Semi-annual Report for 2000

(in T. PLN, exact to 100 PLN)

As at 31 December	Note	1999	2000

ASSETS
I. Fixed assets		93 035	111 383
1. Intangible assets	1	1 768	6 116
2. Tangible assets	2	66 411	69 730
3. Long-term investments	3	24 834	33 270
4. Long-term debtors	4	22	2 267
II. Current assets		32 562	56 222
1. Stocks	5	8 690	12 752
2. Current debtors	6	23 214	39 820
3. Temporary investments	7	-	-
4. Cash and cash equivalents	8	658	876
III. Deferred expenses	9	1 225	1 419
Total Assets		127 020	169 222

LIABILITIES AND SHAREHOLDERS' EQUITY
I. Shareholders' equity		65 181	64 915
1. Share capital	10	10 000,0	10 000
2. Not paid-up share capital (negative value)		-	-
3. Reserve capital	11	41 188	50 665
4. Revaluation capital	12	4 575	4 441
5. Other reserve capital	13	100	100
6. Prior years' retained earnings (accumulated deficit)	14	-	-
7. Net profit (loss) for the year		9 343	(244)
II. Provisions	15	854	513
III. Liabilities		59 010	93 137
1. Long-term creditors	16	5 319	36 529
2. Current creditors	17	53 691	56 608
IV. Accrued expenses and deferred income	18	1 975	10 657

Profit and Loss Account
Year ended 31 December	Note	1999	2000
I. Turnover		158 349	50 899
1. Net sales of merchandise and materials	19	1 183	2 095
2. Net sales of products	20	157 166	48 804
II. Cost of sales		142 724	45 065
1. Cost of merchandise and materials sold		883	2 184
2. Cost of products sold	21	141 841	42 881
III. Gross profit (loss) on sales		15 625	5 834
IV. Distribution costs		-	-
V. General administrative expenses		6 340	6 882
VI. Profit (loss) on sales		9 285	(1 048)
VII. Other operating income	22	1 386	4 893
VIII. Other operating expenses	23	1 444	3 680
IX. Operating profit (loss)		9 227	165
X. Dividend income, including that from:		-	-
XI. Income on other long-term investments, including that from:		-	-
XII. Other financial income	24	7 037	4 606
XIII. Financial expenses	25	7 261	5 024
XIV. Profit (loss) on ordinary activities		9 003	(253)
XV. Extraordinary items		(16)	9
1. Extraordinary income	26	30	57
2. Extraordinary charges	27	46	48
XVI. Profit (Loss) before taxation		8 987	(244)
XVII. Corporation income tax	28	2 962	-
XVIII. Other obligatory profit decreases (loss increases)	29	-	-
XIX. Net profit (loss) for the year		6 025	(244)

Cash Flow Statement
Year ended 31 December		1999	2000
A. CASH FLOWS - OPERATING ACTIVITIES
I. Net profit (loss) for the year		20 102
II. Total adjustments		10 759
1. Depreciation and amortisation		4 985
2. Gain (loss) on exchange rate differences		251
3. Interest and dividends received and paid		2 464
4. Other reserves		164
5. Corporation income tax on profit before taxation		3 866
6. Corporation income tax paid		(3 922)
7. (Gain) loss on disposal of investments		(3 753)
8. Change in stocks		1 494
9. Change in current creditors (except loans and bank credits),including special funds		(9 988)
10. Change in deferred and accrued expenses		(112)
11. Change in deffered income		(770)
12. Other items		(20)

B. CASH FLOWS - INVESTING ACTIVITIES
I. Cash inflow from investing activities		5 038
1. Sales of intangible assets		24
2. Sales of tangible assets		1 195
3. Disposal of shares and other securities of subsidiary undertakings		3 765
4. Disposal of shares and other securities of associated undertakings		3 765
7. Loans collected		-
8. Dividends received		-
9. Interest received		54
10. Other income		-
II. Cash outflow from investing activities		25 590
1. Purchases of intangible assets		1 782
2. Purchases of tangible assets		15 416
3. Acquisition of shares and other securities of subsidiary undertakings		6 893
5. Acquisition of other long-term investments		-
6. Acquisition of temporary investments		7 766
7. Loans granted		-
8. Other expenses		20

C. CASH FLOWS - FINANCING ACTIVITIES
I. Cash inflow from financing activities		27 767
1. Long-term bank credits contracted		3 069
2. Long-term loans contracted		-
3. Current loans contracted		-
4. Issuances of bonds or other current commercial paper		-
5. Shares issued and share premium		24 500
6. Interest repaid		1 003
7. Other income		-
II. Cash outflow from financing activities		21 951
1. Payments of long-term bank credits and loans		934
2. Redemption of bonds and other long-term notes payable		-
3. Payments of current bank credits		6 789
4. Payments of current loans		9 943
5. Redemption of bonds or other current commercial paper		-
6. Dividends and other payments to shareholders		-
7. Supervisory Board remuneration		-
8. Employee bonuses from net profit		-
9. Charitable contributions		-
10. Finance lease commitments paid		370,0
11. Interest paid		3 494
12. Other expenses		421

D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII)		63
E. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR		595
F. CASH AND CASH EQUIVALENTS - END OF YEAR (D+E)		658

Cash Flow Statement
As at 31 June	1999	2000
A. CASH FLOWS - OPERATING ACTIVITIES
I. Net profit (loss) for the half-year	6 025	(244)
II. Total adjustments	(2 596)	(1 973)
1. Depreciation and amortisation	2 786	2 771
2. Gain (loss) on exchange rate differences	285	(22)
3. Interest and dividends received and paid	1 327	227
4. Provisions for doubtful debts
5. Other reserves	(340)	(387)
6. Corporation income tax on profit before taxation	2 962	-
7. Corporation income tax paid	(2 949)	(364)
8. (Gain) loss on disposal of investments	(43)	3 525
9. Change in stocks	5 140	(4 061)
10. Change in current debtors	29 819	(18 805)
11. Change in current creditors (except loans and bank credits), including special funds	19 253	6 804
12. Change in deferred and accrued expenses	248	(454)
13. Change in deffered income	(1 451)	8 942
14. Other items	5	(149)

B. CASH FLOWS - INVESTING ACTIVITIES
I. Cash inflow from investing activities	7 520	8 428
1. Sales of intangible assets	24	113
2. Sales of tangible assets	1 152	4 619
3. Disposal of shares and other securities of subsidiary undertakings	6 324	-
4. Disposal of shares and other securities of associated undertakings	-	-
5. Disposal of other long-term investments	-	-
6. Disposal of temporary investments	-	-
7. Loans collected	-	-
8. Dividends received	-	3 571
9. Interest received	20	22
10. Other income	-	103
II. Cash outflow from investing activities	19 235	39 712
1. Purchases of intangible assets	43	4 679
2. Purchases of tangible assets	7 838	23 493
3. Acquisition of shares and other securities of subsidiary undertakings	11 349	8 436
4. Acquisition of shares and other securities of associated undertakings	-	-
5. Acquisition of temporary investments	-	3 104
6. Interest repaid	-	-
7. Other expenses	5	-

C. CASH FLOWS - FINANCING ACTIVITIES
I. Cash inflow from financing activities	15 475	75 299
1. Long-term bank credits contracted	1 270	851
2. Long-term loans contracted	-
3. Issuances of bonds or other long-term notes payable	-	30 000
4. Current bank credits contracted	13 972	29 002
5. Current loans contracted	-	-
6. Issuances of bonds or other current commercial paper	-	14 884
7. Shares issued and share premium	-	-
8. Interest repaid	233	562
II. Cash outflow from financing activities	4 806	41 580
1. Payments of long-term bank credits and loans	467	1 216
2. Redemption of bonds and other long-term notes payable	-	-
3. Payments of current bank credits	1 630	21 045
4. Redemption of bonds or other current commercial paper	526	14 901
5. Issuance expenses	-	-
6. Shares retired	-	-
7. Dividends and other payments to shareholders	-	-
8. Supervisory Board remuneration	-	-
9. Charitable contributions	-	-
10. Finance lease commitments paid	185	185
11. Interest paid	1 580	4 212
12. Other expenses	418	21

D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII)
E. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	595	658
F. CASH AND CASH EQUIVALENTS - END OF YEAR (D+E)	2 978	876

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