investor presentation - gazeta.plbi.gazeta.pl/im/3/11240/m11240633.pdf · ² the title appeared on...

Investor presentationFinancial and market performance 4Q 2011

Advertising market landscape

Quarterly ad spend performanceAdvertising expenditure in 2011

yoy % change

-20%

-15%

-10%

-5%

0%

5%

10%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

--5.55.5%%

--114.04.0%%--113.3.5%5%

--8.08.0%%

00%%

+6+6..5%5%

++8.8.5%5%

+4+4.0.0%%

++2.52.5%%

++6.6.5%5%

++2.02.0%%

7.7

1.6

7.8

1.7

2.2

2.3

-1

0

1

2

3

4

5

6

7

8

2010 1Q11 2Q11 3Q11 4Q11 2011

--4.04.0%%

4%

2%

2.5%

6.5%

1.5%4.5%

PLN million, yoy % change

Source: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor);

-2-

Radio7%

Magazines11%

Dailies8%

Cinema1.5%

Internet15.5%

Television49.5%

Outdoor7.5%

Outdoor7%

Television51.5%

Internet15%

Cinema1.5%

Dailies7%

Magazines11%

Radio7%

Advertising market landscape cont.Quarterly performance of advertising market segments Performance of advertising market segments in 4Q11

-32%

-24%

-16%

-8%

0%

8%

16%

24%

32%

40%

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

Internet Television¹ Magazines RadioOutdoor Dailies Cinema

-3-

Advertising market structure

4Q11PLN 2.3 billion

4%

0pp

2pp

1pp

0pp

0.5pp

0pp

0.5pp

Source: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor);¹ Data, for 1Q09 -4Q11, according to new methodology of TV ad market measurement (by media house Starlink), comprise standard TV advertising and sponsoring revenues. The estimates for previous reporting periods have not been adjusted adequately therefore they are not fully comparable.

-6.5%-7.5%

-17.5%

-7%-4%

11.5%13%

-20%

-16%

-12%

-8%

-4%

0%

4%

8%

12%

16%

Dailies Radio Magazines Outdoor TV Internet Cinema

1.5%

0.5pp

2pp

1.5pp

0pp

0.5pp

0pp

0.5pp

2011PLN 7.8 billion

yoy

% c

hang

e

yoy pp change

yoy

% c

hang

e

Advertising market estimates for 2012Advertising market performance Advertising market estimates for 2012

-4-

(17)-(14)%

(9)-(6)%

3-6%

0-3%0-3%

9-12%

0-3%0-3%

-20%

-16%

-12%

-8%

-4%

0%

4%

8%

12%

16%

20%

24%

Total ad market

television internet magazines dailies outdoor radio cinema

4.5%

-10.5%

11.5%

15.0%13.5%

1.5%

FORECAST0 - 3%

-20%

-16%

-12%

-8%

-4%

0%

4%

8%

12%

16%

20%

24%

2006 2007 2008 2009 2010 2011 2012

yoy

% c

hang

e

yoy

% c

hang

e

Source: 4Q 2011: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor); 2012 – Agora’s own estimates.

Financial performance of the Agora Group

-5-

Source: consolidated financial statements according to IFRS, 4Q11;¹ excluding non-cash cost of share-based payments;2 one-offs include impairment loss on selected press titles in the Magazine segment and tangible fixed assets in one of the cinemas in Helios network;3 revenue from ticket sales for 2010 and 2011 is not comparable data as the ticket sales for 2010 include only revenues from ticket sales generated from September to December 2010.

PLN million 4Q2011 yoy change 2011 yoy change

- external services 99.2 7.9% 355.4 24.1%

- D&A 22.5 - 92.8 12.6%

EBIT margin 2.2% (6.7pp) 4.2% (3.4pp)

Operating EBITDA margin1 9.2% (7.6pp) 12.5% (3.4pp)

Revenues, incl.: 335.9 (1.4%) 1234.6 10.6%

- advertising 191.1 (5.8%) 705.6 (1.4%)

- copy sales 50.1 (9.6%) 192.8 (7.7%)

- tickets sales3 42.0 26.5% 146.3 264.8%

- other 52.7 7.1% 189.9 24.9%

Operating cost, incl.: 328.5 5.8% 1182.7 14.6%

- raw materials, energy and consumables 66.5 0.6% 250.6 23.3%

- staff cost1 79.9 1.7% 312.6 10.4%

- non-cash expense relating toshare-based payments

0.9 (80.0%) 9.7 (6.7%)

- marketing & promotion 33.4 (16.3%) 115.1 (12.1%)

- one-offs2 14.3 - 14.3 -

EBIT 7.4 (75.6%) 51.9 (38.9%)

Operating EBITDA1 30.8 (46.2%) 154.4 (13.1%)

Net profit 9.7 (47.0%) 43.8 (39.1%)

The decrease in ad revenues caused by the drop of advertising expenditure in Poland in 4Q11 by almost 4% yoy.

The decrease caused mainly by lower copy sales revenues in the Newspapers and Magazines segments.

The growth results mainly from higher revenues from the sales of printing services to external clients and higher revenues from food & beverages sales in Helios cinema network.

The growth caused mainly by higher cost of film copies purchase in the cinemas composing Helios network.

Reduced advertising expenditure in majority of the Group’s segments.

Impairment loss on selected press titles in the Magazine segment and the tangible fixed assets in one of the cinemas composing the Helios network.

Verification of the value of put option, granted to the non-controlling shareholders of Helios S.A., by PLN 3.3 million influenced the Group’s net profit in 4Q11and in 2011.

Influence of one-offs on the Group’s financial results

EBIT Operating EBITDA1 Net profit2

-6-

Source: consolidated financial statements according to IFRS, 4Q11;¹ excluding non-cash cost of share-based payments.2 excluding the one-offs and verification of valuation of put option for non-controlling shareholders of Helios S.A.

51.9

84.9

7.4

30.3

66.2

21.7

0

20

40

60

80

100

120

140

160

180

4Q2010 4Q2011 2010 2011

177.6

154.4168.7

1

11 2010 2011

30.8

57.345.

0

20

40

60

80

100

120

140

160

180

4Q2010 4Q20

Financial resu

43.8

71.9

7

52.1

18.0

2011 2010 2011

9.18.3

0

20

40

60

80

100

120

140

160

180

4Q2010 4Q

lts of the Agora Group

Financial results of the Agora Group excluding one-offs

Segment performance: Newspapers(Gazeta Wyborcza, Metro, Special Projects, Printing Division)

-7-

Financial results¹

Source: financials: consolidated financial statements according to IFRS, 4Q11; ad spend in dailies: Agora, display advertising, 4Q11; ¹ incl. Gazeta Wyborcza, Metro, Special Projects, Printing Division; ² excluding allocations of general overhead cost of Agora S.A.;³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.

Operating cost2, incl.: 134.3 (3.1%) 500.7 0.8%

- raw materials, energy and consumables and printing services

56.0 (0.4%) 206.5 5.4%

- staff cost excl. non-cash cost of share-based payments

33.7 1.8% 133.8 2.5%



Revenues, incl.: 157.7 (9.0%) 594.5 (7.7%)

- advertising in Gazeta Wyborcza 66.6 (16.0%) 256.1 (16.3%)

- copy sales of Gazeta Wyborcza 34.0 (7.1%) 131.3 (10.1%)

EBIT² 23.4 (32.6%) 93.8 (36.4%)

EBIT margin² 14.8% (5.2pp) 15.8% (7.1pp)

Operating EBITDA³ 30.3 (29.7%) 127.1 (28.7%)

Operating EBITDA margin³ 19.2% (5.7pp) 21.4% (6.3pp)

The decrease caused by smaller number and impact of dual pricing offer and global trend of copy sales decline.

The decline in revenues caused mainly by limited expenditure in the recruitment, automotive and financial services categories.

Decrease caused by limited number of promotional campaigns and smaller number of book series in 4Q11.

0%

25%

50%

75%

100%

Jan'

09

Mar

'09

May

'09

Jul'0

9

Sep'

09

Nov

'09

Jan'

10

Mar

'10

May

'10

Jul'1

0

Sep'

10

Nov

'10

Jan'

11

Mar

'11

May

'11

Jul'1

1

Sep'

11

Nov

'11

Gazeta Fakt Super Express Rzeczpospolita Dziennik Dziennik Gazeta Prawna²

Super Express3.5%

Mecom (local)8.0%

Fakt9.0%

Other8.0%Polskapresse3

17.0%

Dziennik Gazeta Prawna4.0%

Gazeta W yborcza36.0%

Rzeczpospolita10.0%

Metro4.5%

Position of Gazeta Wyborcza in dailies segment%

sha

re in

cop

y sa

les

% share in copy sales of selected dailies¹

-8-

Source: copy sales: ZKDP, total paid circulation, Jan09 – Dec11, comparison; financials: consolidated financial statements IFRS, 4Q11; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC,Oct-Dec 11, N=12 083, CCS indicator (weekly readership), elaboration Agora S.A.; ad spend in dailies Agora, estimates, display advertising;

¹ comparison of major dailies only; ² the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. Previous copy sales data based on copy sales of Gazeta Prawna. The copy sales of Dziennik Gazeta Prawna

in the period Sep 14-30 amounted to 126 thou. copies;3 in July 2011 PolskaPresse purchased remaining 75% stake in Dziennik Polski.

13.4%

6.1%

5.6%

3.9%

2.5%

12.1%

0% 4% 8% 12% 16%

Dziennik Gazeta Prawna

Rzeczpospolita

Super Express

Metro

Fakt

Gazeta Wyborcza

% reach

4.0 million

3.7 million

no. of readers

0.8 million

1.7 million

1.2 million

Weekly readership reach in 4Q11

(till Sept.11, 09 Gazeta Prawna)

1.8 million

yoy % and pp change

0pp

1pp

0.5pp

Dailies ad spend structure in 4Q11¹

1pp

4Q11PLN 0.16 billion

17.5%

0.5pp

0.5pp

0pp

1pp

0.5pp

Development of offer

28.3 %27%

30.431.4

0

10

20

30

40

2010 2011

8.58.7

0

5

10

15

20

4Q10 4Q11

11.220.6

048

12162024

4Q10 4Q11

16.0%

3.0%

4.0%

0% 5% 10% 15% 20%

Warsaw

local

national

Metro and Special Projects

Metro ad market share in 4Q11

-9-

Source: financials: consolidated financial statements according to IFRS, 4Q11; ad expenditure in dailies: Agora’s estimates, display advertising; ¹ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.;² excluding allocations of general overhead cost of Agora S.A.;³ books and books with CDs and DVDs.

% share

PLN

mill

ion

Statistics

Financial results Financial results

MetroMetro Special ProjectsSpecial Projects

PLN

mill

ion yoy % change

(excl. Warsaw) 4.5%(total)

yoy % change

3.2%

1.0pp

0.5pp

1.5pp 1pp

4Q11 2011

1 7Series

30 59One-off publications

31 66Total:

Copies sold (million)³ 0.4 1.6

2.3%

2.20.3

0

1

2

3

4Q10 4Q11

49.458.7

0102030405060

2010 2011

1.61.5

0

1

2

3

2010 2011

Revenues

EBIT2

45.6%

15.8%

EBIT2

Revenues

633.3%6.6%

2.02.00

1

2

3

4

5

4Q10 4Q11

0%4.74.0

0123456

2010 2011

Operating EBITDA1 Operating EBITDA1

Revenues Revenues

17.5%

51.9%59.4%61.3%65.1%

69.9%

0%

30%

60%

90%

Onet.pl group Wirtualna Polska- Orange group

Gazeta.pl group Interia.pl group o2.pl group

-10-

Reach of websites of selected Internet publishers (December‘11)4

Financial results¹

Segment performance: Internet %

reac

h

no.of real usersyoy % change

yoy pp change

Source: financials: consolidated financial statements according to IFRS, 4Q11; Internet ad spend: Starlink (display, search engine marketing, e-mail marketing and affiliate marketing); ¹ Internet division, Agora Ukraine, AdTaily, Trader.com (Polska) including print revenues, Sport4People (since November 2011); ² excluding allocations of general overhead cost of Agora S.A.;³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.;4 Megapanel PBI/Gemius, reach, real users, page views of websites of the selected Internet publishers December 2010, December 2011;

1.7%

13.4

mln

12.4

mln

11.7

mln

11.4

mln

9.9 m

ln

2.6%

0.4%

2.7%

0.2%

1.6pp2.9pp 1.1pp 2.4pp 3.8pp


Revenues, incl.: 32.6 4.2% 114.0 12.0%- display ads 25.3 11.5% 82.7 18.3%- ad sales in verticals 5.7 (6.6%) 24.3 4.3%

Operating cost2, incl.: 29.2 2.5% 107.7 10.9%

- staff cost excl. non-cash cost ofshare-based payments 12.2 7.0% 48.4 11.3%


EBIT² 3.4 21.4% 6.3 34.0%

EBIT margin² 10.4% 1.5pp 5.5% 0.9pp

Operating EBITDA³ 4.7 2.2% 12.8 7.6%

Operating EBITDA margin³ 14.4% (0.3pp) 11.2% (0.5pp)


4%

11.5% 11.5%

8.5%

0%

5%

10%

15%

20%

Internet ad market AGORA

yoy

% c

hang

e

Dynamics of ad expenditure in Internet in 4Q11

Display, e-mail

marketing, vortals

Display & e-mail

marketing

Display &e-mail

marketing

TOTAL(display, search

engine marketing, e-mail marketing

and affiliate marketing)

AMS32%

AMS ad market share3

-11-

Financial results

Segment performance: Outdoor

4pp

Source: financials: consolidated financial statements according to IFRS, 4Q11; ad expenditure in outdoor: IGRZ;¹ excluding non-cash cost of share-based payments;² excluding cross-promotion of Agora’s other media on AMS panels if such promotion was executed without prior reservation;3 IGRZ: ad expenditure in outdoor.

4Q116.5%

yoy % and pp changePLN million 4Q2011 yoy change 2011 yoy change

Revenues, incl.: 49.0 1.4% 175.0 6.6%- advertising2 48.3 1.0% 171.5 6.1%

Operating cost, incl.: 43.0 3.9% 160.0 0.7%- execution of campaigns 8.1 - 27.8 1.8%- maintenance cost 18.9 (2.6%) 73.9 0.5%- staff cost excl. non-cash

cost of share based payments 4.7 (4.1%) 19.7 5.3%

- D&A 4.6 (8.0%) 18.3 (14.1%)- marketing & promotion 2.0 42.9% 5.4 (10.0%)

EBIT 6.0 (13.0%) 15.0 188.5%EBIT margin 12.2% (2.1pp) 8.6% 5.4pp

Operating EBITDA¹ 10.7 (12.3%) 34.1 24.9%Operating EBITDA margin¹ 21.8% (3.5pp) 19.5% 2.9pp

Growth of cost due to promotion of the first software to measure effectiveness of outdoor advertising campaigns.

Growth of advertising revenues despite the drop of advertising expenditure in outdoor by over 6.5% yoy in 4q11.

Structure of outdoor advertising according to categories in 4Q113 Development of offer

AMS30%4pp

20110.5%

cosmetics3.5%

other26.0%

serv ices6.0%

finance/marketing6.0%

automotiv e4.0%

telecommunication

12.5%

food6.5%

entertaiment, culture11.5%

sales24.0%

4Q201118.7%

26.2%

28.2%

21.8%

% share, yoy % change

57.8%

7.7%

32.4%

7.6%

60.6%

Ad spend structure in monthlies in 4Q11

Financial results

Segment performance: Magazines

Edipresse5.8%

Bauer25.1%

Other15.4%

Murator6.5%

Burda Media Polska 7.5%

Marquard9.9%

Agora10.4%

Ringier Axel Springer

5.0%

Gruner+Jahr14.4%

4Q11

yoy pp change

9pp1.1pp

0.4pp

3.2pp

2pp

0.5pp0.8pp

1.5pp

0.6pp

Stable readership position in selected magazine segments (Jan-Dec’11)

0.8%

1.2%

2.6%

3.2%

3.4%

4.6%

5.5%

12.4%

0% 6% 12% 18% 24%

Hot

InStyle

Elle

Joy

Cosmopolitan

Glamour

Av anti

Twój Styl

women luxurious

0.7%

2.0%

2.8%

3.0%

3.3%

9.0%

0% 5% 10% 15%

ElleDecoration

DobreWnętrze

M j akmieszkanie

Dom &Wnętrze

Moj eMieszkanie

Cztery Kąty

interior home design

2.4%

6.4%

6.4%

6.9%

7.5%

8.2%

9.8%

0% 5% 10% 15%

NajMagazyn

DobreRady

ŚwiatKobiety

Olivia

Kobieta iŻycie

PoradnikDomowy

Claudia

lifestyle

% reach % reach % reach


Revenues, incl.: 18.9 (8.3%) 75.3 (9.9%)- copy sales 8.4 (9.7%) 31.7 (15.5%)- advertising 10.2 (8.9%) 42.8 (6.1%)

Operating cost1, incl.: 28.2 64.9% 73.4 8.4%- raw materials, energy and

consumables 7.2 9.1% 26.6 1.9%


4.3 2.4% 17.3 3.0%


- One-off3 11.2 - 11.2 -

EBIT¹ (9.3) - 1.9 (88.1%)EBIT margin¹ (49.2%) (66.2pp) 2.5% (16.5pp)

Operating EBITDA² (9.3) - 2.4 (85.6%)Operating EBITDA margin² (49.2%) (67.6pp) 3.2% (16.8pp)

Result of reduction of cover prices of selected magazines and lower number of copies sold.

Influence of impairment loss of PLN 11.2 million on selected magazine titles.

Reduction in number of advertising campaigns andgadgets.

Influence of one-off on the segment’s financial results

2.4

-9.3

13.6

1.9

-10

-5

0

5

10

15

4Q2011 2011

Financial results of the segment

Financial results of the segment excl. one-off

Increase caused by higher exchange rate of EUR/PLN.

1.9

-9.3

13.1

1.9

-10

-5

0

5

10

15

4Q2011 2011

EBIT1 Operating EBITDA2

PLN

, mill

ion

Source: financials: consolidated financial statements according to IFRS, 4Q11; monthlies ad market: monitoring of Kantar Media based on rate card data, 128 titles in Oct-Dec 2010 and 129 in Oct-Dec 2011, excl. specialist titles; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Dec 11, N=48 757, target group: all; CCS indicator (weekly readership), elaboration Agora S.A., comparison; ¹ excluding allocations of general overhead cost of Agora S.A.; ² excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.;3 one-off – an impairment loss on selected magazine titles.

-12-

7.2%5.5%

0%

2%

4%

6%

8%

TOK FM Music stations

Radio ad market structure in 4Q11

-13-

Segment performance: Radio

Eurozet18.5%

other8.0%

Polish Radio11.5%

Agora13.0%

Time group16.5%

RMF group32.5%

Share of audience in cities of broadcasting (4Q11)

1.5pp

1.5pp

% s

hare

7.5%

yoy pp change

4Q11PLN 0.15 billion

yoy % and pp change

Financial results¹

0.5pp

1pp



Revenues, incl.: 24.1 (3.6%) 86.1 11.0%- ad revenues 23.5 (2.5%) 84.5 11.5%

Operating cost, incl.: 22.9 3.2% 82.7 11.9%


6.3 (3.1%) 25.0 2.0%

- promotion & marketing 3.9 (20.4%) 16.6 (2.9%)

EBIT 1.2 (57.1%) 3.4 (8.1%)EBIT margin 5.0% (6.2pp) 3.9% (0.9pp)

Operating EBITDA² 1.9 (47.2%) 6.5 (5.8%)Operating EBITDA margin² 7.9% (6.5pp) 7.5% (1.4pp)

2.0pp

1.5pp

0.4pp

Decrease of ad revenue by 2.5%yoy while total radio advertising expenditure decreased by almost 7.5%yoy.

0.1pp

Results mainly from higher cost of time purchase in third party radio stations (brokerage services).

Source: financials: consolidated financial statements according to IFRS, 4Q11; ad market: Agora based on Kantar Media, Agora’s share incl. TOK FM, excl. brokerage, incl. cross-promotion of Agora’s other media in GRA’s radio stations if such promotion was executed without prior reservation; Radio Track, MillwardBrown SMG/KRC, cities of broadcasting, weekdays; Music stations, 15+, Oct-Dec 2010: N= 10 450; 2011: N=10 477; TOK FM, 15+ Oct-Dec N=7 729; 2011: N=7 755; ¹ local radio stations (incl. TOK FM); ² excluding non-cash cost of share-based payments.

Segment performance: CinemaNumber of tickets sold in the Helios cinemasFinancial results

4Q2011PLN million yoy change

3D - 36.5%

2D - 63.5%

-14-

60.2 30.6%

2011

Revenues, incl.:26.5%42.0

203.9- tickets2

16.0%11.6146.3

- food & beverages66.7%25.0%19.8%

5.0%

3.0%

17.5%

147.6%4.0pp

62.3%3.2pp

4.042.1

- advertising

55.011.7

Operating cost, incl.: 30.2

188.5- external services

6.3105.7

- raw materials, energy and consumables

6.9

24.6- staff cost excl. non-cash cost of

share-based payments

4.7

25.0

- D&A

5.2

18.0

EBIT8.6%

15.4EBIT margin

9.9

7.6%

Operating EBITDA¹16.4%

33.4Operating EBITDA margin¹ 16.4%

Share of tickets for 3-D movies in Helios network of cinemas in 4Q11

Source: financials: consolidated financial statements according to IFRS, 4Q11; ¹ As far as the Helios group is concerned EBITDA and operating EBITDA ratios are equal as in the period referred to in the table there was not any non-cash cost of share-based payments incurred;2 revenue from ticket sales for 2010 and 2011 is not comparable data as the ticket sales for 2010 include only revenues from ticket sales generated from September to December 2010.

8.37.6

1.9 2.4

0

1

2

3

4

5

6

7

8

9

4Q10 4Q11 2010 2011

mill

ion

ticke

ts

Average net price of tickets in the Helios cinemas

yoy % change

17.6217.25

0

5

10

15

20

4Q11 2011

PLN

+ 0.5+ 0.5%%

yoy % change

3D - 27%

2D - 73%yoy pp change

0pp

4Q11

+ 8.7+ 8.7%%

-- 2.02.0%%

1pp

2011

+ 26.0+ 26.0%%

The Group’s main objectives in 2012

Adapting the Group’s mode of operation and structure to the market situation and changes taking place in media;

Intensification of actions strengthening the synergies among different segments from the Group’s portfolio as well as actions taking advantage of Internet to develop new forms and scope of activities in the so – called traditional media segments;

Intense growth of both Internet segment and widely understood Internet in the Agora Group;

Development in the cinema business by opening new cinemas;

Increasing the scale of the Group’s operations, also, through further acquisitions strengthening the Group’s position and/or diversifying the sources of the Group’s revenues.

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http://bb5.tivi.pl/strona_glowna.html

This presentation has been prepared by Agora SA (the "Company"). The data and information contained on the individual slides do not show a complete or coherent financial analysis, nor present the commercial offer of the Company and serve for information purposes only. A detailed description of the business and financial affairs of Agora SA is presented on www.agora.pl website. All data therein are based on sources which the Company regards as credible. The Company reserves the right to amend data and information at any time, without prior notice. This presentation was not verified by an independent auditor.

This presentation may contain slides containing statements related to the future. Such statements cannot be interpreted as forecasts or other assurances in respect of future Company's financial results. The expectations of the Company's management are based on their knowledge, experience and individual views and are dependent on many factors which may cause that the actual results may differ from statements contained in this document. The Company recommends that professional investment advice is sought in case any investment in the Company's securities is considered.

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investor presentation - gazeta.plbi.gazeta.pl/im/3/11240/m11240633.pdf · ² the title appeared on...

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