(Translation from the Polish language)

CONSOLIDATED FINANCIAL STATEMENTS OF

KOPEX S.A.

drawn up for the period 1 January 2015 to 31 December 2015

Katowice, April 2016

CONTENTS

Consolidated Statement of Financial Position of KOPEX S.A. Capital Group

4

Consolidated Profit & Loss Statement of KOPEX S.A. Capital Group

5

Consolidated Statement of Total Income of KOPEX S.A. Capital Group

6

Consolidated Statement of Changes in Equity of KOPEX S.A. Capital Group

7

Consolidated Cash Flow Statement of KOPEX S.A. Capital Group

8

1

General information

9

2

Significant assumptions used in drawing up financial statements

9

3

Composition of the Management Board and Supervisory Board

12

4

Entity auditing financial statements

12

5

Legal base for drawing up financial statements

13

6

Composition of the KOPEX S.A. Capital Group as at 31 December 2015

13

7

Significant accounting principles

15

8

Capital Management

27

9

Policy of financial risk management and hedging

28

10

Information on currency translation of selected financial data

37

11

Estimates and subjective appraisal

38

12

Explanatory Notes to the Statements of Financial Position and Profit & Loss Statement

39

12.1.

Intangible assets

39

12.2.

Goodwill of subsidiaries

40

12.3.

Tangible assets

40

12.4.

Changes in investment real estates

42

12.5.

Investments settled under the equity method

43

12.6.

Leasing receivables

44

12.7.

Other long-term assets

44

12.8.

Deferred income tax

45

12.9.

Inventories

48

12.10.

Short-term accounts receivables

48

12.11.

Loans granted

49

12.12.

Other financial assets and liabilities

49

12.13.

Structure of cash

50

12.14.

Authorized share capital ( structure)

50

12.15.

Issue of shares over nominal value

51

12.16.

Revaluation reserve

51

12.17.

Retained earnings

51

12.18.

Credit and loans

52

12.19.

Other liabilities

54

12.20.

Leasing liabilities

54

12.21.

Reserve for employee benefits

54

12.22.

Other reserves for liabilities

56

12.23.

Accruals

56

12.24.

Short-term accounts payable

56

12.25.

Net revenues from sales

57

12.26.

Costs by type

57

12.27.

Other revenues

58

12.28.

Other costs

58

12.29.

Other profits (losses)

58

12.30.

Write-downs made and released for non-financial assets

58

12.31.

Financial revenues

59

12.32.

Financial costs

59

12.33.

Income tax

59

12.34.

Revenues, costs and cash flow from discontinued operations

60

13

Contingent liabilities and disputes

60

14

Reporting by business and geographical segments

61

15

Information on significant events that occurred after the balance sheet date and not included in the financial statements

63

16

Information on total net values of remunerations and bonuses paid or payable for managing and supervising persons supervising in the Issuer's company for 2015.

64

17

Transactions with related entities

65

18

Statement of the Management Board of KOPEX S.A.

66

Consolidated Statement of Financial Position of KOPEX S.A. Capital Group in PLN thousand

Note

ASSETS

31 Dec 2015

31 Dec 2014

Tangible assets

1 107 855

2 374 188

12.1

Intangible assets

130 658

160 296

12.2

Goodwill in subsidiaries

41 568

1 249 955

12.3

Tangible fixed assets

673 627

693 891

12.4

Investment real estates

22 392

26 571

12.5

Investments accounted for under the equity method

51 325

48 248

12.6

Long-term leasing receivables

34 070

10 740

12.7

Other long-term assets

79 189

133 657

12.8

Deferred income tax assets

75 026

50 830

Current assets

1 020 936

1 147 330

12.9

Inventories

258 892

239 057

12.10

Short-term accounts receivables

391 910

381 787

12.10

Short-term other receivables

85 101

109 444

12.6

Short-term leasing receivables

21 543

27 246

12.11

Short-term loans granted

45 690

39 874

Receivables related to current income tax

8 344

8 820

12.12

Other financial assets

1 984

1 377

12.25

Assets under contracts for construction services

145 184

254 880

12.13

Cash and cash equivalents

62 288

84 845

Tangible assets held for sale

1

1

Total assets

2 128 792

3 521 519

LIABILITIES AND EQUITY

Equity

1 102 359

2 617 807

12.14

Authorised share capital

74 333

74 333

12.14

Own shares

-2 979

-2 979

12.15

Issue of shares above their nominal value

1 054 942

1 054 942

12.16

Revaluation reserve

1 825

-515

Currency translation differences

8 396

19 855

12.17

Retained profits

-42 528

1 465 644

Non- controlling share capital

8 370

6 527

Long-term liabilities

69 862

92 458

12.18

Long-term credits and loans

-

13 374

12.19

Long-term other liabilities

1 504

1 868

12.20

Long-term leasing liabilities

39 548

46 825

12.8

Deferred income tax reserve

4 986

5 592

12.21

Long-term reserve for employee benefits

22 277

21 259

12.22

Other long-term reserves for liabilities

11

846

12.23

Long-term accruals

1 536

2 694

Short-term liabilities

956 571

811 254

12.18

Short-term credits and loans

546 345

348 979

12.24

Short-term accounts payable

171 630

174 396

12.19

Short-term other liabilities

108 993

134 686

12.20

Short-term leasing liabilities

26 608

36 786

Receivables related to current income tax

726

6 343

12.12

Other financial liabilities

1 507

2 237

12.21

Short-term reserve for employee benefits

13 936

14 227

12.22

Other short-term reserves for liabilities

15 465

15 247

12.23

Short-term accruals

71 361

78 353

Liabilities and equity, total

2 128 792

3 521 519

Book value

1 102 359

2 617 807

Number of shares

74 056 038

74 056 038

Book value per one share (in PLN)

14.89

35.35

Kopex SA published this content on 30 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 August 2016 13:08:05 UTC.

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