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					                    SECURITIES AND STOCK EXCHANGE BOARD                                                                  Translation
                              00-950 WARSZAWA PLAC POWSTAŃCÓW WARSZAWY 1


                            Consolidated year report SA-RS 2000
     (according to the § 46 section 8 of the Cabinets Decree as at 22 December 1998 - Dz.U. Nr 163, poz. 1160)
              (for the issuer of securities providing production, building, trade or service business)

     For the year comprising the period form: 1.01.2000 to 31.12.2000                                                    date 18 April 2001


                                         AGORA Spółka Akcyjna
                                                      (full name of the issuer)

                     AGORA SA                                                                               INNE
                (short name of the issuer)                                                           (proper classification)

                           00-732                                                                     WARSZAWA
                       (postal code)                                                                        (locality)
                                                                                             Czerska                               8/10
                                                                                            (street name)                      (street numer)

                  (0-22) 840-09-11                           (0-22) 840-00-67
                   (telephone number)                             (fax number)                                      (e-mail)
                   526-03-05-644                                                            11559486
                            (NIP)                                                             (REGON)

     KPMG Polska Audyt Sp. z o.o.                                                              date 12 April 2001
     (Enterprise entitiled to performe audit)                                                        (date of issue)


Consolidated year report contains:
 x Consolidated financial statements
       x    Introduction                                      x Schedule of changes in the consolideted equity
       x    Consolidated balance                              x Consolideted cash flow
       x    Consolideted trade and profit and                 x Notes
            loss account

     Apendix
 x   Appendix 1 - The report of the entitled entity to issue an audit report
 x   Appendix 2 - Letter of the Management Board President
 x   Appendix 3 - Management Board's report on the Groups performance
 x   Appendix 4 - Extract of fianancial statements of the entities excluded from the consolidation

     SELECTED FINANCIAL DATA (Current period)                            thousand PLN                                     thousand EURO
                                                                                810,722
     I. Net revenue from the sale of finished goods, merchandise and raw materials                                                     202,625
     II. Profit (loss) on operating activities                                  209,555                                                 52,374
     III. Profit before taxation                                                229,403                                                 57,335
     IV. Net profit (loss)                                                      174,064                                                 43,504
     V. Assets (as at 31.12.2000)                                             1,047,429                                                271,749
     VI. Total liabilities (as at 31.12.2000)                                   184,919                                                 47,976
         - short-term liabilities                                                93,761                                                 24,326
     VII. Equity (as at 31.12.2000)                                             839,150                                                217,712
     VIII. Share capital (as at 31.12.2000)                                      56,758                                                 14,726
     IX. Number of shares (as at 31.12.2000)                              56,757,525
     X. Book value per share (PLN/EURO) (as at 31.12.2000)                         14.78                                                    3.84
     XI. Net profit per ordinary share (PLN/EURO)                                   3.07                                                    0.80

                           Year report according to the law should be passed on to the Securities and Stock Exchange Board,
                                        Stock Exchange of Securities in Warsaw S.A. and Polish Press Agency.
CAPITAL GROUP OF AGORA SA                            SA_RS 2000              in PLN thousand
Translation
       INTRODUCTION


                            The introduction is in a file: wstep_k_ang.doc




                                     SECURITIES AND STOCK EXCHANGE BOARD                  2
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD                3
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD                4
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD                5
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD                6
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD                7
CAPITAL GROUP OF AGORA SA                                                         SA_RS 2000                                                in PLN thousand
Translation
       Reconciliation of the main numbers of the PAA accounts to IAS accounts:                                          31 December 2000

       Net profit under PAA:                                                                                                     174,064
       1. Depreciation of fixed assets that have been fully depreciated for PAA                                                   (3,040)
       2. Amortisation of the excess of goodwill on acquisition of Cox’s minority interest in ACTV Sp. z o.o.                     (1,564)
       3. Adjusting for PAA unrealised foreign exchange differences                                                                 (259)
       4. Adjustment to deferred tax provision                                                                                       990

       Net profit under IAS:                                                                                                     170,191

       Equity under PAA:                                                                                                         839,150
       1. IAS net value as at 1 January 2000 of fixed assets that have been fully depreciated for PAA                              4,245
       2. IAS net value as at 1 January 2000 of goodwill on acquisition of Cox’s minority interest in ACTV Sp. z o.o.              4,433
       3. Unrealised foreign exchange gains                                                                                        2,338
       4. Adjustment of deferred tax provision                                                                                    (1,975)
       5. Difference between PAA and IAS net profit                                                                               (3,873)

       Equity under IAS:                                                                                                         844,318




                                                        SECURITIES AND STOCK EXCHANGE BOARD                                                              8
CAPITAL GROUP OF AGORA SA                                                SA_RS 2000                                                       in PLN thousand
Translation
       CONSOLIDATED BALANCE SHEET
                                                                                       Note     31 December 2000     31 December 1999
       ASSETS
       I. Fixed assets                                                                    -                724,626             490,348
          1. Intangible fixed assets                                                      1                 19,797              22,241
          2. Consolidated goodwill                                                        2                      -                   -
          3. Tangible fixed assets                                                        3                654,633             429,778
          4. Financial fixed assets                                                       4                 50,196              38,329
             - shares in entities consolidated under the equity method                     -                     -                   -
          5. Long-term debtors                                                            5                      -                   -
       II. Current assets                                                                  -               321,455             348,362
          1. Inventory                                                                    6                 25,666              18,479
          2. Short-term debtors                                                           7                106,354              84,268
          3. Own shares for sale                                                          8                      -                   -
          4. Short-term securities                                                        9                151,462             214,068
          5. Cash and cash equivalents                                                   10                 37,973              31,547
       III. Prepaid expenses and other assets                                            11                  1,348               1,035
           1. Deferred corporate income taxes recoverable                                  -                     -                   -
           2. Other                                                                        -                 1,348               1,035
       Total assets                                                                        -             1,047,429             839,745

       LIABILITIES AND SHAREHOLDERS' EQUITY
       I. Equity                                                                          -                839,150             664,978
          1. Share capital                                                               12                 56,758              56,758
          2. Outstanding share capital contributions (negative figure)                    -                      -                   -
          3. Reserve capital                                                             13                607,685             474,815
          4. Revaluation reserve                                                          -                    643                 756
          5. Other reserve capital                                                       14                      -                   -
          6. Foreign exchange rate differences on overseas branches                       -                      -                   -
          7. Foreign exchange rate differences on consolidation                           -                      -                   -
          8. Accumulated profit/(loss) from previous years                               15                      -                   -
          9. Profit after taxation for the financial year                                 -                174,064             132,649
       II. Reserve capital from consolidation                                            16                      -                   -
       III. Minority interest                                                            17                      -                   -
       IV. Provisions                                                                     -                  5,092               4,343
           1. Provisions for deferred tax                                                18                  5,092               4,343
           2. Other                                                                      19                      -                   -
       V. Liabilities                                                                     -                184,919             157,635
          1. Long-term liabilities                                                       20                 91,158              79,101
          2. Short-term liabilities                                                      21                 93,761              78,534
       VI. Accrued expenses and deferred income                                          22                 18,268              12,789
       Total equity and liabilities                                                       -              1,047,429             839,745

       Book value                                                                                         839,150              664,978
       Number of shares                                                                                56,757,525           56,757,525
       Book value per share in PLN                                                                          14.78                11.72
       Predicted number of shares                                                                               -                    -
       Diluted book value per share in PLN                                                                      -                    -

        Off balance sheet liabilities
                                                                                                31 December 2000     31 December 1999
       a) total value of guarantees given                                                                    9,520                9,520
          - to subsidiaries                                                                                    500                  500
          - to associates                                                                                    9,020                9,020
          - to parent company                                                                                    -                    -
          - to other entities                                                                                    -                    -
       b) other                                                                                                  -                    -
         -                                                                                                       -                    -
       Total off balance sheet liabilities                                                                   9,520                9,520

       The Group guaranteed repayment of a 63.23% of a loan, totalling PLN 8,220 thousand, taken by Inforadio Sp. z o.o. (an
       associate) and same percentage of any interest or costs incurred by a bank providing the loan. The Group guaranteed also loans
       taken by two other subsidiaries: Trefl Sp. z o.o., BOR Sp. z o.o., amounting to PLN 500 thousand and PLN 800 thousand,
       respectively. The guarantee expires on the 30 July 2001.
       During the year 2000 the Group has changed the accounting rules for the costs associated with the initial public offering of its
       shares in 1999. As a result of these changes the balance sheet figures as at the 31 December 1999 were restated, as described in
       additional notes 16 and 17.
       Calculation of book value per share was changed respectively.




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                                 9
CAPITAL GROUP OF AGORA SA                                             SA_RS 2000                                                            in PLN thousand
Translation

        CONSOLIDATED PROFIT AND LOSS
                                                                                                      1.01.2000 till       1.01.1999 till
                                                                                                        31.12.2000           31.12.1999

       I. Net sales of merchandise and finished products                                   -               810,722              689,689
          1. Net sales of finished products                                              23                805,500              685,810
          2. Net sales of merchandise and materials                                      24                   5,222                3,879
       II. Cost of merchandise, finished products sold and materials                       -             (390,057)            (330,328)
          1. Cost of finished products sold                                              25              (386,006)            (326,811)
          2. Cost of merchandise and materials sold                                        -                (4,051)              (3,517)
       III. Gross profit on sales (I-II)                                                   -               420,665              359,361
       IV. Selling expenses                                                                -               (79,364)             (54,060)
       V. Administrative and general expenses                                              -             (106,389)              (97,986)
       VI. Profit on sales (III-IV-V)                                                      -               234,912              207,315
       VII. Other operating revenues                                                     26                   6,263                2,913
       VIII. Other operating expenses                                                    27                (31,620)             (16,453)
       IX. Profit on operating activities (VI+VII+VIII)                                    -               209,555              193,775
       X. Dividends income                                                               28                 10,105                   288
       XI. Income from other financial assets                                            29                        -                    -
       XII. Other financial income                                                       30                 40,072               59,983
       XIII. Financial expenses                                                          31                (30,395)             (59,225)
       XIV. Profit on ordinary activities (IX+X+XI+XII-XIII)                               -               229,337              194,821
       XV. Extraordinary items (XV.1. - XV.2.)                                             -                     66                     -
          1. Extraordinary gains                                                         32                      67                   14
          2. Extraordinary losses                                                        33                      (1)                (14)
       XVI. Goodwill amortisation                                                          -                       -                    -
       XVII. Consolidated reserve capital amortisation                                     -                       -                    -
       XVIII. Profit before taxation                                                       -               229,403              194,821
       XIX. Corporate income tax                                                         34                (55,339)             (62,172)
       XX. Other obligatory charges                                                      35                        -                    -
       XXI. Net earnings from shares in associated entities                                -                       -                    -
       XXII. Minority interest share in profit                                             -                       -                    -
       XXIII. Profit / (Loss) after taxation                                             36                174,064              132,649


       Profit / (Loss) after taxation (for 12 months)                                      -               174,064              132,649
       Weighted average number of ordinary shares                                          -            56,757,525           56,757,525
       Net profit per ordinary share in PLN                                                -                   3.07                 2.34
       Weighted average expected number of ordinary shares                                 -                       -                    -
       Diluted profit / (loss) after taxation per ordinary share in PLN                    -                       -                    -


       Calculation of profit per share.
       Profit per share was calculated by dividing the net profit for 2000 by the weighted average number of shares that participate in
       dividends.




                                                  SECURITIES AND STOCK EXCHANGE BOARD                                                                   10
CAPITAL GROUP OF AGORA SA                                              SA_RS 2000                                                         in PLN thousand
Translation
        CHANGES IN CONSOLIDATED EQUITY
                                                                                                    1.01.2000 till       1.01.1999 till
                                                                                                      31.12.2000           31.12.1999
        I. Equity opening balance                                                                        664,978              166,065
        a) changes in the accounting policy                                                                      -                    -
        b) corrections of fundamental errors                                                                     -                    -
        I.a. Opening balance of equity after reconciliation to comparable data                           664,978              166,065
        1. Share capital opening balance                                                                  56,758               44,141
        1.1. Changes in share capital                                                                          -               12,617
        a) additions                                                                                           -               12,617
           - issue of shares                                                                                   -               12,617
        b) disposals                                                                                           -                    -
        1.2. Share capital closing balance                                                                56,758               56,758
        2. Outstanding share capital contributions as at the beginning of the year                             -                     -
        2.1. Changes in outstanding share capital contributions                                                -                     -
        a) additions                                                                                           -                     -
        b) disposals                                                                                           -                     -
        2.2. Outstanding share capital contributions as at the year end                                        -                     -
        3. Reserve capital opening balance                                                               474,815              128,354
        3.1. Changes in capital reserves                                                                 132,870              346,461
        a) additions                                                                                     132,870              359,953
           - share premium from IPO                                                                            -              367,137
           - net profit appropriation (statutory)                                                              -                     -
           - net profit appropriation (over statutory minimum value)                                     132,646               (7,353)
           - fixed assets disposals                                                                          113                   169
            - adjustment following the merger of Agora SA with Trans-Serwis SA of 1
       January 2000                                                                                           111                    -
        b) disposals                                                                                            -             (13,492)
             - changes in accounting policy - share issue costs (additional explanatory
       notes 16 and 17)                                                                                        -              (13,492)
        3.2. Reserve capital closing balance                                                             607,685              474,815
        4. Revaluation reserve opening balance                                                               756                   923
        4.1. Changes in revaluation reserves                                                               (113)                 (167)
        a) additions                                                                                           -                     -
        b) disposals                                                                                       (113)                 (167)
           - fixed assets disposals                                                                        (113)                 (167)
        4.2. Revaluation reserve closing balance                                                             643                   756
        5. Other capital reserve opening balance                                                               -                     -
        5.1. Changes in other capital reserves                                                                 -                     -
        a) additions                                                                                           -                     -
        b) disposals                                                                                           -                     -
        5.2. Other capital reserve closing balance                                                             -                     -
        6. Foreign exchange rate differences on overseas branches                                              -                     -
        7. Foreign exchange rate differences on consolidation                                                  -                     -
        8. Accumulated profit from previous years, opening balance                                       132,649               (7,353)
        8.1. Accumulated profit from previous years opening balance                                      132,649                     -
            - changes in the accounting policy                                                                 -                     -
            - corrections of fundamental errors                                                                -                     -
        8.2. Opening balance of accumulated profit from previous years after
       reconciliation to comparable data                                                                  132,649                    -
        a) additions                                                                                             -                   -
        b) disposals                                                                                    (132,649)                    -
           - transfer to capital reserves                                                               (132,646)                    -
           - transfer to special reserves                                                                      (3)                   -
        8.3. Closing balance of accumulated profit from previous years                                           -                   -
        8.4. Opening balance of accumulated loss from the prior year                                             -             (7,353)
           - changes in the accounting policy                                                                    -                   -
           - adjustments of fundamental errors                                                                   -                   -
        8.5. Opening balance of accumulated loss from the prior year after
       reconciliation to comparable data                                                                       -               (7,353)
        a) additions                                                                                           -                     -
           - transfer of loss to be covered                                                                    -                 7,353
        b) disposals                                                                                           -                     -
        8.6. Closing balance of accumulated loss from the prior year                                           -                     -
        8.7. Closing balance of accumulated profit/(loss) from the prior year                                  -                     -
        9. Net result                                                                                    174,064              132,649
        a) net profit                                                                                    174,064              132,649
        b) net loss                                                                                            -                     -
        II. Closing balance of equity                                                                    839,150              664,978

        As a consequence of changing accounting policy comparable data presented in this note was changed respectively - as described
        in additional notes 16 and 17.




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                                11
CAPITAL GROUP OF AGORA SA                                              SA_RS 2000                                         in PLN thousand
Translation
        CONSOLIDATED CASH FLOW STATEMENT
                                                                                       1.01.2000 till    1.01.1999 till
                                                                                         31.12.2000        31.12.1999
        A. CASH FLOW FROM OPERATING ACTIVITIES (I+/-II) - indirect                          216,941           198,929
       method
        I. Profit after taxation                                                            174,064           132,649
        II. Total adjustments                                                                42,877            66,280
             1. Profit (loss) of minority shareholders                                            -                 -
             2. Share in profit of consolidated companies, using equity method                       -                -
             3. Depreciation (including goodwill revaluation or capital reserve on
       consolidation)                                                                         48,422           42,019
             4. Foreign exchange rates (gains) / losses                                       12,849           12,308
             5. Interests and dividends                                                      (5,751)            8,435
             6. (Profit) / Loss on investment activity                                       (3,405)            8,394
             7. Change in other provisions                                                           -           (39)
             8. Corporate income tax (disclosed in profit and loss statement)                 55,339           62,172
             9. Corporate income tax paid                                                   (48,106)         (62,375)
             10. Change in inventory position                                                (2,409)          (1,562)
             11. Change in accounts receivable position                                     (25,775)         (13,264)
            12. Change in short-term liabilities (except for bank credits and loans)           8,359           11,062
            13. Change in interperiod settlements                                             4,614            2,568
            14. Change in deferred income                                                       347           (2,503)
            15. Other adjustments                                                            (1,607)            (935)
        B. CASH FLOW FROM INVESTMENT ACTIVITIES (I-II)                                     (203,126)        (407,083)
        I. Cash inflows from investing activities                                           967,273        1,374,550
           1. Sales of intangible fixed assets                                                     -                -
           2. Sales of tangible fixed assets                                                    903               43
           3. Sales of financial fixed assets including:                                           -                -
           - in subsidiaries                                                                       -                -
           - in associates                                                                         -                -
           - in parent company                                                                     -                -
           4. Sales of short-term securities                                                954,645        1,347,004
           5. Long-term loans repaid                                                             34           18,788
           6. Dividends received                                                             10,105              288
           7. Interest received                                                                   5               27
           8. Other                                                                           1,581            8,400
        II. Cash outflows from investing activities                                      (1,170,399)      (1,781,633)
           1. Purchase of intangible fixed assets                                            (7,175)          (3,926)
           2. Purchase of tangible fixed assets                                            (279,324)        (143,592)
           3. Purchase of financial fixed assets including:                                  (5,263)         (23,277)
           - in subsidiaries                                                                 (1,308)            (386)
           - in associates                                                                   (3,909)            (200)
           - in parent company                                                                     -                -
           4. Purchase of own shares                                                               -                -
           5. Purchase of short-term securities                                            (870,028)      (1,549,581)
           6. Long-term loans granted                                                        (5,269)          (3,749)
           7. Dividends paid to minority shareholders                                              -                -
           8. Other expenses                                                                 (3,340)         (57,508)
        C. CASH FLOW FROM FINANCING ACTIVITIES (I-II)                                        (7,389)         232,581
        I. Inflows from financing activities                                                       -         379,755
           1. Long-term bank credits and loans received                                            -                -
            2. Issue of bonds and other long-term debt securities                                  -                -
           3. Short-term bank credits and loans received                                           -                -
            4. Issue of bonds and other short-term debt securities                                 -                -
           5. Inflows from own shares issued                                                       -         379,755
           6. Capital payments                                                                     -                -
           7. Other                                                                                -                -




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                12
CAPITAL GROUP OF AGORA SA                                                   SA_RS 2000                               in PLN thousand
Translation
           II. Cash outflows from financing activities                                     (7,389)     (147,174)
              1. Long-term bank credits and loans repaid                                         -             -
              2. Redemption of bonds and other long-term securities                              -             -
              3. Short-term bank credits and loans repaid                                        -     (101,056)
              4. Redemption of bonds and other short-term debt securities                        -             -
              5. Expenses related to shares and bonds issues                                     -      (18,760)
              6. Redemption of shares                                                            -             -
              7. Dividends and other payments to shareholders                                    -             -
             8. Payments to members of the Company's governing bodies                            -             -
             9. Charitable contributions                                                     (978)         (616)
            10. Payments of liabilities related to finance lease agreements                      -             -
            11. Interest paid                                                                    -       (4,493)
            12. Other expenditures                                                         (6,411)      (22,249)
           D. NET CASH FLOWS, TOTAL (A+/-B+/-C)                                             6,426        24,427
           E. CHANGE OF CASH POSITION IN BALANCE SHEET                                       6,426        24,427
              - including change in cash position due to foreign exchange differences              -             -
           F. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE
          FINANCIAL YEAR                                                                   31,547          7,120
           G. CASH AND CASH EQUIVALENTS AND THE END OF THE
          FINANCIAL YEAR (F+/- D)                                                          37,973         31,547




                                                     SECURITIES AND STOCK EXCHANGE BOARD                                         13
CAPITAL GROUP OF AGORA SA                                               SA_RS 2000                                                       in PLN thousand
Translation



        Notes
        Note 1.
       INTANGIBLE FIXED ASSETS                                                                  31 December 2000     31 December 1999

        a) Settlement of start-up expenses or organisational expenses of raising
       additional capital                                                                                      76                  108
        b) Research and development expenditure                                                                 1                    3
        c) Purchased goodwill                                                                               1,632                2,416
        d) Concessions, patents, licenses and similar assets                                                    -                    -
        e) Computer software                                                                                8,064                8,293
        f) Perpetual usufruct over land acquired                                                            9,935               11,336
        g) Other intangible fixed assets                                                                       89                   85
        h) Prepayments for intangible fixed assets                                                              -                    -
        Total intangible fixed assets                                                                      19,797               22,241


       As described in the additional explanatory notes 16 and 17, the comparative figures for 1999 have been restated to conform with
       the change in accounting policy.




                                                    SECURITIES AND STOCK EXCHANGE BOARD                                                              14
CAPITAL GROUP OF AGORA SA                                        SA_RS 2000               in PLN thousand
Translation
           należy zamieścić stronę z arkusza nr 1




                                                    SECURITIES AND STOCK EXCHANGE BOARD               15
CAPITAL GROUP OF AGORA SA                                            SA_RS 2000                                                  in PLN thousand
Translation
        Note 2.
       CONSOLIDATED GOODWILL                                                           31 December 2000     31 December 1999

       Consolidated goodwill - subsidiary companies                                                  -                      -
       Consolidated goodwill - associated entities                                                   -                      -
       Total consolidated goodwill                                                                   -                      -


       CHANGE OF CONSOLIDATED GOODWILL - SUBSIDIARY
                                                                                       31 December 2000     31 December 1999
       COMPANIES
        a) gross value at beginning of the year                                                    457                   457
        b) additions                                                                                 -                     -
        c) disposals                                                                                 -                     -
           - adjustment following the merger of Agora SA with Trans-Serwis SA of 1
       January 2000                                                                                (29)                    -
        d) gross value at year end                                                                 428                   457
        e) accumulated depreciation at beginning of the year                                       457                   457
        f) depreciation charge for the year                                                          -                     -
           - adjustment following the merger of Agora SA with Trans-Serwis SA of 1
       January 2000                                                                                (29)                    -
        g) accumulated depreciation at year end                                                    428                   457
        h) net value at year end                                                                     -                     -


       CHANGE OF CONSOLIDATED GOODWILL - ASSOCIATED                                    31 December 2000     31 December 1999
       ENTITIES
       a) gross value at beginning of the year                                                       -                      -
       b) additions                                                                                  -                      -
       c) disposals                                                                                  -                      -
       d) gross value at year end                                                                    -                      -
       e) accumulated depreciation of goodwill at beginning of the year                              -                      -
       f) depreciation charge of goodwill for the year                                               -                      -
       g) accumulated depreciation of consolidated goodwill at year end                              -                      -
       h) net value at year end                                                                      -                      -




       CALCULATION OF CONSOLIDATED GOODWILL IN SUBSIDIARY                                                 Agora Poligrafia Sp.
       COMPANIES                                                                                                z o.o.

       Acquisition date of shares in consolidated companies                                                          2/1/1998
       Percentage of shares in share capital of consolidated companies                                                  100%
       1. Book value of shares of Agora S.A. in consolidated companies                                                    72
       2. 100% of equity in consolidated companies at acquisition date                                                  (356)
       3. Revaluation of buildings and construction to market value                                                         -
       4. Revaluation of land (right to usufruct of land) to market value                                                   -
       5. Consolidated goodwill                                                                                          428
           Untill 31 December 1998 the following appropriations have been performed:                                        -
       6. One-off charge of consolidated goodwill in 1998                                                               (428)
       7. Consolidated goodwill at year end                                                                                 -


        Note 3.
       TANGIBLE FIXED ASSETS                                                           31 December 2000     31 December 1999

       a) Fixed assets, including:                                                              565,065               184,070
          - freehold land                                                                         8,989                 8,989
          - buildings and constructions                                                         155,513                62,000
          - equipment and machines                                                              395,246               110,271
          - vehicles                                                                              3,491                 1,260
          - other                                                                                 1,826                 1,550
       b) Construction in progress                                                               65,456               127,880
       c) Prepayments for investments                                                            24,112               117,828
       Total tangible fixed assets                                                              654,633               429,778




                                                 SECURITIES AND STOCK EXCHANGE BOARD                                                         16
CAPITAL GROUP OF AGORA SA                                                SA_RS 2000                                         in PLN thousand
Translation


       FIXED ASSETS (OWNERSHIP STRUCTURE)                                             31 December 2000   31 December 1999

        a) owned                                                                               565,065            184,070
        b) used on the basis of rental, lease or other agreement of similar nature,
       including:                                                                                    -                  -
        Total fixed assets                                                                     565,065            184,070


       OFF-BALANCE FIXED ASSETS                                                       31 December 2000   31 December 1999
        Used on the basis of rental, lease or other agreement of similar nature,
       including:                                                                                    -                  -
          - value of land under perpetual usufruct                                                   -                  -
        Total off-balance fixed assets                                                               -                  -




                                                     SECURITIES AND STOCK EXCHANGE BOARD                                                17
CAPITAL GROUP OF AGORA SA                                        SA_RS 2000               in PLN thousand
Translation
           należy zamieścić stronę z arkusza nr 2




                                                    SECURITIES AND STOCK EXCHANGE BOARD               18
CAPITAL GROUP OF AGORA SA                                            SA_RS 2000                                                       in PLN thousand
Translation
        Note 4.
       FINANCIAL FIXED ASSETS                                                                 31 December 2000    31 December 1999
       a) own shares                                                                                          -                   -
       b) shares in consolidated companies consolidated by means of the equity                                -                   -
          - in subsidiaries                                                                                   -                   -
          - in associated entities                                                                            -                   -
       c) other shares, including:                                                                       41,752              33,001
          - in subsidiary companies not consolidated                                                     14,375               8,564
          - in associated entities not consolidated                                                       4,749               1,852
       d) long term loans granted, including                                                              8,444               5,328
          - to subsidiary companies not consolidated                                                      6,302               3,131
          - to associated entities not consolidated                                                       1,780               1,791
       e) other securities, including:                                                                        -                   -
          - subsidiary companies not consolidated                                                             -                   -
          - associated entities                                                                               -                   -
       f) other property rights (by kind)                                                                     -                   -
       g) other financial fixed assets                                                                        -                   -
       Total financial fixed assets                                                                      50,196              38,329

       For a reason of comparability shares in subsidiaries as at 31 December 1999 were increased by shares in Trefl Sp. z o.o. and
       Barys Sp. z o.o. (which became subsidiaries of Agora) by the amount of PLN 985 thousand and PLN 27 thousand, respectively.
       Consequently shares in associated companies are reduced by PLN 985 thousand (shares in Trefl Sp. z o.o.) and 27 thousand
       (shares in Barys Sp. z o.o.).




                                                 SECURITIES AND STOCK EXCHANGE BOARD                                                              19
CAPITAL GROUP OF AGORA SA                                        SA_RS 2000               in PLN thousand
Translation
           należy zamieścić stronę z arkusza nr 3




                                                    SECURITIES AND STOCK EXCHANGE BOARD               20
CAPITAL GROUP OF AGORA SA                                        SA_RS 2000               in PLN thousand
Translation
           należy zamieścić stronę z arkusza nr 4




                                                    SECURITIES AND STOCK EXCHANGE BOARD               21
CAPITAL GROUP OF AGORA SA                                               SA_RS 2000                                                                 in PLN thousand
Translation

             SHARES IN OTHER ENTITIES (INVESTMENTS)                                       -
                a          b           c        d                            e     -         f             g                         h
                                                                                   - Share in the total Value of
              Name of                                                                                                        Dividends received
                                                           Book value   % of share - number of votes shares unpaid
        No. entity, legal    Location       Activity                                                                         or due for the last
                                                            of shares     capital         - on shareholders     by the
                form                                                                                                                year
                                                                                                meeting        Company
            Telewizyjna
                                                                                          -
           Korporacja
           Partycypacyjna             paid TV
         1 SA                Warszawa operator                 22,491            12.12%              12.12%              -                     -
            Polskie                                                                       -
           Badania
           Internetu Sp.               internet                                           -
         2 zo.o.             Warszawa research                      8           16.67%              16.67%               -                     -
                                                                        less than 1% in less than 1% in each
         3   Other                      -              -          129    each company -            company               -                     -
         4              -               -              -            -                -                    -              -                     -
         5              -               -              -            -                - -                  -              -                     -


       LONG TERM LOANS GRANTED (CURRENCY STRUCTURE)                                                     31 December 2000     31 December 1999

       a) in Polish zloty                                                                                          8,444                   5,328
       b) in foreign currencies (by currencies and after translation into PLN)                                         -                       -
       b1. unit/currency                                                                                               -                       -
              thousand PLN                                                                                             -                       -
       b2. unit/currency                                                                                               -                       -
              thousand PLN                                                                                             -                       -
       ......                                                                                                          -                       -
       b3. other currencies in thousand PLN                                                                            -                       -
       Total long term loans granted                                                                               8,444                   5,328



       LONG TERM SECURITIES, SHARES AND OTHER PROPERTY
                                                                                                        31 December 2000     31 December 1999
       RIGHTS (CURRENCY STRUCTURE)
       a) in Polish zloty                                                                                         41,752                 33,001
       b) in foreign currencies (by currencies and after translation into PLN)                                         -                      -
       b1. unit/currency                                                                                               -                      -
              thousand PLN                                                                                             -                      -
       b2. unit/currency                                                                                               -                      -
              thousand PLN                                                                                             -                      -
       ......                                                                                                          -                      -
       b3. other currencies in thousand PLN                                                                            -                      -
       Total long term securities, shares and property rights                                                     41,752                 33,001

        LONG TERM SECURITIES, SHARES AND OTHER PROPERTY
                                                                                                        31 December 2000     31 December 1999
       RIGHTS (BY LIQUIDITY)
        A. Readily marketable, quoted on the stock exchange (balance sheet value)                                        -                     -
          a) shares (balance sheet value):                                                                               -                     -
             - adjustments updating the value (balance)                                                                  -                     -
             - the value according to purchase price                                                                     -                     -
          b) bonds (balance sheet value)                                                                                 -                     -
             - adjustments updating the value (balance)                                                                  -                     -
             - the value according to purchase price                                                                     -                     -
          c) other - grouped by kind (balance sheet value):                                                              -                     -
            c1 ...                                                                                                       -                     -
             - adjustments updating the value (balance)                                                                  -                     -
             - the value according to purchase price                                                                     -                     -
            ...                                                                                                          -                     -
        B. Readily marketable, quoted on the controlled over the counter market
       (balance sheet value)                                                                                             -                     -
          a) shares (balance sheet value):                                                                               -                     -
             - adjustments updating the value (balance)                                                                  -                     -
             - the value according to purchase price                                                                     -                     -
          b) bonds (balance sheet value)                                                                                 -                     -
             - adjustments updating the value (balance)                                                                  -                     -
             - the value according to purchase price                                                                     -                     -
          c) other - grouped by kind (balance sheet value):                                                              -                     -
            c1 ...                                                                                                       -                     -
             - adjustments updating the value (balance)                                                                  -                     -
             - the value according to purchase price                                                                     -                     -
            ...                                                                                                          -                     -




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                                         22
CAPITAL GROUP OF AGORA SA                                                  SA_RS 2000                                           in PLN thousand
Translation
           C. Readily marketable, quoted neither on the stock exchange nor on the
          controlled over the counter markets (balance sheet value)                                     -                   -
             a) shares (balance sheet value):                                                           -                   -
                - adjustments updating the value (balance)                                              -                   -
                - the value according to purchase price                                                 -                   -
             b) bonds (balance sheet value)                                                             -                   -
                - adjustments updating the value (balance)                                              -                   -
                - the value according to purchase price                                                 -                   -
             c) other - grouped by kind (balance sheet value):                                          -                   -
               c1 ...                                                                                   -                   -
                - adjustments updating the value (balance)                                              -                   -
                - the value according to purchase price                                                 -                   -
               ...                                                                                      -                   -
           D. Securities with restricted marketability (balance-sheet value)                       41,752              33,001
             a) shares (balance sheet value):                                                      41,752              33,001
                - adjustments updating the value (balance)                                      (101,318)           (117,776)
                - the value according to purchase price                                           143,070             150,777
             b) bonds (balance sheet value)                                                             -                   -
                - adjustments updating the value (balance)                                              -                   -
                - the value according to purchase price                                                 -                   -
             c) other - grouped by kind (balance sheet value):                                          -                   -
               c1 ...                                                                                   -                   -
                - adjustments updating the value (balance)                                              -                   -
                - the value according to purchase price                                                 -                   -
               ...                                                                                      -                   -
           Total value per purchase price                                                         143,070             150,777
           Total adjustments updating the value (balance)                                       (101,318)           (117,776)
           Total balance sheet value                                                               41,752              33,001


          OTHER FINANCIAL ASSETS (BY CURRENCY STRUCTURE)                                31 December 2000    31 December 1999

          a) in PLN                                                                                     -                   -
          b) in foreign currency (per currency translated into PLN)                                     -                   -
          b1.unit/currancy .............../................                                             -                   -
                thousand PLN                                                                            -                   -
          ......                                                                                        -                   -
          b2. other currency in thousand PLN                                                            -                   -
          Total other financial assets                                                                  -                   -

           Note 5.
          LONG TERM RECEIVABLES                                                         31 December 2000    31 December 1999

          a) trade long term receivables, including:                                                    -                   -
             - from subsidiary companies                                                                -                   -
             - from associated entities                                                                 -                   -
             - from parent company                                                                      -                   -
          b) other long term receivables, including                                                     -                   -
             - from subsidiary companies                                                                -                   -
             - from associated entities                                                                 -                   -
             - from parent company                                                                      -                   -
          Net long term receivables                                                                     -                   -
          c) provision for receivables (positive value)                                                 -                   -
          Gross long term receivables                                                                   -                   -




          CHANGE IN LONG TERM RECEIVABLES                                               31 December 2000    31 December 1999

          a) value as at the beginning of the period                                                    -                   -
          b) additions:                                                                                 -                   -
          c) disposals:                                                                                 -                   -
          Long term receivables as at the end of the period                                             -                   -


          CHANGE IN PROVISION FOR LONG TERM RECEIVABLES                                 31 December 2000    31 December 1999

          a) value as at the beginning of the period                                                    -                   -
          b) additions:                                                                                 -                   -
          c) disposal                                                                                   -                   -
          d) writing down                                                                               -                   -
          Provision for long term receivables as at the end of the period                               -                   -




                                                          SECURITIES AND STOCK EXCHANGE BOARD                                               23
CAPITAL GROUP OF AGORA SA                                             SA_RS 2000                                                         in PLN thousand
Translation
       LONG TERM RECEIVABLES (BY CURRENCY STRUCTURE)                                            31 December 2000     31 December 1999

       a) in Polish currency                                                                                    -                    -
       b) in foreign currency (per currency translated into PLN)                                                -                    -
       b1.unit/currency .............../................                                                        -                    -
            thousand PLN                                                                                        -                    -
        ......                                                                                                  -                    -
       b2. other currency in thousand PLN                                                                       -                    -
       Total long term receivables                                                                              -                    -


       Note 6.
       INVENTORY                                                                                31 December 2000     31 December 1999

       a) Raw materials                                                                                    24,536               17,723
       b) Semi-products and work in progress                                                                    -                    -
       c) Finished products                                                                                     -                    -
       d) Merchandise                                                                                         645                  684
       e) Prepayments for inventory                                                                           485                   72
       Total inventory                                                                                     25,666               18,479

       The balance of raw materials as at 31 December 2000 includes a printing press that is no longer in use and has been offered for
       resale. The carrying cost of the assets is PLN 5,927 thousand, which includes the net book value of the equipment of PLN 4,778
       thousand, and capitalised removal costs of PLN 1,149 thousand.

       Note 7.
       CURRENT DEBTORS                                                                          31 December 2000     31 December 1999

       a) Trade debtors                                                                                    91,854               63,105
          - subsidiary companies                                                                            2,070                1,509
          - associated entities                                                                               283                  577
          - parent company                                                                                      -                    -
       b) Other debtors - subsidiary companies                                                                612                    -
       c) Other debtors - associated entities                                                                   -                    -
       d) Other debtors - parent company                                                                        -                    -
       e) Taxation, subsidy and social security debtors                                                     3,141               13,661
       f) Dividends and other participation in earnings                                                         -                    -
       g) Other debtors                                                                                    10,742                7,502
       h) Debtors subject to legal proceedings for which provision was not created                              5                    -
       Net current debtors                                                                                106,354               84,268
       i) Provision for doubtful debt (positive figure)                                                    29,045               25,151
       Current debtors, gross value                                                                       135,399              109,419



       MOVEMENTS IN PROVISION FOR SHORT TERM DEBTS                                              31 December 2000     31 December 1999

       a) Balance at the beginning of the year                                                            25,151               17,321
       b) Additions                                                                                       14,029               13,995
         - provision for debts subject to legal proceedings                                                2,036                4,672
         - provision for outstanding interest                                                                271                    -
         - provision for doubtful debts                                                                   11,669                9,323
         - reclassification to short term                                                                     53                    -
       c) Utilisation                                                                                     (5,310)              (2,748)
         - debts written-off                                                                              (2,706)              (1,376)
         - penalty interest written-off                                                                   (2,604)              (1,372)
       d) Release                                                                                         (4,825)              (3,417)
         - settlement of payments provided for                                                            (4,825)              (2,974)
         - reclassification to long term                                                                       -                 (443)
       Debt provision closing balance                                                                     29,045               25,151




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                               24
CAPITAL GROUP OF AGORA SA                                            SA_RS 2000                                                           in PLN thousand
Translation

       DEBTORS (BY CURRENCY)                                                                   31 December 2000     31 December 1999

       a) in Polish currency                                                                             134,473               108,261
       b) in foreign currencies                                                                              926                 1,158
       b1. unit/currency thousand USD                                                                        201                   202
             thousand PLN                                                                                    833                   837
       b2. unit/currency thousand DEM                                                                         14                    78
             thousand PLN                                                                                     28                   171
       b3. unit/currency thousand FRF                                                                          8                    59
             thousand PLN                                                                                      4                    38
       b4. unit/currency thousand BEF                                                                        303                     -
             thousand PLN                                                                                     29                     -
        ......                                                                                                 -                     -
       b5. other currencies (translated) into thousand PLN                                                    32                   112
       Total short term debtors                                                                          135,399               109,419


       AGEING OF TRADE DEBTORS (NOMINAL VALUE) AS AT THE
                                                                                               31 December 2000     31 December 1999
       YEAR END
       a. Due within 1 month                                                                              40,304                37,343
       b. Due between 1 and 3 months                                                                       1,388                   829
       c. Due between 3 and 6 moths                                                                          109                   392
       d. Due between 6 months and 1 year                                                                     74                   671
       e. Due after 1 year                                                                                   157                   174
       f. Overdue trade debtors                                                                           78,077                46,119
       Total trade debtors (nominal value)                                                               120,109                85,528
       g. Provision for doubtful debts (negative figure)                                                 (28,255)              (22,423)
       Total trade debtors (net)                                                                          91,854                63,105


       Trade debtors turnover related to regular sales cycle is:
          - advertisements         7 - 21 days
          - newspapers             7 - 25 days


       AGEING OF OVERDUE TRADE DEBTORS (NOMINAL VALUE) AS
                                                                                               31 December 2000     31 December 1999
       AT THE YEAR END - UNSETTLED WITHIN:
       a. 1 month                                                                                         31,388                16,910
       b. between 1 and 3 months                                                                          19,255                 9,098
       c. between 3 and 6 moths                                                                            7,725                 4,543
       d. between 6 months and 1 year                                                                      5,855                 6,186
       e. after 1 year                                                                                    13,854                 9,382
       Total overdue trade debtors (nominal value)                                                        78,077                46,119
       f. Provision for doubtful debts (negative figure)                                                 (28,255)              (22,287)
       Total overdue trade debtors (net)                                                                  49,822                23,832

       Out of the total value of debtors of PLN 135,399 thousand the overdue debtors are:
        - trade debtors of PLN 78,077 thousand , including PLN 49,822 thousand not provided for,
       As at 31 Decmber 2000 disputed debtors amounted to PLN 2,131 thousand and were fully provided for.
       Bad debts provision of PLN 28 255 thousand covers all doubtful debts and those at least 3 months overdue.


         Note 8.
                                                      OWN SHARES FOR SALE
       Amount       Amount                  Purchase price           Purpose for purchasing                    Purpose
                -                       -                    -                                  -                                  -
                -                       -                    -                                  -                                  -
                -                       -                    -                                  -                                  -
                -                       -                    -                                  -                                  -
                         SHARES OF AGORA SA IN POSSESSION OF RELATED COMPANIES
       Company name, location                Amount                  Acquisition price                   Balance sheet value
                                        -             -                                         -                                  -
                                        -             -                                         -                                  -
                                        -             -                                         -                                  -
                                        -             -                                         -                                  -




                                                  SECURITIES AND STOCK EXCHANGE BOARD                                                                 25
CAPITAL GROUP OF AGORA SA                                             SA_RS 2000                                                  in PLN thousand
Translation

        Note 9.
       SHORT-TERM SECURITIES, SHARES AND OTHER PROPERTY
                                                                                            31 December 2000   31 December 1999
       RIGHTS
       a) Shares                                                                                          -                  -
          - in subsidiary companies                                                                       -                  -
          - in associated entities                                                                        -                  -
          - in parent company                                                                             -                  -
       b) Other short-term securities                                                                50,462            214,068
          - in subsidiary companies                                                                     361                  -
          - in associated entities                                                                      187                665
          - in parent company                                                                             -                  -
       c) Other securities and property rights                                                      101,000                  -
          - shares in investment funds                                                              101,000                  -
       Total short-term securities, shares and property rights                                      151,462            214,068

        SHORT-TERM SECURITIES, SHARES AND PROPERTY RIGHTS
                                                                                            31 December 2000   31 December 1999
       (BY CURRENCY)
        a) in PLN currency                                                                          151,462            214,068
        b) Denominated in foreign currencies                                                              -                  -
        b1. unit/currency thousand USD                                                                    -                  -
              thousand PLN                                                                                -                  -
        b2. unit/currency                                                                                 -                  -
              thousand PLN                                                                                -                  -
        b3. unit/currency                                                                                 -                  -
              thousand PLN                                                                                -                  -
        ......                                                                                            -                  -
        b4. other currencies translated in thousand PLN                                                   -                  -
        Total short-term securities, shares and property rights                                     151,462            214,068


        SHORT-TERM SECURITIES, SHARES AND PROPERTY RIGHTS
                                                                                            31 December 2000   31 December 1999
       (BY LIQUIDITY)
        A. Readily marketable securities, quoted on stock exchanges (balance-sheet value)                 -             56,252
          a) shares (balance-sheet value)                                                                 -                  -
             - market value (net)                                                                         -                  -
             - purchase cost                                                                              -                  -
          b) bonds (balance-sheet value)                                                                  -             56,252
             - market value (net)                                                                         -             56,252
             - purchase cost                                                                              -             54,831
          c) other (balance-sheet value)                                                                  -                  -
             c1 ...                                                                                       -                  -
             - market value (net)                                                                         -                  -
             - purchase cost                                                                              -                  -
             ...                                                                                          -                  -
        B. Readily marketable securities, quoted on regulated, over-the counter-
       market (balance-sheet value)                                                                       -             10,099
          a) shares (balance-sheet value)                                                                 -                  -
             - market value (net)                                                                         -                  -
             - purchase cost                                                                              -                  -
          b) bonds (balance-sheet value)                                                                  -             10,099
             - market value (net)                                                                         -             10,099
             - purchase cost                                                                              -             10,252
          c) other (balance-sheet value)                                                                  -                  -
             c1 ...                                                                                       -                  -
             ...                                                                                          -                  -




                                                  SECURITIES AND STOCK EXCHANGE BOARD                                                         26
CAPITAL GROUP OF AGORA SA                                                  SA_RS 2000                                           in PLN thousand
Translation
           C. Readily marketable securities, not quoted on stock exchanges or regulated
          over-the-counter market (balance-sheet value)                                           151,462            146,717
             a) shares (balance-sheet value)                                                            -                  -
                - market value (net)                                                                    -                  -
                - purchase cost                                                                         -                  -
            b) bonds (balance-sheet value)                                                              -                  -
                - market value (net)                                                                    -                  -
                - purchase cost                                                                         -                  -
             c) other, including: (balance-sheet value)                                           151,462            146,717
                c1 corporate bonds ( balance sheet value)                                          41,077            141,907
                - market value (net)                                                               41,077            141,907
                - purchase cost                                                                    39,645            137,349
               c2 treasury bills (balance sheet bonds)                                              9,385              4,810
                - market value (net)                                                                9,385              4,810
                - purchase cost                                                                     8,236              4,685
                c3 shares in an investment funds                                                  101,000              1,000
                - market value (net)                                                              101,000              1,000
                - purchase cost                                                                   101,000              1,000
                ...                                                                                     -                  -
           D. Securities with restricted marketability (balance-sheet value)                            -                  -
             a) shares (balance-sheet value)                                                            -                  -
                - estimated market value (net)                                                          -                  -
                - purchase cost                                                                         -                  -
             b) bonds (balance-sheet value)                                                             -                  -
                - estimated market value (net)                                                          -                  -
                - purchase cost                                                                         -                  -
             c) other (balance-sheet value)                                                             -                  -
                c1 ...                                                                                  -                  -
                - estimated market value (net)                                                          -                  -
                - purchase cost                                                                         -                  -
                ...                                                                                     -                  -
           Total purchase / acquisition cost                                                      148,881            208,117
           Total valuation adjustment (net)                                                         2,581              5,951
           Total market value                                                                     151,462            214,068
           Total book value                                                                       151,462            214,068


           Note 10.
           CASH AND CASH EQUIVALENTS                                                      31 December 2000   31 December 1999

          a. Cash in hand                                                                             341                262
          b. Cash at bank                                                                          37,466             31,078
          c. Other                                                                                    166                207
          Total cash and cash equivalents                                                          37,973             31,547


           CASH AND CASH EQUIVALENTS (BY CURRENCY)                                        31 December 2000   31 December 1999

          a) PLN currency                                                                          36,680             29,332
          b) in foreign currencies                                                                  1,293              2,215
          b1. unit/currency thousand USD                                                              145                135
                thousand PLN                                                                          599                562
          b2. unit/currency thousand DEM                                                                -                  9
                thousand PLN                                                                            -                 20
          b3. unit/currency thousand EURO                                                             176                389
                thousand PLN                                                                          677              1,620
           ......                                                                                       -                  -
          b4. other currencies in thousand PLN                                                         17                 13
          Total cash and cash equivalents                                                          37,973             31,547


           Note 11.
          MOVEMENT IN DEFERRED TAX ASSETS                                                 31 December 2000   31 December 1999

          Deferred tax asset at beginning of period                                                     -                  -
          a) increases                                                                                  -                  -
          b) decreases                                                                                  -                  -
          Deferred tax asset at the end of period                                                       -                  -




                                                      SECURITIES AND STOCK EXCHANGE BOARD                                                   27
CAPITAL GROUP OF AGORA SA                                                SA_RS 2000                                                                           in PLN thousand
Translation


       OTHER PREPAID EXPENSES                                                                            31 December 2000           31 December 1999

       a) prepaid expenses, incl.:                                                                                      1,348                    1,035
         - Social Fund                                                                                                      -                        -
         - rents                                                                                                          258                      325
         - insurance                                                                                                      130                       75
         - bank loan fee                                                                                                    -                        -
         - perpetual leasehold fee                                                                                          -                        -
         - advertising                                                                                                      -                        -
         - import services                                                                                                210                      171
         - press subscription                                                                                              66                       72
         - computer services                                                                                              428                      195
       b) other prepaid expenses, incl.:                                                                                    -                        -
       Total prepaid expenses                                                                                           1,348                    1,035


           Note 12.
       EQUITY                                                                                   0
                                                                                     Value of
                                                                                                                                          Right to
           Series/                                                  Number of         series/                            Registratio
                          Type of shares       Type of preference                                   Origin of capital                     dividend
            issue                                                    shares          issue in                             n date
                                                                                                                                        (from date)
                                                                                     nominal
       A             Registered                5 votes per share      4,281,600          4,282 conversion                1.04.98       1.01.97
       B             ordinary and registered   none                  39,108,900        39,109 conversion                 1.04.98       1.01.97
       C             Registered                5 votes per share        750,000           750 conversion                 1.04.98       1.01.97
       D             ordinary and registered   none                   2,267,025          2,267 issued                    29.03.99      1.01.98
       E             ordinary                  none                   9,000,000          9,000 issued                    29.03.99      1.01.98
       F             ordinary                  none                   1,350,000          1,350 issued                    29.03.99      1.01.98


       Total number of shares                                        56,757,525
       Total equity                                                                    56,758


       Shareholders who have at least 5% of total voting rights on General Shareholders Meeting (GSM),
       at the 31 December 2000:
         - AGORA-HOLDING Sp. z o.o., based in Warszawa - 44,3 % of total voting rights on GSM,
         - COX Poland Investments, Inc., based in Wilmington, USA - 12,2 % of total voting rights on GSM,
           - Bankers Trust Company, based in New York City, USA - 10,0% of total voting rights on GSM.

           Note 13.
       RESERVE CAPITAL                                                                                   31 December 2000           31 December 1999

        a) Share premium                                                                                           353,646                   353,646
        b) Statutory reserves                                                                                            -                         -
        c) Capital reserves established in accordance with the statue / (deed), in
       excess of legal requirements                                                                                252,338                   119,581
        d) Additional capital contributions from shareholders                                                        1,038                     1,038
        e) Other                                                                                                       663                       550
        Total reserve capital                                                                                      607,685                   474,815

       The Group has changed the balance sheet classification of the costs associated with the initial public offering of its shares in
       1999. Therefore the 1999 comparative figure of share premium was restated as described in additional notes 16 and 17.


           Note 14.
       OTHER RESERVE CAPITAL (BY APPROPRIATION)                                                          31 December 2000           31 December 1999

        -                                                                                                                       -                         -
        -                                                                                                                   -                         -
       Total other reserve capital                                                                                          -                         -


           Note 15.
       ACCUMULATED PROFIT / (LOSS) FROM PREVIOUS YEARS                                                   31 December 2000           31 December 1999

       a) Accumulated profit (positive figure)                                                                              -                         -
       b) Accumulated loss (negative figure)                                                                                -                         -
       Accumulated profit / (loss) from previous years                                                                      -                         -




                                                      SECURITIES AND STOCK EXCHANGE BOARD                                                                                 28
CAPITAL GROUP OF AGORA SA                                               SA_RS 2000                                                                in PLN thousand
Translation
        Note 16.
       CONSOLIDATED RESERVE CAPITAL                                                                31 December 2000        31 December 1999
       a) Consolidated reserve capital - subsidiary companies                                                      -                      -
       b) Consolidated reserve capital - associated companies                                                      -                      -
       Total consolidated reserve capital                                                                          -                      -


       MOVEMENT ON CONSOLIDATED RESERVE CAPITAL -                                                  31 December 2000        31 December 1999
       SUBSIDIARY COMPANIES
       a) gross value at the beginning of the year                                                                     -                      -
       b) additions:                                                                                                   -                      -
       c) disposals:                                                                                                   -                      -
       d) gross value at year end                                                                                      -                      -

       e) appropriation of consolidated reserve capital at the beginning of the year
                                                                                                                       -                      -
       f) appropriation of consolidated reserve capital for the year                                                   -                      -
       g) appropriation of consolidated reserve capital at year end                                                    -                      -
       h) net value at year end                                                                                        -                      -


       MOVEMENT ON CONSOLIDATED RESERVE CAPITAL -                                                  31 December 2000        31 December 1999
       ASSOCIATED COMPANIES
       a) gross value at the beginning of the year                                                                     -                      -
       b) additions:                                                                                                   -                      -
       c) disposals:                                                                                                   -                      -
       d) gross value at year end                                                                                      -                      -

       e) appropriation of consolidated reserve capital at the beginning of the year
                                                                                                                       -                      -
       f) appropriation of consolidated reserve capital for the year                                                   -                      -
       g) appropriation of consolidated reserve capital at year end                                                    -                      -
       h) net value at year end                                                                                        -                      -



        Note 17.
       MOVEMENT ON SHARE CAPITAL OF MINORITY                                                       31 December 2000        31 December 1999
       SHAREHOLDERS
       a) Balance at the beginning of the year                                                                     -                      -
       b) additions:                                                                                               -                      -
       c) disposals:                                                                                               -                      -
       d) Balance at year end                                                                                      -                      -


        Note 18.
       MOVEMENTS IN DEFERRED TAX PROVISION                                                         31 December 2000        31 December 1999

       Balance at beginning of year                                                                            4,343                  6,837
       a) additions:                                                                                          10,616                 17,200
         - investment relief                                                                                   6,312                  6,784
         - tax on valuation of commercial papers and t-bills                                                     774                  2,778
         - tax on realised foreign exchange losses                                                                 -                  4,840
         - tax on realised interest on loans and credits                                                           -                    588
         - tax on share issue costs                                                                            1,281                      -
         - tax on salaries                                                                                     1,074                    603
         - tax on a difference between tax and accounting depreciation                                         1,159                  1,587
         - other                                                                                                  16                     20
       b) decreases:                                                                                          (9,867)               (19,694)
         - tax on depreciation of assets under an investment relief                                           (1,753)                (1,464)
         - tax on prior year revaluation of bonds sold in current year                                        (2,451)                (1,274)
         - tax on created provisions                                                                               -                 (1,590)
         - tax on accrued interest on loans and credits                                                       (1,308)                (2,035)
         - tax on unrealised foreign exchange losses                                                          (1,205)                (7,039)
         - change in tax rate                                                                                   (630)                (1,249)
         - tax on salaries                                                                                    (2,516)                     -
         - other                                                                                                  (4)                   (33)
         - changes in the accounting policy                                                                        -                 (5,010)
       Balance at the end of year                                                                              5,092                  4,343
       The Group has changed the policy regarding balance sheet classification of the costs associated with the initial public offering of
       its shares in 1999, therefore the 1999 comparative figures were restated as described in additional notes 16 and 17.




                                                     SECURITIES AND STOCK EXCHANGE BOARD                                                                      29
CAPITAL GROUP OF AGORA SA                                            SA_RS 2000                                                            in PLN thousand
Translation
        Note 19.
       OTHER PROVISIONS                                                                       31 December 2000       31 December 1999
        - provisions for certain and probable losses                                                             -                     -
       Total other provisions                                                                                -                     -

                    MOVEMENTS IN OTHER PROVISIONS (EXCLUSIVE OF RECEIVABLES PROVISION)
                                                Provision against  - -   -
                                              certain and probable                 Total other
                                                      losses                       provisions

        a) Balance of other provisions at the beginning of
       the year                                                                 -       -        -       -                         -
        b) additions                                                            -       -        -       -                         -
           -                                                                    -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
        c) utilisation                                                          -       -        -       -                         -
          - reimbursements received                                             -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
        d) released                                                             -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
          -                                                                     -       -        -       -                         -
        e) Balance of other provisions at year end                              -       -        -       -                         -


        Note 20.
       LONG-TERM LIABILITIES                                                                  31 December 2000       31 December 1999

       a) long-term bank credits, incl.:                                                                      -                     -
          - from parent company                                                                               -                     -
       b) long-term loans, incl.:                                                                        83,376                79,101
          - from subsidiaries                                                                                 -                     -
          - from associated entities                                                                          -                     -
          - from parent company                                                                               -                     -
       c) liabilities relating to long-term debt securities issued                                            -                     -
       d) liabilities relating to other securities                                                            -                     -
       e) finance lease commitments                                                                           -                     -
       f) other long-term liabilities                                                                     7,782                     -
         - f/x hedging transactions                                                                       7,782                     -
       Total long-term liabilities                                                                       91,158                79,101

       Net liabilities arising from hedging contract consist of two loans payable to a bank in the aggregate amount of PLN 122,607
       thousand, net of deposits receivable from the same bank in the aggregate amount of PLN 114,825 thousand (the PLN equivalent
       of EURO 29,791 thousand converted at the year-end rate). The loans payable bear interest at 17.21 % and 18.12% respectively,
       and the deposits earn interest at 5.19% and 5.26% respectively. The loans are repayable in aggregate monthly blended
       instalments of PLN 4,838 thousand, which are settled simultaneously by aggregate monthly blended refunds of deposits of
       EURO 1,000 thousand.
       In January 2001, the Company negotiated settlement of the hedging contract, which had a net payable position of PLN 6,230
       thousand, for a net amount of approximately PLN 7,703 thousand.
       The remaining loan is being repaid in blended monthly instalments of PLN 2,345 thousand and the deposit is being repaid in
       blended monthly refunds of EURO 500 thousand.



       AGEING OF LONG TERM LIABILITIES                                                        31 December 2000       31 December 1999

       a) between 1 and 3 years                                                                          7,782                     -
       b) between 3 and 5 years                                                                              -                     -
       c) after 5 years                                                                                 83,376                79,101
       Total long-term liabilities                                                                      91,158                79,101




                                                     SECURITIES AND STOCK EXCHANGE BOARD                                                               30
CAPITAL GROUP OF AGORA SA                                                SA_RS 2000                                             in PLN thousand
Translation
                                                                                          31 December 2000   31 December 1999
       LONG-TERM LIABILITIES (BY CURRENCY)
       a) long-term liabilities in Polish currency                                                  7,782                  -

       b) long-term liabilities in foreign currencies (translated into Polish currency)
                                                                                                   83,376             79,101
       b1. unit/currency thousands/ USD                                                            20,123             19,068
             thousands PLN                                                                         83,376             79,101
       ......                                                                                           -                  -
       b2. other currencies in thousands PLN                                                            -                  -
       Total long-term liabilities                                                                 91,158             79,101




                                                    SECURITIES AND STOCK EXCHANGE BOARD                                                     31
CAPITAL GROUP OF AGORA SA                                        SA_RS 2000               in PLN thousand
Translation
           należy zamieścić stronę z arkusza nr 5




                                                    SECURITIES AND STOCK EXCHANGE BOARD               32
CAPITAL GROUP OF AGORA SA                                                   SA_RS 2000                                     in PLN thousand
Translation
        Note 21.
                                                                                         1.01.2000 till   1.01.1999 till
       SHORT-TERM LIABILITIES
                                                                                           31.12.2000       31.12.1999
       a) bank loans, incl.:                                                                          -                -
          - from subsidiaries                                                                         -                -
          - from associated entities                                                                  -                -
          - from parent company                                                                       -                -
       b) loans, incl.:                                                                               -                -
          - from subsidiaries                                                                         -                -
          - from associated entities                                                                  -                -
          - from parent company                                                                       -                -
                                                                                                      -                -
       c) liabilities relating to short-term debt securities issued
       d) liabilities relating to other short-term debt securities issued                           -                -
       e) trade payables, to:                                                                  76,494           67,923
           - subsidiaries                                                                         177                -
           - associated entities                                                                   16              162
           - parent company                                                                         -                -
       f) advance payments received                                                                 -                -
       g) bills of exchange payable                                                                 -                -
       h) taxation, customs, social security payable                                            9,826            4,973
       i) dividends payable                                                                         -                -
       j) salaries payable                                                                        143              218
       k) current portion of long-term liabilities, incl.:                                          -                -
       l) special funds                                                                         6,588            4,786
       m) other short-term liabilities, incl.:                                                    710              634
          - interest on loans and credits                                                           -                -
           - deposits paid                                                                          -                -
           - payables to employees                                                                265              132
       Total short-term liabilities                                                            93,761           78,534

                                                                                         1.01.2000 till   1.01.1999 till
       SHORT-TERM LIABILITIES (BY CURRENCY)
                                                                                           31.12.2000       31.12.1999
       a) in Polish currency                                                                   55,488           55,905
       b) in foreign currencies (translated into Polish currency)                              38,273           22,629
       b1. unit/currency thousands/ DEM                                                        12,964            9,859
             thousands PLN                                                                     25,549           21,769
       b2. unit/currency thousands/ USD                                                           199              203
             thousands PLN                                                                        824              841
       b3. unit/currency thousands/ CHF                                                         4,606                  -
             thousands PLN                                                                     11,658                  -
        ......                                                                                        -                -
       b4. other currencies in thousands PLN                                                      242               19
       Total short-term liabilities                                                            93,761           78,534

                                                                                         1.01.2000 till   1.01.1999 till
       SPECIAL FUND (BY TYPE)
                                                                                           31.12.2000       31.12.1999
        - Social Fund                                                                           6,588            4,789
        - Others                                                                                     -               (3)
       Total special funds                                                                       6,588            4,786




                                                      SECURITIES AND STOCK EXCHANGE BOARD                                              33
CAPITAL GROUP OF AGORA SA                                        SA_RS 2000               in PLN thousand
Translation
           należy zamieścić stronę z arkusza nr 6




                                                    SECURITIES AND STOCK EXCHANGE BOARD               34
CAPITAL GROUP OF AGORA SA                                              SA_RS 2000                                                        in PLN thousand
Translation

        Note 22.
                                                                                                       1.01.2000 till   1.01.1999 till
       ACCRUED EXPENSES AND DEFERRED INCOME
                                                                                                         31.12.2000       31.12.1999
       a) accrued expenses, including:                                                                       11,918            6,991
         - holiday pay accrual                                                                                7,803            4,488
         - accrual for employee incentive plan                                                                3,048            1,526
         - current period salaries paid out in the following period                                           1,067              977
       b) deferred income, including:                                                                         6,350            5,798
          - unrealised foreign exchange rate differences                                                      2,229            2,338
         - prepayments received for advertisements and subscriptions                                          3,067            2,634
         - court costs to be recovered                                                                          734              397
         - negative goodwill                                                                                    206              318
       Total accrued expenses and deferred income                                                            18,268           12,789


       Additional balance sheet note
       Calculation of book value per share and dilluted book value:
       Book value per share has been calculated by dividing share capital (at balance sheet date) by
       the number of shares having subscribtion right at the balance sheet date.
       Dilluted book value per share has not been calculated since the Group is not planning any new
       shares issue.


        Note 23.
                                                                                                       1.01.2000 till   1.01.1999 till
       NET SALES OF FINISHED PRODUCTS (BY TYPE OF PRODUCTS)
                                                                                                         31.12.2000       31.12.1999
        - sale of advertising                                                                              642,039          540,178
        - sale of publications                                                                             155,521          137,297
        - sale of services of auxiliary activity                                                              4,865            6,244
        - other sales                                                                                         3,075            2,091
       Total net sales of finished products                                                                 805,500          685,810


                                                                                                       1.01.2000 till   1.01.1999 till
       NET SALES OF FINISHED PRODUCTS (BY GEOGRAPHIC AREA)
                                                                                                         31.12.2000       31.12.1999
       a. Domestic sales                                                                                    805,225          685,403
       b. Export sales                                                                                          275              407
       Total net sales of finished products                                                                 805,500          685,810


        Note 24.
       NET SALES OF MERCHANDISE AND MATERIALS (BY TYPE OF                                              1.01.2000 till   1.01.1999 till
       ACTIVITY)                                                                                         31.12.2000       31.12.1999
        - sales of materials                                                                                  2,172            1,254
        - sales of reinforcements and merchandise                                                             2,869            2,439
        - sales of albums                                                                                       163              186
        - other sales                                                                                            18                 -
       Total net sales of merchandise and materials                                                            5,222            3,879


       NET SALES OF MERCHANDISE AND MATERIALS (BY                                                      1.01.2000 till   1.01.1999 till
       GEOGRAPHIC AREA)                                                                                  31.12.2000       31.12.1999
       a. Domestic sales                                                                                      5,222            3,879
       b. Export sales                                                                                              -                -
       Total net sales of merchandise and materials                                                           5,222            3,879


        Note 25.
                                                                                                       1.01.2000 till   1.01.1999 till
       COST BY TYPE OF EXPENDITURE
                                                                                                         31.12.2000       31.12.1999
       a) materials and energy                                                                              188,169          168,288
       b) external services                                                                                 117,340          101,142
       c) taxes and charges                                                                                   2,130             2,207
       d) payroll                                                                                           148,792          116,299
       e) social security on employee payroll                                                                30,259            23,034
       f) depreciation                                                                                       48,422            42,019
       g) other                                                                                              36,647            25,772
       Total cost by type of expenditure                                                                    571,759          478,761
       Changes in stock and prepaid and accrued expenses                                                          -                96
       Selling costs (negative number)                                                                     (79,364)          (54,060)
       Administrative and general expenses (negative number)                                              (106,389)          (97,986)
       Cost of products sold                                                                                386,006          326,811




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                               35
CAPITAL GROUP OF AGORA SA                                          SA_RS 2000                                             in PLN thousand
Translation

       Note 26.
                                                                                        1.01.2000 till   1.01.1999 till
       OTHER OPERATING INCOME
                                                                                          31.12.2000       31.12.1999
       a) revenue from sales of fixed assets                                                   1,149               43
       b) subsidies                                                                                  -                -
       c) reversal of provisions                                                               4,339            2,315
         - payment of debts provided for                                                       4,314            2,294
         - provision for inventory                                                                25                 8
         - of provision against certain and probable losses                                          -             13
       d) other, including:                                                                      775              555
         - donations obtained                                                                     44              128
         - received contractual fines                                                             22                 9
          - adjustment of prior period financial costs                                               -               2
          - court fees returned                                                                  217              123
         - liabilities written - off                                                              67               85
         - written - off debts repaid                                                             66                  -
       Total other operating income                                                            6,263            2,913


       Note 27.
                                                                                        1.01.2000 till   1.01.1999 till
       OTHER OPERATING EXPENSES
                                                                                          31.12.2000       31.12.1999
       a) net book value of fixed assets sold                                                  1,608              332
       b) valuation adjustment to stock                                                            -                -
       c) unplanned depreciation charges                                                      15,569            2,369
       d) provisions created for:                                                             10,383            9,698
          - overdue debts                                                                     10,099            9,698
          - inventory                                                                            284                -
       e) other, including:                                                                    4,060            4,054
         - donations                                                                           1,409              866
         - receivables written-off                                                             1,596              910
         - legal charges and suit costs                                                          590              396
         - membership fees                                                                       319                -
       Total other operating expenses                                                         31,620           16,453

       Unplanned depreciation charges amounting to PLN 15,569 thousand resulted from:

       1) liquidations of fixed assets                   2,010
       2) donated water fittings                        1, 048
       3) deconstruction of the printing plant building 12,454
       4) liquidation of leasehold improvements              53
       5) donations                                           4
                                 TOTAL PLN thousand 15,569




       Note 28.
                                                                                        1.01.2000 till   1.01.1999 till
       INCOME FROM SHARES IN OTHER ENTITIES
                                                                                          31.12.2000       31.12.1999
       Income from shares in other entities, including:                                       10,105              288
       1. from subsidiaries                                                                    1,724              288
       2. from associates                                                                            -                -
       3. from parent company                                                                        -                -
       Total income from shares in other entities                                             10,105              288

       Note 29.
                                                                                        1.01.2000 till   1.01.1999 till
       INCOME FROM OTHER FINANCIAL FIXED ASSETS
                                                                                          31.12.2000       31.12.1999
       Income from other financial fixed assets, including:                                          -                -
       1. from subsidiaries                                                                          -                -
       2. from associates                                                                            -                -
       3. from parent company                                                                        -                -
       Total income from other financial fixed assets                                                -                -




                                                   SECURITIES AND STOCK EXCHANGE BOARD                                                36
CAPITAL GROUP OF AGORA SA                                                    SA_RS 2000                                     in PLN thousand
Translation

       Note 30.
                                                                                          1.01.2000 till   1.01.1999 till
       OTHER FINANCIAL INCOME
                                                                                            31.12.2000       31.12.1999
       a) interest on loans granted, including:                                                  1,672            6,124
          - from subsidiaries                                                                    1,000              310
          - from associates                                                                        641              584
          - from parent company                                                                      -                -
       b) other interest, including:                                                             8,877           10,952
          - from subsidiaries                                                                        -                -
          - from associates                                                                          -                -
          - from parent company                                                                      -                -
       c) profit on sale of securities                                                          19,431                -

       d) gain on the revaluation of financial fixed assets and short term securities            2,581            5,951
       e) foreign exchange gains                                                                 5,308           26,363
       f) provision reversal, including:                                                           429            4,492
          - interest paid on outstanding debts                                                     424              666
         - foreign exchange on repaid TKP loan                                                       5            3,826
       g) other, including:                                                                      1,774            6,101
          - net income on f/x forwards and future interest rate contracts                        1,339            4,547
          - others                                                                                 435            1,554
       Total other financial income                                                             40,072           59,983


       Note 31.
                                                                                          1.01.2000 till   1.01.1999 till
       FINANCIAL EXPENSES
                                                                                            31.12.2000       31.12.1999
       a) interest on loans and credits, including:                                              4,360            8,751
          - from subsidiaries                                                                          -                -
          - from associates                                                                            -                -
          - from parent company                                                                        -                -
       b) other interest, including:                                                                11                 1
          - from subsidiaries                                                                          -                -
          - from associates                                                                            -                -
          - from parent company                                                                        -                -
       c) loss on sale of financial fixed assets and short term securities                             -          5,872

       d) loss on the revaluation of financial fixed assets and short term securities                -                -
       e) foreign exchange losses                                                                6,503           29,306
          - realised                                                                             6,415           19,128
          - unrealised                                                                              88           10,178
       f) created provisions, including:                                                         5,062           14,298
          - for interest accrued                                                                 5,062            4,707
          - for loans granted to related companies                                                   -            9,591
       g) other financial expenses, including:                                                  14,459              997
         - fees on bank credits                                                                    153              896
         - interest on late payments to state budget                                                12                -
         - f/x hedging transactions                                                             14,194                2
       Total financial expenses                                                                 30,395           59,225


        Note 32.
                                                                                          1.01.2000 till   1.01.1999 till
       EXTRAORDINARY GAINS
                                                                                            31.12.2000       31.12.1999
       a) random effects                                                                            18               14
       b) from the sale of shares in subsidiary companies                                              -                -
       c) form the sale of shares in associated companies                                              -                -
       d) other                                                                                     49                  -
       Total extraordinary gains                                                                    67               14

        Note 33.
                                                                                          1.01.2000 till   1.01.1999 till
       EXTRAORDINARY LOSSES
                                                                                            31.12.2000       31.12.1999
       a) random effects                                                                              1                5
       b) from the sale of shares in subsidiary companies                                              -                -
       c) form the sale of shares in associated companies                                              -                -
       d) other, including:                                                                            -               9
       Total extraordinary losses                                                                     1              14




                                                       SECURITIES AND STOCK EXCHANGE BOARD                                              37
CAPITAL GROUP OF AGORA SA                                                SA_RS 2000                                        in PLN thousand
Translation
        Note 34.
                                                                                         1.01.2000 till   1.01.1999 till
       CORPORATE INCOME TAX
                                                                                           31.12.2000       31.12.1999
        1. Profit before taxation                                                             229,403          194,821
        2. Consolidation adjustments                                                              819            7,725
        3. Permanent differences between profit (loss) before taxation and taxable
       income                                                                                 (32,023)          (7,576)
        4. Temporary differences between profit (loss) before taxation and taxable
       income                                                                                  (4,397)         (10,466)
        5. Other differences between profit (loss) before taxation and taxable income,
       including:                                                                                (232)             (83)
          - prior period losses                                                                  (232)            (232)
        6. Tax base                                                                           193,570          184,421
        7. Corporate income tax at 30%, 34% in 1999                                            58,071           62,703
        8. Abandonment, exemption, deduction and reduction of tax                              (3,481)          (3,047)
        9. Corporate income tax payable                                                        54,590           59,656
        10. Deferred tax liability                                                                   -                -
          - opening balance                                                                    17,910           11,866
          - additions                                                                            8,245          11,171
          - disposals                                                                          (5,684)          (5,126)
          - closing balance                                                                    20,471           17,911
        11. Deferred tax asset                                                                       -                -
          - opening balance                                                                    13,567             5,029
          - additions                                                                            5,032          10,701
          - disposals                                                                          (3,220)          (7,172)
          - closing balance                                                                    15,379             8,558
        12. Difference between the increase of deferred tax liability and deferred tax
       asset                                                                                       749            2,516
        13. Corporate income tax commensurate with profit (loss) before taxation,
       presented in consolidated profit and loss account                                       55,339           62,172


        Differences between corporate income tax presented in profit and loss            1.01.2000 till   1.01.1999 till
       statement and tax calculated on taxable income                                      31.12.2000       31.12.1999


        Tax calculated from taxable income                                                     58,071           62,703
        1. Investment bonus                                                                      9,351            7,778
          - tax on investment bonus                                                            (2,805)          (2,645)
        2. Donations                                                                             2,254            1,181
          - tax relief on donations                                                              (676)            (402)
        3. Future corporate income tax liabilities (30% of tax base in 2000),
       including:                                                                                4,024            8,432
            - due to investment relief                                                           4,559            5,321
            - due to revaluation of securities held for resale                                 (1,676)            1,504
            - due to the difference between tax and accounting depreciation                      1,159            1,587
            - others                                                                              (18)               20
        4. Future corporate income tax receivables (30% of tax base in 2000),
       including:                                                                              (2,645)          (4,667)
            - due to foreign exchange losses                                                   (1,186)          (2,220)
            - due to creation/release of provision for unused holiday pay and salaries         (1,443)            (988)
            - due to accrued interest on loans and credits                                     (1,308)          (1,447)
            - share issue costs                                                                  1,281                 -
        5. Change in deferred taxation due to change in tax rates                                (630)          (1,249)
            - deferred tax liability                                                           (1,462)          (2,388)
            - deferred tax asset                                                                   832            1,139


       Corporate income tax presented in profit and loss account                               55,339           62,172




                                                    SECURITIES AND STOCK EXCHANGE BOARD                                                38
CAPITAL GROUP OF AGORA SA                                            SA_RS 2000                                                                 in PLN thousand
Translation
           Corporate income tax on extraordinary events is calculated according to
          tax rates binding in the respective year.

          Corporate Income Tax per entity consolidated:
                                                                                                                 Agora
                                                                                                                Poligrafia
                                                                                                  Agora SA      Sp. z o.o.     Total
          Gross profit after consolidation adjustements                                            197,421          31,982     229,403
          Consolidation adjustments                                                                   (819)              -        (819)
                                                                                              -
          Net profit                                                                               198,240          31,982     230,222
                                                                                              -
                                                                                              -
          Permanent differences                                                               -     (2,058)        (29,965)    (32,023)
          Temporary differences                                                               -     (4,559)            162      (4,397)
         Other differences between gross profit and taxable profit                            -          -            (232)       (232)
               including, loss from prior years                                               -          -            (232)       (232)
          Taxable income                                                                      -    191,623           1,947     193,570
          Corporate tax at 30% rate                                                           -     57,487             584      58,071
                                                                                              -
          Corporate tax forgiven, exempted, reduced and settled down                                (3,481)              -      (3,481)
                                                                                              -
          Corporate tax receivable                                                            -     54,006             584      54,590
          Deferred tax liability                                                              -          -               -
          - balance at the beginning of the period                                            -     17,911               -       17,911
          - additions                                                                                8,245               -        8,245
          - disposals                                                                               (5,684)              -       (5,684)
          - balance at the end of the period                                                        20,472               -       20,472
          Deferred tax asset                                                                             -               -
          - balance at the beginning of the period                                                  13,555              12       13,567
          - additions                                                                                5,029               3        5,032
          - disposals                                                                               (3,206)            (14)      (3,220)
          - balance at the end of the period                                                        15,378               1       15,379
         Difference between the increase of deferred tax liability and
         deferred tax asset                                                                            738                11        749
          Corporate tax commensurable to gross profit                                               54,744               595     55,339
          Effective income tax rates for the Group reached 24% in 2000 and 32% in 1999.
          Note 35.
         OTHER OBLIGATORY REDUCTIONS OF PROFIT (LOSS), DUE                                                    1.01.2000 till   1.01.1999 till
         TO:                                                                                                    31.12.2000       31.12.1999
          -                                                                                                                -                -
         Total other obligatory reductions of profit (loss)                                                                -                -

         Distribution of net profits of companies of the Group:

         Parent company: Agora SA:
         Shareholders decided on the 13 June 2000 to distribute the 1999 profit of PLN 120,750 thousands as follows:
         For retained earnings: 120,746,470.41
         For special funds            3,164.00

         Subsidiaries:
         The shareholders of Agora Poligrafia Sp. z o.o. and Trans-Serwis SA decided to transfer the profits of 1999 amounting to PLN
         18,148,685.92 and PLN 1,474,659.35 respectively to retained earnings.


         Proposed distribution of net profits of companies of the Group:

         Parent company: Agora SA:
         The Management Board proposes to distribute the 2000 net profit of PLN 143,496,395.62 to retained earnings.

         Subsidiaries:
         The Management Boards of Agora Poligrafia Sp. z o.o. propose to transfer the profits of 2000 amounting to PLN 31,386,907.76
         to retained earnings.


          Note 36.
                                                                                                              1.01.2000 till   1.01.1999 till
          NET PROFIT (LOSS)                                                                                     31.12.2000       31.12.1999

          a) net profit (loss) of the parent company (after consolidation adjustments)                             142,677          114,076
          b) net profit (loss) of the subsidiary companies (after consolidation
         adjustments)                                                                                               31,387           18,573

          c) net profit (loss) of the associated entities (after consolidation adjustments)                              -                -
          Net profit (loss)                                                                                        174,064          132,649




                                                        SECURITIES AND STOCK EXCHANGE BOARD                                                                 39
CAPITAL GROUP OF AGORA SA                                               SA_RS 2000                                                              in PLN thousand
Translation
       Notes to the consolidated cash flow
       THE STRUCTURE OF CASH IN THE STATEMENT OF CASH                                                    1.01.2000 till        1.01.1999 till
       FLOW                                                                                                31.12.2000            31.12.1999
       Cash on hand                                                                                               341                   262
       Cash at bank                                                                                             4,512                22,585
       Bank deposits                                                                                           32,954                 8,493
       Bills of exchange, cheques received                                                                           6                   69
       Cash in transit                                                                                            160                   138
       Total cash                                                                                              37,973                31,547


       The classification of capital group activity by operating, investing and financing activities
       in the cash flow statements:

       I. Cash flow from operating activities includes:
       1) Inflow from sales of merchandise, finished products and services
       2) Inflow included in "other operating revenue" excluding revenue from the sale of fixed assets, which are
           disclosed in cash flow from investing activities
       3) Any expenses regarding costs of basic activity, such as: cost of merchandise sold, cost of finished products sold,
           selling expenses, administrative and general expenses
       4) Expenses regarding costs included in "other operating expenses" excluding cost of fixed assets sold and cost
           of unplanned depreciation

       II. Cash flow from investing activities includes:
       1) Inflow from sales of:
            - fixed assets
            - shares and other financial fixed assets
            - short-term securities
       2) Expenses regarding the purchase of:
            - fixed assets
            - shares and other financial fixed assets
            - short-term securities

       3) Inflow from payment of short and long term loans granted by the Company to other entities

          as well as payment of interest on those loans
       4) Expenses regarding the granting of long term loans to other entities
       5) Inflow of dividends received
       6) Interest received on bank deposits

       III. Cash flow from financing activities includes:
       1) Inflow of short and long term credits and loans received
       2) Expenses regarding:
           - service of loans and credits received
           - payment of loans and credits
           - payment of interest on loans and credits received
       3) Inflow from own share issues
       4) Expenses regarding costs of own share issues
       5) Expenses regarding payment of dividends and other payments to owners
       6) Any inflow regarding "other financial revenue" except for interest on loans granted, interest on bank
          deposits and profit from sale of securities held for resale, which are disclosed in investing activities.
       7) Any expenses regarding "other financial expenses" except for the loss on the sale of securities held for resale,
          which are disclosed in investing activities




                                                    SECURITIES AND STOCK EXCHANGE BOARD                                                                     40
CAPITAL GROUP OF AGORA SA                                           SA_RS 2000                    in PLN thousand
Translation


       Explanatory notes to selected items of cash flow statement
       1. Change in inventory
       change in opening and closing balance sheet balances                            (7,187)
       adjustment for liquidated fixed assets held in inventory                          4,778
       Amount per cash flow statement                                                  (2,409)


       2. Change in receivables:
       change in opening and closing balance sheet balances                           (22,086)
       debt to shares swap                                                               2,848
       adjustment for change in income tax receivable                                  (7,786)
       transfer from long term to short term loans                                            8
       shares got in current period paid for in the previous                             (226)
       debt to shares swap (not yet registered by the court)                                (7)
       transfer from long term to short term debt                                        (612)
       adjustment for investing expenses                                                 3,340
       others                                                                          (1,254)
       Amount per cash flow statement                                                 (25,775)

       3. Change in payables
       change in opening and closing balance sheet balances                            15,227
       adjustment for change in income tax payable                                       (878)
       shares got in previous period paid for in the current                               342
       adjustment for increase in investing payables                                   (6,332)
       Amount per cash flow statement                                                    8,359

       4. Change in accruals and prepayments
       change in opening and closing balance of prepayments                              (313)
       change in opening and closing balance of accruals                                 4,927
       Amount per cash flow statement                                                    4,614

       5. Change in deferred income
       change in opening and closing balances showed in investing
       adjustment for revaluation of loans granted                                         552
       activities                                                                        (127)
       adjustment for foreign exchange differences on loans repaid                           7
       others                                                                             (85)
       Amount per cash flow statement                                                      347

       6. Long term loans taken
       change in opening and closing balances                                            4,274
       adjustment for interest accrued                                                 (4,359)
       others                                                                               85
       Amount per cash flow statement                                                        -

       7. Long term investments purchased
       change in opening and closing balances                                          (8,753)
       shares for contributions in kind                                                    170
       shares got in previous period paid for in the current                             (342)
       shares got in current period paid for in the previous                               226
       others                                                                            3,436
       Amount per cash flow statement                                                  (5,263)

       8. Loans granted
       change in opening and closing balances                                          (3,117)
       adjustment for foreign exchange differences revaluation                             127
       repayment of loans                                                                 (34)
       reclassification of current debt to long term loans                                 612
       debt to shares swap                                                             (2,848)
       others                                                                               (9)
       Amount per cash flow statement                                                  (5,269)

       9. ”Other adjustments” in cash from operating activities
       revaluation of short term securities                                            (2,581)
       donations                                                                           977
       increase of other special funds                                                      (3)
       Amount per cash flow statement                                                  (1,607)




                                                SECURITIES AND STOCK EXCHANGE BOARD                           41
CAPITAL GROUP OF AGORA SA                                       SA_RS 2000                   in PLN thousand
Translation

       10. ”Others” in cash inflows from investing activities
       forex on loans repaid                                                            7
       net income on futures and forwards                                           1,339
       others                                                                         235
       Amount per cash flow statement                                               1,581


       11. ”Others” in cash outflows from investing activities
       purchase of shares                                                          (3,340)
       Amount per cash flow statement                                              (3,340)



       12. ”Other expenditure” in cash from financing activities
       costs of f/x hedging transactions                                           (6,411)
       Amount per cash flow statement                                              (6,411)




                                             SECURITIES AND STOCK EXCHANGE BOARD                         42
CAPITAL GROUP OF AGORA SA                             SA_RS 2000                          in PLN thousand
Translation

       Additional explanatory notes



                     The additional explanatory notes are in a file: dod_noty_k_ang.doc




                                       SECURITIES AND STOCK EXCHANGE BOARD                            43
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               44
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               45
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               46
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               47
CAPITAL GROUP OF AGORA SA                                           SA_RS 2000                                                              in PLN thousand
Translation

       Signatures of the Management Board Members:
       12-04-2001, Wanda Rapaczynski, The President        signed on the Polish original
                                                             .......................................................................




       12-04-2001, Piotr Niemczycki, The Vice-President       signed on the Polish original




       12-04-2001, Helena Łuczywo,     Board Member        signed on the Polish original
                                                           .........................................................................




       12-04-2001, Zbigniew Bąk,      Board Member        signed on the Polish original
                                                          .........................................................................




       and signature of the person responsible for keeping the accounting records


       12-04-2001, Hanna Kossowska, Chief Accountant         signed on the Polish original
                                                                .........................................................................




                                            SECURITIES AND STOCK EXCHANGE BOARD                                                                         48
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               49
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               50
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               51
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               52
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               53
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               54
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               55
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               56
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               57
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               58
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               59
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               60
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               61
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               62
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               63
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               64
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               65
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               66
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               67
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               68
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               69
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                            SECURITIES AND STOCK EXCHANGE BOARD               70
CAPITAL GROUP OF AGORA SA                                                                       SA_RS 2000                                                                                 in PLN thousand
Translation




                                                          TABLE OF INTANGIBLE FIXED ASSETS MOVEMENTS (by type of expenditure)

                                               a) start-up
                                              expenses or
                                                                                         d) concessions,                                                g) other       h) prepayments
                                             organisational b) research and                                     e) computer        f) perpetual                                          Total intangible
                                                                            c) goodwill patents, licences                                           intangible fixed    for intangible
                                              expenses of     developement                                        software       usufruct of land                                          fixed assets
                                                                                        and similar assets                                               assets          fixed assets
                                           raising additional
                                                 capital

Należy podać wysokość i wyjaśnić przyczyny nieplanowych odpisów amortyzacyjnych (umorzeniowych) wartości niematerialnych i prawnych
                                                uwaga: Wiwersz ten pozostał do celu sprawdzenia sum (nie wchodzi                      do sprawozdania
a) gross value at the beginning of the
period
                                                       161               5        3,917                   -            14,092             14,010               144                  -              32,329
b)additions:                                             -               -            -                   -             7,153                  -                21              1,032               8,206
   - purchases                                           -               -            -                   -             5,715                  -                21              1,032               6,768
   - transfer from construction in
progress                                                  -               -             -                 -             1,438                   -                 -                 -               1,438
c) disposals                                              -               -             -                 -            (2,492)                  -                 -            (1,032)             (3,524)
   - writing off                                          -               -             -                 -                 -                   -                 -            (1,032)             (1,032)
  - writing off fully depreciated assets
                                                         -               -            -                   -            (2,492)                 -                 -                   -             (2,492)
d) gross value at end of the period                    161               5        3,917                   -            18,753             14,010               165                   -             37,011
e) accumulated amortisation at the
beginning of the period                                 54               2        1,501                   -             5,799              2,674                59                   -             10,089
f) amortisation for the period
                                                        31               2          784                   -             4,890              1,401                17                   -              7,125
  - planned                                             31               2          784                   -             7,384              1,401                17                   -              9,619
  - writing off fully depreciated assets
                                                          -               -             -                 -            (2,492)                  -                 -                  -             (2,492)
  - others                                                -               -             -                 -                (2)                  -                 -                  -                 (2)
g) accumulated amortisation at end of
the period                                              85               4        2,285                   -            10,689              4,075                76                   -             17,214
h) net value at end of the period                       76               1        1,632                   -             8,064              9,935                89                   -             19,797




                                                                              SECURITIES AND STOCK EXCHANGE BOARD                                                                                       14
CAPITAL GROUP OF AGORA SA                                                                       SA_RS 2000                                                                       in PLN thousand
Translation




                                                              TABLE OF TANGIBLE FIXED ASSETS MOVEMENTS (by group)
                                                                                  - buildings and       - machines and
                                                            - freehold land                                               - vehicles      - other fixed assets   fixed assets, Total
                                                                                  constructions     technical equipment

a) opening balance of fixed assets, gross value
                                                                       8,989              68,347               181,202           2,289                 7,388              268,215
b) additions:                                                              -             110,848               355,582           2,928                 2,531              471,889
  - purchases                                                              -               1,581                27,225           1,431                 2,371               32,608
  - transfers from construction in progress                                -             109,258               324,317           1,497                    35              435,107
  - built inhouse                                                          -                   -                 4,029               -                     -                4,029
  - others                                                                 -                   9                    11               -                   125                  145
c) disposals:                                                              -             (15,934)              (67,476)           (404)                 (363)             (84,177)
  - sale                                                                   -                (181)               (2,156)           (404)                  (95)              (2,836)
  - liquidation                                                            -             (15,753)               (5,122)              -                  (262)             (21,137)
  - donations                                                              -                   -                     -               -                    (6)                  (6)
  - transfers to construction in progress                                  -                   -               (45,187)              -                     -              (45,187)
  - others                                                                 -                   -               (15,011)              -                     -              (15,011)
d) closing balance of fixed assets, gross value                        8,989             163,261               469,308           4,813                 9,556              655,927
e) opening balance of cumulative depreciation                              -               6,347                70,931           1,029                 5,838               84,145
f) amortisation per period:                                                -               1,401                 3,131             293                 1,892                6,717
   - planned                                                               -               3,909                32,179             508                 2,207               38,803
  - liquidation                                                            -              (2,507)               (3,626)              -                  (243)              (6,376)
  - donations                                                              -                   -                     -               -                    (2)                  (2)
  - sales                                                                  -                  (1)                 (931)           (215)                  (83)              (1,230)
  - transfers to construction in progress                                  -                   -               (14,267)              -                     -              (14,267)
  - others                                                                 -                   -               (10,224)              -                    13              (10,211)
g) closing balance of cumulative depreciation                              -               7,748                74,062           1,322                 7,730               90,862
h) closing balance of fixed assets, net value                          8,989             155,513               395,246           3,491                 1,826              565,065

 Unplanned depreciation charges amounting to PLN 15,569 thousand resulted from:

 1) liquidations of fixed assets                   2,010
 2) donated water fittings                        1, 048
 3) deconstruction of the printing plant building 12,454
 4) liquidation of leasehold improvements              53
 5) donations                                           4
                           TOTAL PLN thousand 15,569




                                                                               SECURITIES AND STOCK EXCHANGE BOARD                                                                           17
                  CAPITAL GROUP OF AGORA SA                                                                                                                                                              SA_RS 2000                                                                                                                                                                     in PLN thousand.
                  Translation



                  CHANGE IN FINANCIAL FIXED ASSETS (DIVIDED INTO GROUPS)
                                                                                                                                                                                                                                                                       c) other                                                          d) other equity rights (divided into groups)      e) other         Financial
                                                                                          - in associated    - in parent   b) long-term loans         - to         - to associated     - to parent                                                                    securities:            - of      - of associated   - of a parent     -             -               -              financial fixed    fixed assets,
                                                     a) shares:       - in subsidiaries                                                                                                                                                                                                 subsidiaries   companies         Company                                                            assets            Total
                                                                                          companies         Company             granted:        subsidiaries       companies          Company

a) opening balance                                       33,001                 9,576               840                -               5,328           3,537              1,791                      -                a) opening balance                                            -              -                 -              -              -              -                -                  -         38,329
b) additions                                              8,751                 4,799             3,909                -               7,421           6,580                454                      -                b) additions                                                  -              -                 -              -              -              -                -                  -         16,172
 - purchases                                              5,104                 1,162             3,900                -                    -                  -                -                    -                  - purchases                                                 -              -                 -               -             -              -                -                  -          5,104
 - loan into shares swap                                  3,436                 3,436                   -              -                    -                  -                -                    -                  - loan into shares swap                                     -              -                 -               -             -              -                -                  -          3,436
 - loans granted                                                  -                   -                 -              -               5,269           4,912                    -                    -                  - loans granted                                             -              -                 -               -             -              -                -                  -          5,269
 - interest accrued and revaluations                              -                   -                 -              -               1,256             772                454                      -                  - interest accrued and revaluations                         -              -                 -               -             -              -                -                  -          1,256
 - stamp duty                                                41                     31                 9               -                    -                  -                -                    -                  - stamp duty                                                -              -                 -               -             -              -                -                  -              41
 - swap of debt into loan                                         -                   -                 -              -                 612             612                    -                    -                  - swap of debt into loan                                    -              -                 -               -             -              -                -                  -             612
 - released provisions                                            -                   -                 -              -                 135             135                    -                    -                  - released provisions                                       -              -                 -               -             -              -                -                  -             135
 - shares received for contribiutions in kind               170                   170                   -              -                    -                  -                -                    -                 - shares received for contribiutions in kind                 -              -                 -               -             -              -                -                  -             170
 - transfer to long term loan                                     -                   -                 -              -                 149             149                    -                    -                  - transfer to long term loan                                -              -                 -               -             -              -                -                  -             149
c) disposals                                                      -                   -                 -              -              (4,305)         (3,815)              (465)                     -                c) disposals                                                  -              -                 -              -              -              -                -                  -         (4,305)
 - transfer to short term loan                                    -                   -                 -              -                (157)           (157)                   -                    -                  - transfer to short term loan                               -              -                 -               -             -              -                -                  -            (157)
 - loans repaid                                                   -                   -                 -              -                 (34)             (34)                  -                    -                  - loans repaid                                              -              -                 -               -             -              -                -                  -             (34)
 - provision for interest and revaluation                         -                   -                 -              -              (1,130)           (640)              (465)                     -                 - provision for interest and revaluation                     -              -                 -               -             -              -                -                  -         (1,130)
 - loan into shares swap                                          -                   -                 -              -              (2,984)         (2,984)                   -                    -                  - loan into shares swap                                     -              -                 -               -             -              -                -                  -         (2,984)
d) closing balance                                      41,752                14,375              4,749                -               8,444           6,302              1,780                      -                d) closing balance                                            -              -                 -               -             -              -                -                  -         50,196
                                                                                                                                                                                                                      Financial fixed assets, Total
Financial fixed assets, Total                           41,752                14,375              4,749                -               8,444           6,302              1,780                      -                                                                              -              -                 -              -              -              -                -                  -         50,196




                                                                                                                                                                                     SECURITIES AND STOCK EXCHANGE BOARD                                                                                                                                                                              19
                                          CAPITAL GROUP OF AGORA SA                                                                                                                                                                                                                                                                                                            SA_RS 2000                                                                                                                                              in PLN thousand
                                          Translation




                                                                          SHARES IN SUBSIDIARIES AND AFFILIATED COMPANIES (INVESTMENTS)                                                                                                                            SHARES IN SUBSIDIARIES
                            a                                                                                                                                                                                                                                      AND AFFILIATED
                                                                                                                                                                                                                                                                               a
No.                                                    b                         c                 d              e                 f            g                h                  i                j                  k                    l                                                                                                    m                                                                n                                  o                    p         r                s                  t
                      Company                       location            Company's              Kind of      consolidation       control        shares         amounts              shares        percentage         percentage              other            No.                   Company                                           share capital of a company :                                   Company's                           Company's                         Total     Sales        Outstanding     dividends/shares
                (with its legal status)                                  activity              relation       method          overtaking/     purchase       provided          balance sheet      of share           of votes         than in j) or k)                                                                   capital
                                                                                                                                                                                                                                                                                                          share                      reserve           other                                         liabilities,
                                                                                                                                                                                                                                                                                                                          called                                                                                                        receivables:                     Company   revenue       share capital         in profits
                                                                                                                 used        influence date    price         for (total)          value           in share        on Shareholders kind of domination                                                      capital        but not     capital       capital items                                                          - long-                          - long-term    assets                 contribution    for last accounting
                                                                                                                                                                                                   capital            meeting                                                                                           paid in (a                                   unappropriat                                       term                                                                                      year received or
                                                                                                                                                                                                                                                                                                                        negative
                                                                                                                                                                                                                                                                                                                                                                       ed result         net                                                                                                                          receivable
                                                                                                                                                                                                                                                                                                                         figure)
                                                                                                                                                                                                                                                                                                                                                                         from       profit/(loss)
                                                                                                                                                                                                                                                                                                                                                                       previous
                                                                                                                                                                                                                                                                                                                                                                         years

                                                                                                            excluded from
 1 KKK FM SA                                       Wrocław      local radio station            subsidiary    consolidation      1.02.98                468                 -              468             51.0%              51.0%                       -    1 KKK FM SA                                     629                -             -          (1,621)         (1,635)             14           2,017               834              798                 -      1,026     3,018                  -                     -

                                                                                                            excluded from
 2 Inforadio Sp. z o.o.                            Warszawa     supra-regional radio station   affiliated    consolidation      1.02.98              3,766        (2,800)                 966             41.6%              41.6%                       -    2 Inforadio Sp. z o.o.                        7,245                -       641            (42,432)         (30,059)       (12,373)         39,574             38,620            1,180                 -      5,196     2,351                  -                     -
                                                                                                            excluded from
 3 Elita Sp. z o.o.                                Bydgoszcz    local radio station            subsidiary    consolidation      1.02.98              3,586                 -             3,586            99.0%              99.0%                       -    3 Elita Sp. z o.o.                            3,629                -             -          (3,087)         (2,370)           (717)            435               184              268                 -        977     1,333                  -                     -
                                                                                                            excluded from
 4 Radio Trefl Sp. z o.o.                            Sopot      local radio station            subsidiary    consolidation      1.02.98              1,584                 -             1,584            58.9%              58.9%                       -    4 Radio Trefl Sp. z o.o.                      2,683                -             -          (3,213)         (3,105)           (108)          1,838               214              521                 -      1,323     2,833                  -                     -
                                                                                                            excluded from
 5 Jan Babczyszyn Radio Jazz FM Sp. z o.o.          Poznań      local radio station            affiliated    consolidation      1.02.98                353                 -              353             42.0%              42.0%                       -    5 Jan Babczyszyn Radio Jazz FM Sp. z o.o.       600                -             -            (488)           (543)             55             446                    -           282                 -        558     1,595                  -                     -
                                                                                                            excluded from
 6 IM 40 Sp. z o.o.                                Warszawa     local radio station            subsidiary    consolidation      1.02.98              1,260                 -             1,260            72.0%              72.0%                       -    6 IM 40 Sp. z o.o.                            1,000                -       465              3,360                -          3,360            1,233                    -         3,191                 -      6,062    13,058                  -                 1,724
                                                                                                            excluded from                                                                                                                                       Radio Wawel Sp. z o.o. (the company has
 7 Radio Wawel Sp. z o.o.                           Kraków      local radio station            subsidiary    consolidation      1.02.98                  2                 -                2             50.0%              50.0%                       -    7 not commenced operations)                           4                the Company has not started yet activities
                                                                                                            excluded from
 8 Lokalne Rozgłośnie Radiowe Sp. z o.o.           Warszawa     radio activity                 subsidiary    consolidation      1.02.98                804                 -              804        100.0%                  100.0%                      -    8 Lokalne Rozgłośnie Radiowe Sp. z o.o.         804                -        24                (365)              -            (365)            303               210              264                 -        766     1,378                  -                     -
                                                                                                            excluded from
 9 O`LE Sp. z o.o.                                   Opole      local radio station            subsidiary    consolidation      1.02.98              1,929                 -             1,929       100.0%                  100.0%                      -    9 O`LE Sp. z o.o.                             1,994                -             -          (1,788)         (1,120)           (668)            363               104              211                 -        569     1,084                  -                     -
                                                                                                            excluded from
10 Karolina Sp. z o.o.                               Tychy      local radio station            subsidiary    consolidation      26.03.98             1,499                 -             1,499       100.0%                  100.0%                      -   10 Karolina Sp. z o.o.                         1,100                -             -               389          (995)         1,384            1,628               878            1,325                 -      3,178     6,060                  -                     -
                                                                                                            excluded from
11 CITY Radio Sp. z o.o.                          Częstochowa local radio station              subsidiary    consolidation      25.06.98             1,699                 -             1,699       100.0%                  100.0%                      -   11 CITY Radio Sp. z o.o.                       1,701                -        14              (2,827)         (2,390)           (437)          1,584               851              354                 -        472     1,268                  -                     -

                                                                radio, TV, commercial                       excluded from
12 Biuro Obsługi Radiowej Sp. z o.o.                Poznań      services                       affiliated    consolidation      9.09.98                430                 -              430             46.0%              46.0%                       -   12 Biuro Obsługi Radiowej Sp. z o.o.             935                -             -            (597)           (904)            307           2,164                    -         1,885                 -      2,502    11,218                  -                     -

                                                                radio, TV, commercial,                      excluded from
13 BARYS Sp. z o.o.                                  Tychy      market research services       subsidiary    consolidation      17.12.99               533                 -              533             90.0%              90.0%                       -   13 BARYS Sp. z o.o.                              269                -             -            (982)              -            (982)          1,261             1,041               85                 -        548          222               -                     -
                                                                                                            excluded from
14 ZUH UZNAM Sp z o.o.                            Świnoujście   local radio station            subsidiary    consolidation      29.12.99               348                 -              348        100.0%                  100.0%                      -   14 ZUH UZNAM Sp z o.o.                            31                -       262                (651)           (290)           (361)            531               417               93                 -        173          340               -                     -

                                                                e-commerce and trading,                     excluded from
15 Centrum Handlu Internetowego Sp. z o.o.         Warszawa     utilities, production          affiliated    consolidation      15.11.00             3,000                 -             3,000            50.0%              50.0%                -          15 Centrum Handlu Internetowego Sp. z o.o.     6,000                -             -                35             -              35               15                   -              -                -      6,050             -              -                     -
                                                                                                            excluded from                                                                                                          majority in
16 ROM Sp. z o.o.                                  Warszawa     local radio station            subsidiary    consolidation      12.01.00               663                 -              663             49.0%              49.0% Management Board          16 ROM Sp. z o.o.                                684                -         5              (3,677)         (1,555)        (2,122)           3,677             3,108              363                 -        714          262               -                     -




                                                                                                                                                                                                                                                                                                                                                       SECURITIES AND STOCK EXCHANGE BOARD                                                                                                                                                         20
     CAPITAL GROUP OF AGORA SA                                                                           SA_RS 2000                                                       in PLN thousand
     Translation




                                                                                       LONG TERM LIABILITIES FROM LOANS
                                                Amount of loan according to the
   Name of an entity                                                                     Amount of outstanding loan             Interest         Due date
                                 Location                agreement                                                                                              Pledges
   and its legal status                                                                                                          terms                      -
                                                PLN thousand       USD thousand       PLN thousand       USD thousand
                              Wilmington,
 COX Poland                   Delaware,
Investments, Inc.             USA                     83,376             20,123              83,376             20,123    6,31% annually       10.09.2007        none
                          -                 -               -                  -                   -                  -                    -                -                               -
                          -                 -               -                  -                   -                  -                    -                -                               -
                          -                 -               -                  -                   -                  -                    -                -                               -
                          -                 -               -                  -                   -                  -                    -                -                               -
                          -                 -               -                  -                   -                  -                    -                -                               -
                          -                 -               -                  -                   -                  -                    -                -                               -
                          -                 -                  -                  -                  -                -                    -                -                               -
                          -                 -                  -                  -                  -                -                    -                -                               -
                          -                 -                  -                  -                  -                -                    -                -                               -
                          -                 -                  -                  -                  -                -                    -                -                               -
                          -                 -                  -                  -                  -                -                    -                -                               -
                          -                 -                  -                  -                  -                -                    -                -                               -

Unsecured loans repayable after five years comprise a loan of USD 20.123 thousand from shareholder Cox Poland Investments, Inc. which is repayable in 2007 or may (principal and interest),
be exchanged for be exchanged for 49% of the shares in TKP S.A. held by the Group. The annual rate of interest is 6.31% and interest is payable when the principal becomes due.




                                                                                      SECURITIES AND STOCK EXCHANGE BOARD                                                             31
CAPITAL GROUP OF AGORA SA                                                     SA_RS 2000                                      in PLN thousand
Translation




                                                 SHORT TERM LIABILITIES BY ISSUED DEBENTURE STOCK



                   Debenture stock by kind        Face value         Interest terms                    Guarantees / pledges
                                                                                           Redemptio


                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -
                                             -             -                          -           -                             -

interest),




                                                               SECURITIES AND STOCK EXCHANGE BOARD                                        31
CAPITAL GROUP OF AGORA SA                SA_RS 2000               in PLN thousand
Translation




                                         Other rights


                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -
                                                           -




                            SECURITIES AND STOCK EXCHANGE BOARD               31
   CAPITAL GROUP OF AGORA SA                                                                         SA_RS 2000                                               in PLN thousand
   Translation




                                                                                  SHORT TERM LIABILITIES FROM LOANS
                                           Amount of loan according to the
  Name of an entity                                                                 Amount of outstanding loan        Interest       Due date
                            Location                agreement                                                                                       Pledges
 and its legal status                                                                                                 terms                     -
                                           PLN thousand       USD thousand        PLN thousand       USD thousand
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
                        -              -                  -                  -                   -                -              -              -                               -
Rzaem                                  -                  -                  -                   -                -              -              -                               -




                                                                                 SECURITIES AND STOCK EXCHANGE BOARD                                                      33
CAPITAL GROUP OF AGORA SA                                                     SA_RS 2000                                           in PLN thousand
Translation




                                                                            LIABILITIES RELATING TO SHORT-TERM DEBT SECURITIES



                    Debenture stock by kind       Face value          Interest terms                        Guarantees / pledges
                                                                                               Redemptio
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -
                                              -            -                               -           -                             -




                                                               SECURITIES AND STOCK EXCHANGE BOARD                                             33
          CAPITAL GROUP OF AGORA SA                             SA_RS 2000               in PLN thousand
          Translation




ABILITIES RELATING TO SHORT-TERM DEBT SECURITIES



                                                                Other rights
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -
                                                                                   -




                                                   SECURITIES AND STOCK EXCHANGE BOARD               33
CAPITAL GROUP OF AGORA SA                                     SA_RS 1999                                                  in PLN thousand
Translation

           SHARES IN OTHER ENTITIES (INVESTMENTS)
              a          b           c        d                              e                   f              g
                                                                                          Share in the total Value of
            Name of
                                                        Book value of   % of share        number of votes shares unpaid
      No. entity, legal   Location       Activity
                                                           shares        capital          on shareholders     by the
              form
                                                                                              meeting        Company
          Telewizyjna
         Korporacja
         Partycypacyjna            paid TV
       1 SA               Warszawa operator                  22,491              12.12%              12.12%           -
          Polskie
         Badania
         Internetu Sp.              internet
       2 zo.o.            Warszawa research                        8            16.67%               16.67%           -
                                                                        less than 1% in      less than 1% in
       3   Other                     -              -           129      each company         each company            -
       4              -              -              -             -                  -                   -            -
       5              -              -              -             -                  -                   -            -




                                         SECURITIES AND STOCK EXCHANGE BOARD                                                          81
CAPITAL GROUP OF AGORA SA                 SA_RS 1999               in PLN thousand
Translation


               h

       Dividends received
       or due for the last
              year




                         -



                         -

                         -
                         -
                         -




                             SECURITIES AND STOCK EXCHANGE BOARD               82
CAPITAL GROUP OF AGORA SA                        SA_RS 1999                                      in PLN thousand
Translation

                      SHARES OF AGORA SA IN POSSESSION OF RELATED COMPANIES
       Company name, location       Amount         Acquisition price       Balance sheet value
                                -            -                         -                         -
                                -            -                         -                         -
                                -            -                         -                         -
                                -            -                         -                         -




                                    SECURITIES AND STOCK EXCHANGE BOARD                                      83
CAPITAL GROUP OF AGORA SA                           SA_RS 1999                                in PLN thousand
Translation

                                                 OWN SHARES FOR SALE
            Amount       Amount         Purchase price           Purpose for purchasing
                     -              -                    -                                -
                     -              -                    -                                -
                     -              -                    -                                -
                     -              -                    -                                -




                                  SECURITIES AND STOCK EXCHANGE BOARD                                     84
          CAPITAL GROUP OF AGORA SA                    SA_RS 1999               in PLN thousand
          Translation

OR SALE
                         Purpose
                                      -
                                      -
                                      -
                                      -




                                          SECURITIES AND STOCK EXCHANGE BOARD               85
CAPITAL GROUP OF AGORA SA                                          SA_RS 1999                                                          in PLN thousand
Translation


      EQUITY                                                                                0
                                                                                 Value of
                                                                                                                                    Right to
          Series/                                                   Number of     series/                           Registratio
                         Type of shares       Type of preference                                Origin of capital                   dividend
           issue                                                     shares      issue in                            n date
                                                                                                                                  (from date)
                                                                                 nominal
      A             Registered                5 votes per share      4,281,600       4,282 conversion               1.04.98       1.01.97
      B             ordinary and registered   none                  39,108,900     39,109 conversion                1.04.98       1.01.97
      C             Registered                5 votes per share        750,000        750 conversion                1.04.98       1.01.97
      D             ordinary and registered   none                   2,267,025       2,267 issued                   29.03.99      1.01.98
      E             ordinary                  none                   9,000,000       9,000 issued                   29.03.99      1.01.98
      F             ordinary                  none                   1,350,000       1,350 issued                   29.03.99      1.01.98


      Total number of shares                                        56,757,525
      Total equity                                                                 56,758




                                              SECURITIES AND STOCK EXCHANGE BOARD                                                                  86
CAPITAL GROUP OF AGORA SA                      SA_RS 1999                                      in PLN thousand
Translation
               MOVEMENTS IN OTHER PROVISIONS (EXCLUSIVE OF RECEIVABLES PROVISION)
                                           Provision against  - -   -
                                         certain and probable                Total other
                                                 losses                       provisions

       a) Balance of other provisions at the beginning of
      the year                                                      -     -    -    -      -
       b) additions                                                 -     -    -    -      -
          -                                                         -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
       c) utilisation                                               -     -    -    -      -
         - reimbursements received                                  -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
       d) released                                                  -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
         -                                                          -     -    -    -      -
       e) Balance of other provisions at year end                   -     -    -    -      -




                                              SECURITIES AND STOCK EXCHANGE BOARD                          87
GRUPA KAPITAŁOWA - AGORA SA                                    SA_RS 1999                                   w tys zł.

                                                                                   Agora
                                                                                  Poligrafia
                                                                     Agora SA     Sp. z o.o.     Total
      Gross profit after consolidation adjustements                    197,421       31,982      229,403
      Consolidation adjustments                                           (819)           -         (819)
      Net profit                                                       198,240       31,982      230,222

       Permanent differences                                            (2,058)     (29,965)     (32,023)
       Temporary differences                                            (4,559)         162       (4,397)
      Other differences between gross profit and taxable profit              -         (232)        (232)
            including, loss from prior years                                 -         (232)        (232)
       Taxable income                                                  191,623        1,947      193,570
       Corporate tax at 30% rate                                        57,487          584       58,071
       Corporate tax forgiven, exempted, reduced and settled down       (3,481)           -       (3,481)
       Corporate tax receivable                                         54,006          584       54,590
       Deferred tax liability                                                -            -
       - balance at the beginning of the period                         17,911            -       17,911
       - additions                                                       8,245            -        8,245
       - disposals                                                      (5,684)           -       (5,684)
       - balance at the end of the period                               20,472            -       20,472
       Deferred tax asset                                                    -            -
       - balance at the beginning of the period                         13,555           12       13,567
       - additions                                                       5,029            3        5,032
       - disposals                                                      (3,206)         (14)      (3,220)
       - balance at the end of the period                               15,378            1       15,379
      Difference between the increase of deferred tax liability
      and deferred tax asset                                               738              11       749
       Corporate tax commensurable to gross profit                      54,744             595    55,339




                                                  Komisja Papierów Wartościowych i Giełd                          88

				
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