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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.
