Extended consolidated quarterly
report
of PCC Intermodal S.A. Group
for Q3 2016
Gdynia, 9 November 2016
2
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TABLE OF CONTENTS
I. INTRODUCTION 3
II. SUMMARY CONSOLIDATED FINANCIAL STATEMENT 8
III. SELECTED EXPLANATORY NOTES AND OTHER INFORMATION FOR THE
CONSOLIDATED STATEMENT 15
IV. SUMMARY STANDALONE FINANCIAL STATEMENT 29
V. SELECTED EXPLANATORY NOTES TO THE SEPARATE STATEMENT 35
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Q III 2016
I. INTRODUCTION
1. General information
PCC Intermodal S.A. Capital Group (the Group) consists of PCC Intermodal S.A. (the Parent
Company) and PCC Intermodal GmbH (the Subsidiary).
This consolidated financial statement of the Group and the separate financial statement of PCC
Intermodal S.A. presents the financial condition as at 30 September 2016, 31 December 2015 and 30
September 2015, and the results of business activity and cash flow for the period of 3 and 9 months
ended 30 September 2016 and period of 3 and 9 months ended 30 September 2015 .
The major business of the Parent Company is the organisation of intermodal transport. The Subsidiary
is engaged in services supporting intermodal transport, including management of the terminal in
Frankfurt (Oder).
Parent Company
PCC Intermodal S.A.
ul. Hutnicza 16
81-061 Gdynia
Phone number: +48 58 58 58 200
Fax: +48 (0) 58 58 58 201
Website address: www.pccintermodal.pl
Registration: District Court for Gdańsk-Północ, 8th Commercial Division of the National Court Register
KRS number: 0000297665
Regon (Polish business registry number): 532471265
NIP (tax identification number): 7491968481
According to the Articles of Association, the duration of the Parent Company is unlimited.
The Subsidiary
PCC Intermodal GmbH
Moerser Str. 149
47198 Duisburg
HRB: 24373
According to the Articles of Association, the duration of the Subsidiary is unlimited.
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Q III 2016
2. Organisation of the Capital Group of the Parent Company
The Capital Group consists of PCC Intermodal S.A. and PCC Intermodal GmbH (the Subsidiary)
seated in Duisburg. The Parent Company holds 100% of shares in the share capital and 100% of
voting rights in the Subsidiary. The consolidation is performed by means of the comprehensive
method.
PCC Intermodal S.A. is part of the PCC Group – international holding company which belongs to PCC
SE - company with its registered office in Duisburg (Germany), which is the main shareholder of
PCC Intermodal S.A. PCC SE jointly holds 53 924 244 shares in the Parent Company, which
constitutes 69.52% of its share capital and constitutes entitlement to exercise 78.53% voting rights at
the General Meeting (status as at the date of this report).
3. Members of the Management Board and the Supervisory Board of the Parent Company
The Company's governing body is the Management Board composed of:
Dariusz Stefański – President of the Management Board,
Adam Adamek – Vice President of the Management Board.
Both members of the Management Board held their positions for the entire period covered by this
report, that is from 1 January to 30 September 2016 .
The Parent Company's supervisory body is the Supervisory Board. PCC Intermodal S.A. previous joint
term of office was ended on 14 June 2016. On the same day the Ordinary General Meeting of the
Parent Company Shareholders passed an act on appointment of all current members of the
Supervisory Board for the consecutive joint term of office commencing from 15 June 2016. Joint term
of office shall be ended on the day of the Ordinary General Meeting along with approval of the
financial statement of the Parent Company for the fiscal year 2019.
As of 30 September 2016 the Supervisory Board was composed of the following persons:
Alfred Pelzer – Chairman of the Supervisory Board,
Wojciech Paprocki – Vice Chairman of the Supervisory Board,
Artur Jędrzejewski - Member of the Supervisory Board,
Daniel Ozon - Member of the Supervisory Board.
Peter Weber – Member of the Supervisory Board.
4. Approval of the statement for publication
These consolidated and separate financial statements were approved for publication by the
Management Board of the Parent Company on 5 November 2016. The interimsummary consolidated
financial statement of the Group is made public together with the interimsummary separate financial
statement of PCC Intermodal S.A. in form of an extended interimconsolidated quarterly report.
5. Declaration of conformity
This interim summary consolidated financial statement of the Group and the mid-year summary
separate financial statement of PCC Intermodal S.A. contained in this report were prepared in
compliance with IAS 34 - Interim Financial Reporting (MSR 34) and other IASs, IFRSs and other
5
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related interpretation published in form of regulations of the European Commission and in compliance
with requirements set forth in the Regulation of the Minister of Finance of 19 February 2009 on current
and periodic information published by issuers of securities and the conditions under which the
information required by the law of a non-member state can be deemed equivalent thereof.
The Subsidiary keeps its books of accounts in compliance with the German Accounting Standards
(HBII). In case of any discrepancies, the consolidated financial statement contains adjustments not
contained in the Subsidiary's books of accounts that were introduced to ensure compliance of the
financial statements with IFRSs.
6. Basis of preparation of the financial statement
The separate financial statement of PCC Intermodal S.A. and the consolidated financial statement of
the Group were prepared in accordance with the historical cost concept, excluding some financial
instruments that are recognized at fair value.
The financial statements were drawn up with the assumption of going concern in the foreseeable
future. As of the date of approval of these financial statements, there are no ascertained facts that
would indicate to a threat to the continuation of business activity by companies of the Group.
7. Measurement currency, presentation currency and principles of conversion
The Parent Company's measurement currency and the reporting currency of these consolidated and
separate financial statements is Polish zloty (PLN). The functional and reporting currency of the
Subsidiary is EUR. All presented financial data are expressed in thousand (000's)PLN, unless
indicated otherwise.
Selected financial data have been converted into EUR in accordance with the following principles:
individual items of the statement of financial standing have been converted according to the
exchange rates published by the National Bank of Poland and in force on the last day of the
period, that is on 30.09.2016, 30.06.2016 and 31.12.2015 ;
individual items of the comprehensive income statement have been converted according to
the exchange rates equal to the arithmetic mean of the average exchange rates published by
the National Bank of Poland for EUR and in force on the last day of every months in a given
reporting period (for period 01.01.2016 - 30.09.2016 and for period 01.01.2015 – 30.09.2015).
In the period under the analysis, average PLN/EUR exchange rates were as follows:
Accounting period Average exchange rate in
the period Exchange rate as on the last
day of the period
01.01.2016 - 30.09.2016 4.3688 4.3120
01.01.2015 - 31.12.2015 4,1848 4.2615
01.01.2015 - 30.09.2015 4.1585 4.2386
8. Accounting principles
This interim summary consolidated financial statement of the Group and interim summary separate
financial statement of PCC Intermodal S.A. were prepared in conformity with the accounting principles
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described in the annual reports that were published on 17 March 2016 . These financial statements do
not contain all data required for annual financial statements, therefore they should be read in
combination with the assessed annual financial statements for 2015.
9. New standards and interpretations
The following new or amended standards and interpretations issued by the International Accounting
Standards Board and the International Financial Reporting Interpretation Committee have been
applicable since 1 January 2016:
Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations;
Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and
Amortisation;
Amendments to IAS 16 and IAS 41 "Agriculture: Bearer Plants”;
Amendments to IAS 27 Equity Method in Separate Financial Statements;
Amendments to MSSF 10, MSSF 12 and MSR 28: Investment Entities: Consolidation
Exception Application;
Amendments to various standards resulting from the annual review of the International
Financial Reporting Standards (Annual Improvements 2012-2014).
Amendments to IAS 1: Disclosure Initiative;
The application of new standards did not have a significant impact on the financial statement of the
Group.
The following standards and interpretations were issued by the International Accounting Standards
Board and the International Financial Reporting Interpretation Committee and did not come into force
until the balance sheet date:
IFRS 9 Financial Instruments;
IFRS 14 Regulatory Deferral Accounts;
MSSF 16 Leasing;
Amendments to MSSF 10 and MSR 28 Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture published on 11 September 2014,
Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses;
Amendments to IAS 7: Disclosure Initiative;
Clarifications to IFRS 15 Revenue from Contracts with Customers published on 12 April 2016;
Amendments to IFRS 2 Classification and valuation of share-driven payment transactions that
were published on 20 June 2016;
Amendments to IFRS 4 Application of IFRS 9 Financial instruments in IFRS 4 Insurance
contracts published on 12 September 2016.
The Group did not decide to apply at an earlier date any of the standards, interpretations or changes
that have not come into force yet. At the moment the Management Board of the Parent Company is
analysing and assessing their impact on the accounting principles (policy) applied by the Group and
future financial statements.
10. Adjustments of errors made in previous periods
There have been no errors of previous periods that would have to be adjusted in the financial
statement for the current period.
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11. Significant values based on professional judgement and estimates
If a given transaction is not regulated in any standard or interpretation, the Management Board will use
its subjective evaluation to determine and apply accounting policies ensuring that the financial
statement contains relevant and reliable information and:
presents the financial standing of the Group, results of its activity and cash flow in a correct,
clear and reliable manner,
reflects the economic content of transactions,
is objective,
in prepared in accordance with the prudence concept,
is complete in all significant aspects.
The preparation of the financial statement requires estimates to be made by the Management Board of
the Parent Company, because some information in the financial statement cannot be precisely
evaluated. The Management Board verifies adopted estimates on the basis of changes of factors
taken into account at the time when such estimates were made, new information or previous
experience. Therefore, the estimates made on 30 September 2016 may be changed in the future.
The main areas where a professional judgement of the Management Board is significant or for which
there is risk related to uncertainty of judgements are depreciation rates, provisions, write-downs of
receivables and deferred tax.
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II. SUMMARY CONSOLIDATED FINANCIAL STATEMENT
1. SELECTED CONSOLIDATED FINANCIAL DATA
thousand PLN thousand EUR
01.01.2016 - 30.09.2016
01.01.2015 - 30.09.2015
01.01.2016 - 30.09.2016
01.01.2015 - 30.09.2015
Revenues from sales of products and services 199 428 155 835 45 648 37 474
Operating profit (loss) 7 155 5 329 1 638 1 282
Profit (loss) before tax 1 721 4 064 394 977
Net profit (loss) 2 467 4 357 565 1 048
Net operating cash flow 5 101 7 459 1 168 1 794
Net cash flow from investment activities (7 391) (76 592) (1 692) (18 418)
Net cash flow from financial activities (1 477) 60 592 (338) 14 571
Total net change of cash and cash equivalents (3 767) (8 541) (862) (2 054)
Profit (loss) per one ordinary share (in PLN/ EUR)
0.03 0.06 0.01 0.01
Total assets (at the end of the quarter of the current accounting year and the end of the previous accounting year)
316 668 317 077 73 439 74 405
Shareholders' equity (at the end of the quarter of the current accounting year and the end of the previous accounting year)
88 998 86 541 20 640 20 308
Share capital (at the end of the quarter of the current accounting year and the end of the previous accounting year)
77 566 77 566 17 988 18 202
Long-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)
185 435 187 216 43 004 43 932
Short-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)
42 235 43 320 9 795 10 165
Number of shares at the end of the period (at the end of the quarter of the current accounting year and the end of the previous accounting year)
77 565 556 77 565 556 77 565 556 77 565 556
Book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)
1.15 1.12 0.27 0.26
Diluted book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)
1.15 1.12 0.27 0.26
Declared or paid dividend per one share (PLN/EUR)
0.00 0.00 0.00 0.00
Selected items of the statement of the financial standing and the number of shares refer to the data as at the end
of 3rd quarter of 2016 and as of the end of 2015. Selected items of the comprehensive income statement and the
cash flow statement refer to data for the 3 quarters of 2016 and for the 3 quarters of 2015
Profit (loss) per 1 ordinary share for every period is calculated as the net profit (loss) divided by the weighted
average number of shares in the given period.
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2. CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
Note
thousand PLN
01.07.2016 - 30.09.2016
01.01.2016 - 30.09.2016
01.07.2015 - 30.09.2015
01.01.2015 - 30.09.2015
Continued activities
Revenues from sales of products and services
5 67 443 199 428 55 039 155 835
Costs of sold products and services 6 62 113 183 141 49 561 141 518
Gross profit (loss) on sales 5 330 16 287 5 478 14 317
General administration costs 6 3 992 11 416 3 418 9 800
Other operating revenues 7 1 144 4 502 576 1 252
Other operating costs 7 308 2 218 114 440
Operating profit (loss) 2 174 7 155 2 522 5 329
Financial revenues 8 7 32 (273) 51
Financial costs 8 901 5 466 695 1 316
Profit (loss) before tax 1 280 1 721 1 554 4 064
Income tax 9 141 (746) (258) (293)
Net profit (loss) on continued activities 1 139 2 467 1 812 4 357
Discontinued activities 0 0 0 0
Net profit (loss) on discontinued activities 0 0 0 0
Net profit (loss) 1 139 2 467 1 812 4 357
Other total income from:
Components which will not be transferred in subsequent periods to the statement of overall profits, including:
0 0 0 0
Actuarial gains and losses 0 0 0 0
Income tax 0 0 0 0
Components which may be transferred in subsequent periods to the statement of overall profits:
0 0 0 0
Other net total income 0 0 0 0
Total income 1 139 2 467 1 812 4 357
Net profit (loss) per:
- shareholders of the parent company 1 139 2 467 1 812 4 357
- minority shares 0 0 0 0
Total income to be assigned to:
- shareholders of the parent company 1 139 2 467 1 812 4 357
- minority shares 0 0 0 0
Net profit (loss) per 1 share (PLN) on continued activities
0.01 0.03 0.02 0.06
Diluted profit (loss) per 1 ordinary share (PLN) on continued activities
0.01 0.03 0.02 0.06
Weighted average number of ordinary shares 77 565 556 77 565 556 77 565 556 77 565 556
Weighted average diluted number of ordinary shares
77 565 556 77 565 556 77 565 556 77 565 556
Profit (loss) per shares for every period is calculated as the net profit (loss) for a given period divided by the
weighted average number of shares in given reporting period.
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3. CONSOLIDATED STATEMENT OF FINANCIAL STANDING
Note
thousand PLN
amounts at
30.09.2016
Amounts as at
30.06.2016
amounts as of
31.12.2015
Amounts as at
30.09.2015 ASSETS Fixed assets 269 331 268 366 270 239 263 569
Tangible fixed assets 10 264 523 263 400 266 163 259 967
Intangible assets 803 766 729 704
Investments in other entities 45 45 45 45
Deferred income tax assets 12 3 960 4 155 3 302 2 853
Current assets 47 337 55 730 46 838 45 586
Inventories 1 961 1 595 1 141 1 340
Trade receivables 11 30 148 31 050 27 112 24 937
Current tax receivables 3 830 2 598 4 760 13 228
Other receivables 2 299 3 276 972 1 448
Cash and cash equivalents 9 099 17 211 12 853 4 633
T o t a l a s s e t s 316 668 324 096 317 077 309 155
LIABILITIES Shareholders' equity assigned to shareholders of the Parent Company
88 998 87 868 86 541 85 892
Share capital 77 566 77 566 77 566 77 566
Supplementary capital from issue of shares above their nominal value
44 544 44 544 44 544 44 544
Other supplementary capital 62 62 62 62
Other total income (13) (13) (13) (12)
Exchange differences from conversion of subsidiaries
(7) 2 3 9
Retained profits (35 621) (35 621) (40 634) (40 634)
Profit (loss) for the current year 2 467 1 328 5 013 4 357
Equity of minority shareholders 0 0 0 0
Total shareholders' equity 88 998 87 868 86 541 85 892
Long-term liabilities 185 435 190 431 187 216 164 780
Long-term borrowings and loans 15 105 106 109 480 110 224 98 802
Other long-term financial liabilities 7 368 7 426 7 953 8 260
Deferred tax provision 13 617 671 710 673
Provision for retirement and similar benefits 14 73 73 54 47
Subsidies 16 72 255 72 764 68 275 56 998
Deferred revenues 16 17 0 0
Short-term liabilities 42 235 45 797 43 320 58 483
Short-term borrowings and loans 15 13 753 8 952 8 770 11 547
Other short-term financial liabilities 2 178 2 742 2 989 3 203
Trade liabilities 19 102 25 015 24 664 20 024
Current tax liabilities 1 503 2 301 628 993
Other short-term liabilities 502 387 3 218 17 937
Provision for retirement and similar benefits 14 265 269 325 183
Other short-term provisions 14 2 910 4 109 897 2 564
Subsidies 16 2 020 2 020 1 829 2 016
Deferred revenues 2 2 0 16
Total liabilities 227 670 236 228 230 536 223 263
T o t a l e q u i t y a n d l i a b i l i t i e s 316 668 324 096 317 077 309 155
Book value 88 998 87 868 86 541 85 892
Number of shares 77 565 556 77 565 556 77 565 556 77 565 556
Book value per one share (PLN) 1.15 1.13 1.12 1.11
Diluted number of shares 77 565 556 77 565 556 77 565 556 77 565 556
Diluted book value per one share (PLN) 1.15 1.13 1.12 1.11
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Q III 2016
4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
thousand PLN
Share capital
Supplementary capital from issue of shares above
their nominal value
Other suppleme
ntary capital
Other total income
Exchange differences
from conversion
of subsidiaries
Retained profits
Profit (loss) for
the current
year
Total shareho
lders' equity
Amounts as of 01.07.2016 77 566 44 544 62 (13) 2 (35 621) 1 328 87 868
Loss/profit from previous years brought forward to be covered
0 0 0 0 0 0 0 0
Profit (loss) for the current year 0 0 0 0 0 0 1 139 1 139
Exchange differences from conversion of subsidiaries
0 0 0 0 (9) 0 0 (9)
Actuarial gains / losses 0 0 0 0 0 0 0 0
Equity of minority shareholders 0 0 0 0 0 0 0 0
amounts at 30.09.2016 77 566 44 544 62 (13) (7) (35 621) 2 467 88 998
thousand PLN
Share capital
Supplementary capital from issue of shares above
their nominal value
Other suppleme
ntary capital
Other total income
Exchange differences
from conversion
of subsidiaries
Retained profits
Profit (loss) for
the current
year
Total shareho
lders' equity
Amounts as at 01.01.2016 77 566 44 544 62 (13) 3 (40 634) 5 013 86 541
Loss/profit from previous years brought forward to be covered
0 0 0 0 0 5 013 (5 013) 0
Profit (loss) for the current year 0 0 0 0 0 0 2 467 2 467
Exchange differences from conversion of subsidiaries
0 0 0 0 (10) 0 0 (10)
Actuarial gains / losses 0 0 0 0 0 0 0 0
Equity of minority shareholders 0 0 0 0 0 0 0 0
amounts at 30.09.2016 77 566 44 544 62 (13) (7) (35 621) 2 467 88 998
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Q III 2016
thousand PLN
Share capital
Supplementary capital from issue of shares above
their nominal value
Other suppleme
ntary capital
Other total income
Exchange differences
from conversion
of subsidiaries
Retained profits
Profit (loss) for
the current
year
Total shareho
lders' equity
Amounts as at 01.01.2015 77 566 44 544 62 (12) 5 (48 076) 7 442 81 531
Loss/profit from previous years brought forward to be covered
0 0 0 0 0 7 442 (7 442) 0
Profit (loss) for the current year 0 0 0 0 0 0 5 013 5 013
Exchange differences from conversion of subsidiaries
0 0 0 0 (2) 0 0 (2)
Actuarial gains / losses 0 0 0 (1) 0 0 0 (1)
Equity of minority shareholders 0 0 0 0 0 0 0 0
amounts as of 31.12.2015 77 566 44 544 62 (13) 3 (40 634) 5 013 86 541
thousand PLN
Share capital
Supplementary capital from
issue of shares above their
nominal value
Other suppleme
ntary capitals
Other total income
Exchange differences
from conversion
of subsidiaries
Retained profits
Profit (loss) for
the current
year
Total shareho
lders' equity
Amounts as at 01.01.2015 77 566 44 544 62 (12) 5 (48 076) 7 442 81 531
Loss/profit from previous years brought forward to be covered
0 0 0 0 0 7 442 (7 442) 0
Profit (loss) for the current year 0 0 0 0 0 0 4 357 4 357
Exchange differences from conversion of subsidiaries 0 0 0 0 4 0 0 4
Actuarial gains / losses 0 0 0 0 0 0 0 0
Equity of minority shareholders 0 0 0 0 0 0 0 0
Amounts as at 30.09.2015 77 566 44 544 62 (12) 9 (40 634) 4 357 85 892
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Q III 2016
5. CONSOLIDATED CASH FLOW STATEMENT
thousand PLN
01.07.2016-
30.09.2016
01.01.2016-
30.09.2016
01.07.2015-
30.09.2015
01.01.2015-
30.09.2015
Operating cash flow
Net profit (loss) 1 139 2 467 1 812 4 357
Total adjustments (5 253) 2 634 (5 733) 3 102
Depreciation 2 807 8 211 1 520 4 375
Exchange gains (losses) (13) (13) (23) (23)
Interests and profit sharing (dividends) 606 1 770 146 320
(Profit) loss on investment activities 0 (14) (53) (73)
Change in inventory (815) (1 270) (352) (596)
Change in receivables 824 (1 932) (7 084) (7 457)
Change in provisions (1 257) 1 877 1 318 1 584
Change in liabilities (7 599) (5 338) (919) 5 219
Change in prepayments and accruals 194 (657) (286) (247)
Net operating cash flow (4 114) 5 101 (3 921) 7 459
Cash flow from investment activities
Inflows 1 67 100 12 510
Sales of tangible fixed assets and intangible assets 1 67 100 12 510
Outflows 3 203 7 458 30 979 89 102
Purchase of tangible fixed assets and intangible assets 3 203 7 458 30 979 89 102
Net cash from investment activities (3 202) (7 391) (30 879) (76 592)
Cash flow from financial activities
Inflows 17 943 24 535 20 927 76 806
Borrowings and loans 17 936 18 773 16 097 54 530
Interests 7 14 35 51
Other financial inflows 0 5 748 4 795 22 225
Outflows 18 752 26 013 1 490 16 214
Repayment of borrowings and loans 17 440 21 982 567 10 336
Payment of liabilities under financial lease agreements 699 2 249 743 5 507
Interests 613 1 781 180 371
Net cash from financial activities (809) (1 477) 19 437 60 592
Total net change in cash and cash equivalents (8 125) (3 767) (15 363) (8 541)
Cash and cash equivalents as at the beginning of the period
17 211 12 853 19 973 13 151
Net currency translations 13 13 23 23
Cash and cash equivalents as at the end of the period, including:
9 099 9 099 4 633 4 633
- of limited disposability 1 000 1 000 0 0
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Q III 2016
III. SELECTED EXPLANATORY NOTES AND OTHER INFORMATION FOR THE
CONSOLIDATED STATEMENT
1. Information regarding operating segments
The major subject of the Group's business activity is intermodal transport, which consists of a few
stages: organisation of railroad transport, carrying out transhipments and other terminal operations,
organisation of car transport and other related forwarding services.
Within the scope of activity of the Group, no operating segments have been distinguished in
conformity with IFRS 8 for management purposes. The Management Board analyses the financial
standing of the Group (as one operating segment) on the basis of financial statements.
2. Information on products and services
01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Revenues from sales of services 199 428 155 835
- intermodal transport 186 078 143 078
- forwarding 13 350 12 757
3. Information on geographical areas.
Geographical breakdown of sales was prepared by location of recipient.
Recipient's country 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Poland 94 146 63 193
EU countries 89 751 74 991
The rest of the world 15 531 17 651
Total 199 428 155 835
4. Information on key customers
In the first 9 months of 2016, as in the comparative period, revenues from only one of the Group's
recipient exceeded 10% of total revenues. The structure of recipients for which the sales exceeded
10% of total sales was as follows (revenues in 000's PLN):
Recipient 01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015
MSC Poland Sp. z o.o. 26 185 15 656
Other recipients 173 243 140 179
Total 199 428 155 835
5. Sales revenues
In the first nine months of 2016 the revenues from sales of services totalled PLN 199 428 000 (in the
comparative period -PLN 155 835 000), which accounted for 100% of total sales revenues.
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Q III 2016
6. Costs by type, including costs of employee benefits
Costs by type 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Depreciation 8 211 4 375
Consumption of material and energy 4 508 3 612
Third party services 161 806 128 666
Taxes and fees 3 810 1 924
Costs of employee benefits 18 793 15 277
Other generic costs 1 466 911
Consolidation note (4 227) (3 971)
Other costs by type 194 367 150 794
Change in products, work in progress, prepayments
and accruals 365 666
Costs of manufacturing of products for the entity's own
needs (175) (142)
Total, including: 194 557 151 318
Costs of sold products and services 183 141 141 518
General administration costs 11 416 9 800
Costs of employee benefits 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Salaries and wages 16 146 13 199
Social insurance and other benefits 2 647 2 078
Total 18 793 15 277
7. Other operating revenues and other operating costs
Other operating revenues 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Gain on disposal of non-financial fixed assets 14 72
Subsidies and other co-financing for fixed assets 1 559 574
Fines and damages 2 131 234
Liquidated provisions 10 12
Remuneration of the payer of income tax and social
security premiums (ZUS) 4 2
Other 784 358
Total 4 502 1 252
Other operating costs 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Fines and damages 2 026 362
Non-depreciated value of liquidated fixed assets 0 38
Settlement of litigations 0 17
Costs of court proceedings 3 17
Provisions established 5 4
Write-down of receivables 37 0
Membership fees 24 7
Gifts transferred 79 0
Other 58 0
Consolidation note (14) (5)
Total 2 218 440
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Q III 2016
8. Financial revenues and costs
Financial revenues 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Interests 25 53
Exchange gains 0 0
Consolidation note 7 (2)
Total 32 51
Financial costs 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Interests 4 539 996
Exchange loss 590 309
Other 337 11
Consolidation note 0 0
Total 5 466 1 316
9. Income tax
Income tax 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015
Current income tax 4 3
Current income tax charge 4 3
Adjustments of prior years' current income tax 0 0
Deferred income tax (750) (296)
Tax arising from occurrence and reversal of temporary differences
(750) (296)
Total income tax included in net profit/loss (746) (293)
Income tax in reference to actuarial profits/losses 0 0
Total income tax included in other total income 0 0
10. Tangible fixed assets
Tangible fixed assets consist of the following types:
Types of tangible assets amounts as of
30.09.2016 amounts as of
31.12.2015
Land (including right of perpetual usufruct of land) 11 271 11 271
Buildings, premises and civil engineering structures 164 269 166 742
Technical equipment and machinery 54 921 56 500
Means of transport 29 285 27 328
Other fixed property 580 541
Construction in progress 4 197 3 773
Prepayments on construction in progress 0 8
Total 264 523 266 163
In the third quarter of 2016, the value of tangible fixed assets was increased by PLN 3 995 000 and
that of intangible assets by PLN 89 000. These included mainly means of transport (e.g. reachstacker,
trailer, wheel sets, tires) and IT equipment.
18
Q III 2016
The most significant investment projects recognised in construction in progress are presented in the
following table.
Project name amounts as of
30.09.2016 amounts as of
31.12.2015
Kutno Terminal 153 30
Dębica/Kolbuszowa Terminal 256 0
Terminal in Sosnowiec 2 426 2 426
Other terminals 649 448
Other construction in progress 713 869
Total 4 197 3 773
Liabilities related to investment purchases as of 30.09.2016 amounted to PLN 234 000, and as of
31.12.2015 - PLN 2 995 000.
The value of fixed assets under lease amounted to PLN 15 961 000 as of 30.09.2016 and PLN
18 162 000 as of 31.12.2015.
Fixed assets that constitute security for credit agreements are presented in note 15.
11. Revaluation write-downs of assets
Revaluation write-downs of assets 01.01.2016 - 30.09.2016 01.01.2015 - 31.12.2015
Revaluation write-downs of receivables at the beginning of the period
0 10
Establishment of write-downs 37 0
Use of write-downs 0 10
Liquidation of revaluation write-downs settled with other operating revenues
0 0
Revaluation write-downs of receivables at the end of the period
37 0
12. Deferred income tax assets
Deferred income tax assets 01.01.2016 - 30.09.2016 01.01.2015 - 31.12.2015
Opening balance 3 302 2 589
- including assets taken to shareholder's equity 3 3
Increase 740 822
- including decreases taken to shareholder's equity 0 0
Decrease 82 109
- including decreases taken to shareholder's equity 0 0
Closing balance 3 960 3 302
- including assets taken to shareholder's equity 3 3
13. Deferred income tax provision
Provision for deferred income tax 01.01.2016 - 30.09.2016 01.01.2015 - 31.12.2015
Opening balance 710 707
- including provision taken to shareholder's equity 0 0
Increase 101 30
- including decreases taken to shareholder's equity 0 0
Decrease 194 27
- including decreases taken to shareholder's equity 0 0
Closing balance 617 710
- including provision taken to shareholder's equity 0 0
19
Q III 2016
14. Other provisions
Other provisions retirement and similar
benefits
provision for unused
holidays Other provisions
Amounts as at 01.01.2016 68 311 897
Establishment 18 125 2 910
Liquidation 0 0 0
Use 13 171 897
Amounts as of 30.09.2016 73 265 2 910
Other provisions retirement and similar
benefits
provision for unused
holidays Other provisions
Amounts as at 01.01.2015 56 283 7 226
Establishment 12 311 897
Liquidation 0 0 74
Use 0 283 7 152
Amounts as at 31.12.2015 68 311 897
Provisions for retirement and similar benefits include estimated liabilities for unused holidays and
retirement provisions.
In "Other provisions" the Group recognized provisions for trading costs, consultancy costs and audit
costs. The provision for trading costs is a value of the best estimates of the Management Board that
refers to future outflows of economic advantages due to the conclusion of trading agreements
concerning payments, services, etc. These are short-term provisions which will be used in the
subsequent quarters.
Other provisions amounts as of
30.09.2016 amounts as of
31.12.2015
long-term part 73 54
short-term part 3 175 1 222
Total provisions 3 248 1 276
15. Borrowings and loans
Long-term financial liabilities amounts as of 30.09.2016
amounts as of 31.12.2015
Loans 43 067 34 164
Loans received from related entities 39 769 51 940
Loans received from the other entities 22 270 24 120
Financial lease liabilities 7 368 7 953
Total long-term financial liabilities 112 474 118 177
Short-term financial liabilities amounts as of
30.09.2016 amounts as of
31.12.2015
Loans 8 450 4 060
Loans received from related entities 0 0
Loans received from the other entities 5 303 4 710
Financial lease liabilities 2 178 2 989
Total short-term financial liabilities 15 931 11 759
20
Q III 2016
In Q III on 4 August 2016, PCC Intermodal S.A. concluded a contract with BZ WBK Lease S.A. for a
loan in the amount of EUR 300 400 for the purchase of a reachstacker for container handling. This
fixed rate loan was granted for 60 months. Registered pledge on the loan, up to EUR 392 thousand ,
which was established on 24 October 2016 shall be the primary security.
On 5 August 2016 the Parent Company concluded a contract for the investment loan with Bank
Gospodarstwa Krajowego for the amount of PLN 30 million. This contract was concluded for a definite
time till 4 August 2026. The resources received from this mortgage are allotted to partly payment of
the loan, which was granted on the basis of the contract with PCC SE as of 25 February 2014 (the
Company announced it with the current report no 6/2014). Contractual joint mortgage on
PCC Intermodal S.A. properties, located in Brzeg Dolny and Kutno, up to PLN 45 million shall be the
primary security of the loan. The first tranche of the foregoing loan in the amount of PLN
15 million was released in August 2016 and used for the purpose of payment part of the loan received
from PCC SE (as per the contractual terms).
With reference to allocation of the mortgage for payment of the loan to PCC SE PCC Intermodal S.A.,
BGK and PCC SE signed the annexe to the subordination agreement (the Parent Company
announced it with the current report no 5/2015) on 17 August 2016. Pursuant to the annexe
provisions, the Parent Company is entitled to partly payment of the loan up to PLN 30 million.
On 17 October and 20 October 2016, the Company received the decisions from the District Court in
Wołów and the District Court in Kutno related to an entry in the contractual joint land and mortgage
register in the amount of up to PLN 45 million in relation to properties of the Company located in Brzeg
Dolny and Kutno to the benefit of BGK as a security of the foregoing mortgage. At the same time, the
BGK claims related to transfer of the foregoing mortgage register to the emptied mortgage entry was
entered to the land and mortgage registers; this entry shall arise upon removal of the joint contractual
mortgage lien from title - up to the amount of PLN 57 000 000.00 - which was determined to the
benefit of BGK; it was announced by the Company with the current report no 6/2015.
With reference to repayment and termination of the contract with BGK related to revolving credit
facility as of 8 January 2015, the entry to the joint contractual mortgage up to PLN 4.5 million on
properties located in Brzeg Dolny, which constituted its security, was deleted. Above specified
decision of the District Court in Wołów was received by the Company on 17 October 2016.
Entering and deleting these securities to the benefit of BGK, were announced by the Company with
the current reports no 19/2016 and 20/2016.
Under operating and finance lease contracts, the Group uses among others rail platforms, handling
equipment, semi-trailers, tractors and passenger cars. The Group is able to purchase the equipment
used at the end of the period of validity of those agreements. The Group's liabilities related to the
lease agreements are protected by the lessors' rights to the components of the assets covered by the
agreement.
Below is a list of securities established for the Group's financial liabilities as of 30.09.2016:
mortgages on real property in Kutno (up to PLN 57 million) and in Brzeg Dolny (up to PLN 57
million in the first position and up to PLN 45 million in the second position);
registered pledges on handling equipment with total net book value as of 30 September 2016 -
PLN 8 779 thousand;
registered pledges on overhead cranes with total net book value as of 30 September 2016 -
PLN 42 642 thousand ;
21
Q III 2016
registered pledges on semi-trailers and tractors with total net book value as of 30 September
2016 - PLN 617 thousand ;
cession of rights from bank deposit in an amount of PLN 1 million;
guarantee of PCC SE;
subordination agreement concerning the loans from PCC SE;
Blank promissory notes – according to promissory note agreements, the creditor has the right
to fill in the amount of debt, including the interests and costs of legal proceedings, in the
promissory note, in case of breach of the terms of the loan agreement; promissory notes are
used as collateral for loan agreements, borrowings, leasing and asset financing;
assignment of rights arising from insurance policies for fixed assets being subject to financing.
16. Subsidies
Subsidies received for assets Amounts as at
01.01.2016
Increase in the period
Write-off of subsidies to other operating
revenues
amounts as of
30.09.2016
Construction of an intermodal container
terminal with accompanying facilities in
Kutno
32 643 2 096 749 33 990
Construction of an intermodal container
terminal with accompanying facilities in
Brzeg Dolny
22 705 1 657 401 23 961
Extension of an intermodal container
terminal with accompanying facilities in
Gliwice
14 756 1 975 407 16 324
Total subsidies 70 104 5 728 1 557 74 275
Subsidies received for assets Amounts as at
01.01.2015
Increase in the period
Write-off of subsidies to other operating
revenues
amounts as of
31.12.2015
Construction of an intermodal container
terminal with accompanying facilities in
Kutno
27 260 6 102 719 32 643
Construction of an intermodal container
terminal with accompanying facilities in
Brzeg Dolny
9 167 13 678 140 22 705
Extension of an intermodal container
terminal with accompanying facilities in
Gliwice
936 13 929 109 14 756
Total subsidies 37 363 33 709 968 70 104
22
Q III 2016
17. Transactions with related entities
Transactions with related entities are concluded under arm's length principle.
During presented periods, the Group concluded the following transactions with related entities:
01.01.2016 - 30.09.2016
Revenues from sales to related entities
Revenues from sales of products and
services
Revenues from sales of goods and materials
Revenues from sales of tangible fixed assets and
intangible assets
Other operating revenues
-the Parent Company 0 0 0 0
-other related entities 18 026 0 0 38
Total revenues from sales to related entities
18 026 0 0 38
01.01.2016 - 30.09.2016
Purchases from related entities
Purchase of products
and services
Purchase of goods and materials
Purchase of tangible fixed assets and intangible assets
License for use of the trade mark
Other
-the Parent Company 25 0 0 1 987 2 753
-other related entities 503 382 314 0 0
Total purchases from related entities
528 382 314 1 987 2 753
01.01.2015 - 30.09.2015
Revenues from sales to related entities
Revenues from sales of products and
services
Revenues from sales of goods and materials
Revenues from sales of tangible fixed assets and
intangible assets
Other operating revenues
-the Parent Company 0 0 0 0
-other related entities 13 613 0 0 0
Total revenues from sales to related entities
13 613 0 0 0
01.01.2015 - 30.09.2015
Purchases from related entities
Purchase of products
and services
Purchase of goods and materials
Purchase of tangible fixed assets and intangible assets
License for use of the trade mark
Other
-the Parent Company 40 0 0 1 561 2 936
-other related entities 650 312 7 0 0
Total purchases from related entities
690 312 7 1 561 2 936
In the statement of financial standing, the following balances of receivables and liabilities in respect to
related entities have been identified:
Receivables due from related entities amounts as of 30.09.2016 amounts as of 31.12.2015
-the Parent Company 0 0
23
Q III 2016
-other related entities 2 487 1 996
Total receivables due from related entities 2 487 1 996
Liabilities due to related entities amounts as of
30.09.2016 amounts as of 31.12.2015
-the Parent Company 40 453 52 552
-other related entities 96 122
Total liabilities due to related entities 40 549 52 674
18. Summary of activities in the interim period
In the 1st quarter of 2016, the Group generated revenue from sales in the amount of PLN 67 443 000
by 2.5% less than in the previous quarter and by 22.5% higher than in 3rd quarter of 2015. The
increase is caused by a rise in the number of containers transported each year by 29.7% as compared
to III rd Q 2015. Cumulatively, for nine months of the year 2016, revenue from sales equalled PLN
199 428 thousand which means an increase by 30.3% in comparison to the corresponding period in
the previous year.
155 835
14 317 5 329 4 357
199 428
16 287
7 155 2 467
-
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
180 000
200 000
Przychody ze sprzedaży Wynik brutto zesprzedaży
Wynik z działalnościoperacyjnej
Wynik netto
Porównanie 9 miesięcy 2015 roku i 9 miesięcy 2016 roku(w tys. PLN)
2015
2016
As a result of projects completed in 2015 at the terminals, the depreciation costs increased
significantly: by 87.7% comparing 9 months of 2016 to 9 months of 2015 and the cost of taxes and
fees: by 98% in the analysed period. The increase in the employment rate resulted in an increase in
the employee benefits (from PLN 15 277 thousand for 9 months of 2015 to PLN 18 793 thousand for 9
months 2016 ).
Comparison of 9 months of the year 2015 to 9 months of the year 2016 (in thousands PLN)
Sales revenue
Sales gross profit Business activity profit Net profit
24
Q III 2016
Costs by type 01.01.2016 - 30.09.2016
Structure 01.01.2015 - 30.09.2015
Structure dynamics 2016/2015
Depreciation 8 211 4.2% 4 375 2.9% 87.7%
Consumption of material and energy
4 508 2.3% 3 612 2.4% 24.8%
Third party services 161 806 83.2% 128 666 85.,3% 25.8%
Taxes and fees 3 810 2.0% 1 924 1.3% 98.0%
Costs of employee benefits 18 793 9.7% 15 277 10.1% 23.0%
Other generic costs 1 466 0.8% 911 0.6% 60.9%
Consolidation note (4 227) (2.2%) (3 971) (2.6%)
Other costs by type 194 367 100.0% 150 794 100.0% 28.9%
Gross profit on sales in the three quarters of 2016 amounted to PLN 16.287 thousand and was 13.8%
higher than that of the respective period in the previous year. In spite of better sales results, the Group
closed the first nine months of 2016 with a lower net profit (PLN 2 467 thousand compared to PLN 4
357 thousand in the comparative period). Because of considerable co-financing of the terminal
projects completed in the past years with foreign capital, the Group has incurred high cost of interest -
in the three quarters of 2016 it amounted to PLN 4 539 thousand.
19. Seasonal or cyclical variability of business activity in the interim period
None.
20. Issue, redemption and repayment of debt securities and equity securities
In the period under analysis, no debt or equity securities have been issued, redeemed or repaid.
21. Paid (or declared) divided, in total and per one share, divided into ordinary shares and
other shares
In the reporting period the Parent Company did not pay any dividend.
22. Events that occurred after the date on which the quarterly summary financial statement
was prepared, that have not been included in this statement and that might have a significant
impact on future financial result of the Issuer
After 30.09.2016 there have been no events which have not been included in this report and which
could substantially influence financial results of the Group.
23. Information on changes in the structure of the business entity, including changes
resulting from merger of business entities, takeover or sale of subsidiaries, long-term
investments, division, restructuring or abandonment of business activity
In the 3rd quarter of 2016 there were no changes in the structure of the organisational entity.
24. The standpoint of the Management Board regarding the possibility of achievement of the
previously published result forecasts for a given year in the light of the results presented in the
quarterly report in relation to the forecasted results
The Group did not publish and forecasts of results.
25
Q III 2016
25. Information about shareholders who are in possession, directly or indirectly via
subsidiaries, of at least 5% of the total number of votes at the general meeting of the Issuer as
on the date of submission of the quarterly report, including information about the number of
shares held by such entities, their percentage share in the share capital, the number of votes
resulting therefrom and their percentage share in the general number of votes at the general
meeting and information on any changes in the structure of ownership of significant blocks of
the Issuer's shares in the period after submission of the previous quarterly report
The following table presents the structure of shareholders holding at least 5% of votes at the General
Meeting of Shareholders (GMS) of the Parent Company as of 30.09.2016, which was prepared on the
basis of notices received from shareholders (pertaining to articles 69 and 87 of the Act on public
offering, conditions governing the introduction of financial instruments to organised trading system and
public companies).
Shareholder Number of
shares Share in the share capital
Number of votes at the
General Meeting of
Shareholders
Share in votes at the General
Meeting of Shareholders
PCC SE - A series (preferred shares) 32 539 332 41.95% 65 078 664 59.11%
PCC SE – ordinary shares 21 384 912 27.57% 21 384 912 19.42%
PCC SE total 53 924 244 69.52% 86 463 576 78.53%
Hupac Ltd. - ordinary 10 809 000 13.94% 10 809 000 9.82%
Others – ordinary shares 12 832 312 16.54% 12 832 312 11.65%
Total 77 565 556 100.00% 110 104 888 100.00%
To the best knowledge of the Management Board of the Parent Company, none of the other
shareholders, directly or indirectly, holds shares entitling them to at least 5% of overall votes at the
General Meeting of Shareholders.
The Management Board of the parent Company has not received information indicating that in the
period from 30.09.2016 to the day of drawing up this report there was a change in the shareholder
structure.
A-series shares are privileged in terms of votes and entitle the holder to 2 votes per each share. The
owner of all A-series shares is jest PCC SE.
26
Q III 2016
69,52%
13,94%
16,54%
Struktura akcjonariatu wg udziału w kapitale zakładowym
PCC SE
Hupac Ltd.
Pozostali
26. Comparison of the structure of ownership of the Issuer's shares or rights to shares held
by the persons managing and supervising the Issuer as at the date of submission of the report,
including information on the changes in shareholder, in period from the submission of the
previous report, separately for each person
Shareholder Amounts as of 01.07.2016
Increase in the number of shares
Decrease in the number of shares
Amounts as at 30.06.2016
MANAGEMENT BOARD MEMBERS
Dariusz Stefański 756 000 0 0 756 000
Adam Adamek 485 291 0 0 485 291
To the best of the Management Board's knowledge, as of 30.09.2016 and on the date of submission of
this report, none of the members of the Supervisory Board of PCC Intermodal S.A. held the shares of
the Parent Company.
As at the date of this Report the President of the Management Board, Mr Dariusz Stefański, held
shares accounting for 0.97% of the share capital and entitling him to 0.69% of votes at the General
Meeting of Shareholders. The Vice President of the Management Board, Mr Adam Adamek, held
shares accounting for 0.63% of the share capital and entitling to 0.44% the total number of votes.
27. Information on proceedings pending in the court of law, an authority competent for
arbitration proceedings or in a public administration authority. Settlement of litigations
As at the date of this report, there are pending legal and administrative proceeding with the
participation of the Parent Company, but their value, whether individually or jointly, does not account
for 10% of the shareholders' equity of the Parent Company, and their settlement does not have an
impact on the activity or financial condition of the Parent Company.
Shareholders structure
Others
27
Q III 2016
28. Information on conclusion by the Issuer or its subsidiary of one or more transactions
between related entities, if such transactions are significant, whether individually or jointly, if
they have been concluded on other terms than arm's length principle
In the 3rd quarter of 2016 the Parent Company and the Subsidiary did not conclude any transactions
with related entities that would be significant, whether individually or jointly, and that would be
concluded on other terms than the arm's length principle.
29. Information on granting by the Issuer or by its subsidiary of a guarantee or surety of a
borrowing or loan - in total to one entity or subsidiary of such entity, if the total value of the
existing guarantees or sureties is equal to at least 10% of the Issuer's equity
PCC Intermodal S.A. and its Subsidiary did not grant any guarantees or sureties in the presented
period.
30. Information on contingent liabilities and contingent assets that have taken place since the
end of the last accounting year
On 28 June 2016 the Parent Company entered into contract - with InterRisk TU S.A. Vienna Insurance
Group - related to insurance guarantee for the common transit convention in the amount of up to PLN
3 million. Cession of rights from bank deposit in the amount of PLN 1 million shall be the security of
the foregoing contract.
31. Other information, which - in the Issuer's opinion -is significant for evaluation of its
personnel, economic, financial situation, financial results and changes thereof and
information, which is important for the evaluationofthe possibilityoffulfilment by the Issuerof
itsobligations
All information significant for the evaluation of the Parent Company and the Group has neem included
in relevant current and interim reports.
32. Specification on the factors, which in the Issuer's opinion will havean impact
ontheresultsachievedby it inthe perspective of at least one quarter
The most important factors that, in the opinion of the Management Board of the Parent Company, will
have an impact on financial results in the next quarters, are as follows:
development of new intermodal connections in the North-South direction in Europe;
locomotives rental or purchase, and starting the rail carrier activity;
financial market conditions affecting the level of interest rates and the availability of funding
sources;
co-operation with financial institutions in order to obtain funds for the financing of the following
projects;
fluctuation of exchange rates, mainly EUR/PLN and USD/PLN.
28
Q III 2016
33. If the summary financial statement was subject to examination or review conducted by an
entity authorised to examine financial statements, the quarterly reports contains, respectively,
an opinion on the examination or a report on the review of such summary financial statement
Neither the stand-alone nor the consolidated financial statement for the 3rd quarter of 2016 were
subject to examination or review by an entity authorised to examine financial statements.
29
Q III 2016
IV. SUMMARY STANDALONE FINANCIAL STATEMENT
1. SELECTED STANDALONE FINANCIAL DATA
thousand PLN thousand EUR
01.01.2016 - 30.09.2016
01.01.2015 - 30.09.2015
01.01.2016 - 30.09.2016
01.01.2015 - 30.09.2015
Revenues from sales of products and services 199 428 155 835 45 648 37 474
Operating profit (loss) 6 921 4 907 1 584 1 180
Profit (loss) before tax 1 483 3 645 339 876
Net profit (loss) 2 233 3 941 511 948
Net operating cash flow 5 273 6 841 1 207 1 645
Net cash flow from investment activities (7 457) (76 588) (1 707) (18 417)
Net cash flow from financial activities (1 382) 60 615 (316) 14 576
Total net change of cash and cash equivalents (3 566) (9 132) (816) (2 196)
Profit (loss) per one ordinary share (in PLN/ EUR)
0.03 0.05 0.01 0.01
Total assets (at the end of the quarter of the current accounting year and the end of the previous accounting year)
315 946 316 546 73 271 74 281
Shareholders' equity (at the end of the quarter of the current accounting year and the end of the previous accounting year)
88 711 86 478 20 573 20 293
Share capital (at the end of the quarter of the current accounting year and the end of the previous accounting year)
77 566 77 566 17 988 18 201
Long-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)
185 302 187 134 42 973 43 913
Short-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)
41 933 42 934 9 725 10 075
Number of shares at the end of the period (at the end of the quarter of the current accounting year and the end of the previous accounting year)
77 565 556 77 565 556 77 565 556 77 565 556
Book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)
1.14 1.11 0.27 0.26
Diluted book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)
1.14 1.11 0.27 0.26
Declared or paid dividend per one share (PLN/EUR)
0.00 0.00 0.00 0.00
Selected items of the statement of the financial standing and the number of shares refer to the data as at the end
of 3rd quarter of 2016 and as of the end of 2015. Selected items of the comprehensive income statement and the
cash flow statement refer to data for the 3 quarters of 2016 and for the 3 quarters of 2015
Profit (loss) per 1 ordinary share for every period is calculated as the net profit (loss) divided by the weighted
average number of shares in the given period.
30
Q III 2016
2. SEPARATE COMPREHENSIVE INCOME STATEMENT
thousand PLN
01.07.2016 -
30.09.2016
01.01.2016 -
30.09.2016
01.07.2015 -
30.09.2015
01.01.2015 -
30.09.2015
Continued activities
Revenues from sales of products and services 67 443 199 428 55 039 155 835
Costs of sold products and services 62 192 183 287 49 705 141 872
Gross profit (loss) on sales 5 251 16 141 5 334 13 963
General administration costs 3 992 11 416 3 419 9 800
Other operating revenues 1 114 4 428 554 1 188
Other operating costs 313 2 232 114 444
Operating profit (loss) 2 060 6 921 2 355 4 907
Financial revenues 878 25 35 53
Financial costs 1 754 5 463 1 007 1 315
Profit (loss) before tax 1 184 1 483 1 383 3 645
Income tax 140 (750) (260) (296)
Net profit (loss) on continued activities 1 044 2 233 1 643 3 941
Discontinued activities
Net profit (loss) on discontinued activities 0 0 0 0
Net profit (loss) 1 044 2 233 1 643 3 941
Other total income from:
Components which will not be transferred in subsequent periods to the statement of overall profits, including:
0 0 0 0
Actuarial gains and losses 0 0 0 0
Income tax 0 0 0 0
Components which may be transferred in subsequent periods to the statement of overall profits:
0 0 0 0
Other net total income 0 0 0 0
Total income 1 044 2 233 1 643 3 941
Net profit (loss) per 1 share (PLN) on continued activities
0.01 0.03 0.02 0.05
Diluted profit (loss) per 1 ordinary share (PLN) on continued activities
0.01 0.03 0.02 0.05
Weighted average number of ordinary shares 77 565 556 77 565 556 77 565 556 77 565 556
Weighted average diluted number of ordinary shares 77 565 556 77 565 556 77 565 556 77 565 556
Profit/loss per shares for every period is calculated as the net profit/loss for a given period divided by the weighted
average number of shares in given reporting period.
31
Q III 2016
3. STANDALONE STATEMENT OF FINANCIAL STANDING
thousand PLN
amounts as of
30.09.2016
Amounts as of
30.06.2016
amounts as of
31.12.2015
Amounts as of
30.09.2015 ASSETS
Fixed assets 269 193 268 210 270 161 263 478
Tangible fixed assets 264 281 263 140 265 981 259 772
Intangible assets 803 766 729 704
Investments in other entities 104 104 104 104
Investments in other entities 45 45 45 45
Deferred income tax assets 3 960 4 155 3 302 2 853
Current assets 46 753 55 209 46 385 44 897
Inventories 1 961 1 595 1 141 1 340
Trade receivables 30 093 31 046 27 368 24 937
Current tax receivables 3 799 2 559 4 714 13 181
Other receivables 2 223 3 144 932 1 411
Cash and cash equivalents 8 677 16 865 12 230 4 028
T o t a l a s s e t s 315 946 323 419 316 546 308 375
LIABILITIES
Shareholders' equity 88 711 87 667 86 478 85 439
Share capital 77 566 77 566 77 566 77 566
Supplementary capital from issue of shares above their nominal value
44 544 44 544 44 544 44 544
Other supplementary capital 62 62 62 62
Other total income (13) (13) (13) (12)
Retained profits (35 681) (35 681) (40 662) (40 662)
Profit (loss) for the current year 2 233 1 189 4 981 3 941
Long-term liabilities 185 302 190 283 187 134 164 690
Long-term borrowings and loans 105 106 109 480 110 224 98 802
Other long-term financial liabilities 7 235 7 278 7 871 8 170
Deferred tax provision 617 671 710 673
Provision for retirement and similar benefits 73 73 54 47
Subsidies 72 255 72 764 68 275 56 998
Deferred revenues 16 17 0 0
Short-term liabilities 41 933 45 469 42 934 58 246
Short-term borrowings and loans 13 753 8 952 8 770 11 548
Other short-term financial liabilities 2 130 2 693 2 958 3 173
Trade liabilities 19 084 24 998 24 569 19 981
Current tax liabilities 1 495 2 292 628 989
Other short-term liabilities 429 319 3 163 17 881
Provision for retirement and similar benefits 141 141 154 108
Other short-term provisions 2 879 4 052 863 2 534
Subsidies 2 020 2 020 1 829 2 016
Deferred revenues 2 2 0 16
Total liabilities 227 235 235 752 230 068 222 936
T o t a l e q u i t y a n d l i a b i l i t i e s 315 946 323 419 316 546 308 375
Book value 88 711 87 667 86 478 85 439
Number of shares 77 565 556 77 565 556 77 565 556 77 565 556
Book value per one share (PLN) 1.14 1.13 1.11 1.10
Diluted number of shares 77 565 556 77 565 556 77 565 556 77 565 556
Diluted book value per one share (PLN) 1.14 1.13 1.11 1.10
32
Q III 2016
4. STANDALONE STATEMENT OF CHANGES IN EQUITY
thousand PLN
Share
capital
Supplementary
capital from issue
of shares above
their nominal
value
Other
supplementary
capital
Other
total
income
Retained
profits
Profit
(loss) for
the
current
year
Total
shareholders'
equity
Amount as of 01.07.2016 77 566 44 544 62 (13) (35 681) 1 189 87 667
Loss/profit from previous years brought forward to be covered 0 0 0 0 0 0 0
Profit (loss) for the current year 0 0 0 0 0 1 044 1 044
Actuarial gains / losses 0 0 0 0 0 0 0
Amount as of 30.09.2016 77 566 44 544 62 (13) (35 681) 2 233 88 711
thousand PLN
Share
capital
Supplementary
capital from issue
of shares above
their nominal
value
Other
supplementary
capital
Other
total
income
Retained
profits
Profit
(loss) for
the
current
year
Total
shareholders'
equity
Amounts as at 01.01.2016 77 566 44 544 62 (13) (40 662) 4 981 86 478
Loss/profit from previous years brought forward to be covered 0 0 0 0 4 981 (4 981) 0
Profit (loss) for the current year 0 0 0 0 0 2 233 2 233
Actuarial gains / losses 0 0 0 0 0 0 0
Amounts at 30.09.2016 77 566 44 544 62 (13) (35 681) 2 233 88 711
33
Q III 2016
thousand PLN
Share
capital
Supplementary
capital from issue
of shares above
their nominal
value
Other
supplementary
capital
Other
total
income
Retained
profits
Profit
(loss) for
the
current
year
Total
shareholders'
equity
Amounts as at 01.01.2015 77 566 44 544 62 (12) (48 092) 7 430 81 498
Loss/profit from previous years brought forward to be covered 0 0 0 0 7 430 (7 430) 0
Profit (loss) for the current year 0 0 0 0 0 4 981 4 981
Actuarial gains / losses 0 0 0 (1) 0 0 (1)
amounts as of 31.12.2015 77 566 44 544 62 (13) (40 662) 4 981 86 478
thousand PLN
Share
capital
Supplementary
capital from issue
of shares above
their nominal
value
Other
supplementary
capital
Other
total
income
Retained
profits
Profit
(loss) for
the
current
year
Total
shareholders'
equity
Amounts as of 01.01.2015 77 566 44 544 62 (12) (48 092) 7 430 81 498
Loss/profit from previous years brought forward to be covered 0 0 0 0 7 430 (7 430) 0
Profit (loss) for the current year 0 0 0 0 0 3 941 3 941
Actuarial gains / losses 0 0 0 0 0 0 0
Amounts as at 30.09.2015 77 566 44 544 62 (12) (40 662) 3 941 85 439
34
III kwartał 2016 rok
5. SEPARATE CASH FLOW STATEMENT
thousand PLN
01.07.2016 -
30.09.2016
01.01.2016 -
30.09.2016
01.07.2015 -
30.09.2015
01.01.2015 -
30.09.2015
Operating cash flow
Net profit (loss) 1 044 2 233 1 643 3 941
Total adjustments (5 255) 3 040 (5 736) 2 900
Depreciation 2 795 8 177 1 510 4 342
Exchange gains (losses) (13) (13) (23) (23)
Interests and profit sharing (dividends) 606 1 770 146 319
(Profit) loss on investment activities 0 (7) (53) (73)
Change in inventory (815) (1 270) (352) (596)
Change in receivables 811 (1 599) (7 076) (7 452)
Change in provisions (1 228) 1 927 1 317 1 702
Change in liabilities (7 605) (5 288) (919) 4 928
Change in prepayments and accruals 194 (657) (286) (247)
Net operating cash flow (4 211) 5 273 (4 093) 6 841
Cash flow from investment activities
Inflows 1 14 100 12 510
Sales of tangible fixed assets and intangible assets 1 14 100 12 510
Outflows 3 192 7 471 30 977 89 098
Purchase of tangible fixed assets and intangible assets 3 192 7 471 30 977 89 098
Net cash from investment activities (3 191) (7 457) (30 877) (76 588)
Cash flow from financial activities
Inflows 17 943 24 535 20 927 76 806
Borrowings and loans 17 936 18 773 16 097 54 530
Interests 7 14 35 51
Other financial inflows 0 5 748 4 795 22 225
Outflows 18 742 25 917 1 482 16 191
Repayment of borrowings and loans 17 440 21 981 567 10 336
Payment of liabilities under financial lease agreements 689 2 155 735 5 484
Interests 613 1 781 180 371
Net cash from financial activities (799) (1 382) 19 445 60 615
Total net change in cash and cash equivalents (8 201) (3 566) (15 525) (9 132)
Cash and cash equivalents as of the beginning of the period 16 865 12 230 19 530 13 137
Net currency translations 13 13 23 23
Cash and cash equivalents as of the end of the period, including:
8 677 8 677 4 028 4 028
- of limited disposability 1 000 1 000 0 0
35
Q III 2016
V. SELECTED EXPLANATORY NOTES TO THE SEPARATE STATEMENT
1. Information regarding operating segments
The major subject of the business activity of PCC Intermodal S.A. is the organisation of intermodal transport,
which consists of a few stages: railroad transport, transhipments and other terminal operations, car transport
and related forwarding services.
Within the scope of activity of the Company, no operating segments have been distinguished in conformity
with IFRS 8 for management purposes. The Management Board analyses the financial standing of the
Company (as one operating segment) on the basis of financial statements.
2. Information on products and services
01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015
Revenues from sales of services 199 428 155 835
- intermodal transport 186 078 143 078
- forwarding 13 350 12 757
3. Information on geographical areas.
Geographical breakdown of sales was prepared by location of recipient.
Recipient's country 01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015
Poland 94 146 63 193
EU countries 89 751 74 991
The rest of the world 15 531 17 651
Total 199 428 155 835
4. Information on key customers
In the first 9 months of 2016, as in the comparative period, revenues from only one of the Group's recipient
exceeded 10% of total revenues. The structure of recipients for which the sales exceeded 10% of total sales
was as follows (revenues in 000's PLN):
Recipient 01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015
MSC Poland Sp. z o.o. 26 185 15 656
Other recipients 173 243 140 179
Total 199 428 155 835
36
Q III 2016
5. Transactions with related entities
Transactions with related entities are concluded under arm's length principle.
During presented periods, PCC Intermodal S.A. concluded the following transactions with related entities:
01.01.2016 -30.09.2016
Revenues from sales to related entities
Revenues from sales of
products and services
Revenues from sales of goods and materials
Revenues from sales of tangible fixed assets and
intangible assets
Other operating revenues
-the Parent Company 0 0 0 0
-other related entities 18 026 0 0 38
Total revenues from sales to related entities
18 026 0 0 38
01.01.2016 -30.09.2016
Purchases from related entities
Purchase of products
and services
Purchase of goods and materials
Purchase of tangible fixed
assets and intangible assets
License for use of the trade mark
Other
-the Parent Company 9 0 0 1 987 2 753
-other related entities 4 728 382 314 0 0
Total purchases from related entities
4 737 382 314 1 987 2 753
01.01.2015 - 30.09.2015
Revenues from sales to related entities
Revenues from sales of
products and services
Revenues from sales of goods and materials
Revenues from sales of tangible fixed assets and
intangible assets
Other operating revenues
-the Parent Company 0 0 0 0
-other related entities 13 613 0 0 0
Total revenues from sales to related entities 13 613 0 0 0
37
Q III 2016
01.01.2015 - 30.09.2015
Purchases from related entities
Purchase of products
and services
Purchase of goods and materials
Purchase of tangible fixed
assets and intangible assets
License for use of the trade mark
Other
-the Parent Company 24 0 0 1 561 2 936
-other related entities 4 611 312 6 0 0
Total purchases from related entities
4 635 312 6 1 561 2 936
In the statement of financial standing, the following balances of receivables and liabilities in respect to
related entities have been identified:
Receivables due from related entities amounts as of 30.09.2016 amounts as of 31.12.2015
-the Parent Company 0 0
-other related entities 2 487 2 252
Total receivables due from related entities 2 487 2 252
Liabilities due to related entities amounts as of
30.09.2016 amounts as of 31.12.2015
-the Parent Company 40 453 52 552
-other related entities 96 122
Total liabilities due to related entities 40 549 52 674
PCC INTERMODAL S.A. | Hutnicza 16, 81-061 Gdynia | Poland
Ph. +48 58 58 58 200 | fax: +48 58 58 58 201
e-mail: [email protected] | www.pcc-intermodal.pl