ALTUS TOWARZYSTWO FUNDUSZY … I kw...Name: ALTUS Towarzystwo Funduszy Inwestycyjnych S.A....
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Transcript of ALTUS TOWARZYSTWO FUNDUSZY … I kw...Name: ALTUS Towarzystwo Funduszy Inwestycyjnych S.A....
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ALTUS TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH SPÓŁKA AKCYJNA
Quarterly report for the first quarter of 2017
Warszawa, 05.05.2017
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1. Introduction to the financial statements……………………………………………………………. 3 2. Selected financial information…………………………………………………………………………… 5 3. Financial data……………………………………………………………………………………………………. 7 3.1. Balance sheet……………………………………………………………………………………………………….... 7
3.2. Profit and loss account – calculative variant……………………………………………………………. 9
3.3. Statement of changes in equity………………………………………………………………………….…… 10
3.4. Cash flow statement……………………………………………………………………………………………….. 12
4. Supplementary information for the report for Q1 2017, in accordance with the Regulation of the Minister of Finance of 19 February 2009…………………………………
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4.1 Principles of drawing up the quarterly report…………………………………………………………. 14
4.2 Other information…………………………………………………………………………………………………… 16
4.3 Other information which could have a significant impact on the evaluation of the
property and financial condition of the issuer, as well as of their financial results.
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Introduction to the financial statements.
Whenever “ALTUS TFI” or “the Company” are mentioned in this report it means ALTUS Towarzystwo Funduszy Inwestycyjnych S.A. with its registered seat in Warsaw. 1.1 Name (Company) and registered seat, indication of the proper registry court and registry number and principal object of company’s activity according to Polish Classification of Activities, hereinafter “PKD”.
Name: ALTUS Towarzystwo Funduszy Inwestycyjnych S.A.
Registered seat: 00-696 Warszawa, ul. Pankiewicza 3
National Court Register District Court for the Capital City of Warsaw in Warsaw, 12th
Commercial Division of the National Court Register
Registry date 18 October 2007
National Court Register identification number
0000290831
National Business Registry Number (REGON)
141158275
Tax identification number (NIP) 1080003690
PKD 6630Z
Company’s activity: The main activity of the Company according to Polish Classification of Activities (PKD) is: Creating investment funds or foreign funds and management of those funds, including brokerage in
sale and repurchase of investment units, representing them to third parties and management of
collective portfolios of securities.
Duration. The Company was created for an indefinite period of time.
Financial year. According to Company’s statutes the financial year is calendar year.
The report was created for the period of 1st
quarter of 2017, from 1 January 2017 to 31 March 2017.
Members of the Management Board as of the date of publication of this report: Piotr Osiecki – President of the Management Board
Andrzej Zydorowicz – Member of the Management Board
Jakub Ryba – Member of the Management Board
Krzysztof Mazurek – Member of the Management Board
Ryszard Czerwonka - Member of the Management Board
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Andrzej Ladko – Member of the Management Board
Members of the Supervisory Board as of the date of publication of this report: Rafał Mania – President of the Supervisory Board
Michał Kowalczewski – Member of the Management Board
Piotr Maciej Kamiński – Member of the Management Board
Håkan Källåker – Member of the Management Board
Tomasz Bieske – Member of the Management Board Grzegorz Buczkowski – Member of the Management Board
Rules used during creation of quarterly report of the Company.
Quarterly report from the Company’s activity was created on the basis of § 87 of the Ordinance of the
Minister of Finance of 19 February 2009 on current and periodic information published by issuers of
securities and on conditions under which such information may be recognized as being equivalent to
information required by the regulations of law of a non-member state and according to the Act on
Accounting of 29 September 1994 (Journal of Laws “Dz. U.” No 121, Item 591 as amended)
The integral part of the report is the abbreviated financial report together with the additional
information made according to § 87 Section 1 and 4 and additional information taking into account
requirements of § 87 Section 7 of the above mentioned Ordinance.
The presented financial data of the Company for the first quarter of 2017 were prepared according to
the Act on Accounting of 29 September 1994.
In the current fiscal year the Company has not made changes to accounting principles in comparison
to the rules adopted in the financial statements for the previous fiscal year.
The accounting principles adopted during the preparation of the financial statements for the balance
sheet date are consistent with the amended Accounting Act of 29 September 1994, hereinafter
referred to as the "Act", which specifies among others the accounting principles for entities seated in
or managed from the territory of the Republic of Poland.
a) The Company prepares its profit and loss account in the calculative variant.
b) The Company prepares its cash flow statement using the indirect method. c) Tangible assets, tangible assets under construction and intangibles
Tangible assets, tangible assets under construction and intangibles are valued according to
the purchase price or to the manufacturing costs, or to revalued amount (after fixed asset
revaluation), reduced by the depreciation or amortization write-offs and by impairment
allowances.
Depreciation write-offs on tangible assets and intangibles consisting in acquired rights are
performed in accordance with a depreciation plan, comprising the rates and amounts of
annual write-offs.
Determination of the depreciation period and of the annual depreciation rate is performed
taking into account the economic lifetime of fixed assets.
d) Stakes in other entities. The company holds units and investment certificates in the funds under its management.
In case of long-term financial assets, the valuation is recorded in the revaluation capital,
whereas in case of short-term assets, the valuation is recorded in financial results (income
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and costs).
e) Long-term receivables, short-term receivables and claims are recognized in the value of the
amount due (having regard to their reduction by the created impairment write-off).
f) Long-term and short-term liabilities are recognized in the amount due.
g) Provisions - in justified, reliably assessed amount
h) Share capital, with the exception of own stocks (shares) and other assets and liabilities -
according to their nominal value.
i) In the period covered by this financial statement there were no changes to the accounting
rules no corrections of errors from previous years including corrections stemming from
reservations in the opinions of independent auditors.
2 Selected financial information including basic positions of the abbreviated financial statement (including those calculated in EUR)
Selected financial information for the 1st quarter of 2017 and 1st quarter of 2016
Selected financial information
thousand PLN thousand EUR
quarterly cumulative/period
quarterly cumulative/period
quarterly cumulative/period
quarterly cumulative/period
P&L and cash flow statement data
01.01.2017 - 31.03.2017
01.01.2016 - 31.03.2016
01.01.2017 - 31.03.2017
01.01.2016 - 31.03.2016
Balance sheet data
01.01.2017 - 31.03.2017
01.01.2016 - 31.12.2016
01.01.2017 - 31.03.2017
01.01.2016 - 31.12.2016
Net revenue from sales of
finished products,
merchandise
and materials 91 595 71 078 21 356 16 318
Profit (loss) on operating
activities 28 442 18 982 6 631 4 358
Gross profit (loss) 29 851 20 550 6 960 4 718
Net profit (loss) 21 019 16 681 4 901 3 830
Net cash flow from
operating activities 11 477 32 863 2 676 7 545
Net cash flow from
investing activities 1 465 34 993 342 8 033
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Net cash flow from financial
activities -595 -227 -139 -52
Total net cash flows 12 348 67 629 2 879 15 526
Total assets (at the end of
the quarter and the end of
the previous year) 520 769 517 872 123 411 117 060
Liabilities and provisions for
liabilities (at the end of the
quarter and the end of the
previous year) 154 534 172 068 36 621 38 894
Long-term liabilities (at the
end of the quarter and the
end of the previous year) 0 0 0 0
Short-term liabilities (at the
end of the quarter and the
end of the previous year) 138 785 142 108 32 889 32 122
Equity (at the end of the
quarter and the end of the
previous year) 366 235 345 804 86 790 78 166
Share capital (at the end of
the quarter and the end of
the previous year) 5 893 5 833 1 397 1 318
Number of shares (at the
end of the quarter and the
end of the previous year) 58 930 000 58 330 000 58 930 000 58 330 000
Earnings (loss) per ordinary
share (in PLN/EUR) 1,43 1,16 0,33 0,27
Diluted earnings (loss) per
ordinary share (in PLN/EUR) 1,43 1,10 0,33 0,25
Book value per share (in
PLN/EUR) (at the end of the
quarter and the end of the
previous year) 6,21 5,93 1,47 1,34
Diluted book value per
share (in PLN/EUR) (at the
end of the quarter and the
end of the previous year) 6,23 6,13 1,48 1,39
Declared or paid out
dividend per one share (in
PLN /EUR)
The financial information was converted for 31 March 2017 for the resulting data at the average EUR exchange
rate, calculated as the average from exchange rates applicable as of the last day of each month during a given
period and amounting to 4,2891, for balance sheet data the values were converted at the EUR exchange rate as of
31 March 2017, i.e. 4,2198
The financial information was converted for 31 March 2016 for the resulting data at the average EUR exchange
rate, calculated as the average from exchange rates applicable as of the last day of each month during a given
period and amounting to 4,3559, for balance sheet data the values were converted at the EUR exchange rate as of
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31 December 2016, i.e. 4,424.
3. Financial data
Abbreviated financial statement of ALTUS TFI S.A. for the period of 1 January to 31 March 2016 (in thousands of PLN)
3.1 Balance sheet.
ASSETS thousand PLN
01.01.2017-31.03.2017 01.01.2016-31.12.2016 01.01.2016-31.03.2016
FIXED ASSETS 11 893 114 322 12 797
Intangibles including: 5 103 5 499 6 674
Goodwill 5 091 5 483 6 658
Tangible assets 515 522 389
Long-term receivables. 0 0 0
From affiliated entities 0 0 0
From other entities in which the
entity holds interest in capital 0 0 0
From other entities 0 0 0
Long-term investments 3 688 104 370 3 720
Real estate 0 0 0
Intangibles 0 0 0
Long-term financial assets 3 688 104 370 3 720
in affiliated entities including: 20 20 0
Shares or stocks 20 20 0
In other entities in which the entity
holds interest in equity 20 20 0
In other entities 3 668 104 350 3 720
Other long term investments 0 0 0
Long term prepayments 2 587 3 931 2 014
Deferred tax assets. 2 587 3 931 2 014
Other prepayments. 0 0 0
CURRENT ASSETS 296 294 190 968 285 219
Inventories
3 202 32
Short-term receivables.
30 400 37 444 37 419
Receivables from affiliated entities.
0 0 0
Shares or stocks in subordinate
entities valued by equity method 0 0 0
Receivables from other entities.
30 400 37 444 37 419
Short-term investments. 265 516 152 555 247 672
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Short term financial assets 265 516 152 555 247 672
In affiliated entities 0 0 0
In other entities 116 888 16 074 41 384
cash and cash equivalents 148 628 136 481 206 288
Other short-term investments. 0 0 0
Short-term prepayments. 375 768 97
Payments due for share capital 0 0 0
Own shares (stocks) 212 582 212 582 32 462
TOTAL 520 769 517 872 330 479
LIABILITIES
thousand PLN
01.01.2017-31.03.2017 01.01.2016-31.12.2016 01.01.2016-31.03.2016
Equity 366 235 345 804 282 479
Share capital. 5 893 5 833 5 833
Reserve capital 157 652 157 652 159 868
Revaluation reserve 962 962 988
Other reserve capital 102 358 103 007 37 423
Profit (loss) from previous years. 78 351 0 61 685
Net profit (loss). 21 019 78 351 16 681
Net profit write-offs during the
financial year (negative figure). 0 0 0
Liabilities and provisions for liabilities.
154 534 172 068 48 000
Provisions for liabilities. 15 749 20 852 10 877
Provision for deferred tax. 669 629 533
Retirement benefits and similar
provisions. 3 3 3
- long term. 0 3 3
- short term. 3 0 0
Other provisions. 15 077 20 219 10 341
- long term. 6 6 6
- short term. 15 070 20 213 10 335
Long-term liabilities. 0 0 0
Towards affiliated entities. 0 0 0
Towards subordinate entities valued
by equity method 0 0 0
Towards other entities. 0 0 0
Short-term liabilities. 138 785 142 108 37 123
Towards affiliated entities. 0 0 0
Towards subordinate entities valued
by equity method 0 0 0
Towards other entities. 138 785 142 108 37 123
Special funds. 0 0 0
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Accruals. 0 9 108 0
Negative goodwill. 0 0 0
Other accruals 0 9 108 0
- long-term. 0 0 0
- short-term. 0 9 108 0
TOTAL 520 769 517 872 330 479
Book value 366 235 089,83 345 804 278,81 282 478 577,43
Number of shares 58 930 000 58 330 000 58 330 000
Book value per share (PLN) 6,21 5,93 4,84
Diluted number of shares 58 763 333 56 392 623 60 730 000
Diluted book value per share (PLN) 6,23 6,13 4,65
3.2. Profit and loss account – calculative variant
thousand PLN PROFIT AND LOSS ACCOUNT
01.01.2017-31.03.2017 01.01.2016-31.03.2016
Net revenue from sales and equivalent income, including:
91 595 71 078
from affiliated entities 0 0
Net revenues from sales of products 91 595 71 078
Net revenues from sales of goods and
materials 0 0
Cost of products, goods and materials including:
0 0
to affiliated entities 0 0
Cost of products sold 0 0
Value of goods and materials 0 0
Gross profit (loss) on sales 91 595 71 078
Costs of sales 53 243 45 232
General and administrative expenses 4 263 2 160
Profit (loss) on sales 34 090 23 686
Other operating revenues 75 172
Profit on the disposal of non-financial
fixed assets 0 0
Subsidies 0 0
Other operating revenue 75 172
Other operating costs 5 723 4 876
Loss on the disposal of non-financial fixed
assets 0 0
Revaluation of non-financial assets 0 0
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Other operating costs 5 723 4 876
Profit (loss) on operating activity 28 442 18 982
Financial revenue 1 419 1 570
Dividend and profit sharing , including: 0 0
- from affiliated entities 0 0
Interests, including: 1 182 1 005
- from affiliated entities 0 0
Profit on disposal of investments 0 0
Revaluation of investments 236 340
Other 0 225
H. Financial costs 10 3
Interests, including: 7 3
- for affiliated entities 0 0
Loss on disposal of investments 0 0
Revaluation of investments 0 0
Other 3 0
Gross profit (loss) 29 851 20 550
Income tax 8 832 3 868
Other statutory reductions in profit 0 0
Net profit (loss) 21 019 16 681
Net profit (loss) annualized 84 076 324,44 66 725 032,12
Average weighted number of ordinary shares
58 763 333 59 301 659
Profit (loss) on a single ordinary share (PLN)
1,43 1,16
Average weighted diluted number of ordinary shares
58 763 333 60 778 582
Diluted profit (loss) on a single ordinary share (PLN)
1,43 1,10
3.3. Statement of changes in equity
STATEMENT OF CHANGES IN EQUITY
thousand PLN 01.01.2017-31.03.2017 01.01.2016-31.12.2016 01.01.2016-31.03.2016
Opening balance of equity (OB) 345 804 279 440 279 440
-changes of accounting rules (policy) 0 0 0
-adjustments of fundamental errors 0 0 0
Opening balance of equity (OB), after 345 804 279 440 279 440
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adjustments
Opening balance of share capital 5 833 5 991 5 991
Changes in share capital 60 -158 -158
increase (due to) 60 0 0
taking up shares from the contingent capital 0 0 0
issue of shares 60 0 0
reduction (due to) 0 158 158
- redemption of shares 0 158 158
Closing balance of share capital 5 893 5 833 5 833
Opening balance of supplementary capital 157 652 173 258 173 258
Change in supplementary capital 0 -15 606 -13 389
increase (due to) 0 0 0
issue of shares above the nominal value 0 0 0
distribution of profit (statutory) 0 0 0
distribution of profit (over the minimum
required value) 0 0 0
the excess of the fair value of shares on the
acquisition price 0 0 0
reduction (due to) 0 15 606 13 389
Transfer to reserve capital with an aim of
purchase 0 2 217 0
redemption of own shares 0 13 389 13 389
Remuneration for issue of shares on
Warsaw Stock Exchange 0 0 0
use for social purposes
0 0 0
Closing balance of supplementary capital 157 652 157 652 159 869
Opening balance of revaluation capital 962 859 859
Change in revaluation capital 0 103 129
increase (due to) 0 103 129
reduction (due to) 0 0 0
Closing balance of revaluation capital 962 962 696
Opening balance of other reserve capitals 103 007 37 647 37 647
Change in other reserve capitals 648 65 359 -225
increase (due to) 0 67 214 0
distribution of profit - reserve 0 55 517 0
distribution of profit - social objectives 0 6 169 0
payments for E-series shares (non-
authorized capital) 0 3 312 0
division of profit according to the resolution 0 2 216 0
reduction (due to) 648 1 855 225
use of the fund towards social objectives 588 1 855 225
registration of the payments for E-series
shares in the National Court Register -
transfer to share capital
60 0 0
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redemption of own shares
Closing balance of other reserve capitals 102 358 103 007 37 423
Opening balance of profit (loss) from previous years
78 351 61 685 61 685
Opening balance of profit from previous
years 78 351 61 685 61 685
-adjustment of fundamental errors 0 0 0
Opening balance of profit from previous
years, after adjustments 78 351 61 685 61 685
increase (due to) 0 0 0
-distribution of profit from previous years 0 0 0
reduction (due to) 0 61 685 0
- use towards social objectives 0 6 169 0
- purchase of own shares 0 55 517 0
Closing balance of profit from previous years
78 351 0 61 685
Opening balance of loss from previous years 0 0 0
changes of accounting principles (policies) 0 0 0
-adjustment of fundamental errors 0 0 0
Opening balance of loss from previous
years, after adjustments 0 0 0
increase (due to) 0 0 0
- transfer of loss from previous years to be
covered 0 0 0
reduction (due to) 0 0 0
Closing balance of loss from previous years 0 0 0
Closing balance of profit (loss) from previous years
78 351 0 61 685
Net result 21 019 78 351 16 681
a) net profit 21 019 78 351 16 681
b) net loss 0 0 0
c) write-offs from profit 0 0 0
Equity at the end of the period 366 235 345 804 282 479
Equity upon taking into account the suggested distribution of profit (coverage of loss)
366 235 345 804 282 479
3.4. CASH FLOW STATEMENT
thousand PLN
01.01.2017-31.03.2017 01.01.2016-31.03.2016
Net profit (loss) 21 019 16 681
Adjustments-total -9 542 16 182
Depreciation 32 24
Foreign exchange gains (losses) 0 0
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Interests and dividends -1 176 -1 002
Profit (loss) from investing activity -236 -340
Change in provisions -5 103 -1 532
Change in inventory 199 15
Change in receivables 7 044 4 555
Change in short-term liabilities,
excluding credits and loans -3 323 13 777
Change in accruals -7 371 302
Other adjustments 392 384
Net cash flow from operating activities ( I+/-II)
11 477 32 863
Cash flow from investing activity
Inflows 101 842 86 257
Disposal of intangibles and tangible
fixed assets 0 0
Disposal of investments in real estate
and intangibles 0 0
From financial assets, including: 101 842 86 257
in affiliated entities 0 0
in other entities 101 842 86 257
disposal of financial assets 100 245 85 090
dividends and share in gains 0 0
repayment of long-term loans granted 0 0
interests 1 597 1 167
Other financial asset inflows 0 0
Other inflows from investing activity 0 0
Outflows 100 377 51 265
Purchase of intangibles and tangible
fixed assets 22 123
Investments in real estate and
intangibles 0 0
For financial assets, including: 100 355 51 142
in affiliated entities 0 0
in other entities 100 355 51 142
purchase of financial assets 100 355 51 142
long-term loans granted 0 0
Other outflows from investing activity 0 0
Net cash flow on investing activity (I-II)
1 465 34 993
Cash flow on financial operations
Inflows 0 0
Net inflows from the issue of shares
and other capital instructions,
contributions towards shares
0 0
Credits and loans 0 0
Issue of debentures 0 0
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Other financial inflows 0 0
Outflows 595 227
Purchase of own stocks and shares 0 0
Dividends and other payments due to
owners 0 0
Other outflow due to distribution of
profit, other than payments to owners 588 225
Repayment of credits and loans 0 0
Redemption of debentures 0 0
Other financial liabilities 0 0
Payment of liabilities under financial
leasing contracts 0 0
Interest 7 3
Other financial outflows 0 0
Net cash flow on financial operations (I-II)
-595 -227
Total net cash flow (A.III+/-B.III+/-C.III)
12 348 67 629
Change of cash in the balance sheet, including: 12 348 67 629
- change in the balance of cash due to
differences in exchange rate 0 0
Opening balance of cash 136 481 138 659
Closing balance of cash (F+/- D), including:
148 828 206 288
- of limited access 0 0
4. Supplementary information for the report for Q1 2017, in accordance with § 87
sections 3 and 4 of the Regulation of the Minister of Finance of 19 February 2009
4.1 Principles of drawing up the quarterly report
4.1.1 Financial statements for Q1 2015 was drawn up in accordance with the following
provisions:
- Accounting Act of 29 September 1994 (unified text: Journal of Laws of 2013, item 330),
- National Accounting Standard No. 1 “Cash Flow” on the basis of § 2 Section 1 of the
Ordinance of the Minister of Finance of 28 November 2001 on the scope and way of
organization of the Committee of Accounting Standards (Journal of Laws “Dz.U.” No. 140,
Section 1580, as amended)
- Regulation of the Minister of Finance of 19 February 2009 on current and periodical
information to be provided by issuers of securities and the conditions for recognizing
information required by the provisions of law on non-member states as equivalent
(unified text: Journal of Laws of 2014, item 133),
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- -Regulation of the Minister of Finance of 18 October 2005 on the scope of information
reported in financial statements and consolidated financial statements required in issue
prospectuses from issuers that have their registered offices on the territory of the
Republic of Poland and are subject to Polish accounting principles (unified text: Journal
of Laws of 2014, item 300)
4.1.2 During preparation of the financial statement the accounting principles according to the
rules in the Company were applied.
The accounting principles adopted during the preparation of the financial statements for the balance
sheet date are consistent with the amended Accounting Act of 29 September 1994, hereinafter
referred to as the "Act", which specifies among others the accounting principles for entities seated in
or managed from the territory of the Republic of Poland.
a) The company prepares its profit and loss account in the calculative variant.
b) The Company prepares its cash flow statement using the indirect method.
c) Tangible assets, tangible assets under construction and intangibles
Tangible assets, tangible assets under construction and intangibles are valued according to the
purchase price or to the manufacturing costs, or to revalued amount (after fixed asset
revaluation), reduced by the depreciation or amortization write-offs and by impairment
allowances
Depreciation write-offs on tangible assets and intangibles consisting in acquired rights are
performed in accordance with a depreciation plan, comprising the rates and amounts of annual
write-offs.
Determination of the depreciation period and of the annual depreciation rate is performed
taking into account the economic lifetime of a fixed asset.
d) Stakes in other entities.
The company holds units and investment certificates in the funds under its management.
In case of long-term financial assets, the valuation is recorded in the revaluation capital,
whereas in case of short-term assets, the valuation is recorded in financial results (income and
costs).
e) Long-term receivables, short-term receivables and claims are recognized in the value of the
amount due having regard to their reduction by the created impairment write-off.
f) Long-term and short-term liabilities are recognized in the amount due.
g) Provisions - in justified, reliably assessed amount
h) Share capital, with the exception of own stocks (shares) and other assets and liabilities -
according to their nominal value.
4.1.3 Information regarding significant changes in estimated values, including corrections.
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None occurred
4.2 Other information
4.2.1 Concise description of achievements and failures of the issuer during the reporting period,
and a list of major events related to them.
During the period described in the present quarterly report the Issuer did not register any particular
achievements or failures beside the events listed below:
- On 25 January 2017 the Registry Court in Warsaw, XII Commercial Department made an entry to
the register of an increase of the share capital of the Company on the amount of PLN 60 000 as a
result of registration of taking up 600 000 H-series shares of the nominal value of PLN 0,10 each.
- On 13 February 2017 the Company informed about receiving information from the President of the
Office of Competition and Consumer Protection for concentration which aim was to take over control
of Getback Windykacji Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamknięty by
Saturn TFI.
- On 9 March 2017 the Management Board of the Company made a resolution on appointing WBS
Audyt Sp. z o.o. as an entity responsible for audit of financial statements of the Company.
- On 16 March 2017 a change of statutes of Getback Windykacji Niestandaryzowany Fundusz
Inwestycyjny Zamknięty came into force on the basis of which the management company of the fund
is Saturn TFI.
- On 31 March 2017 the Extraordinary General Meeting of Shareholders of the Company was
convened for 28 April 2017. Projects of resolutions are attached to current report 13/2017 of 31
March 2017.
- On 5 April 2017 the Company informed that since 5 April 2017 it commenced negotiations regarding the acquisition of 100% of the shares in BPH Towarzystwo Funduszy Inwestycyjnych S.A. On 5 April 2017 the Company’s subsidiary ALTUS Agent Transferowy Sp. z o.o. signed a conditional
agreement of purchase of 100% of BPH TFI shares.
- On 13 April 2017 the Company informed about taking up shares in the increased share capital of the
subsidiary Company - ALTUS Agent Transferowy Sp. z o.o. in which it holds 100% of shares. The share
capital of the subsidiary company was increased by PLN 20.000 to PLN 3.000.000. The Company took
up 59.600 shares of the overall value of PLN 50 for each share in exchange for PLN 23.000.000.
4.2.2 Descriptions of factors and events, in particular atypical ones, significantly affecting the
financial results achieved
During the 1st
quarter of 2017 on the Warsaw Stock Exchange there has been a significant rise of
stock prices – WIG index went up by 11,9%. Especially small companies performed well – sWIG80
went up by 14,89%. Medium and large companies performed slightly worse, mWIG40 rose by 12,53%
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and WIG20 rose by 11,71%. The growth was fostered by a fact of solving a problem of housing loans
denominated in CHF – there was a statement of the leader of the governing party on not burdening
banks with costs of revaluation. The Polish stock market rose together with global developed
markets (Germany, USA) which positively reacted on Donald Trump’s promises (fiscal loosening, large
infrastructure projects). S&P 500 rose by 5,53% in the first quarter, whereas German DAX went up by
7,25%.
On the sovereign debt market (as a result of increase of prices of raw materials, fears about
economic protectionism in the USA, the results of ”500+” program in Poland, introduction of tax free
amount and increase of minimum wage) in the first quarter of 2017 there was an increase in the
profitability, which resulted in a decrease in bond prices and worsening of performance of typical
debt funds.
4.2.3 Explanations regarding the seasonal or cyclical nature of the issuer's activity during the
presented period
During the period described in quarterly report the Company’s development has been stable,
without any visible sign of seasonality or periodicity in the process of sales of products.
4.2.4 Information regarding revaluation write-downs on the inventory to the achievable net value as
well as the reversal of such write-downs
During Q1 2017, the Company did not perform revaluation write-downs on the inventory or the
reversal of such write-downs.
4.2.5 Information regarding impairment write-downs on financial assets, property, plant and
equipment, intangible assets and other assets as well as the reversal of such write-downs
During Q1 2017, the Company did not perform impairment write-downs on financial assets, property,
plant and equipment, intangible assets and other assets or the reversal of such write-downs.
4.2.6 Information regarding the establishment, increase, use and dissolution of provisions
a) Provisions for retirement benefits and other similar benefits:
Provision name Status as
of
01.01.2017
Use Dissolution Establishm
ent
Status as of
31.03.2016
Provision for
retirement
benefits
3 481,02 0,00 0,00 0,00 3 481,02
Provision for
unused holiday
leave
6 414,92 0,00 0,00 0,00 6 414,92
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Total 9 895,94 0,00 0,00 0,00 9 895,94
b) Other provisions
Provision name
Status as of
01.01.2017
Use Dissolution Establishment Status as of
31.03.2017
Costs of funds 2 720 905,47 430 437,05 0,00 5 562 815,91 7 853 284,33
Costs of funds - marketing 1 456 082,60 0,00 0,00 387 732,09 1 843 814,69
Costs of funds - other 0,00 0,00 0,00 0,00 0,00
Audit 12 300,00 0,00 0,00 0,00 12 300,00
Remuneration 845 708,91 845 708,91 0,00 0,00 0,00
Other costs 6 150,00 0,00 0,00 0,00 6 150,00
Provison for receivables 0,00 0,00 0,00 0,00 0,00
Incentive program 15 171 486,77 15 147 984,00 0,00 5 331 065,63 5 354 568,40
Provision for disputes 0,00 0,00 0,00 0,00 0,00
Total 20 212 633,75 16 424 129,96 0,00 11 281 613,63 15 070,117,42
c) Information regarding provisions and deferred tax assets
Provision name Status as of
01.01.2017
Use Dissolution Establishment Status as of
31.03.2017
Provision for deferred
tax settled through
profit and loss
401 428,00 0,00 39 867,00 0,00 441 295,00
Provision for deferred
tax settled through
capital
227 878,00 0,00 0,00 0,00 227 878,00
Total 629 306,00 0,00 56 965,00 0,00 669 173,00
Deferred tax asset 3 931 040,00 0,00 1 344 636,00 0,00 2 586 404,00
Total 3 931 040,00 0,00 1 344 636,00 0,00 2 586 404,00
4.2.7 Information regarding significant transactions of purchase and sale of property, plant and
equipment.
Not applicable.
4.2.8 Information regarding significant liabilities due to purchase of property, plant and equipment
Not applicable.
4.2.9 Information regarding significant litigation settlements
Not applicable.
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4.2.10 Indication of error adjustments with regard to preceding periods
Not applicable.
4.2.11 Information regarding changes in the economic situation and conditions of conducting
business activity significantly influencing the fair market value of financial assets and financial
liabilities of the entity, whether the assets and liabilities are recognized in the fair market value or
corrected purchase price (amortized cost).
Not applicable.
4.2.12 Information regarding failure to pay off a loan or a breach of significant provisions of a loan or
credit agreement, regarding which no remedial actions had been taken until the end of the reporting
period.
Not applicable.
4.2.13 Information regarding the conclusion by the issuer or their subsidiary one or more
transactions with affiliated entities, if individually or jointly they are significant and were concluded
on conditions other than market conditions, together with the specification of their value, whereas
the information regarding particular transactions may be grouped by type, unless the information
regarding particular transactions is necessary to understand their impact on the property and
financial condition of the issuer, as well as on their financial results, together with the presentation
of:
a) information regarding the entity with whom the transaction was concluded,
b) information regarding the relationship between the issuer or their subsidiary with the other party
to the transaction,
c) information regarding the object of the transaction,
d) relevant conditions of the transaction, including in particular its financial conditions, and
indication of specific terms of the agreement stipulated by the parties, in particular the ones
deviating from the terms commonly used in the given type of agreements,
e) other information regarding the transactions if necessary to understand their impact on the
property and financial condition of the issuer, as well as on their financial results,
f) any changes in the transactions with affiliated entities as specified in the last annual report, which
could have a significant impact on the property and financial condition of the issuer, as well as on
their financial results;
Not applicable.
4.2.14 Information on change of methods of establishing the fair market value of financial
instruments, if applicable.
The method of establishing the fair market value of financial instruments did not change
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4.2.15 Information regarding a change of classification of financial assets as a result of changing the
purpose or use of those assets.
No change of classification of financial assets as a result of changing the purpose or use of those
assets occurred.
4.2.16 Information regarding the issuance, redemption and paying off of non-equity and capital
securities.
Not applicable.
4.2.17 Information regarding the paid (or declared) dividends, jointly and per share, divided into
common stocks and preference shares.
In the 1st
quarter of 2017 no dividends were paid or declared.
4.2.18 Indication of events occurring after the day as of which the abbreviated quarterly report was
drafted not included in this report but likely to have a significant impact on the issuer’s future
financial results
Not applicable.
4.2.19 Information regarding changes in contingent liabilities or contingent assets occurring since the
end of the last accounting year
The Company did not register any changes in contingent liabilities or contingent assets.
4.3. Other information which could have a significant impact on the evaluation of the property and
financial condition of the issuer, as well as of their financial results.
4.3.1 Selected financial data, including the basic items of the abbreviate financial statements (also as
converted to euros), presenting data incrementally for all full quarters of the given and the previous
financial year, and in case of a balance sheet - for the end of the current quarter and the end of the
previous financial year;
The selected financial information is shown in point 2 of the introduction to this quarterly report.
4.3.2 Description of the organisation of the issuer’s capital group, with indication of units subject to
consolidation and if the issuer is a parent company and, under the applicable provisions, is not
obliged to draw up consolidated financial statements – also specification of the cause and the legal
basis for the lack of consolidation;
The Issuer holds 100% of shares and votes in its subsidiary Company - ALTUS Agent Transferowy Sp. z
o.o. The Company according to art. 58 Section 1 of Act on Accounting does not consolidate its
subsidiary entity due to the lack of relevance of financial data of subsidiary company for honest and
clear presentation of financial situation of ALTUS TFI and its financial outcome.
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4.3.3 Specification of the effects of changes in the structure of the economic entity, including
business combination, takeover or sale of entities from the issuer’s group, long-term investments,
division, restructuring and discontinuation of activity;
During the first quarter of 2017 there have been no changes in the organizational structure of the
Issuer.
4.3.4 The position of the Management Board regarding the possibility of achievement of the
previously issued result forecasts for a given year issued previously, against the background of the
results presented in the quarterly report in relation to the forecast results;
The Company did not prepare financial results forecasts.
4.3.5 Indication of the shareholders holding directly or indirectly (through dependent entities) at
least 5% of the total number of votes at the issuer's General Shareholders Meeting as of the day of
providing the quarterly report, along with indication of the number of shares held by those entities,
their percentage share in the share capital, the resulting number of votes and their percentage share
in the total number of votes at the General Meeting, as well as indication of changes in the
ownership structure of the issuer’s significant blocks of shares during the period from the issuance of
the previous quarterly report;
Shareholder Number of
shares
Percentage of
share capital
Number of voted on
the General Meeting
Percentage of
votes on the
General
meeting
Piotr Osiecki through Osiecki Inwestycje
sp. z o.o. 16 453 170 27,92% 23 953 170 36,06%
NN Otwarty Fundusz Emerytalny 4 075 000 6,75% 4 075 000 6,00%
ALTUS TFI S.A. – own shares 13 410 000 22,76% 13 410 000 20,19%
Quercus TFI S.A. 3 295 589 5,71% 3 295 589 5,06%
Others (below 5% of share in the overall
number of votes) 21 696 241 36,86% 21 696 241 32,69%
The data presented above includes notifications received by the Company according to art 69 of the
Public Offering and Conditions for Introducing to Organised Trading of Financial Instruments and
Public Companies Act (Journal of Laws of 2005, No. 184 item 1539
4.3.6 Specification of the ownership of the issuer’s shares or rights to the shares by the individuals
managing and supervising the issuer as of the day of provision of the quarterly report, as well as
indication of changes in the ownership, during the period from the provision the previous quarterly
report, separately for each person;
As of the day of publication of this report, the following members of the Issuer’s authorities held
its shares.
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Shareholder Number of shares Number of votes Percentage of share capital Percentage of votes
Management Board
Piotr Osiecki indirectly 16 453 170 23 953 170 27,92% 36,06%
Andrzej Zydorowicz 2 069 957 2 069 957 3,51% 3,12%
Jakub Ryba 779 509 779 509 1,32% 1,17%
Krzysztof Mazurek 194 720 194 720 0,33% 0,29%
Ryszard Czerwonka 1 733 1 733 0,00% 0,00%
Supervisory Board
Michał Kowalczewski 1 744 635 1 744 635 3,96% 2,63%
4.3.7 Indication of proceedings taking place before the court, a competent arbitration body or a
public administration authority,
During the 1st quarter of 2017 the Issuer was not, and as of the day of drafting of this report the
Issuer is not a party to any proceedings before a court, a competent arbitration body or a public
authority of the overall value of more than 10% of own shares of equity capital of the Issuer.
4.3.8 Information regarding the conclusion by the issuer or their subsidiary one or more transactions
with affiliated entities, if individually or jointly they are significant and were concluded on conditions
other than market conditions, together with the specification of their value, whereas the
information regarding particular transactions may be grouped by type unless the information
regarding particular transactions is necessary to understand their impact on the property and
financial condition of the issuer, as well as on their financial results,
During the period covered by the present quarterly report neither the Company nor its subsidiary
performed this kind of transactions.
4.3.9 Information regarding the issuer or their subsidiary granting surety for a credit or a loan or
giving guarantee – jointly to one entity or to its subsidiary, if the total value of the existing surety or
guarantees amounts to at least 10% of the issuer's own capital.
During the period covered by the present quarterly report, the Issuer did not grant any warranties or
guarantees.
4.3.10 Other information which is important in the issuer’s opinion for the evaluation of their
personnel, property and financial condition, the financial result and changes in those data, as well as
information important for evaluation of the issuer’s capacity to meet its obligations
Beside information shown in the present quarterly report the Issuer does not possess other
information which could be relevant for the assessment of its overall and financial situation or
capability to pay its liabilities.
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4.3.11 Indication of factors which in the issuer’s opinion will influence the results achieved by the
issuer in a period not shorter than the next quarter.
Internal factors with a significant impact on the results of the Issuer’s activity are the investment
results of particular funds, depending on the decisions of the persons managing the funds and
impacting the rate of variable remuneration charged by the Company for the management.
External factors with an impact on the Issuer’s results are related to the situation in international
markets which influences the situation on financial markets, which in turn has an impact on the
investor’s willingness to invest in respective funds and as a result – on the Issuer’s revenue and
results.
