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					PROFIT AND LOSS ACCOUNT OF THE AGORA GROUP (by nature)

in PLN million                                                                                          2004           2005             2006          2007               2008

Total sales:                                                                                         1,001.1         1,202.1         1,133.7       1,272.3             1,277.7

                Advertising revenue                                                                    642.1           711.6           754.5         847.7               916.1

                Copy sales                                                                             237.9           238.7           178.7         210.7               200.2

                Special projects (including: collections)                                                                                            127.2                63.2

                Other                                                                                  121.1           251.8           200.5          86.7                98.2

Operating cost:                                                                                        -918.8       -1,051.3        -1,094.1      -1,152.0            -1,233.1

                Raw materials, energy and consumables                                                  -205.7         -284.9          -244.9        -258.8              -211.2
                D&A                                                                                    -109.8          -96.4            -77.0         -78.3              -83.8
                Staff cost (1)                                                                         -227.7         -236.3          -253.8         -258.9             -298.7

                Non-cash expense relating to share-based payments                                         0.0           -7.1            -34.8         -32.6              -27.2

                Promotion and marketing                                                                 -99.5         -158.2          -184.4        -211.1              -218.2
                Other operating cost, including:                                                       -276.1         -268.4          -299.2        -312.3              -394.0

                              one-off costs                                                              24.9               -             5.1             -               35.8

Operating result - EBIT                                                                                  82.3          150.8            39.6         120.3                44.6
Finance cost and revenue, net, including:                                                                -4.1            3.1              6.6           9.0                4.9

                Revenue from short-term investment                                                        7.2           15.6            13.3          15.9                19.4
                Interest on loans and similar costs                                                      -9.3           -9.0             -6.7          -7.2              -10.6
                Other                                                                                    -2.0           -3.5              0.0           0.3                -3.9
Share of results of equity accounted investees                                                           -1.4            0.2              0.1           0.0               -1.6

Profit before income tax                                                                                 76.8          154.1            46.3         129.3                47.9
Income tax expense                                                                                       -8.5          -28.5           -14.3         -29.1               -24.6

Net profit                                                                                               68.3          125.6            32.0         100.2                23.3

                Attributable to equity holders of the parent                                             67.3          126.7            32.6         100.3                23.4
                Attributable to minority interest                                                         1.0           -1.1             -0.6          -0.1                -0.1
EBIT margin (EBIT/Sales)                                                                                8.2%          12.5%             3.5%          9.5%                3.5%
EBITDA                                                                                                 204.9           245.8           116.0         198.0               127.8
EBITDA margin (EBITDA/Sales)                                                                           20.5%          20.4%            10.2%         15.6%              10.0%
Operating EBITDA (2)                                                                                   204.9           252.9           151.2         230.6               155.0
Operating EBITDA margin (Operating EBITDA/Sales)                                                       20.5%          21.0%            13.3%         18.1%              12.1%


(1) excluding non-cash cost of share-based payments.




PROFIT AND LOSS ACCOUNT OF THE AGORA GROUP (by function)

in PLN million                                                                                          2004           2005             2006          2007               2008

Sales                                                                                              1,001.087      1,202.138        1,133.680     1,272.323          1,277.670

Cost of sales                                                                                       -598.342       -677.372         -668.517      -722.579           -694.889

Gross profit                                                                                         402.745        524.766         465.163       549.744             582.781




Selling expenses                                                                                    -183.930       -250.325         -298.542      -318.835           -350.794

Administrative expenses                                                                             -108.437       -120.062         -120.154      -109.721           -140.369

Other operating income                                                                                18.392         24.236           19.228        17.835             15.899

Other operating expenses                                                                             -46.485         -27.809         -26.055       -18.750             -62.907

Operating profit                                                                                      82.285        150.806           39.640      120.273              44.610




Finance income                                                                                        14.583         17.904           14.306        17.077             21.138

Finance cost                                                                                         -18.602         -14.838          -7.742        -8.034             -16.230

Share of results of equity accounted investees                                                         -1.417          0.238           0.059         0.006              -1.633

Profit before income taxes                                                                            76.849        154.110           46.263      129.322              47.885




Income tax expense                                                                                     -8.453        -28.497         -14.261       -29.141             -24.583

Net profit                                                                                            68.396        125.613           32.002      100.181              23.302




Attributable to:

Equity holders of the parent                                                                          67.316        126.713           32.623      100.264              23.421

Minority interest                                                                                      1.080          -1.100          -0.621        -0.083              -0.119

                                                                                                      68.396        125.613           32.002      100.181              23.302




Basic/diluted earnings per share (in PLN)                                                                1.19           2.25            0.59          1.82                0.43




Source: Data shown above represents only an extract from the Management Board's reports and consolidated financial statements of Agora Group for selected financial
years, displayed at www.agora.pl in the "Investor relations" section. Proper interpretation of the data presented in the table above is possible only in the context of those
Management Board's reports and financial statements, and the analysis of the data without the verifying it against the consolidated financial statement for the selected
period may lead to false conclusions.
BALANCE SHEET OF THE AGORA GROUP


in PLN million                                                                  31 December 2004 31 December 2005 (*)          31 December 2006 31 December 2007 (**)       31 December 2008

ASSETS

Non-current assets:

Intangible assets                                                                           253.408                273.404                284.165                289.871              396.986

Property, plant and equipment                                                               742.632                680.144                644.637                616.036              650.692

Investments                                                                                  20.696                   8.630                 7.470                  3.162                    0.248

Investments in associates and joint ventures                                                  5.180                   3.404                 1.235                      -                    0.399

Receivables and prepayments                                                                   1.415                   7.052                 7.067                  6.970                    6.802

Deferred tax assets                                                                          26.410                 28.552                 30.677                 14.720                   10.692

                                                                                          1,049.741              1,001.186                975.251                930.759             1,065.819



Current assets:

Inventories                                                                                  18.586                 18.830                 18.588                 17.501                   18.861

Accounts receivable and prepayments                                                         154.339                209.192                195.380                249.257              244.860

Income tax receivable                                                                         3.650                   9.598                 7.373                  2.199                    5.271

Short-term securities and other financial assets                                              3.056                 75.497                  1.340                 63.455                    0.007

Cash and cash equivalents                                                                   227.412                189.656                334.705                337.660              263.743

                                                                                            407.043                502.773                557.386                670.072              532.742



Total assets                                                                              1,456.784              1,503.959              1,532.637              1,600.831             1,598.561




Equity and liabilities

Equity attributable to equity holders of the parent:

Share capital                                                                                56.758                 56.758                 54.978                 54.978                   54.978

Treasury shares                                                                                   -                -119.952                        -                   -               -71.007

Share premium                                                                               353.646                353.646                290.506                290.506              290.506

Foreign currency translation reserve                                                              -                       -                        -              -0.021                   -0.037

Retained earnings and other reserves                                                        726.596                834.938                819.685                870.220              892.771

                                                                                          1,137.000              1,125.390              1,165.169              1,215.683             1,167.211



Minority interest                                                                             1.554                  -0.207                -0.503                 -0.095                   -0.093



Total equity                                                                              1,138.554              1,125.183              1,164.666              1,215.588            1,167.118



Non-current liabilities:

Deferred tax liabilities                                                                     49.003                 56.749                 62.813                 41.110                   41.121

Interest-bearing loans and borrowings                                                       104.721                140.642                105.063                104.430                   95.497

Retirement severance provision                                                                1.437                   1.083                 1.193                  1.334                    1.829

                                                                                              0.020                       -                        -                   -                       - 
Provisions
Deferred revenues and accruals                                                                2.886                   1.849                 1.276                  0.767                    0.101

                                                                                            158.067                200.323                170.345                147.641              138.548



Current liabilities:

Retirement severance provision                                                                0.020                   0.145                 0.143                  0.130                    0.091

Accounts payable                                                                             83.544                131.345                107.023                138.742              167.611

Income tax liabilities                                                                        0.010                   0.058                 0.055                  0.177                    0.020

Short-term borrowings                                                                        34.872                   0.001                35.660                 34.810                   59.736

Provisions                                                                                    2.566                   4.405                 4.855                  2.876                   14.975

Deferred revenues and accruals                                                               39.151                 42.499                 49.890                 60.867                   50.462

                                                                                            160.163                178.453                197.626                237.602              292.895



Total equity and liabilities                                                              1,456.784              1,503.959              1,532.637              1,600.831             1,598.561

Weighted average number of ordinary shares:                                              56,757,525             56,324,104             54,977,535             54,977,535           54,191,128




* change of presentation of data in the report for 2006, the comparable data for 2005 was restated respectively (data for 2004 was not restated)

** Due to the change in the presentation of assets and deferred income tax provision described in note no 14 to consolidated financial report for 2008, the comparable data for 2007 was
restated respectively (the data for previous years was not restated)


Source: Data shown above represents only an extract from the Management Board's reports and consolidated financial statements of Agora Group for selected financial
years, displayed at www.agora.pl in the "Investor relations" section. Proper interpretation of the data presented in the table above is possible only in the context of those
Management Board's reports and financial statements, and the analysis of the data without the verifying it against the consolidated financial statement for the selected
period may lead to false conclusions.
CASH FLOW STATEMENT OF AGORA GROUP

                                                                                                                               12 months till       12 months till        12 months till          12 months till   12 months till
in PLN mln
                                                                                                                         31 December 2004 31 December 2005 31 December 2006                   31 December 2007 31 December 2008
Cash flows from operating activities

Profit before income taxes                                                                                                            76.849              154.110                   46.263             129.322            47.885

Adjustments for:

Share of results of equity accounted investees                                                                                         1.417                -0.238                  -0.059               -0.006            1.633

Depreciation of property, plant and equipment                                                                                        103.340                91.865                  71.772               71.328           73.372

Amortisation of intangible assets                                                                                                     20.931                 4.579                   5.177                7.001           10.445

(Profit)/ loss on currency translation                                                                                                 0.897                     -                       -                    -                - 

Interest, net                                                                                                                          9.121                 8.268                   6.373                7.031            9.433

(Profit) /loss on investing activities                                                                                                13.452                 3.234                  -7.473               -2.471           30.384

Change in provisions                                                                                                                   -6.761                1.583                   0.501               -1.851           12.303

Change in inventories                                                                                                                  -3.420               -1.275                   0.242                1.087           -1.360

Change in receivables and prepayments                                                                                                -30.592               -58.859                  16.900              -53.278            7.736

Change in payables                                                                                                                     2.243                48.031              -19.823                  35.153           14.477

Change in deferred revenues and accruals                                                                                               6.909                 1.895                   6.334               10.324          -12.845

Other adjustments ( (1)                                                                                                                -0.055                6.578                  34.657               32.352           28.270

Cash generated from operations                                                                                                       194.331              259.771               160.864                 235.992          221.733



Income taxes paid                                                                                                                      -2.351              -29.406              -13.805                 -32.825          -32.135

Net cash from operating activities                                                                                                   191.980              230.365               147.059                203.167          189.598



Cash flows from investing activities

Proceeds from sale of property, plant and equipment and intangibles                                                                    1.197                 0.235                   3.157                0.974            1.396

Disposal of subsidiary (net of cash disposed) and associates                                                                                -                2.214                   0.694                    -                - 

Disposal of financial assets                                                                                                           0.200                 1.515                   2.436                0.231                - 

Loan repayment received                                                                                                                     -                    -                   0.317                    -            1.027

Interest received                                                                                                                      0.034                 0.750                   2.888                1.291            0.451

Disposal of short-term securities                                                                                                           -               68.876              138.129                  39.781           63.431

Other                                                                                                                                   1.498                0.222                       -                    -                - 



Purchase of property plant and equipment and intangibles                                                                             -30.195               -44.099              -41.680                 -52.126         -115.965

Acquisition of subsidiary (net of cash acquired) associates and jointly controlled entities                                            -4.722                0.218                  -6.178                0.059         -119.968

Acquisition of financial assets                                                                                                        -1.442               -1.447                       -                    -                - 

Acquisition of short-term securities                                                                                                   -1.300             -139.139              -65.987                -100.000                - 

Loans granted                                                                                                                          -9.819               -0.432                       -               -0.007                - 

Net cash used in investing activities                                                                                                -44.549              -111.087                  33.776             -109.797         -169.628



Cash flows from financing activities

Proceeds from borrowings                                                                                                               0.002                 1.228                   0.584                0.960           17.103

Repurchase of own shares (2)                                                                                                                -             -119.952                  -0.030                    -          -71.007

Dividends paid to equity holders of the parent                                                                                              -              -28.377              -27.489                 -82.433          -27.489

Dividends paid to minority shareholders                                                                                                -0.799               -1.059                  -0.688               -1.066           -0.910

Repayment of borrowings                                                                                                                -0.619               -0.002                  -1.967                    -                - 

Repayment of debt instruments issued                                                                                                        -                    -                  -0.188                    -                - 

Interest paid                                                                                                                          -9.151               -8.268                  -6.008               -7.576           -9.433

Other                                                                                                                                       -               -0.604                       -               -0.300           -2.151

Net cash used in financing activities                                                                                                -10.567              -157.034              -35.786                 -90.415          -93.887



Net increase (decrease) in cash and cash equivalents                                                                                 136.864               -37.756              145.049                   2.955          -73.917



Cash and cash equivalents

At start of period                                                                                                                    90.548              227.412               189.656                 334.705          337.660

At end of period                                                                                                                     227.412              189.656               334.705                 337.660          263.743

                Including restricted cash                                                                                              4.952                     -                       -                    -                - 

(1) since 2005 ) “other adjustments” include mainly share-based payment costs. 

(2) in 2006 share buy back program was not executed. The expenses for share buy back result from the direct costs related to the execution of the share buy back program in 2005.
Source: Data shown above represents only an extract from the Management Board's reports and consolidated financial statements of Agora Group for selected financial years, displayed at www.agora.pl in
the "Investor relations" section. Proper interpretation of the data presented in the table above is possible only in the context of those Management Board's reports and financial statements, and the analysis
of the data without the verifying it against the consolidated financial statement for the selected period may lead to false conclusions.
SELECTED FINANCIAL RATIOS


                                              2004       2005        2006       2007       2008
Profitability ratios
Net profit margin                              6.7%      10.5%        2.9%       7.9%       1.8%
Gross profit margin                           40.2%      43.7%       41.0%      43.2%      45.6%
Return on equity                               5.9%      11.2%        2.8%       8.4%       2.0%

Efficiency ratios
Inventory turnover                            10 dni     10 dni      10 dni      9 dni      9 dni
Debtors days                                  58 dni     58 dni      65 dni     61 dni     66 dni
Creditors days                                32 dni     39 dni      45 dni     41 dni     53 dni

Liquidity ratio
Current ratio I                                 2.5         2.8         2.8        2.8        1.8

Financing ratios
Gearing ratio (1)                                 -           -          -          -           -
Interest cover I                                9.0        18.2        6.1       17.1         4.7
Interest cover II                               n/d         n/d        n/d        n/d         7.6
Free cash flow interest cover                  17.7        22.5       16.2       21.5         7.8



(1) As at 31 December 2008, 31 December 2007, 31 December 2006, 31 December 2005 and 31 December 2004 there
was a surplus of cash and cash equivalents over loans and borrowings.
Definition of ratios:

Net profit margin =                                        Net profit attributable to equity holders of the parent
                                                           Sales of finished products, merchandise and materials


                                                                             Gross profit on sales
Gross profit margin
                                                           Sales of finished products, merchandise and materials


                                                           Net profit attributable to equity holders of the parent
                                                (Equity attributable to equity holders of the parent at the beginning of the
Return on equity =
                                                 period +Equity attributable to equity holders of the parent at the end of
                                                                       the period) / 2 / 1 for the year

                                                      (Trade receivables gross at the beginning of the period + Trade
 Debtors days =                                                receivables gross at the end of the period) / 2
                                                    Sales of finished products, merchandise and materials / no. of days


                                                  (Trade creditors at the beginning of the period + Trade creditors at the
Creditors days=                                                            end of the period) / 2
                                                                          Cost of sales / no. of days



                                                 (Inventories at the beginning of the period + Inventories at the end of the
Inventory turnover =
                                                                         Cost of sales / no. of days


                                                                                Current Assets
Current ratio I =
                                                                               Current liabilities




                                                Current and non-current liabilities from loans – cash and cash equivalents
Gearing ratio =
                                                              – highly liquid short-term monetary assets
                                                                       Total equity and liabilities

                                                                               Operating profit
Interest cover I =
                                                                               Interest charge


Interest cover II =                                 Operating profit excluding impairment loss on Trader.com (Polska)
                                                                              Interest charge


Free cash flow interest cover =                                                Free cash flow *
                                                                               Interest charge



* Free cash flow =Net cash from operating activities + Purchase of property plant and equipment and intangibles


Source: Data shown above represents only an extract from the Management Board's reports and
consolidated financial statements of Agora Group for selected financial years, displayed at www.agora.pl
in the "Investor relations" section. Proper interpretation of the data presented in the table above is
possible only in the context of those Management Board's reports and financial statements, and the
analysis of the data without the verifying it against the consolidated financial statement for the selected
period may lead to false conclusions.

				
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