The consolidated financial statement of
Rainbow Tours S.A. Capital Group for the
period from 1 January to 31 December 2014
Łódź, 30 April 2015
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
THE CONTENT OF CONSOLIDATED FINANCIAL STATEMENTS OF RAINBOW TOURS S.A.’S
CAPITAL GROUP
Content
1.
THE STATEMENT OF ASSETS AND LIABILITIES – ASSETS ........................................................................... 5
STATEMENT OF ASSETS AND LIABILITIES –LIABILITIES ...................................................................................... 5
2
STATEMENT OF COMPREHENSIVE INCOME ............................................................................................. 6
3
STATEMENT OF CHANGES IN EQUITY ...................................................................................................... 7
4
CASH FLOW STATEMENT.......................................................................................................................... 8
5
Introduction ............................................................................................................................................ 9
5.1
GENERAL INFORMATION .......................................................................................................................... 9
5.2
DECLARATION ON CONFORMITY WITH REGULATIONS .......................................................................... 10
5.3
BASE OF PREPARATION OF THE FINANCIAL STATEMENT ....................................................................... 10
5.4 RAINBOW TOURS S.A.’S CAPITAL GROUP ............................................................................................... 11
5.4.1
Composition of the Capital Group ................................................................................................. 11
5.4.2
The companies, which are not consolidated ................................................................................. 11
5.4.3
Changes in the group’s structure and their effect, including mergers acquisitions and disposals of
subsidiaries and long term investments ...................................................................................................... 11
6
THE ACCOUNTING RULES OF THE CAPITAL GROUP ................................................................................ 11
6.1
Basic rules ............................................................................................................................................... 11
6.2 CONSOLIDATION ..................................................................................................................................... 12
6.2.1
Valuation of assets and liabilities of the company ........................................................................ 14
6.2.2
Tangible fixed assets ...................................................................................................................... 15
6.2.3
Fixed assets held for sale ............................................................................................................... 16
6.2.4
Financial instruments .................................................................................................................... 17
6.2.5
Account receivables ....................................................................................................................... 19
6.2.6
Cash ............................................................................................................................................... 20
6.2.7
Cost prepayments and accrued income ........................................................................................ 20
6.2.8
Equity............................................................................................................................................. 20
6.2.9
Liabilities ....................................................................................................................................... 21
6.2.10
Provisions .................................................................................................................................. 22
6.2.11
Employee benefits .................................................................................................................... 22
6.2.12
Deferred tax .............................................................................................................................. 23
6.2.13
Contingent liabilities and assets ............................................................................................... 24
6.2.14
Assets and liabilities denominated in foreign currencies .......................................................... 24
6.2.15
impairment of assets ................................................................................................................ 25
6.2.16
Discontinued operations ........................................................................................................... 26
6.2.17
Lease ......................................................................................................................................... 26
6.3 RULES OF DETERMINATION OF THE FINANCIAL RESULT ........................................................................ 27
6.3.1
Net financial result ........................................................................................................................ 27
6.3.2
Sales revenue................................................................................................................................. 28
6.3.3
Cost of goods and products sold ................................................................................................... 28
6.3.4
The result on other operations ...................................................................................................... 28
Rainbow Tour S.A.’S Capital Group
Page 2
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
6.3.5
6.3.6
6.3.7
Revenues and financial costs ......................................................................................................... 28
Income tax ..................................................................................................................................... 29
DIVIDEND PAYMENT ..................................................................................................................... 29
6.4
SEGMENT REPORTING ............................................................................................................................ 29
6.5
IMPORTANT ASSESSMENTS AND ASSUMPTIONS ................................................................................... 29
6.6
COMPARABILITY OF THE DATA ............................................................................................................... 30
6.7
NEW ACCOUNTING STANDARDS AND IFRIC INTERPRETATIONS............................................................. 30
7
REVENUES AND RESULTS FOR BUSINESS SEGMENTS ............................................................................. 31
8
SEASONAL, CYCLICAL AND OCCASIONAL REVENUE ............................................................................... 32
10. SELECTED FINANCIAL DATA ...................................................................................................................... 33
NOTES TO BALANCE SHEET ............................................................................................................................. 34
9
10
8.1
INTANGIBLE ASSETS ................................................................................................................................ 34
8.2
TANGIBLE FIXED ASSETS ......................................................................................................................... 36
8.3
INVESTMENT PROPERTY ......................................................................................................................... 38
8.4
FINANCIAL ASSETS HELD FOR SALE ......................................................................................................... 39
8.5
DEFERRED TAX ASSETS ............................................................................................................................ 40
8.6
STOCKS .................................................................................................................................................... 40
8.7
RECEIVABLES ........................................................................................................................................... 40
8.8
OTHER ASSETS......................................................................................................................................... 44
8.9
CASH AND CASH EQUIVALENTS .............................................................................................................. 44
8.10
SHARE CAPITAL .................................................................................................................................. 45
8.11
CAPITAL FROM VALUATION OF INCENTIVE PLANS ............................................................................ 45
8.12
PROVISION FOR DEFERRED TAX ASSETS ............................................................................................ 46
8.13
PROVISION FOR RETIREMENT BENEFITS ............................................................................................ 46
8.14
FINANSOWEGO LONG TERM FINANCE LEASE LIABILITIES.................................................................. 47
8.15
LIABILITIES .......................................................................................................................................... 47
8.16
PROVISIONS FOR OTHER LIABILITIES .................................................................................................. 49
8.17
LIABILITES DIRECTLY RELATED TO THE FIXED ASSETS HELD FOR SALE ............................................... 50
NOTES TO PROFIT AND LOSS ACCOUNT ................................................................................................ 51
9.1
REVENUES FROM SALES OF SERVICES, MATERIALS AND GOODS ........................................................... 51
9.2
COST OF SALES OF SERVICES, MATERIALS, GOODS, COST OF DISPOSAL AND OVERHEADS.................... 51
9.3
OTHER REVENUE/ OPERATING COSTS .................................................................................................... 51
9.4
REVENUE / FINANCIAL COSTS ................................................................................................................. 52
9.5
PROFIT (LOSS) SHARING IN THE SUBSDIARIES UNDER EQUITY METHOD ............................................... 52
9.6
INCOME TAX ........................................................................................................................................... 52
9.7
DISCONTINUING OPERATIONS ................................................................................................................ 52
CONTINGENT ITEMS .............................................................................................................................. 53
Rainbow Tour S.A.’S Capital Group
Page 3
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
11
10.1
GUARANTEES AND WARRANTIES GRANTED ...................................................................................... 53
10.2
DISPUTABLE MATTERS ....................................................................................................................... 56
INFORMATION ON TRANSACTIONS WITH RELATED ENTITIES ................................................................ 56
11.1
ASSOCIATES ........................................................................................................................................ 57
11.2
MERGERS, AQUISITIONS OF ECONOMIC ENTITIES AND THEIR DISPOSAL .......................................... 57
11.3
SHARES IN JOINT VENTURES .............................................................................................................. 57
11.4
REVENUES AND COSTS ....................................................................................................................... 57
11.5
SETTLEMENTS WITH ENTITIES LINKED BY EQUITY TIES ...................................................................... 57
11.6
OTHER TRANSACTIONS ...................................................................................................................... 58
11.7
REMUNARATION OF THE MEMBERS OF THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD
58
12
EVENTS AFTER THE BALANCE SHEET DATE ............................................................................................ 59
13
AIMS AND RULES OF FINANCIAL RISK MANAGEMENT........................................................................... 60
14
13.1
POLICY OF FINANCIAL RISK MANAGEMENT ....................................................................................... 60
13.2
CURRENCY RISK .................................................................................................................................. 60
13.3
PRICE RISK .......................................................................................................................................... 60
13.4
CREDIT RISK ........................................................................................................................................ 62
13.5
LIQUIDITY RISK ................................................................................................................................... 62
OTHER INFORMATION........................................................................................................................... 62
Rainbow Tour S.A.’S Capital Group
Page 4
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
1. THE STATEMENT OF ASSETS AND LIABILITIES – ASSETS
Description
31.12.2013
31.12.2014
fixed assets
Tangible fixed assets
21 974
6 729
24 277
8 073
Intangible assets
14 814
14 814
196
196
Related entities
Investment in subsidiaries
0
0
0
0
Investment in associates accounted for equity method
Other financial assets
0
0
0
0
Investment property
Finance lease receivables
Deferred tax assets
Other assets
0
0
235
1 194
0
0
132 287
189 082
13
48 818
14
81 674
Other financial assets
0
400
Finance lease receivables
0
0
Cash and cash equivalents
70 168
84 580
Other assets
13 288
22 414
0
154 261
0
213 359
31.12.2013
49 517
31.12.2014
78 540
Current assets
stocks
Trade receivables and other receivables
Fixed assets held for sale
Total assets
STATEMENT OF ASSETS AND LIABILITIES –LIABILITIES
Description
Equity
Share capital
Supplementary capital (without results)
Revaluation reserve
own shares
Accumulated profit
Profit (loss) from previous years
Net profit for the financial period
Currency exchange differences of the entities operating abroad
Equity attributable to shareholders of the parent company
Minority interest
Long-term liabilities
Bank loans and credits
loans and credits
1 455
1 455
32 384
32 384
-498
476
-663
-420
16 353
2 707
44 645
12 394
13 646
32 251
0
0
49 031
78 540
486
0
90
0
506
0
0
0
Other financial liabilities
78
494
Deferred income tax liabilities
12
12
0
0
Long-term capital lease obligations
Long-term provisions
0
104 654
0
134 313
Trade liabilities and other liabilities
Pension liabilities
90 397
111 048
Pension and holiday pay liabilities
0
90
Short-term capital lease obligations
0
0
Short-term bank loans and credits
27
0
659
659
13 571
0
22 516
0
154 261
213 359
Other financial liabilities
Short-term provisions
Liabilities directly associated with assets held for sale
Total liabilities
Rainbow Tour S.A.’S Capital Group
Page 5
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
2
STATEMENT OF COMPREHENSIVE INCOME
description
Continuing activity sales revenue
Continuing activity cost of sales
01.01.201331.12.2013
776 649
01.01.201431.12.2014
956 464
681 148
810 653
Gross profit (loss) on sale
95 501
145 811
Continuing activity cost of selling
65 051
87 327
Continuing activity overheads
Continuing activity other operating profits
12 741
671
17 485
975
Continuing activity, other operating costs
Profit (loss) on operations
Continuing activity return on investment
Continuing activity loss on investment
Continuing activity finance revenue
Continuing activity financial costs
Net financial profits (loss)
Profit (loss) sharing of associates
profit sharing of associates
loss sharing of associates
Pre-tax profit and loss
Continuing activity, income tax
Current tax
Deferred tax
Deferred tax increase in charges
Deferred tax decrease in charges
Profit (loss) on continuing activity
Profit (loss) on discontinuing activity
Net profit on discontinuing activity
Net loss on discontinuing activity
2 377
3 062
16 003
38 912
0
0
23
0
1 461
948
1 576
1 098
490
478
0
0
0
0
0
0
16 493
-2 984
39 390
-7 139
2 907
7 885
-77
746
77
-746
0
0
13 509
137
32 251
0
0
0
-137
0
Net profit (loss)
13 646
32 251
For: shareholders of the parent company
13 646
32 251
For: minority shareholders
Other comprehensive income
0
-498
0
476
Cash flow hedges
-615
588
117
-112
Income tax related to the items presented in other comprehensive income
Other comprehensive income for the net financial period
-498
476
Total comprehensive income
13 148
32 727
For: shareholders of the parent company
For: minority shareholders
13 148
0
32 727
0
number of preference shares in the period (with respect to dividend)
0
0
Degree of preference
0
0
14 552 000
14 552 000
Number of ordinary shares in the period (with respect to dividend)
Profit (loss) per share from continuing activity – basic
0,93
2,22
Profit (loss) per share from continuing activity – diluted
Profit (loss) per share from continuing and discontinuing activity - basic
0,93
0,94
2,22
2,22
Profit (loss) per share from continuing and discontinuing activity – diluted
0,94
2,22
Comprehensive income per share from continuing and discontinuing activity – basic
0,90
2,25
Comprehensive income per share from continuing and discontinuing activity – diluted
0,90
2,25
Rainbow Tour S.A.’S Capital Group
Page 6
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
3
STATEMENT OF CHANGES IN EQUITY
01.01.201331.12.2013
36 334
01.01.201431.12.2014
49 517
35 749
49 031
1 455
0
1 455
0
Other increases
0
0
amortization
0
0
Other decreases
0
0
Description
Total equity Opening Balance
Equity attributable to shareholders of the parent company opening balance
Share capital opening balance
Issue
Share capital closing balance
Supplementary capital opening balance
agio
Other increases
Other decreases
Supplementary capital closing balance
Revaluation reserve opening balance
Created on purpose
Other increases
Used purposely
Other decreases
1 455
1 455
32 384
32 384
0
0
0
0
0
0
32 384
32 384
-555
-498
-498
0
0
555
476
0
0
-498
Revaluation reserve closing balance
-498
476
own shares opening balance
-243
-663
acquisition of own shares
Other increases
-420
0
0
0
0
-243
Disposal of own shares
Other decreases
own shares closing balance
Retained profit/ loss opening balance
Profit carried forward
Other increases
Dividend payment
Loss carried forward
Other decreases
Retained profit/loss closing balance
Profit for the period
Loss for the period
Net profit/loss closing balance
Currency exchange differences of entities operating abroad
Equity attributable to shareholders of parent company closing balance
Minority interest opening balance
Other increases
Other decreases
Minority interest Closing balance
Total equity Opening Balance
Rainbow Tour S.A.’S Capital Group
0
0
-663
-420
-110
2 707
2 818
13 646
0
575
1 468
5 031
0
0
-574
396
2 707
12 394
13 646
32 251
0
13 646
0
32 251
0
0
49 031
78 540
585
486
0
0
99
486
486
0
49 517
78 540
Page 7
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
4
CASH FLOW STATEMENT
Description
I. Pre-tax profit (loss)
II. total adjustments
amortization and depreciation
currency exchanges gains (loss)
interest and profit sharing (dividends)
Profit (loss) on investment
movements in provisions
movements in stocks
01.01.201331.12.2013
16 493
01.01.201431.12.2014
39 390
41 587
-13 244
1 134
1 196
0
90
-1 285
-740
170
168
-797
4 981
144
-2
1 548
-38 783
movements in short-term liabilities and advance sales liabilities, except for loans and finance lease
41 388
20 963
other adjustments
-1 680
-152
net cash from operations
income tax paid
58 080
-3 443
26 146
-7 139
net operating cash flows
54 637
19 007
1 389
1 986
movements in receivables and prepayments
interest received
dividends from entities consolidated under the equity method
0
0
Proceeds from sales of financial assets held for sale
0
982
184
0
179
0
proceeds from sales of short- term securities
0
0
purchase of short-term securities
0
0
incurring/ repayment of loans/ credits
932
-200
Repayment of loans/ credits
932
0
Granting loans/ credits
Proceeds from sale of subsidiary / Purchase of subsidiary
0
-70
200
0
proceeds from sale of tangible assets
proceeds from sales short –term securities / purchase of short term securities
Proceeds from sale of subsidiary
0
0
70
0
Other Incurring/ Repayment
0
0
Other incurring
0
0
Other repayment
0
0
1 743
692
1 848
1 099
Purchase of subsidiary
Expenditures for purchase of fixed assets
Net cash from investments
Proceeds from issue
-420
0
Incurring/ Repayment of loans and credits
-30
-26
Incurring of loans/ credits
485
0
Repayment of loans/ credits
515
26
Other Incurring/ Repayment
Other incurring
0
0
0
0
Other repayment
0
0
Repayment of finance lease liabilities
8
0
575
5 031
Dividends paid
Interest paid
67
637
Cash net from financing activities
Increase/ (decrease) in net cash and cash equivalents
-1 100
54 229
-5 694
14 412
Balance sheet change in cash
54 229
14 412
Change in cash from currency exchange differences
0
0
Cash and cash equivalents opening balance
15 939
70 168
Cash and cash equivalent closing balance
70 168
84 580
Rainbow Tour S.A.’S Capital Group
Page 8
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
5
5.1
Introduction
GENERAL INFORMATION
The main object of Rainbow Tours S.A.’s Capital Group is provision of tourism services, particularly in
the scope of organization and sales of own package travels and agency selling tourism services of
other companies. As operations of Rainbow Tours S.A.’s Capital Group developed the structure of
sales was expanded by sales of airlines, coach and ferry tickets.
Sales are made through four main distribution channels: chain of own sales offices (customer service
centres), agents’ network, internet and independent call centre. The parent company of the Capital
Group is Rainbow Tours SA with registered office in Łódź, ul. Piotrkowska 270, 90-361 Łódź, Poland
entered into register of entrepreneurs kept by District Court for Łódź Śródmieście, XX Department of
National Court Register under KRS (National Court Register Number) number: 0000178650.
As at the balance sheet date the Capital Group comprises following subsidiaries:
No
Name of the Entity
1
Portal Turystyczny Sp. z o.o.
2
Rainbow Tours
Biuro Podróży Sp. z o.o.
3
ABC Świat Podróży Sp. z o.o.
4
Bee&Free sp. z o.o.
Seat of the Entity
90 – 361 Łódź,
ul. Piotrkowska 270
90 – 105 Łódź,
ul. Piotrkowska 70
90 – 361 Łódź,
ul. Piotrkowska 270
90 – 361 Łódź,
ul. Piotrkowska 270
Share of the share
capital
Share of votes at GM
100%
100%
100%
100%
100%
100%
100%
100%
RAINBOW TOURS SA – parent company
Currently, the activities of the parent company mainly focus on sales own tourism services and agency
selling external tourism services, coach tickets and airline tickets. The task of the Issuer is to provide
external financing to the Group’s entities and to ensure their development.
1) PORTAL TURYSTYCZNY Sp. z o.o. – subsidiary
PORTAL TURYSTYCZNY Sp. z o.o. with registered office in Łódź is a subsidiary (100% subsidiary of
the issuer). The activities of PORTAL TURYSTYCZNY Sp. z o.o. consist in activities of agency selling
marketing materials and services to the entities of the Company.
2) RAINBOW TOURS Biuro Podróży Sp. z o.o. – subsidiary
The issuer holds 100% of shares in RAINBOW TOURS – Biuro Podróży Sp. z o.o., which main activity
is agency selling marketing materials and services for the companies of the Group. The members of
the Management Board of the Issuer are at the same time members of the Management Board of
RAINBOW TOURS Biuro Podróży Sp. z o.o. The company was formed in July 2003 and registered in
September 2003 and the control over the company was taken in January 2007 i.e. at the date of
registration of the increase in newly issued shares, which were taken up the entity.
3) ABC Świat Podróży Sp. z o.o. – subsidiary
ABC Świat podróży Sp. z o.o. is a network of travel offices situated in shopping centres in
Wielkopolska region and which sells the offer of the biggest national and foreign tour operators. In
May 2008 the issuer acquired 100% of shares from the previous owners of the company. The Control
was taken over on 1 June 2008.
4) Bee&Free sp. z o.o. – subsidiary
On 31 December 2010 the Capital Group was expanded by Bee&Free sp. z o.o. The company
specializes in selling blocks of seats in charter planes. The parent company controls 100% of the
entity’s shares.
Rainbow Tour S.A.’S Capital Group
Page 9
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
These consolidated financial statements for the year ended 31.12.2014 cover the parent company and
its subsidiaries (jointly referred to as “Rainbow Tours’ Capital Group”, “Capital Group”, and “the
Group”. The chart below presents the Capital Group as at 31 December 2014.
The consolidated financial statements were drawn up on assumption that business operations will be
continued by the parent company and the entities of the Capital Group in the foreseeable future.
According to the Management Board of the parent company there are no circumstances which would
pose a threat to continuation of the operations of the Capital Group.
Main accounting rules used during preparation of the consolidated financial statements are presented
below. The rules were applied continuously in all the years covered by the financial statements.
The financial statements of the individual entities of the Group are presented in the currency of basic
economic environment, in which the entities operate in (“functional currency”). The consolidated
financial statements are drawn up in Polish zloty (PLN), which constitutes the presentation and
functional currency of the parent company. All financial data are presented in thousands of Polish
zloty, unless indicated otherwise.
.
5.2
DECLARATION ON CONFORMITY WITH REGULATIONS
These consolidated financial statements were prepared in accordance with International Financial
Reporting Standards, which were approved by European Union, and which were issued an were
applicable as at date of these financial statements.
The entity has set 30.04.2015 as the date of approval of these consolidated financial statements.
5.3
BASE OF PREPARATION OF THE FINANCIAL STATEMENT
These consolidated financial statements present financial data in the balance sheet as at 31 December
2014 and as at 31 December 2013, statement of changes in equity for 2014 and 2013, profit and loss
account presenting the data for the period from 01.01-31.12.2014 and 01.01-31.12.2013 and cash
flow account for the period 01.01-31.12.2014 and 01.01-31.12.201 and notes to these financial
statements.
Rainbow Tour S.A.’S Capital Group
Page 10
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Since 2006 inclusively the Consolidated Financial Statements of Rainbow Tours S.A.’s Capital Group
were not drawn up taking into account the exemption under to provisions of the Accounting Act of 29
September 1994.
The arrangements and the transition from the accounting Act to IFRS were described in a note to the
annual consolidated financial statements for 2007.
Since 2007 the consolidated financial statements of Rainbow Tours S.A.’s Capital Group are drawn up
in accordance with IFRS.
5.4
RAINBOW TOURS S.A.’S CAPITAL GROUP
5.4.1
Composition of the Capital Group
The parent company of the Capital Group is Rainbow Tours S.A.
The table below presents information on share of the capital share, share of votes at GM and the
objects of the subsidiaries, in which Rainbow Tours S.A. holds shares.
Company, name
and seat
No
% share of the share Country of
capital
registration
% share of votes at
GM
The object
SUBSIDIARIES
1
2
3
4
Portal Turystyczny
Sp. z o.o. Łódź
Rainbow Tours Biuro Podróży
Sp. z o.o. Łódź
ABC Świat Podróży
Sp. z o.o. Łódź
Bee&Free
Sp. z o.o. Łódź
5.4.2
100.00% Polska
Activities of agent selling
marketing materials and
100.00%
services for the companies
of the Group.
100.00% Polska
100.00%
Activities of the agent
selling airline tickets
100.00% Polska
100.00%
Activities of selling
package travel
100.00% Polska
100.00% Tour operator activities
The companies, which are not consolidated
All subsidiaries are consolidated. The company does not have associates.
5.4.3
Changes in the group’s structure and their effect, including mergers acquisitions and disposals
of subsidiaries and long term investments
In 2014 there were no changes in the structure of the Capital Group.
6
THE ACCOUNTING RULES OF THE CAPITAL GROUP
6.1
Basic rules
Recognition of economic transactions:
Economic transactions are recognized in the accounts upon execution and recognized in the respective
period.
Historical cost principle:
The base of recognition in the accounts and the recognition of each item of assets and liabilities for
the first time is their historical cost. They are subsequently valued according to the rules presented in
the next part of the accounting policy, differently for different items of assets and liabilities.
Superiority of the economic content over the legal from:
Transactions are recognized in the accounts and stated in financial statements according to their
economic content, and not only the legal form, in which the transaction was executed. The company
Rainbow Tour S.A.’S Capital Group
Page 11
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
analyses the economic content of the contracts and the transactions executed on daily basis and
records them in a way to truly and reliably present the financial performance of the entity.
Principle of materiality:
Financial or other information is considered material when such information, if not recognized or
distorted (in the accounts or notes to financial statements), could affect economic decisions taken
based on the financial statements by the users of financial statements
6.2
CONSOLIDATION
Consolidation is aimed at presentation of assets, financial standing and performance of the entities
within the Capital Group in a way as it was one entity. The Capital Group comprises the parent
company and its subsidiaries.
Related parties of the entity are as follows:
1. The entities, which directly or indirectly through one or more intermediaries: Control or are
under control or joint control of the company (they include parent companies of Capital
Groups, subsidiaries and subsidiaries within the same Capital Group).
a. Hold shares in the company, which enable them to exert significant influence over the
company, or
b. Jointly control the company
2. Associates of the company (within the meaning of IAS 28 “Investments in associates and joint
ventures”).
3. Joint ventures in which the company holds shares,
4. Members of the key management personnel or the parent company,
5. Close members of the families of the persons mentioned in point 1 and 4,
6. The entities, over which the persons mentioned in point 4 and 5 exert control, jointly control
them, have significant influence or hold directly or indirectly the significant share in voting
rights
The parent company is an enterprise, which has one or more subsidiaries.
A subsidiary is an enterprise, which is controlled by a parent company. It is assumed, that a parent
company controls the subsidiary, if the parent company holds directly or indirectly – through its
subsidiaries- more than half of the voting rights in the subsidiary. The control is also exerted when the
parent company holds half or less of the voting rights in the subsidiary and:
1. Holds more than half of the voting rights pursuant to agreements with other investors
2. Has the ability to manage the financial and operational policy of the subsidiary pursuant to the
articles of association or the memorandum of association
3. Has the ability to nominate and dismiss the majority of the members of the Management
Boards of the subsidiary or:
4. Holds the majority of the votes at the meetings of the Management Board of the subsidiary
An associate is the enterprise over which an investor has significant influence, and which is neither
the subsidiary of the investor, nor a joint venture with the investor. It is assumed that the investor
has significant influence, if the major investor holds directly or indirectly – through its subsidiaries –
20% or more votes in the enterprise, in which it invested. The significant influence of the investor can
take following forms: taking part in the creation of the strategy of the enterprise operations, including
participating in the decisions concerning dividend payments, significant transactions between the
investor and the enterprise, mutual exchange of management personnel, or making available
significant technical information
1. sitting on the Management Board of the enterprise
2. taking part in the creation of the strategy of the enterprise operations, including participating
in the decisions concerning dividend payments
3. significant transactions between the investor and the enterprise,
4. mutual exchange of management personnel, or
5. making available significant technical information
Rainbow Tour S.A.’S Capital Group
Page 12
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
The Subsidiaries of Rainbow Tour S.A., which are parent companies towards their own subsidiaries,
do not draw up consolidated financial statements, under the following conditions:
1. Minority shareholders of parent companies were informed about the fact and did not object
to them
2. Debt and equity securities, which are issued by the parent company, are not publicly traded
on official securities market.
The list of enterprises in the consolidated financial statement and the list of enterprises excluded from
consolidation are drawn up using the quality criteria supplemented by the quantitative criteria. The
base to figure out if the enterprise is insignificant for the proper presentation of the Group as a whole,
and in a result if it can be exempted from consolidation, is applying those criteria to the relations
between the enterprises in the group.
The entity cannot be considered insignificant if:
1. Provides goods and services, which are consistent with the core business of the parent
company or other enterprises of the Capital Group, and the lack of this enterprise may
adversely affect the economic standing of the whole Group.
2. Constitutes the source of the long-term capital or the funds used for financing its core
business for the parent company.
3. Exposes the parent company at the risk resulting from possession of this enterprise or
possession of the assets used for obtaining majority of the benefits from its operations,
operates business on behalf of the parent company to satisfy its economic needs, from which
the company derives benefits, holds own shares of the parent company.
In the separate financial statements drawn up the companies of Rainbow Tours S.A.’s Capital Group
investment in subsidiaries and interest in joint ventures are valued as at the balance sheet date at the
price of acquisition plus permanent impairment losses.
In the consolidated financial statements as at the balance sheet date investments in subsidiaries are
valued taking into account consolidation exclusions described below.
The consolidated financial statements are the financial statements of the capital Group prepared as if
they were financial statements of a single enterprise: The consolidated financial statements are
prepared by the parent companies. The consolidated financial statements of the Capital Group
comprise:
1. Consolidated balance sheet – assets and liabilities
2. the consolidated statement of comprehensive income
3. the consolidated cash flow statement
4. the consolidated statement of changes in equity
5. the additional notes
The consolidated financial statements should present the transactions executed between the
companies of Rainbow Tours Capital Group and external entities. In order to achieve this objective the
company should:
1. Identify the accounts in every company, in which the transactions with other companies in the
holding are recorded,
2. Reconcile bank accounts and turnovers between each of the consolidated companies.
3. Exempt the transactions concerning:
a. Value of shares acquired by the parent company (exemption from the financial
statements of the parent company).
b. the part of the equity of subsidiaries, which is equivalent of the share of the parent
company in the assets of these enterprises (exemption from the financial statements
of the subsidiaries)
c. Mutual receivables and liabilities and other similar settlements of the consolidated
enterprises
d. Income and costs of the transactions between the consolidated enterprises
e. Profits and losses resulting from the transactions between the consolidated
enterprises, which are contained in the consolidated assets
Goodwill of the subsidiaries in the consolidated financial statements is the gain between value at the
purchase price of the share in net assets of the subsidiary and its fair value measured as at the
Rainbow Tour S.A.’S Capital Group
Page 13
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
acquisition date. Goodwill of the subsidiaries is presented in the separate item of the consolidated
balance sheet. Goodwill of the subsidiaries is not amortized; however it is reduced by impairment
losses, if any.
Goodwill of the subsidiaries is tested for impairment at the end of each financial year. Goodwill is
tested for impairment for other balance sheet dates, if there are circumstances indicating the
necessity of testing.
Any difference in minus between the value at the purchase price of the share in the net assets of the
subsidiary and its fair value at the purchase date is recognised in the financial result of the period, in
which the share was purchased.
The financial statements of the companies in Rainbow Tours Capital Group, for which functional
currencies differ from presentation currency, are translated into presentation currency as follows:
1. Assets and liabilities are recognized at the closing rate applicable as at the balance sheet date
2. Income and costs in the statement of comprehensive income are recognized at the average
exchange rate being the average of the closing rates applicable at the last days of the months
in the financial period
3. All resulting exchange rates are recognised as separate component of equity
6.2.1
Valuation of assets and liabilities of the company
Intangible assets
The enterprise recognizes intangible assets in accounts if the inflow of economic benefits from the
intangible assets is probable in the future and their cost may be reliably assessed.
Intangible assets purchased are recognized in the accounts at the purchase or the manufacture. The
enterprise purchases only such intangible assets, from which it expects economic benefits in the
future. The intangible assets are tested for impairment to reflect the loss of the ability to generate
economic benefits in the periods after the purchase.
The Management Board of the company determines if the components of the intangible assets have a
definite or an indefinite period of useful life. Especially, the elements of the intangible assets, for
which, as at date of the beginning of useful life, the enterprise will not be able to figure out for how
long it will obtain economic benefits, have the indefinite useful life. Research and development, the
production technology purchased or brands can have the indefinite period of useful life.
The intangible assets with the indefinite useful life are not amortized. As at each balance sheet date
the enterprise:
•
Review the assets for impairment loss;
•
Verify if the assumption of the indefinite useful life is still justified.
The enterprise amortizes the components of the intangible assets on the straight line basis. The
amortization commences in the month following the month, in which the components are available to
use. The enterprise stops amortization in the month when the component of intangible assets is
classified as the available for sale fixed assets in accordance with IFRS 5 or withdrawn from useful life
(liquidated or sold).
O Amortization periods of individual categories of intangible assets:
Software 5 years
The company does not do research and development works.
The costs of developing internet websites are recognised in costs of current period – self-cost of
services sold.
Rainbow Tour S.A.’S Capital Group
Page 14
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Goodwill is a surplus of the costs of takeover over the share of the company in the fair value of
identifiable assets, liabilities and contingent liabilities as at the date of taking over.
In the financial statements the enterprise recognizes only goodwill resulting from the purchase
transactions of the enterprise.
Goodwill is not amortized. Goodwill is annually tested for impairment, if any.
Goodwill is recognized in the balance sheet at the cost less impairment losses. The impairment loss is
recognized in the profit and loss account and is not reversed in the subsequent periods.
Intangible assets are tested for impairment if there are the premises for impairment described in point
3.15 or annually in case of the intangible assets of the indefinite useful life
6.2.2
Tangible fixed assets
The enterprise recognizes the fixed assets in the accounts if inflow of economic benefits is probable
and when their cost may be reliably assessed.
The fixed assets, which are purchased or generated internally fixed assets, are recognised at the
purchase or the generation. The enterprise purchases only such fixed assets, from which it expects
future economic benefits. The fixed assets are tested for impairment after the purchase in order to
reflect a lost capacity to generate economic benefits
Subsequent outlays are recognized in the balance sheet value of the fixed assets or recognised as a
the separate fixed asset only then when the inflow of economic benefits from the asset for the
company is probable, and the cost of the item can be reliably measured. All other maintenance costs
are recognised in the profit and loss account in the period, in which they were incurred.
In case of the replacement of some of the fixed asset, cost of the replaced part is recognized in its
balance sheet and simultaneously the balance sheet value of the replaced part of the fixed asset is
removed from the balance sheet, irrespective, whether it was separately depreciated. Net value of the
removed part of the fixed asset is recognized in profit and loss account.
The fixed assets in the enterprise are depreciated through the definite period of the useful life. The
amount subject to depreciation is the difference between the purchase cost of the fixed asset and its
residual value (the amount, which the enterprise expects to obtain from the sale of the asset after the
period of its useful life). This amount and the period of the useful life are determined by the
Management Board, or the unit responsible for the purchase of the fixed asset, at the receipt of the
invoice for the fixed asset, before recognition in the accounts. If the residual value is defined as
insignificant against the value of the fixed asset (less than 10% of the purchase price) it is assumed
that it amounts to zero.
In case of the assets with the useful life of over a year, for which the acquisition cost per unit is
insignificant against the value of all fixed assets in the given group, the enterprise depreciates this
fixed asset only once, in the month of entering the fixed asset in the accounts. The limit of the value
of recognizing the fixed asset subject to single- time depreciation is PLN 3,500.
At the purchase of the fixed assets, the unit responsible for the purchase determines whether the
fixed assets purchased comprise the elements of various periods of the useful life and if the value of
such elements is material in the relation to the value of the whole fixed asset. If such elements are
identified, they are separately stated in the fixed asset register and depreciated through their
respective period of useful life.
The acquisition price of this element is a percentage of the price of the whole fixed asset determined
by the unit responsible for the purchases.
The enterprise uses the cost model to determine the net value of the fixed assets. The cost model
assumes the initial recognition of the fixed asset at the acquisition price and its subsequent
depreciation over the economic useful life to the residual value.
General periods of depreciation of individual categories of the fixed assets:
Acquired usufruct rights
Rainbow Tour S.A.’S Capital Group
20 years
Page 15
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Real property
Equipment – computer hardware
Means of transport
Other fixed assets
40 years
3 to 4 years
3 to5 years
5 to 8 years
The value of the fixed assets, which are subject to the depreciation, is systematically depreciated over
the useful life. At least once a year the period of the useful life and the residual value is verified
Calculation of the depreciation begins in the month after the month when the component of the fixed
asset is available for use. The depreciation ends in the moment, when the component of the fixed
asset is withdrawn from the useful life (liquidation or sale) or the value of the depreciation will amount
to the value of the fixed asset
The cost of fixed assets constructed by the entity is the sum of all expenses incurred for making the
fixed asset usable plus costs of depreciation of these fixed assets, which are used for the construction.
Debt service cost of the liabilities incurred to finance construction of new and reconstruction fixed
assets held less related revenue is activated in the value of fixed assets – according to the alternative
approach expressed in IAS 23 “Borrowing costs”
Fixed assets are tested for impairment if there are reasons for impairment.
6.2.3
Fixed assets held for sale
The enterprise classifies fixed assets held for sale if the economic benefits from fixed assets will be
derived from their sale, and not from further usage.
The decision to reclassify the assets taken by the Management Board is binding. The condition of
classification of the fixed assets as the fixed assets held for sale is their availability for immediate sale.
The period from the classification of the fixed asset as the fixed asset held for sale till sale should not
exceed one year.
The fixed assets held for sale are recognized in the value lower than:
1. Book value
2. . Fair value less the cost of sale.
The fixed assets held for sale are not depreciated.
The fair value of the fixed assets held for sale is determined based on the comparison of the
transaction prices of similar or same components of the assets. Such information is gathered by the
managers of the units, which are responsible for the asset. The value is determined as follows:
1. Based on the professional knowledge on prices of similar assets.
2. Based on the information received from the agents,
3. Based on the bids received
The fair value, which is measured in this manner, is reduced by the indispensable costs of sale, and in
particular:
1. Estimated prices of sales commission for agents
2. The estimated cost of repair, which are necessary before sale, estimated costs of taxes and
other legal and public payments connected with the sale, to which the enterprise is obliged in
accordance with the legal provisions or pursuant to the sale agreement.
3. All other payments, which are not yet incurred, connected with dismantling or transporting
the assets to the purchaser
Rainbow Tour S.A.’S Capital Group
Page 16
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
6.2.4
Financial instruments
Financial instruments –loans granted and own receivables
Non-derivative financial assets with determined or determinable rate of payment, which are not
quoted on active market, other than: classified as financial assets recognized in fair value through
profit and loss account or available for sale are classified as loans granted. In order to classify the
loans to this category they must come from direct delivery of cash by the company to other party.
Loans granted are recognised in accounts at the date, at which the amounts to borrower become
payable under the agreement, and they are derecognized from the balance sheet when the
contractual rights to financial asset’s cash flows expire or the financial asset is transferred with whole
risk and all benefits related to this asset.
As at the date of entering into the accounts the assets are valued in the fair value of funds transferred
plus transaction costs. At the balance sheet date the assets are valued in the in the depreciated cost
using effective interest rate embedded in the loan plus permanent impairment loss. Effective interest
is determined as interest rate discounting value of all loan related cash flows to zero. All loan
payments are made of financial and capital part. The capital part decrease the cost of loan
receivables, the financial part increase financial revenue
Financial instruments – held for maturity
Financial assets not recognised as loans granted and own receivables with determined maturity date,
determined nominal value and economic benefits are classified as financial assets held to maturity
under the condition that the entity intends and will hold these instruments to maturity date.
Assets are entered in the accounts before the date of making the transaction, and derecognised when
the contractual rights to financial asset’s cash flows expire.
As at the date of entering in accounts these assets are valued at fair value of funds transferred plus
transaction costs. As at the balance sheet the assets are valued at amortised acquisition price using
effective interest rate plus permanent impairment loss on fair value. The effective interest rate is
determined as interest rate discounting the value of all asset’s cash flows to zero.
Financial instruments – financial assets recognised in fair value through profit and loss account
(financial assets in trading portfolio)
Financial assists recognised in fair value through profit and loss account are financial instruments,
which were purchased for resale or repurchase in a short-term ( not later than within 12 month from
the purchase date) in order to earn short-term profit on fluctuation of market prices.
The assets are entered in the accounts at the date of conclusion of the transaction, and derecognized
when the contractual rights to financial assets related cash flows expire or when the financial asset is
transferred with whole profit and benefits related with this asset.
Both at the date of entering in the accounts an at the balance sheet date financial assets in trading
portfolio are valued at fair value, which is understood as the amount for which the asset can be sold
or pay the debt in transaction between two well-informed, interested and nonrelated parties without
deduction of transaction costs related with the sale of the instrument. The profits or losses on
valuation are recognized in the income statement of the entity.
Financial instruments – financial instruments held for sale
Financial assets held for sale are non-derivative financial assists, which are not classified as financial
assets recognised in fair value through profit and loss account, loans and receivables and assets held
Rainbow Tour S.A.’S Capital Group
Page 17
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
for maturity. As assets in trading portfolio are classified shares in companies, which are not
subsidiaries, related entities, which are not traded on active market and which are short-term and
long-term assets.
The assets are entered into accounts at the date of conclusion of the transaction and derecognised in
the balance sheet when the contractual rights from financial assets related cash flows expires or the
financial asset is transferred with whole profit and benefits related with this asset.
As at the date of entering in the accounts the assets are valued in fair value plus transaction costs,
and at the balance sheet the assets are valued in fair value with impairment loss write-downs, which
are recognised in revaluation reserve. In case of debt instruments the profit or loss on the value of
the instrument determined with the use of effective rate of return and fair value recognised in
revaluation reserve.
Profits and losses resulting from change in fair value of the asset are recognised directly in equity.
Assets held for sale, for which no active market exists – in case when determination of fair value is
not possible, the assets are valued in acquisition price less impairment loss, and the results of the
valuation are recognised in financial result.
Rules of determining the fair value of financial instruments
The best reflection of the fair value of assets or liabilities for the entity is generally available market
price at the active public stock exchange market. Active market means that does not have to be
adjusted due to changing economic condition and in such amount, which guarantee:
a. That the price determined is not the result of off market agreement of the parties
making the transaction
b. That it is possible to sell the financial instruments without significant impact on the
price market.
If the market does not meet the criteria determined for active market the entity evaluating financial
instruments will reflect changes in economic environment (with respect to credit rating of the issuer
of the instrument, changes in basic risk of the issuer) and adjust the price which was set on the
market.
If the instrument is not quoted on the stock exchange market the entity:
a. In case of instruments, which give right to share of the share capital they will be
valued at the acquisition price adjusted by impairment loss if the reasons for the loss.
b. Take into account transaction price of the financial instrument off regulated market (if
the information is available) and adjust it by available information on changes in
economic environment, which affect the price of the instrument.
c. If the off regulated market price will not be available the entity will use generally
recognised methods of valuation of individual financial instrument, which would be
used by the market participants in determination of the price of the instrument in
market transaction. Especially in case of debt instruments the value of the instrument
will be appraised with the use of effective rate of return calculated on the base of all
cash flows related to the financial instrument. Any value determined in such a way
will be tested for impairment loss if there is reason for impairment loss.
Determination of value of instruments in trading portfolio with the use of effective rate of return.
Value of instruments in trading portfolio with the use of effective interest rate is determined in the
same way as for loans granted by the entity.
If the maturity date of the debt instrument does not exceed 12 months discounts and interest
accounted for with the use of linear method a recognised as approximation of the effective rate of
return, if the profit or loss will not be significant for the financial statements taking into account the
value of instruments held
Recognition and valuation of derivatives
Rainbow Tour S.A.’S Capital Group
Page 18
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Derivatives are recognised in the account at the time when the company becomes the party to a
binding agreement. The company uses derivatives to minimize risk related with fluctuations in
currency exchange rates.
These instruments do not constitute hedges. As the balance sheet derivatives are valued in fair value.
Instruments with fair value exceeding zero are financial assets, and the instruments with negative fair
value constitute financial liabilities.
Profit or loss on derivatives is recognised respectively in revenue or financial costs, and as operation
cash flow statement.
Recognition and valuation of embedded derivatives
As at the balance sheet date the entity assess if the agreements do not provide for provisions, which
do not actually constitute derivatives, if the nature of the instruments differs from the nature of the
main agreement.
Embedded derivatives are conditions stipulated in the agreement, providing for that some or whole
cash flows under the agreement change in the similar manner as separate derivatives. They constitute
so called elements of principal agreement.
The entity especially assess if there are derivatives embedded in the agreements, in which:
a)
The price of purchase or sale stipulated in the agreement depends on the currency exchange
rates, interest rates or prices of the financial instruments and this is not ordinary manner of setting
the price in this type of the agreement in the specific economic environment,
b)
The purchaser or seller has the option of accounting for (currency or price) of the individual
agreement.
All derivatives identified in this manner are treated as instruments in trading portfolio and carried at
fair value. Changes in the fair value are recognised in the income statement of the entity. The fair
value is determined based on the fair value of similar financial instruments with determined market
value or based on the model of valuation, which is generally accepted for the individual type of the
derivative. Such model will be determined based on identification and classification of embedded
derivative.
6.2.5
Account receivables
The trade receivables are recognized in the balance sheet at the date of sale of services, materials or
goods according to the policy concerning recognition of sales revenue
The trade receivables are recognized in a nominal value. The enterprise monitors recoverability of the
amounts of the receivables on a daily basis. In case when the recoverability of the receivable is not
probable then the allowance to reduce accounts receivable to the recoverable value is recognized.
Receivables with financing component
For trade receivables with the payment date extended enough, that the delivery contains financing
element (the entity assumes that the payment date for receivable should exceed 12 months for the
delivery to contain financing element) the entity recognizes receivable in the nominal amount less
discount calculated using effective rate of return.
1. Embedded in the agreement if the price for the provision of services or delivery of goods was
set at a different level than it would be set if the payment for the delivery was immediate.
2. Resulting from assessment of creditworthiness of the recipient and respective loan interest
rate, which the entity would be inclined to grant the recipient, if the interest rate embedded in
the agreement does not exist or does not meet market conditions.
The difference between nominal amounts received from recipients and the value of the sales revenue
is recognised as financial revenue to be paid.
Rainbow Tour S.A.’S Capital Group
Page 19
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
6.2.6
Cash
The enterprise considers cash in hand and demand deposits as cash. Other monetary assets
(equivalents) are short term investments with high liquidity. They are treated as cash equivalents if
they are easily convertible in exchange for the predetermined amounts of cash and the risk of change
in the value is slight.
The enterprise recognizes as cash in hand and cash at bank especially:
 Bills of exchange and cheques received
 Treasury bills and other monetary instruments with original date of redemption that does not
exceed 3 months if there is an active market for them
6.2.7
Cost prepayments and accrued income
The company recognizes prepaid expenses for expenditures incurred referring to the future reporting
periods. Costs of organizing package travel, the cost of commission on package travel and catalogues
for the next financial year, insurance and the subscription for the next period are treated as deferred
costs.
Prepaid expenses may be written off within time or according to the amount of services. Time and
method of accounting for is justified by the nature of the costs accounted for taking into account
precautionary principle.
Tourism market in Poland is specific in the summer months. Taking into account the operations of the
issuer the process of preparing the offers starts in III quarter of the preceding year, and the sale of
the offer starts in the fourth quarter of the colander year. In this time the company incurred the most
expenses related to preparation of the offer (print and distribution) and marketing and promotional
activities (making of TV and radio commercials, costs of broadcasts, online advertising, and mailings).
That means that costs – especially the marketing costs of such offer are incurred considerably earlier
than the revenue recognised in the accounts.
According to major accounting rules and tax law the costs should be recognised at the time when the
service is provided. The previously incurred marketing expenses are accounted for the cost of
operations of the respective periods adequately to the sales revenues that is implementation of the
package travel. The Management Board of the company took up this policy of accounting for
marketing costs taking account the period of the drawing up of financial statements determined in the
articles of associations, which is corresponding to the calendar year.
The amount of the costs is calculated as the amount paid taking into account precautionary principle.
6.2.8
Equity
Share capital
The authorized capital is presented in the financial statements at the registration in National Registry
Court.
The authorized capital is recognized at the nominal value of the shares delivered for payments or
contributions. The surplus of payments over nominal value of shares or the surplus of the fair value of
the contribution over the nominal value of the shares delivered is recognized as the supplementary
capital.
The amount of the unpaid capital from the shares delivered by the enterprise is recognized in the
liabilities of the balance sheet as decrease in equity.
Recognition of own shares
Rainbow Tour S.A.’S Capital Group
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The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Owen shares of the entity are recognised in financial statements in minus as decrease in equity. Own
shares are valued at fair value.
Real option valuation capital
The company operates real option programme, in which some of the members of the management
and senior employees were granted share options. The Management Board of the Company is not
covered by the programme. The capital is created in case when real option programme is introduced.
The supplementary capital from the surplus of the issue price over the nominal value
The supplementary capital is recognized especially for the surplus of the issue price (or the fair value
of the contributed assets) over their nominal value.
Revaluation capital
The capital is created in the amount of the difference between fair value of the financial instruments
in trading portfolio and their cost of acquisition (the cost adjusted by the amortization of finance
revenue using the effective rate of return) The difference is recognised in the income statement in the
period when the decision to sell the financial instrument was taken.
The capital from translation differences in entities operating abroad
The capital is used to recognize the currency translation differences resulting from using different
exchange rates to translate respectively the balance sheet and the profit and loss account of the
companies in the Capital Group of Rainbow Tours S.A., for which functional currencies differ from the
presentation currency of the Group.
6.2.9
Liabilities
A liability is a current obligation of the enterprise to transfer assets or provide services in the future
arising from past events, as a result of which economic benefits will outflow from the enterprise
In case of the liabilities, which maturity date is extended enough that the delivery contain the
financing element (the enterprise considers that the maturity date for the liability should exceed 12
months, so as the delivery contain the financing element), the enterprise recognizes the liabilities in
the nominal value less discount calculated using the effective rate of return:
1. Embedded in the agreement, if the market price of the delivery is at the different level than it
would be determined if the payment for the delivery was immediate, or:
2. Resulting from the estimated interest rate on the loan, which the enterprise would obtain, if
the enterprise would like to finance such purchase with the loan, if the interest rate
embedded in the agreement does not exist or is not equivalent to market conditions.
The difference between the nominal amounts to be transferred to the supplier and the acquisition cost
recognized as the financial cost
Finance lease liability
The value of the finance lease liabilities at the conclusion of the agreement is equal to the discounted
value of all finance lease payments using the discount interest rate embedded in the lease agreement
Rainbow Tour S.A.’S Capital Group
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The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
In the subsequent periods the value of the liability is reduced by the amounts already paid determined
by the deduction from the total payment the financial part of the payment resulting from multiplying
the value of the liability at the end of the previous period through the discounted interest rate
embedded in the lease agreement.
6.2.10 Provisions
Provisions are recognized when the Company has a legal or customary obligation resulting from past
events and it is probable that in order to fulfil the obligation the resources will outflow and the amount
of the outflow may be reliably assessed.
Provisions are recognized and classified depending on the reason for their creation in the following
groups:
1. Provisions for liabilities, in particular concerning the agreements which give rise to the liability
resulting especially from guarantees, warranties and outcomes of legal proceedings,
2. restructuring provisions
Provisions for future operating losses are not created.
Provisions for the agreements concluded, for which inevitable costs of transferring goods or providing
services, will exceed the expected revenue
If there are the agreements for which the inevitable costs of performing the agreement exceed the
economic benefits expected from the agreement, the enterprise recognizes loss, which will be
presented in the agreement in the period the surplus of the costs was recorded.
For this loss the enterprise creates provision in the amount as follows:
1. Total loss from the agreement – if up to the balance sheet date the revenue recognized
exceeds costs incurred;
2. The difference between the loss from the agreement and the surplus of the costs incurred
over the revenue obtained – if, till the balance sheet date, the costs incurred exceeded the
revenue recognized.
Other provisions
Other provisions are recognized in the balance sheet if the obligation of transferring goods or
providing the services exists, which the maturity date or the amount payable is not presently known
The enterprise creates provisions especially for as follows:
1. Unfavourable outcomes of litigations, in which the entity acts as a defendant (if the liabilities
in this respect are not recognized in other items) if the unfavourable outcome of legal
proceedings is probable for the enterprise. The value of the provision is estimated by the
Management Board of the enterprise based on the opinion of the lawyer involved in the
proceeding
2. Cost of the uninvoiced commission for the services sold in the financial year, which will be
charged by the tour operator to the enterprise at the beginning of the subsequent year.
6.2.11 Employee benefits
Short-term employee benefits
As at the balance sheet the enterprise estimates the value of the employee costs connected with
obtaining the additional economic benefits with respect to unused holiday leaves. The additional cost
recognized as accruals in the amount of the days worked of due holidays in the given years or
previous years including due mark-ups. The costs are revaluated in time when the employee acquires
Rainbow Tour S.A.’S Capital Group
Page 22
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
the right to transfer the unused holiday leave to the next year (31 December). The respective
liabilities which are not accounted for as at the balance sheet date are not discounted.
Benefits upon termination of employment
The company operates a defined contribution plan. The defined contribution plan is pension plan
within the scope of which the company pays defined contributions to a separate entity. The company
does not legal or customary obligation to pay additional contributions, if the fund does not have
sufficient financing to pay the benefits acquired by the employees in the current period and in
previous years.
As part of defined contribution plan the company has the obligation to pay contribution to pension
plan supervised by public administration. After payment of defined contribution the company has no
additional obligations. The contributions are recognised as costs of employment benefits at maturity
date.
Other long-term employee benefits
The enterprise does not have any regulations of awarding jubilee awards or deferred earn out
payments – that is why the enterprise does not have any legal or customary obligations to pay long
term employee benefits.
Provision for retirement pay, which the obligation of the payments results from the applicable legal
regulations are recognized in the amount estimated by the accounting department individually, taking
into account the materiality criterion.
Terminations benefits
The enterprise creates the provision if it has a distinctive obligation to terminate employment with
present employees without the possibility to withdraw or pay termination benefits. The enterprise
discounts the benefits if maturity dates are due in the period longer than a year from the balance
sheet date.
6.2.12 Deferred tax
Deferred tax assets are recognized for temporary difference losses and unused tax losses in the
amount, in which it is probable that the income subject to the tax will enable to use these assets.
The deferred tax liability is recognized in connection with temporary difference gains in the amount of
the income tax payable in the future.
The book value of assets and liabilities is their value determined in accordance with International
Financial Reporting Standards
The tax value of assets and liabilities is their value, which constitute the base to calculate income tax
liabilities
Deductible temporary differences arise, when:
Book value < tax value
Book value > tax value
For assets
For liabilities
Taxable temporary differences arise, when:
Rainbow Tour S.A.’S Capital Group
Page 23
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Book value > tax value
Book value < tax value
For assets
For liabilities
The main items, which influence the arising of temporary differences losses, are among others
1. Applying the lower amortization rate for tax purposes than accounting purposes,
2. Accrued but not paid interest rates on loans resulting from the agreements signed,
3. Accrued, unpaid deductible temporary differences,
4. Deductible temporary differences resulting from discounting receivables in the accounts
5. impairment losses for assets, which will reduce the tax base in the future
6. provisions created for expected liabilities and accruals, for which it is certain that tax cost will
arise at the moment of using the provision
7. Tax losses and tax allowances to be used in subsequent reporting periods.
Main items, which influence the arising of taxable temporary differences, are among others
1. using the higher amortization rate for tax purposes than accounting purposes
2. Recording revenues from the interests on loans granted or other financial assets not received
3. Accrued unpaid exchange profits
4. a. Revaluation of the assets to the fair value exceeding their acquisition price.
If the difference between the book value and the tax value does not result in reduction of the tax
liability in the future (the permanent difference), the tax value of this item in the balance sheet is
considered to be equal to its book value.
The enterprise calculates the value of deferred tax liabilities and assets including the rates of income
tax in the year when the tax obligation arises, as the product of the temporary differences sum (both
gains and losses) and the rate of the income tax applicable in the year the tax obligation arises.
The deferred tax resulting from the revenues and the costs recognized directly in equity is also
recognized in equity.
6.2.13 Contingent liabilities and assets
Contingent liabilities are as follows:
1. a likely liability, which arose as an outcome of past events and which existence will be
confirmed only through the occurrence or lack of the occurrence – of one or more uncertain
events in the future, which are not controlled by the Company, or
2. the present liability, which results from the past event, but is not recognized, since:
a. Outflow of benefits in order to pay the liability is highly unlikely
b. It is not possible to reliably asses the value of this liability
Contingent assets are probable assets resulting from past events, which existence will be confirmed
through the occurrence or the non-occurrence of one or more future events, which are not influenced
by the Company.
6.2.14 Assets and liabilities denominated in foreign currencies
The functional currency and the presentation currency in the enterprise is Polish zloty.
The principle of determining the appropriate foreign exchange rate for the individual groups of assets
and liabilities as at the balance sheet date
The components of the balance sheet classified as monetary as at the balance sheet date will be
valued using the closing price as at the balance sheet date. This will refer in particular to the following
groups of assets: receivables, liabilities, loans extended, loans received, and cash.
Rainbow Tour S.A.’S Capital Group
Page 24
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
The balance sheet items classified as non-monetary valued at the fair value will be translated to Polish
zloty using the average exchange rate as the date of measuring fair value. If the company will
measure the fair value as at the balance sheet date – the foreign exchange rate applicable for the
given currency at the balance sheet date will be used for translating non-monetary components of the
balance sheet valued at the fair value.
If the fair value of the given component of the balance sheet will not be determined as at the balance
sheet date, its value translated into Polish zloty will be determined using foreign exchange rate
applicable as at the date at which the fair value of the component of the balance sheet was measured
for the last time, if the difference will be material for the financial statements. This situation refers in
particular to the components of the assets held for sale.
The remaining items of the balance sheet (non-monetary valued at the historical cost or the modified
historical cost) will be valued as at the balance sheet using the foreign exchange rate applicable at the
date of the component acquisition transaction.
As a part of the simplification applied – for the practical purposes – the enterprise uses the average
exchange rate published by NBP as the closing price.
The principle of setting the appropriate exchange rate for the particular groups of assets and liabilities
during the year and recognition of the results of exchange differences.
The transactions and the balances denominated in foreign currencies are translated at the functional
currency using the exchange rate applicable for setting off the transactions. The foreign exchange
gains and losses from setting off these transactions and from the balance sheet valuation of assets
and liabilities denominated in foreign currencies are recognized respectively in the profit and loss
account, unless:
1. They are not deferred in equity, when they qualify for the recognition as a cash flow hedge
and share in net asset hedge, and
2. Do not refer to the constructed fixed assets in the period of the construction, through the
financing period – to the amount of adjustment of the cost of interests
The exchange differences (both gains and losses) concerning the transactions connected with
obtaining the borrowings (loans, credits, and lease agreements, cash and cash equivalents) are
presented in financial costs. The exchange differences from non-monetary items such as equity
instruments classified as the available for sale financial assets are presented in the fair value reserve.
The exchange differences concerning financing of the manufactured fixed assets – to the amount of
the adjustment of the cost of interest less revenue in this respect are subject to activation in the value
of the fixed asset.
The exchange differences concerning other transactions (paying and valuation of trade settlements)
increase or decrease items of the costs or the revenue, with which the transactions are connected
6.2.15 impairment of assets
The entity examines impairment of its assets analysing ability to generate monetary cash by the entity
generating cash flows which is the entire company. The entity does not isolate smaller units
generating cash flows:
The entity identifies circumstances indicating permanent diminution of assets through:
1. Managers of sales offices, which are responsible for transferring to accounting department
and financial executive information on external circumstances indicating possibility of
permanent diminution of assets, that is
a. Substantial loss of market attractiveness of the travel office brand
b. Changes in market, economic, and legal environment directly affecting the possibility
of sales of travel packages
Rainbow Tour S.A.’S Capital Group
Page 25
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
2. The accounting department responsible for informing the financial executive about existence
of substantial deviation (around 20% compared with the previous year) in current costs.
3. Financial executive, who is responsible for analysing circumstances of impairment, which is a
result of interest rate changes, and substantial changes in exchange rates.
If value in use calculated according to the scheme mentioned below is lower than the balance cost of
assets, and the impairment loss is recognised.
The financial executive prepares on the base of information received anticipated profit and loss
accounts, and on their basis anticipated cash flows. Cash flows should include expenditures (including
necessary investments) related to useful life of assets within the anticipated period and anticipated
inflows from liquidated assets and winding-up costs. The financial executive together with the
Management Board selects proper discount rate. The discount rate is determined before taxation and
reflects current assessment of market value of money in time, and the risk connected with given asset
component. Value of cash flow calculations is defined in the Company’s financial plans for subsequent
years, and in periods exceeding plans from extrapolation of values planned within the period of
economic useful life of unit’s component with prejudice (on the assumption that revenues and floating
costs in the future periods will have the same tendency as the entity observed in three previous years
or other based on the decision taken by the Management Board).
Rules of recognition and reversing permanent diminution in accounting books.
If recoverable value is lower than net book value the entity recognized impairment loss on net book
value to recoverable value. This impairment is considered period cost, in which impairment took place
and recognized in profit and loss account for this period.
In order to decrease balance sheet valuation of assets owned by the Company, which is the unit
generating money, impairment loss is recognized in particular assets proportionally to balance sheet
value share of each assets, unless the balance sheet includes goodwill. In such case impairment in
the first place is charged to the goodwill, and afterwards is settled proportionally to other assets. In
case of recognition of impairment loss with respect to balance value of the given asset, the asset
cannot be of lower value than:
1. Its fair value less sales costs (if it is possible to determine)
2. Its value in use (if it is possible to determine)
3. zero
The financial executive based on information received can determine if there are still conditions for
permanent diminution. In such case (based on recalculation of value in use) impairment diminution is
reversed.
Reversal of impairment diminution is recognized only once in the income statement. The amount of
reversal is assigned proportionally to each component of the unit generating cash (except goodwill),
but value of none of the elements of the unit could not increase more than lower of: its recoverable
value or net book value (i.e. less amortization), which would be recorded in accounting books, if
impairment loss was not recognised previously.
6.2.16 Discontinued operations
The entity recognizes as discontinued operations the organized part of the Company with separately
identified profit and loss account, and cash flows; the part which was sold within a year or one with
respect decision to sell, discontinue or desert the entity.
In order to classify operations as discontinued the part of discontinued operations of the company
must be included in consistent sales plan.
Decision to present identified in such way organized part of the company as discontinued is taken by
the Management Board
6.2.17 Lease
Rainbow Tour S.A.’S Capital Group
Page 26
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
The enterprise qualifies the lease as at the date of beginning of the lease – that is at the conclusion of
the lease agreement.
Lease is classified as financial lease, when the conditions of the agreement transfer all potential
benefits and risks of being the owner at the lessee. All other types of the lease are treated as the
operating lease.
The entity treats a lease agreement as a finance lease agreement especially if:
1. The lease agreement transfers the ownership of the subject of the lease to the enterprise
within the period of the lease
2. The lease agreement contains the option to purchase the leased object at the price favourable
enough in relation to the value of the leased object so that applying this option is highly likely.
3. The period of the lease is similar to the period of the economic useful life of the leased object
4. The value of the current lease payments is similar or higher than the value of the leased
object at the conclusion of the agreement.
5. The leased object is highly specialized and only the lessee can use it.
6. In case of breaking of the agreement by the lessee, the lessee covers all losses of the lessor
connected with breaking of the agreement.
7. All fluctuation of the end value of the leased object is reflected through modification of the
amount of lease fees
8. The lessee may continue the lease after the original period of the agreement, and the fees
described in this additional period are considerably lower than market lease fees.
The assets used pursuant to the financial lease agreement are treated as the assets of the company
valued at their fair value at the conclusion of the agreement, however, not higher than the current
value of minimal lease fees.
In case of classifying the agreement as a finance lease agreement the enterprise recognize the leased
object as its own asset and amortizes it through the period of the lease, or the appropriate period of
the useful life for the group of the assets– however, only when it is certain that the lessee will be the
owner of the leased object and will use the leased object within the period longer than the term of the
agreement.
Lease payments are divided between financial costs and the decrease in the balance of the lease
liabilities, so that the effective interest rate from the remaining finance lease liabilities was constant.
Financial costs are recognized in the statement of the comprehensive income.
6.3
RULES OF DETERMINATION OF THE FINANCIAL RESULT
6.3.1
Net financial result
The net financial result for Rainbow Tour s S.A. consists of as follows:
1. the operating profit (loss):
2. the gross profit (loss) on sales – the operating income
3. the profit (loss) on other operations
4. Financial transactions and investments
5. Obligatory charges to the financial result from the income tax paid by the company and
equivalent payments, based on separate provisions
6. Income on discontinued operation
7. Other comprehensive income from:
a. Financial assets in trading portfolio ,
b. Cash flow hedges,
c. Income tax related to the items presented in other comprehensive income
d. Other comprehensive income for the net financial period
8. Total comprehensive income
Rainbow Tour S.A.’S Capital Group
Page 27
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
6.3.2
Sales revenue
The revenue is recognized, when the inflow of the economic benefits in the future is probable.
The sales revenue is recognized at the fair value of the payment received or due less vat, rebates and
discounts. The moment of the sale is the receipt of the service by the recipient, or the transfer of
goods. The revenue of the company is first of all the sales revenue as follows:
1. Tourism services
2. Activities of agents.
In case of organization of package travel the revenues from sales of services are recognized at the
date of completing the package travel. Due to short duration of the package travel – for the sake of
simplification – the enterprise treats the date of completing the service also as the date of completing
the package travel, which commences at the end of one financial year and end at the beginning of
another financial year as the date of revenue arising.
The amount of the advance payment for the services is recognised in the liabilities of the balance
sheet – as the liability on the interest from the advances for the services provided in future periods
The date of arising of the revenue from the activities of the agents selling package travel, airline and
coach tickets, and insurance is the date of concluding of the agreement by the purchaser of the
services. The payments received are the basis to assess due revenues. The final amount of the
commission on sales of the services described above is determined at the payment for the services to
a carrier or a tour operator.
6.3.3
Cost of goods and products sold
Costs of goods and products sold are recognized in the income statement according to the matching
principle.
6.3.4
The result on other operations
The revenues and the costs connected indirectly with the operations include:
1. the profits and the losses from the disposal of the fixed assets, fixed assets under
construction and intangible assets
2. Writing off time barred, redeemed and irrecoverable receivables and liabilities
3. Creating and reversing the provisions other than those connected with financial activities
4. Creating and reversing impairment losses for assets, and their adjustment resulting from
changes in estimated values, except for impairments charged to the cost of goods and
products sold or financial costs.
5. With compensations, penalties and fines,
6. With transferring or obtaining assets free of charge, including as a donation
6.3.5
Revenues and financial costs
Revenue and financial costs are as follows
1. the interest on funds held,
2. the interest on loans and credits granted
3. Currency exchange differences on loans and credits
4. the interest obtained from the purchase or the sale with the extended payment date
5. the losses on derivatives recognised in the profit and loss account
6. the interest with respect to finance lease payments – recognised using the internal rate of
return method
7. Profits and losses on disposal of investment
Rainbow Tour S.A.’S Capital Group
Page 28
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
All interest and other financial costs are recognized in the period, to which they refer. Revenue from
dividends is recognized at the acquisition of the right to receive the payment
6.3.6
Income tax
The current income tax charged to the financial result of the reporting period is determined in the
amount of due tax resulting from the tax return for the current reporting period.
The deferred income tax charged to the financial result of the reporting period constitute a change in
assets and provisions for deferred tax assets, which result from the events presented in the financial
result in this period.
.
6.3.7
DIVIDEND PAYMENT
Dividend paid to shareholders is recognized as a liability in Company’s financial statements in the
period when they were approved by the General Meeting of Shareholders.
6.4
SEGMENT REPORTING
Basic reportable segments used by the Company are business segments, and the supplementary
segments are geographic segments; geographic segments are distinguished based on the location of
assets. The Company is operating in one geographic region that is Poland
The Company distinguished following business segments:
 Sales of tourist package travel
 Providing services as agent
 other
Segment revenues are revenue from sales to external clients, or transaction with other segments;
they are recognized in profit and loss account and can be directly matched with given segment, and
part of revenue, which can be assigned to a given segment based on rationale.
Segment costs are operating costs of the given segment, which can be matched, and other costs
which can be associated with a given segment based on rationale.
Segments costs are in particular as follows:
 Cost of disposal
 Selling costs
Segment result is the difference between segment revenue and costs. The result reflects the profit
from operating activities including overheads, interest revenue and expense, income tax, profit (loss)
on investment.
Segment assets do not include income tax assets, and assets used by the Company in its usual
activities and:
 Used by the segment in operations
 which can be directly allocated to as individual segment or assigned to it based on the
rationale
Income tax assets or assets used in general operations of the entity are segment assets.
Segment liabilities are liabilities of the operations, which can be directly allocated to an individual
segment or based on the rationale.
6.5
Rainbow Tour S.A.’S Capital Group
IMPORTANT ASSESSMENTS AND ASSUMPTIONS
Page 29
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Valuation and judgements are constantly verified. They are results of previous experiences and other
factors, including forecasts concerning future events seem to be relevant in the situation.
Important assessment and accounting judgements
The Group makes assessment and assumptions concerning future. Accounting valuation obtained in
such way as definition says rarely accord with actual results. Basic areas where financial valuations of
the Management Board substantially influence the financial statements are as follows
(a) Assessed goodwill impairment
The Group annually carries out an impairment test on the goodwill.
(b) Assessed fixed asset impairment
As at each balance sheet date the Group assesses whether there is any indication of impairment of
any asset.
(c) Assessed provision for retirement benefits
Provision for retirement severance payment payable pursuant to legal regulations in force is created in
the amount assessed by the accounting department using individual method including significance
criteria.
.
(d). Assessed period of economic useful life.
The amount of depreciation or amortization rates is determined based on actual knowledge on
anticipated period of useful life and intangible assets. Anticipated period of useful life is verified
periodically.
6.6
COMPARABILITY OF THE DATA
In 2012 the company introduced amendments in presentation of specific elements of the financial
statements with respect to presentation of Statement of Comprehensive Income in multi-step variant
and equity. The amendments were introduced for the comparative period. The amendments referred
to the presentation of overheads and cost of disposal. The previous years’ result was charged with the
amount of PLN 1.050 thousand. The amount refers to adjustments of sales for the previous periods.
In the future periods the company did not know about the adjustments. Thus, the Management Board
recognised the transaction as errors and was charge to the previous years’ result.
6.7
NEW ACCOUNTING STANDARDS AND IFRIC INTERPRETATIONS
The amendments and interpretations of IFRS, which came into force on 1 January 2014 and up to the
date of approval of these separate financial statements for publications, did not have any substantial
influence over these financial statements.
3.2.2.
IFRS Standards and Interpretations published and approved by the European Union,
which are not yet applicable
The company intends to adopt these new standards and interpretations of IFRS published by the
International Accounting Standards Board, which are not applicable up till the date of approval of
them for publication and their taking effect.

Interpretation of IFRIC 21 – Levies

Amendments to IAS 19 – employee benefits – Defined Contribution Plans: Employee
Contributions

Amendments to International Financial Reporting Standards 2010 – 2012
Rainbow Tour S.A.’S Capital Group
Page 30
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)

Amendments to International Financial Reporting Standards 2011 – 2013
The company does not expect that application of above rules will have an effect on future financial
statements of the Company.
Standards and Interpretations adopted by International Accounting Standards Board (IASB), which
await approval of EU:

New IFRS 9 – Financial Instruments

New Standard IFRS 14 – Regulatory Deferral Accounts

New IFRS 15 – Revenue from contracts with costumers

Amendments to IFRS 11 – Joint Arrangements: accounting for interests in joint
operations

Amendments to IAS 16 – Property, Plant and Equipment and IAS 38: Intangible
assets: Clarification of acceptable methods of depreciation and amortisation.

Amendments to IAS 16 - Property, Plant and Equipment IAS 41 - Agriculture:
Agricultural Produce

Amendments to IAS 27 – Separate Financial Statements: Equity method in Separate
Financial statements.

Amendments to IFSR 10 – Consolidated Financial Statements and IAS 28 - Associates:
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Z

Amendments to International Financial Reporting Standards 2012 – 2104

Amendments to IFRS 10 – Consolidated Financial Reporting Standards IFRS 12 –
Disclosure of Interests in other Entities and IAS 28 – Investments in Associates and Joint
Ventures: Investment Entities: Applying the Consolidation Exception

Amendments to IAS 1 – Presentation of Financial Statements: disclosure initiative
The company expects that application of above amendments to IFRS and its interpretations will not
affect future financial statements of the Company; however at the time when the new IFRS 9 is
initially applied some assets will be classified accordingly to new categories of financial instruments.
At the time of initial application that is 1 January 2017, the effect of new IFRS standard will be
dependent on specific facts and circumstances referring to the customers with the agreements to
which the company is a party.
7
REVENUES AND RESULTS FOR BUSINESS SEGMENTS
The basic segment reporting framework adopted by the Company is business segment framework,
and the supplementary framework – geographic segments, where the segments are distinguished
based on locations of assets. The Group distinguished following business segments
Segment A - sale of tourism services
Segment B - sales of activities as agent
Segment C - other sales
Revenues and performance of the segments in 2014 (thousand)
Business segments of Rainbow Tours S.A.’s Capital
Group for the period from 01.01.2014-31.12.2014
Tour operator activities
Activities of agency
Other activities
total
Description
Continuing activity sales revenue
764 903
188 469
3 092
956 464
Continuing activity cost of selling
631 312
176 762
2 579
810 653
Gross profit (loss) on sales
133 591
11 707
513
145 811
Continuing activity cost of disposal
81 461
5 369
497
87 327
Continuing activity overheads
14 729
2 042
714
17 485
Continuing activity other operating revenue
Continuing activity other operating costs
Rainbow Tour S.A.’S Capital Group
975
975
3 062
3 062
Page 31
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Profit (loss) on operations.
37 401
4 296
-2 785
38 912
Revenues and performance of the segments in 2013 (thousand).
Business segments of Rainbow Tours S.A.’s Capital
Group for the period from 01.01.2013-30.12.2013
Tour operator activities
Activities of agency
Other activities
total
Description
Continuing activity sales revenue
583 628
191 198
1 823
776 649
Continuing activity cost of selling
498 606
180 875
1 667
681 148
Gross profit (loss) on sales
85 022
10 323
156
95 501
Continuing activity cost of disposal
59 138
5 593
320
65 051
9 742
2 347
652
12 741
Continuing activity overheads
Continuing activity other operating revenue
671
671
2 377
2 377
-2 522
16 003
Continuing activity other operating costs
Profit (loss) on operations.
16 142
8
2 383
SEASONAL, CYCLICAL AND OCCASIONAL REVENUE
The operations of the group are cyclical in nature. The management board taking into account
previous plans implements the policy of levelling down the differences resulting from seasonality of
the services offered and creates news destinations of winter exotic package travel and ski package
travel. The table below presents the amount of the revenue from the sale of tourism services from
January 2006 to December 2014. The amounts presented refer only to the parent company. The
issuer resigned from comparing the consolidated data due to different date of taking control over the
subsidiaries, close cooperation of all entities, and subsequent exemptions of mutual transactions.
Table – Monthly sales revenue from 2006 – 2014
monthly sales revenue from 01.2006 - 12.2014 in (PLN million)
200
150
100
2014.10
2014.07
2014.04
2014.01
2013.10
2013.07
2013.04
2013.01
2012.10
2012.07
2012.04
2012.01
2011.10
2011.07
2011.04
2011.01
2010.10
2010.07
2010.04
2010.01
2009.10
2009.07
2009.04
2009.01
2008.10
2008.07
2008.04
2008.01
2007.10
2007.07
2007.04
2007.01
2006.10
2006.07
2006.04
0
2006.01
50
Przychody ze sprzedaży miesieczne na przełomie lat
Table – Comparison of monthly sales revenue from 2006 - 2014
Rainbow Tour S.A.’S Capital Group
Page 32
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
seasonality - montlhy sales revenu in PLN million
200
150
100
50
0
01
2006
02
03
04
2007
2008
05
2009
06
07
08
2010
2011
09
2012
10
11
2013
12
2014
Table. –comparison of quarterly sales revenue from 2006 – 2014
seasonality - quarterly salkes revenu in PLN million 500
450
400
350
300
250
200
150
100
50
0
2006
130.8
94.1
74.1
49.1
41.9
41.5
32.0
15.1
11.2
222.4
179.1
138.6
89.9
63.1
52.5
49.1
33.6
23.4
I KW
II KW
2007
2008
2009
447.0
376.7
291.0
202.4
154.9
136.5
127.8
83.0
62.7
150.6
120.3
85.0
67.6
49.6
45.8
43.5
30.9
11.8
III KW
2010
2011
IV KW
2012
2013
2014
10. SELECTED FINANCIAL DATA
Description
Average NBP – Euro exchange rate
Average weighted NBP – Euro exchange rate
Continuing activity sales revenue
PLN
Euro
Operating profit (loss)
PLN
Euro
Pre-tax profit (loss)
PLN
Euro
For: shareholders of the parent company
PLN
Euro
Net operating cash flows
PLN
Euro
Cash from investing activities
PLN
Rainbow Tour S.A.’S Capital Group
31.12.2013
4,1472
4,2061
31.12.2014
4,2623
4,1893
776 649
184 648
956 464
228 311
16 003
3 805
38 912
9 288
16 493
3 921
39 390
9 403
13 646
3 244
32 251
7 698
54 637
12 990
19 007
4 537
692
1 099
Page 33
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Euro
Net cash from financing activities
PLN
Euro
Increase/decrease in net cash and cash equivalents
PLN
Euro
Total assets
PLN
Euro
Long-term liabilities
PLN
Euro
Short-term liabilities
PLN
Euro
Equity
PLN
Euro
Share capital
PLN
Euro
Number of ordinary shares (with respect to dividend)
Profit (loss) per ordinary share
PLN
Euro
Book value per share
PLN
Euro
Profit (loss) diluted per ordinary share
Net profit (loss)
The element diluting the profit (net loss)
Number of ordinary shares (with respect to dividend)
Element diluting number of ordinary shares
PLN
Euro
Book value per share
PLN
Euro
165
262
-1 100
-262
-5 694
-1 359
54 229
12 893
14 412
3 440
154 261
37 196
213 359
50 057
90
22
506
119
104 654
25 235
134 313
31 512
49 517
11 940
78 540
18 427
1 455
351
14 552
1 455
341
14 552
0,94
0,22
2,22
0,52
3,40
0,82
13 646
13 646
0
14 552
0
0,94
0,22
5,40
1,27
32 251
32 251
0
14 552
0
2,22
0,53
3,40
0,82
5,40
1,27
NOTES TO BALANCE SHEET
8.1
INTANGIBLE ASSETS
Description
31.12.2013
31.12.2014
Intangible assets
14 814
14 814
Goodwill
13 775
13 775
14 674
14 674
0
0
0
0
0
0
Gross reclassification to assets held for disposal
0
0
gross transfer increase
0
0
gross transfer decrease
0
0
Gross revaluation increase
0
0
0
899
0
899
depreciation decrease disposal
0
0
depreciation decrease reclassification to assets held for disposal
0
0
Gross Opening Balance
Depreciation Opening balance
Gross increase acquisition
Gross decrease disposal
Gross revaluation decrease
Revaluation deduction RW
Rainbow Tour S.A.’S Capital Group
Page 34
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Transfer depreciation increase
0
0
Transfer depreciation decrease
0
0
Software and computer licence
9
5
Gross Opening Balance
1 081
1 081
Depreciation Opening balance
Gross increase acquisition
1 067
0
1 072
0
Gross decrease disposal
0
0
Gross reclassification to assets held for disposal
0
0
gross transfer increase
0
0
gross transfer decrease
0
0
0
0
0
0
Revaluation deduction RW
5
4
depreciation decrease disposal
0
0
depreciation decrease reclassification to assets held for disposal
0
0
Transfer depreciation increase
0
0
Transfer depreciation decrease
Gross Opening Balance
0
0
0
0
Gross revaluation increase
Gross revaluation decrease
Depreciation Opening balance
0
0
1 030
1 034
1 272
1 445
242
415
173
0
175
0
Gross reclassification to assets held for disposal
0
0
gross transfer increase
0
0
gross transfer decrease
0
0
Gross revaluation increase
0
0
0
173
0
171
depreciation decrease disposal
0
0
depreciation decrease reclassification to assets held for disposal
0
0
Transfer depreciation increase
0
0
Transfer depreciation decrease
0
0
Gross Opening Balance
Depreciation Opening balance
0
0
0
0
Other
Gross Opening Balance
Depreciation Opening balance
Gross increase acquisition
Gross decrease disposal
Gross revaluation decrease
Revaluation deduction RW
The Company does not hold internally generated intangible assets. The company treats goodwill and
trademark as intangible assets with indefinite useful life.
The goodwill was created through purchase of shares in subsidiaries: Rainbow Tours Biuro Podróży
Sp. z o.o., ABC Świat Podróży Sp. z o.o. and Bee &Free Sp. z o.o.
According to the estimates the trademark has indefinite useful life because the company's analysis of
all relevant factors shows that there are not any foreseeable predict time limits in which the assets
ceases to generate cash flows in the entity.
Gross value of the trade mark amounts to PLN 1,010 thousand, its amortisation before 2007 comes to
PLN 283 thousand and the net value at the opening and closing balance remains unchanged and
amounts to PLN 727 thousand.
As at 31 December 2014 the equity of the subsidiary Bee Free Sp. z o.o. was lower value than the
prices of acquisition of shares and accordingly the reasons for impairment loss of the subsidiary’s
shares exist.
As at 31 December 2014 Rainbow Tours S.A tested the asset for the impairment loss, appraised the
economic value of Bee Free Sp. z o.o. and did not found permanent impairment loss. The whole
company was described as cash generating unit. The test on impairment was performed by estimating
the value in use through discounted cash flows (DCF) taking into account five year financial plan for
Rainbow Tour S.A.’S Capital Group
Page 35
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
the years 2015-2019. It was calculated taking into account weighted average cost of capital (WACC)
of 11.11%, which was based on market data concerning profitability of 10 year beta bonds of 4%,
0.95 and risk premium of 7.48%.
Taking into account the results of the impairment test, the Management Board of Rainbow Tours SA
has found that the permanent impairment loss was not recognised at the acquisition of the subsidiary.
As at 31 December 2014 the subsidiary ABC Świat Podróży Sp. z o.o. held equity with the value lower
than the price of acquisition of shares, accordingly, the conditions for permanent impairment exist for
the shares of the subsidiary.
As at 31 December 2014 Rainbow Tours performed the test for impairment loss and appraised the
economic value of the subsidiary ABC Świat Podróży Sp. z o.o. and did not discover impairment loss.
The whole company was described as cash generating unit. The test for impairment loss was
performed using discounted cash flows (DFC) with respect to five-year financial plan for the years
2015-2019. The impairment was recognised taking into account weighted average cost of capital
(WACC) of 5.42%, which was calculated based on market data concerning profitability of 10- year
0.95 beta bonds of 4%, and risk premium of 7.48%.
As at the balance sheet date the intangible assets do not hedge liabilities of the Group.
8.2
TANGIBLE FIXED ASSETS
description
31.12.2013
31.12.2014
Tangible fixed assets
6 729
8 073
Land, buildings and constructions
4 417
5 038
4 719
5 305
Gross Opening Balance
Depreciation Opening Balance
Gross Increase acquisition
Gross decrease disposal
Gross reclassification to assets held for sale
539
886
1 549
1 600
1 123
98
0
0
Gross transfer increase
669
0
Gross transfer decrease
0
0
Gross revaluation increase
0
0
Gross revaluation decrease
Amortization
0
361
0
431
Revaluation deduction RW
0
0
Reversal of revaluation deduction RW
0
0
13
25
0
0
33
0
0
0
Depreciation decrease disposal
Depreciation decrease reclassification to assets held for sale
Transfer depreciation increase
Transfer depreciation decrease
Machines
377
353
Gross Opening Balance
649
683
Depreciation Opening Balance
287
307
Gross Increase acquisition
183
116
129
0
2
0
Gross transfer increase
0
0
Gross transfer decrease
0
0
Gross revaluation increase
0
0
Gross revaluation decrease
0
0
Amortization
Revaluation deduction RW
164
0
139
0
Gross decrease disposal
Gross reclassification to assets held for sale
Reversal of revaluation deduction RW
0
0
125
2
Depreciation decrease reclassification to assets held for sale
0
0
Transfer depreciation increase
0
0
Depreciation decrease disposal
Rainbow Tour S.A.’S Capital Group
Page 36
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Transfer depreciation decrease
Means of transport
Gross Opening Balance
0
0
952
1 210
1 922
1 588
Depreciation Opening Balance
912
636
Gross Increase acquisition
Gross decrease disposal
230
336
599
404
Gross reclassification to assets held for sale
0
0
Gross transfer increase
0
0
Gross transfer decrease
0
0
Gross revaluation increase
0
0
Gross revaluation decrease
Amortization
0
157
0
140
Revaluation deduction RW
0
0
Reversal of revaluation deduction RW
0
0
205
203
Depreciation decrease reclassification to assets held for sale
0
0
Transfer depreciation increase
Transfer depreciation decrease
0
0
0
0
Equipment and other fixed assets
Depreciation decrease disposal
869
668
Gross Opening Balance
693
509
Depreciation Opening Balance
668
750
37
110
208
0
4
0
Gross transfer increase
0
0
Gross transfer decrease
0
0
Gross revaluation increase
0
0
Gross revaluation decrease
0
0
Amortization
Revaluation deduction RW
274
0
311
0
Gross Increase acquisition
Gross decrease disposal
Gross reclassification to assets held for sale
Reversal of revaluation deduction RW
0
0
1 289
1 114
Depreciation decrease reclassification to assets held for sale
0
0
Transfer depreciation increase
0
0
Transfer depreciation decrease
Fixed assets under construction
0
114
0
804
Depreciation decrease disposal
Gross Opening Balance
783
114
Depreciation Opening Balance
0
0
Gross Increase acquisition
0
690
Gross decrease disposal
0
0
0
0
0
0
Gross reclassification to assets held for sale
Gross transfer increase
Gross transfer decrease
669
0
Gross revaluation increase
0
0
Gross revaluation decrease
0
0
Amortization
0
0
Revaluation deduction RW
Reversal of revaluation deduction RW
0
0
0
0
Depreciation decrease disposal
0
0
Depreciation decrease reclassification to assets held for sale
0
0
Transfer depreciation increase
0
0
Transfer depreciation decrease
0
0
The security for the claims of Towarzystwo Ubezpieczeń Europa S.A., with its seat in Wrocław, to
repay the amounts provided to the Marshall of Łódzkie Province for granting of the guarantee No GT
96/2013 of 30 June 2013 constitutes a blanket mortgage with the value of PLN 1,275,600.00 (say:
Rainbow Tour S.A.’S Capital Group
Page 37
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
one million two hundred seventy five thousand six hundred) on the property of the Obligor situated in
Łódź at Piotrkowska 270 with following land and mortgage register numbers:
LD1M / 00273816/1, LD1M/00273817/8, LD1M/00273818/5, LD1M/00273819/2, LD1M/00273820/2,
LD1M/00273822/6, LD1M/00273823/3, LD1M/00273824/0, LD1M/00273825/7, LD1M/00273826/4.
The value of the properties at the purchase price amounts to PLN 1,333,393.60 (say: one million three
hundred thirty three thousand three hundred ninety three zloty 60/100).
The security for claims of Towarzystwo Ubezpieczeń Europa S.A. with its seat in Wrocław to repay the
amounts paid to the Marshall of Łódzkie Province for provision the guarantee No GT 96/2013 of 30
July 2013, GT 98/2014 of 16 June 2014 and GT 110/2014 of 13 August 2014 constitutes a blanket
mortgage with the value of PLN 5,934,900.00 (say: five million nine hundred thirty four thousand and
nine hundred) on the property of the Obligor, which is situated in Łódź at Piotrkowska 270 with
following land and mortgage register numbers:
LD1M/00264242/0,
LD1M/00264253/0,
LD1M/00264263/3,
LD1M/00273816/1,
LD1M/00273822/6,
LD1M/00273827/1
LD1M/00264245/1,
LD1M/00264254/7,
LD1M/00264264/0,
LD1M/00273817/8,
LD1M/00273823/3,
LD1M/00264246/8,
LD1M/00264255/4,
LD1M/00264266/4,
LD1M/00273818/5,
LD1M/00273824/0,
LD1M/00264247/5,
LD1M/00264257/8,
LD1M/00187747/6,
LD1M/00273819/2,
LD1M/00273825/7,
LD1M/00264248/2,
LD1M/00264259/2,
LD1M/00172644/6,
LD1M/00273820/2,
LD1M/00273826/4,
The value of the above properties at the purchase price amounts to PLN 3,272,723.10 (say: three
million two hundred seventy two thousand seven hundred twenty three zloty 10/100).
The company did not have fixed assets held for sale.
8.3
Description
Investment property
land
Net opening balance
Increase through expenditures
Takeovers in the form mergers of business entities
Other takeovers
INVESTMENT PROPERTY
31.12.2013
31.12.2014
196
196
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net profit from fair value adjustments
0
0
Net loss from fair value adjustments
0
0
0
0
0
0
Other changes in plus
0
0
Other changes in minus
0
0
196
196
284
284
0
0
0
0
0
0
0
0
0
0
disposals
Real property reclassified as assets held for sale
Exchange gains
Exchange losses
Buildings and constructions
Net opening balance
Increase through expenditures
Takeovers in the form mergers of business entities
Other takeovers
disposals
Real property reclassified as assets held for sale
Net profit from fair value adjustments
0
0
Net loss from fair value adjustments
Exchange gains
88
0
88
0
Rainbow Tour S.A.’S Capital Group
Page 38
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Exchange losses
0
0
Other changes in plus
0
0
Other changes in minus
0
0
0
Net opening balance
Increase through expenditures
0
0
0
Takeovers in the form mergers of business entities
0
0
0
0
0
0
0
0
0
0
0
0
Exchange gains
0
0
Exchange losses
0
0
Other changes in plus
0
0
Other changes in minus
0
0
0
0
0
0
0
0
0
0
0
0
disposals
0
0
Real property reclassified as assets held for sale
Net profit from fair value adjustments
0
0
0
0
Investment property under lease
Other takeovers
disposals
Real property reclassified as assets held for sale
Net profit from fair value adjustments
Net loss from fair value adjustments
Right of the lessee to use investment property
Net opening balance
Increase through expenditures
Takeovers in the form mergers of business entities
Other takeovers
0
0
0
0
Exchange gains
0
0
Exchange losses
0
0
Other changes in plus
0
0
Other changes in minus
0
0
31.12.2013
31.12.2014
0
0
0
0
Derivative instruments designated and used as hedges, recognised in fair value
0
0
Foreign currency forward contracts
0
0
Interest rate swaps
0
0
Financial assets in fair value through income statement
0
0
Financial assets in fair value through income statement other than derivatives
Derivative instruments for disposal not designated as hedge
0
0
0
0
Financial assets held for sale other than derivatives
0
0
Investments held to maturity recognized at the amortized cost
0
0
Group II
0
0
Bills of exchange
0
0
Debenture
Investments available for sale recognized in fair value
0
0
0
0
0
0
Net loss from fair value adjustments
8.4
FINANCIAL ASSETS HELD FOR SALE
Description
Other financial assets
Group I
Redeemable bonds
Shares
0
0
Credit at amortised cost
0
0
Credits to related parties
0
0
Credits to other parties
0
0
Other financial assets
0
400
Group I
Derivative instruments defined and used as hedges, recognised in fair value
0
0
0
0
Foreign currency forward contracts
0
0
Rainbow Tour S.A.’S Capital Group
Page 39
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Interest rate swaps
0
0
Financial assets in fair value through income statement
0
0
Financial assets in fair value through income statement other than derivatives
0
0
Derivative instruments for disposal not designated as hedge
0
0
Financial assets held for sale other than derivatives
Investments held to maturity recognized in the amortized cost
0
0
0
0
Group II
0
400
Bills of exchange
0
0
Debenture
0
0
Investments available for sale recognized in fair value
0
0
redeemable
shares
0
0
0
0
Credit at amortised cost
0
0
Credits extended to related parties
0
0
0
400
Credits extended to other entities
8.5
DEFERRED TAX ASSETS
description
31.12.2013
31.12.2014
Deferred income tax assets
235
1 194
Deferred income tax assets opening balance
324
235
Recognized in income statement opening balance
Recognized in equity opening balance
185
139
109
126
Other opening balance
0
0
-89
959
0
1 076
0
0
Increase other
Decrease through income statement
0
76
0
0
Decrease through equity
13
117
Deferred income tax assets
Increase through income statement
Increase through equity
Decrease other
description
Deferred income tax assets
Perpetual usufruct
Balance sheet valuation (exchange differences)
0
0
31.12.2013
31.12.2014
235
1 194
0
106
0
53
Pension benefits
45
2
Holiday benefits
47
47
Provisions for probable losses
0
986
Write-offs of doubtful losses
0
0
goodwill
lease
0
0
0
0
Tax losses
0
0
Tax reliefs
0
0
37
106
31.12.2013
31.12.2014
13
0
14
0
0
0
Other ( less than 5% of items)
8.6
STOCKS
Description
Stocks
Materials
Semi-finished goods and production in progress
Finished products
Goods
Advances
8.7
Rainbow Tour S.A.’S Capital Group
0
0
13
14
0
0
RECEIVABLES
Page 40
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
The receivables are presented in the table below:
description
31.12.2013
31.12.2014
48 818
0
81 674
0
Receivables from provision of goods and services
0
0
other
0
0
Trade and other receivables from other entities
48 818
81 674
Receivables from provision of goods and services
34 026
62 752
246
4 324
0
5 351
10 222
13 571
0
0
31.12.2013
31.12.2014
Trade and other receivables
Trade and other receivables from related parties
Income tax receivables
Other taxes and social security receivables
Other receivables
Receivables recovered in court
The below table presents changes in allowance to reduce accounts receivables:
Description
Trade and other receivables
48 818
81 674
Trade receivables and other receivables from related entities
0
0
Gross receivables
Allowance to reduce accounts receivable opening balance
0
0
0
0
Allowance to reduce accounts receivable increases
0
0
Allowance to reduce accounts receivable decreases
0
0
Allowance to reduce accounts receivable used
0
0
Trade receivables and other receivables from other entities
48 818
81 674
Gross receivables
Allowance to reduce accounts receivable opening balance
51 791
2 880
85 273
3 298
Allowance to reduce accounts receivable increases
868
626
Allowance to reduce accounts receivable decreases
0
325
775
0
Allowance to reduce accounts receivable used
The table below presents short –term past due receivables with allowance to reduce accounts
receivable
description
31.12.2013
31.12.2014
0
0
Non- matured, payable
0
0
Up to 1 month
0
0
Over 1 month up to 3 months
Over 3 months up to 6 months
0
0
0
0
Over 6 moths up to 1 year
0
0
Over 1 year
0
0
allowance to reduce accounts receivables PLN
0
0
Past due receivables
0
0
To 1 month
Over 1 month up to 3 months
0
0
0
0
Over 3 months up to 6 months
0
0
Over 6 moths up to 1 year
0
0
Over 1 year
0
0
allowance to reduce accounts receivables PLN
0
0
receivables from provision of goods and services
Non-matured, payable
34 026
27 293
62 752
50 639
To 1 month
Receivables from provision of goods and services -
23 210
47 976
Over 1 month up to 3 months
2 645
980
Over 3 months up to 6 months
1 389
960
0
633
107
58
90
0
Over 6 moths up to 1 year
Over 1 year
allowance to reduce accounts receivables PLN
Rainbow Tour S.A.’S Capital Group
Page 41
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Past due receivables
6 733
12 113
To 1 month
1 287
4 956
Over 1 month up to 3 months
1 025
4 718
Over 3 months up to 6 months
1 940
2 170
Over 6 moths up to 1 year
Over 1 year
1 137
4 259
959
2 539
allowance to reduce accounts receivables PLN
2 915
3 229
Short-term receivables presented with respect to currency are shown in the table below:
description
31.12.2013
31.12.2014
48 818
81 674
Trade and other receivables from related parties
0
0
PLN
0
0
PLN (translated into Euro)
Originally in Euro
0
0
0
0
PLN ( translated into USD)
0
0
Originally in USD
0
0
PLN (translated in SKK)
0
0
Originally in SKK
0
0
PLN (translated into GBP)
Originally in GBP
0
0
0
0
PLN (translated into NOK)
0
0
Originally in NOK
0
0
PLN (translated in UAK)
0
0
Originally in UAK
0
0
PLN ( translated other)
Originally in other currency
0
0
0
0
Trade and other receivables
allowance to reduce accounts receivables PLN
0
0
Trade and other receivables from other entities
48 818
81 674
PLN
27 000
36 050
PLN (translated into Euro)
19 164
33 926
Originally in Euro
PLN ( translated into USD)
4 621
5 340
7 959
14 669
Originally in USD
1 773
4 182
PLN (translated in SKK)
0
0
Originally in SKK
0
0
Rainbow Tour S.A.’S Capital Group
Page 42
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
PLN (translated into GBP)
262
575
53
105
PLN (translated into NOK)
0
0
Originally in NOK
0
0
PLN ( translated in UAK)
Originally in UAK
0
0
0
0
25
53
Originally in GBP
PLN ( translated into other currency)
Originally in other currency
allowance to reduce accounts receivables PLN
Rainbow Tour S.A.’S Capital Group
0
0
2 973
3 599
Page 43
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
8.8
OTHER ASSETS
description
31.12.2013
31.12.2014
Other assets
Costs of package travels off season
0
0
0
0
Cost of catalogue off season
0
0
Commissions off season
0
0
Fairs off season
0
0
Insurance off season
0
0
0
13 288
0
22 414
Costs of package travels off season
6 984
13 804
Cost of catalogue off season
5 610
5 750
159
498
Other off season
Other assets
Commissions off season
Fairs off season
Insurance off season
Other off season
8.9
description
0
0
14
521
534
1 828
CASH AND CASH EQUIVALENTS
31.12.2013
31.12.2014
Cash and cash equivalents
Cash at hand
70 168
373
84 580
457
Cash at bank
18 934
79 100
Short-term bank deposits
50 861
5 023
Rainbow Tour S.A.’S Capital Group
Page 44
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
8.10
SHARE CAPITAL
description
31.12.2013
31.12.2014
49 517
49 031
78 540
78 540
1 455
1 455
Equity
Equity attributable to the shareholders of the parent company
Share capital
Value of ordinary shares
Number of ordinary shares
Value of vote preferred shares (2 votes)
Number of vote preferred shares (2 votes)
Supplementary capital (without results)
from sales of shares above par
From shareholder payments
755
755
7 552
7 552
700
700
7 000
32 384
7 000
32 384
33 123
32 384
0
0
Created optionally
-739
0
Revaluation reserve
-498
476
Revaluation of land, buildings and constructions
Recognition of provision for deferred tax with respect to revaluation of land, buildings,
constructions
Effect of changes in tax rate
Revaluation of financial assets held for sale
-615
0
117
-112
0
0
Own shares
0
-663
588
-420
Value of ordinary shares
-663
-420
Number of ordinary shares
0
0
Value of vote preferred shares (2 votes)
0
0
Number of vote preferred shares (2 votes)
Translation differences of entities operation abroad
0
0
0
0
0
0
Translation of the effect of exchange rates
Change in Group’s structure
0
Accumulated profit
0
16 353
44 645
Minority interest
486
0
Accumulated value
Sharing profits in current period
585
0
-99
0
0
0
Change in Group’s structure
The intention of the Capital Group is to cover losses with profits generated in future.
The table below presents shareholders with substantial blocks of shares as at 31 December 2014.
Shareholder
Number of shares held
Sławomir Adam Wysmyk
Grzegorz Baszczyński
(the President of the
Management Board)
Remigiusz Cezary Talarek
(the Vice – chairman of
the Management Board )
Tomasz Piotr Czapla
(the Vice – chairman of
the Management Board)
Aviva Investors Poland
S.A.
8.11
1 878 346
3 448 346
Share in the votes at GM
(%)
16.15%
2 292 000
4 147 000
19.42%
15.75%
2 035 800
3 680 800
17.24%
13.99%
1 990 000
3 600 000
16.86%
13.68%
1 316 319
1 316 319
6.16 %
9.05 %
Total number of votes
Share capital of
company (%)
12.91%
the
CAPITAL FROM VALUATION OF INCENTIVE PLANS
As at 31 December 2008 the warrants in the amount of PLN 135 thousand, valued as at the date of
their acquisition, were recognised in the spare capitals.
Rainbow Tour S.A.’S Capital Group
Page 45
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
The rules of New Incentive Plan were resolved at Ordinary General Meeting of Shareholders on 6 June
2008. The plan was implemented from 2008 to 2010. After 2010 the plan expired.
8.12
PROVISION FOR DEFERRED TAX ASSETS
Description
Deferred income tax liabilities
Deferred income tax liabilities opening balance
Recognised in the income statement as at the opening balance
Recognised in equity as at the opening balance
Other as at opening balance
Deferred income tax liabilities
Increases through income statement
Increases through equity
Other increases
decreases through income statement
Decreases through equity
Decreases other
Description
Deferred income tax liabilities
Difference in the valuation (amortization) of the trademark
Fixed assets under finance leases
Valuation of liabilities in foreign currencies
Other (less than 5% of the items)
8.13
description
31.12.2013
78
31.12.2014
494
74
76
74
76
0
0
0
0
4
4
418
306
0
112
0
0
0
0
0
0
0
0
31.12.2013
31.12.2014
78
494
0
0
0
27
0
382
51
112
PROVISION FOR RETIREMENT BENEFITS
31.12.2013
31.12.2014
Pension liabilities
12
12
Opening balance
12
12
increases
Decreases
0
0
0
0
Use
0
0
Pension and holiday liabilities
0
90
Opening balance
0
53
increases
0
37
Decreases
Use
0
0
0
0
The amounts of provisions for retirement benefits were calculated individually for each employee. The
base for calculating the provision for an employee is the estimated amount of retiring allowance
pursuant to the provisions applicable. The amount is adjusted to the likelihood of an individual person
working in the company to the retirement age and discounted at the balance sheet date.
The financial discount rate applied to calculate present value of liabilities resulting from retirement
benefits was determined at 6.0%. The provisions for retiring allowance are presented in profit and
loss account in “overheads” as employee benefits.
Rainbow Tour S.A.’S Capital Group
Page 46
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
8.14
FINANSOWEGO LONG TERM FINANCE LEASE LIABILITIES
Information on leased assets is presented in the footnotes to the consolidated financial statements
description
31.12.2013
31.12.2014
Long-term finance lease liabilities
0
0
From 1 year to 2 years
Over 2 years up to 5 years
0
0
0
0
Over 5 years
0
0
Unrealized income
0
0
Short-term finance lease liabilities
0
0
Gross value
0
0
Unrealized income
0
0
31.12.2013
31.12.2014
90 397
0
111 048
0
0
0
8.15
description
Trade and other liabilities
Trade and other liabilities from related parties
other
LIABILITIES
0
0
Trade and other liabilities from other entities
90 397
111 048
Liabilities from provision of goods and services
82 619
96 975
1 778
1 299
6 594
1 220
995
1 068
3 706
5 191
Income tax liabilities
Other tax and social security liabilities
Employee benefits liabilities
Other liabilities
Rainbow Tour S.A.’S Capital Group
Page 47
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
description
31.12.2013
31.12.2014
90 397
111 048
Trade and other liabilities from related parties
0
0
PLN
0
0
PLN (translated into Euro)
Originally in Euro
0
0
0
0
PLN ( translated into USD)
0
0
Originally in USD
0
0
PLN (translated in SKK)
0
0
Originally in SKK
0
0
PLN ( translated into GBP)
Originally in GBP
0
0
0
0
PLN (translated into NOK)
0
0
Originally in NOK
0
0
PLN ( translated in UAK)
0
0
Originally in UAK
0
0
PLN ( translated other)
Originally in other currency
0
0
0
0
Trade and other liabilities from other entities
90 397
111 048
PLN
78 925
94 433
PLN (translated into Euro)
6 222
9 259
Originally in Euro
1 501
2 172
PLN ( translated into USD)
Originally in USD
5 250
1 743
7 356
2 097
PLN (translated in SKK)
0
0
Originally in SKK
0
0
PLN ( translated into GBP)
0
0
Originally in GBP
0
0
PLN (translated into NOK)
Originally in NOK
0
0
0
0
PLN ( translated in UAK)
0
0
Originally in UAK
0
0
PLN ( translated into other currency)
0
0
Originally in other currency
0
0
31.12.2013
0
31.12.2014
0
0
0
0
Up to 1 month
Over 1 month up to 3 months
0
0
Over 3 months up to 6 months
0
0
Over 6 moths up to 1 year
Over 1 year
0
0
0
0
Impairment losses PLN
0
0
Past-due liabilities
0
To 1 month
0
0
Over 1 month up to 3 months
0
0
Over 3 months up to 6 months
Over 6 moths up to 1 year
0
0
0
0
Over 1 year
0
0
Impairment losses PLN
0
0
Liabilities from provision of goods and services
82 619
96 975
Non-maturing liabilities
60 039
85 021
To 1 month
Over 1 month up to 3 months
55 037
3 450
85 021
0
Over 3 months up to 6 months
Trade and other liabilities
description
Liabilities from provision of goods and services
Non-maturing liabilities payable
0
0
1 552
0
Over 6 moths up to 1 year
0
0
Over 1 year
0
0
Rainbow Tour S.A.’S Capital Group
Page 48
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
allowance to reduce accounts receivables PLN
0
0
Past-due liabilities
22 580
11 954
To 1 month
12 006
4 001
Over 1 month up to 3 months
4 648
2 183
Over 3 months up to 6 months
Over 6 moths up to 1 year
2 458
2 757
3 032
207
711
2 531
0
0
description
31.12.2013
31.12.2014
Bank loans
0
Short-term bank loans
0
0
PLN
0
0
PLN (translated into Euro)
Originally in Euro
0
0
0
0
PLN ( translated into USD)
0
0
Originally in USD
0
0
PLN (translated in SKK)
0
0
Originally in SKK
0
0
PLN (translated into GBP)
Originally in GBP
0
0
0
0
PLN (translated into NOK)
0
0
Originally in NOK
0
0
PLN (translated in UAK)
0
0
Originally in UAK
0
0
PLN (translated into other currency)
0
Short-term bank loans and credits
Short-term bank loans
27
0
0
Over 1 year
Impairment losses PLN
0
27
0
PLN
0
0
PLN (translated into Euro)
0
0
Originally in Euro
0
0
PLN (translated into USD)
Originally in USD
0
0
0
0
PLN (translated in SKK)
0
0
Originally in SKK
0
0
PLN (translated into GBP)
0
0
Originally in GBP
0
0
PLN (translated into NOK)
Originally in NOK
0
0
0
0
PLN (translated in UAK)
0
0
Originally in UAK
0
0
PLN (translated into other currency)
0
0
As at 31.12.2014 the company did not use any bank credits.
As at 31.12.2013 the parent company used bank credits provided by

Bank Ochrony Środowiska in the amount of PLN thousand

Getin Bank S.A in the amount of PLN 25 thousand
8.16
Rainbow Tour S.A.’S Capital Group
PROVISIONS FOR OTHER LIABILITIES
Page 49
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
description
31.12.2013
31.12.2014
Long-term provisions
0
0
Liabilities arising from advance sales
0
0
Warranties, securities and guarantees
0
0
Restructuring costs
0
0
0
0
0
0
Costs of discontinuing activity
Share based payments
Other
Short-term provisions
Liabilities arising from advance sales
0
0
13 571
22 516
12 859
17 329
Warranties, securities and guarantees
Restructuring costs
0
0
0
0
Costs of discontinuing activity
Share based payments
0
0
Other
8.17
0
0
712
5 187
LIABILITES DIRECTLY RELATED TO THE FIXED ASSETS HELD FOR SALE
The company did not recognise liabilities directly related to fixed assets held for sale. As at 31.12.2014
the company failed to recognise any fixed assets held for sale.
Rainbow Tour S.A.’S Capital Group
Page 50
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
9
9.1
NOTES TO PROFIT AND LOSS ACCOUNT
REVENUES FROM SALES OF SERVICES, MATERIALS AND GOODS
Description
Continuing activity, sales revenues
Sales of package travels
Agency selling tourism services , ticket and hotel services
01.01.201331.12.2013
776 649
582 790
01.01.201431.12.2014
956 464
764 903
193 248
188 445
IT support services
0
0
rents
0
0
Other
611
3 116
01.01.201331.12.2013
776 649
01.01.201431.12.2014
956 464
770 837
5 812
952 158
4 306
Description
Constinuing activity sales revenue
Sales in the country
Sales abroad
9.2
COST OF SALES OF SERVICES, MATERIALS, GOODS, COST OF DISPOSAL AND OVERHEADS
Provisions for unused holiday leaves and provisions for retiring allowance are presented in the profit
and loss account in “Overheads”.
01.01.201331.12.2013
681 148
01.01.201431.12.2014
812 748
Amortization and Depreciation
1 134
1 196
Consumption of materials and energy
2 093
2 320
722 847
873 898
Description
Manufacturing cost of services sold
External services
Taxes and payments
Remuneration
Social security and other benefits
1 692
1 821
18 926
3 533
25 507
4 292
Exchange gains
1 979
792
Exchange losses
1 851
-4 244
8 346
10 960
Other costs according to type
Movement in products
0
0
Goods
Continuing activity cost of sales
497
65 051
507
85 232
Continuing activity overheads
12 741
17 485
01.01.201331.12.2013
671
01.01.201431.12.2014
975
Release of allowance to reduce accounts receivables
0
0
Release of provisions for costs of tourism services
0
0
Release of provision for commission costs
0
0
183
143
28
436
Settlements inventory
0
0
Subscribing shares in other entities
0
0
9.3
OTHER REVENUE/ OPERATING COSTS
description
Continuing activity, other operating income
Compensation and penalties received
Liabilities limitation
Profits on disposal of non-financial fixed assets
Re-invoices
From loyalty cards
other
Continuing activity other operating costs
Rainbow Tour S.A.’S Capital Group
0
0
56
5
0
289
0
506
2 377
3 062
Page 51
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Recognition of allowance to reduce accounts receivables
Creation of provision for cost of tourism services
creation of provision for costs of commissions
compensation and penalties paid
Aging of receivables
Settlements inventory
Costs of subscribing shares in other companies
868
626
0
73
175
0
54
68
538
0
1 188
0
0
0
Loss on disposal of non-financial fixed assets
53
95
Re-invoices
27
82
Donations
0
0
claims
Court payments and costs
216
253
222
170
Other
193
538
01.01.201331.12.2013
1 461
01.01.201431.12.2014
1 576
9.4
REVENUE / FINANCIAL COSTS
description
Continuing activity, finance revenue
Foreign exchange gains
Credit and loan interests
0
0
1 460
1 576
Profits from investing activities
1
0
Continuing activity financial costs
Exchange losses
948
6
1 098
0
62
28
Credit and loan interests
Losses from investing activities
other interests
Interests on lease instalments
9.5
0
0
880
1 070
0
0
PROFIT (LOSS) SHARING IN THE SUBSDIARIES UNDER EQUITY METHOD
They are not recognised.
9.6
INCOME TAX
description
Current tax
Tax on total income
Tax on gains unrecognized in the tax base
Tax on gains increasing the tax base
01.01.201331.12.2013
2 907
3 161
01.01.201431.12.2014
7 885
7 470
269
548
24
187
Tax on costs unrecognized in the cost base
966
1 596
Tax on costs increasing the tax base
127
145
Tax on used tax losses
848
675
The company did not recognise any unaccounted for tax losses, unused tax allowances, for which
deferred tax assets were not recognized in the balance sheet.
9.7
Rainbow Tour S.A.’S Capital Group
DISCONTINUING OPERATIONS
Page 52
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
In 2014 the Capital Group did not sell any subsidiary, and in 2013 the Group sold subsidiary Travelovo
sp. z o.o.
description
Net profit (loss) on discontinuing operations
01.01.201331.12.2013
137
01.01.201431.12.2014
0
Revenues from discontinuing operations
Revenues from valuation of assets held for sale
0
0
-137
0
0
0
0
0
0
0
Cost of discontinuing operations
Costs of valuation of the assets held for sale
Income tax on discontinuing operations
10
10.1
CONTINGENT ITEMS
GUARANTEES AND WARRANTIES GRANTED
Limits of derivative transactions
The issuer has limits of derivative transactions, which enable to perform derivative transactions. The
company uses derivative instruments to hedge future foreign currency flows through forward
transactions.
The value of debt limit is presented in the table below:
Bank
Millennium Bank S.A.
Type
Transaction limit
Amount of the limit
10 000 000.00
Valid till
2015-03-20
Raiffeisen Bank Polska S.A.
Transaction limit
18 000 000.00
2015-10-25
As at 31 December 2014 Rainbow Tours SA had forward contracts for purchase of USD and EUR in
exchange for PLN.
Date of contract performance
Amount of USD
Date of contract performance
Amount of EUR
Total
Total
PLN equivalent at the time of transaction
execution
2 800 000
9 395 840
PLN equivalent at the time of transaction
execution
925 000
3 893 273
Bank guarantees granted by the banks to the contractors of Rainbow Tours S.A.
Under its bank guarantee the company orders to issue bank guarantees for the contractors
cooperating with Rainbow Tours. In 2014 the Issuer ordered issuance of the guarantees exceeding its
guarantee limits. The table below presents guarantees issued at 31 December 2014. The amounts of
the guarantees issued in foreign currencies were translated using the average NBP rate as of 31
December 2014.
Bank issuing the guarantee
Millennium Bank S.A.
BOŚ S.A.
Raiffeisen Bank Polska S.A.
total
Rainbow Tour S.A.’S Capital Group
The amount of guarantees issued
13 254 464.33
21 000.00
1 213 000.00
14 488 464.33
Page 53
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Additionally, in IV quarter of 2014 the parent company began buying corridor options for the purchase
of USD. They consist of the right to purchase USD at the spot rate, if the actual exchange rate of USD
will not be lower than a spot rate. If the exchange rates fall below the spot rate the company is
obliged to buy double amount of the currency fixed in first Call option. Call and Put options have an
embedded condition, according to which Call and Put options are switched off at fixed exchange rate.
The below table presents total amounts of the options as at the date of submitting this report.
Contractual amount of Call option in USD
Contractual amount for exchange to PLN
Contractual amount of Put option in USD
Contractual amount for exchange in PLN
11 950 000
42 711 250
23 300 000
83 247 500
Insurance guarantees granted by Towarzystwo Ubezpieczeń Europa S.A (Europa
Insurance Company).
The parent company advised that on 13 August 2014 Rainbow Tours S.A. (the Obligor) entered into
the agreement with Towarzystwo Ubezpieczeniowe Europa S.A. (Europa Insurance Society – the
Guarantor) to grant the insurance guarantee by the Guarantor for Rainbow Tours S.A. as a tour
operator and a travel agent, which is issued for the benefit of the Marshall of Łódzkie Province (“the
Beneficiary”) The subject matter of the agreement is to define rules of granting the insurance
guarantee by the Guarantor in the scope of:
a) Coverage of the costs of the return of the customers to the country, when the Obligor (Rainbow
Tours S.A.) won’t secure the return despite its obligations,
b) Reimburse the payments made by the customers of the Obligor (Rainbow Tours S.A.) if the entity
fails to meets it contractual obligations
c) Reimburse partially the payments for package holidays, which are corresponding to the part of the
services, which was not provided for the reasons dependent on the Mandator or persons acting on its
behalf.
According to the provision of the said agreement its value at the date of execution and at the same
time the value of the Guarantee granted by the Guarantor to the Beneficiary amounts to PLN
100,573,901.39 (one hundred million five hundred seventy three thousand nine hundred one zloty
thirty nine grosz) ), hereinafter referred to as “the amount of guarantee”, and which is equivalent to
EUR 24,158,415.94 (twenty four million one hundred fifty eight thousand four hundred fifteen zloty
ninety four grosz) translated using average euro exchange rate published by National Bank of Poland
for the first time in the year of the guarantee issuance that is 2 January 2014 (1 EUR = 4,1631 PLN),
published in the table No 01/A/NBP2014 dated 2nd January 2014.
The guarantee will ensure the repayment of the claims resulting from the events mentioned in point 1
letter. a), b) and c) above under the agreements to provide tourism services entered by Rainbow
Tours SA in the period from 17 September 2014 to 17 September 2015.
If the Beneficiary of the Guarantee claims payments under the guarantee, the Obligor, at the request
of the Guarantor, is obliged to take a stance on the claim within 3 days of delivery of the request by
the Guarantor and attach the copy of the contract referring to the payment of the claim.
If the Guarantor effects the Guarantee for the benefit of the Beneficiary of the Guarantee, the Obligor
will reimburse the Guarantor the amount paid under the guarantee within 7 days of the receipt of the
request for payment with costs (all costs incurred) and in case of late payment- additionally the
statutory interest.
The previous agreement to provide insurance guarantee (valid till 16 September 2014) was
supplemented with new guarantee agreement (which was also applicable to 16 September 2014)
about which the Management Board of the Company informed in the ESPI current report dated 17
June 2014, that is why:
Rainbow Tour S.A.’S Capital Group
Page 54
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
The original agreement to provide insurance guarantee No GT 96/2013 with Towarzystwo
Ubezpieczeniowe Europa S.A. (the company informed about the conclusion of the agreement in the
ESPI current report No 26/2013 of 30 July 2013) provides the insurance guarantee for the amount of
PLN 70,288,493 which is equivalent to EUR 17,282,214.33 translated using average euro exchange
rate published by National Bank of Poland for the first time in the year of issuance of the guarantee
that is on 2nd January 2013, which amounts to EUR 1 =PLN 4.0671, and results from the reported
agreement of 30 July 2013. The guarantee is valid from 17 September 2013 till 16 September 2014.
To complement the said agreement the company additionally entered into the agreement with
Towarzystwo Ubezpieczeniowe Europa S.A. No GT 98/2014 to provide insurance guarantee (the
company informed about the conclusion of the agreement in the ESPI current report No 20/204 of 17
June 2014) and provides the insurance guarantee for the amount of PLN 14,411,740.35 which is
equivalent to EUR 3,461,780.97 translated using the average euro exchange rate published by the
National Bank of Poland for the first time in the year of the issuance of the guarantee that is 2nd
January 2014, which amounts to EUR 1=PLN 4.1631 and results from the reported agreement of 17
June 2014. The guarantee is valid from 17 June 2014 till 16 September 2014.
As at the date of submitting this report the total guarantees described above secure the payments of
claims resulting from the events mentioned in point 1 letter. a), b) and c) above, under the
agreements to provide tourism services entered into by Rainbow Tours SA till 16 September 2014 for
the total amount of PLN 84,700,234.27 (eighty four millions seven hundred thousand two hundred
thirty four zloty and twenty seven grosz).
The amount of the new guarantee, which is valid from 17 September 2014 to 16 September 2015, is
higher by PLN 15,873,667.12, up by 18.74% compared with the amount of the previous guarantee.
The security for the said guarantee (securing claims of the Guarantor to repay the amounts paid
under the guarantee to the Beneficiary of the Guarantee) will be:
a) a deposit determined according to market conditions,
b) mortgage on property of the Obligor,
c) blank promissory note with “no protest” clause
The amount of the commission due to the Guarantor from the Obligor for the issuance of the
guarantee was determined according to market conditions. The said agreement to provide insurance
guarantee does not stipulate penalty clauses.
The promissory notes issued by Rainbow Tours S.A.
Rainbow Tours S.A.’s Management Board issues blank promissory notes, which constitute security for
credit products offered by Bank Ochrony Środowiska: The details are provided below:
The promissory note no 1, which constitute the security for the multipurpose line of credit
S/53/10/2011/1245/K, for the amount PLN 9,500.000.00 PLN. The promissory note can be executed
within 60 months from termination of the agreement, i.e. till 14.11.2022, the amount of execution is
PLN 23,750.000.00
The promissory note No 2 which constitutes security for the bank guarantee issued under
multipurpose line of credit S/117/08/2013/1245/K. for the amount of PLN 4,000,000.00. The
promissory note can be executed within 60 months of the termination of the agreement, i.e. till 30
October 2020. The amount of execution is PLN 6,000,000.00.
The promissory note No 3- the guarantee S/117/08/2013/1245/K/3 granted under bank guarantee
S/117/08/2013/1245/ for the amount PLN 21,000.00. The amount of execution is PLN 21,000.00.
The security for the guarantee issued by Towarzystwo Ubezpieczeniowe Europa SA with registered
office in Wrocław (“the Guarantor”) under the agreements to grant by the Guarantor the insurance
Rainbow Tour S.A.’S Capital Group
Page 55
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
guarantee for Rainbow Tours SA, as a tour operator and travel agent, which benefits the Marshall of
Łódzkie Voivodeship (“the Beneficiary”) are:
-
Promissory note No 4 which secures the Agreement No GT 101/2012 of 17 August 201 for the
amount of PLN 46 305 000 (forty six million three hundred and five thousand Polish zloty),
which is equivalent of EUR 10,372,984 (say: ten million three hundred seventy two thousand
nine hundred eighty four euro 00/100) translated according to average NBP exchange rate of
2 January 2012, which amounts to 1 EURO = 1 euro = 4.4640 PLN published in the table
01/A/NBP/2012 of 2nd January 2012 applicable from 17 September to 2012 to 16 September
2013. According to promissory note declaration the promissory note can be written for the
amount of PLN 46 305 000 (forty six million three hundred and five thousand Polish zloty)
-
Promissory note No 5 which secures the Agreement No GT 96/2013 of 30 July 2013 for the
amount of PLN 70,288,493.92 (seventy million two hundred eighty eight thousand four
hundred ninety three 92/100 Polish zloty) which constitutes the equivalent of EUR
17.282.214,33 (say: seventeen million two hundred eighty two thousand two hundred
fourteen euro 33/100) translated according to average NBP exchange rate of 2 January 2013
which amounts to 1 EURO = 1 euro = 4.0671 PLN published in the table 01/A/NBP/2012 of
2nd January 2013 and applicable from 17 September to 2013 to 16 September 2014.
According to promissory note declaration the promissory note can be written for the amount
of PLN 70,288,493,92 (seventy million two hundred eighty eight thousand four hundred ninety
three 92/100 Polish zloty)
 Promissory note No 6, which secures the agreement number GT 98/2014 of 30 June 2014 for the
amount of PLN 14,411,740.35 (fourteen million four hundred eleven thousand seven hundred forty
35/100), which is equivalent to EUR 3,461,780.97 (say: three million four hundred sixty one
thousand seven hundred eighty 97/100) translated using average NBP exchange rate published for
the first time in the year of issuance of the guarantee, that is on 2 January 2014 which amounts
to: 1 EURO = 1 euro = PLN 4.1631, resulting from the respective agreement of 17 June 2014. The
agreement is valid from 17 September 2014 to 16 September 2015. According to promissory note
declaration the promissory note cannot written for the amount higher than PLN 14,411,740.35
(fourteen million four hundred eleven thousand seven hundred forty 35/100 Polish zloty).
 Promissory note No 7, which secures the agreement number GT 110/2014 of 13 September 2014
for the amount of PLN 100,573,901.39 (one hundred million five hundred seventy three thousand
nine hundred one 39/100), hereinafter referred as the amount of the guarantee, which is
equivalent to EUR 24.158.415,94 (say: twenty four million one hundred fifty eight thousand four
hundred fifteen 94/100) translated using average NBP exchange rate published for the first time in
the year of issuance of the guarantee, that is on 2 January 2014, which amounts: 1 EURO = 1
euro = PLN 4.1631, published in the table 01/A/NBP/2014 of 2 January 2014. The agreement is
valid from 17 September 2014 to 16 September 2015. According to promissory note declaration
the promissory note cannot be written for the amount higher than PLN 100,573,901.39 (one
hundred million five hundred seventy three thousand nine hundred one 39/100 35/100 Polish
zloty).
Blank promissory notes with no protest clause issued by Rainbow Tours S.A.
10.2
DISPUTABLE MATTERS
As at 31 December 2014 and the date of filing these financial statements neither the issuer nor its
related entities are a party to any court or arbitration proceedings, which separate or total value of
the matter in dispute would exceed 10% of the equity of the issuer.
11
INFORMATION ON TRANSACTIONS WITH RELATED ENTITIES
Pursuant to IAS 24 the entities related with the Group, except for the consolidated companies, are the
members of the governing bodies of the company.
Rainbow Tour S.A.’S Capital Group
Page 56
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
11.1
ASSOCIATES
The list of associates presented in the consolidated financial statements is shown in the table below.
No
Name of the entity
Share of the
share capital
Seat of the entity
Share of votes
at GM
Date of taking
up control
1
PORTAL TURYSTYCZNY Sp. z o.o.
90 – 361 Łódź,ul. Piotrkowska 270
100%
100%
2006
2
RAINBOW TOURS Biuro Podróży Sp. z o.o.
90 – 105 Łódź, ul. Piotrkowska 70
100%
100%
2007
3
ABC Świat Podróży Sp. z o.o.
90 – 361 Łódź,ul. Piotrkowska 270
100%
100%
2008
4
Bee&Free sp. z o.o.
90 – 361 Łódź,ul. Piotrkowska 270
100%
100%
2010
11.2
MERGERS, AQUISITIONS OF ECONOMIC ENTITIES AND THEIR DISPOSAL
In 2014 the structure of the Capital Group of Rainbow Tours S.A. did not change. Up to the date of
preparation of the financial statements the issuer failed to dispose shares of subsidiaries.
11.3
SHARES IN JOINT VENTURES
The companies of Rainbow Tours S.A.’s Capital Group do not hold shares in joint ventures.
11.4
REVENUES AND COSTS
Rainbow
Tours S.A.
Description
Revenue 01.01.2014-31.12.2014
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Costs 01.01.2014-31.12.2014
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Revenue 01.01.2013-31.12.2013
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Costs 01.01.2013-31.12.2013
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
11.5
60 670
1
2
3
4
5
60 670
1
2
3
4
5
53 360
1
2
3
4
5
53 360
1
2
3
4
5
Rainbow Tour S.A.’S Capital Group
54 584
90
90
275
5 631
689
0
2 095
2 847
50 134
49 881
49
49
155
3 218
717
4
1 109
1 388
689
689
0
0
0
54 584
54 584
0
0
0
717
717
0
0
0
49 889
49 881
0
0
8
Rainbow
Biuro Podróży
Sp. z o.o.
0
2 095
0
2 095
0
0
0
0
0
0
90
90
90
90
0
0
0
0
0
0
4
1 109
4
1 109
0
0
0
0
0
0
49
49
49
49
0
0
0
0
0
0
Portal Turyst.
Sp. z o.o.
ABC Świat
Podróży
2 847
2 847
0
0
0
275
275
0
0
0
1 396
1 388
8
0
0
155
155
0
0
0
SETTLEMENTS WITH ENTITIES LINKED BY EQUITY TIES
Rainbow
Tours S.A.
Description
Receivables 01.01.2014-31.12.2014
55 039
Bee&Free sp.
z o.o.
9 523
6 380
Bee&Free sp.
z o.o.
31
Rainbow
Biuro Podróży
Sp. z o.o.
0
178
Portal Turyst.
Sp. z o.o.
ABC Świat
Podróży
2 934
Page 57
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Liabilities 01.01.2014-31.12.2014
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Receivables 01.01.2013-31.12.2013
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Liabilities 01.01.2013-31.12.2013
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
1
2
3
4
5
9 523
1
2
3
4
5
8 958
1
2
3
4
5
8 958
1
2
3
4
5
31
6 318
0
0
62
3 143
31
0
178
2 934
7 916
7 874
0
0
42
1 042
0
0
679
363
0
0
0
6 318
6 318
0
0
0
0
0
0
0
0
7 874
7 874
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
178
0
0
0
0
0
0
0
0
679
679
0
0
0
0
0
0
0
2 934
0
0
0
62
62
0
0
0
363
363
0
0
0
42
42
0
0
0
0
The amount of the settlement do not include receivables and financial liabilities, which were
separately excluded in the amount of PLN 5,583 thousand in 2014 and in the amount of 20,192
thousand in 2013. They referred to the loans granted to the companies of the Capital Group by
Rainbow Tours S.A.
Rainbow
Tours S.A.
Description
Loans granted as at 31.12.2014
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Loans received as at 31.12.2014
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Loans granted as at 31.12.2013
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
Loans received as at 31.12.2013
Rainbow Tours S.A.
Bee&Free sp. z o.o.
Portal turystyczny Sp. z o.o.
Rainbow Biuro Podróży Sp. z o.o.
ABC Świat Podróży
5 583
1
2
3
4
5
5 583
1
2
3
4
5
20 192
1
2
3
4
5
20 192
1
2
3
4
5
11.6
Bee&Free sp.
z o.o.
0
0
0
0
0
5 583
519
20
20
5 024
0
0
0
0
0
20 192
5 048
5 048
5 048
5 048
519
519
0
0
0
0
0
0
0
0
5 048
5 048
0
0
0
0
0
0
0
0
Rainbow
Biuro Podróży
Sp. z o.o.
20
20
20
20
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5 048
5 048
5 048
5 048
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Portal Turyst.
Sp. z o.o.
ABC Świat
Podróży
5 024
5 024
0
0
0
0
0
0
0
0
5 048
5 048
0
0
0
0
0
0
0
0
OTHER TRANSACTIONS
Not applicable
11.7
REMUNARATION OF THE MEMBERS OF THE MANAGEMENT BOARD AND THE SUPERVISORY
BOARD
Rainbow Tour S.A.’S Capital Group
Page 58
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Remuneration of the members of the governing bodies of the parent company was presented
collectively and in categories as required by IAS 24 Related Parties – Disclosures. The members of the
Management Board of the parent company do not receive remuneration from subsidiaries.
Information on the amounts of remuneration for the members of the Management Board in 2014 is
presented in the table below:
Title of payment
Employment contract
with RT SA
The function performed in
the Management Board in
Rainbow Tours S.A.
Remuneration in RT SA
Total
due
paid
due
paid
due
paid
due
paid
Baszczyński Grzegorz
Czapla Tomasz
169 632
144 972
169 632
144 972
216 396
196 920
209 688
190 816
581 320
528 100
581 320
528 100
967 348
869 992
960 640
863 888
Talarek Remigiusz
144 972
144 972
196 920
190 816
528 100
528 100
869 992
863 888
Total
459 576
459 576
610 236
591 320
1 637 520
1 637 520
2 707 332
2 688 416
Person
Information on the amounts of remuneration for the members of the Management Board in 2013 is
presented in the table below:
Title of payment
Person
Employment contract
with RT SA
due
paid
The function performed in
the Management Board in
Rainbow Tours S.A.
due
paid
Remuneration in RT SA
due
paid
Total
due
paid
Baszczyński Grzegorz
169 632
155 496
135 900
124 575
119 834
119 834
425 366
399 905
Czapla Tomasz
144 972
132 891
123 672
113 366
108 863
108 863
377 507
355 120
Talarek Remigiusz
144 972
132 891
123 672
113 366
108 863
108 863
377 507
355 120
Total
459 576
421 278
383 244
351 307
337 560
337 560
1 180 380
1 110 145
Information on the amounts of remuneration for the members of the Supervisory Board in 2014 is
presented in the table below:
Person
Due
Paid
Kubica Grzegorz
12 000
12 000
Niewiadomski Paweł
Pietras Paweł
12 000
12 000
12 000
12 000
Stępień-Andrzejewska Joanna
12 000
12 000
Walczak Paweł
18 000
18 000
Total
66 000
66 000
Information on the amounts of remuneration for the members of the Supervisory Board in 2013 is
presented in the table below:
Person
Due
Paid
Kubica Grzegorz
Niewiadomski Paweł
Pietras Paweł
Stępień-Andrzejewska Joanna
Walczak Paweł
Total
12 000
12 000
12 000
12 000
18 000
66 000
12
Rainbow Tour S.A.’S Capital Group
11 000
11 000
11 000
11 000
16 500
60 500
EVENTS AFTER THE BALANCE SHEET DATE
Page 59
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
After the balance sheet date there were no events, which could affect performance of the Capital
Group in the future.
13
AIMS AND RULES OF FINANCIAL RISK MANAGEMENT
13.1
POLICY OF FINANCIAL RISK MANAGEMENT
The Capital Group is mainly exposed to the risk of fluctuation in currency exchange rates and in fuel
prices, which results from fluctuation on money and capital market.
The Group has a consistent policy of financial risk management and continuously monitors risk areas,
and uses strategies and mechanisms, which are available, in order to minimise negative effects of
market fluctuation.
Financial risk (defined as cash flow fluctuation) as well fluctuation in money and capital markets I s
reduced by the Group in the manner described below.
The Management Board defines and monitors the policy and strategy of risk management and the
substantial units of Rainbow Tours S.A. and companies of the group fulfil current obligations in this
respect. .
13.2
CURRENCY RISK
The parent company pays for the package travels in foreign currencies (usually Euro or American
Dollar). On the other hand holidays are sold to customers in Poland in Polish zloty. Unfavourable
currency exchange rates in the period taking place between the time of inflow of customer payments
and time of payments to foreign contractors may lower profitability and profits earned by the
Company. In order to minimise currency risk Rainbow Tours S.A. to resell of seats in charter planes in
foreign currencies to the contractors.
13.3
PRICE RISK
The price risk factors in the operations of the Capital Group are as follows:
Competition risk
The changes on the tourism market indicating to definite development of on-line sales can, in a longer
run, pose a threat to market share for companies, who have only traditional sales channels. The
Company have taken some actions to prevent this threat by developing modern sales channels.
Moreover, the company competes with other tour operator through traditional sales channel.
Consistent development of strong and recognizable brand, which covers with its operations all aspects
of tourism market (the producer – tour operator in Poland, traditional distribution – the network of
traditional sales offices, Internet – own portal), definitely enables successful competition with other
market players.
Risk connected with disasters in tourist destinations
The activities of the Group can be indirectly affected by all kinds of economic and political affairs
throughout the world. Any tragic event or disaster in tourist destinations directly impacts tourism
market demand. Armed conflicts, terrorist attacks, social unrest, epidemics, or natural disasters e.g.:
floods, earthquakes or prolonged droughts can adversely affect the performance of the Group.
However, currently terrorist attacks and social unrest, which make headlines have less significant
effect on a decision to purchase a package travel than a few years ago. Moreover, the Group
organizes and sells holidays to dozens of destinations all over the world, and in case of a local crisis in
a single destination, the Group can operate in other destinations.
Rainbow Tour S.A.’S Capital Group
Page 60
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Risk connected with seasonality of sales
The sales generated by the Group, as is the case for the majority of tourism industry entities, are
seasonal and determined by increase in demand for products and services of the Group in second and
third quarter of the year. Thus, the financial results for that period have significant influence over the
final performance for the whole year. Moreover, the Group attempts to level down the seasonality of
sales in the winter season (IV and I quarter of the year) by introducing more and more interesting
and attractive offers of exotic holidays (based mainly on direct charters to Mexico, Cuba and
Thailand). Introduction of charter transportation to exotic destinations have resulted in rapidly
growing interest in such holidays. This may affect the proportion of sales in summer and winter
season.
Risk connected with the financial condition of subsidiaries
Rainbow Tours S.A.’s Capital Group comprises following entities: Portal Turystyczny Sp. z o.o. (100 %
of the share capital, the company completes works on a portal specializing in individual reservations
that is dynamic packages), Rainbow Tours – Biuro Podróży Sp. z o.o. (100 % of the share capital),
ABC Świat Podróży sp. z o.o. (100% of the share capital), the company operates 12 franchise Rainbow
Tours sales offices) as well as Bee&Free (100% of the share capital, the company specializes in
consolidation and sales of charter planes seats). In 2012 the company undertook number of
restructuring activities, which brought desired effects, and subsidiaries earned profit.
Risk connected with micro-economic situation in Poland
Economic problems of EU countries may affect economic situation in Poland and this in turn may
influence deterioration of consumer moods, including the inclination of Polish citizen towards
international travels. Purchase of package travel is influenced by a complicated political situation in
Ukraine and the risk of conflict escalation between Russia and Ukraine. However, the considerable
increase in turnovers and advance sales of Summer 2015 in the first quarter of 2015 does not seem to
confirm these fears.
Risk connected with changing legal regulations.
Changes in legal provisions or their different interpretations pose risk to activities of the company. Any
changes in legal provisions, especially tax regulations may have adverse effects on operations of the
company. Legal regulations in Poland are in the course of changing due to implementation of EU laws
and may affect legal environment of the business of the Issuer. Frequent changes in interpretation of
tax regulations are especially dangerous. Tax offices activities and court judgments with respect to
taxation lack consistency. Tax interpretation different from interpretation provided by tax offices may
worsen its financial situation and in turn negatively affect the financial performance.
Currency risk
The parent company pays for package travels in foreign currencies (usually Euro or American Dollar).
However, the travels are sold to customers in Poland in Polish zloty. Unfavourable currency exchange
rates in the period between the time of the inflow of costumer payments and the time of payments to
foreign contractors may lower profitability and profits earned by the Company. However, we should
remember that the depreciating trend of Polish currency was already stopped and according to the
analyses available for the Management Board Polish zloty should strengthen in the mid and long term.
Moreover, the company uses hedges: options and forwards for its future transactions.
Rainbow Tour S.A.’S Capital Group
Page 61
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Risk connected with rising prices of crude oil.
Relatively high price of crude oil in the recent time has increased costs of aviation and coach
transport. Greater demand for crude oil in a summer season resulting from increased activity of
airlines may affect the growth of prices in that period. This can translate into the increase in cost of
package travels (denominated in foreign currencies).
13.4
CREDIT RISK
Credit risk refers to the situation at the end of 2008, when the world crisis translated to deteriorating
conditions of obtaining financial resources and their respective costs. As at the end of 2014 the Group
does not use borrowings. Risk connected with the matter is minimized by using long standing partners
as the source of financing and keeping the investments low in respect of turnover realized.
13.5
LIQUIDITY RISK
The group monitors financial liquidity. The security for the liquidity of the Group is the type of the sale
made, which are mainly prepayments, and obtaining working capital credits to hedge transactions in
periods of low liquidity. Great emphasis is placed also on collection of current dues of the companies
of the Group.
14
OTHER INFORMATION
The differences concerning disclosure of the results in the Consolidated Quarterly Report QS 4/2014
and the Annual Consolidated Report RS 2014.
The Group of the issuer has made adjustments to the financial statements with respect to the audit
performed by the chartered auditor and different presentation of economic transactions in the
financial statements published.
The main differences are:
1. Changes in the performance of the Rainbow Tours S.A.
2. Changes in the performance of ABC Świat Podróży sp. z o.o.
3. Changes in the performance of Bee & Free sp. z o.o
Assets
description
RS 2014
31.12.2014
QSr 4.2014
Difference
31.12.2014
Fixed assets
Tangible fixed assets
21 974
24 792
-2 818
6 729
8 098
-1 369
Intangible assets
14 814
14 814
0
196
196
0
0
0
0
0
0
0
Investments in subsidiaries
Investments in associates under equity method
0
0
0
0
0
0
Other financial assets
0
0
0
Finance lease receivables
0
0
0
235
0
1 684
0
-1 449
0
Investment property
Long-term receivables
Related parties
Deferred income tax assets
Other assets
Rainbow Tour S.A.’S Capital Group
Page 62
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Current assets
132 287
193 504
13
15
-2
48 818
81 826
-33008
0
0
361
0
-361
0
70 168
88 786
-18618
13 288
22 516
-9228
0
0
0
154 261
218 296
-64 035
Stocks
Trade and other receivables
Other financial assets
Finance lease receivables
Cash and cash equivalents
Other assets
Fixed assets held for sale
Total assets
Liabilities
description
RS 2014
QSr 4.2014
-61 217
Difference
31.12.2014
31.12.2014
share capital
78 540
1 455
78 709
1 455
-169
0
Supplementary capital (without results)
32 384
32 384
0
476
476
0
-420
-420
0
Accumulated profit
44 645
44 814
-169
profit (loss) from previous years
12 394
32 251
12 532
32 282
-138
-31
Equity
Revaluation reserves
Own shares
Net profit for the financial period
Currency translation differences of entities operating abroad
0
0
0
78 540
78 709
-169
506
1 064
-558
0
0
0
0
0
0
494
1 052
-558
12
12
0
0
0
0
Long-term provisions
0
0
0
Short-term liabilities
134 313
111 048
138 523
113 975
-4 210
-2 927
90
0
90
0
0
0
Equity attributable to shareholders of the parent company
Minority interest
Long-term liabilities
0
Bank credit and loans
Other financial liabilities
Deferred income tax liabilities
Pension liabilities
Long-term finance lease liabilities
Trade and other liabilities
holiday and pension liabilities
Short-term finance lease liabilities
Short-term bank loans and credits
0
0
Other financial liabilities
Short-term provisions
Liabilities directly associated with fixed assets held for sale
Total liabilities
Description
0
659
659
0
22 516
0
23 799
0
-1 283
0
213 359
218 296
-4 937
1
RS 2014
2
QSR IV 2014
3
3=1-2
Continuing activity, sales revenues
Continuing activity, cost of selling
956 464
955 864
600
810 653
811 769
-1 116
Gross profit (loss) on sales
145 811
144 095
1 716
Continuing activity, costs of disposal
87 327
85 095
2 232
Continuing activity, overheads
Continuing activity, other operating income
17 485
975
17 473
963
12
12
Continuing activity, other operating cost
Profit (loss) on operating activity
3 062
3103
-41
38 912
39 387
-475
Continuing activity, return on investment
0
0
0
Continuing activity, loss on investment
0
1536
1098
40
0
Continuing activity, finance revenue
Continuing activity, financial costs
Rainbow Tour S.A.’S Capital Group
1576
1098
0
Page 63
The consolidated financial statements of RAINBOW TOURS S.A’S Capital Group as at
31.12.2014.
(Data in thousands of Polish zloty)
Net financial profit (loss)
478
438
40
0
0
0
profits sharing of associates
0
0
0
losses sharing of associates
0
39 390
0
39 825
0
-435
-7 139
-7 543
404
7 885
8 221
-336
profits (losses) sharing of associates
Pre-tax earnings (loss)
Continuing activity, income tax
Current tax
Deferred tax
746
678
68
Deferred tax increase in charges
-746
-678
-68
Deferred tax decrease in charges
0
32 251
0
32 282
0
-31
Profit (loss) on discontinuing activity s
Net profit on discontinuing continuing
0
0
0
0
0
0
Net loss on discontinuing operations
0
0
0
32 251
32 282
-31
Profit (loss) from continuing activity
Net profit (loss)
Łódź, 30 April 2015
The Management Board of Rainbow Tours S.A.
Remigiusz Talarek – the Vice- Chairman of the
Management Board
Grzegorz Baszczyński – the President of the
Management Board
The signatures of persons responsible for
keeping the accounts
Grzegorz Baszczyński – the President of the
Management Board
Tomasz Czapla – the Vice- Chairman of the
Management Board
Remigiusz Talarek – the Vice- Chairman of the
Management Board
Tomasz Czapla – the Vice- Chairman of the
Management Board
Łódź, 30 April 2015
Rainbow Tour S.A.’S Capital Group
Page 64