equipment 11 280 864 255 571 276 534 Investment property 12 37 011 56 580 37 614 Intangible assets 13 134 874 48 117 138 559 Investments in associated companies valuated by the equity method 7 156 0 7 244
Derivative financial instruments 24 18 011 17 745 8 379 Other financial assets (non-current) 141 14 071 15 506 14 729 Deferred tax assets 32 672 43 414 25 738 Current Assets 963 671 752 346 897 196 Inventory 15 406 289 323 092 346 931 Receivables from deliveries and services and other receivables 423 843 297 637 410 769
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 17 939 41 596 27 647 Other financial assets 141 10 958 3 816 9 384 Other non-financial assets 142 29 967 22 676 26 613 Cash and equivalents 17 74 675 60 966 66 580 Fixed assets classified as designated for sale 10 167 - 10 167 TOTAL ASSETS 1 498 497 1 189 279 1 416 160 LIABILITIES Total equity capital 615 140 556 685 593 568 Equity capital allocated to shareholders of the Parent Company 616 352 557 892 594 848
Stated capital 15 551 15 551 15 551 Supplementary capital 502 825 450 907 450 793 Exchange gain (loss) of a foreign entity -18 083 950 -12 761 Other reserve capitals 24 662 23 635 16 500 Retained profit Uncovered loss 91 397 66 849 124 765 Non-controlling interest -1 212 -1 207 -1 280 Non-current liabilities 170 351 79 914 193 132 Interest bearing bank credits and loans 150 961 50 172 159 169 Provisions 20 5 095 3 369 5 790 Liabilities from net employee benefits 7 050 7 603 6 187 Derivative financial instruments 4 741 0 10 175 Other liabilities 0 16 080 9 176 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 713 006 552 680 629 460 Liabilities from deliveries and services and other liabilities 221 446 846 370 351 445 937
Current portion of interest-bearing bank credits and loans 100 648 58 314 76 509
Derivative financial instruments 24 9 517 14 720 7 289 Liabilities from income tax 12 775 - 2 896 Deferred charges and accruals 6 187 397 6 811 Provisions 21 137 033 108 898 90 018 Total liabilities 883 357 632 594 822 592 TOTAL LIABILITIES 1 498 497 1 189 279 1 416 160
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 11 to 50 shall constitute an integral part of this statement
950
INTERIM CONDENSED CASH FLOW ACCOUNT for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
31 December
2015 Cash flows from operating activities Gross profit(loss) 60 832 49 456 123 251 Adjustments by items -17 853 -12 264 -64 565 Net (profit) loss share of subsidiaries and affiliates consolidated by equity method -88 - -403
Depreciation 21 988 17 987 37 012 Currency translation gains (losses) -1 131 -353 -13 396 Interest and profit sharing (dividend) 5 394 5 483 11 289 Profit (loss) on investing activities 3 824 1 624 1 933 Change in provisions 47 183 37 543 19 668 (Increase) decrease in inventories -58 130 -92 266 -105 383 (Increase) decrease in receivables 14 665 36 340 -97 180 (Increase) decrease in liabilities -42 298 -16 733 83 652 Change in prepayments and accruals -15 036 -5 034 2 937 Result on derivatives -5 267 -14 606 -29 698 Cash flows related to hedging 6 472 18 625 35 408 Other -28 4 848 9 795 Income tax paid 4 599 -5 722 -20 199
Net cash flows from operating activities 42 979 37 192 58 686
Cash flows from investment activities Disposal of fixed assets and intangible assets 101 84 69 Purchase of fixed assets and intangible assets -35 752 -38 642 -73 633 Purchase of investments in subsidiaries associates and joint ventures - - -86 018
Interest received 983 140 749 Repayment of loans granted 8 600 4 731 6 429 Loans granted -8 300 -3 700 -11 700 Flows of trade derivatives 3 136 4 779 14 790 Net cash from investing activities -31 232 -32 608 -149 314
Cash flows from financial activities Payment of liabilities arising from financial leases -4 321 -3 286 -3 741 Inflows from creditsloan taken 18 707 21 039 57 384 Repayment of loanscredits -11 440 -12 012 -18 025 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out -200 - -23 525 Interest paid -6 377 -5 343 -11 559 Net cash from financial activities -3 631 398 101 842
Net increase (decrease) in cash and cash equivalents 8 116 4 982 11 214
Balance sheet change in cash including 8 095 5 282 10 896 Net exchange rate differences -340 -300 -42
Change in cash due to consolidation 361 - 361
Opening balance of cash 66 932 55 717 55 717
Closing balance of cash 74 723 60 694 66 932
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1050
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2016 Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain (loss) of
a foreign entity
Revaluation of hedging instruments
capital
Revaluation of a defined benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 01 January 2016 carried forward 15 551 450 793 0 -12 761 8 135 -777 9 142 124 771 594 854 -1 280 593 574 Net profit(loss) for the year - - - - - - - 50 004 50 004 68 50 072 Other net comprehensive income for the period - - - -5 322 8 163 - - - 2 841 - 2 841
Comprehensive income for the year 0 0 0 -5 322 8 163 0 0 50 004 52 845 68 52 913 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 52 110 - - - - - -52 110 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - - - - - - - -31 268 -31 268 - -31 268 Other changes - -78 - - - - -1 0 -79 - -79 As at 30 June 2016 15 551 502 825 0 -18 083 16 298 -777 9 141 91 397 616 352 -1 212 615 140 As at 01 January 2015 carried forward 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925 Net profit(loss) for the year - - - - - - - 39 388 39 388 86 39 474 Other net comprehensive income for the period - 50 5 165 1 597 - - - 6 812 - 6 812
Comprehensive income for the year 0 50 0 5 165 1 597 0 0 39 388 46 200 86 46 286 Sales of own shares - - - - - - - - 0 - 0 Re-booking of financial result to equity capital - 37 665 - - - - - -37 665 0 - 0
Purchase of a subsidiary - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0 Dividends - -200 - - - - - -23 326 -23 526 - -23 526 Other changes - - - - - - - - 0 - 0 As at 30 June 2015 15 551 450 907 0 950 16 123 -1 630 9 142 66 849 557 892 -1 207 556 685
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
Additional notes to the Condensed Interim Consolidated Financial Statement included on pages 12 to 50 shall constitute an integral part of this statement 1150
Allocated to shareholders of the Parent Company
Stated capital
Supplementary capital
Own shares
Exchange gain
(loss) of a foreign
entity
Revaluation of hedging instruments
capital
Revaluation of a defined
benefit plan
Other reserve capitals
Retained profits Total
Non-controlling
interest
Total equity capital
As at 1 January 2015 15 551 413 392 0 -4 215 14 526 -1 630 9 142 88 452 535 218 -1 293 533 925
Net profit(loss) for the year - - - - - - - 97 172 97 172 13 97 185 Other net comprehensive income for the period - - - -8 546 -6 391 853 - - -14 084 - -14 084
Comprehensive income for the year 0 0 0 -8 546 -6 391 853 0 97 172 83 088 13 349
Sales of own shares - - - - - - - - 0 - 0 Settlement of mergers of companies - - - - - - - - 0 - 0
Allocation of profit from previous years to equity capital - 37 533 - - - - - -37 533 0 - 0
Dividends - -200 - - - - - -23 326 -23 526 - -23 526
Other changes - 68 - - - - - - 68 - 68
As at 31 December 2015 15 551 450 793 0 -12 761 8 135 -777 9 142 124 765 594 848 -1 280 593 568
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1250
ADDITIONAL EXPLANATORY NOTES
1 Overview
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company Company) and its subsidiaries (see Note 31) The Interim Condensed Consolidated Financial Statements of the Group cover the period of 6 months of 2016 ended on 30 June 2016 and comprise comparative data for the period of 6 months ended on 30 June 2015 The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court Register under the number KRS 000017514 The Parent Company was issued the business statistical number REGON 570107305 The duration of the operation of the Parent Company and companies within the Group is undefined The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances bull Sale of domestic appliances bull Sales of maintenance heating hotel and catering services bull Rental and leasing activities
The direct parent of the Group is Holding Wronki SA ndash which is responsible for preparation of the financial statements to be made public The parent company of the highest level of the entire Group is a natural person who is not obliged to prepare financial statements to be made public (IAS2413) The interim financial result may not reflect the full potential financial result to be achieved for the fiscal year
2 Composition of the Parent Companys Management Board and Supervisory Board
The Parent Companys Management Board on the 30 June 2016 was composed of bull Mr Jacek Rutkowski - President of the Management Board bull Mr Jarosław Drabarek ndash First Vice President of the Management Board bull Mr Marcin Bilik ndash Vice President of the Management Board bull Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board bull Mr Wojciech Kocikowski - Vice President of the Management Board bull Mr Piotr Skubel ndash Vice President of the Management Board
The Parent Companys Supervisory Board on the 30 June 2016 was composed of
bull Mr Tomasz Rynarzewski - Chairman of the Supervisory Board bull Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the
Supervisory Board) bull Mr Tomasz Dudek ndash Member of the Supervisory Board bull Mr Piotr Sawala - Member of the Supervisory Board bull Mr Paweł Wyrzykowski - Member of the Supervisory Board bull Mr Jacek Bartmiński - Independent Member of the Supervisory Board
After the day of balance statement there were no changes in the composition of the Management Board and the Supervisory Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1350
3 The basis for drawing up the interim condensed consolidated financial statement
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting Standard 34 ndash Interim Financial Reporting approved by the EU These interim condensed consolidated financial statements are presented in Polish zloty (PLN) while all the values unless otherwise indicated are expressed in thousand PLN These interim 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 interim condensed financial statements there are no circumstances that could be regarded as a threat to the continued business operations of the Group companies The interim 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 2015
4 Significant Accounting Policies
The accounting principles (policies) applied in the preparation of the interim condensed consolidated financial statements are consistent with those applied in preparation of the annual consolidated financial statements for the year ended 31 December 2015 The Group has not adopted any other standard interpretation or amendment that was issued but has not become effective yet
5 Changes in the presentation
The Group changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share In accordance with IAS 1 the Group offsets the items related to revaluation of inventories with the receivables disclosed in the income and expenses as presented in the tables below
bull Data for the first six months of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating costs 11 256 -749 change in presentation of the costs associated with service
replacements
10 507
Cost of sales 97 821 749 98 570
Other costs by type 81 023 749 81 772
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1450
bull Data for the second quarter of 2015
Before restatement Adjustment Description of restatement After restatement
Other operating revenue -272 2 189 revaluation of inventories and receivables 1 917
Other operating costs 4 168
2 189 revaluation of inventories and receivables
5 937 -420
change in presentation of the costs associated with service
replacements
Cost of sales 48 799 420 change in presentation of the costs associated with service
replacements 49 219
6 Seasonality of operations
The Groups operations are not seasonal so the presented Groups results do not fluctuate significantly during the year
7 Information concerning business segments
Amica SA is a manufacturer and distributor of household appliances and its production activities are held in a single location in Wronki For management purposes the Group is organised in business units based on their products and services The following operating segments are distinguished
bull Free-standing heating equipment segment includes free-standing cookers manufactured by Amica SA bull Built-in heating equipment segment includes built-in cookers and ovens manufactured by the Parent
Company bull Other heating equipment segment includes built-in hobs manufactured by the Parent Company bull Goods segment includes equipment imported for the purpose of resale including refrigerators washing
machines microwave ovens dishwashers and small appliances
None of the Groups operating segments have been combined with another segment to create the reporting segments The accounting principles for the operating segments are the same as the accounting principles applied by the Group The Management Board separately monitors business segment results in order to take decisions regarding allocation of resources as well as to assess the effects of this allocation and the financial results The basis for the assessment of performance is operating profit or loss which in certain respects are measured differently from operating profit or loss presented in the financial statements Financing of the Group (including financial costs and revenues) certain operating expenses and income taxes are monitored at the Group level and are not allocated to the segments The following tables present revenue and results attributable to individual segments of activity for first half of 2016 and for first half of 2015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1550
For the period from 101 to 30062016
Free-standing heating
equipment
Built-in heating
equipment
Other heating
equipment Goods Other Total
Revenue from external clients 304 470 170 699 80 911 582 213 16 704 1 154 997
Own sales costs 200 127 108 872 51 084 417 062 11 950 789 094
Operating sector result 104 343 61 828 29 828 165 151 4 754 365 903 Operating expenses allocated to the segment 55 889 34 431 15 454 116 319 0 222 093
Operating sector result 49 048 27 645 14 456 48 832 4 754 143 810 Result from other operating activities and non-allocated costs 73 502
Groups operating profit 70 308
Result from financial activities -9 476
Groups gross profit 60 832
Obligatory result burden 10 760
Groups net profit 50 072
For the period from 101 to 30062015
Free-standing heating
equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Revenue from external clients 302 152 154 434 66 493 385 642 17 692 926 413
Own sales costs 187 959 97 358 39 568 283 422 11 210 619 517
Operating sector result 114 193 57 076 26 925 102 220 6 482 306 896 Operating expenses allocated to the segment 54 503 33 654 12 579 86 203 0 186 939
Operating sector result 59 690 23 422 14 346 16 017 6 482 119 957 Result from other operating activities and non-allocated costs 59 349
Groups operating profit 60 608
Result from financial activities -11 152
Groups gross profit 49 456
Obligatory result burden 9 982
Groups net profit 39 474
The data concerning the year 2015 presented in the table above differ from the data published in the financial statements for two quarters of 2015 The change applies to the operating expenses attributable to the segment and the result on other activities and unallocated costs The effect of changes is a greater development cost burden on segments The change was introduced in 2015 Annual Financial Statements For the purposes of comparability changes were also introduced in two quarters of 2015 The following table shows the differences in allocating the operating costs to the segment described above
For the period from 101 to 30062015 Free-standing
heating equipment
Built-in heating
equipment
Other heating equipme
nt
Goods Other Total
Operating expenses allocated to the segment 2 483 1 662 796 692 0 5 633
Operating result in the segment (Margin S3) -2 483 -1 662 -796 -692 0 -5 633
Result from other operating activities and non-allocated costs -5 633
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1650
Breakdown of the Groups revenue by geographical area in thousands of PLN (geographical segmentation) 1st half of 2016 1st half of 2015 Sale of products and goods 1 107 229 879 956 Poland 322 017 310 001 East 158 430 145 759 North 106 167 88 401 South 73 765 64 278 West 446 850 271 517 Other sales including 47 768 46 457 -spare parts and materials 30 964 31 360 - services 16 804 15 097 Total 1 154 997 926 413
The above information on income is based on data on the registered offices of the Groups customers Given confidentiality of data the Group does not present revenue from external customers by product type The structure of the Groups customers includes one entity with which the turnover exceeded 10 of the total revenue
8 Revenue and costs
81 Other operating revenue 1st half of 2016 1st half of 2015 EU subsidies 145 72
Compensation received fines 2 370 1 841
Income from additional warranty 29 52
Dissolution of impairment write-offs 35 -
Returned goods 83 62
Free shipments - 553
Yield from scrap intended for spare parts 38 26
Result on sale of financial assets 2 499 -
Other items 1 210 1 369
6 409 3 975
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1750
82 Other operating costs 1st half of 2016 1st half of 2015 Loss on sales and liquidation of non-financial fixed assets 3 744 1 615
Replacement of faulty equipment 299 188
Shortages and damage 681 2
Donations 364 810
Inventory scrapping 914 755
Penalties and fines compensations 70 57
Gain on revaluation of receivables 1 106 6 091
Revaluation of warehouse 0 307
Creation of a provision for retirement benefits 301 61
Contributions to community organizations 263 102
Costs of Companys social benefit fund 68 64
Advance payments for non-completed deliveries 5 132 - Other operating costs 1 042 455
13 984 10 507
83 Costs by type
1st half of 2016 1st half of 2015
Depreciation 21 988 17 987 Use of materials and energy 343 725 309 154 Third-party services 89 119 69 766 Taxes and fees 4 244 3 660 Cost of employee benefits 149 468 116 489 Other costs by type 97 627 81 772
Value of goods and materials sold and spare parts 417 985 309 149
Total expenses by nature including 1 124 156 907 977 Items included in own cost of sales 789 094 619 517 Items included in cost of sales 130 984 98 570 Items included in general and administrative
expenses 157 036 141 186
Change in product inventory -43 087 -45 309
Cost of services for own needs -3 955 -3 395
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1850
9 Income tax
The main elements of the tax burden for the year ending on 30 June 2016 and 30 June 2015 are as follows
1st half of 2016 1st half of 2015
Recognized in profit or loss Current income tax 17 112 5 080 Current debit due to deferred income tax 17 112 5 080 Adjustments of current income tax from previous years 0 Deferred income tax -6 352 4 902 Associated with the occurrence and the reversal of transitional differences -6 352 4 902 Taxes recognised in the profit and loss account 10 760 9 982 Statement of changes in equity capital Current income tax 0 0 Tax effect of cost of increasing the share capital 0 0
Tax benefit(tax burden) disclosed in equity 0
Statement of comprehensive income Deferred income tax 0 0 Tax on net profit (loss) due to changes in the effective portion of cash flow hedges 426 -2 899
Tax on unrealized gains(losses) on financial assets available for sale 0 0
Tax on effective portion of cash flow hedges settled during the year 0 0
Tax benefit(tax burden) disclosed in other comprehensive income 426 -2 899
10 Dividends paid out and proposed dividends
The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (dividend paid for the year 2014 amounted to PLN 3 per share)
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
1950
11 Property plant and equipment
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 30062016 Gross balance 3 756 142 059 210 905 24 863 98 932 21 300 7 670 509 485 Accumulated depreciation and adjustment write-offs 0 35 227 125 412 13 207 53 325 1 450 228 621 Net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 As at 30062015 Gross balance 3 671 134 214 191 034 19 541 87 927 26 141 3 600 466 128 Accumulated depreciation and adjustment write-offs 0 30 614 112 008 10 574 55 989 1 372 210 557 Net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
Reclassified as fixed assets designated for sale - - - - - - - 0
Adjusted net balance 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571 As at 31122015 Gross balance 3 755 136 890 200 978 23 179 87 411 33 144 4 099 489 456 Accumulated depreciation and adjustment write-offs 0 33 493 113 979 12 018 52 200 1 232 212 922 Net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
Reclassified as fixed assets designated for sale - - - - - - - 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2050
Adjusted net balance 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
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
for the period from 101 to 30062016 Net carrying value as at 1012016 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534 Acquisition of the Company 0 Increases (purchase production leasing) 0 5 164 7 092 3 303 2 845 23 136 3 571 45 111 Decreases (sale liquidation (-) transfer to fixed assets) -4 644 -1 886 -1 034 -4 291 -17 675 -29 530
Other changes (reclassification transfer etc) 0 4 649 118 -16 12 741 -17 492 0 Depreciation in accordance with the depreciation plan (-) -2 987 -8 719 -2 526 -4 695 -31 -18 958
Depreciation write-offs for liquidated or sold assets 0 1 252 1 804 915 3 902 0 7 873
Net translation gain (loss) (+-) 1 1 85 -147 -106 0 -166 Net carrying value as at 30062016 3 756 106 832 85 493 11 656 45 607 19 850 7 670 280 864 for the period from 101 to 30062015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316
Acquisition of the Company 0
Increases (purchase production leasing) 17 565 12 099 3 794 5 218 42 613 81 289 Decreases (sale liquidation (-) transfer to fixed assets) -2 550 -7 284 -1 603 -926 -35 994 -5 021 -53 378
Other changes (reclassification transfer etc) 0 Depreciation in accordance with the depreciation plan (-) -2 698 -7 587 -1 406 -3 507 -15 198
Depreciation write-offs for liquidated or sold assets 1 141 7 232 1 339 917 10 629
Net translation gain (loss) (+-) -47 -32 -7 -1 -87
Net carrying value as at 30062015 3 671 103 600 79 026 8 967 31 938 24 769 3 600 255 571
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2150
In the first half of 2016 the Group corrected the improper assignments of exclusions related to purchases of tangible fixed assets within the Group which hitherto have been disclosed under tangible fixed assets in production to other groups This change was presented in the line ldquoOther changes (reclassifications relocations etc)
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
for the period from 101 to 31122015 Net carrying value as at 1012015 3 671 90 142 74 613 6 875 30 243 18 151 8 621 232 316 Acquisition of the Company - - 233 2 407 2 623 - - 5 263 Increases (purchase production leasing) 84 20 523 27 323 5 308 10 103 83 848 - 147 189 Decreases (sale liquidation (-) transfer to fixed assets) - -2 550 -13 486 -1 998 -8 806 -70 087 -4 522 -101 449
Other changes (reclassification transfer etc) - -282 109 - -57 - - -230 Depreciation in accordance with the depreciation plan (-) - -5 577 -15 362 -2 979 -7 393 - - -31 311
Depreciation write-offs for liquidated or sold assets - 1 140 13 498 1 551 8 645 - - 24 834
Net translation gain (loss) (+-) - 1 71 -3 -147 - - -78 Net carrying value as at 31122015 3 755 103 397 86 999 11 161 35 211 31 912 4 099 276 534
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2250
12 Investment property
As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements of the Group for the year 2015
30 June 2016 30 June 2015 31 December
2015 Opening balance as at 01 January 2016 37 614 57 044 57 044
Change - sale of investment in real estate - - -866
- capitalised expenditure 176 276 581
- reclassified as assets available for sale - - -10 167
- depreciation write-off - - -7 500
- other-depreciation -779 -740 -1 478
Closing balance as of 30 June 2016 37 011 56 580 37 614
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2350
13 Intangible assets
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
As at 30062016 Gross balance 83 313 8 836 7 842 11 991 53 273 5 297 5 719 0 176 271 Accumulated depreciation and adjustment write-offs 9 350 6 708 5 891 5 929 9 881 3 638 0 0 41 397 Net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 As at 30062015 Gross balance 7 771 8 260 11 084 6 879 32 069 5 049 6 479 309 77 900 Accumulated depreciation and adjustment write-offs 305 6 005 8 283 4 148 8 281 2 761 29 783 Net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117 As at 31122015 Gross balance 75 970 8 496 10 551 10 388 54 082 5 090 5 076 89 169 742 Accumulated depreciation and adjustment write-offs 315 6 298 8 139 4 822 8 483 3 126 0 31 183 Net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Reclassified as fixed assets designated for sale - - - - - - - - 0
Adjusted net balance 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2450
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 101 to 30062016 Net carrying value as at 1012016 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559 Acquisition of the Company 0 Increases (purchase production leasing) 5 500 340 111 1 603 6 987 14 541 Decreases (sales liquidation adoption as intangible assets) (-) -6 344 -89 -6 433 Other changes Depreciation in accordance with the depreciation plan (-) -7 -410 -457 -1 107 0 -372 -2 353
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) -7 185 0 -115 0 -2 207 67 0 -9 440 Net carrying value as at 30062016 73 963 2 128 1 951 6 062 43 392 1 659 5 719 0 134 874 On 31 May 2016 Amica SA acquired the copyrights to designs from CODE Design Sp z oo with its registered office in Katowice for PLN 5500000 for the period from 101 to 30062015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 0 Increases (purchase production leasing) 1 161 242 116 1 203 81 2 803 Decreases (sales liquidation adoption as intangible assets) (-) -1 358 -1 358 Other changes Depreciation in accordance with the depreciation plan (-) -9 -337 -620 -723 -352 -2 041
Depreciation write-offs for liquidated or sold assets 0
Net translation gain (loss) (+-) 1 -11 -105 -40 -155 Net carrying value as at 30062015 7 466 2 255 2 801 2 731 23 788 2 288 6 479 309 48 117
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2550
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 101 to 31122015 Net carrying value as at 1012015 7 474 1 431 3 190 3 338 23 893 2 680 6 634 228 48 868 Acquisition of the Company 68 351 - - - 21 718 - - - 90 069 Increases (purchase production leasing) 1 486 494 3 625 - - 6 526 - 12 131 Decreases (sales liquidation adoption as intangible assets) (-)
- -89 -830 - - - -8 084 -139 -9 142
Other changes (reclassification transfer) - - - - - - - - 0 Depreciation in accordance with the depreciation plan (-) -16 -716 -1 256 -1 396 0 -713
- - -4 097
Depreciation write-offs for liquidated or sold assets - 88 830 - - - - -
918 Net translation gain (loss) (+-) -154 -2 -16 -1 -12 -3 - - -188 Net carrying value as at 31122015 75 655 2 198 2 412 5 566 45 599 1 964 5 076 89 138 559
Goodwill The following table presents the carrying amount of goodwill arising on the acquisition of subsidiaries As at 30 June 2016 these values were tested for impairment There were no indications to recognize an impairment loss on these assets These values were measured at fair value to be obtained as at 30 June 2016 A detailed description of the following goodwill is presented in the Consolidated Financial Statements for the year ended 31 December 2015 As at 30 June 2016 changes in the carrying values resulted from the exchange differences
30 June 2016 30 June 2015 31 December 2015 The carrying amount of goodwill arising on the acquisition of the following entities
Gram Domestic AS 7 390 7 071 7 164
Amica International GmbH 12 414 12 414 12 414
The CDA Group 19 285 - 21 718
Amica Handel i Marketing Sp z oo 74 74 74
Marcelin Management Sp z o o 4 229 4 229 4 229
Total carrying value 43 392 23 788 45 599
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2650
14 Other assets
141 Other financial assets
30 June 2016 30 June 2015 31 December 2015
Loans granted 24 436 18 630 23 530
Assets available for sale 192 191 192
Other receivables 256 356 246
Others 145 145 145
Total 25 029 19 322 24 113
ndash short-term 10 958 3 816 9 384
ndash long-term 14 071 15 506 14 729
The loans disclosed above were granted to the subsidiaries and bear interest at market conditions Most of the amount presented above accounts for the loans granted to Arcula Sp z oo These have a long-term nature As at the balance sheet date one of the loans (in the amount of PLN 11810000) was secured by assignment of the rights to the investment account The Management Board of the parent company has taken steps to provide security to the remaining value of the loans granted On the day of signing of the consolidated financial statements these have not been completed yet The Management Board of the parent confirms the assumptions underlying the valuation of assets disclosed in the consolidated financial statements for the first six months There were no indications of impairment of loans
142 Other non-financial assets
30 June 2016 30 June 2015 31 December 2015
Budget receivables 14 388 14 639 19 339 Advances for inventories 1928 911 136 Deferred charges and accruals 13 651 7 126 7 138 Total 29 967 22 676 26 613 ndash short-term 29 967 22 676 26 613 ndash long-term 0 0 0
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2750
15 Inventory
30 June 2016 30 June 2015 31 December 2015
Materials At the purchase price cost of manufacture 46 910 43 471 44 400 According to recoverable net value 46 355 42 871 43 876
Work in progress (at the cost of manufacture) 7 528 7 247 7 399 Finished goods
At the purchase price cost of manufacture 109 613 97 406 59 454 According to recoverable net value 109 613 96 700 59 454
Goods At the purchase price cost of manufacture 232 923 167 372 225 693 According to recoverable net value 232 013 166 965 225 834
Spare parts 10 780 9 309 10 368 Total inventories at the lower of the two values purchase price (cost of manufacture) and the net realizable value 406 289 323 092 346 931
As at 30 June 2016 the Company recognized a write-down on inventory to the net realizable amount of PLN 1465000 (compered to PLN 1783000 as at 30 June 2015) Revaluation of inventory related to materials finished products and goods and resulted from the application of the policy of creating inventory write-downs due to the their flow turnover ratios
16 Receivables from deliveries and services and other receivables
30 June 2016 30 June 2015 31 December
2015 Receivables from provision of deliveries and services 423 502 294 964 401 537 Other receivables including receivables related to the acquisition of the company 341 2 673 9 232
Other receivables from subsidiaries and affiliates
Total receivables (net) 423 843 297 637 410 769
Allowance for uncollectible accounts 13 297 21 749 20 095
Gross receivables 437 140 319 386 430 864
Terms of transactions with related parties are set out in the Note 31 Trade receivables are non-interest bearing and generally have 75-day payment deadlines The Group runs a policy to sell only to verified customers As a result the management believes there is no additional credit risk beyond the level specified by the allowance for uncollectible trade receivables of the Group The subsidiary Hansa has recorded the receivables worth PLN 79 million from a customer declared bankrupt The Company has not recognized an impairment loss of these receivables since these were insured As at the date of these statements the receivables are sought from the Insurer before the court According to the Management Board the positive outcome of the dispute for the Group is highly likely Below is the analysis of trade receivables which as at 30 June 2016 and 30 June 2015 were past due Following the evaluation of the existing collateral securities no provisions for overdue amounts have been created as there is no risk of uncollectability
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2850
Total Not overdue Overdue but collectible
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 423 502 341 964 51 777 14 720 11 452 2 885 1 582
30 June 2015 294 964 251 098 22 409 6 019 5 419 4 042 5 977
31 December 2015 401 537 356 539 32 104 4 108 1 975 1 320 5 491
17 Cash and equivalents
Cash and equivalents include the following items
30 June 2016 30 June 2015 31 December 2015
Cash in hand and at bank 72 610 28 284 63 735
Current deposits 2 065 32 681 2 845
Others 0 1 0
74 675 60 966 66 580
18 Assets held for sale
The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the beginning of 2016 a preliminary agreement was signed with the potential buyers of the property
19 Employee benefits
The companies of the Group pay retirement bonuses to the retiring employees in the amount specified in the Labour Code or as provided for under individual life insurance and retirement schemes Therefore based on a valuation carried out using an internal tool or based on actuarial valuation some of the Group companies create provisions for the current value of the liabilities related to retirement bonuses As at the balance sheet date no changes in the fair value related to the valuation of these benefits were made
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
2950
20 Interest bearing bank credits and loans
30 June 2016 30 June 2015 31 December 2015
Current 100 649 58 314 76 509 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 8 898 8 752 9 038
Current account overdraft and investment loans 75 800 39 544 51 520 Bonds 15 951 10 018 15 951 Loans - - - Long-term 150 961 50 172 159 169 Liabilities due to financial leasing agreements and leasing agreements with a purchase option 9 843 9 708 9 363
Bonds 95 692 - 95 697 Loans 74 Investment credits 45 426 40 464 54 035
The Group does not include any instruments such as credits and loans as financial instruments to be measured at fair value through profit or loss All credit bank loans and other debt instruments are recognised according to the depreciated cost based on the effective interest rate The fair value of loans borrowings and other debt instruments is presented in the tables above Most of the loans bear interest at variable interest rates based on the reference rate WIBOR ON and M rates had not changed compared with the end of 2015 In the first half of 2016 there have been no new transactions involving credit obligations As at 30062016 the Group satisfies all the terms and conditions provided for in the loan agreements
21 Provisions
Determining the balance of some of the Groups 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 As at the balance sheet date the Group has reviewed the assumptions regarding the provisions There were no changes to the assumptions made as of 31 December 2015 In the analysed reporting period there have been no changes to estimates concerning the economic cycle of the Groups fixed assets Changes in provisions Current provisions Non-current provisions
30062016
30062015
31122015
30062016
30062015
31122015
Provisions for sales bonuses 40 932 33 812 8 402
Provisions for warranty repairs 31 041 23 196 30 307 5 095 3 369 5 790
Provisions for salaries and holiday leave 23 867 13 792 38 208 Provisions for marketing and commission fees 27 176 32 071 7 953
Other Provisions 14 017 6 027 5 148 Total other provisions 137 033 108 898 90 018 5 095 3 369 5 790
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3050
22 Liabilities from deliveries and services other liabilities
221 Liabilities from deliveries and services and other liabilities (Current)
30 June 2016 30 June 2015 31 December 2015
Liabilities from deliveries and services
Towards affiliated entities 385 334 424
Towards other entities 315 085 273 907 354 804
315 470 274 241 355 228
Financial liabilities
Liabilities under factoring 30 762 28 908 35 865 Profit sharing liabilities 31 101 23 325 - Settlements related to the purchase of CDA 16 236 - 8 333 78 099 52 233 44 198
Other liabilities
Liabilities due to employees from the remuneration 8 249 9 287 6 932 Other liabilities 45 028 34 590 39 579 53 277 43 877 46 511
Total 446 846 370 351 445 937
The increase in liabilities as a result of the settlement of the CDA acquisition as described above stems from the reclassification of liabilities as at 30 June 2016 into the short-term liabilities maturing within one year Below is the analysis of trade payables by maturity terms of payments
Total Overdue Not overdue
lt 30 days 30 ndash 90 days
90 ndash 180 days
180 ndash 360 days gt360 days
30 June 2016 315 470 10 064 168 222 131 279 5 754 151 0
30 June 2015 274 241 15 085 130 615 121 819 5 977 745 0
31 December 2015 355 228 11 257 178 874 158 360 5 981 756 0
222 Other non-financial liabilities
30 June 2016 30 June 2015 31 December 2015
Liabilities from tax customs and other 2 194 1 861 272
Value Added Tax 31 351 21 802 25 739
Personal Income Tax 2 094 1 774 1 938
Liabilities from social security 7 601 6 059 6 864
Other 1 788 3 094 4 766
Total 45 028 34 590 39 579
ndash short-term 45 028 34 590 39 579
ndash long-term - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3150
23 Issuances repurchases and repayments of debt securities
In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the issuance of bonds amounted to 15950000 PLN (short term liabilities) and 95692000 PLN (long term liabilities) As at the balance sheet date the terms and conditions of the issue remained unchanged compared to the terms and conditions as of 31122015
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3250
24 Financial instruments
Material disclosures of hedging derivatives (including not formally representing hedges in accordance with IAS 39) are presented in the table below
Maturity dates ndash in nominal values data in thousands of PLN
Hedging derivatives
Currency Hedged item Company
Transaction nominal value in currency
Short-term instruments
(maturing before 30062017)
Long-term instruments
(maturing after 30062017)
Balance sheet
valuation of the
instrument recognised in equity
Deferred tax
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Balance sheet
valuation of the
instrument recognised in equity
Deferred as at
31122015
Balance sheet valuation of
the instrument recognised in equity net of deferred tax
Change of the balance sheet
valuation recognised in equity as at
30062016 in relation to
31122015 net of
deferred tax
Valuation of instruments
recognized in the result of the second quarter of
2016 as at 30062016 as at 31122015
Forward contract EUR Revenue from sales Amica SA 44 400 28 400 16 000 -3 915 -744 -3 171 2 073 394 1 679 -4 850 0
Forward contract CNY Purchase of goods
Amica SA 287 000 197 000 90 000 5 154 979 4 175 5 715 1 086 4 629 -454 2 530 Amica International 530 800 298 400 -232 400 3 674 1 139 2 535 11 127 4 117 7 010 -4 475 0
Forward contract EUR Purchase of goods Hansa 4 500 4 500 0 -252 -48 -204 2 055 411 1 644 -1 848 -306
Forward contract RUB Sales receivables Amica SA 1 032 000 1 032 000 0 0 0 0 0 0 0 0 -1 934
Forward contract GBP Revenue from sales Amica SA 48 600 26 900 21 700 4 510 857 3 653 -12 572 -2 389 -10 183 13 836 -703
Forward contract CZK Revenue from sales Amica SA 364 600 254 600 110 000 -1 314 -250 -1 064 -818 -155 -663 -401 -812
Forward contract CNH Purchase of goods CDA Ltd 32 000 32 000 0 1 788 -340 1 448 0 0 0 1 448 -56
Forward contract USD Purchase of goods Amica SA 1 500 1 500 0 327 62 265 0 0 0 265 64
Forward contract USD Purchase of goods CDA Ltd 4 295 4 295 0 0 0 0 0 0 0 0 1 482
Forward contract EUR Purchase of goods CDA Ltd 1 615 1 615 0 0 0 0 0 0 0 0 306
IRS Contract PLN Investment credit Amica SA 60 150 0 60 150 -316 -61 -255 -215 -42 -173 -82
CIRS Contract GBP Net assets of the
UK company Amica SA 18 408 0 18 408 10 626 2 018 8 608 5 176 983 4 194 4 415 155
Total 20 283 3 613 15 990 12 541 4 404 8 137 7 854 726
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3350
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 Group has hedged the net asset value with CIRS transactions Hedging derivatives include derivatives formally not constituting collateral in accordance with IAS 39 Other derivatives are treated as instruments held for trading (trading derivatives) All derivative instruments are valued at their fair market value established based on data from the market (exchange rates interest rates)
30062016 30062015 31122015
Fixed assets Trade derivatives Hedging derivatives 18 011 17 745 8 379
Long-term derivatives 18 011 17 745 8 379
Current assets
Trade derivatives
Hedging derivatives 17 939 41 596 27 647
Short-term derivatives 17 939 41 596 27 647
Assets - derivatives 35 950 59 341 36 026
Long term liabilities
Trade derivatives
Hedging derivatives 4 741 16 080 10 175
Long-term derivatives 4 741 16 080 10 175
current liabilities
Trade derivatives
Hedging derivatives 9 517 14 720 7 289
Short-term derivatives 9 517 14 720 7 289
Liabilities - derivatives 14 258 30 800 17 464
Information on the fair value of financial instruments
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 level 3 - initial data for valuation of assets and liabilities not established based on variables from active
markets
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3450
Class of financial instrument Level 1 Level 2 Level 3 Total fair market value
As at 30062016
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 35 950 35 950 Trade derivatives Debt securities at fair value
Total assets 0 0 35 950 35 950 Liabilities Trade derivatives Hedging derivatives 14 258 14 258 Loans at fair value
Total liabilities 0 0 14 258 14 258
Net fair value 0 0 21 692 21 692
As at 30062015
Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives 59 341 59 341 Trade derivatives Debt securities at fair value
Total assets 0 0 59 341 59 341
Liabilities Trade derivatives Hedging derivatives 30 800 30 800 Loans at fair value
Total liabilities 0 0 30 800 30 800
Net fair value 0 0 28 541 28 541
As at 31122015 Assets Shares in stock-exchange listed companies Stock shares in non-stock-exchange listed companies Hedging derivatives
36 026 36 026
Trade derivatives Debt securities at fair value
Total assets 0 0 36 026 36 026 Liabilities Trade derivatives Hedging derivatives 17 464 17 464 Loans at fair value
Total liabilities 0 0 17 464 17 464
Net fair value 0 0 18 562 18 562 In the reporting period there were no transfers between Level 1 and Level 2 in the fair value hierarchy and none of the instruments has been moved fromto Level 3 of the fair value hierarchy
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3550
25 Objectives and principles of financial risk management
In addition to derivatives the main financial instruments used by the Group include bank loans bonds finance lease cash and current deposits The main purpose of these financial instruments is to raise funds for the Groups operations The Group also possesses other financial instruments which include receivables and liabilities from deliveries and services which are formed directly in its ongoing activities The Group enters also in the transactions involving derivatives especially futures on interest rate swaps and foreign currency forward contracts The purpose of these transactions is to manage interest rate risk and currency risk arising in the course of the Groups operations and arising under the financing sources used The Group applies CIRS transactions to manage the currency risk and interest rate risks They are used to hedge the net assets The principle applied by the Group at present and throughout the period covered by the report is no trading in financial instruments The main risks arising from the Groups financial instruments include interest rate risk liquidity risk foreign currency risk and credit risk The Management Board reviews and agrees policies for managing each of these risks The Group also monitors the market price risk arising from all its financial instruments held
26 Capital management
In the period from the end of the previous financial year until the end of the second quarter of 2016 the Group did not make any significant changes to the objectives policies and procedures for capital management
27 Contingent liabilities and contingent assets
As at 30 June 2016 the Group had only a guarantees granted by the Parent Company as collateral for loans of its subsidiaries
28 Lawsuits
As at the balance sheet date there were no proceedings concerning liabilities or receivables of the Issuer or its subsidiaries whose value would be at least 10 of the Issuerrsquos equity as well as two or more proceedings related to liabilities or receivables whose total value would amount to at least 10 of the Issuerrsquos equity and accordingly there are no disclosures in this regard
29 Investment liabilities
As at 30 June 2016 the Group has committed to incur capital expenditures for tangible fixed assets amounting to 40571000 PLN These amounts will be allocated for infrastructure development and upgrade of the Cooker Factory processes
30 Used electrical and electronic equipment
On 21 October 2005 most of the provisions of the Law on Waste Electrical and Electronic Equipment (WEEE) entered into force It requires operators placing electrical and electronic equipment on the market (manufacturers and importers) to arrange and finance the collection from the sales points of waste equipment processing recovery including recycling and disposal of waste equipment From 1 January 2008 the operator placing household equipment on the market is obliged to ensure collection of waste household equipment from private households Obligations arising from these rules are implemented by the Parent Company through an agreement signed with Biosystem Elektrorecykling SA Pursuant to this agreement for the first half of 2016 the Company incurred the cost 862000 PLN associated with organising and collection of used appliances and for the first quarter of 2015 the amount was 612000 PLN
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3650
31 Transactions with affiliates and subsidiaries
Amica is controlled by Holding Wronki owning 3493 of Amica SA shares The remaining shares are owned by many shareholders including employees Shareholders holding more than 5 of the shares of Amica SA are listed on page 36 The ultimate parent is a natural person who is not obliged to prepare financial statements to be made public Subsidiaries of the Company subject to consolidation as at 30062016
Unit Companys registered
office Principal economic activity
Companys percentage share in the capital Functional
currency 30 June 2016 30 June 2015 Amica International
GmbH Germany commercial activities 100 100 EUR
Amica Commerce sro the Czech Republic commercial activities 100 100 CZK
Gram Domestic AS Denmark commercial activities 100 100 DKK
Hansa OOO Russia commercial activities 100 100 RUB
Amica Far East Ltd Hong Kong purchasing process mediation services 100 100 HKD
Inteco Business Solutions Sp z oo Poland Consulting and IT services 80 80 PLN
Nova Panorama Sp z oo Poland real estate management 100 100 PLN
Nowe Centrum Sp z oo Poland real estate management 100 100 PLN Amica Handel i
Marketing Sp z oo Poland marketing and promotional services 100 100 PLN
Marcelin Management Sp z o o Poland hospitality and catering services
real estate management 100 100 PLN
Hansa Ukraina OOO Ukraine commercial activities 100 100 UAH Amica Electrodomesticos
SL Spain commercial activities 100 100 EUR
CDA Group Ltd United Kingdom commercial activities 100 - GBP
Profi Enamel Sp z oo Poland manufacturing activities 100 100 PLN
All consolidated subsidiaries prepared the financial statements as of 30062016 Entities affiliated with the Parent Company include key management staff subsidiaries subject to consolidation as well as other affiliated entities among which the Company includes entities controlled by the owners of the Company Entities affiliated with the Company include
bull Consolidated subsidiaries satisfying the definition of control in accordance with IFRS 10 mentioned above
bull Other related parties KKS Lech Poznań Fundacja Amicis Arcula Sp z oo (formerly Quota SPV 4 Spz oo) Axoneo Sp z oo (formerly Antiqua Investment Sp z oo) Sideme SA Sidepar
bull Key personnel of the Group (executives) and the Supervisory Board bull Parent companies Holding Wronki SA Invesco Sp z oo
The following table presents total value of transactions with subsidiaries for the current and the previous financial year
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3750
Name of the subsidiary Revenues from core business Cost of core business
1st half of 2016 1st half of 2015 1st half of 2016 1st half of 2015 Holding Wronki SA 22 23 1 329 1 405 KKS LECH Poznań 2 409 2 319 1 531 481 Invesco Sp z oo 1 - - - Axoneo Sp z oo 3 - - - Sideme SA 10 935 - 13 - Sidepar 80 - - - Arcula Sp z oo 7 - - - Fundacja Amicis 29 23 - -
Total 13 486 2 365 2 873 1 886
Name of the subsidiary Trade receivables Trade liabilities
30062016 30062015 31122015 30062016 30062015 31122015 Holding Wronki SA 4 12 4 320 301 -
KKS LECH Poznań 4 543 3 177 4 012 65 33 68
Invesco Sp z oo 0 1 - - - -
Axoneo Sp z oo 0 0 4 - - -
Sideme SA 2 543 0 2 072 - - -
Sidepar 32 0 36 - - -
Arcula Sp z oo 4 0 2 - - -
Fundacja Amicis 15 12 5 - - -
Total 7 141 3 202 6 135 385 334 68
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3850
Salaries of the Key Management Personnel of the Parent Company as at 30062016 in thousands of PLN
30 June 2016 30 June 2015
The Management Board Current employee benefits (salaries and surcharges) 2 195 2 206
Post-employment benefits 55 -
Benefits paid under the incentive program 11 094 9 090
Total 13 344 11 296
The Supervisory Board Current employee benefits (salaries and surcharges) 328 292
Benefits paid under the incentive program 1 850 1 515
Total 2 178 1 808
Key Management Staff Current employee benefits (salaries and surcharges) 1 388 771
Benefits paid under the incentive program 2 712 2 020 Total remuneration paid to the key management personnel (except for members of the Management Board and the Supervisory Board) 4 100 2 791
32 Events after the balance date
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 on the dividend payment the dividend was paid to shareholders of the Company on 05 July 2016 The dividend per share paid in July 2016 concerning the year 2015 amounted to PLN 4 per share (the dividend paid for the year 2014 amounted to PLN 3 per share)
bull Pursuant to the Resolution of the Annual General Meeting of Shareholders of Amica Spoacutełka Akcyjna of 1 June 2016 the Companys name (trade name) was changed from ldquoAmica Wronki Spoacutełka Akcyjnardquo to ldquoAmica Spoacutełka Akcyjnardquo The change of the Companyrsquos name was registered with the Court on 11 August 2016 The Company has retained its current address taxpayer ID statistical ID and court registration number The change of the Companys trade name has no effect on the validity of the previously concluded agreements and contracts
33 Other information
Shareholders having directly or indirectly at least 5 of the total number of votes at General Shareholdersrsquo Meeting of Amica SA
As at 30062016 Number of shares Number of voting rights
Nominal value of shares Share of capital
Holding Wronki SA 2 715 771 5 431 542 5 431 542 3493
ING OFE 555 952 555 952 1 111 904 715
Other shareholders 4 503 550 4 505 457 9 007 100 5792
Total 7 775 273 10 492 951 15 550 546 10000
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
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
3950
Shares owned by the Members of the Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Marcin Bilik 11 900 - 11 900 Alina Jankowska-Brzoacuteska 1 015 - -
Piotr Skubel 5 121 1 511 3 610 these shares are held by a person within statutory joint property of spouses Ms Alina Jankowska-Brzoacuteska was appointed to the Management Board of the Issuer on 01 June 2016 (as of 30062015 Ms Alina Jankowska-Brzoacuteska was not a member of the Management Board of Amica SA)
Shares owned by the Members of the Supervisory Board of Amica SA
Owners name Number of shares as at 30062016
Acquisition (disposal) of shares
Number of shares as at 31122015
Tomasz Rynarzewski 400 0 400
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4050
Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent
sect87 par4
1) In the analysed period there were no items affecting the assets liabilities equity net income or cash flows that would be unusual because of their nature value or frequency
2) Information regarding seasonality ndash note 7 3) Information regarding to inventory impairment loss and recoverable net value ndash note 15 4) Information regarding impairment of financial assets tangible assets and intangible assets ndash notes 11
12 13 5) Information on reserves ndash note 29 6) Information on reserves and deferred tax assets ndash note 9 7) No significant transactions of purchasesale of tangible fixed assets occurred during the period covered
by the report 8) No significant transactions of purchase of tangible fixed assets occurred that would give rise to
significant liabilities in this regard 9) In the analysed period there were no significant litigation settlements 10) Corrections of errors from previous periods are described in Note 5 11) No changes affecting the fair value of financial assets and liabilities occurred 12) There have been no events related to non-repayment of the loans or breaches of agreements or contracts
concluded 13) All transactions entered into within the Group have been concluded on market terms 14) There was no change in the method of determining the fair value of financial instruments 15) There were no changes in classification of financial assets 16) There were no transactions related to issues purchases and payments of non-share and equity securities 17) Information on dividends ndash note 10 18) Events after the balance sheet date ndash note 32 19) Information on contingent liabilities ndash note 27 20) There were no other events apart from those described above that could have a significant effect on the
assessment of the financial position assets or financial performance of the Issuer sect87 par7
1) Selected Financial Data ndash page 56 2) Description of the Capital Group ndash note 31 3) The Group has published no forecasts 4) Information about the shareholders ndash note 33 5) Shares held by members of the issuers management ndash note 33 6) Pending lawsuits ndash note 28 7) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 8) In the period covered by the report there were no transactions between related party that have been
concluded on the terms other than market terms 9) There were no other events apart from those which in the Issuers opinion are important to assess its
human resources assets finances financial result and their changes as well as information which is crucial in the assessment of the Issuers ability to fulfil its obligations
10) The details contained in the Report of the Management Board
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4150
CONDENSED INTERIM FINANCIAL STATEMENTS OF THE ISSUER
AMICA SA
for the six months ended 30 June 2016
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME OF THE ISSUER
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4250
for the six months ended 30 June 2016
1st half of 2016
1st half of 2015
2 quarters of 2016
2 quarters of 2015
Continued activities Revenue from sales of goods and products 737 509 672 274 364 268 320 197
Revenue from sale of services 4 445 4 429 1 723 1 880
Revenue from sales 741 954 676 703 365 991 322 077
Own sales costs 507 428 450 543 244 557 213 082
Gross profit(loss) on sales 234 526 226 160 121 434 108 995
Other operating revenue 4 495 2 791 3 707 1 144
Cost of sales 62 636 58 090 30 359 28 024
General administrative expenses 123 959 121 294 67 255 58 826
Other operating costs 7 221 10 356 6 119 3 090
Profit(loss) on operating activities 45 205 39 211 21 408 20 199
Financial revenue 46 912 25 212 44 754 23 802
Financial costs 10 975 12 268 4 517 6 228
Gross profit(loss) 81 142 52 155 61 645 37 773
Income tax 6 083 7 162 2 311 3 148
Net profit(loss) on continuing operations 75 059 44 993 59 334 34 625
Discontinued activities 0 0 0 0 Profit(loss) for the financial year on discontinued operations 0 0 0 0
Net profit(loss) for the financial year 75 059 44 993 59 334 34 625
Other total revenue
Items to be reclassified to the profit (loss) in subsequent reporting periods 12 728 -5 058 -3 412 -15 621
Net assets hedging 5 450 0 -561 0 Cash flow hedging 10 264 -6 244 -3 652 -19 285 Share in other total revenue of affiliates or subsidiaries - - - -
Income tax associated with other total revenues -2 986 1 186 801 3 664
Items not to be reclassified to the profit (loss) in subsequent reporting periods 0 51 -8 39
Revaluation of land and buildings 0 51 -8 39
Income tax associated with other total revenues - - - -
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4350
Other total net revenue 12 728 -5 007 -3 420 -15 582
COMPREHENSIVE INCOME FOR THE YEAR 87 787 39 986 55 914 12 891
Profit(loss) per share
ndash basic from the profit for the period 965 579 763 367 ndash basic from the profit from continued activities for the period 965 579 763 367
ndash diluted from the profit for the period 965 579 763 367
ndash diluted from the profit from continued activities for the period 965 579 763 367
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4450
Interim condensed balance sheet of the Issuer as at 30 June 2016
ASSETS 30 June 2016 30 June 2015 31 December 2015 Fixed assets 654 119 470 841 629 811 Property plant and equipment 247 321 225 282 240 803 Investment property 0 0 0 Intangible assets 28 695 22 386 23 537 Shares in subsidiaries 327 365 172 973 325 067 Investments recognized using the equity method 6 841 6 841 6 841
Derivatives 18 011 10 030 8 379 Other financial assets (non-current) 15 442 21 255 18 699 Deferred tax assets 10 444 12 074 6 485 Current Assets 580 674 522 205 544 143 Inventory 230 707 220 370 178 516 Receivables from deliveries and services and other receivables 298 727 230 115 307 857
Receivables from income tax 0 2 563 9 272 Derivative financial instruments 10 347 18 409 13 104 Other financial assets 10 159 3 180 9 549 Other non-financial assets 14 201 8 059 19 216 Cash and equivalents 16 533 39 509 6 629 Fixed assets classified as designated for sale 0 0 0
TOTAL ASSETS 1 234 793 993 046 1 173 954 LIABILITIES Equity capital allocated to shareholders of the Parent Company 593 657 500 166 537 047
Stated capital 15 551 15 551 15 551 Supplementary capital 490 838 443 536 443 553 Revaluation of hedging instruments capital 12 209 -3 914 -519 Retained profit Uncovered loss 75 059 44 993 78 462 Non-current liabilities 159 284 73 515 182 419 Interest bearing bank credits and loans 146 913 50 090 155 042 Provisions 3 398 3 371 3 960
Liabilities from net employee benefits 1 728 1 284 1 431
Other liabilities 4 741 16 080 19 351 Deferred charges and accruals 2 504 2 690 2 635 Current liabilities 481 852 419 365 454 488 Liabilities from deliveries and services and other liabilities 295 230 263 574 327 257
Current portion of interest-bearing bank credits and loans 84 259 65 302 65 155
Derivative financial instruments 9 265 14 720 7 289 Liabilities from income tax 12 369 0 0 Deferred charges and accruals 99 283 254 Provisions 80 630 75 486 54 533
Liabilities directly associated with fixed assets classified as items for sale 0 0 0
Total liabilities 641 136 492 880 636 907 TOTAL LIABILITIES 1 234 793 993 046 1 173 954
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4550
INTERIM CONDENSED CASH FLOW ACCOUNT OF THE ISSUER for the six months ended 30 June 2016
Cash flows from operating activities 1st half of 2016 1st half of 2015 31 December 2015 Gross profit(loss) 81 142 52 155 90 150 Adjustments by items -60 727 -28 785 -43 286 Depreciation 17 764 15 557 32 172 Currency translation gains (losses) -1 131 -353 -12 490 Interest and profit sharing (dividend) -38 391 -18 309 -17 528 Profit (loss) on investing activities 3 824 1 624 1 993 Change in provisions 25 832 24 788 4 631 (Increase) decrease in inventories -52 191 -74 826 -32 972 (Increase) decrease in receivables 28 095 56 193 -33 075 (Increase) decrease in liabilities except for loans or credits -51 843 -40 009 13 919
Change in prepayments and accruals -1 048 331 -1 610 Adjustment of instruments -5 267 17 178 27 724 Cash flows related to hedging 6 472 -13 159 -10 310 Other -461 6086 -22435 Income tax 8 543 -3 886 6 695 Net cash flows from operating activities 21 340 23 370 46 864 Cash flows from investment activities
Disposal of fixed assets and intangible assets 101 2 033 2 144
Purchase of fixed assets and intangible assets -31 342 -31 515 -66 541 Sale of investment in real estate - - - Acquisition of investment in real estate - - - Sales of investments in subsidiaries associates and joint ventures - - -
Purchase of investments in subsidiaries associates and joint ventures -2 075 - -138 337
Sales of other financial assets - - - Purchase of other financial assets -6 841 - -18 739 Dividends received - 9 800 18 000 Interest received 3 911 118 96 Repayment of loans granted 10 934 5 193 9 274 Loans granted -8 522 -4 557 -14 560 Trade instruments 9 976 4 779 33 529 Net cash from investing activities -23 858 -14 149 -175 134 Cash flows from financial activities Sales of own shares - - - Payment of liabilities arising from financial leases -3 316 -3 161 -3 741 Acquisition of own shares - - - Inflows from creditsloan taken 32 758 23 788 64 722 Repayment of loanscredits -11 010 -7 731 -17 071 Issuance of debt securities - 20 000 131 308 Redemption of debt securities - -20 000 -30 000 Dividends paid out - - -23 326 Interest paid -5 830 -3 703 -8 042 Other - -- Net cash from financial activities 12 602 9 193 113 850 Net increase (decrease) in cash and cash equivalents 10 084 18 414 -14 420 Balance sheet change in cash including 10 425 18 733 -14 378 Net exchange rate differences -341 -319 -42 Opening balance of cash 6 227 20 647 20 647 Closing balance of cash 16 311 39 061 6 227
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4650
Interim condensed STATEMENT OF CHANGES IN THE EQUITY OF THE ISSUER for the six months ended 30 June 2016
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2016 15 551 443 553 0 -519 78 462 537 047 Net profit(loss) for the period - - - - 75 059 75 059 Other net comprehensive income for the year - 0 - 12 728 - 12 728
Comprehensive income for the year 0 0 0 12 728 75 059 87 787 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 47 361 - - -47 361 0
Other changes - -76 - - - -76 Share-based payments - - - - - 0 Dividends - - - - -31 101 -31 101 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2016 15 551 490 838 0 12 209 75 059 593 657 As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506 Net profit(loss) for the period - - - - 44 993 44 993 Other net comprehensive income for the year - 51 - -5 058 - -5 007
Comprehensive income for the year 0 51 0 -5 058 44 993 39 986 Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - 32 886 - - -32 886 0
Share-based payments - - - - - 0 Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - - - - - 0
As at 30 June 2015 15 551 443 536 0 -3 914 44 993 500 166
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4750
Stated capital Supplementary capital Own shares
Revaluation of hedging instruments
capital
Retained profit uncovered loss Total equity capital
As at 1 January 2015 15 551 410 599 0 1 144 56 212 483 506
Net profit(loss) for the period - - - - 78 462 78 462 Other net comprehensive income for the year - - - -1 663 - -1 663
Comprehensive income for the year 0 0 0 -1 663 78 462 76 799
Sales of own shares - - - - - 0 Allocation of profit from previous years to equity capital - - - - - 0
Other changes - 68 - - - 68
Share-based payments - - - - - 0
Dividends - - - - -23 326 -23 326 Re-booking of financial result to equity capital - 32 886 - - -32 886 0
As at 31 December 2015 15 551 443 553 0 -519 78 462 537 047
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4850
Changes in the presentation of the Issuers financial data The Company changed the presentation of cost of sales and other operating costs In the data published for the first six months of 2015 the cost of sale related to the replacement of defective goods with new ones were recognized in the ldquoother operating expensesrdquo After the change in the presentation the costs associated with the replacement of defective goods with the new ones will adjust the costs of sale The adjustments of comparable data associated with the reclassification of the cost of replacement are presented in the following table These changes do not affect the amount of earnings per share
bull Adjustment for the first half of 2015
Before restatement Adjustment After restatement
Cost of sales 57 341 749 58 090
Other operating costs 11 105 -749 10 356
The Company changed the presentation of the deferred tax asset as well as long-term and short-term provisions
bull Adjustment of figures as of 30062015
Before restatement Adjustment After restatement Deferred tax assets 17 825 -5 751 12 074
Non-current provisions 5 751 -5 751 0
Non-current provisions 0 3 371 3 371
Current provisions 78 857 -3 371 75 486
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
4950
Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions for recognition of the information required under the non-Member State regulations as equivalent sect83 In the presented condensed interim statements of the Issuer there have been no changes in the rules adopted for preparation of the report or changes in the applied accounting principles (policy) In the period covered by the report there were no transactions between the Issuer and related parties which have been concluded on terms other than market equivalent to at least 10 of the issuers equity
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
AMICA SPOacuteŁKA AKCYJNA CAPITAL GROUP Condensed Interim Consolidated Financial Statements
for the six months ended 30 June 2016 (in thousands PLN)
5050
34 Approval for publication
This Extended Consolidated Quarterly Financial Statements prepared for the period from 01 January 2016 to 30 June 2016 (with comparative information) has been approved for publication by the Companys Management Board on 25 August 2016
Signatures of all Members of the Board
Date Full name Position Signature 25082016 Jacek Rutkowski President of the
Management Board
25082016 Jarosław Drabarek Senior Vice President of the Management Board
25082016 Marcin Bilik Vice President of the Management Board
25082016 Alina Jankowska-Brzoacuteska
Vice President of the Management Board
25082016 Wojciech Kocikowski Vice President of the Management Board
25082016 Piotr Skubel Vice President of the Management Board
Signature of the person responsible for the drawing up of the financial statement mentioned Date Full name Position Signature 25082016 Michał Rakowski Chief Accountant -
Commercial Proxy
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
Consolidated Financial Statements
Amica Wronki SA for
for the 1st half of 2016
Interim financial statement complying with the requirements of IAS34
Interim Financial Reporting
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
Contents
Consolidated statements of Amica Wronki Group for the 1st half of 2016
- unless indicated otherwise all figures are shown in millions of PLN- 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
2
Overview 3 Condensed financial results 5 Groups sales revenue 6 Revenue by product range 7 Situation on the market of home appliances 8 Sales by region 9 Cost of sales and general administrative expenses 14 Balance Sheet CF and indicators of the Group 16
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
OVERVIEW
Amica Spoacutełka Akcyjna Capital Group (Group) is composed of Amica Spoacutełka Akcyjna (Parent Company
Company) and its subsidiaries The consolidated financial statements of the Group cover the period ended 30
June 2016 and comprise comparative data for the period ended 30 June 2015
The Parent Company is registered in the register of entrepreneurs - the National Court Register maintained by
the District Court in Poznań - Nowe Miasto and Wilda in Poznań 9th Commercial Division of the National Court
Register under the number KRS 000017514
The Parent Company was issued the business statistical number REGON 570107305
The duration of the operation of the Parent Company and companies within the Group is undefined
The Groups core business is
bull Manufacture and sale of electric and gas-fired domestic appliances
bull Sale of domestic appliances
bull Sales of maintenance heating hotel and catering services
bull Rental and leasing activities
The direct parent of the Group is Amica SA The parent company of the entire Group is a natural person who is
not obliged to prepare financial statements to be made public
3 Consolidated statements of Amica Wronki Group for the 1st half of 2016
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
OVERVIEW
4
The Management Board as of 30 June 2016 comprised
Mr Jacek Rutkowski - President of the Management Board
Mr Jarosław Drabarek ndash Senior Vice President of the Management Board
Mr Marcin Bilik - Vice President of the Management Board
Ms Alina Jankowska-Brzoacuteska ndash Vice President of the Management Board
Mr Wojciech Kocikowski - Vice President of the Management Board
Mr Piotr Skubel ndash Vice President of the Management Board
The Supervisory Board on the 30 June 2016 was composed of
Mr Tomasz Rynarzewski - Chairman of the Supervisory Board
Mr Dariusz Formela - Independent Member of the Supervisory Board (Vice Chairman of the Supervisory
Board)
Mr Tomasz Dudek - Member of the Supervisory Board
Mr Piotr Sawala - Member of the Supervisory Board
Mr Paweł Wyrzykowski - Member of the Supervisory Board
Mr Jacek Bartmiński - Independent Member of the Supervisory Board
Amica SA is the parent company of the following companies Amica International GmbH Gram as Hansa Rosja
OOO Hansa Ukraina Amica Commerce sro Inteco Business Solutions Sp z oo Amica Far East Ltd Nova
Panorama Sp z oo Amica Handel i Marketing Sp z oo Marcelin Management Sp z o o Profi Enamel Sp z oo
Amica Electrodomesticos CDA Group Limited which together form Amica Capital Group
The parent company of Amica Capital Group is Holding Wronki SA
After the balance sheet date on 11 August 2016 the District Court registered the change of the Companyrsquos name
from ldquoAmica Wronki SArdquo to ldquoAmica SArdquo in accordance with the resolutions adopted at the AGM on 1 June 2016Consolidated statements of Amica Wronki Group for the 1st half of 2016
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
Condensed financial results for Q1 and Q2 2016 vs Q1 and Q2 2015
bull Groups sales revenue in the 1st half of
2016 amounted to PLN 1155 million and
increased by PLN 229 million (by 25)
bull The Group generated the EBITDA margin
higher by PLN 14 million (- 05 pp)
bull A slightly lower gross profit margin on sales
stems mainly from a decline of profits in
Russia
bull In the first half of 2016 the gross profit
increased by PLN 114 million The Group
also maintained a high profit margin of
53
5 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Profit and loss account (millions PLN) I-IIQ2016 I-IIQ 2015 Change Dynamics
Revenue from sales 11550 9264 2286 125
Gross profit on sales 3659 3069 590 119
Gross profit on sales margin 317 331 -14pp
EBIT 703 606 97 116
Operating profit margin 61 65 -05pp
EBITDA 923 786 137 117
EBITDA margin 80 85 -05pp
Gross profit 608 495 114 123 Gross profit margin 53 53 -01pp
Net profit 501 395 106 127
Net profit margin 43 43 01pp
Weighted average of number of ordinary shares (number of shares)
7 775 273 7 7 7 5 2 7 3
Profit per ordinary share (PLN) 643 507
EBITDA calculated as operating profit + depreciation
Groups sales revenue
bull In the second quarter of 2016 the Group recorded a sales increase of PLN 130
million with an EBITDA margin of 71
bull The Group has been successfully implementing the strategy to diversify revenue by
increasing sales in the Western region whose share in sales increased to 40
bull The biggest sales growth was recorded in the West region (+64) due to acquisition
of CDA in 2015 and the higher sales of Amica International as well as in the
Northern region (+20)
bull Detailed information on the sales of goods and products in various regions are
presented later in the comments
6 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Revenue from sales [millions PLN]
Revenue from salesEBITDA margin
Groups revenues by product groups
bull Revenues from sale of heating equipment
increased by PLN 33 million The largest increase
in sales of heating equipment was reported in
the Western region The share of products in the
total sales decreased to 49
bull One of the key components of Amica Groups
strategy is to provide the consumer with the full
range of household appliances The group
increased the sales of goods on all markets and
through CDA acquired in November last year
The sales increased by PLN 196 million
7 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Free-standing heating equipment
Built-in heating equipment
Other heating equipment
Goods Other Group
Free-standing heating equipment Built-in heating equipment Other heating equipment Goods Other
Sale by product range [millions PLN]
Structure of revenue by product range 1H2016
Poland
bull According to GfKs market data the value ofPolish market for large household appliances in2016 increased by +46 in terms of volumeand by +66 in terms of value
bull The market structure by product category haschanged for ovens (increase from 97 to101) washing (a decrease from 246 to236) free-standing refrigeration equipment(increase from 233 to 24) free-standingcookers (from 81 to 75) while othercategories remained on the same level as in2015 (in terms of value)
bull The increase of the market for free-standingequipment was +46 while the built-inequipment increased by +99 (in terms ofvalue)
Situation on the market of home appliances
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Poland
bull Amica recorded an increase in sales of +39with the market growth of +66
bull Amicas sales of hobs increased by +26refrigeration equipment by +147dishwashers by +134 ovens by +18while the sales of free-standing cookers fell by-57 and washing machines of -88
bull In the heating equipment segment Amica isthe best-selling brand on the Polish marketwith market share of 31 (in terms ofvolume)
[million PLN]
Sales by region
+39 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
West
bull The positive deviation of sales on the Germanmarket (+14) was the result of very good salesof refrigeration products (+26) heatingequipment (+11) and washing machines(+45)
bull The increase in sales in the UK market wasachieved both through CDA as well as through theexisting distribution channels
bull The increase in sales in the French market by 78in the first half of 2016 compared to 2015 resultsfrom expanding of the portfolio and higher sales offreestanding and built-in cookers
[million PLN]
Sales by region
+646 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
North [million PLN]
Sales by region
+201 yy
Share in total sales
bull The sales of Gram brand increased by +126This growth was achieved thanks to higher sales inall product categories particularly dishwashers(+21) and refrigerators (+155)
bull The higher sales growth allowed to achieve highermarket share in the category of dishwashers by04 pp and built-in appliances (hobs) by 09 pp(According to FEHA)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
Groups revenues by product groups
bull Revenues from sale of heating equipment
increased by PLN 33 million The largest increase
in sales of heating equipment was reported in
the Western region The share of products in the
total sales decreased to 49
bull One of the key components of Amica Groups
strategy is to provide the consumer with the full
range of household appliances The group
increased the sales of goods on all markets and
through CDA acquired in November last year
The sales increased by PLN 196 million
7 Consolidated statements of Amica Wronki Group for the 1st half of 2016
Free-standing heating equipment
Built-in heating equipment
Other heating equipment
Goods Other Group
Free-standing heating equipment Built-in heating equipment Other heating equipment Goods Other
Sale by product range [millions PLN]
Structure of revenue by product range 1H2016
Poland
bull According to GfKs market data the value ofPolish market for large household appliances in2016 increased by +46 in terms of volumeand by +66 in terms of value
bull The market structure by product category haschanged for ovens (increase from 97 to101) washing (a decrease from 246 to236) free-standing refrigeration equipment(increase from 233 to 24) free-standingcookers (from 81 to 75) while othercategories remained on the same level as in2015 (in terms of value)
bull The increase of the market for free-standingequipment was +46 while the built-inequipment increased by +99 (in terms ofvalue)
Situation on the market of home appliances
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Poland
bull Amica recorded an increase in sales of +39with the market growth of +66
bull Amicas sales of hobs increased by +26refrigeration equipment by +147dishwashers by +134 ovens by +18while the sales of free-standing cookers fell by-57 and washing machines of -88
bull In the heating equipment segment Amica isthe best-selling brand on the Polish marketwith market share of 31 (in terms ofvolume)
[million PLN]
Sales by region
+39 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
West
bull The positive deviation of sales on the Germanmarket (+14) was the result of very good salesof refrigeration products (+26) heatingequipment (+11) and washing machines(+45)
bull The increase in sales in the UK market wasachieved both through CDA as well as through theexisting distribution channels
bull The increase in sales in the French market by 78in the first half of 2016 compared to 2015 resultsfrom expanding of the portfolio and higher sales offreestanding and built-in cookers
[million PLN]
Sales by region
+646 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
North [million PLN]
Sales by region
+201 yy
Share in total sales
bull The sales of Gram brand increased by +126This growth was achieved thanks to higher sales inall product categories particularly dishwashers(+21) and refrigerators (+155)
bull The higher sales growth allowed to achieve highermarket share in the category of dishwashers by04 pp and built-in appliances (hobs) by 09 pp(According to FEHA)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
Poland
bull According to GfKs market data the value ofPolish market for large household appliances in2016 increased by +46 in terms of volumeand by +66 in terms of value
bull The market structure by product category haschanged for ovens (increase from 97 to101) washing (a decrease from 246 to236) free-standing refrigeration equipment(increase from 233 to 24) free-standingcookers (from 81 to 75) while othercategories remained on the same level as in2015 (in terms of value)
bull The increase of the market for free-standingequipment was +46 while the built-inequipment increased by +99 (in terms ofvalue)
Situation on the market of home appliances
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Poland
bull Amica recorded an increase in sales of +39with the market growth of +66
bull Amicas sales of hobs increased by +26refrigeration equipment by +147dishwashers by +134 ovens by +18while the sales of free-standing cookers fell by-57 and washing machines of -88
bull In the heating equipment segment Amica isthe best-selling brand on the Polish marketwith market share of 31 (in terms ofvolume)
[million PLN]
Sales by region
+39 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
West
bull The positive deviation of sales on the Germanmarket (+14) was the result of very good salesof refrigeration products (+26) heatingequipment (+11) and washing machines(+45)
bull The increase in sales in the UK market wasachieved both through CDA as well as through theexisting distribution channels
bull The increase in sales in the French market by 78in the first half of 2016 compared to 2015 resultsfrom expanding of the portfolio and higher sales offreestanding and built-in cookers
[million PLN]
Sales by region
+646 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
North [million PLN]
Sales by region
+201 yy
Share in total sales
bull The sales of Gram brand increased by +126This growth was achieved thanks to higher sales inall product categories particularly dishwashers(+21) and refrigerators (+155)
bull The higher sales growth allowed to achieve highermarket share in the category of dishwashers by04 pp and built-in appliances (hobs) by 09 pp(According to FEHA)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
Poland
bull Amica recorded an increase in sales of +39with the market growth of +66
bull Amicas sales of hobs increased by +26refrigeration equipment by +147dishwashers by +134 ovens by +18while the sales of free-standing cookers fell by-57 and washing machines of -88
bull In the heating equipment segment Amica isthe best-selling brand on the Polish marketwith market share of 31 (in terms ofvolume)
[million PLN]
Sales by region
+39 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
West
bull The positive deviation of sales on the Germanmarket (+14) was the result of very good salesof refrigeration products (+26) heatingequipment (+11) and washing machines(+45)
bull The increase in sales in the UK market wasachieved both through CDA as well as through theexisting distribution channels
bull The increase in sales in the French market by 78in the first half of 2016 compared to 2015 resultsfrom expanding of the portfolio and higher sales offreestanding and built-in cookers
[million PLN]
Sales by region
+646 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
North [million PLN]
Sales by region
+201 yy
Share in total sales
bull The sales of Gram brand increased by +126This growth was achieved thanks to higher sales inall product categories particularly dishwashers(+21) and refrigerators (+155)
bull The higher sales growth allowed to achieve highermarket share in the category of dishwashers by04 pp and built-in appliances (hobs) by 09 pp(According to FEHA)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
West
bull The positive deviation of sales on the Germanmarket (+14) was the result of very good salesof refrigeration products (+26) heatingequipment (+11) and washing machines(+45)
bull The increase in sales in the UK market wasachieved both through CDA as well as through theexisting distribution channels
bull The increase in sales in the French market by 78in the first half of 2016 compared to 2015 resultsfrom expanding of the portfolio and higher sales offreestanding and built-in cookers
[million PLN]
Sales by region
+646 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
North [million PLN]
Sales by region
+201 yy
Share in total sales
bull The sales of Gram brand increased by +126This growth was achieved thanks to higher sales inall product categories particularly dishwashers(+21) and refrigerators (+155)
bull The higher sales growth allowed to achieve highermarket share in the category of dishwashers by04 pp and built-in appliances (hobs) by 09 pp(According to FEHA)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
North [million PLN]
Sales by region
+201 yy
Share in total sales
bull The sales of Gram brand increased by +126This growth was achieved thanks to higher sales inall product categories particularly dishwashers(+21) and refrigerators (+155)
bull The higher sales growth allowed to achieve highermarket share in the category of dishwashers by04 pp and built-in appliances (hobs) by 09 pp(According to FEHA)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
East
bull The increase in sales yy is mainly due to the stabilizationof the political and macroeconomic situation in the area
bull HANSA Russia ndash an increase in sales in RUB by 25compared to the first half of 2015 with an increase in theshare of goods in the total sales structure According toGfK the market of heating equipment in Russia increasedby 8 while Hansa increased its market share by 17pp
bull UKRAINE ndash Maintenance of the value of sales in the firsthalf of 2016 at the level from 2015 despite the difficultmarket situation by expanding the portfolio torefrigerators and washing machines
[million PLN]
Sales by region
+86 yy
Share in total sales
Consolidated statements of Amica Wronki Group for the 1st half of 2016
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
SOUTH [million PLN]
Sales by region
+148 yy
Share in total sales
bull In Southern Europe sales increased by +4 Morethan half of sales was attributable to Romania
bull On the Czech and Slovak markets the AmicaCommerce recorded an increase in sales of +11compared to the corresponding period last year
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
Cost of sales and general administrative expenses
14
bull Costs of sales in the 1st half of 2016 amounted to
PLN 131 million
bull The increase in expenses resulted primarily from the
costs of CDA
bull General administrative expenses in the first six
months amounted to PLN 157 million and were
lower by PLN 16 million The share of these costs in
the revenue amounted to 136
(-16 pp yy)
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Logistics costsCost of serviceOtherShare in the sales revenue
Sales costs [millions PLN]
General administrative expenses [millions PLN]
Marketing costsOther administrative expensesThe share of costs in revenues
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
Balance Sheet CF and indicators of the Group
15
bull The increase in fixed assets stems primarily from the
goodwill resulting from the acquisition of CDA
bull As a result of the acquisition the Group has also
increased the level of net working capital
bull The balance of interest-bearing loans and borrowings
increased by PLN 143 million mainly due to the
bonds issued
bull Liquidity ratios remained at similar levels
Consolidated statements of Amica Wronki Group for the 1st half of 2016
Balance 30062016 30062015 Change Fixed assets 5247 4369 877 120
Current Assets 9637 7523 2113 128
Total assets 1 4985 1 1893 3092 126 Equity capital 6151 5567 585 111
Liabilities and provisions 8834 6326 2508 140
Non-current liabilities 1704 799 904 213
Current liabilities 7130 5527 1603 129
Total liabilities 1 4985 1 1893 3092 126
Cash Flow 30062016 30062015 Change Cash flow on operating activities 430 372 58
Cash flow on investment activities -312 -326 14 Cash flow on financial activities -36 04 -40
Net cash flows 81 50 31
KPIs 30062016 30062015 Dynamics
Current ratio 135 136 -001
Quick ratio 078 078 001
Liability ratio 589 532 58pp
Net working capital 3828 2504 1324
Signatures of Members of the Board
Date Full name Position Signature
25 August 2016 Jacek Rutkowski President of the Management Board
25 August 2016 Jarosław Drabarek First Vice President of the Management Board
25 August 2016 Marcin Bilik Vice President of the Management Board
25 August 2016 Alina Jankowska-Brzoacuteska Vice President of the Management Board
25 August 2016 Wojciech Kocikowski Vice President of the Management Board
25 August 2016 Piotr Skubel Vice President of the Management Board
16 Consolidated statements of Amica Wronki Group for the 1st half of 2016
- EN_raport bieglego
- EN_Skonsolidowane Sprawozdanie Finansowe Grupy AWSA I poacutełrocze 2016 - wersja ostateczna do publikacji na Giełdę
-
- Selected Consolidated Financial Data of the Capital Group
- Selected financial data of the Issuer
- Interim condensed consolidated statement of comprehensive income
- Interim condensed consolidated balance sheet
- Interim condensed cash flow account
- Interim condensed consolidated statement of changes in equity
- Additional explanatory notes
- 1 Overview
- 2 Composition of the Parent Companys Management Board and Supervisory Board
- 3 The basis for drawing up the interim condensed consolidated financial statement
- 4 Significant Accounting Policies
- 5 Changes in the presentation
- Data for the first six months of 2015
- Data for the second quarter of 2015
- 6 Seasonality of operations
- 7 Information concerning business segments
- 8 Revenue and costs
-
- 81 Other operating revenue
- 82 Other operating costs
- 83 Costs by type
-
- 9 Income tax
- 10 Dividends paid out and proposed dividends
- 11 Property plant and equipment
- 12 Investment property
- As at 30 June 2016 the investment properties were tested for impairment As at 30 June 2016 there were no indications of impairment of investment properties A detailed description of the property is included in the Consolidated Financial Statements
- 13 Intangible assets
- 14 Other assets
-
- 141 Other financial assets
- 142 Other non-financial assets
-
- 15 Inventory
- 16 Receivables from deliveries and services and other receivables
- 17 Cash and equivalents
- 18 Assets held for sale
- The value of assets held for sale as at the balance sheet date amounted to PLN 10167000 and corresponds to the price stated in the purchase bid In the first half of 2016 there were no changes in relation to the value as of 31 December 2015 At the
- 19 Employee benefits
- 20 Interest bearing bank credits and loans
- 21 Provisions
- 22 Liabilities from deliveries and services other liabilities
-
- 221 Liabilities from deliveries and services and other liabilities (Current)
- 222 Other non-financial liabilities
-
- 23 Issuances repurchases and repayments of debt securities
- In 2016 the Group did not issue short term bonds on the domestic market at the same time not repurchasing previously issued bonds In previous periods the Issuer of bonds was Amica SA On the balance date Amicas liabilities associated with the iss
- 24 Financial instruments
- 25 Objectives and principles of financial risk management
- 26 Capital management
- 27 Contingent liabilities and contingent assets
- 28 Lawsuits
- 29 Investment liabilities
- 30 Used electrical and electronic equipment
- 31 Transactions with affiliates and subsidiaries
- 32 Events after the balance date
- 33 Other information
-
- Shares owned by the Members of the Board of Amica SA
- Shares owned by the Members of the Supervisory Board of Amica SA
-
- Additional notes to the interim condensed consolidated financial statements in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on con
- Interim condensed statement of comprehensive income of the ISSUER
- Interim condensed statement of changes in the equity of the Issuer
- Additional notes to the interim condensed statements of the Issuer in accordance with the provisions of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and on conditions f
- 34 Approval for publication
-
- EN_Komentarz Zarządu Amica Wronki S A za 2 kwartał 2016_wersja_ostateczna
-
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