Grupa Kapitałowa LIBET GROUP Annual Consolidated Financial Statements for the period of 12 months ended on 31 December 2015 Compliant with the International Financial Reporting Standards as approved by the European Union

LIBET GROUP

consolidated financial statements

for the period of 12 months ended on 31 December 2015

CONSOLIDATED PROFIT AND LOSS STATEMENT AND COMPREHENSIVE INCOME STATEMENT 3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4

CONSOLIDATED CASH FLOW STATEMENT 6

CONSOLIDATED STATEMENT ON CHANGES IN EQUITY 7

EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2015 8

  1. General Information 8

  2. LIBET Group's description 8

  3. The composition of the Management Bard and Supervisory Bard 8

  4. Approval of the financial statements 9

  5. Basis of preparation of consolidated financial statements 9

  1. Segment information 10

  2. Significant accounting policies applied 10

  3. Significant values based on a professional assessment and estimates 22

  4. Estimates uncertainty 22

  5. Change in estimates 23

  6. Correction of errors of previous periods and changes in the accounting principles 23

  7. Revenue and costs 25

  8. Income tax relating to continued operations 27

  9. Property, plant and equipment 30

  10. Fixed assets classified as held for sale 32

  11. Intangible assets 32

  12. Stock 34

  13. Trade receivables 34

  14. Cash and cash equivalents 34

  15. Other assets 35

  16. Other Liabilities 36

  17. Employee benefits 36

  18. Share capital and other capitals 37

  19. Provisions 40

  20. Investment liabilities 40

  21. Contingent liabilities and assets 40

  22. Tax settlements 40

  23. Information on related entities 41

  24. Hedge accounting 42

  25. Financial instruments 42

  26. Financial risk management objectives and purposes 49

  27. LIBET GROUP

    consolidated financial statements for the period of 12 months ended on 31 December 2015

    CONSOLIDATED PROFIT AND LOSS STATEMENT AND COMPREHENSIVE INCOME STATEMENT

    State as at

    31.12.2014*

    Period ended on

    31.12.2015

    for the period of 12 months ended on 31 December 2015 Continued operations

    Sales revenue

    269,723

    286,553

    Costs of sales

    (223,093)

    (220,486)

    Gross profit on sales

    46,630

    66,067

    Selling costs

    (25,929)

    (37,370)

    Cost of general management

    (11,490)

    (13,197)

    Other operating revenue

    8,556

    2,777

    Other operating expenses

    (8,511)

    (9,264)

    Operating profit

    9,256

    9,013

    Financial revenue

    262

    226

    Financial expenses

    (7,298)

    (6,051)

    Profit before tax

    2,220

    3,188

    Income tax

    (1,959)

    (7,401)

    Discontinued operations

    Net profit (loss) from discontinued operations

    0

    0

    Net profit (loss) from continued operations

    261

    (4,214)

    Net profit (loss) for the financial year

    261

    (4,214)

    Other comprehensive income

    Items that may be taken to result

    0

    Change in the value of hedging instruments

    0

    (3,538)

    Income tax on other comprehensive income

    0

    672

    Items that may be taken to total result

    0

    (2,866)

    Items that will not be taken to result

    0

    0

    Items that may be taken to total result

    0

    0

    Total other net comprehensive income

    0

    (2,866)

    Total comprehensive income for the financial year

    261

    (7,080)

    Net profit (loss) for the financial year

    261

    (4,214)

    Attributed to parent company's shareholders

    261

    (4,214)

    Comprehensive income for financial year

    261

    (7,080)

    Attributed to parent company's shareholders

    261

    (7,080)

    Weighted average number of shares*

    50,000

    50,000

    Profit per share (in PLN)

    Basic from profit of the financial year attributed to shareholders of the

    0.01

    (0.08)

    parent company

    Basic from continued operations attributed to shareholders of the parent company

    0.01

    (0.08)

    Diluted from profit of the financial year attributed to shareholders of the

    0.01

    (0.08)

    parent company

    Diluted from continued operations attributed to shareholders of the parent

    0.01

    (0.08)

    company

    *retrospectively restated data according to IAS 8, in relation to the amendment in the accounting principles Detailed changes are presented in Note 11.

    LIBET GROUP

    consolidated financial statements for the period of 12 months ended on 31 December 2015

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015

    NO

    STATEMENT OF FINANCIAL POSITION

    State as at 31.12.2014*

    State as at 31.12.2015

    ASSETS

    I

    I.1

    Non-current assets

    Property, plant and equipment

    206,586

    203,737

    I.2

    Intangible assets

    55,971

    52,541

    I.3

    Assets available for sale

    0

    0

    I.4

    Other assets

    4,536

    12,919

    I.5

    Deferred tax assets

    9,600

    4,067

    II

    Total non-current assets Current assets

    276,692

    273,264

    II.1

    Stock

    71,033

    76,071

    II.2

    Trade receivables

    36,528

    34,952

    II.3

    Loans and own receivables

    0

    0

    II.4

    Current tax assets

    0

    439

    II.5

    Other assets

    17,837

    15,776

    II.6

    Other financial assets

    0

    0

    II.7

    Cash and cash equivalents

    886

    696

    II.8

    Assets classified as held for sale

    0

    0

    Total current assets

    126,284

    127,935

    TOTAL ASSETS

    402,976

    401,199

    *retrospectively restated data according to IAS 8, in relation to the amendment in the accounting principles Detailed changes are presented in Note 11.

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