PS-2013
1
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Presentation currency:
Polish zloty (PLN)
consolidated financial report
PS-2013
Condensed consolidated interim financial statements
Page 1
PS-2013
2
Condensed consolidated interim financial statements
Table of contents
1.
General information ................................................................................................................................................... 4
1.1. Basic information about the Group ............................................................................................................................. 4
1.1.1. Basic information about the Parent Company ......................................................................................................... 4
1.1.2. The Group structure ................................................................................................................................................. 4
1.1.3. Management Board and Supervisory Board members ............................................................................................ 7
2.
Basis of preparation, presentation currency and roundings applied ......................................................................... 7
2.1. Basis of preparation of the condensed financial statements ...................................................................................... 7
2.2. Accounting policies ...................................................................................................................................................... 8
2.3. Application of International Financial Reporting Standards ........................................................................................ 8
2.4. Presentation currency and roundings applied ............................................................................................................. 9
2.5. Period of the Group’s activity ...................................................................................................................................... 9
2.6. Approval of financial statements ................................................................................................................................. 9
3.
Financial statements of Apator Group ..................................................................................................................... 10
3.1. Statement of financial position .................................................................................................................................. 10
3.2. Statement of comprehensive income........................................................................................................................ 12
3.3. Statement of changes in equity ................................................................................................................................. 14
3.4. Statement of cash flows ............................................................................................................................................ 17
4.
Use of estimates and judgements ............................................................................................................................ 19
5.
Seasonality of operations ......................................................................................................................................... 19
6.
Notes to the financial statements ............................................................................................................................ 20
6.1. Operating segments................................................................................................................................................... 20
6.2. Goodwill ..................................................................................................................................................................... 23
6.3. Property, plant and equipment ................................................................................................................................. 24
6.4. Inventories ................................................................................................................................................................. 26
6.5. Trade receivables and other receivables ................................................................................................................... 27
6.6. Share capital .............................................................................................................................................................. 27
6.7. Other capital .............................................................................................................................................................. 28
6.8. Loans and borrowings ................................................................................................................................................ 28
6.9. Provisions ................................................................................................................................................................... 29
6.10. Income tax ............................................................................................................................................................... 30
6.11. Finance income and expenses ................................................................................................................................. 31
6.12. Sale of subsidiary ..................................................................................................................................................... 32
6.13. Earnings per share ................................................................................................................................................... 32
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 2
Presentation currency:
Polish zloty (PLN)
PS-2013
3
Condensed consolidated interim financial statements
6.14. Explanatory notes to the statement of cash flows .................................................................................................. 32
6.15. Related parties ......................................................................................................................................................... 35
6.16. Contingent liabilities and other items not included in the statement of financial position .................................... 36
6.17. Personnel structure ................................................................................................................................................. 37
6.18. Changes in accounting policies and correction of error .......................................................................................... 38
6.19. Subsequent events .................................................................................................................................................. 38
7.
Signatures ................................................................................................................................................................. 39
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 3
Presentation currency:
Polish zloty (PLN)
PS-2013
4
Condensed consolidated interim financial statements
1. General information
1.1. Basic information about the Group
Apator Capital Group consists of the parent company – Apator S.A., its subsidiaries and joint ventures.
1.1.1. Basic information about the Parent Company
The Parent Company Apator S.A. is seated in Toruń ul.Gdańska 4a/C4. It was established by the employees of
liquidated state-owned entity Pomorskie Zakłady Aparatury Elektrycznej Apator in Toruń. It was registered in the
District Court in Toruń, V Commercial Department on 14 January 1993 under the number RHB 1364. On 24 October
2001 the Parent Company was registered in the District Court in Toruń, VII Commercial Department of the National
Court Register under the number 0000056456. The Parent Company operates in Poland under the regulations of
Commercial Companies Code.
Business activity of the Parent Company
According to the Parent Company’s articles of association the Parent Company is primarily involved in manufacturing
of switchgear and control equipment for electricity as well as sale of metering devices and systems. The Parent
Company’s shares are quoted on the basic market classified as electric machines sector of the Warsaw Stock
Exchange.
1.1.2. The Group structure
In the first half of 2013 the Group consisted of Apator S.A. and the following subsidiaries and joint-ventures:
a.











b.




Subsidiaries:
Apator Control Sp. z o.o. (Toruń) – subsidiary of Apator S.A.
Apator Mining Sp. z o.o. (Katowice) – subsidiary of Apator S.A.
FAP Pafal S.A. (Świdnica) – subsidiary of Apator S.A.
Apator Metrix S.A. (Tczew) – subsidiary of Apator S.A.
Apator GmbH (Berlin, Germany) – subsidiary of Apator S.A.
Apator Rector Sp. z o.o. (Zielona Góra) – subsidiary of Apator S.A.
Apator Powogaz S.A. (Poznań) – subsidiary of Apator S.A.
Apator Telemetria Sp. z o.o. (Słupsk) – subsidiary of Apator Pawogaz S.A.
Apator Metroteks TOV (Kiev, Ukraine) – subsidiary of Apator Pawogaz S.A.
Apator Metra s.r.o. (Sumperk, Czech Republic) – subsidiary of Apator Pawogaz S.A.
Newind Sp. z o.o. (Wrocław) – subsidiary of Apator Rector Sp. z o.o. (until 31 May 2013)
Joint-ventures:
ZAO Apator Elektro (Moscow, Russia) – the Company was liquidated on 15 January 2013
OOO Apator Elektro (Moscow, Russia)
ZAO Teplovodomer (Mytishi, Russia) – joint venture of Apator Powogaz S.A.
George Wilson Industries Ltd. (Coventry, Great Britain) – joint venture of Apator Metrix S.A.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 4
Presentation currency:
Polish zloty (PLN)
PS-2013
5
Condensed consolidated interim financial statements
Consolidated entities comprising the Group
Company
Headquarters
Main business activity
Appropriate Court/ Register Body
Share in
capital
Consolidation
method
Comments
Dictrict Court in Katowice, Commercial
Department of the National Court Register;
KRS 0000047770
100,00%
Full method
Subsidiary
APATOR MINING
Sp. z o.o.
Katowice
Manufacturing of switchgear and control equipment
for electricity, electrical equipment, crane
equipment, pumps and compressors and related
services
APATOR CONTROL
Sp. z o.o.
Toruń
Manufacturing of switchgear and control equipment,
electrical equipment and related services as well as
R&D in technical sciences
District Court in Toruń, VII Commercial
Department of the National Court Register;
KRS 0000016020
100,00%
Full method
Subsidiary
APATOR
METRIX S.A.
Tczew
Manufacturing of metering, control, navigation
equipment and other devices
District Court in Gdańsk, IX Commercial
Department of the National Court Register;
KRS 0000046259
100,00%
Full method
Subsidiary
FAP „PAFAL” S.A.
Świdnica
Manufacturing of electrical and electronic control
and metering equipment, trade activity, maintenance
services
District Court in Wrocław – Fabryczna in
Wrocław, IX Commercial Department of the
National Court Register; KRS 0000057162
100,00%
Full method
Subsidiary
APATOR RECTOR
Sp. z o.o.
Zielona
Góra
IT, editing, printing and reproduction of recorded
media
District Court in Zielona Góra, VIII
Commercial Department of the National
Court Register; KRS 0000297413
70,00%
Full method
Subsidiary
APATOR POWOGAZ
S.A.
Poznań
Manufacturing of metering, control, navigation
equipment and other machines of general use
District Court in Poznań – Nowe Miasto and
Wilda in Poznań, VIII Commercial
Department of the National Court Register;
KRS 0000028129
100,00%
Full method
Subsidiary
APATOR GmbH
Berlin
Sales of prepaid electrical and electronic metering
equipment
HRB 123670B
Charlottenburg
100,00%
Full method
Subsidiary
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 5
Presentation currency:
Polish zloty (PLN)
PS-2013
6
Condensed consolidated interim financial statements
Company
Headquarters
Main business activity
Appropriate Court/ Register Body
Share in
capital
Consolidation
method
Comments
50,00%
Equity
method
Jointly-controlled
entity
61,60%
Full method
Indirect subsidiary
Indirect shares
OOO APATOR
ELEkTRO
Moscow
Russia
Sales of electrical and electronic equipment
APATOR
TELEMETRIA
Sp. z o.o.
Słupsk
Manufacturing of data receiving and transmitting
equipment, software development
APATOR
METROTEKS TOV
Kiev
Ukraine
Distribution of water and heat meters
61,00%
Full method
Indirect subsidiary
Indirect shares
ZAO
„Teplovodomer”
Mytishi
Russia
Production and sale of water and heat meters,
certification, maintenance services
50,00%
Equity
method
Indirect joint
venture
Indirect shares
Manufacturing of systems for heat cost allocators,
thermometers and thermostats
100,00%
Full method
Indirect subsidiary
Indirect shares
Manufacturing and sales of residential and industrial
gas meters; smart metering for gas
50,00%
Equity
method
Indirect jointventure
Indirect shares
APATOR METRA
S.R.O.
GEORGE WILSON
INDUSTRIES Ltd
Sumperk
Czech
Coventry
UK
District Court in Gdańsk – Północ in Gdańsk,
VIII Commercial Department of the
National Court Register; KRS 0000290726
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 6
Presentation currency:
Polish zloty (PLN)
PS-2013
7
Condensed consolidated interim financial statements
The Group changes in the first half of 2013
On 15 January 2013 ZAO Apator Elektro (joint venture of Apator S.A.) seated in Moscow (Russia) was liquidated.
On 31 May 2013 an agreement for sale of shares of Newind Sp. z o.o. was signed between Apator Rector Sp. z o.o. and
owners of non-controlling interests. According to the agreement, the selling price of all shares held by Apator Rector
Sp. z o.o., representing 60% of the share capital, amounted to PLN 1,728 thousand.
1.1.3. Management Board and Supervisory Board members
The Parent Company’s Management Board




Andrzej Szostak – President of the Management Board (from 25 June 2013)
Janusz Niedźwiecki – President of the Management Board (until 24 June 2013)
Tomasz Habryka – Member of the Management Board
Jerzy Kuś – Member of the Management Board
The Parent Company’s Supervisory Board








Janusz Niedźwiecki – Chairman of the Supervisory Board (from 25 June 2013)
Mariusz Lewicki – Deputy Chairman of the Supervisory Board
Janusz Marzygliński – Member of the Supervisory Board (Chairman of the Supervisory Board until 24 June 2013)
Danuta Guzowska – Member of the Supervisory Board
Krzysztof Kwiatkowski – Member of the Supervisory Board
Marcin Murawski – Member of the Supervisory Board (from 25 June 2013)
Ryszard Wojnowski – Member of the Supervisory Board (until 24 June 2013)
Eryk Karski – Member of the Supervisory Board (until 24 June 2013)
2. Basis of preparation, presentation currency and roundings applied
2.1. Basis of preparation of the condensed financial statements
The condensed consolidated interim financial statements of Apator Group as at and for the period ended 30 June
2013 have been prepared in accordance with International Financial Reporting Standards (IAS 34 “Interim Financial
Reporting”) adopted by the European Union. These condensed consolidated interim financial statements do not
include all the information required for complete set of financial statements and should be read together with the
financial statements of Apator Group as at and for the year ended 31 December 2012.
The condensed consolidated interim financial statements of Apator Group cover the first half of the year 2013 and
include comparative information for the year 2012 and the first half of the year 2012. The statement of
comprehensive income includes information for the period from 1 April to 30 June 2013 and from 1 January to 30 June
2013. Moreover, the financial information for the year ended 31 December 2012 is also presented in these financial
statements.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 7
Presentation currency:
Polish zloty (PLN)
PS-2013
8
Condensed consolidated interim financial statements
2.2. Accounting policies
The condensed consolidated financial statements have been prepared on the historical cost basis, except for the
valuation of certain non-current assets (investment property) and financial instruments (derivatives), which are
measured at fair value. The accounting policies applied in the condensed consolidated financial statements are the
same as those applied in the financial statements as at and for the year ended 31 December 2012, except for changes
described in note 18.
2.3. Application of International Financial Reporting Standards
FIRST TIME ADOPTION
The following standards, amendments to standards and interpretations (adopted or being in the process of adoption
by the European Union) are effective as at 1 January 2013:
– Amendments to IFRS 7 “Financial instruments: disclosures – offsetting financial assets and financial liabilities” –
effective date for annual periods beginning as at 1 January 2013 or later;
– IFRS 13 “Fair value measurement” - effective date for annual periods beginning as at 1 January 2013 or later;
– Amendments to IAS 1 „Presentation of financial statements: presentation of items of other comprehensive income”
- effective date for annual periods beginning as at 1 July 2012 or later;
– Amendments to IAS 12 “Income taxes – deferred tax: recovery of underlying assets” - effective date for annual
periods beginning as at 1 January 2013 or later;
– Amendments to IAS 19 issued in year 2011 „Employee benefits” - effective date for annual periods beginning as at 1
January 2013 or later.
The adoption of the above standards and interpretations did not result in significant changes either in the Group’s
accounting policies or in the presentation of the financial statements, except for IAS 19. Effects of changes in IAS 19
have been described in section 6.18.
STANDARDS AND INTERPRETATIONS NOT YET ADOPTED BY THE EUROPEAN UNION
As of the date of these financial statements the following standards and interpretations are awaiting to be endorsed
by the European Union:
- Amendments to IFRS 10, IFRS 12 and IAS 27 “Investment entities” - effective date for annual periods beginning as at
1 January 2015 or later;
- Amendments to IFRS 9 issued in 2009 and 2010 “Financial instruments” - effective date for annual periods beginning
as at 1 January 2015 or later;
- Amendments to IFRS 9 “Financial instruments” and IFRS 7 “Financial instruments: disclosures” - effective date for
annual periods beginning as at 1 January 2015 or later;
- Amendments to IAS 36 „Impairment of assets: recoverable amount disclosures for non-financial assets” - effective
date for annual periods beginning as at 1 January 2014 or later;
- IFRIC 21 „Levies” - effective date for annual periods beginning as at 1 January 2014 or later;
- Amendments to IAS 39 “Financial instruments: recognition and measurement” - effective date for periods beginning
as at 1 January 2014 or later.
The Management is currently evaluating consequences and impact of the new standards implementation on the
financial statements. However, no significant impact is expected.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 8
Presentation currency:
Polish zloty (PLN)
PS-2013
9
Condensed consolidated interim financial statements
STANDARDS AND INTERPRETATIONS NOT APPLIED IN PREPARING THESE FINANCIAL STATEMENTS
As of the date of these financial statements there are standards and interpretations which were adopted by the
European Union but are not yet effective:
– IFRS 10 “Consolidated financial statements” - effective date for annual periods beginning as at 1 January 2014 or
later;
– IFRS 11 “Joint arrangements” - effective date for annual periods beginning as at 1 January 2014 or later;
– IFRS 12 “Disclosure of interests in other entities” - effective date for periods beginning as at 1 January 2014 or later;
– Amendments to IAS 27 issued in 2011 „Separate financial statements” - effective date for annual periods beginning
as at 1 January 2014 or later;
– Amendments to IAS 28 issued in 2011 „Investments in associates and joint ventures” - effective date for annual
periods beginning as at 1 January 2014 or later;
– Amendments to IAS 32 „Financial instruments: presentation – offsetting financial assets and financial liabilities” effective date for annual periods beginning as at 1 January 2014 or later;
– Amendments to IFRS 10, IFRS 11 and IFRS 12 “Consolidated financial statements”, „Joint arrangements” and
„Disclosure of interests In other entities: transition guidance” - effective date for annual periods beginning as at 1
January 2014 or later.
The Management is currently evaluating consequences and impact of the above new standards implementation on
the financial statements. However, no significant impact is expected.
2.4. Presentation currency and roundings applied
The presentation currency of these condensed consolidated financial statements is Polish zloty (PLN), and all amounts
are presented in thousands of Polish zloty (unless stated otherwise).
2.5. Period of the Group’s activity
The Parent Company Apator S.A. and the consolidated entities were established for an indefinite period.
The condensed consolidated financial statements were prepared under the assumption that the Group will continue
to operate as a going concern for the foreseeable future, i.e. in a period of not less than 12 months after the end of
the reporting period.
2.6. Approval of financial statements
These condensed consolidated financial statements were approved and signed by the Parent Company’s Management
Board on 22 August 2013.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 9
Presentation currency:
Polish zloty (PLN)
PS-2013
10
Condensed consolidated interim financial statements
3. Financial statements of Apator Group
3.1. Statement of financial position
As at
DESCRIPTION
NOTE
30.06.2013
unaudited
30.06.2012
restated*
unaudited
31.12.2012
restated*
Non-current assets
241 827
249 359
231 777
Intangible assets
5 641
4 400
3 628
Goodwill
2
63 567
66 248
64 019
Property, plant and equipment
3
137 616
139 183
135 804
Investment property
1 743
1 735
1 846
Equity accounted investments in associates
2 871
6 571
1 717
103
525
27
-
8
-
103
517
27
Long term loans
8 174
8 175
-
- to related entities
8 174
8 175
-
Long term receivables
378
1 590
1 783
- from other entities
378
1 590
1 783
41
61
69
21 693
20 871
22 884
248 541
255 089
240 992
96 193
94 053
101 236
112 762
102 711
100 960
- from related entities
16 748
2 982
6 293
- from other entities
96 014
99 729
94 667
530
63
88
5 202
5 535
3 991
11 865
6 026
2 867
1 172
-
-
10 693
6 026
2 867
Other short term financial assets
1 053
1 003
333
- in other entities
1 053
1 003
333
17 850
43 719
17 253
3 086
1 979
2 837
-
-
11 427
490 368
504 448
472 769
Other long term financial assets
- in related entities
- in other entities
Long term prepayments
Deferred tax assets
Current assets
Inventories
4
Trade receivables
Current tax assets
Receivables due to other taxes (excluding income tax) and other
similar charges
Other short term receivables
- from related entities
- from other entities
Cash and cash equivalents
Short term prepayments
Assets held for sale
TOTAL ASSETS
* The restatement is presented in note 18.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 10
Presentation currency:
Polish zloty (PLN)
PS-2013
11
Condensed consolidated interim financial statements
as at
DESCRIPTION
NOTE
30.06.2013
unaudited
30.06.2012
restated*
unaudited
31.12.2012
restated*
Equity
292 078
299 592
263 373
Equity attributable to owners of the Company
290 836
298 432
262 478
Share capital
6
3 311
3 311
3 511
Other capital
7
222 837
186 971
184 228
132
400
-
Hedging reserve and foreign currency translation differences on
consolidation
(3 465)
961
(1 276)
Retained earnings
68 021
106 789
76 015
- undistributed profit from prior years
38 216
23 699
26 241
- profit of the current period
29 805
94 893
49 774
-
(11 803)
-
1 242
1 160
895
198 290
204 856
209 396
42 993
45 364
55 228
10 383
12 887
20 701
23 880
25 425
20 735
1 270
-
2 495
Reserve of remeasurements of definied benefit plans
- appropriation of the net profit during the current year
Non-controlling interests
Liabilities
Non-current liabilities and provisions
Long term loans and borrowings – other entities
8
Long term liabilities – other entities
Deferred tax liabilities
Long term liabilities due to employee benefits
9
7 460
7 012
11 297
Other long term provisions
9
-
40
-
155 297
159 492
154 168
28 280
42 833
42 845
56 494
66 263
48 416
-
1
-
56 494
66 262
48 416
Current tax liabilities
3 723
7 606
2 238
Liabilities due to other taxes (excluding income tax) and other similar
charges
7 369
9 246
6 502
44 832
18 902
34 104
7 055
1
4 774
37 777
18 901
29 330
Current liabilities and provisions
Short term loans and borrowings – other entities
8
Trade liabilities
- to related entities
- to other entities
Other short term liabilities
- to related entities
- to other entities
Short term liabilities due to employee benefits
9
10 073
10 348
7 654
Other short term provisions
9
4 526
4 294
5 409
-
-
7 000
490 368
504 448
472 769
Liabilities held for sale
TOTAL EQUITY AND LIABILITIES
* The restatement is presented in note 18.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 11
Presentation currency:
Polish zloty (PLN)
PS-2013
12
Condensed consolidated interim financial statements
3.2. Statement of comprehensive income
for the period
DESCRIPTION
from
01.04.2013
from
01.01.2013
from 01.04.2012
from 01.01.2012
to 30.06.2013
to 30.06.2013
to 30.06.2012
to 30.06.2012
unaudited
unaudited
restated*
unaudited
restated*
unaudited
NOTE
Revenue from sales
173 470
340 911
146 900
310 046
158 452
313 808
135 733
274 784
17 123
24 455
8 806
17 185
141 329
289 353
126 927
257 599
15 018
27 103
11 167
35 262
1 349
1 834
63
95
13 669
25 269
11 104
35 167
(121 223)
(244 354)
(100 669)
(218 470)
(109 381)
(222 540)
(89 233)
(188 938)
- to related entities
(10 844)
(15 083)
(5 773)
(10 917)
- to other entities
(98 537)
(207 457)
(83 460)
(178 021)
Cost of merchandise and raw materials sold
(11 842)
(21 814)
(11 436)
(29 532)
(1 189)
(1 650)
(59)
(87)
(10 653)
(20 164)
(11 377)
(29 445)
52 247
96 557
46 231
91 576
(7 795)
(16 314)
(7 026)
(13 299)
(19 682)
(38 109)
(19 582)
(36 648)
Profit on sales
24 770
42 134
19 623
41 629
Other operating income (expenses), including:
(1 780)
(1 977)
(1 457)
(1 270)
755
1 472
837
2 180
(2 535)
(3 449)
(2 294)
(3 450)
5
151
250
456
22 995
40 308
18 416
40 815
(1 409)
(1 661)
(1 602)
(3 861)
338
1 857
364
646
(1 747)
(3 518)
(1 966)
(4 507)
21 586
38 647
16 814
36 954
1
Revenues from sales of finished products
- to related entities
- to other entities
Revenues from sales of merchandise and raw
materials
- to related entities
- to other entities
Cost of sales
Cost of finished products sold
- to related entities
- to other entities
Gross profit on sales
Selling and distribution expenses
General and administrative expenses
Other operating income
Other operating expenses
Share in profits/losses of associates measured
using the equity method
Result from operating activities
Finance income (expenses),including:
11
Finance income
Finance expenses
Profit before tax
Income tax expense
10
(3 374)
(7 318)
(2 641)
(6 112)
Deferred tax expense
10
(1 071)
(1 219)
19 447
19 081
17 141
30 110
33 620
49 923
Net profit
* The restatement is presented in note 18.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 12
Presentation currency:
Polish zloty (PLN)
PS-2013
13
Condensed consolidated interim financial statements
for the period
DESCRIPTION
from
01.04.2013
from
01.01.2013
from 01.04.2012
from 01.01.2012
to 30.06.2013
to 30.06.2013
to 30.06.2012
to 30.06.2012
unaudited
unaudited
restated*
unaudited
restated*
unaudited
NOTE
Other comprehensive income
Other comprehensive income, net
(3 504)
(4 686)
(932)
3 714
294
376
(134)
(348)
(3 530)
(4 794)
(798)
4 062
(268)
(268)
-
-
Total comprehensive income
13 637
25 424
32 688
53 637
Net profit, attributable to:
17 141
30 110
33 620
49 923
Owners of the Company
16 941
29 805
33 490
49 774
Non-controlling interests
200
305
130
149
13 637
25 424
32 688
53 637
Owners of the Company
13 435
25 111
32 548
53 489
Non-controlling interests
202
313
140
148
- basic
0,57
1,01
1,13
1,69
- diluted
0,57
1,01
1,13
1,69
29 507 028
29 507 028
29 507 028
29 507 028
Items that may be reclassified to profit or loss in the future
Foreign currency translation differences – foreign
operations
Net result on hedging including tax effect
Items that will not be reclassified to profit or loss
Net actuarial gains/(losses) on defined benefit
plans including tax effect
Total comprehensive income, attributable to:
Earnings per share:
Weighted average number of shares
* The restatement is presented in note 18.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 13
Presentation currency:
Polish zloty (PLN)
PS-2013
14
Condensed consolidated interim financial statements
3.3. Statement of changes in equity
Equity attributable to owners of the Company
DESCRIPTION
Share capital
Hedging reserve and
foreign currency
translation
differences on
consolidation
Reserve of
remeasurement of
defined benefits
plans
Other
capital
Retained
earnings
Total
Non-controlling
interests
TOTAL
EQUITY
3 511
165 106
-
(4 991)
66 968
230
594
5 873
236 467
Restatement of opening balance
-
-
-
-
4 331
4 331
(4 732)
(401)
Restated balance as at 01.01.2012
3 511
165 106
-
(4 991)
71 299
234
925
1 141
236 066
Cash flows hedges
-
-
-
5 015
-
5 015
-
5 015
Net foreign currency translation differences
-
-
-
(347)
-
(347)
(1)
(348)
Tax on other comprehensive income
-
-
-
(953)
-
(953)
-
(953)
Net profit for the period from 01.01.2012 to 30.06.2012
-
-
-
-
49 774
49 774
149
49 923
-
-
-
3 715
49 774
53 489
148
53 637
Dividends
-
-
-
-
(24 756)
(24 756)
(173)
(24 929)
Profit distribution to other capital
-
24 807
-
-
(24 807)
-
-
-
Loss coverage from other capital
-
(5 685)
-
-
5 685
-
-
-
Acquisition of additional shares in subsidiary
-
-
-
-
(1 180)
(1 180)
(221)
(1 401)
3 511
184 228
-
(1 276)
76 015
262 478
895
263 373
Balance as at 01.01.2012
Changes in equity for the period from 01.01.2012 to 30.06.2012
Comprehensive income for the period from 01.01.2012 to
30.06.2012
Balance as at 30.06.2012
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 14
Presentation currency:
Polish zloty (PLN)
PS-2013
15
Condensed consolidated interim financial statements
Equity attributable to owners of the Company
DESCRIPTION
Share capital
Balance as at 01.01.2012
Hedging reserve and
foreign currency
translation
differences on
consolidation
Reserve of
remeasurement of
defined benefits
plans
Other
capital
Retained
earnings
Total
Non-controlling
interests
TOTAL
EQUITY
3 511
165 106
-
(4 991)
66 968
230 594
5 873
236 467
Restatement of opening balance
-
-
-
-
4 331
4 331
(4 732)
(401)
Restated balance as at 01.01.2012
3 511
165 106
-
(4 991)
71 299
234 925
1 141
236 066
Profits on revaluation
-
-
494
-
-
494
-
494
Cash flows hedges
-
-
-
8 139
-
8 139
-
8 139
Net foreign currency translation differences
-
-
-
(641)
-
(641)
(14)
(655)
Tax on other comprehensive income
-
-
(94)
(1 546)
-
(1 640)
-
(1 640)
Net profit for the period from 01.01.2012 to 31.12.2012
-
-
-
-
94 893
94 893
427
95 320
-
-
400
5 952
94 893
101 245
413
101 658
Dividends
-
-
-
-
(24 755)
(24 755)
(173)
(24 928)
Advances for dividend paid
-
-
-
-
(11 803)
(11 803)
-
(11 803)
Redemption of treasury shares
(200)
1 624
-
-
(1 624)
(200)
-
(200)
Redemption of treasury shares
-
200
-
-
-
200
-
200
Distribution of the net profit to other capital
-
25 726
-
-
(25 726)
-
-
-
Loss coverage from other capital
-
(5 685)
-
-
5 685
-
-
-
Acquisition of additional interests in subsidiary
-
-
-
-
(1 180)
(1 180)
(221)
(1 401)
3 311
186 971
400
961
106 789
298 432
1 160
299 592
Changes in equity for the period from 01.01.2012 to 31.12.2012
Comprehensive income for the period from 01.01.2012 to
31.12.2012
Balance as at 31.12.2012
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 15
Presentation currency:
Polish zloty (PLN)
PS-2013
16
Condensed consolidated interim financial statements
Equity attributable to owners of the Company
DESCRIPTION
Share capital
Balance as at 01.01.2013
Hedging reserve and
foreign currency
translation
differences on
consolidation
Reserve of
remeasurement of
defined benefits
plans
Other
capital
Retained
earnings
Total
Non-controlling
interests
TOTAL
EQUITY
3 311
186 971
400
961
106 789
298 432
1 160
299 592
Losses on revaluation
-
-
(331)
-
-
(331)
-
(331)
Cash flows hedges
-
-
-
(5 919)
-
(5 919)
-
(5 919)
Net foreign currency translation differences
-
-
-
368
-
368
8
376
Tax on other comprehensive income
-
-
63
1 125
-
1 188
-
1 188
Net profit for the period from 01.01.2013 to 30.06.2013
-
-
-
-
29 805
29 805
305
30 110
-
-
(268)
(4 426)
29 805
25 111
313
25 424
Dividends
-
-
-
-
(44 510)
(44 510)
(231)
(44 741)
Advances for dividend paid
-
-
-
-
11 803
11 803
-
11 803
Distribution of the net profit to other capital
-
35 866
-
-
(35 866)
-
-
-
3 311
222 837
132
(3 465)
68 021
290 836
1 242
292 078
Changes in equity for the period from 01.01.2013 to 30.06.2013
Comprehensive income for the period from 01.01.2013 to
30.06.2013
Balance as at 30.06.2013
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 16
Presentation currency:
Polish zloty (PLN)
PS-2013
17
Condensed consolidated interim financial statements
3.4. Statement of cash flows
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
unaudited
to 30.06.2012
restated*
unaudited
NOTES
Cash flows from operating activities
Profit before tax
38 647
36 954
Adjustments for:
11 937
9 119
748
687
9 550
7 986
(65)
-
(268)
(198)
(1 205)
-
(140)
-
(88)
(314)
Interest expense
1 275
2 135
Share in the (profit) loss of joint ventures
(151)
(456)
(88)
(31)
2 369
(690)
50 584
46 073
Amortisation of intangible assets
Depreciation of property, plant and equipment
Impairment losses on property, plant and equipment
Gain on sale of property, plant and equipment and intangible assets
Adjusted result on sale of subsidiary
14
Gains on revaluation of investment property to fair value
Gains on change in fair value of derivatives
Interest income
Other adjustments
14
Cash generated from operating activities before changes in working
capital
Changes in inventory
14
(2 212)
(9 649)
Changes in receivables
14
(28 686)
26 561
Changes in liabilities
14
854
(17 545)
Changes in provisions and liabilities due to employee benefits
14
235
(671)
Changes in prepayments
14
(1 231)
(1 619)
Other adjustments
14
1 020
228
20 564
43 378
(11 293)
(6 040)
9 271
37 338
(1 822)
(366)
-
60
(11 347)
(19 823)
723
760
(1)
-
Cash generated from operating activities
Income taxes paid
Net cash from operating activities
Cash flows from investing activities
Acquisition of intangible assets
Proceeds from sale of intangible assets
Acquisition of property, plant and equipment
Proceeds from sale of property, plant and equipment
Acquisition of available-for-sale financial assets
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 17
Presentation currency:
Polish zloty (PLN)
PS-2013
18
Condensed consolidated interim financial statements
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
unaudited
to 30.06.2012
restated*
unaudited
NOTES
Proceeds from sale of available-for-sale financial assets
4
-
132
177
-
(1 402)
(278)
-
801
-
(1 922)
(1 829)
(13 710)
(22 423)
Proceeds from loans and borrowings
13 055
34 421
Repayment of loans and borrowings
(30 443)
(50 329)
Interest paid
(1 104)
(1 990)
Dividends paid
(1 756)
(2 728)
Payment of finance lease liabilities
(1 059)
(1 005)
(123)
(121)
Net cash from financing activities
(21 430)
(21 752)
Net increase (decrease) in cash and cash equivalents
(25 869)
(6 837)
Cash and cash equivalents at the beginning of the period
43 719
24 090
Cash and cash equivalents at the end of the period
17 850
17 253
Proceeds from sale of held-for-sale financial assets
Acquisition of subsidiary
Proceeds from sale of subsidiaries, net of cash acquired
Dividend received
Other proceeds/(payments)
14
Net cash from investing activities
Cash flows from financing activities
Other proceeds/ (payments)
14
* The restatement is presented in note 18.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 18
Presentation currency:
Polish zloty (PLN)
PS-2013
19
Condensed consolidated interim financial statements
4. Use of estimates and judgements
Significant judgements and estimates made by the Management of Apator Group in applying accounting policies and
the key sources of information used to determine the estimates are consistent with those applied in the complete set
of annual financial statements of Apator Group as at and for the year ended 31 December 2012, except for those
described in note 18.
5. Seasonality of operations
Due to manufacturing of investment goods, the revenues of the Group are subject to seasonal fluctuations. Demand
for the products of Apator Group is at its highest level in the third and fourth quarter of each year.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 19
Presentation currency:
Polish zloty (PLN)
PS-2013
20
Condensed consolidated interim financial statements
6. Notes to the financial statements
6.1. Operating segments
The Apator Group has two key reportable segments within electric machines sector: metering and switchgear. The
Group provides comprehensive services in the field of metering and reading of power utilities and provides the
equipment to safe connection and disconnection of electrical circuits.
In presenting information on the basis of geography, Apator Group identified three areas of activity (which are not
geographic segments):



Home country – domestic sales;
Export – sales outside the European Union;
Union – sales to countries included in the European Union.
In the Apator Group there is no concentration of sales revenues. The main customers of Apator Group are energy
companies.
Metering
equipment
DESCRIPTION
Switchgear
equipment
Unallocated
amounts
Other
Total
Financial results by operating segments for the period from 01.01.2013 to 30.06.2013
Total revenue
245 089
64 938
30 884
-
340 911
220 467
63 271
30 884
-
314 622
24 622
1 667
-
-
26 289
(180 949)
(51 069)
(28 650)
-
(260 668)
(165 376)
(49 909)
(28 650)
-
(243 935)
(15 573)
(1 160)
-
-
(16 733)
Operating segment profit
64 140
13 869
2 234
-
80 243
Unallocated expenses
-
-
-
(40 086)
(40 086)
Share of profit of equity accounted investees
-
-
-
151
151
64 140
13 869
2 234
(39 935)
40 308
Finance income
-
-
-
1 857
1 857
- interest revenue
-
-
-
827
827
Finance expenses
-
-
-
(3 518)
(3 518)
- interest expense
-
-
-
(1 284)
(1 284)
Profit/(loss) before tax
64 140
13 869
2 234
(41 596)
38 647
Income tax expense
-
-
-
(8 537)
(8 537)
Non-controlling interests
-
-
-
(305)
(305)
64 140
13 869
2 234
(50 438)
29 805
External revenues
Sales to related parties
Total expenses
External expenses
Expenses to related parties
Profit/(loss) from operating activities
Net profit (loss) attributable to owners of the
Parent Company
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 20
Presentation currency:
Polish zloty (PLN)
PS-2013
21
Condensed consolidated interim financial statements
Metering
equipment
DESCRIPTION
Switchgear
equipment
Unallocated
amounts
Other
Total
Other segment information as at 30.06.2013
Total assets, including:
304 004
68 092
1 344
116 928
490 368
81 890
14 146
-
-
96 036
3 448
1 434
-
-
4 882
Goodwill
63 492
75
-
-
63 567
Inventories
75 294
20 899
-
-
96 193
Trade receivables
79 880
31 538
1 344
-
112 762
-
-
-
116 928
116 928
Property, plant and equipment
Intangible assets
Unallocated assets
Financial results by operating segments for the period from 01.01.2012 to 31.12.2012
Total revenue
424 822
151 119
92 883
-
668 824
388 932
146 113
92 883
-
627 928
35 890
5 006
-
-
40 896
(312 237)
(118 448)
(84 512)
-
(515 197)
(287 792)
(114 129)
(84 512)
-
(486 433)
(24 445)
(4 319)
-
-
(28 764)
Operating segment profit
112 585
32 671
8 371
-
153 627
Unallocated expenses
-
-
-
(57 835)
(57 835)
Share of profit of equity accounted investees
-
-
-
2 206
2 206
112 585
32 671
8 371
(55 629)
97 998
Finance income
-
-
-
3 505
3 505
- interest revenue
-
-
-
1 165
1 165
Finance expenses
-
-
-
(9 839)
(9 839)
- interest expense
-
-
-
(3 473)
(3 473)
Profit/(loss) before tax
112 585
32 671
8 371
(61 963)
91 664
Income tax expense
-
-
-
3 656
3 656
Non-controlling interests
-
-
-
(427)
(427)
112 585
32 671
8 371
(58 734)
94 893
279 789
63 208
20 822
140 629
504 448
82 610
13 113
1 226
-
96 949
2 807
931
120
-
3 858
Goodwill
62 884
75
3 289
-
66 248
Inventories
75 079
18 902
72
-
94 053
Trade receivables
56 409
30 187
16 115
-
102 711
-
-
-
140 629
140 629
External revenues
Sales to related parties
Total expenses
External expenses
Expenses to related parties
Profit/(loss) from operating activities
Net profit (loss) attributable to owners of the
Parent Company
Other segment information as at 31.12.2012
Total assets, including:
Property, plant and equipment
Intangible assets
Unallocated assets
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 21
Presentation currency:
Polish zloty (PLN)
PS-2013
22
Condensed consolidated interim financial statements
Metering
equipment
DESCRIPTION
Switchgear
equipment
Unallocated
amounts
Other
Total
Financial results by operating segments for the period from 01.01.2012 to 30.06.2012
Total revenue
211 457
69 041
29 548
-
310 046
197 464
65 754
29 548
-
292 766
13 993
3 287
-
-
17 280
(153 542)
(52 726)
(25 501)
-
(231 769)
(144 988)
(50 276)
(25 501)
-
(220 765)
(8 554)
(2 450)
-
-
(11 004)
Operating segment profit
57 915
16 315
4 047
-
78 277
Unallocated expenses
-
-
-
(37 918)
(37 918)
Share of profit of equity accounted investees
-
-
-
456
456
57 915
16 315
4 047
(37 462)
40 815
Finance income
-
-
-
646
646
- interest revenue
-
-
-
446
446
Finance expenses
-
-
-
(4 507)
(4 507)
- interest expense
-
-
-
(1 463)
(1 463)
Profit/(loss) before tax
57 915
16 315
4 047
(41 323)
36 954
Income tax expense
-
-
-
12 969
12 969
Non-controlling interests
-
-
-
(149)
(149)
57 915
16 315
4 047
(28 503)
49 774
279 571
64 725
11 655
116 818
472 769
73 391
12 341
1 373
-
87 105
1 616
1 008
7
-
2 631
Goodwill
60 655
75
3 289
-
64 019
Inventories
77 327
22 439
1 470
-
101 236
Trade receivables
66 582
28 862
5 516
-
100 960
-
-
-
116 818
116 818
External revenues
Sales to related parties
Total expenses
External expenses
Expenses to related parties
Profit/(loss) from operating activities
Net profit (loss) attributable to owners of the
Parent Company
Other segment information as at 30.06.2012
Total assets, including:
Property, plant and equipment
Intangible assets
Unallocated assets
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 22
Presentation currency:
Polish zloty (PLN)
PS-2013
23
Condensed consolidated interim financial statements
Geographical information
DESCRIPTION
Domestic
Export
Union
Total
Revenue from sales of geographical segments for the period from 01.01.2013 to 30.06.2013
Total revenue
External revenue
Sales to related parties
180 386
68 547
91 978
340 911
180 386
42 577
91 659
314 622
-
25 970
319
26 289
Revenue from sales of geographical segments for the period from 01.01.2012 to 31.12.2012
Total revenue
External revenue
Sales to related parties
428 011
105 309
135 504
668 824
428 011
64 413
135 504
627 928
-
40 896
-
40 896
Revenue from sales of geographical segments for the period from 01.01.2012 to 30.06.2012
Total revenue
External revenue
Sales to related parties
191 042
42 352
76 652
310 046
191 042
25 072
76 652
292 766
-
17 280
17 280
6.2. Goodwill
Goodwill is presented in the table below.
as at
NAME OF SUBSIDIARY
30.06.2013
31.12.2012
30.06.2012
Apator Control Sp. z o.o.
75
75
75
Apator Rector Sp. z o.o.
42 735
42 164
39 883
-
3 289
3 289
17 855
17 855
17 855
1 832
1 832
1 832
Apator Metra s.r.o.
681
665
679
Apator Metroteks
389
368
406
63 567
66 248
64 019
Newind Sp. z o.o.
Apator Powogaz S.A.
Apator Telemetria Sp. z o.o.
Net goodwill
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 23
Presentation currency:
Polish zloty (PLN)
PS-2013
24
Condensed consolidated interim financial statements
for the period
DESCRIPTION
Gross goodwill at the beginning of the period
from 01.01.2013
from 01.01.2012
from 01.01.2012
to 30.06.2013
to 31.12.2012
to 30.06.2012
66 583
64 089
64 089
(3 289)
-
-
Increase due to adjustments resulting from the subsequent
recognition
571
2 568
288
Net exchange differences arising from the conversion of the
financial statements to presentation currency
37
(74)
(23)
63 902
66 583
64 354
Impairment at the beginning of the period
(335)
(335)
(335)
Impairment at the end of the period
(335)
(335)
(335)
63 567
66 248
64 019
Sale of shares
Gross goodwill at the end of the period
Net goodwill at the end of the period
6.3. Property, plant and equipment
During the six-month period ended 30 June 2013 the most significant expenditure related to property, plant and
equipment included investments in machinery and equipment.
There were no indicators of impairment of property, plant and equipment.
Property, plant and equipment is presented in the table below.
as at
DESCRIPTION
30.06.2013
31.12.2012
30.06.2012
Land and buildings
76 342
76 766
80 157
Machinery and equipment
32 937
31 930
25 780
4 825
5 249
5 161
20 564
21 905
19 296
2 247
3 129
4 549
701
204
861
137 616
139 183
135 804
Vehicles
Other property, plant and equipment
Construction in progress
Prepayments for property, plant and equipment
Total
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 24
Presentation currency:
Polish zloty (PLN)
PS-2013
25
Condensed consolidated interim financial statements
DESCRIPTION
Net book value as at 01.01.2013
Land and
buildings
Machinery
and
equipment
Vehicles
Other
property,
plant and
equipment
Construction
in progress
Prepayments
for property,
plant and
equipment
3 129
204
139 183
-
(1 114)
TOTAL
76 766
31 930
5 249
21 905
Change due to sale of the entity
(4)
(37)
(1 069)
(4)
Purchases
87
5 242
408
1 684
-
-
7 421
590
155
4
345
-
-
1 094
Additions due to finance lease
-
-
1 218
-
-
-
1 218
Additions due to prepayments
for property, plant and
equipment and due to assets
under construction
-
-
-
-
6 994
1 939
8 933
Disposals
-
(1 038)
(501)
118
-
-
(1 421)
(16)
(107)
(584)
(256)
-
-
(963)
Settlement of prepayments for
property, plant and equipment
and assets under construction
-
-
-
-
(7 876)
(1 442)
(9 318)
Other impairment
-
1
-
64
-
-
65
(1 232)
(3 875)
(943)
(3 500)
-
-
(9 550)
Disposals (reduction of
accumulated depreciation)
-
487
456
(45)
-
-
898
Liquidation (reduction of
accumulated depreciation)
16
107
584
256
-
-
963
-
1
-
-
-
-
1
Other changes – gross
145
96
5
(3)
-
-
243
Other changes – depreciation
(10)
(25)
(2)
-
-
-
(37)
Net book value as at 30.06.2013
76 342
32 937
4 825
20 564
2 247
701
137 616
Improvements
Liquidation
Depreciation
Net exchange differences arising
on the conversion of the
financial statements to
presentation currency
-
Properties located in the Pomeranian Special Economic Zone in Ostaszewo are subject to mortgage in the amount of
PLN 37,000 thousand and are pledged as collateral for the Parent Company’s loan from Bank Handlowy w Warszawie
S.A.
The property located in Tczew is subject to mortgage in the amount of PLN 23,250 thousand and is pledged as
collateral for the loan from Bank Millenium S.A.
The property of Apator Mining Sp. z o.o. located in Katowice is subject to mortgage in the amount of
PLN 6,500 thousand and is pledged as collateral for the loan from ING Bank Śląski S.A.
Properties of Apator Pawogaz S.A. located in Poznań are subject to ordinary mortgage in the amount of EUR 2 million
and open-end mortgage in the amount of EUR 1 million and are pledged as collateral for the loan from Raiffeisen Bank
Polska S.A.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 25
Presentation currency:
Polish zloty (PLN)
PS-2013
26
Condensed consolidated interim financial statements
Properties of Apator Pawogaz S.A. located in Pniewy are subject to compulsory mortgage for subsidiary to the amount
of PLN 117 thousand and are pledged as collateral for liability to district governor of Szamotuły due to conversion of
the perpetual usufruct right of land to the ownership.
6.4. Inventories
Inventories are presented in the table below.
as at
DESCRIPTION
30.06.2013
31.12.2012
30.06.2012
Raw materials
39 147
39 290
43 103
Work in progress
26 431
27 307
26 545
Finished goods
25 893
23 172
24 115
Merchandise
2 248
1 749
3 280
Prepayments for deliveries
2 474
2 535
4 193
96 193
94 053
101 236
Total inventories
Write-downs of inventories are presented below.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
from 01.01.2012
to 30.06.2013
to 31.12.2012
to 30.06.2012
Total inventory write-downs
Write-downs at the beginning of the period
Increase – recognition of write-downs in profit and loss
Decrease- reversal of unused amounts
Net exchange differences arising on the conversion of the financial
statements to presentation currency
Write-downs at the end of the period
4 668
4 385
4 385
843
2 466
1 443
(893)
(2 165)
(1 510)
35
(18)
(14)
4 653
4 668
4 304
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 26
Presentation currency:
Polish zloty (PLN)
PS-2013
27
Condensed consolidated interim financial statements
6.5. Trade receivables and other receivables
Allowances for receivables are presented in the table below.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
from 01.01.2012
to 30.06.2013
to 31.12.2012
to 30.06.2012
Total of allowances for receivables
Allowances at the beginning of the period
5 464
3 919
3 919
354
3 681
1 431
Released – reversal of unused amounts
(273)
(1 811)
(1 292)
Used – receivables written off
(367)
(291)
(100)
17
(34)
(19)
5 195
5 464
3 939
Increased – recognition of allowance in profit or loss
Net exchange differences arising on the conversion of the financial
statements to presentation currency
Allowances at the end of the period
6.6. Share capital
The structure of shareholders as at 30 June 2013 is presented in the table below.
Name and surname
Apator Mining sp. z o. o.
Registered
shares
Bearer shares
Total number
of shares
Voting rights
Percentage of
share capital
Percentage of
voting rights
0
3 600 000
3 600 000
3 600 000
10,87%
6,39%
1 164 669
876 331
2 041 000
5 535 007
6,16%
9,82%
Tadeusz Sosgórnik
993 102
907 401
1 900 503
4 879 809
5,74%
8,66%
Danuta Guzowska
954 214
566 065
1 520 279
4 382 921
4,59%
7,78%
Zbigniew Jaworski
760 848
573 021
1 333 869
3 616 413
4,03%
6,42%
Janusz Marzygliński
818 092
229 565
1 047 657
3 501 933
3,16%
6,21%
0
2 905 628
2 905 628
2 905 628
8,78%
5,15%
Other
3 063 205
15 694 887
18 758 092
27 947 707
56,66%
49,58%
Total
7 754 130
25 352 898
33 107 028
56 369 418
100%
100%
Mariusz Lewicki
AVIVA OFE
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 27
Presentation currency:
Polish zloty (PLN)
PS-2013
28
Condensed consolidated interim financial statements
6.7. Other capital
Other capital is presented in the table below.
as at
DESCRIPTION
30.06.2013
Share Premium
Other reserve capital
Treasury shares
Reserve capital
Total of other capital
31.12.2012
15 142
15 142
207 219
171 353
(3 524)
(3 524)
4 000
4 000
222 837
186 971
6.8. Loans and borrowings
Bank loans and borrowings are presented below.
as at
DESCRIPTION
30.06.2013
Long term loans and borrowings
31.12.2012
10 383
12 887
contractual cash flows from 1 to 2 years
3 093
1 222
contractual cash flow from 2 to 5 years
7 290
11 665
contractual cash flow more than 5 years
-
-
Short term loans and borrowings
28 280
42 833
Total of loans and borrowings, including
38 663
55 720
38 663
55 720
- from other entities
The Capital Group uses mainly overdrafts, with interest-bearing based on WIBOR rate plus margin.
During the reporting period companies from the Apator Group had complied with the obligations of the loan
agreements.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 28
Presentation currency:
Polish zloty (PLN)
PS-2013
29
Condensed consolidated interim financial statements
6.9. Provisions
Povisions are presented in the table below.
EMPLOYEE BENEFITS
PROVISIONS
RETIREMENT
BENEFITS,
JUBILEE
BONUSES
RESTRUCTURING
PROVISION
(benefits)
8 727
OTHER PROVISIONS
PROVISIONS IN
RESPECT OF
UNCOMPLETED
IMPLEMENTATION
SERVICES
CONTRACTS
(PENALTIES,
COMPENSATION)
PROVISION FOR
UNREALIZED
MARGIN ON SALES
TO ASSOCIATE
BONUSES
ANNUAL
LEAVE
TOTAL
WARRANTIES
1 323
4 751
2 559
17 360
3 864
206
156
108
4 334
-
-
-
-
-
(40)
(1 912)
-
-
(1 952)
451
-
1 968
1 610
4 029
1 204
1 912
23
-
3 139
-
-
-
-
-
-
-
(120)
(72)
(192)
Provisions used during the period
(41)
-
(4 161)
-
(4 202)
(806)
-
-
-
(806)
Remeasurement of provision presented
in other comprehensive income
331
-
-
-
331
-
-
-
-
-
Net exchange differences arising on the
conversion of the financial statements to
presentation currency
-
-
4
11
15
3
-
-
-
3
9 468
1 323
2 562
4 180
17 533
4 225
206
59
36
4 526
- long term provisions
7 460
-
-
-
7 460
-
-
-
-
-
- short term provisions
2 008
1 323
2 562
4 180
10 073
4 225
206
59
36
4 526
DESCRIPTION
Provisions as at 01.01.2013
Change from the sale of shares
Provisions raised during the period
Provisions reversed during the period
Provisions as at 30.06.2013, including:
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 29
Presentation currency:
Polish zloty (PLN)
OTHER
TOTAL
PS-2013
30
Condensed consolidated interim financial statements
6.10. Income tax
Income tax is presented in the table below.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Statement of comprehensive income
Income tax expense
7 318
6 112
7 324
6 112
(6)
-
1 219
(19 081)
Arisen and reversed temporary differences
(119)
1 102
Tax relief from the special economic zone
1 338
(20 183)
8 537
(12 969)
(1 188)
953
(1 125)
953
(63)
-
(1 188)
953
Current income tax expense
Adjustment for tax charge related to previous years
Deferred tax expense
Change in deferred tax presented in separate statement of comprehensive
income
Statement of changes in equity
Deferred income tax
Net deferred income tax from hedging transactions
Other
Change in deferred tax presented in equity
On 28 December 2010 the Parent Company received Permission no. 69/PSSE to operate in the Pomeranian Special
Economic Zone (PSEZ).
As a result the Parent Company recognized deferred tax asset due to tax relief from the special Economic Zone
possible to be used. The deferred tax asset amounted to PLN 20,357 thousand at the recognition (tax asset as at 30
June 2013 amounted to PLN 18,668 thousand).
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 30
Presentation currency:
Polish zloty (PLN)
PS-2013
31
Condensed consolidated interim financial statements
Effective tax rate is presented in the table.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Profit before tax
38 647
36 954
Income tax based on appropriate tax rates
7 335
7 022
Adjustments:
1 201
(19 991)
Tax exempt income (permanent differences)
175
(541)
Tax from non-deductible expenses (permanent differences)
858
523
Tax from intra-group transactions (permanent differences)
(115)
-
Tax from positions not included in financial result for the period
(111)
-
-
(20 183)
Adjustments to tax losses from previous years
(54)
210
Other deductible expenses
449
-
8 537
(12 969)
22,09%
-35,09%
Deferred tax asset from the activity in PSEZ
Income tax presented in separate statement of comprehensive income
Effective tax rate
6.11. Finance income and expenses
Finance income and expenses are presented in the table.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Finance income
1 857
646
Interests on cash on bank accounts
420
-
Gains on foreign currency transaction (including derivatives)
928
149
Other income
509
497
(3 518)
(4 507)
Interests expense on loans and borrowings
(1 135)
(1 301)
Sale of subsidiary Newind Sp. z o.o.
(1 284)
-
Foreign exchange losses
(334)
(2 532)
Other expenses
(765)
(674)
(1 661)
(3 861)
Finance expenses
Net finance income (expenses)
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 31
Presentation currency:
Polish zloty (PLN)
PS-2013
32
Condensed consolidated interim financial statements
6.12. Sale of subsidiary
On 31 May 2013 there was a contract signed concerning sale of Newind Sp. z o.o. shares between Apator Rector Sp. z
o.o. and existing owners of non-controlling shares.
For the period
from 01.01.2013
to 30.06.2013
Description
Gain on disposal of shares of subsidiary Newind Sp. z o.o.
1 728
Cost of sale of subsidiary Newind Sp. z o.o., including:
(3 012)
- net assets of subsidiary
(1 989)
- goodwill
(3 289)
- liabilities due to put option
2 243
- other adjustments
23
Result on sales of subsidiary Newind Sp. z o.o.
(1 284)
6.13. Earnings per share
Earnings per share were calculated by dividing the net profit by the number of shares held by entities outside the
Apator Group. The calculation of net profit is presented below the statement of comprehensive income in point 3.2.
6.14. Explanatory notes to the statement of cash flows
Apator Group prepares the statement of cash flows using the indirect method, in which the profit is corrected for
effects of non-cash transactions, changes in inventories, receivables, liabilities and other items classified to financing
and investing activities.
The table below explains differences between changes in statement of financial position and changes in statement of
cash flows.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Change in inventories
Change in inventories
(2 140)
(9 649)
(72)
-
(2 212)
(9 649)
1 212
205
Change in trade receivables
(10 051)
22 744
Change in current tax assets
(467)
284
Adjustment for inventories of entity excluded from consolidation
Change presented in statement of cash flows
Change in receivables
Change in long term receivables
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 32
Presentation currency:
Polish zloty (PLN)
PS-2013
33
Condensed consolidated interim financial statements
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Change in receivables due to taxes and other similar charges (excluding
income tax)
333
3 706
(5 839)
319
(15 587)
-
1 172
-
467
(284)
73
(184)
1
(229)
(28 686)
26 561
Change in long term liabilities
(1 545)
(182)
Change in trade liabilities
(9 769)
(10 940)
Change in current tax liabilities
(3 883)
(207)
Change in liabilities due to taxes and other similar charges (excluding income
tax)
(1 877)
(2 615)
Change in other liabilities
25 930
7 924
Adjustment for liabilities of entity excluded from consolidation
20 080
-
(571)
(288)
(31 082)
(22 130)
(490)
(530)
(4 660)
5 153
Adjustment for current tax liabilities
3 469
207
Adjustment for capital expediture liabilities
5 251
6 063
1
-
854
(17 545)
Change in long term provisions for employee benefits
448
163
Change in other long term provisions
(40)
(324)
(275)
(1 531)
Change in other short term provisions
232
1 021
Adjustment for provisions of entity excluded from consolidation
201
-
(331)
-
235
(671)
Change in other receivables
Adjustment for receivables of entity excluded from consolidation
Adjustment for dividend receivable
Adjustment for current tax assets
Adjustment for capital expenditure receivables
Other changes
Change presented in statement of cash flows
Change in liabilities
Adjustment for liabilities due to put option
Adjustment for dividend liabilities
Adjustment for finance lease liabilities
Adjustment for liabilities due to derivative instruments
Other changes
Change presented in statement of cash flows
Change in provisions
Change in short term provisions for employee benefits
Other changes
Change presented in statement of cash flows
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 33
Presentation currency:
Polish zloty (PLN)
PS-2013
34
Condensed consolidated interim financial statements
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Change in prepayments
Change in long term prepayments
Change in short term prepayments
Adjustment for prepayments of entity excluded from consolidation
Change presented in statement of cash flows
20
(38)
(1 107)
(1 581)
(144)
-
(1 231)
(1 619)
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Other adjustments (1) in cash flows from operating activities
Liquidation of property, plant and equipment and intangible assets
143
50
-
(4)
(115)
411
Impairment of shares
(1)
-
Commissions and fees from bank loans and borrowings
14
12
1 674
(561)
Foreign exchange differences from consolidation
164
(108)
Other
490
(490)
2 369
(690)
Receivables paid with bills of exchange
1 198
170
Conversion of finished goods to property, plant and equipment
(250)
(58)
72
116
1 020
228
Settlement of grant
(Profit) loss on settlement of derivative instruments
Unrealized margin on inventories in joint ventures
Total
Other adjustments (2) in cash flows from operating activities
Unrealized margin on sale to joint ventures presented in provisions
Total
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
to 30.06.2013
to 30.06.2012
Other proceeds (disbursements) from investing activities
Prepayments for assets under construction
Prepayments for intangible assets
Proceeds and expenses relating to derivatives and options
Payment of commissions and other costs relating to sale and liquidation of
property, plant and equipment
(1 896)
(1 131)
(3)
(103)
(16)
(588)
(5)
(6)
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 34
Presentation currency:
Polish zloty (PLN)
PS-2013
35
Condensed consolidated interim financial statements
Other
(2)
(1)
(1 922)
(1 829)
Lease interest
(91)
(71)
Commissions and fees from bank loans and borrowings
(32)
(50)
(123)
(121)
Total
Other proceeds (disbursements) from financing activities
Total
Explanation to result on sale of subsidiary
for the period
DESCRIPTION
from 01.01.2013
to 30.06.2013
Result on sale of subsidiary
1 284
Adjustment for working capital of entity excluded from consolidation
(2 489)
Adjusted result on sale of subsidiary presented in statement of cash flows
(1 205)
6.15. Related parties
Key management personnel compensation is presented in the table below.
for the period
DESCRIPTION
from 01.01.2013
from 01.01.2012
from 01.01.2012
to 30.06.2013
to 31.12.2012
to 30.06.2012
Short term employee benefits
6 852
11 952
4 937
Post-employment benefits
178
13
15
Other long term benefits
530
107
95
7 560
12 072
5 047
Total
Transactions with related parties and outstanding balances are presented in the table below.
Apator
Electro
Sp.z o.o.
DESCRIPTION
Teplovodome
r S.A.
George
Wilson
Industries
Ltd.
OTHER
RELATED
PARTIES
TOTAL
Transactions in the period from 01.01.2013 to 30.06.2013
Sale of goods and services *
Sale of merchandise and raw materials
568
23 627
260
-
24 455
1 099
676
59
-
1 834
-
-
-
42
42
1 021
15 569
158
-
16 748
Sale of property, plant and equipment and
intangible assets
Trade receivables
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 35
Presentation currency:
Polish zloty (PLN)
PS-2013
36
Condensed consolidated interim financial statements
Apator
Electro
Sp.z o.o.
DESCRIPTION
Teplovodome
r S.A.
George
Wilson
Industries
Ltd.
OTHER
RELATED
PARTIES
TOTAL
Other receivables
-
1 172
-
-
1 172
Interest received from granted loans
-
-
144
-
144
Loans granted
-
-
8 174
-
8 174
164
-
4
-
168
Trade liabilities
-
-
1
-
1
Other liabilities
-
-
-
7 055
7 055
Purchase of goods, services, merchandise and
raw materials
* including adjustment relating to unrealized margin on sale of joint ventures
6.16. Contingent liabilities and other items not included in the statement
of financial position
CONTINGENCIES
On 28.06.2013, the District Court in Ostrava issued a sentence ordering Apator Metra s.r.o. to pay to former
shareholder of Metra Šumperk - Jaroslav Macháček the amount of CZK 16.6 million (as the alignment of prices of
redeemed shares). In the financial statements for the period ended 30 June 2013, there was a provision recognized for
court proceedings and interest costs in the total amount of CZK 6 million. Currently the Company has been waiting for
the sentence justification and after its analysis, the Company will decide about of the appeal submission. In case of no
appeal proceedings when the sentence becomes binding, Apator Metra s.r.o. will pay the former shareholder the
compensation, whereas Apator Powogaz S.A. will receive a partial refund price paid for shares of Metra (EUR 833.3
thousand), which amount had been deposited at the notary until the final settlement of the dispute with the former
shareholder of Metra Šumperk Jaroslav Macháček.
OTHER ITEMS NOT INCLUDED IN THE STATEMENT OF FINANCIAL POSITION
As at 30 June 2013 Apator Group held open guarantees granted by:
1.
Bank Handlowy w Warszawie S.A.:

For performance bond in the amount of PLN 30 thousand till 19 September 2015;
TU Hermes S.A.:
2.


3.


4.


5.


For performance bond in the amount of PLN 3,180 thousand till 31 December 2017;
Guarantee for repairing defects and faults in the amount of PLN 300 thousand till 31 December 2014.
Raiffeisen Bank S.A.:
For bid bond in the amount of EUR 582 thousand till 24 July 2013;
For performance bond in the amount of PLN 2,081 thousand till 31 December 2012.
Bank Millenium S.A.:
For bid bond in the amount of PLN 159 thousand till 30 January 2014;
For performance bond in the amount of PLN 105 thousand till 31 August 2014.
InterRisk Towarzystwo Ubezpieczeń S.A.:
Guarantee for repairing defects and faults in the amount of PLN 344 thousand till 8 January 2021;
For bid bond in the amount of PLN 45 thousand till 3 July 2013;
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 36
Presentation currency:
Polish zloty (PLN)
PS-2013
37
Condensed consolidated interim financial statements

6.



7.

8.

9.
For performance bond in the amount of PLN 452 thousand till 24 December 2015.
Hestia S.A.:
Guarantee for repairing defects and faults in the amount of PLN 69 thousand till 4 October 2013;
For bid bond with the amount of PLN 148 thousand till 31 December 2013;
For performance bond in the amount of PLN 724 thousand till 3 January 2014.
BZ WBK S.A.:
For performance bond in the amount of PLN 1,424 thousand till 28 February 2014.
Towarzystwo Ubezpieczeń Wzajemnych S.A.:
For performance bond in the amount of PLN 249 thousand till 31 January 2014.
PZU S.A.:

For performance bond and guarantee for repairing defects and faults in the amount of PLN 75 thousand till 30
January 2014.
Moreover, as at 30 June 2013, The Parent Company Apator S.A. held open guarantee for repairing products’ defects in
the amount of PLN 826.5 thousand granted by Marbud S.A. till 29 March 2015.
According to the contract signed on 25 April 2013 with Apator Control Sp. z o.o., Apator S.A. granted performance
bond in relation to a contract between Apator Control Sp. z o.o. and ArcelorMittal Poland S.A. The maximum value of
the bond amounted to PLN 24.8 million and covered the total value of the contract. The bond was granted for the
period from 25 April 2013 till 22 March 2014.
On 5 September 2012 Apator Rector Sp. z o.o. signed an investment agreement with shareholders of GWI Ltd., NIG
(GUERNSEY) LIMITED, according to which after next three financial years starting from 2016 (within 25 working days
following the shareholders' meeting approving the annual financial statements of the company) Apator Metrix Sp. z
o.o. has the right to acquire remaining 50% of the shares of the company GWI Ltd. (call option), which means that the
shareholders of the GWI Ltd. had irrevocably committed to disposal of the shares to Apator Metrix Sp. z o.o.
Furthermore, shareholders of GWI Ltd. are entitled to sell to Apator Metrix Sp. z o.o. the remaining 50% of the shares
on the same terms (under the assumptions that gross profit of the GWI Ltd. reaches at least GBP 1 million), which
means that Apator Metrix Sp. z o.o. had irrevocably committed to disposal of the shares from the shareholders of the
GWI Ltd. The price depends on the results of GWI Ltd. in years 2016-2018.
6.17. Personnel structure
Employment in Apator Group is presented in the table below.
for the period
DESCRIPTION
Average employment in persons for the period
Non-administrative employees
Administrative employees
Employment at the end of reporting period
Non-administrative employees
Administrative employees
from 01.01.2013
from 01.01.2012
from 01.01.2012
to 30.06.2013
to 31.12.2012
to 30.06.2012
1 972
2 005
1 955
1 212
1 218
1 194
759
787
761
2 010
1 992
2 025
1 228
1 185
1 253
782
807
772
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 37
Presentation currency:
Polish zloty (PLN)
PS-2013
38
Condensed consolidated interim financial statements
The average employment in Apator Group for first half-year of 2013 decreased by 33 persons in comparison to 2012.
6.18. Changes in accounting policies and correction of error
Apator Group applied new IAS 19 ‘Employee benefits” in the financial statements as at and for the period ended 31
December 2012. As a result, Apator Group recognized part of the cost of defined benefit plans, in particular
remeasurements of the defined benefit liability, in other comprehensive income. As a result of the above mentioned
change the Group recognized profit amounting to PLN 493 thousand adjusted for tax effect amounting to PLN 93
thousand in comprehensive income.
The Group adjusted the comparative data for the first half-year of 2012, due to error made in the financial statements
for the year ended 31 December 2012 concerning the recognition of put option on purchase of additional shares in
subsidiaries from non-controlling shareholders interests. The Group reassessed conditions of contracts relating to put
options and concluded that non-controlling interests should be presented as liabilities in accordance with the
expected acquisition method.
Detailed description of changes was presented in annual consolidated financial statements for 2012.
Apator Group implemented changes in the presentation of the statement of financial position and of the statement of
comprehensive income for the period ended 30 June 2012.
Description of changes:


Change in presentation of deferred tax asset and provision (offset) for the amount of PLN 6,052 thousand.

Change in presentation of dividend liabilities for the amount of PLN 4,774 thousand (presented as liability due to
related parties, according to the identification of related parties).
Change in presentation (offset) of other operating income and expenses for the amount of PLN 13 thousand and
finance income and expenses for the amount of PLN 75 thousand.
Implemented changes helped to improve the true and fair view of the financial situation of the Group. The changes
did not influence the net result and equity for the period ended 30 June 2012.
6.19. Subsequent events
There were no significant subsequent events after 30 June 2013 identified.
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 38
Presentation currency:
Polish zloty (PLN)
PS-2013
39
Condensed consolidated interim financial statements
7. Signatures
Signatures of the Management Board
2013-08-22
Andrzej Szostak
President of the Management Board, Chief Executive Officer
2013-08-22
Tomasz Habryka
Member of the Management Board, Managing Director
2013-08-22
Jerzy Kuś
Member of the Management Board, Metering System and Equipment Director
Signature of the person responsible for financial records
2013-08-22
Janina Karaszewska – Zandrowicz
Chief Financial Officer
Name of the Group:
Apator Group
Reporting period:
01.01.2013 – 30.06.2013
Roundings applied:
all amounts are presented in thousands of Polish zloty (unless stated otherwise)
Page 39
Presentation currency:
Polish zloty (PLN)