Amica Wronki S.A. Capital Group · PDF file1 Amica Wronki S.A. Capital Group Extended...

1

Amica Wronki S.A. Capital Group

Extended Consolidated Quarterly Financial Statements

A period from 1 January 2011 to 30 September 2011

Interim financial statement complying with the requirements of IAS34 „Interim Financial Reporting”

Wronki, 10 November 2011

2

CONTENTS

SELECTED CONSOLIDATED FINANCIAL DATA OF THE CAPITAL GROUP ........................................................ 3

SELECTED FINANCIAL DATA OF THE ISSUER ................................................................................................... 4

CONSOLIDATED FINANCIAL STATEMENT........................................................................................................ 5

SUPPLEMENTARY INFORMATION ................................................................................................................. 14

CONDENSED FINANCIAL STATEMENTS OF THE ISSUER ........................................................... 48

APPROVAL FOR PUBLICATION ........................................................................................................... 57

3

Selected Consolidated Financial Data of the Capital Group

thousands PLN thousands EUR

SELECTED FINANCIAL DATA 3 quarters of 2011 3 quarters of 2010 3 quarters of 2011 3 quarters of 2010

1 Net revenue from sales of products, goods and material 1 016 742 961 727 251 588 240 270

2 Profit (loss) on operating activities 30 726 22 249 7 603 5 558

3 Profit (loss) before tax 25 065 11 180 6 202 2 793

4 Net profit (loss) allocated to company shareholders 20 457 7 072 5 062 1 767

5 Net profit (loss) allocated to minority shareholders -93 0 -23 0

6 Net cash flows from operating activities 52 187 15 063 12 913 3 763

7 Net cash flows from investment activities -15 195 185 117 -3 760 46 248

8 Net cash flows from financial activities -25 558 -212 471 -6 324 -53 082

9 Total net cash flows 11 434 -12 291 2 829 -3 071

10 Total assets 834 223 749 146 189 115 187 897

11 Liabilities and reserves 538 073 452 613 121 979 113 522

12 Long term liabilities 52 819 36 139 11 974 9 064

13 Current Liabilities 385 402 303 305 87 369 76 073

14 Equity capital allocated to shareholders 296 458 295 810 67 206 74 194

15 Equity capital allocated to minority shareholders -308 2 -70 1

16 Share capital 15 551 15 551 3 525 3 900

17 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273

18 Number of own shares for disposal 0 0 0 0

19 Number of own shares for redemption 0 962 227 0 962 227

20 Profit (loss) per ordinary share 2.62 0.91 0.65 0.23

21 Book value per share (PLN / EUR) 38.13 38.04 8.64 9.54

22 Declared dividend per share (PLN / EUR)

*In order to calculate the book value per share, equity capital was increased by the value of shares presented in equity capital with a negative sign.

Financial data was converted to the EUR according to the following currency exchange rates: 30.09.2011 30.09.2010

Currency exchange rates for the profit and loss account and cash flow statement 4,0413 4,0027

exchange rate for calculating the balance sheet items 4,4112 3,9870

4

Selected financial data of the Issuer

SELECTED FINANCIAL DATA thousands PLN thousands EUR

3 quarters of 2011 3 quarters of 2010 3 quarters of 2011 3 quarters of 2010

1 Net revenue from sales of products, goods and material 806 798 821 886 199 638 205 333

2 Profit (loss) on operating activities 37 915 30 698 9 382 7 669

3 Profit (loss) before tax 34 552 13 457 8 550 3 362

4 Net profit (loss) allocated to company shareholders 28 386 9 021 7 024 2 254

5 Net cash flows from operating activities 30 998 14 038 7 670 3 507

6 Net cash flows from investment activities -11 210 185 875 -2 774 46 437

7 Net cash flows from financial activities -14 917 -212 355 -3 691 -53 053

8 Total net cash flows 4 871 -12 442 1 205 -3 108

9 Total assets 834 428 766 631 189 161 192 283

10 Liabilities and reserves 502 541 441 387 113 924 110 707

11 Long term liabilities 52 819 36 139 11 974 9 064

12 Current Liabilities 380 789 320 316 86 323 80 340

13 Equity capital allocated to shareholders 331 887 324 523 75 237 81 395

14 Equity capital allocated to minority shareholders 0 0 0 0

15 Share capital 15 551 15 551 3 525 3 900

16 Number of shares 7 775 273 7 775 273 7 775 273 7 775 273

17 Number of own shares for disposal 0 0 0 0

18 Number of own shares for redemption 0 962 227 0 962 227

19 Net profit (loss) per ordinary share (PLN) 3.65 1.16 0.90 0.29

20 Book value per share (PLN / EUR) 42.68 41.74 9.68 10.47

21 Declared or paid dividend per share (PLN / EUR) 0 0.00 0 0.00

*In order to calculate the book value per share, equity capital was increased by the value of shares presented in equity capital with a negative sign.

Financial data was converted to the EUR according to the following currency exchange rates: 30.09.2011 30.09.2010 Currency exchange rates for the profit and loss account and cash flow statement 4,0413 4,0027

exchange rate for calculating the balance sheet items 4,4112 3,9870

CONSOLIDATED FINANCIAL STATEMENT

AMICA WRONKI S.A. CAPITAL GROUP

6

CONSOLIDATED BALANCE SHEET thousands PLN

as at 30.09.2011

as at 30.09.2010

as at 31.12.2010

ASSETS

I. Fixed assets 287 126 266 260 268 697

1. Intangible assets, including: 23 929 22 816 23 225

- goodwill 6 403 5 810 5 772

2. Goodwill of subsidiaries 17 985 17 507 17 913

3. Property, plant and equipment 191 984 115 430 175 455

4. Investments 19 039 19 813 19 605

4.1 Investment property 19 039 19 813 19 605

4.2 Others

5. Financial assets 3 152 62 269 11 166

5.1 Financial assets available for sale 0 56 048 0

a) in subsidiaries and affiliates 56 048

b) in other entities

5.2 Long-term loans and receivables 1 712 6 026 6 837

- for subsidiaries and affiliates 691 0 1 037

- for subsidiaries and affiliates 1 021 6 026 5 800

5.3 Other long-term financial assets 1 440 195 4 329

6. Long-term deferred charges and accruals 31 037 28 425 21 333

6.1 Assets from deferred taxes 30 775 28 225 21 085

6.2 Other deferred charges and accruals 262 200 248

II Current Assets 547 097 478 540 507 154

1. Inventory 224 576 161 398 181 643

2. Short-term receivables 262 802 269 175 286 690

2.1 From subsidiaries and affiliates 2 932 14 655 13 381

2.2 From other entities 259 870 254 520 273 309

3. Short-term investments 49 754 37 381 29 674

3.1 Short-term financial assets 49 754 37 381 29 674

a) in subsidiaries and affiliates 1 651 1 724 1 609

b) in other entities 8 618 3 134 1 592

c) cash and other cash assets 39 485 32 523 26 473

3.2 Other short-term investments

4. Short-term deferred charges and accruals 9 965 10 586 9 147

III. Assets classified as items for sale 4 346 4 303

Total assets 834 223 749 146 780 154

7

CONSOLIDATED BALANCE SHEET thousands PLN

as at 30.09.2011

as at 30.09.2010 as at

31.12.2010

LIABILITIES

I. Shareholders' Equity 296 150 295 812 304 762

1. Equity capital allocated to shareholders 296 458 295 810 304 977

1.1 Share capital 15 551 15 551 15 551

1.2 Called up share capital (negative value)

1.3 Own shares (negative value)

1.4 Supplementary capital 309 788 316 850 316 875

1.5 Revaluation reserve capital -15 619 -10 253 -9 178

1.6 Other reserve capital 9 142 9 142 9 142

1.7 Exchange gain (loss) on consolidation -17 246 -18 597 -18 601

a) currency translation gains 11 048 8 403 10 145

b) currency translation losses -28 294 -27 000 -28 746

1.8 Profit (loss) of previous years -25 615 -23 955 -23 955

1.9 Net profit (loss) 20 457 7 072 15 143

1.10 Write-offs on net profit during the financial year (negative value)

2. Minority shareholders -308 2 -215

II Liabilities and reserves 538 073 452 613 473 874

1. Reserves for liabilities 94 455 94 426 60 051

1.1 Reserves for deferred income tax 10 112 9 493 10 067

1.2 Retirement benefits reserves 3 489 3 109 3 195

a) long-term 3 464 3 109 3 162

b) short-term 25 33

1.3 Other reserves 80 854 81 824 46 789

a) long-term 4 733 6 062 6 027

b) short-term 76 121 75 762 40 762

2. Long term liabilities 52 819 36 139 40 045

2.1 To subsidiaries and affiliates

2.2 To other entities 52 819 36 139 40 045

3. Current Liabilities 385 402 303 305 368 666

3.1 To subsidiaries and affiliates 51 6 140 429


4. Accruals and deferred income 5 397 18 743 5 112

4.1 long-term 3 490 3 983 3 838

4.2 short-term 1 907 14 760 1 274

III. Liabilities associated with assets for sale 721 1 518

Total liabilities 834 223 749 146 780 154

Book value 296 458 295 810 304 977

Number of shares 7 775 273 7 775 273 7 775 273

Book value per share (PLN) 38,13 38,04 39,22

Number of shares taking into account own shares 7 775 273 7 775 273 7 775 273

CONSOLIDATED STATEMENT OF TOTAL REVENUE

thousands PLN

3 quarters of 2011 3 quarters of 2010 Year 2010 Third quarter of

2011 Third quarter of

2010

I. Net revenue from sales of products, goods and materials, including: 1 016 742 961 727 1 359 594 402 326 377 961

- from subsidiaries and affiliates 632 381 615 221 99

1. Net revenue from sale of products 617 065 604 482 852 266 266 384 231 832

2. Net revenue from sales of products, goods and materials 399 677 357 245 507 328 135 942 146 129

II. Cost of products, goods and materials sold, including: 764 491 729 592 1 028 747 298 837 283 149

- to subsidiaries and affiliates 0 0 0 0 0

1. Cost of producing goods sold 440 779 442 020 613 986 194 133 163 244

2. Cost of goods and materials sold 323 712 287 572 414 761 104 704 119 905

III. Gross profit (loss) on sales 252 251 232 135 330 847 103 489 94 812

IV. Cost of sales 68 619 64 811 115 654 25 473 22 175

V. General administrative expenses 154 394 139 171 177 835 58 240 48 545

VI. Profit (loss) on sales 29 238 28 153 37 358 19 776 24 092

VII. Other operating revenue 20 839 13 068 22 851 12 950 1 421

1. Revenue from sale of non-financial fixed assets 114 5 046 5 067 110 84

2. Subsidies 86

3. Revaluation of non-financial fixed assets 342 -868

4. Other operating revenue 20 725 7 680 17 698 12 840 2 205

VIII. Other operating costs 19 351 18 972 26 294 12 916 5 964

1. Loss on sale of non-financial fixed assets 106 91 157 62 91

2. Revaluation of non-financial fixed assets 2 539 -2 058

3. Other operating costs 19 245 18 881 23 598 14 912 5 873

IX. Profit (loss) on operating activities 30 726 22 249 33 915 19 810 19 549

X. Financial revenue 18 480 14 244 23 978 5 204 5 329

1. Share dividends, including:

- from subsidiaries and affiliates

2. Interest, including: 1 278 938 1 091 -18 142


3. Profit on sale of investments

4. Gain on revaluation of investments

5. Others 17 202 13 306 22 887 5 222 5 187

9

CONSOLIDATED STATEMENT OF TOTAL REVENUE CONTINUED

thousands PLN



2010

XI. Financial costs 24 141 25 313 35 721 669 11 946

1. Interest, including: 12 107 12 245 16 044 4 747 2 667

- for subsidiaries and affiliates 18 245 317 0 107

2. Loss on sale of investments

3. Gain on revaluation of investments

4. Others 12 034 13 068 19 677 -4 078 9 279

XII. Profit (loss) from sales of all or part of shares in subsidiaries -468

XIII. Profit (loss) before tax 25 065 11 180 21 704 24 345 12 932

XIV. Income tax 4 701 4 108 6 778 3 951 7 293

1. current 13 110 24 317 23 237 8 003 11 519

2. deferred -8 409 -20 209 -16 459 -4 052 -4 226

XIV. Other obligatory decrease of gross profit (increased loss)

XV. Net profit (loss) share of subsidiaries and affiliates consolidated by equity method

XV. Net profit in the financial year 20 364 7 072 14 926 20 394 5 639

including:

allocated to company shareholders 20 457 7 072 15 143 20 554 0

allocated to minority shareholders -93 0 -217 -160 5639

XVI. Total other income -5 051 14 138 15 111 8 581 12 462

1. Cash flow hedging instruments -8 104 19 410 20 713 -8 553 16 491

2. Income tax from hedging instruments 1 663 -3 687 -3 914 1 809 -3 133

3. Resolution of reserves for re-evaluated fixed assets 35 -99 12 0

4. Exchange gain (loss) on consolidation 1 355 -1 585 -1 589 15 313 -896

XVII. Total revenue for the period 15 313 21 210 30 037 28 975 18 101

Net profit (loss) (annual) 20 364 7 072 14 926

Weighted average of number of ordinary shares (number of shares)

7 775 273 7 775 273 7 775 273

Number of shares issued 7 775 273 7 775 273 7 775 273

Number of own shares 0

Profit (loss) per ordinary share (PLN) 2.62 0.91 1.92

10

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Stated capital

Supplementary capital

Non-distributed

result

Assets /own shares/

available for sale

Net cash flow hedging

instruments

Reserve from revaluation

Other reserve capital

Exchange gain (loss)

on consolidati

on

Minority shareholders capital

Total equity capital

Balance as at 01.01.2010 17 475 331 192 -12 442 -25 059 -28 131 2 155 8 431 -17 012 2 276 611

Adjustment of fundamental errors -1 299 -1 299

Balance at 01.01.2010 after adjustment of fundamental error 17 475 331 192 -13 741 -25 059 -28 131 2 155 8 431 -17 012 2 275 312

Changes in equity capital for the third quarter of 2010

-1 924 -14 342 -3 142 25 059 15 723 711 -1 585 20 500

Share redemption -1 924 -23 135 30 406 5 347

Buy-back to redeem own shares -5 347 -5 347

Re-booking of financial result to equity capital

8 719 -9 430 711 0

Total income for three quarters of 2010 7 072 15 723 -1 585 21 210

Re-booking of financial result to Company Social Provision Fund

400 -400 0

Settlement of subsidiary entering the group -232 -232

Dividends -101 -101

Other changes -326 -51 -377

Balance as at 30.09.2010 15 551 316 850 -16 883 0 -12 408 2 155 9 142 -18 597 2 295 812

Balance as at 01.01.2010 17 475 331 192 -12 442 -25 059 -28 131 2 155 8 431 -17 012 2 276 611


Balance at 01.01.2010 after adjustment of fundamental error 17 475 331 192 -13 741 -25 059 -28 131 2 155 8 431 -17 012 2 275 312

Changes in equity capital in the four quarters of 2010, including -1 924 -14 317 4 929 25 059 16 798 0 711 -1 589 -217 29 450


Share redemption -1 924 -23 135 30 406 5 347

Re-booking of financial result to equity capital 8 719 -9 430 711 0

Re-booking of financial result to Company Social Provision Fund -400 -400

Total revenue for four quarters of 2010 -98 15 143 16 798 -1 589 -217 30 037

Settlement of subsidiary entering the group -232 -232

Dividends -101 -101

Other changes 197 -51 146

Balance as at 31.12.2010 15 551 316 875 -8 812 0 -11 333 2 155 9 142 -18 601 -215 304 762

11

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONTINUED

Stated capital

Supplementary capital

Non-distributed

result

Assets /own shares/

available for sale

Net cash flow hedging

instruments


Other reserve capital

Exchange gain (loss)

on consolidati

on

Minority shareholders capital


Balance as at 01.01.2011 15 551 316 875 -8 812 0 -11 333 2 155 9 142 -18 601 -215 304 762

Adjustment of fundamental errors 0

Balance at 01.01.2011 after adjustment of fundamental error 15 551 316 875 -8 812 0 -11 333 2 155 9 142 -18 601 -215 304 762

Changes in equity capital in the 3rd quarter of 2011, including 0 -7 087 3 654 0 -6 441 0 0 1 355 -93 -8 612

Buy-back to redeem own shares 0

Share redemption 0

Re-booking of financial result to equity capital -1 167 1 167 0

Re-booking of financial result to Company Social Provision Fund 0

Total income for three quarters of 2011 35 20 457 -6 441 1 355 -93 15 313

Settlement of subsidiary entering the group 0

Dividends -5 934 -17 392 -23 326

Other changes -21 -578 -599

Transactions with a minority shareholders 0

Balance as at 30.09.2011 15 551 309 788 -5 158 0 -17 774 2 155 9 142 -17 246 -308 296 150

CONSOLIDATED CASH FLOW ACCOUNT

thousands PLN

A period from 01.01.2011 to

30.09.2011


30.09.2010

Period from 01.01.2010 to

31.12.2010

A. Cash flows from operating activities

I. Net profit 20 364 7 072 14 926

Income tax 4 701 4 108 6 778

II. Profit before tax 25 065 11 180 21 704

III. Total adjustments 27 122 3 883 -27 467

1 Minority profit (loss) 0 0 0

2 Depreciation 15 393 18 744 23 819

3 Currency translation gains (losses) 3 179 2 272 4 060

4 Interest and profit sharing (dividend) 12 171 11 851 14 936

5 Profit (loss) on investment activities -264 -2 235 -5 169

6 Change in provisions 34 359 49 508 14 559

7 Change in inventory -42 655 8 794 -10 853

8 Change in receivables 14 890 -15 417 -43 902

9 Change in short-term liabilities excluding credits and loans -2 788 -64 181 -15 371

10 Cash flows related to hedging -11 952 -13 449 -14 602

11 Change in prepayments and accruals 165 -430 -381

12 Other adjustments 8 241 11 502 13 644

13 Income tax paid -3 617 -3 076 -8 207

III.

Net cash flows from operating activities (I+/-II) - indirect method 52 187 15 063 -5 763

B. Cash flows from investment activities

I. Inflows 12 430 200 413 214 616

1. Disposal of intangible and property, plant and equipment

405 195 743 205 279

2. Disposal of investments in real property and in intangible assets

3. From financial assets, including: 95 486 582

a) in subsidiaries and affiliates 0 0

- sale of financial assets

- dividend and profit sharing

- repayment of long-term loans

- interest

- other inflows from financial assets

b) in other entities 95 486 582




- interest 95 486 582


4. Other inflows from investment activities 11 930 4 184 8 755

CONSOLIDATED CASH FLOW ACCOUNT CONTINUED

thousands PLN


30.09.2011


30.09.2010


31.12.2010


II. Outflows -27 625 -15 296 -23 437

1. Acquisition of intangible and property, plant and equipment -21 535 -15 076 -17 801

2. Investments in real property and in intangible assets

3. For financial assets, including: 0 0

a) in subsidiaries and affiliates 0 0 0

- acquisition of financial assets 0 0 0

- granted long-term loans 0

b) in other entities 0 0

- acquisition of financial assets 0

- granted long-term loans

4. Dividends and other profit sharing paid out to minority shareholders

5. Other outflows from investment activities -6 090 -220 -5 636

III. Net cash flows from investment activities (I-II) -15 195 185 117 191 179

C. Cash flows from financial activities

I. Inflows 223 243 90 240 130 476

1.

Net inflows from issuance of shares and other capital instruments and from capital contributions

2. Credits and loans 53 640 1 550 20 074

3. Issuance of debt securities 169 603 88 690 110 402

4. Other inflows from financial activities 0 0

II. Outflows -248 801 -278 965 -333 970

1. Acquisition of own shares 0 0

2. Dividends and other payments to shareholders -23 222 0 -101

3. Profit distribution liabilities other than profit distribution payments to shareholders

4. Repayment of credits and loans -10 527 -158 373 -157 811

5. Redemption of debt securities -138 862 -128 581 -154 446

6. From other financial liabilities -45 482

7. Payment of liabilities arising from financial leases -4 477 -3 884 -5 789

8. Interest -12 017 11 873 -15 823

9. Other outflows from financial activities -14 214

III. Net cash flows from financial activities (I-II) -25 558 -212 471 -203 494

D. Total net cash flows (A.III+/-B.III+/-C.III) 11 434 -12 291 -18 078

E. Balance sheet change in cash, including: 13 012 -12 113 -18 163

change in cash due to currency translation differences -454 16 59

change in cash due to consolidation -1 123 -194 26

F. Opening balance of cash 25 939 44 018 44 018

G. Closing balance of cash, including 37 373 31 726 25 939

- of limited disposability 7 249 6 519 6 686

SUPPLEMENTARY INFORMATION

TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AMICA WRONKI S.A CAPITAL GROUP

General information

IAS1.126 Amica Wronki S.A. is a joint stock company registered in Poland by the District Court in Poznao – Nowe Miasto and Wilda in Poznao, 8th Commercial Division of The National Court Register on 7 June 2001 (National Court Register number KRS 17514). The Parent Company's registered office is at 52 Mickiewicza Street in Wronki. The company's core activities according to Polish business classification PKD 2007 (2751) are:

Manufacture of electrical and gas heating appliances, electrical refrigerators and washing machines,

Import of materials and export of ready products,

Wholesale and retail sales,

Sales of maintenance and repair services and heating media.

Composition of the Parent Company's Management Board as at 30.09.2011 was as follows:

Mr Jacek Rutkowski - President of the Management Board Mr Wojciech Antkowiak - Vice President of the Management Board responsible for

Trade and Marketing Mr Wojciech Kocikowski - Vice President of the Management Board responsible for

Purchasing Mr Marcin Bilik - Vice President of the Management Board responsible for

Operational Affairs Mr Tomasz Dudek - Vice President of the Management Board responsible for

Purchasing and Logistics In the period covered by the financial statements or after the day of balance statement there were no changes in the composition of the Management Board of the Parent Company.

Composition of the Parent Company's Supervisory Board as at balance day 30.09.2011: Mr Tomasz Rynarzewski - Chairman of the Supervisory Board Mr Piotr Sawala - Member of the Supervisory Board Mr Wojciech Kochanek - Member of the Supervisory Board Ms Bogna Sikorska - Independent Member of the Supervisory Board Mr Grzegorz Golec - Independent Member of the Supervisory Board

In the period covered by the financial statements or after the day of balance statement there were no changes in the composition of the Supervisory Board of the Parent Company.

16

Amica Wronki S.A. is the parent company of the following companies: Amica International GmbH, Gram A/S, Sidegrove Ltd, Amica Commerce sro, Hansa Rosja ooo, Amica Far East Ltd, Inteco Business Solution Sp. z o.o, Hotel Olympic Sp. z o.o, Amica Marketing Sp. z o.o, AGD Media Sp. z o.o, , Nova Panorama Sp. z o.o., Nowe Centrum Sp. z o.o, which together form the Amica Capital Group. The parent company of Amica Capital Group is Holding Wronki S.A. Over 96.9% of the shares of Holding Wronki S.A. are owned by Invesco Sp. z o.o.

Description of major adopted accounting principles.

1. The basis for drawing up the consolidated financial statement

Ordinance of the Minister of Finance of 19 February 2009 regarding current and periodic information to be submitted by issuers of securities and the conditions for recognition as equivalent of the information whose disclosure is required under the laws of a non-member state (henceforth the "ordinance") This financial statement has been drawn up with the assumption of business continuity according to International Financial Reporting Standards (IFRS). The present report is presented based on § 83 pt. 4 of the directive, in its shortened form according to the requirements of IAS 34 „Interim financial reporting”.

Report currency. Respective values of the financial statement are presented in thousands of Polish Zlotys (PLN).

2. The differences between previously published financial data (separate and consolidated) and data presented in these financial statements for the same period.

changes in presentation of the separate and consolidated cash flow statement.

Group changed the presentation of cash flows related to the transactions involving hedging derivatives. Proceeds and expenditure related to the implementation of financial instruments within the Hedging Policy were presented in the operational part of the separate and consolidated cash flow statement and in the reports referred to they were also excluded from investing activities. Group has also changed the presentation of revenue and financial costs from ineffective financial instruments. Before the presentation change, the group corrected these items through the "other adjustments" item. After the change, the adjusted items will be presented under the item entitled "Currency translation gains (losses)." Table summarizes the presentation adjustments for the selected comparable periods.

17

Changes in the separate financial statements for the three quarters of 2010

Cash flow statement item Original data Difference Adjusted data

Operating activities

Currency translation gains (losses) 22 3 435 3 457

Cash flows from the settlement of hedging instruments -13 449 -13 449

Other adjustments 14 745 -3 435 11 310

Investing activities

Other inflows from investment activities 4 596 -412 4 184

Other outflows from investment activities -14 081 13 861 -220

Changes in the separate financial statement for 2010







Other inflows from investment activities 10 455 -1 700 8 755

Other outflows from investment activities -22 123 16 302 -5 821

Changes in the consolidated financial statements for the three quarters of 2010



Currency translation gains (losses) -1 163 3 435 2 272




Other inflows from investment activities 4 596 -412 4 184

Other outflows from investment activities -14 081 13 861 -220

Changes in the consolidated financial statement for 2010




Cash flows from the settlement of hedging instruments 0 -14 602 -14 602



Other inflows from investment activities 10 455 -1 700 8 755

Other outflows from investment activities -21 938 16 302 -5 636

18

changes in presentation of cost allocation to general and administrative expenses in the 3rd quarter of 2010

Group changed the presentation involving the transfer of several expense titles presented as cost of sales to general administrative expenses.

The following table summarizes adjustments to presentation Changes in the consolidated financial statement for the 3rd quarter and three quarters of 2010

Item of statement of comprehensive income for three quarters 2010 Original data Difference Adjusted data

Cost of sales 83 765 - 18 954 64 811

General administrative expenses 120 217 18 954 139 171

Item of statement of comprehensive income for 3rd quarter 2010 Original data Difference Adjusted data

Cost of sales 28 754 - 6 579 22 175

General administrative expenses 41 966 6 579 48 545

changes in the presentation of advances for fixed assets and the cost of services and materials In the current financial year the Group made changes to the presentation of advances for fixed assets and other purchases. In the previous financial year these items were recognised respectively in the fixed assets and inventory groups and in the current financial year expenditures were transferred to receivables group. The following table summarizes the presentation adjustments relating to previous reporting periods Changes in the separate financial statement for the three quarters of 2010

Balance sheet item Original data Difference Adjusted data

Fixed assets 114 594 -1 127 113 467

Inventory 123 617 -994 122 623

receivables 291 870 2 121 293 991

Changes in the separate financial statements for 2010


Fixed assets 117 911 -254 117 657

Inventory 133 336 -720 132 616

receivables 300 183 974 301 157

Changes in the consolidated financial statement for the three quarters of 2010


Fixed assets 116 557 -1 127 115 430

Inventory 162 552 - 1 154 161 398

receivables 266 894 2 281 269 175

19

Changes in the consolidated financial statement for 2010


Fixed assets 175 709 -254 175 455

Inventory 182 645 -1 002 181 643

receivables 285 434 1 256 286 690

3. Accounting principles

In the interim financial report for the third quarter of 2011, the same accounting and calculation principles (policy) were applied as in the last annual financial report.

Explanatory data required by IAS34

IAS 21. Balance valuation of items expressed in foreign currency To convert cash items expressed in foreign currencies at the balance date, average currency exchange rates published by the National Bank of Poland are used. In the event that the currency sale and currency purchase rates of a leading bank (CitiBank Handlowy) was used as the closing exchange rate, the financial result would be reduced by 310,000 PLN.

IAS 34.16(b) seasonality or cyclicality of interim operations

The Group's operations are not seasonal or cyclical. Revenue on the domestic market is subject to slight fluctuation during the calendar year. Past analyses indicate that the highest level of sales of domestic appliances is observed during the 3rd quarter of each calendar year. The lowest demand for domestic appliances is observed in the period from April to June.

IAS34.16(c) The nature and amount of items affecting assets, liabilities, equity, net income, or cash flows that are unusual because of their nature, size, or incidence

Listed below are items affecting assets, liabilities, equity, net income, or cash flows which occurred during the reporting period:

In March 2011, the Company Ares Sp. z o.o. has entered the final phase of its capital redemption. Redemption occurred from pure profit for the year 2010 (10,305,000 PLN) and by reducing the share capital of 15,570,000 PLN to 5,000 PLN.

In March 2011 the parent company had sold 100% stake in its subsidiary Ares Sp.z. o.o. Sale price of assets was set at 5,000 PLN.

20

In April 2011 Amica Wronki S.A. purchased 100% shares in a limited liability company, which was named Amica Marketing Sp. z o.o. This company will eventually manage trademarks and marketing activities. The shares were purchased for the price of 76,500 PLN.

In July 2011, the Company a dividend of PLN 3 per share. Details of the transaction are presented on page 23.

In accordance with its Hedging Policy the Group entered in prior periods into forward contracts, which hedge:

o future revenues from export sales in EUR, whose negative fair value at 30.09.2011 amounted to 28,556,400 PLN. The negative value from valuation of forward contracts was re-booked to revaluation reserve capital, as a result of which, after recognition of assets for deferred tax, revaluation capital from financial instruments was 23,130,700 PLN on the

balance date (during the reporting period the increase of the negative value of capital from

forward contracts hedging transactions was 19,634,500 PLN).

o future revenues from export sales in GBP, whose negative fair value at 30.09.2011 amounted to 2,806,300 PLN. The negative value from valuation of forward contracts was re-booked to revaluation reserve capital, as a result of which, after recognition of assets for deferred tax, revaluation capital from financial instruments was 2,273,100 PLN on the balance date (during the reporting period the increase of the negative value of capital from forward contracts hedging transactions was 3,264,800 PLN).

o future purchases of goods and materials in U.S. dollars, whose positive fair value as at 30.09.2011, allocated to the revaluation capital amounted to 9,488,700 PLN. Positive valuation of forward contracts after deferred tax adjustments increased the revaluation reserve capital by the value of 7,825,100 PLN (in the reporting period, changes in the capital from the transacted hedging forward contracts amounted to 10,457,700 PLN).

o future purchases of goods and materials in EUR, whose positive fair value as at 30.09.2011, allocated to the revaluation capital amounted to27,000 PLN (in the reporting period, decrease in the positive capital from the transacted hedging forward contracts amounted to by2,113,000 PLN).

In line with the company's hedging policy, the Group also entered into interest rate swaps (IRS)

o An IRS transaction hedging against credit interest rate risk, whose negative fair value on 30.09.2011 stood at 274,600 PLN. The fair value of the IRS, reduced by assets for deferred income tax was recognised in revaluation reserve capital (222,400 PLN).

o A CIRS (EUR/CHF/PLN) transaction hedging part of the assets with long-term repayment dates expressed in EUR against credit interest rate risk and currency translation risk, whose negative fair value on 30.09.2011 stood at 8,783,700 PLN. This transaction, due to the repayment of the hedged loan, was recognised in the books as a commercial transaction. The Company intends to settle this contract under the most favourable conditions. Increasing negative fair value and the CIRS payments in the reporting period resulted in a reduction of the Company's result by 3,087,000 PLN.

21

On 30.09.2011 the subsidiary Hansa ooo held forward contracts to hedge cash flows related to purchases of goods in EUR. Since November 2010, the Company has implemented Hedging Policy, and meets the other requirements for the application Hedging Policy. As at the balance sheet date, the fair value of all cash flow hedges relating to future transactions was disclosed in the income statement

In the three quarters of 2011, a subsidiary Amica International concluded forward contracts to hedge cash flows related to purchases of goods in U.S. dollars. Since January 2011, the Company has implemented Hedging Policy, and meets the other requirements for the application Hedging Policy. Therefore, the fair value of cash flow hedges relating to future transactions was recognised in the revaluation reserve capital and reached on 30.09.2011 an amount of 166,300 EUR.

In the three quarters of 2011, a subsidiary Amica Commerce concluded forward contracts to hedge cash flows related to purchases in EUR. Since January 2011, the Company has implemented Hedging Policy, and meets the other requirements for the application Hedging Policy. As at 30.09.2011, the positive fair value of cash flow hedges relating to future transactions was recognised in the revaluation reserve capital and reached 252,900 CZK.

On the balance day of 30.09.2011 the Group had opened: AMICA WRONKI S.A.:

forward contracts to the total nominal value of 62.5m EUR, hedging expected foreign currency cash flows arising from export revenues calculated as a surplus of revenue over the costs expressed in EUR (net currency position of the profit and loss account), to implement in the following years:

to be settled by 30.09.2012 - 39.5m EUR to be settled after 30.09.2012 - 23m EUR;

A forward contract of the total nominal value of 9m GBP hedging expected cash flows in GBP relating to export revenue:

to be settled by 30.09.2012 - 6.0m GBP to be settled after 30.09.2012 - 3m GBP;

A forward contract to the total nominal value of 25.0m USD hedging expected cash flows in USD relating to import purchases:

to be settled by 30.09.2012 - 22.0m USD to be settled after 30.09.2012 - 3m USD;

an interest rate swap (IRS) transaction hedging credit interest rate risk with termination date of the 11.03.2013. The balance of this credit on balance day stood at 20,033,000 PLN.

CIRS transaction of a commercial nature of the settlement date of 11.03.2013

22

As at the balance sheet date, Amica Wronki S.A. held receivables and liabilities arising from closed trade transactions in GBP. In connection with deferral of payment deadlines for the closed forward contracts, the Company revealed the revenue in the amount of 120 900 PLN and liabilities of 31 100 PLN.

HANSA O.O.O.:

forward contracts to the total nominal value of 16.5m EUR hedging expected cash flows relating to

purchases in that currency. Among the transacted contracts as at the balance sheet date, the instruments of the nominal value of 7m EUR were classified as non-complying with the hedging policy.

Amica International:

forward contracts to the total nominal value of 4.6m USD hedging expected cash flows relating to import purchases.

Amica Commerce:

forward contracts to the total nominal value of 4.3m EUR hedging expected cash flows relating to purchases in that currency.

IAS34.16(d) Changes to estimates presented in previous reporting periods

Determining the balance of some of the Group's assets and liabilities requires an assessment of how uncertain events will affect these items on the balance date. Group estimates, which could significantly affect the balance of assets and liabilities refer primarily to calculation of permanent impairment loss, the economic cycle of a given fixed asset and the reserve. In this reporting period there have been no changes to estimates concerning the economic cycle of the Group's fixed assets In the period of three quarters of 2011 when compared with the situation at the end of 2010 estimated reserves have changed as follows:

Short-term reserves Long-term reserves

30.09.2011 31.12.2010 30.09.2011 31.12.2010

Reserves for bonuses 37 909 8 024

Reserves for warranty repairs 14 490 17 566 4 733 6 027

Reserves for salaries and holiday leave 4 804 8 190

Reserves for retirement bonuses 25 33 3 464 3 162

Other reserves 18 918 6 982

Total other reserves 76 146 40 795 8 197 9 189

IAS34.16(e) issuances, repurchases, and repayments of debt and equity securities

During the reporting period the Group issued short term bonds on the domestic market, while at the same time repurchasing previously issued bonds. These operations in the reporting period increased the Group's debt by 30,575,000 PLN when compared to the end of 2010. On the balance date Amica's liabilities associated with the issuance of bonds amounted to 56,414,000 PLN.

23

IAS34.16(f ) dividends paid (aggregate or per share) separately for ordinary shares and other shares

During the reporting period Inteco Business Solutions paid a dividend to minority shareholders in the net amount of 156,000 PLN. In accordance with Resolution No. 17/2011 of General Shareholders' Meeting of Amica Wronki SA dated 30 May 2011 the Company calculated the gross dividend for shareholders of 3 PLN per share. The value of the dividend payable at the date 15 June 2011 amounted to 23,325,819.00 PLN. Pursuant to the resolution, the dividend was paid on 4 July 2011. Net profit for the year 2010 in the amount of 17,391,620.09 PLN and the supplementary capital created from profit of previous years amounting to 5,934,198.91 PLN was allocated to pay out the dividend.

IAS14.16(g) revenue and results attributable to individual Group's business segments

Amica Wronki S.A. Capital Group is a manufacturer and distributor of household appliances and its production activities are held in a single location in the country. The company produces heating equipment which includes range cookers, gas and electric hobs, gas-electric free-standing as well as built-in cookers. Commercial activities include trade in refrigeration appliances, washing machines and small household appliances. For the purposes of segmentation, main product groups offered by the Group have been created i.e., Cookers, Refrigerators, Washing Machines, Other Goods, Materials and Services and other items. Furthermore the Group trades in materials and sells heat energy produced internally in its own boiler house. The geographical segment which supplements the information concerning the Group's business activities presents revenue by location of the company's clients. Presented below are data from the regions where the Group achieves the highest turnover. Revenue and costs, which can be directly attributed to business segments are sourced directly from properly allocated documents. The Group separately records balance values which are associated with separate business segments. In the period covered by the financial statement, all sales revenue was allocated to operating segments. Other revenue and operating costs not allocated to operating segments mainly include general administrative expenses, such as salaries and marketing. The Group's assets which cannot be directly allocated to the business of a given operating segment are not allocated to the assets of operating segments. These are receivables, short-term investments (including cash). In the table presenting revenue and results of the different segments, the assignment of products to segments has changed in comparison with the assignment used in the third quarter of 2011.

24

In the third quarter of 2011, in the "Refrigerators" segment, the Group only recognized its own products, while the refrigerators purchased for resale were included in the "Goods" segment. In the period covered by this financial statement (including comparatives) the entire range of refrigerators has been included in the "Refrigerators" segment. The same change applies to the "washing machine" segment.

The table below presents revenue and results attributable to individual segments of activity for three quarters of 2011 (figures presented in thousands of PLN).

COOKERS FRIDGES WASHING MACHINES GOODS MAT/SER Other Total

for the period 01.01 to 30.09.2011

Revenue from external clients 574 175 128 347 62 691 182 616 68 912 0 1 016 742

Revenue from inter-segmental sales

Total revenue 574 175 128 347 62 691 182 616 68 912 0 1 016 742

Operating sector result 161 549 11 334 1 105 36 243 6 681 216 913

Other information:

Depreciation 6 539 8 854 15 393

Impairment loss of non-financial fixed assets

Operating sector's assets 192 050 30 221 8 176 51 646 552 130 834 223

Expenditure on operating sector's fixed assets 7 180 20 702 27 882


Revenue from external clients 482 672 164 165 81 818 156 055 77 017 0 961 727


Total revenue 482 672 164 165 81 818 156 055 77 017 0 961 727

Operating sector result 141 502 14 891 -1 897 24 419 9 612 188 528

Other information:

Depreciation 5 950 2 825 2 598 0 0 7 371 18 744


Operating sector's assets 144 827 35 895 15 157 30 275 522 992 749 146

Expenditure on operating sector's fixed assets 11 504 1 990 632 0 0 5 214 19 340

for the period from 01.01 to 31.12.2010

Revenue from external clients 724 071 194 812 112 107 253 795 74 809 0 1 359 594


Total revenue 724 071 194 812 112 107 253 795 74 809 0 1 359 594

Operating sector result 190 861 18 477 -6 965 46 179 8 764 0 257 316

Other information:

Depreciation 8 020 2 825 2 598 0 0 10 376 23 819


Operating sector's assets 158 556 26 409 11 118 28 858 0 555 213 780 154

Expenditure on operating sector's fixed assets 16 491 368 144 0 0 11 508 28 511

Business segment - other information Adjustments of revenue, profit or loss, assets and liabilities (thousands of PLN) The Group's revenue from external clients and fixed assets (property, plant and equipment, intangible

assets and goodwill) are presented divided geographically into areas which the Group differentiates

according to the location of the external clients.

The comparison of the combined value of the revenue, result and assets of the operating sectors with

analogous items from the Group's consolidated financial statement is as follows:

from 01.01 to

30.09.2011 from 01.01 to

30.09.2010

from 01.01 to

31.12.2010

Revenue by sector

Total revenue from operating segments 1 016 742 961 727 1 359 594

Revenue not allocated to segments

Exclusion of revenue from inter-segmental transactions

Revenue from sales 1 016 742 961 727 1 359 594

Sector results

Sectors' operating result 216 913 188 528 257 316

Other revenue not allocated to segments 20 839 13 068 22 851

Other costs not allocated to segments (-) -207 025 -179 347 -246 252

Exclusion of result from inter-segmental transactions

Profit (loss) on operating activities 30 726 22 249 33 915

Financial revenue 18 480 14 244 23 978

Financial costs (-) -24 141 -25 313 -35 721

Share in financial result of companies evaluated

-468 by the equity method (+/-)

Profit (loss) before tax 25 065 11 180 21 704

30.09.2011 30.09.2010 31.12.2010

Sector assets

Total assets from operating segments 282 093 226 154 224 941

Assets not allocated to segments 552 130 522 992 555 213

Exclusion of inter-segmental transactions

Total assets 834 223 749 146 780 154

27

In the periods covered by the financial statement, all sales revenue was allocated to operating segments.

Other revenue and operating costs not allocated to operating segments mainly include general

administrative expenses, such as salaries and marketing.

The Group's assets which cannot be directed allocated to the business of a given operating segment are

not allocated to the assets of operating segments. These include: receivables, short-term investments

(cash).

Sales revenue by geographic area thousands PLN Country Q 1-3 2011 Q 1-3 2010 2010

1 Poland 403 648 431 630 608 723

2 Germany 206 339 195 774 269 902

3 Russian Federation 186 541 123 866 213 565

4 Scandinavia 102 839 108 851 120 543

5 Czech Republic and Slovakia 31 713 28 912 40 820

6 United Kingdom 23 217 26 729 36 241

7 Other countries 62 444 45 964 69 800

TOTAL 1 016 742 961 727 1 359 594

* Revenues include all activities of the Group, i.e. the products (household appliances), services, materials from all Group companies.

The Group sells its products to individual clients both on the domestic market and European markets. In Germany its products are distributed through a subsidiary Amica International, which is fully controlled by Amica Wronki S.A. In Northern Europe sales are conducted partly through Gram, a subsidiary of Amica Wronki S.A. A similar sales model is used in the Czech Republic and Slovakia where sales are conducted through the subsidiary Amica Commerce. Sales on Russian markets is conducted primarily by a subsidiary Hansa. Information concerning main clients. Due to the need for commercial confidentiality, Group does not disclose data on key customers. IAS34.16(h) material events subsequent to the end of the interim period that have not been reflected in the financial statements for the interim period.

On 27th October 2011, the Management Board of Amica Wronki adopted a resolution on granting the consent to trigger off a procedure aimed at a cross-border merger with Sidegrove Holdings Ltd. (acquired company) and Amica Wronki S.A. (acquiring company). The purpose of the merger is to increase (in line with the adopted strategy) the Group's performance by reorganization of its internal structure, in particular by eliminating non-operating and redundant entities generating unjustified expenses.

28

On 8th November 2011, the Extraordinary General Meeting of Amica Wronki expressed their consent to coverage of the shares taken up in a subsidiary mica Marketing Sp. z o.o. with a non-cash contribution in the form of an organized part of the enterprise. On the same day, the Extraordinary General Meeting of Amica Marketing Sp. z o.o. adopted a resolution on the increase of Amica Marketing;s share capital and subscription of new shares by Amica Wronki S.A. by way of a non-cash contribution in the form of an organized part of the enterprise. The adopted resolutions are one of the last stages of the project to establish the Brand Management Centre by way of transfer of an organized marketing section and the Amica brand to a separate entity, fully controlled by Amica Capital Group.

IAS34.16(j) changes in contingent liabilities or contingent assets, which occurred in the period of three quarters of 2011

30.09.2011 31.12.2010

To subsidiaries

Surety on payment of liabilities

The contract of surety for Deutsche Bank S.A. for an amount of 500,000

EUR

Corporate contract of surety for HSBC for the amount of 4,000,000

USD

Corporate contract of surety for HSBC for the amount of 500,000

EUR

Corporate contract of surety for Deutsche Bank for the amount of

300,000 EUR

Corporate contract of surety for Deutsche Bank for the amount of

3,000,000 EUR

bank credit nr 93/2008 from 05.06.2008 for

140,000.00 GBP, hedged by an amount of 140,000

GBP.

Guarantees granted Guarantees granted on

construction service contracts

Disputed and judicial matters Disputed and judicial matters

involving the Tax Office

Other contingent liabilities

IAS16.73(e) Changes in fixed assets

Land Buildings and

structures Machines and equipment

Means of transport

Other tangible assets:

Property, plant and equipment in

production Total

Situation as at 30.09.2011

Gross balance 4 240 114 154 121 557 10 283 66 637 19 099 335 970

Accumulated depreciation and adjustment write-offs 0 18 175 80 234 5 595 39 982 0 143 986

Net balance 4 240 95 979 41 323 4 688 26 655 19 099 191 984

Reclassified as fixed assets designated for sale. 0 0 0 0 0 0 0

Adjusted net balance 4 240 95 979 41 323 4 688 26 655 19 099 191 984


Gross balance 4 258 113 462 116 021 10 681 68 132 9 638 322 192

Accumulated depreciation and adjustment write-offs 0 16 519 78 936 6 821 40 163 0 142 439

Net balance 4 258 96 943 37 085 3 860 27 969 9 638 179 753

Reclassified as fixed assets designated for sale. 18 2 348 1 932 0 0 0 4 298

Adjusted net balance 4 240 94 595 35 153 3 860 27 969 9 638 175 455

30

Buildings and

structures Machines and

equipment Means of transport Other tangible assets:

Property, plant and equipment in production

Land Total


Net balance on 01.01.2011 4 258 96 943 37 085 3 860 27 969 9 638 179 753 Acquisition through merging economic

entities Increases (purchase, production, leasing) 2 955 11 207 2 001 2 097 25 166 43 426 Sale of subsidiary (-) Decreases (sales, liquidation, adoption as

property, plant and equipment) (-) 1 425 1 359 1 898 16 145 20 827 Depreciation in accordance with the

depreciation plan (-) 1 634 5 896 1 214 3 279 12 023 Depreciation write-offs for liquidated or

sold assets. 1 424 1 002 1 789 4 215 Other changes (reclassification, transfer,

etc.) 18 2 285 1 867 4 170 Net translation gain (loss) (+/-) 795 398 -23 440 1 610 Reclassified as fixed assets designated for

sale. 0

Net balance on 30.06.2011 4 240 95 979 41 323 4 688 26 655 19 099 191 984


Net balance on 01.01.2010 4 143 131 500 103 167 4 970 62 017 3 694 309 491 Acquisition through merging economic

entities Increases (purchase, production, leasing) 1 993 54 497 13 817 2 120 3 825 29 466 105 718 Sale of subsidiary (-) Decreases (sales, liquidation, adoption as

property, plant and equipment) (-) 1 878 116 237 287 432 5 668 96 787 23 916 531 918 Depreciation in accordance with the

depreciation plan (-) 2 715 10 417 1 215 5 510 19 857 Depreciation write-offs for liquidated or

sold assets. 29 898 218 200 3 851 64 680 316 629 Net translation gain (loss) (+/-) -250 -198 -256 394 -310 Reclassified as fixed assets designated for

sale. 18 2 348 1 932 4 298

Net balance on 31.12.2010 4 240 94 595 35 153 3 860 27 969 9 638 175 455

31

IAS38.118(e) Changes in intangible assets

Goodwill

Trademarks, patents and

licenses Computer software

Costs development

work

Other intangible

assets Intangible assets

in production Total


Gross balance 846 5 504 20 140 4 575 1 066 1 741 33 872

Accumulated depreciation and adjustment write-offs 846 5 180 8 084 2 167 69 0 16 346

Net balance 0 324 12 056 2 408 997 1 741 17 526


Adjusted net balance 0 324 12 056 2 408 997 1 741 17 526


Gross balance 846 5 385 19 969 4 199 1 995 806 33 200

Accumulated depreciation and adjustment write-offs 846 5 006 7 364 1 654 872 0 15 742

Net balance 0 379 12 605 2 545 1 123 806 17 458


Adjusted net balance 0 374 12 605 2 545 1 123 806 17 453

32

Trademarks

Patents and licenses

Computer software

Costs development

work Other intangible

assets Intangible assets in

production Total


Net carrying value on 01.01.2011 0 379 12 605 2 545 1 123 806 17 458 Acquisition through merging economic

entities Increases (purchase, production, leasing) 265 338 69 1 765 2 437 Sale of subsidiary (-)

Decreases (sales, liquidation, adoption as intangible assets) (-) 163 1 028 1 191

Other changes (reclassification, transfer) 0 Revaluation to fair value (+/-) Depreciation in accordance with the

depreciation plan (-) 154 1 276 513 126 2 069 Depreciation write-offs for liquidated or sold

assets. 0 Other changes (reclassification, transfer, etc.) 3 3 Reversal of impairment write-offs Net translation gain (loss) (+/-) 389 307 198 894 Reclassified as fixed assets designated for

sale. 0

Net carrying value on 30.09.2011 0 324 12 056 2 408 997 1 741 17 526


Net carrying value on 01.01.2010 0 800 13 704 8 600 1 708 2 859 27 671 Acquisition through merging economic

entities Increases (purchase, production, leasing) 0 859 3 270 28 2 455 6 612 Sale of subsidiary (-)

Decreases (sales, liquidation, adoption as intangible assets) (-) 286 474 13 565 692 4 508 19 525

Other changes (reclassification, transfer, etc.) Revaluation to fair value (+/-) Depreciation in accordance with the

depreciation plan (-) 334 1 860 910 181 3 285 Depreciation write-offs for liquidated or sold

assets. 199 449 5 150 282 6 080 Write-offs for impairment loss (-) Reversal of impairment write-offs Net translation gain (loss) (+/-) -69 -22 -91 Reclassified as fixed assets designated for

sale. 5 5

Net balance on 31.12.2010 0 374 12 605 2 545 1 123 806 17 453

IFRS 7.8 Financial asset and liabilities categories

Financial assets

*Categories of financial instruments according to IAS 39

Total

Loans and receivables

Financial assets at fair value

through profit or loss - held for trading

Financial assets at fair value through

profit or loss - initially

categorised as evaluated at fair

value

Investments held to

maturity

Financial assets

available for sale

Hedging derivatives

Assets outside the scope of IAS

39


Fixed assets: Receivables and loans 1 712 1 712

Derivative financial instruments 1 299 1 299 Other long-term financial assets 141 141 Current assets: Receivables from deliveries and services and other

receivables. 248 807 14 729 263 536 Loans 1 956 1 956 Derivative financial instruments 121 7 458 7 579 Other short-term financial assets Cash and equivalents 39 485 39 485

Total financial asset category 252 475 121 0 0 0 8 757 54 355 315 708


Fixed assets: Receivables and loans 10 881 10 881 Derivative financial instruments 144 144 Other long-term financial assets 141 141 Current assets: 0 Receivables from deliveries and services and other

receivables. 241 418 45 274 286 692 Loans 1 745 1 745 Derivative financial instruments 214 1 240 1 454 Other short-term financial assets 0 Cash and equivalents 26 473 26 473

Total financial asset category 254 044 358 0 0 1 240 71 888 327 530

The fair value of the disclosed instrument is equal to their book value

34

Financial liabilities

*Categories of financial instruments according to IAS 39 Total

Financial liabilities at fair value

through profit or loss - held for

trading

Financial liabilities at fair value through

profit or loss - initially categorised as

evaluated at fair value

Financial liabilities at amortized cost (ZZK)

Hedging derivatives Liabilities outside

the scope of IAS 39


Long term liabilities: Credit, loans and other debt instruments 22 492 22 492 Financial leasing 12 690 12 690 Derivative financial instruments 7136 10501 17 637 Other liabilities Short term liabilities: Liabilities from deliveries and services and other

liabilities. 187 542 34 654 222 196 Credit, loans and other debt instruments 134 266 134 266 Financial leasing 6 125 6 125 Derivative financial instruments 8815 14 000 22 815 Liabilities reclassified as items for sale 0

Total financial liabilities category 15 951 0 344 300 24 501 53 469 438 221


Long term liabilities: Credit, loans and other debt instruments 20 033 20 033 Financial leasing 10 054 10 054 Derivative financial instruments 5606 4352 9 958 Other liabilities 0 Short term liabilities: 0 Liabilities from deliveries and services and other

liabilities. 228 499 60 209 288 708 Credit, loans and other debt instruments 62 164 62 164 Financial leasing 5 140 5 140 Derivative financial instruments 1289 11 365 12 654 Liabilities reclassified as items for sale 1267 1 267

Total financial liabilities category 6 895 311 963 15 717 75 403 409 978

Inventory IAS 2.36(b) IAS 1.75(c) 30.09.2011 31.12.2010

Materials 61 907 46 874

Semi-finished products and production in progress 6 626 3 298

Finished products 80 815 61 978

Goods 75 228 69 493

Total 224 576 181 643

The values given in the table above include inventory write-downs of 5,678,000 PLN on the reporting date, a total for all groups (value of write-downs at 31.12.2010 amounted to 7,356,000 PLN)

Short-term receivables

30.09.2011 31.12.2010

a) from subsidiaries and affiliates 2 932 13 381

- from deliveries and services 2 932 13 381

b) from other entities 259 870 273 309

- from deliveries and services 240 912 218 278

- from tax, customs, social security and other benefits 14 729 45 274

- advance payments 2 466 1 256

- other receivables 1 763 8 501

Net short-term receivables, total 262 802 286 690

c) allowance for collectible accounts 12 991 15 769

Gross short-term receivables, total 275 793 302 459

Receivables from deliveries and services - maturing after balance date:

Receivables from deliveries and services 30.09.2011 31.12.2010

up to 1 month 80 784 70 503

1 to 3 months 117 686 119 710

3 to 6 months 7 972 7 702

6 months to 1 year 0 293

more than 1 year 700 1 492

overdue receivables 47 336 45 370

Gross receivables 254 478 245 070

allowance for collectible accounts 10 634 13 411

Total net receivables 243 844 231 659

IAS 32.63(b) Contractual conditions for final repayment of loans and debt instruments (according to the payment of the last instalment): 30.09.2011 31.12.2010

up to 12 months 134 266 62 164

up to 3 years 22 492 20 033

up to 5 years 0 0

Total 156 758 82 197

36

IAS 1.51, 52 Identification of other short term and long term liabilities (excluding long-term and short-term loans and credits and debt instruments):

Other liabilities 30.09.2011 31.12.2010

Long term liabilities 30 327 20 012

- liabilities from leasing agreements 12 690 10 054

- other liabilities, financial instruments 17 637 9 958

Current Liabilities 251 136 307 769

- liabilities from subsidiaries and affiliates 51 429

- trade liabilities due to other entities 167 195 225 462

- regulatory liabilities 29 550 52 560

- liabilities from remuneration 5 072 5 220

- other liabilities; leasing, instruments 28 940 17 794

- other liabilities 20 322 6 299

- advance payments for deliveries 6 5

Total 281 463 327 781

including those associated with assets designated for sale: 1 297

The Group has liabilities from the purchase of property, plant and equipment amounting to 1,730,000 PLN (value at 31.12.2010 was 2,477,000 PLN)

Liabilities from deliveries and services according to due dates:

Liabilities from deliveries and services 30.09.2011 31.12.2010

up to 1 month 76 504 111 042

1 to 3 months 70 740 95 521

3 to 6 months 1 406 19

6 months to 1 year 0 46

more than 1 year 0 0

overdue liabilities 18 596 19 263

Total 167 246 225 891

including those associated with assets designated for sale: 0 1 267

IAS 193 Costs by type 01.01.2011-30.09.2011 01.01.2010-30.09.2010

Depreciation of fixed assets and intangible assets 14 092 19 181

Use of materials and energy 367 504 341 900

Third-party services 66 497 56 044

Taxes and fees 3 536 3 119

Salaries 82 758 81 040

Cost of employee benefits 16 558 16 552

Other costs by type 102 390 107 580

Total costs by type 653 335 625 416

Change in product inventory 26 870 30 904

Cost of products manufactured for own needs -16 413 -10 318

Cost of sales (negative) -68 619 -64 811

General administrative expenses (negative) -154 394 -139 171

Cost of producing goods sold 440 779 442 020

Internal cost of goods and materials sold 323 712 287 572

37

Other remaining operating revenue

01.01.2011-30.09.2011 01.01.2010-30.09.2010

Other operating revenue 20 725 7 680

- bonuses received on purchases 6 010 1 527

- subsidies to fixed assets 710 1 298

- reimbursement of international VAT payments 764 29

- compensation received 2 027 271

- dissolved reserves 1 193

- income from additional warranty 81 70

- free shipments 321

- reversal of impairment loss write-offs 5 202

- cancellation of receivables

- returned goods 365

-revaluation of non-financial fixed assets 1 660

- surplus on inventory 9 1 771

- leasing of investments 181 197

- other items 2 567 2 152

Other operating costs 01.01.2011-30.09.2011 01.01.2010-30.09.2010

Other operating costs 19 245 18 881

- replacement of faulty equipment 1 619 2 179

- shortages and damage 13 1 259

- grants 730 605

- compensation for former employees 19 925

- inventory scrapping 2 207 2 275

- asset liquidation and sale 0 26

- returned goods 23

- cancellation of receivables 922

- penalties and fines 50 143

- registered receivables 12 546 3 944

- costs associated with closing the production of refrigerators and washing machines 1 732

- subsidies for fixed assets recognised as revenue of future periods 4 596

- depreciation and tax on fixed property and long-term investments 691 846

- other operating costs 448 328

Transactions with subsidiaries

IAS1.126(c) IAS24.12 Amica Wronki is controlled by Holding Wronki, owning 41.08 % of Amica Wronki SA shares. The remaining shares are owned by many shareholders, including employees. Shareholders holding more than 5% of the shares of Amica Wronki SA are listed on page 40. The holding entity of the highest order is a natural person who owns (indirectly) over 96.9% of shares in Holding Wronki S.A.; This entity does not publish financial reports available to the public. IAS27.40 Subsidiaries of the Company subject to consolidation during the three quarters of 2011:

Name and country of the subsidiary's registered office

% of owned shares in the subsidiary (directly)

The nature of predominant activity

Gram A/S, Denmark 100 Trade in Amica products in Scandinavia

Amica Commerce, the Czech Republic

100 Trade in Amica products in the Czech Republic and Slovakia

Sidegrove Holdings Ltd, Cyprus 100 Provision of services

Hansa Russia 100 Commerce

Amica International 100 Commerce

AGD Media Sp. z o.o. 100 Commercial activities via the Internet

Amica Far East 100 Commerce and provision of services

Hotel Olympic Sp. z o.o. 100 Hospitality and catering services

Amica Marketing Sp. z o.o. 100 Marketing activities

Nova Panorama Sp. z o.o. 100 Lease of retail space

Nove Centrum Sp. z o.o. 100 Lease of warehouse space

Inteco Business Solutions Sp. z o.o. 80 Consulting and IT services

All consolidated subsidiaries prepared the financial statements for the 30.09.2011. IAS24.17.22 entities affiliated with Amica according to the provisions of IAS 24: Entities affiliated with the Parent Company include key management staff, subsidiaries subject to consolidation and subsidiaries excluded from consolidation, as well as other affiliated including entities controlled by Amica's owners. Subsidiaries include:

Consolidated subsidiaries – listed in the above table

Parent companies: Holding Wronki S.A, Invesco Sp. z o.o.

Entities affiliated by key personnel: Stowarzyszenie Kultury Fizycznej (Physical Culture Association), KKS Lech Poznao, Marcelin Management Sp. z o.o., Fundacja Amicis (Foundation Amicis)

Key staff of Amica Wronki (members of management) Transactions with affiliated entities conducted in the 3rd quarter of 2011 were largely of commercial nature and were entered into on market conditions and these transactions resulted from current operational activities conducted by these companies. The largest by value group of typical transactions with affiliated entities were operations associated with the sales of products and goods produced by Amica Wronki S.A.

39

List of commercial transactions with affiliated entities

Name of the subsidiary Revenues from core business Cost of core business

30.09.2011 30.09.2010 30.09.2011 30.09.2010

Holding Wronki SA 31 11 1 641 567

KKS LECH Poznao 553 364 1 170 3024

Stowarzyszenie Kultury Fizycznej (Physical Culture Association)

8 6

Invesco Sp. z o.o. 16

Marcelin Sp. z o.o. 2 10

Amicis Foundation 22

Total 632 381 2 821 3 591

Name of the subsidiary Trade receivables Trade liabilities

30.09.2011 31.12.2010 30.09.2011 31.12.2010

Holding Wronki SA 3 4 61

KKS LECH Poznao 2 890 2 672 7 281

Stowarzyszenie Kultury Fizycznej (Physical Culture Association)

2 28

Amicis Foundation 16

Invesco Sp. z o.o. 6 10 655

Marcelin Sp. z o.o. 15 22

Total 2 932 13 381 7 342

There were no allowances for uncollectible accounts from subsidiaries and affiliates, and thus no costs for this item were included in the profit and loss account. The balance of receivables as at 30.09.2011 due to loans granted to subsidiaries was 2,342,000 PLN, including interest on granted loans owed to the Group at the amount of 70,000 PLN.

IAS37.14a Recognised reserves. According to the provisions of the Act on recycling of used electrical and electronic appliances, the company is obliged to organise and finance recycling of used household appliances. The obligation to create a reserve to finance these activities results from paragraph 14 lit. a IAS 37. Interpretation IFRIC 6 „Liabilities arising from Participating in a Specific Market – Waste”, as the agreed interpretation of the provisions of paragraph 14 section a IAS 37. IFRIC 6 concludes that the event that triggers liability recognition an obligation to create the reserve is participation in the market during a measurement period. Consequently, the obligation resulting from the cost of disposal of used household equipment does not arise at the moment when these products are produced or sold. Since the obligation associated with used household equipment is related to participation in the market during the measurement period and not with production or the sale of used products to be disposed of, the obligation arises only in the event of participation in the market during the measurement period and lasts as long as participation in the market. Determination of the time of occurrence of an event triggering the obligation may be independent of the specific period during which action is taken to manage and waste and during which the related costs are incurred. Obligations arising from these rules are implemented by the Company through an agreement signed with Biosystem Elektrorecykling S.A. Pursuant to this agreement, the Company incurred the cost 2,123,000 PLN

40

associated with organising and collection of used appliances during the 3rd quarter of 2011 (for the nine months of 2010 the amount was 1,731,000 PLN). So far the company has not created a reserve for future liabilities from this obligation, since it was not possible to reliably estimate the amount of this liability according to the provisions of paragraph 14 lit. c IAS 37. The company conducts analyses of available market data concerning the cost of disposal and recycling and is planning to create the reserve in future periods.

Other information

The position of the Board concerning the possibility of meeting the previously released forecasts for the current financial year.

The Group has not published financial forecasts for the current financial year. Shareholders owning directly or indirectly at least 5% of the total number of voting rights in the General Shareholders' Meeting of Amica Wronki S.A.

Shareholder's name Number of shares % of owned share capital of Amica

Number of voting rights

% of total number of voting rights

Holding Wronki 3 194 144 41.08 6 084 489 57.02

Noble TFI S.A. 584 015 7.51 584 015 5.47

ING OFE 555 952 7.15 555 952 5.21

Quercus TFI S.A. 538 661 6.93 538 661 5.05

On 30.05.2011 the General Shareholders' Meeting of Amica Wronki SA adopted a Share Buyback Programme in order to redeem them. The Company will purchase no more than 10% of the share capital by 31.12.2014. The General Shareholders' Meeting has allocated 150m PLN for the share buyback programme and this will be financed from own resources. After the balance sheet date, the Company started to gradually purchase its shares in line with aforementioned programme. As at the date hereof, 17 655 shares were purchased.

Shares owned by the Management Board of Amica Wronki

Shares owned by the Members of the Board of Amica Wronki S.A.:

Owners name Number of shares as at

31.12.2010 Acquisition (disposal) of

shares Number of shares as at

30.09.2011

Mr Andrzej Kadzioski 4 600 0 4 600

Mr Marcin Bilik* 11 419 0 11 419

* these shares are held by a person within statutory joint property of spouses Shares owned by the Members of the Supervisory Board of Amica Wronki S.A.

Owners name Number of shares as at

31.12.2010 Acquisition (disposal) of

shares Number of shares as at

30.09.2011

Mr Tomasz Rynarzewski 400 0 400

A presentation of the main proceedings being conducted by courts, the appropriate authority for arbitration or public administration bodies is outlined below.

item Parties to the

proceedings

Date claim made /

debts declared

Subject of the

litigation

Document reference Value of the subject

of litigation

Court / Bailiff

1. Amica Wronki S.A. vs

Krzysztof Nowak Kalmex

Hurt-Detal

28.09.2010 for payment IX GNC 845/10 148,872.70 PLN Regional Court in Poznao, 9th

Commercial Division

Amica Wronki joined the proceedings conducted jointly with other creditors to secure the inheritance and inventory. Bailiff appointed to draw up an inventory has

drawn up a list, and the Law Office has requested a copy. The list has not been prepared by the Bailiff due to disclosure of the debtor's assets in the form of a

cooperative ownership title to a residential flat, whose value is currently being estimated.


Duo Net sp. z o.o. based

in Warsaw

22.10.2008 for payment IX GNc 584/08/4 3,000,000.00 PLN Bailiff Hanna Pagacz at the District

Court in Wieluo

AWSA as a mortgage and executive creditor within a the statutory period files a declaration of the acquisition of property for the price of 2/3 of the estimate , i.e.

3.8m. The Court adjudicated the property to AWSA. The Office submitted an application to adjudicate the title to AWSA.


Melgaz - A.

Pogorzelczyk, A.

Barłożek spółka jawna;

A. Pogorzelczyk, A.

Barłożek (partners

Melgaz- A. Pogorzelczyk,

A. Barłożek partnership)

01.04.2009 for payment IX GNc 243/09 2,733,934.79 PLN Regional Court in Poznao, 1st Civil

Division

The court office has filed a petition to pay in execution proceedings out of a bill of exchange against the company and partners. The repayment order against the

debtors' is legally binding, as the company has declared bankruptcy. The claim reported in the bankruptcy proceedings has been fully recognized.

Enforcement proceedings have been undertaken at the creditor's request against the partners. The Bailiff has informed the creditor's attorney that the proceedings

are ineffectual. By ruling of 30.12.2009 the proceedings were closed. On 16 December, the creditor filed an application to disclose the debtors' assets. The

42

proceedings for disclosure of assets against the debtor A. Barłożek is suspended. The debtor has appealed to the Interior Ministry to reveal the current address from

the personal data base; there are no details of the present place of abode of the debtor. The proceedings for disclosure of assets against the debtor A. Pogorzelczyk -

the court requested AWSA to give a valid address of the debtor under pain of returning the request. Unfortunately, it was impossible to assess the address in

question. However, according to information from Mr. S. Mrowioski, AWSA has received its due amount (see item 1 composition and bankruptcy proceedings).

4. Amica vs Korporacja

Budowlana Kopahaus

S.A.

18.06.2009 for payment IX GC 444/09 1,512,800.00 PLN Regional Court in Poznao, 9th

Commercial Division

AWSA acquired the debts from the plaintiff – KKS Lech Poznao S.A. on 28.12.2010. Formally, KKS Lech Poznao SA is a party to the proceedings (Article 192 paragraph 3 Code of Civil Procedure) After the final completion of proceedings under the Article 788 § 1 Code of Civil Procedure, declaration of enforceability could be issued to AWSA. A judgement was passed in the case. The judgement is not legally binding due to an appeal submitted by the Defendant. At present, the case files are kept in the Court of Appeal in Poznao. Pursuant to the aforementioned judgement, registration of 3 compulsory capped rate mortgages were obtained for the property belonging to Kopahaus.


Budowlana Kopahaus

S.A.

10.05.2009 for payment IX GC 572/09 1,118,914.00 PLN Regional Court in Poznao, 9th

Commercial Division

AWSA acquired the debts from the plaintiff – KKS Lech Poznao S.A. on 28.12.2010. Formally, KKS Lech Poznao SA is a party to the proceedings (Article 192 paragraph 3 Code of Civil Procedure) After the final completion of proceedings under the Article 788 § 1 Code of Civil Procedure, declaration of enforceability could be issued to AWSA. A judgement was passed in the case. The judgement is not legally binding due to an appeal submitted by the Defendant. At present, the case files are kept in the Court of Appeal in Poznao. Pursuant to the aforementioned judgement, registration of 7 compulsory capped rate mortgages were obtained for the property belonging to Kopahaus.


Budowlana Kopahaus

S.A.

29.07.2009 for payment IX GC 560/09 225,000.00 PLN Regional Court in Poznao, 9th

Commercial Division

The judgement is binding. The enforcement proceedings are in progress. Pursuant to the enforcement proceedings, debtor's moveable property, bank accounts and receivables were seized. The debtor obliged to pay up the debt on a regular basis; since 29.06.2011, the debtor made regular payments of PLN 17 000.00 directly to the bailiff. Afterwards, the bailiff has seized the debtor's property located in Pełczyce. An application for assessment and evaluation of the property was filed. AWSA was obliged to make a pre-payment for the expert. The Office has not received the confirmation of prepayment for the expert from AWSA.

7. Amica vs Renchem Sp. z

o.o. with the

participation Korporacja

29.01.2011 for priority

registration of

compulsory capped

KW SZ1C/0004103/7 District Court in Szczecin, second

Department of Civil Appeals

43

Budowlana Kopahaus

S.A.

rate mortgage in KW

SZ1C/0004103/7

AWSA was entered on the first place in the fourth chapter of land and mortgage register. Renchem appealed against the Court's decision. A response to the appeal was files The higher court upheld the Renchem claimant's appeal and revoked registration of a mortgage. The court decided that an entry was made incorrectly due to errors made by the court of second instance. After re-examination of the case, the Court issued an unfavourable decision for AWSA. The Law Office appealed against the decision in question. The appeal was endorsed – AWSA's mortgage is registered in the first place (before Renchem).

8. Amica vs I. Kałamaga, Z.

Kałamaga

The case of an

offence under Article

284 § 1 of the Penal

Code in conjunction

with Article 300 § 2 of

the Penal Code.

II K 73/09 The District Court in Gorzow

Wielkopolski, second Criminal

Division

I. Kałamaga and Z. Kałamaga were convicted by a lower court. The lower court justified its decision. Law Office appealed against that decision as to unreasonably moderate punishment. The defendants also appealed contesting their guilt. By the virtue of its judgement, the Court of Appeal in Szczecin repealed the sentence and referred the case for re-examination. The Law Office requested the justification of the verdict. The case is to be heard again in the District Court in Gorzów Wielkopolski. Indictment will be read to the above-mentioned individuals The date and time of the hearing have not been settled yet by the court.

9. Amica vs „WOMAK” sp.

z o.o.

The case of an

offence under Article

286 § 1 of the Penal

Code

2 DS 362/11 Regional Prosecutor's Office in

Siemianowice Śląskie

The Prosecutor's Office sent a letter to AWSA with a request for information on WOMAK's liabilities towards AWSA. The Law Office is preparing an explanatory letter.

10. Amica vs Drewex –

Meble sp. z o.o.

Case for enforcement KM 350/06 Main liability: PLN

27,893.73 + interest

and court fees

Bailiff Adam Łozowski at the

District Court in Kielce

The Office submitted an application for seizure of the debtor's moveable property. The case is pending.

11. Amica vs Robert and

Małgorzata Kornosz

The case for releasing

the property from

mortgage

PO1D/00047150/9

(formerly KW

PO1D/00026072/5)

District Court in Poznao, Court of

Appeal, 15th Civil Division

44

The Kornosz bought from Kopahaus part of the property in Środa Wielkopolska At the time of the transaction there was a reservation in the land register regarding filing an application by KKS Lech Poznao SA for registration of a mortgage. From the Land Register No. PO1D/00026072/5 the property was separated, which along with the mortgage was transferred to the benefit of Amica Wronki SA The Kornosz appealed, requesting release of the property from mortgage. On 6.05.2011 the Law Office submitted a response to the appeal, seeking to dismiss the appeal. On 6.05.2011 The Kornosz filed another appeal in this case, based on the same grounds as the first appeal. The Law Office submitted a response to this appeal. The court of second instance dismissed the appeal of Mr. and Mrs. Kornosz. The Law Office submitted an application for assignment of the mortgage from KKS Lech Poznao S.A. to AWSA.

12. Amica vs J&R Plastic sp.

z o.o.

08.07.2011 The case for payment IX GNc 650/11 119,475.59 PLN Regional Court in Poznao, 9th

Commercial Division

The lawsuit was filed on 8 July 2011. The court issued a payment order. The Defendant objected to the payment order, which has not been delivered to the Law Office hitherto.

13. Amica vs. Paweł

Przewoźny KAM

28.07.2011 The case for payment 59,975.11 PLN District Court in Poznao - Stare

Miasto in Poznao, 9th Commercial

Division

The lawsuit was filed on 28 July 2011. The court issued a payment order. The order is not legally binding i.e. the Defendant has the right to file an objection. The Law Office has no information on whether the objection was filed.

14.

Wincanton Polska Sp. z

o.o. vs. Amica Wronki

S.A.

15 June 2011

Payment by Amica Wronki of the remuneration

for the services provided by Wincanton Polska

pursuant to the Contract for Logistics Services

(a contract of 9 February 2010) and the

Contract for transport services (a contract of 8

March 2010)

IX GC

402/11/4 1,394,459.00 PLN

Regional Court in

Poznao, 9th

Commercial Division

On 30.08.2011, the Parties, at the Notary's Office in Poznao, before the Notary Public Dorota Musialkiewicz, concluded a settlement whereby they cleared the

accounts related to their mutual cooperation pursued hitherto (the relevant documentation is held by the Client). The proceedings were discontinued pursuant to

the decision of 7.10.2011 issued by the District Court in Poznao.

15.

Kazimierz Kobierski vs.

Amica Wronki S.A. 13 September 2011

payment by Amica Wronki of the remuneration

for the delivered goods and the effectiveness of

the representation filed by Amica on settling

the claimed receivables against the liabilities of

Amica Wronki as a compensation for improper

performance of a contract by the Plaintiff.

IX GC

745/11/16 393,545.00 PLN

Regional Court in

Poznao, 9th

Commercial Division

45

Amica Wronki field an objection against the payment order in the writ proceedings and the court referred to case for mediation

16. Association for Protection of Consumer and Citizen Rights vs. Amica Wronki S.A.

09 May 2011

Recognition of the provisions of the legal notice

regarding the prohibited contractual clauses

published on Amica Wronki's website

XVII AmC

1698/11 -------

District Court in

Warsaw, 17th Division

of the Competition

and Consumer

Protection Court.

A reply to the lawsuit was prepared. The Competition and Consumer Protection Court has hitherto not specified the date of the first case.

Composition and bankruptcy proceedings

1. Melgaz - A. Pogorzelczyk,

A. Barłożek General

Partnership

19.06.2009 for payment XII GUp 92/09 2,779,122.12 District Court in Szczecin 12th

Commercial Division

18 May 2009 bankruptcy of the company was announced. As at 19 June 2009, AWSA claimed its receivables. Bankruptcy proceedings are under way. Amica Wronki

S.A.'s liability was included in full (2,779,122.12 PLN) on the list of liabilities in category 4. In a ruling of 21 December 2009 the Judge Commissioner approved the list

of creditors submitted by the receiver on 03 November 2009. Based on information obtained from Mr. S. Mrowioski dated 25.01.2011 it was apparent that the

AWSA received compensation from the company Coface branch in Poland for not recovering receivables from the debtor.

2. Amica Wronki vs

„Domar –Bydgoszcz”

S.A. in liquidation

bankruptcy

29.07.2009 for payment V GUp 20/09, V GU

98/09

1,254,471.69 PLN -

main duty, 55,173.83

PLN - interest

Judge Commissioner Artur Fornal ,

District Court in Bydgoszcz, D15th

Commercial Department, Gisela

Eckert-Kurczewska, trustee in

bankruptcy

The claim was reported to the bankruptcy assets. The claim follows from invoices and corrective invoices, issued by a creditor to the bankrupt entity for sale and supply of home appliances. A debt is secured by a promissory note issued by "Domar-Bydgoszcz" in the amount of 1,292,288.79 PLN. Pending case

46

Proceedings against Amica Wronki S.A.

1.

Mariusz Markiewicz vs

Amica Wronki S.A.

recognition of

termination of an

employment contract

as ineffectual

KM 631/09 3,120 PLN

District Court in Szamotuły, Labour

Division, Court Bailiff for the

District Court in Szamotuły Witold

Stachura

On October 6th 2008 the Court dismissed the action. The Creditor is implementing recovery proceedings for legal costs of 593 PLN. Enforcement unsuccessful.

2. Justyna Smolarkiewicz vs

Amica Wronki S.A. 16.04.2009

for damages,

compensation and

pension

VI P 30/09 119,600 PLN Regional Court in Poznao, 4th

Labour Division

The case concerns a former employee of Amica Wronki S.A. seeking damages for an accident at work. The lower court ordered Amica Wronki SA to pay 2,000 PLN

Mrs J. Smolarkiewicz. The Law Office appealed the decision on costs. The Plaintiff, Justyna Smolarkiewicz, appealed against the aforesaid judgement. The judgement

is not legally binding. The appeal against the decision on costs has not yet been examined. The appeal hearing is to be held on 17/11/2011.

Preliminary proceedings


GERO Sp. z o.o. for payment 1,487,623.73 PLN

Regional Court in

Poznao, 1st Civil

Division

On 28 May 2010 an order was sent to redeem the bill. The debtor does not redeem the bill. Action was prepared. Following the consultations with Amica Wronki

S.A., the case has been discontinued.

2. PLASTWIL Spółka z

ograniczoną

odpowiedzialnością

SP.K. vs. Amica Wronki

S.A.

--------

A dispute arising from cooperation with the

aforementioned company and related to delays

in supply of components and the supplier's

claims in connection with the use of more

expensive raw materials for manufacture of the

--------

It is difficult to

provide an explicit

assessment (see

the comments

below)

--------

47

components than originally intended.

Due to defects in the moulds provided to the Supplier (not remedied despite the fact that the financial terms for remedying thereof have been established), the Supplier allows delays in supply of components to Amica Wronki, which necessitated downtimes in production and changes in the production plans for Amica Wronki. The level of potential losses incurred by Amica Wronki in this regard has not been estimated (on 9 September 2011, only a debit note for the amount of PLN 30 000 was issued for the supplier as a contractual penalty for the production downtime). At the same time, within the framework of the negotiations regarding terms of supplies (including in particular the negotiations regarding the unit prices of components), submits a claim towards Amica Wronki for the amount of PLN 600 000, as a result of Amica Wronki's request to used other raw materials in the production than originally intended. According to the explanations, the change in the raw material used resulted from the defective mould for production of the component prepared by the Supplier (upon Amica Wronki's request). For the time being, the Parties are conducting the negotiations pertaining to the new financial terms of cooperation, where the arguments on the level of potential losses are put forward, whereas at the present stage it is impossible to assess their potential value and legal validity.

CONDENSED FINANCIAL STATEMENTS OF THE ISSUER

AMICA WRONKI S.A.

49

BALANCE thousands PLN

as at 30.09.2011

as at 30.09.2010 as at

31.12.2010

ASSETS

I. Fixed assets 343 839 319 677 346 976

1. Intangible assets, including: 10 254 9 313 9 810

- goodwill 0 0

2. Goodwill of subsidiaries

3. Property, plant and equipment 134 994 113 467 117 657

4. Investments 19 523 20 168 19 992

4.1 Investment property 19 523 20 168 19 992

4.2 Others

5. Financial assets 159 113 157 354 187 800

5.1 Financial assets available for sale 147 933 147 840 173 733


b) in other entities

5.2 Long-term loans and receivables 9 741 9 319 9 738

- for subsidiaries and affiliates 9 527 9 319 9 494

- for subsidiaries and affiliates 214 244

5.3 Other long-term financial assets 1 439 195 4 329

6. Long-term deferred charges and accruals 19 955 19 375 11 717

6.1 Assets from deferred taxes 19 955 19 375 11 717

6.2 Other deferred charges and accruals 0 0 0

II Current Assets 490 589 442 608 456 191

1. Inventory 167 347 122 623 132 616

2. Short-term receivables 291 814 293 991 301 157

2.1 From subsidiaries and affiliates 134 036 116 301 127 527

2.2 From other entities 157 778 177 690 173 630

3. Short-term investments 26 913 19 837 18 315

3.1 Short-term financial assets 26 913 19 837 18 315


b) in other entities 7 884 1 949 1 592

c) cash and other cash assets 16 655 12 876 11 331

3.2 Other short-term investments

4. Short-term deferred charges and accruals 4 515 6 157 4 103

III. Assets classified as items for sale 4 346 4 303

Total assets 834 428 766 631 807 470

50

BALANCE

thousands PLN

situation as at

30.09.2011

as at 30.09.2010

as at 31.12.2010

LIABILITIES

I. Shareholders' Equity 331 887 324 523 335 709

1. Equity capital allocated to shareholders 331 887 324 523 335 709

1.1 Share capital 15 551 15 551 15 551

1.2 Called up share capital (negative value)

1.3 Own shares (negative value) 0 0

1.4 Supplementary capital 304 329 311 502 311 527

1.5 Revaluation reserve capital -16 379 -10 253 -7 462

1.6 Other reserve capital

1.8 Profit (loss) of previous years 0 -1 298 -1 299

1.9 Net profit (loss) 28 386 9 021 17 392

1.10 Write-offs on net profit during the financial year (negative value)

II Liabilities and reserves 502 541 441 387 470 243

1. Reserves for liabilities 64 716 67 692 34 521

1.1 Reserves for deferred income tax 6 270 6 174 6 611

1.2 Retirement benefits reserves 493 533 493

a) long-term 493 533 493

b) short-term

1.3 Other reserves 57 953 60 985 27 417

a) long-term 2 396 3 920 3 924

b) short-term 55 557 57 065 23 493

2. Long term liabilities 52 819 36 139 41 989

2.1 To subsidiaries and affiliates 0 1 944


3. Current Liabilities 380 789 320 316 389 038

3.1 To subsidiaries and affiliates 39 525 41 460 70 906


4. Accruals and deferred income 4 217 17 240 4 695

4.1 long-term 3 490 3 983 3 838

4.2 short-term 727 13 257 857

III. Liabilities associated with assets for sale 721 1 518

Total liabilities 834 428 766 631 807 470

Book value 331 887 324 523 335 709

Number of shares 7 775 273 7 775 273 7 775 273

Number of shares taking into account own shares 7 775 273 7 775 273 7 775 273

Book value per share (PLN) 42.68 41.74 38.42

STATEMENT OF COMPREHENSIVE INCOME

thousands PLN



2010

I. Net revenue from sales of products, goods and materials, including: 806 798 821 886 1 161 755 313 246 332 215

- from subsidiaries and affiliates 302 353 292 502 418 077 112 022 116 317

1. Net revenue from sale of products 527 457 548 464 760 588 214 714 201 785

2. Net revenue from sales of products, goods and materials 279 341 273 422 401 167 98 532 130 430

II. Cost of products, goods and materials sold, including: 619 305 643 451 906 639 233 885 256 880

- to subsidiaries and affiliates 237 079 227 158 326 196 84 170 88 929

1. Cost of producing goods sold 392 024 410 776 565 327 157 450 143 560

2. Cost of goods and materials sold 227 281 232 675 341 312 76 435 113 320

III. Gross profit (loss) on sales 187 493 178 435 255 116 79 361 75 335

IV. Cost of sales 55 122 53 331 76 176 19 848 17 962

V. General administrative expenses 98 372 91 325 137 578 39 137 32 003

VI. Profit (loss) on sales 33 999 33 779 41 362 20 376 25 370

VII. Other operating revenue 15 547 12 084 20 781 15 509 6 771

1. Revenue from sale of non-financial fixed assets 5 017 0 0

2. Subsidies 5 041 5 041 5 041

3. Revaluation of non-financial fixed assets 342 0 0

3. Other operating revenue 15 547 6 701 15 764 10 468 1 730

VIII. Other operating costs 11 631 15 165 22 280 6 880 2 422

1. Loss on sale of non-financial fixed assets 68 0 33 0

2. Revaluation of non-financial fixed assets 0 2 366 -568 0

3. Other operating costs 11 563 15 165 19 914 7 415 2 422

IX. Profit (loss) on operating activities 37 915 30 698 39 863 29 005 29 719

X. Financial revenue 14 483 5 816 13 493 8 048 2 614

1. Share dividends, including: 2 690 402 2 398 0 0

- from subsidiaries and affiliates 2 690 402 2 398 0 0

2. Interest, including: 1 678 1 229 1 522 105 344


3. Profit on sale of investments -3 0

4. Gain on revaluation of investments 0 0

5. Others 10 115 4 185 9 573 7 946 2 270

52

STATEMENT OF COMPREHENSIVE INCOME CONTINUED

thousands PLN



2010

XI. Financial costs 17 846 23 057 29 432 8 662 8 059

1. Interest, including: 11 637 11 683 15 301 4 627 2 517

- for subsidiaries and affiliates 458 336 507 218 115

2. Loss on sale of investments 3 368 0 0

3. Gain on revaluation of investments 3 368 3 368 0

4. Others 6 209 8 006 10 763 667 5 542

XII. Profit (loss) from sales of all or part of shares in subsidiaries 0 0

XIII. Profit (loss) before tax 34 552 13 457 23 924 28 391 24 274

XIV. Income tax 6 166 4 436 6 532 4 548 8 473

1. current 12 619 23 781 18 412 7 837 11 854

2. deferred -6 453 -19 345 -11 880 -3 289 -3 381

XIV. Other obligatory decrease of gross profit (increased loss) 0 0

XV. Net profit in the financial year 28 386 9 021 17 392 23 843 15 801

including: 0 0

allocated to company shareholders 28 386 9 021 17 392 22170 6608

allocated to minority shareholders 0 0 0 0 0

XVI. Total other income -8 882 15 723 18 415 -8 192 13 358

1. Cash flow hedging instruments -11 009 19 410 22 857 -10 129 16 491

2. Income tax from hedging instruments 2 092 -3 687 -4 343 1 925 -3 133

3. Resolution of reserves for re-evaluated fixed assets 35 -99 12 0

XVII. Total revenue for the period 19 504 24 744 35 807 15 651 29 159

0

Net profit (loss) 28 386 9 021 17 392 23 843 15 801

Weighted average of number of ordinary shares (number of shares)

7 775 273 7 775 273 7 775 273 7 775 273 7 775 273

Number of shares issued 7 775 273 7 775 273 7 775 273 7 775 273 7 775 273

Number of own shares 0 0 0 0 0

Profit (loss) per ordinary share (PLN) 3.65 1.16 2.24 3.07 2.03

53

STATEMENT OF CHANGES IN EQUITY Stated capital Supplementary

capital

Non-distributed

result

Assets /own shares/

available for sale

Net cash flow

hedging instruments



Balance as at 01.01.2010 17 475 331 191 9 119 -25 059 -28 131 2 155 306 750


Balance at 01.01.2010 after adjustment of fundamental error 17 475 331 191 7 820 -25 059 -28 131 2 155 305 451

Changes in equity capital in the three quarters of 2010, including -1 924 -19 689 -97 25 059 15 723 0 19 072


Share redemption -1 924 -28 482 30 406

Re-booking of financial result to equity capital 8 719 -8 719 0

Total income for three quarters of 2010 9 022 15 723 24 745

Re-booking of financial result to Company Social Provision Fund 400 -400 0

Other changes -326 -326

Transactions with a minority shareholders 0

Balance as at 30.09.2010 15 551 311 502 7 723 0 -12 408 2 155 324 523

Balance as at 01.01.2010 17 475 331 191 9 119 -25 059 -28 131 2 155 306 750


Balance at 01.01.2010 after adjustment of fundamental error 17 475 331 191 7 820 -25 059 -28 131 2 155 305 451

Changes in equity capital in 2010, including -1 924 -19 664 8 273 25 059 18 514 0 36 424

Buy-back to redeem own shares -5 347 0 -5 347

Share redemption -1 924 -28 482 30 406 0

Re-booking of financial result to equity capital 8 719 -8 719 0 0

Re-booking of financial result to Company Social Provision Fund -400

Total revenue for four quarters of 2010 17 392 18 514 0 35 906

Settlement of subsidiary leaving the group 0 0

Other changes 99 0 99

Balance as at 31.12.2010 15 551 311 527 16 093 0 -9 617 2 155 335 709

54

STATEMENT OF CHANGES IN EQUITY CONTINUED

Stated capital Supplementary

capital

Non-distributed

result

Assets /own shares/

available for sale

Net cash flow

hedging instruments



Balance as at 01.01.2011 15 551 311 527 16 093 0 -9 617 2 155 335 709

Adjustment of fundamental errors

Balance at 01.01.2011 after adjustment of fundamental error 15 551 311 527 16 093 0 -9 617 2 155 335 709

Changes in equity capital in the three quarters of 2011, including 0 -7 198 12 293 0 -8 917 0 -3 822

Buy-back to redeem own shares 0 0

Share redemption 0 0

Re-booking of financial result to equity capital -1 299 1 299 0 0

Re-booking of financial result to Company Social Provision Fund 0

Dividends -5 934 -17 392 -23 326

Total income for three quarters of 2011 35 28 386 -8 917 0 19 504

Settlement of subsidiary leaving the group 0 0

Other changes 0 0

Transactions with a minority shareholders 0 0

Balance as at 30.09.2011 15 551 304 329 28 386 0 -18 534 2 155 331 887

CASH FLOW ACCOUNT

thousands PLN


30.09.2011


30.09.2010


31.12.2010


I Net profit 28 386 9 021 17 392

1 Income tax 6 166 4 436 6 532

II. Profit before tax 34 552 13 457 23 924

III. Total adjustments -3 554 581 -29 878

1 Minority profit (loss)

2 Depreciation 13 866 17 923 22 329

3 Currency translation gains (losses) 3 179 3 457 3 631

4 Interest and profit sharing (dividend) 8 519 10 971 11 289

5 Profit (loss) on investment activities 76 -1 673 -1 660

6 Change in provisions 30 536 38 851 5 242

7 Change in inventory -34 713 10 429 949

8 Change in receivables -19 134 -25 608 -37 983

9 Change in short-term liabilities excluding credits and loans -1 199 -47 056 -24 641

10 Change in prepayments and accruals -428 -2 020 29

11 Cash flows related to hedging -8 795 -13 449 -14 602

12 Other adjustments 7 667 11 310 8 721

13 Income tax paid -3 128 -2 554 -3 182

IV. Net cash flows from operating activities (I+/-II) - indirect method 30 998 14 038 -5 954

B. Cash flows from investment activities

I. Inflows 16 507 200 437 214 652

1. Disposal of intangible and property, plant and equipment 63 195 181 204 638

2. Disposal of investments in real property and in intangible assets

3. From financial assets, including: 837 1 072 1 259

a) in subsidiaries and affiliates 742 591 688


- dividend and profit sharing 402


- interest 742 591 286






- interest 95 481 571


4. Other inflows from investment activities 15 607 4 184 8 755

56

CASH FLOW ACCOUNT

thousands PLN


30.09.2011


30.09.2010


31.12.2010

II. Outflows -27 717 -14 562 -26 845

1. Acquisition of intangible and property, plant and equipment -20 551 -14 342 -16 627

2. Investments in real property and in intangible assets

3. For financial assets, including: -78 0 -4 397

a) in subsidiaries and affiliates -78 0 -4 397

- acquisition of financial assets -78 0 -4 397



- acquisition of financial assets


4. Dividends and other profit sharing paid out to minority shareholders

5. Other outflows from investment activities -7 088 -220 -5 821

III. Net cash flows from investment activities (I-II) -11 210 185 875 187 807

C. Cash flows from financial activities

I. Inflows 245 279 89 929 137 476

1. Net inflows from issuance of shares and other capital instruments and from capital contributions

2. Credits and loans 62 279 1 239 27 074

3. Issuance of debt securities 169 603 88 690 110 402

4. Other inflows from financial activities 13 397

II. Outflows -260 196 -302 284 -333 272

1. Acquisition of own shares

2. Dividends and other payments to shareholders -23 222

3. Profit distribution liabilities other than profit distribution payments to shareholders

4. Repayment of credits and loans -10 527 -158 373 -157 989

5. Redemption of debt securities -138 862 -128 581 -154 446

6. From other financial liabilities -45 482

7. Payment of liabilities arising from financial leases -4 477 -3 859 -5 761

8. Interest -11 081 -11 471 -15 076

9. Other outflows from financial activities -26 545

III. Net cash flows from financial activities (I-II) -14 917 -212 355 -195 796

D. Total net cash flows (A.III+/-B.III+/-C.III) 4 871 -12 442 -13 943

E. Balance sheet change in cash, including: 5 325 -12 457 -14 003

change in cash due to currency translation differences -454 15 60

change in cash due to consolidation

F. Opening balance of cash 11 377 25 320 25 320

G. Closing balance of cash, including 16 248 12 878 11 377

- of limited disposability 7 249 6 519 6 541

57

Approval for publication

This Extended Consolidated Quarterly Financial Statements prepared for the period from 1 January 2011 to 30 September 2011 (with comparative information) has been approved for publication by the Company's Management Board on 10 November 2011.

Signatures of all Members of the Board

Date Full name Position Signed

10.11.2011 Mr Jacek Rutkowski President of the Board

10.11.2011 Mr Wojciech Antkowiak

Vice President of the Management Board responsible for Trade and Marketing

10.11.2011 Mr Wojciech Kocikowski

Vice President of the Management Board responsible for Financial Matters

10.11.2011 Mr Marcin Bilik Vice President of the Management Board responsible for Operational Affairs

10.11.2011 Mr Tomasz Dudek Vice President of the Management Board responsible for Purchasing and Logistics

Signature of the person responsible for the drawing up of the financial statement mentioned.

Date Full name Position Signed

10.11.2011 Ms Alina Jankowska-Brzóska

Chief Accountant / Commercial Proxy

58

Consolidated statements of Amica Wronki SA For the 3rd quarter of 2011

Interim financial statement complying with the requirements of IAS34

"Interim Financial Reporting"

I. GENERAL INFORMATION

Amica Wronki S.A. is a joint stock company registered in Poland by the District Court in Poznao, 11th Commercial Division of The National Court Register on 7 June 2001 (National Court Register number KRS 17514). The company's registered office is at 52 Mickiewicza Street in Wronki. The Company's core business is:

1) manufacture of other household goods not classified elsewhere (PKD 29.7); 2) research and technical analysis (PKD 74.30.Z); 3) wholesale of personal and home use articles (PKD 51.4); 4) retail sale of electrical household appliances and radio and TV equipment (PKD 52.45.Z); 5) retail sale other than a chain of shops (PKD 52.6); 6) repair of personal and home use articles (PKD 52.7); 7) other land transport (PKD 60.2); 8) loading and storage of goods (PKD 63.1); 9) legal and accounting advice; consultancy; holding management (PKD 74.1); 10) hotels (PKD 55.1); 11) heat production and distribution (steam and hot water) (PKD 40.3).

Composition of the Company's Management Board as at 30.09.2011 was as follows:

Mr Jacek Rutkowski - President of the Management Board Mr Wojciech Antkowiak - Vice President of the Management Board responsible for

Trade and Marketing Mr Wojciech Kocikowski - Vice President of the Management Board responsible for

Financial Matters Mr Marcin Bilik - Vice President of the Management Board responsible for

Operational Affairs Mr Tomasz Dudek - Vice President of the Management Board responsible for

Purchasing and Logistics

Composition of the Supervisory Board as at balance day 30.09.2011: Mr Tomasz Rynarzewski - Chairman of the Supervisory Board Mr Piotr Sawala - Vice-Chairman of the Supervisory Board Mr Wojciech Kochanek - Member of the Supervisory Board Ms Bogna Sikorska - Independent Member of the Supervisory Board Mr Grzegorz Golec - Independent Member of the Supervisory Board

Amica Wronki S.A. is the parent company of the following companies: Amica International GmbH, Gram A/S, Sidegrove Ltd, Amica Commerce sro, Hansa OOO, Amica Far East Ltd, Inteco Business Solution Sp. z o.o, Hotel Olympic Sp. z o.o, AGD Media Sp. z o.o, Nova Panorama Sp. z o.o, Nove Centrum Sp. z o.o., Amica Marketing Sp z o.o., which together form the Amica Capital Group. The parent company of Amica Capital Group is Holding Wronki S.A.

60

II. NOTES FROM THE MANAGEMENT BOARD on the results of the 3 quarters of 2011.

- unless indicated otherwise, all figures are given in thousands of Polish Zlotys - this report meets the requirements of International Financial Reporting Standards (IFRS). - the contents and the date of publication of this report comply with Polish laws and regulations

The most important information relating to the Group's consolidated results (compared to the third quarter 2010):

Increase in total sales by 55.0m PLN (+6%)

Hansa sales growth in the eastern market by 72%

The increase in gross profit on sales by 20.1m PLN

The increase in EBIT by 8.4m PLN and a higher operating profit by 0.7 percentage points

Increase of gross profit by 13.9m PLN

Increase of EBITDA by 5.1m PLN

The increase in interest debt of 92.8m PLN

1. Introduction In the three quarters of 2011, the Group generated an operating profit of PLN 30.7m, representing an increase of PLN 8.5m, compared to 2010. The Group's gross profit margin on sales in 2011 increased by 0.7 percentage points, of which the gross profit margin of Amica Wronki increased by 1.5%. Improved profitability resulted from increase in heating equipment sales, higher sales to eastern markets and price increase. It is worth noting that this occurred in a context of increasing prices of materials and components, compared to the previous years. Furthermore, it must be articulated that at present the Group purchases refrigerating and laundry equipment from foreign suppliers, while in 2010, a considerable portion of those product groups comes from own production.

61

2. Selected financial data of the Group Q 1-3 2011 Q 1-3 2010 Change in

thousands PLN Dynamics %

Net revenue from sales of products, goods materials and services (thousands PLN)

1 016 742 961 727 55 015 106%

Gross profit on sales (thousands PLN) 252 251 232 135 20 116 109% EBITDA (thousands PLN) 46 119 40 993 5 126 113% Operating profit (EBIT) (thousands PLN) 30 726 22 249 8 477 138% Profit before tax (thousands PLN) 25 065 11 180 13 885 224% Net profit (thousands PLN) 20 364 7 072 13 292 288%

Long-term liabilities (thousands PLN) 74 618 58 786 15 832 127% Short-term liabilities (thousands PLN) 463 455 394 548 68 907 117% Equity capital allocated to shareholders of the Parent Company (thousands PLN) 296 458 295 810 648 100% Stated capital (thousands PLN) 15 551 15 551 0 100% Number of shares (thousands) 7 775 273 7 775 273 0 100% Profit per ordinary share (PLN) 2.62 0.91 1.71 288%

In the three quarters of 2011, the consolidated sales revenue increased by nearly 55m PLN compared to 2010. The increase in revenue from foreign sales of products and goods came mainly thanks to the higher sales to the east, mainly in Russia and Ukraine. Russian company (Hansa) increased its sales (in RUB) by 72% compared to last year. At the same time sales in Poland fell by about 9%. High dynamics of the Russian are noticeable since the mid-2010. Sales growth in this region is on the one hand a sign of economic recovery in Russia, on the other, the result of Hansa's growing market share. In the first half of 2011 share of Hansa brand in the free-standing heating equipment segment rose by 2 percentage points and amounted to 13%. For a more detailed description of the sales in individual markets see commentary on sales. Gross profit on sales was 252.3m PLN, and was higher by 20.1m PLN than last year. Profit increase was due to revenue and profitability growth (of 0.7 pp). Improved profitability is primarily the effect of (1) increases in the prices of goods and commodities in some markets, (2) sales growth in eastern markets, which is characterized by relatively higher profitability, and (3) increase in the participation of heating equipment in overall sales, (4) supplier changes. A change of suppliers originates from reshuffling of laundry and refrigeration appliances. Starting from the second quarter of this year, Amica will replace goods sourced from the sold off factories with goods acquired from other sources, both in Europe and Asia. It is worth noting that improvement in profitability was achieved during the time of increasing commodity prices, where the highest average increase was in steel prices. Ann average price per ton of steel in the period from 1st-3rd quarter 2011 as compared to 2010 was higher by 14%. Operating profit increased by PLN 8.5m, despite an increase in general and administrative expenses, which are due to higher spending on an advertising campaign on the Polish and Russian markets and a one-time write-off on bad debts from Slovakian clients from previous years in the amount of PLN 5.7m. The higher balance on financial activities arose primarily from positive exchange rate differences at Amica Wronki S.A. The interest on the interest debt remains at a similar level (PLN 12.1m). Gross profit after three quarters of 2011 was higher by PLN 13.9 than in the corresponding period last year. 3. Household appliances market report – Poland Domestic sales in the period of Jan-Aug 2011* Market In the period of Jan-Aug 2011, sales of household appliances in Poland reached a value of over PLN 2 606m and when compared with the same period of 2010 were lower by over -0.6%.

62

Positive market dynamics was related to the fitted appliances – the entire product category grew in the first eight months this year by 2.5%, compared to the corresponding period of the previous year. The increase was first and foremost the result of an increased demand for cookers and fitted ovens (+2.2%) as well as hobs (+3.9%). The sales of hoods (2.8%) and fitted dishwashers (+2.1%) also increased. At the other end, there was free-standing equipment reaching a decrease of -2.0%. The highest decline in sales were recorded in refrigeration equipment (-4.2%) and free-standing cookers (-1.1). Only washing machines showed a minor upwards trend (+0.7%). Amica According to figures from GFK Polonia, in the period of Jan-Aug 2011, Amica's sales reached a value of nearly 393m PLN and when compared with the same period of 2010 was higher by 6.7%. The increase in share was fostered by more favourable figures related to the fitted appliances – the entire product category grew in the first eight months this year by 20.2%, compared to the corresponding period of the previous year. Amica's key market segment i.e. heating appliances BI was characterized by an increase of sales: fitted cookers and ovens (+21.0%) and hobs (+19,8%). Furthermore, Amica's sales of hoods (17.1%) and fitted dishwashers (+34.7%) also increased. As far as free-standing equipment is concerned, in the face of market's negative dynamics, Amica maintained the sales level of the previous year – the dynamics for the past 8 months reached -0.2%. Favourable fitted equipment sales results fostered Amica to increase its market share in this category by 2.6 pp. As far as free-standing equipment is concerned, Amica's hares remain at the similar level (+0.3 p.p.). As far as the market for large household appliances is concerned, Amica increased its shares by 1 pp up to the level of 15.1%. * Data for the period from January to August concerning the market in large household appliances based on GFK Polonia and our own estimates. Foreign sales after three quarters of 2011 After three quarters of 2011, foreign sales of Amica reached a value of over 157m EUR and was 13% higher compared to the same period last year. Amica International operating on the German market had the largest share of foreign sales in the period. Turnover achieved in this market accounted for 34% of foreign sales and was higher by 5% when compared to the same period last year. The highest dynamics were in the refrigeration equipment segment. Sales in this product group increased by 25% as compared against the first three quarters of 2010.

63

The second largest sales market during the period analysed was Russia. Turnover achieved in this country accounted for 26% of the foreign sales. Company's sales in the region increased in comparison with the previous year by more than 72%. In the period under discussion, the distribution was improved by facilitating cooperation with two biggest sales networks: ELDORADO and M-VIDEO. The sales at the Scandinavian market achieved by GRAM were 13% lower than in the previous years. The result was affected by reduction in the refrigerators segment stemming from an overall reshuffling of products sold. The positive influence of launching new products expressed by increased sales in this product category is expected to take place in 2012. In the first three quarters of 2011, the Scandinavian market share in the total foreign sales stood at 15%. Sales achieved by Amica Commerce operating on the Czech and Slovak market constituted less than 5%. Turnover achieved by this Company in the first three quarters of 2011 were higher by 2% year to year. Noteworthy are the high sales of the heating equipment, whose sales increased by 11% year to year.

The foreign sales generated by AWSA with direct clients - without intermediation of subsidiaries - increased in the first three quarters of 2011 by 8% compared to the analogical period in the last year

representing a total of 20% sales outside Poland. The highest sales dynamics were recorded in Ukraine South Eastern Europe. Total sales on these markets increased by 150% and 38% respectively.

DIRECT SALES

CUSTOMERS

64

4. Balance 30.09.2011 30.09.2010 Change in PLN Dynamics % Fixed assets 287 126 266 260 20 866 108% II. Current Assets 547 097 478 540 68 557 114% 1. Inventory 224 576 161 398 63 178 139% Short-term receivables 262 802 269 175 -6 373 98% Short-term investments 49 754 37 381 12 373 133% Short-term deferred charges and accruals 9 965 10 586 -621 94% III. Assets classified as items for sale 0 4 346 -4 346 0%

Total assets 834 223 749 146 85 077 111%

30.09.2011 30.09.2010 Change in PLN Dynamics % I. Equity capital 296 150 295 812 338 100% II. Liabilities and reserves 538 073 452 613 85 460 119% Reserves for liabilities 94 455 94 426 29 100% Long term liabilities: 52 819 36 139 16 680 146% Short term liabilities: 385 402 303 305 82 097 127% Accruals and deferred income 5 397 18 743 -13 346 29% III. Liabilities associated with assets for sale 0 721 -721

Total liabilities 834 223 749 146 85 077 111%

As at 30.09.2011 the Group's total assets total grew by 85.1m PLN compared to 30.09.2010. Fixed assets increased by 20.9m PLN. The increase in this position consisted mainly of investment in property, plant and equipment of the cookers factory and IT in Amica Wronki. The higher value of current assets at the end of September 2011 by 68.6m PLN is the result of the increase in inventories by 63.2m PLN, as a result of changing business model in the washing machine and refrigeration segment and replacing own products with trade goods. Despite a sales growth, the value of receivables slightly decreased. The main reason for the decline in the value of receivables from HOOO is the introduction in HOOO's offer the possibility for an earlier payment of receivables by Russian clients in lieu of discounts and factoring. The amount of all liabilities and provisions increased by a total of over PLN 85.5m, of which liabilities in respect of short-term loans, bonds and short-term financial lease increased by PLN 86.6m, while long-term liabilities in respect of loans and financial lease were reduced by PLN 6.2m. In 2nd quarter, Amica Wronki started using factoring services for its suppliers. As at the end of September 2011, the liabilities amounted to PLN 20.1m. Trade liabilities declined in comparison to September 2010 by PLN 28.3m and the public law settlements fell by PLN 3.3m, while the hedging instruments liabilities increased by PLN 17.7m. Accrued expenses decreased by 13.3m PLN, in connection with the return of subsidies to factories sold.

65

5. Cash flow Q 1-3 2011 Q 1-3 2010 Change in

thousands PLN

Net cash flows from operating activities (thousands PLN) 52 187 15 063 37 124 Net cash flows from investment activities (thousands PLN) -15 195 185117 -200 312 Net cash flows from financial activities (thousands PLN) -25 558 -212 471 186 913 Total net cash flows (thousands PLN) 11434 -12 291 23 725

After three quarters of 2011 the balance of flows from operating activities Amica Group was positive and amounted to +52.2m PLN and was about 37m PLN higher than in the corresponding period of the previous year. Inventory whose balance was - 42.5m PLN had negative impact on cash flows from operating activities, which is related to higher sales and increased supplies from Middle East. Another negative factor affecting the balance where the cash flows related to hedging in the amount of -12m PLN. Negative balance on investments stems mainly from investments in the fixed assets in the cookers factory and investment in IT development. Total expenses amounted to 21.5m PLN. Negative financial cash flows amounted to -25.6m PLN. The balance was also affected by the dividend (-23.2m PLN). The change in relation to the previous year results mainly from the repayment of credits in 2010 from the funds earned from the sales of the plant manufacturing refrigerators and washing machines. Total net cash balance for the first nine months positive and amounted to +11.4m PLN. 6. Key performance indicators The increase in gross profit margin on sales by 0.7 percentage points was mainly due to positive change in the structure of product sales and sales growth in Eastern markets. Current ratio was 10.7% lower than in the previous year, but clearly above 1.0 indicating still a high level of liquidity. Quick ratio is significantly lower due to the significant increase in inventories in the balance sheet, which was funded by short-term interest bearing liabilities.

Margins Q 1-3 2011 Q 1-3 2010 Change in pp

Gross profit on sales 24.8% 24.1% 0.7

Operating profit margin 3.0% 2.3% 0.7

EBiTDA margin 4.5% 4.3% 0.3

Gross profit margin 2.5% 1.2% 1.3

Net profit margin 2.0% 0.7% 1.3

KPIs Q 1-3 2011 Q 1-3 2010 Dynamics %

Current ratio 1.42 1.59 89.3%

Quick ratio 0.84 1.05 80.0%

Liability ratio 64.5% 60.5% 106.6%

Net working capital (thousands PLN) 83 642 88 338 94.7%

The debt ratio increased to 64.5% due to the increase in short-term debt interest. Net working capital as at 30.09.2011 was positive and amounted to 83.6m PLN.

66

7. Commentary on financial statements of major Group companies Amica Wronki SA Selected financial data Q 1-3 2011 Q 1-3 2010 Change in

thousands PLN Dynamics %

Net revenue from sales of products, goods materials and services (thousands PLN)

806 798 821886 -15 088 98%

Gross profit on sales (thousands PLN) 187 493 178 435 9 058 105% EBITDA (thousands PLN) 51 781 48 621 3 160 106% Operating profit (EBIT) (thousands PLN) 37915 30 698 7 217 124% Profit before tax (thousands PLN) 34 552 13 457 21095 257% Net profit (thousands PLN) 28 386 9 021 19 365 315%

Long-term liabilities (thousands PLN) 65 468 50 749 14 719 129% Short-term liabilities (thousands PLN) 437 073 391359 45 714 112% Equity capital allocated to shareholders of the Parent Company (thousands PLN) 331887 324 523 7 364 102% Stated capital (thousands PLN) 15 551 15 551 0 100% Number of shares (thousands) 7 775 273 7 775 273 0 100% Profit per ordinary share (PLN) 3.65 1.16 2.49 315%

After three quarters of 2011, Amica Wronki SA achieved the revenue of 807m PLN. It is lower by over 15.1m PLN than last year. In terms of sales structure trends, a decrease in sales volume in the domestic market by about 9% should be noted. This was due to the lower sales, mainly in refrigeration and washing machines segment (see comment Home appliance market in Poland). The Company's export sales on other markets were characterized by a high growth rate (+5%). High sales n the eastern markets (especially Russia) is noteworthy. Mainly due to improved performance, the Company managed to achieve the gross profit on sales of 5.0m PLN higher than last year. The improved performance is in particular attributable to (1) increase in sales of cookers (by 61m PLN), (2) increases in the prices of some products, (3) increase in direct sales to international markets (4) sales to Russia increased by more than 72%. On the other hand, there has been a noticeable increase in prices of materials, mainly steel. Ann average price per ton of steel in the period from 1st-3rd quarter 2011 as compared to 2010 was higher by 14%. Operating profit was 38m PLN (an increase of 7.2m PLN) despite an increase in the cost of sales and overhead costs. Increased sales costs result from the increased demand for warehouse space was as a result of selling refrigerators and washing machines factory. Overhead costs grew mainly due to increased expenses in Poland and Russia. An improved result on financial activities (by 2.3m PLN) is primarily the result of foreign exchange differences and dividends received (2.6m PLN). Amica achieved a net profit 19.4m higher than 2010. In connection with the higher net profit and the redemption of some of the shares, earnings per share amounted to 3.65 PLN compared to 1.16 PLN a year earlier. Balance As at 30.09.2011 the Company's assets increased as compared to 30.09.2010 by 67.8m PLN to 834.4m PLN. Fixed assets had a higher value by 24.2m PLN, mainly due to investments in property, plant and equipment in the cookers factory and investment in IT development. The increase in value of the currents assets at the end of September 2011 in comparison to September 2010 by PLN 48m is caused primarily by inventory growth (by 44.7m PLN). Increase in inventories was due to the substitution of washing machines and refrigerators manufactured in the factories sold with trade goods from other suppliers. The Company's equity value was higher by 7.4m PLN compared to 30.09.2010 due to the accumulated profits of the last year. Liabilities from interest were higher by 95.6m PLN, while the liabilities from deliveries and services towards third parties were lower by 43m PLN. The value of hedging liabilities was higher by

67

17.7m PLN. In connection with the sale of its factories, the company was forced to return part of the grant received and therefore the carrying value of accrued liabilities and accruals (deferred income) is lower by 13m PLN. Gram A/S Profit and loss account Sales revenue in the period Jan-Sep 2011 amounted to 156.5m DKK and were lower by 11% compared to the corresponding period in 2010. The drop in sales was primarily visible on the Danish market. The gross margin on sales compared to that achieved in 2010 also decreased by 11%. The Company managed to maintain the costs at the same level as last year (the salaries were reduced by 5%). The amount of receivables of 3m DKK were written off. Therefore, the Company's operating result was lower than a year before by 3 million DKK and amounted to -4.7 million DKK. The net loss amounted to 4.8 million DKK and was higher than in the corresponding period of 2010 by 3.5 million DKK. Balance Total assets at 30.09.2011 amounted to 108.8 million DKK and were higher by 19.6 million DKK when compared to 30.09.2010. The fixed assets remained unchanged. The Inventory increased by DKK 9.4 million DKK as a result of reshuffle of the Group's logistics model and a failure to perform the sales plan. The liabilities increased by 10.5 million PLN. Equity at the end of the half-year was DKK 4.9m lower than a year earlier and amounted to DKK 12m. Amica International GmbH /AI Profit and loss account Revenue of Amica International after three quarters of 2011 were 50m EUR. In comparison with the 2010 revenues increased by 2.3 million EUR. Gross profit on sales amounted to 6.6 million EUR, which means an increase of 1.2 million EUR. Increased profit (by 1.9 pp) should be stressed, which results from the strengthening of the euro against the dollar and pertains profitability on goods imported from China. In addition, favourable sales structure contributed to improved profitability. After three quarters, the Company my boast the operating profit of 768,000 EUR, an increase of 730,000 EUR compared to last year. Net profit stood at 0.2m EUR Balance

The value of total assets Amica International GmbH on 30 September 2011 amounted to 13.7 million EUR, which was a lower value by 8% (-1.3 million EUR) compared to the same period last year. The inventory remained at the same level and rose by around 5.1 million EUR. Nevertheless, it was lower in comparison to 2nd quarter 2011, despite the increase in sales. The liabilities declined by 02 million EUR with increased sales. As far as liabilities are concerned, there is a significant change in the amount current liabilities, which decreased by more than 1.7 million (to 5.6 million).

68

Amica Commerce s.r.o. Profit and loss account After the first nine months of 2011, sales achieved by Amica Commerce were at the level of 183.2 million CZK, meaning an increase of one million CZK, compared to the corresponding period last year. The Company achieved a gross sales result of 20.4m CZK (19.1m CZK in H1 2010) with profitability of 11.1%. Cost of sales remained at a similar level (7.4m CZK). Compared to last year, Amica Commerce increased spending on marketing by 3.2m CZK. Result on financial operations amounted to +9.3m CZK (the effect of foreign exchange gains). In 3rd quarter, bad debts in the amount of CZK 34 million of Slovak clients from previous years were written off. The high value of the write-off resulted in Amica Commerce's closing the first three quarters of 2011 with net loss of -29.3m CZK, while in the corresponding period of 2010 the loss amounted to -4.6m CZK. Balance Under assets, as at 30.09.2010 year, the decrease in inventory of CZK 16 million was recorded, compared to the previous year. Furthermore, Amica partially repaid the loans and increasing the short-term trade liabilities towards Amika Wronki. HANSA OOO Profit and loss account Sales of Hansa in the period Jan-Sep of 2011 amounted to 1692.5m RUB and increased by 65% compared to the respective period. Hansa gross profit was higher by 12.3m RUB (including a 41.9m decrease as the result of EUR / RUB hedging). General management costs increased by 37.4 million RUB owing to the intensification of marketing activities (first of all TV campaigns). On account of a considerably increased operating activity (lack of write-offs on the liability), the EBIT achieved by the Company was higher by 8.9 million RUB than in Jan-Sep 2010. Hansa achieved a positive result from financial activity in the amount of 8.2m RUB; nonetheless, it was lower than in the first three quarters of 2010by 14.2 million RUB. Net result for the nine months of 2011 amounted to -15.1m RUB and was higher by 7.3 m RUB compared to the first nine months of 2010. Balance The value of the Company's assets on 30.09.2011 amounted to 653.4m RUB and was higher than that recorded on 30.09.2010 by 213.4m RUB. Fixed assets increased by 8.8m RUB. In addition, inventory increased by 87.8m RUB and receivables by 133.4m RUB. The increase in inventories was a result of the decision to ensure better availability of key product ranges for Russian clients in a warehouse in Russia. The higher level of receivables derives from considerably higher sales. Company's equity amounted to o 3.1m RUB. The company covered the increase in current assets with the increase in the value of payables to Amica Wronki.

69

Signatures of Members of the Board

Full name Position Signed

Mr Jacek Rutkowski President of the Board

Mr Wojciech Antkowiak

Vice President of the Management Board responsible for Trade and Marketing

Mr Marcin Bilik Vice President of the Management Board responsible for Operational Affairs

Mr Wojciech Kocikowski

Vice President of the Management Board responsible for Finance

Mr Tomasz Dudek Vice President of the Management Board responsible for Purchasing and Logistics

Amica Wronki S.A. Capital Group · PDF file1 Amica Wronki S.A. Capital Group Extended...

Documents

Transcript of Amica Wronki S.A. Capital Group · PDF file1 Amica Wronki S.A. Capital Group Extended...