the extended consolidated quarterly report of the pcc intermodal … · 2016-04-11 · the core...

The extended consolidated quarterly report of the PCC Intermodal S.A. Group for the 1st quarter of 2014

Gdynia, 15 May 2014

2

1st quarter 2014

TABLE OF CONTENTS

I. INTRODUCTION 3

II. THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7

III. SELECTED EXPLANATORY NOTES AND OTHER INFORMATION TO

CONSOLIDATED FINANCIAL STATEMENTS 13

IV. THE CONDENSED SEPARATE FINANCIAL STATEMENTS 26

V. SELECTED EXPLANATORY NOTES TO SEPARATE FINANCIAL STATEMENTS 31

3

1st quarter 2014

I. INTRODUCTION

1. General information

The PCC Intermodal S.A. Group (the Group) is composed of PCC Intermodal S.A. (the Parent Company) and PCC Intermodal GmbH (the Subsidiary).

These consolidated financial statements of the Group and separate financial statements of PCC Intermodal S.A. present the financial condition as at 31 March 2014, 31 December 2013, 31 December 2012 and 31 March 2013 as well as operating results and cash flows for the period of three months, ended on 31 March 2014 and the period of three months, ended on 31 March 2013.

The core business of the Parent Company is organisation of the intermodal transport. The subsidiary is engaged in service activities supporting intermodal transport, including management of the terminal in Frankfurt (Oder).

The Parent Company

PCC Intermodal S.A.

ul. Hutnicza 16,

81-061 Gdynia

Phone: +48 58 58 58 200

Fax: +48 (0) 58 58 58 201

Website: www.pccintermodal.pl

Registration: District Court Gdańsk-Północ, 8th Commercial Division of the National Court Register

KRS: 0000297665

Regon [statistical number]: 532471265

NIP: 7491968481

According to the Articles of Association the duration of the Parent Company is unlimited.

Subsidiary

PCC Intermodal GmbH

Moerster Str. 149

47198 Duisburg

HRB: 24373

According to the Articles of Association the duration of the Subsidiary is unlimited.

4

1st quarter 2014

2. Description of the organisation of the Parent Co mpany's Group

The Group, which was established in January 2013, includes PCC Intermodal S.A. and the Subsidiary – PCC Intermodal GmbH, with its registered office in Duisburg. The Parent Company owns 100% of the share capital and 100% of the voting rights of the Subsidiary Company. The consolidation is carried out using the full method.

PCC Intermodal S.A. is a part of the PCC Group – an international holding which belongs to PCC SE – a company with its registered office in Duisburg (Germany) which is, at the same time, the major shareholder of PCC Intermodal S.A. PCC SE owns a total of 48,000,000 shares in the Parent Company, which constitutes 61.88% of Company's share capital and gives PCC SE the right to exercise 73.15% of votes in the general meeting (the situation as at the date of drawing up this report).

3. Composition of the Management Board and the Supe rvisory Board of the Parent Company

The Parent 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, i.e. from 1 January to 31 March 2014.

The Parent Company's supervisory body is the Supervisory Board. On 31 March 2014 the Supervisory Board was composed of:

� Alfred Pelzer – Chairperson of the Supervisory Board,

� Wojciech Paprocki – Vice Chairperson of the Supervisory Board,

� Thomas Hesse – Member of the Supervisory Board,

� Artur Jędrzejewski - Member of the Supervisory Board,

� Daniel Ozon – Member of the Supervisory Board.

Composition of the Supervisory Board did not change throughout the entire period covered by this report, i.e. from 1 January to 31 March 2014.

4. Approval of the statements for publication

These consolidated financial statements were approved for publication by the Management Board of the Parent Company on 15 May 2014. The Interim condensed consolidated financial statements are made public together with the Interim condensed separate financial statements of PCC Intermodal S.A. in the form of the extended interim consolidated semi-annual report.

5. Statement of compliance

These condensed interim consolidated financial statements of the Group and condensed interim separate financial statements of PCC Intermodal S.A., included in this consolidated quarterly report, have been prepared in accordance with IAS 34 - Interim Financial Reporting ("IAS 34") and other IAS,

5

1st quarter 2014

IFRS and related interpretations issued in the form of regulations of the European Commission, as well as in accordance with the requirements set out in the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and conditions considered as equivalent to information required by the laws of a non-Member State.

The Subsidiary keeps its accounts in accordance with German Accounting Standards (HBII). In the event of any inconsistency, the consolidated financial statements include adjustments not included in the accounts of the Subsidiary, introduced to adjust the financial statements to IFRS.

6. Basis for preparation of the financial statement s

The separate financial statements of PCC Intermodal S.A. and the consolidated financial statements of the Group have been prepared under the historical cost convention, except for certain financial instruments that are measured at fair value.

The financial statements have been drawn up with the assumption of going concern of the Group in the predictable future. At the date of approval of these financial statements, no circumstances indicating a threat to the business continuation by companies of the Group were found.

7. The measurement currency and the presentation cu rrency and conversion principles

The Polish zloty is the measurement currency of the Parent company and the reporting currency of the consolidated and separate financial statements. EUR is the functional and reporting currency of the Subsidiary. All presented financial data are expressed in thous. PLN, unless indicated to the contrary.

Selected financial data have been converted to euro in accordance with the following principles:

� individual positions of the report on the financial standing have been converted based on the

exchange rates applicable on the last day of the period, that is on 31.12.2014 and 31.12.2013;

� individual items of the statement of comprehensive income and the cash flow statement have

been converted based on the exchange rates which are an arithmetic mean of average

exchange rates announced by the National Bank of Poland for EUR, applicable on the last day

of every month in a given reporting period (for the period 01.01.2014 – 31.03.2014 and for the

period 01.01.2013 – 31.03.2013);

6

1st quarter 2014

PLN average exchange rates in relation to EUR in analysed periods were the following:

Financial period Average exchange rate in the period

Exchange rate as on the last day of the period

01.01.2014 - 31.03.2014 4.1894 4.1713

01.01.2013 - 31.12.2013 4.2110 4.1472

01.01.2013 - 31.03.2013 4.1738 4.1774

8. Accounting principles

These consolidated financial statements of the Group and separate financial statements of PCC Intermodal S.A.have been prepared in accordance with accounting policies described in the annual statements, which were published on 21 March 2014.

9. Corrections of errors made in previous periods

There were no prior periods' errors that require correction in the statement of the current period

10. Significant values based on the professional ju dgement and estimates

If a transaction is not regulated in any standard or any interpretation, the Management Board uses its judgement to determine and apply such accounting policies, which will ensure that the financial statements will contain relevant and reliable information and will:

� accurately, clearly and fairly present the economic and financial standing of the Group, results

of its operations and cash flows,

� reflect the economic substance of transactions,

� be objective,

� be prepared in accordance with the prudence principle,

� be complete in all material respects.

Preparation of financial statements requires the Management Board of the Parent Company to make estimates, because some information contained in the financial statements cannot be measured accurately. The Management Board reviews these estimates based on changes in factors taken into account in making estimates, on new information or experiences from the past. Therefore, the estimates made at 31 March 2014 may be changed in the future.

Provisions, receivables' revaluation write-offs and the deferred tax are the main areas where the management's professional judgement is of importance or the main areas at risk associated with uncertainty of estimates

7

1st quarter 2014

II. THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. SELECTED CONSOLIDATED FINANCIAL DATA

in thous. PLN in thous. EUR

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

Revenues from sales of products and services 39,130 34,007 9,340 8,148 Operating profit (loss) 548 (1,660) 131 (398) Profit (loss) before tax 508 (1,894) 121 (454) Net profit (loss) 675 (1,614) 161 (387) Net cash flows from operational activity (2,300) (1,642) (549) (393) Net cash flows from investment activities (5,655) (732) (1,350) (175) Net cash flows from financial activities 3,301 (816) 788 (195) Total net change in cash and cash equivalents (4,654) (3,190) (1,111) (764) Profit (loss) per one ordinary share (in PLN/EUR)

0.01 (0.02) 0.00 (0.00)

Total assets (at the end of the quarter of the current financial year and at the end of the previous financial year)

128,987 124,740 30,922 30,078

Equity (at the end of the quarter of the current financial year and at the end of the previous financial year)

74,773 74,098 17,926 17,866

Share capital (at the end of the quarter of the current financial year and at the end of the previous financial year)

77,566 77,566 18,595 18,703

Long-term liabilities (at the end of the quarter of the current financial year and at the end of the previous financial year)

29,330 25,949 7,031 6,257

Short-term liabilities (at the end of the quarter of the current financial year and at the end of the previous financial year)

24,884 24,693 5,966 5,954

Share capital (number of shares) (at the end of the quarter of the current financial year and at the end of the previous financial year)

77,565,556 77,565,556 77,565,556 77,565,556

Book value per one share (in PLN/EUR) (at the end of the quarter of the current financial year and at the end of the previous financial year)

0.96 0.96 0.23 0.23

Diluted book value per one share (in PLN/EUR) (at the end of the quarter of the current financial year and at the end of the previous financial year)

0.96 0.96 0.23 0.23

Declared or paid dividend per one share (in PLN/EUR)

0.00 0.00 0.00 0.00

Selected items of the statement of financial position and the number of shares refer to the data as at the end of the 1st quarter of 2014 and at the end of 2013. Selected items of the statement of comprehensive income and the cash flow statement relate to data for the 1st quarter of 2014 and for the 1st quarter of 2013.

Profit (loss) per one ordinary share for every period is calculated by dividing the net profit (loss) by the weighted average number of shares in the given period.

8

1st quarter 2014

2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Note in thous. PLN

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

Continued operations Revenues from sales of products and services 5 39,130 34,007 Costs of products and services sold 6 36,301 32,948 Gross profit (loss) on sales 2,829 1,059 General administration costs 6 2,418 2,914 Other operating revenue 7 300 280 Other operating costs 7 163 85 Operating profit (loss) 548 (1,660) Financial revenue 8 25 6 Financial expenses 8 65 240 Profit (loss) before tax 508 (1,894) Income tax 9 (167) (280) Net profit (loss) on on continuing operations 675 (1,614) Discontinued operations

Net profit (loss) on discontinued operations 0 0 Net profit (loss) 675 (1,614) Other total income due to: Exchange differences arising on the translation of international operations 0 0

Effects of valuation of financial assets available for sale 0 0 Hedge accounting 0 0 Effects of fixed assets revaluation 0 0 Actuarial gains and losses 0 0

Shares in other comprehensive income of affiliated entities 0 0

The income tax on the components of other comprehensive income 0 0

Net other comprehensive income 0 0 Other total income 675 (1,614) Net profit (loss) attributable to: – shareholders of the Parent Company 675 (1,614) - non-controlling interest Total comprehensive income attributable to: – shareholders of the Parent Company 675 (1,614) - non-controlling interest

Profit (loss) per one share (in PLN) on continuing operations 0.01 (0.02)

Diluted profit (loss) per one ordinary share (in PLN) on continuing operations 0.01 (0.02)

Weighted average number of ordinary shares 77,565,556 77,565,556 Weighted average diluted number of ordinary shares 77,565,556 77,565,556 Net profit / loss per 1 share for every period is calculated by dividing the net profit / loss for a given period by the weighted average number of shares in the given reporting period.

9

1st quarter 2014

3. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note in thous. PLN

as at 31.03.2014

as at 31.12.2013

as at 31.03.2013

ASSETS Fixed assets

101,062 94,655 86,580 Tangible fixed assets 10 98,310 92,073 84,117 Intangible assets

569 612 814 Investments in other entities

45 45 45 Deferred income tax assets 12 2,138 1,925 1,604 Current assets

27,925 30,085 20,550 Inventory

922 509 694 Receivables for deliveries and services 11 15,990 16,014 15,010 Current tax liabilities

4,645 3,352 708 Other receivables

1,608 783 1,678 Cash and cash equivalents

4,760 9,427 2,460 Total assets

128,987 124,740 107,130 EQUITY & LIABILITIES Equity attributed to shareholders of the Parent Company

74,773 74,098 72,012

Share (initial) capital 77,566 77,566 77,566

Supplementary capital from the issue of shares above their nominal value

44,544 44,544 44,544

Other supplementary capital 62 62 62

Exchange from translation of subsidiary operations 2 2 1

Retained earnings (48,076) (48,547) (48,547)

Profit / loss for the current year 675 471 (1,614)

Equity of minority shareholders 0 0 0

Total shareholders' equity 74,773 74,098 72,012

Long-term liabilities 29,330 25,949 13,200

Long-term loans and borrowings 15 9,412 6,452 6,737 Other long-term financial liabilities

3,730 4,331 6,099 Provision for deferred tax 13 543 500 314 Provision for retirement benefits and similar 14 42 44 50 Subsidies

15,603 14,622 0 Short-term liabilities

24,884 24,693 21,918 Short-term loans and borrowings 15 439 417 5,443 Other short-term financial liabilities

2,438 2,540 2,677 Trade and other liabilities

13,581 11,253 10,713 Current tax liabilities

1,330 460 1,226 Other short-term liabilities

5,740 9,179 264 Provision for retirement benefits and similar 14 131 188 102 Other short-term provisions 14 798 196 1,487 Subsidies 16 427 398 0 Deferred income

0 62 6 Total liabilities

54,214 50,642 35,118 Total equity and liabilities

128,987 124,740 107,130 Book value 74,773 74,098 72,012

Number of shares (units) 77,565,556 77,565,556 77,565,556 Book value per one share (in PLN) 0.96 0.96 0.93 Diluted number of shares (units) 77,565,556 77,565,556 77,565,556 Diluted book value per one share (in PLN) 0.96 0.96 0.93

10

1st quarter 2014

4. CONSOLIDATED STATEMENT ON CHANGES IN EQUITY

in thous. PLN

Share capital

Supplementary capital from the issue of

shares above their nominal

value

Other supplementary

capital

Exchange from

translation of subsidiary operations

Retained earnings

Profit / loss for

the current

year

Total shareholders'

equity

As at 01.01.2014 77,566 44,544 62 2 (48,547) 471 74,098 Previous years' loss/profit brought forward 0 0 0 0 471 (471) 0 Profit / loss for the current year 0 0 0 0 0 675 675 Exchange from translation of subsidiary operations 0 0 0 0 0 0 0 Minority shares 0 0 0 0 0 0 0 As at 31.03.2014 77,566 44,544 62 2 (48,076) 675 74,773

in thous. PLN

Share capital



value

Other supplementary

capital

Exchange from


Retained earnings

Profit / loss for

the current

year

Total shareholders'

equity

As at 01.01.2013 77,566 44,544 62 0 (34,098) (14,449) 73,625 Previous years' loss/profit brought forward 0 0 0 0 (14,449) 14,449 0 Profit / loss for the current year 0 0 0 0 0 471 471 Exchange from translation of subsidiary operations 0 0 0 2 0 0 2 Minority shares 0 0 0 0 0 0 0 As at 31.12.2013 77,566 44,544 62 2 (48,547) 471 74,098

11

1st quarter 2014

in thous. PLN

Share capital



value

Other supplementary

capital

Exchange from


Retained earnings

Profit / loss for

the current

year

Total shareholders'

equity

As at 01.01.2013 77,566 44,544 62 0 (34,098) (14,449) 73,625 Previous years' loss/profit brought forward 0 0 0 0 (14,449) 14,449 0 Profit / loss for the current year 0 0 0 0 0 (1,614) (1,614) Exchange from translation of subsidiary operations 0 0 0 1 0 0 1 Minority shares 0 0 0 0 0 0 0 As at 31.03.2013 77,566 44,544 62 1 (48,547) (1,614) 72,012

12

1st quarter 2014

5. CONSOLIDATED CASH FLOW STATEMENT

in thous. PLN 01.01.2014-31.03.2014

01.01.2013-31.03.2013

Cash flows from operating activities Net profit (loss) 675 (1,614) Total adjustments (2,975) (28) Amortisation and depreciation 1,103 1,316 Exchange gains (losses) 58 (9) Interest and profit sharing (dividend) 57 152 Profit (loss) on investment activities (1) (21) Change in inventory (412) 1,184 Change in amounts due (2,094) (149) Change in provisions 586 471

Changes in liabilities (1,997) (2,712)

Change in prepayments and accruals (275) (260)

Net cash from operating activity (2,300) (1,642) Cash flows from investment activities Inflows 1 15

Sales of fixed tangible assets and intangible assets 1 15

Outflows 5,656 747 Purchase of fixed tangible assets and intangible assets 5,656 747 Net cash from investment activities (5,655) (732) Cash flows from financial activities Inflows 4,118 5,006 Borrowings and loans 3,000 5,000 Interest 8 6 Other financial inflows 1,110 0 Outflows 817 5,822 Repayment of borrowings and loans 77 5,072 Payments made under finance lease agreements 675 622 Interest 65 128 Net cash from financial activities 3,301 (816) Total net change in cash and cash equivalents (4,654) (3,190) Cash and cash equivalents opening balance 9,427 5,652 Net exchange differences (13) (2) Cash and cash equivalents closing balance, includin g: 4,760 2,460 – restricted cash 0 0

13

1st quarter 2014

III. SELECTED EXPLANATORY NOTES AND OTHER INFORMATI ON TO CONSOLIDATED FINANCIAL STATEMENTS

1. Information about operating segments

The core business of the Group is the intermodal transport, which consists of several stages: railway transport, cargo handling and other terminal operations, car transport and related forwarding services.

No operating segments under IFRS 8 have been distinguished for management purposes as part of the Group operations. The Management Board analyses Group's financial condition (as a single operating segment) on the basis of financial statements.

2. Information about products and services.

01.01.2014 -31.03.2014 01.01.2013 -31.03.2013 Income from sales of services 39,130 34,007 - internal transport 35,863 30,160 - forwarding 3,267 3,847

3. Information about geographical areas.

Geographical breakdown of sales was carried out by location of customers.

Recipient's country 01.01.2014 -31.03.2014 01.01.20 13 -31.03.2013 Poland 14,102 15,661 EU countries 19,342 15,704 The rest of the world 5,686 2,642 Total 39,130 34,007

4. Information on key customers

In the 1st quarter of 2014 revenues from any of the Group's customers did not exceed 10% of total revenues. The structure of customers to which sales exceeded 10% of total sales in the comparative period was as follows (revenue in thousand PLN):

Recipient 01.01.2013 -31.03.2013 MSC Poland Sp. z o.o. 4,799 A.P.Moller-Maersk A/S 4,462 Other recipients 24,746 Total 34,007

5. Revenues from sales

In the first three months of 2014, revenues from the sale of services amounted to PLN 39,130 thous. (in the comparative period - PLN 34,007 thous.), which accounted for 100% of total sales revenue.

14

1st quarter 2014

6. Costs by type, including the costs of employee b enefits

Costs by type 01.01.2014 - 31.03.2014 01.01.2013 - 31.03.2013

Amortisation and depreciation 1,103 1,316 Consumption of materials and energy 954 868 External services 32,920 29,616 Taxes and fees 1,250 1,104 Employee benefits 4,207 4,033 Other prime costs 191 165 Consolidation note (1,192) (1,351) Total costs by type 39,433 35,751 Change in stock of products, production in progress, as well as prepayments and accruals

(649) 148

Cost of products manufacturing for the entity’s own needs

(65) (37)

Total, including 38,719 35,862 Costs of products and services sold 36,301 32,948 General administration costs 2,418 2,914

Employee benefits 01.01.2014 - 31.03.2014 01.01.2013 - 31.03.2013

Payroll 3,657 3,517

Social insurance and other benefits 550 516 Total 4,207 4,033

7. Other operating revenue and other operating cost

Other operating revenue 01.01.2014 -31.03.2014 01.01.2013 -31.03.2013 Gain on disposal of non-financial fixed assets 1 15 Subsidies 100 0 Penalties and damages 76 149 Released provisions 59 79 Remuneration of the payer of the personal income tax and the social insurance contributions

0 1

Profit on subsidiary purchase transaction 0 6 Other 64 30 Total 300 280

Other operating costs 01.01.2014 -31.03.2014 01.01.2013 -31.03.2013 Penalties and damages 82 75 Membership fees 5 3 Other 76 7 Total 163 85

15

1st quarter 2014

8. Financial income and expenses

Financial revenue 01.01.2014 -31.03.2014 01.01.2013 -31.03.2013 Interest 8 6 Foreign exchange gains 15 0 Consolidation note 2 0 Total 25 6

Financial expenses 01.01.2014 -31.03.2014 01.01.2013 -31.03.2013 Interest 65 159 Foreign exchange losses 0 85 Consolidation note 0 (4)

Total 65 240

9. Income tax

Income tax 01.01.2014 -31.03.2014 01.01.2013 -31.03.2013

Current income tax 2 2

Current income tax charge 2 2 Adjustments in respect of previous years' current income tax

0 0

Deferred income tax (169) (282) Related to origination and reversal of temporary differences

(169) (282)

Tax burden disclosed in the statement of comprehensive income

(167) (280)

Other comprehensive income / equity 0 0

Tax advantage / (tax burden) disclosed in equity 0 0

10. Tangible fixed assets

The tangible fixed assets include the following generic groups:

Generic groups of fixed assets as at 31.03.2014 as at 31.12.2013

Land (including the right to perpetual use of land) 11,271 10,217

Buildings, premises, civil and water engineering structures 38,539 38,778 Technical equipment and machines 2,534 2,484 Vehicles 19,997 20,074 Other fixed assets 234 248 Tangible assets under construction 16,872 14,372 Advances for fixed assets under construction 8,863 5,900 Total 98,310 92,073

The total value of tangible fixed assets purchased in the 1st quarter of 2014 was PLN 4,537 thousand

The above-mentioned amount of PLN 2,182 thous. constituted the settlement of a part of the advance paid in 2012 against the construction of crane at the terminal in Frankfurt (joint investment with the city

16

1st quarter 2014

of Frankfurt). The remaining advance payment to be settled is PLN 3,703 thous. In connection with the ongoing construction work in the first three months of 2014, advance was paid to contractors in Kutno in the amount of PLN 4,078 thous. and in Brzeg Dolny - PLN 1,045 thous.

In the analysed period, there was also accepted for use the right of perpetual usufruct of land in Brzeg Dolny of a value of PLN 1,054 thous and the expenditure was incurred in the amount of PLN 758 thous. for transport.

Key investment projects disclosed under fixed assets under construction are presented in a table below:

Project name as at 31.03.2014 as at 31.12.2013 Terminal in Kutno 2,943 2,825 Terminal in Brzeg Dolny 7,829 7,682 Terminal in Gliwice 354 227 Terminal in Frankfurt 2,794 491 Terminal in Sosnowiec 2,426 2,426 Other terminals 431 422 Other fixed assets under construction 95 299 Total 16,872 14,372

Liabilities under investment purchases as at 31.03.2014 amounted to PLN 5,486 thous., (Including PLN 5,387 thous. to subsidiaries in respect of the said purchase of the right of perpetual usufruct of land, property and movables in Brzeg Dolny), as at 31.12.2013 it was PLN 8,997 thous.

No tangible assets of considerable net value were sold in the 1st quarter of 2014.

The value of fixed assets on lease amounted to PLN 9,407 thous. as at 31.03.2014 and PLN 10,501 thous. as at 31.12.2013.

Fixed assets that are pledged as collateral of credit agreements are set out in note 15.

11. Revaluation write-offs

Revaluation write-offs 01.01.2014 - 31.03.2014 01.0 1.2013 - 31.12.2013 Receivables' revaluation write -offs at the beginning of the period

147 196

Recognition of revaluation write-offs 0 16 The use of revaluation write-offs 117 65 Reversal of revaluation write-offs offset in other operating income

1 0

Receivables' revaluation write -offs at the end of the period

29 147

In the 1st quarter of 2014, bad debts, previously covered by revaluation write-offs of a value of PLN 117 thous. were written off.

17

1st quarter 2014

12. Deferred income tax assets

Deferred income tax assets 01.01.2014 - 31.03.2014 01.01.2013 - 31.12.2013 Opening balance 1,925 1,378 - including applied to equity 0 0 Increases 255 593 - including applied to equity 0 0 Reductions 42 46 - including applied to equity 0 0 Closing balance 2,138 1,925 - including applied to equity 0 0

13. Provision for deferred income tax

Deferred income tax liability 01.01.2014 - 31.03.2 014 01.01.2013 - 31.12.2013

Opening balance 500 370 - including applied to equity 0 0 Increases 45 151 - including applied to equity 0 0 Reductions 2 21 - including applied to equity 0 0 Closing balance 543 500

- including applied to equity 0 0

14. Remaining provisions

Remaining provisions for retirement benefits and similar

provision for unused annual leaves other provisions

As at 01.01.2014 44 188 196

Creation 0 0 798 Release 0 0 0 Use 2 57 196 As at 31.03.2014 42 131 798

Remaining provisions for retirement benefit s

and similar provision for unused

annual leaves other provisions

As at 01.01.2013 50 149 200 Creation 44 188 196 Release 50 0 0 Use 0 149 200 As at 31.12.2013 44 188 196

The provisions for retirement benefits and similar include estimates for liabilities in respect of unused vacation leaves and retirement provisions.

In the item "Other provisions", the Group recognises in particular the provision for trading costs and costs of audit. The provision for trading costs is the estimated value of the best Management Board estimates concerning future outflow of economic benefits associated with the concluded trade agreements, including fees, services, etc. These provisions are short-term and will be used in the second quarter of 2014.

18

1st quarter 2014

Remaining provisions as at 31.03.2014 as at 31.12.2013

the long-term part 42 44

the short-term part 929 384

Total provisions 971 428

15. Borrowings and loans

Long-term loans and borrowings as at 31.03.2014 as at 31.12.2013

Investment credit 493 567

Loans from related entities 8,919 5,885 Total long-term loans and borrowings 9,412 6,452

Short-term loans and borrowings as at 31.03.2014 as at 31.12.2013

Investment credit 311 309 Loans from related entities 128 108 Total provisions 439 417

On 25 February 2014, PCC Intermodal SA signed a loan agreement with PCC SE (the main shareholder of the Parent Company holding 61.88% of the share capital) in the amount of PLN 70 million, at a fixed rate on an annualised basis. The proceeds from the loan will be launched in tranches by the end of 2014 to finance the investments in intermodal terminals. The maximum time limit for loan repayment is 31.12.2021. The loan will be secured by a mortgage on real property in Kutno to the amount of PLN 70 million.

Before the publication of this report, two tranches of the said loan have been received: PLN 3 million in February 2014, and PLN 4 million in April 2014.

The list of securities established on financial liabilities of the Group is as follows:

� Pledge on the loading device (reachstacker) to the maximum amount of security equal to

150% of the credit, together with the assignment of rights under the contract of insurance of

the above-mentioned device, as a collateral for a bank credit;

� Blank promissory notes - issued in accordance with the promissory note agreements, the

creditor, in the event of a breach of contract has the right to fill out a promissory note for the

amount corresponding to the debt, including interest and costs of legal proceedings;

� Assignment of rights under insurance policies of assets under lease.

19

1st quarter 2014

16. Subsidies

Received asset subsidies As at 01.01.2014

Increase in the period

Subsidies included in other operating income

As at 31.03.2014

Construction of an intermodal container terminal with accompanying objects in Kutno.

14,915 1,105 100 15,920

Construction of an intermodal container terminal with accompanying objects in Brzeg Dolny.

105 5 0 110

Total subsidies 15,020 1,110 100 16,030

An amount of PLN 1,110 thous. was received in 2014 from the EU subsidy under the Operational Programme Infrastructure and Environment, Priority VII Environmentally friendly transport, Activity 7.4 Development of intermodal transport, for co-funding the expansion of the terminal in Brzeg Dolny, and construction of the terminal in Kutno.

17. Contingent liabilities and assets

The Company has no contingent liabilities and assets – no changes in this respect.

18. Transactions with related entities

Transactions with related entities are made based on the market price and market conditions.

In the presented periods the Group carried out the following transactions with related entities:

01.01.2014 - 31.03.2014

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 revenue

- Parent Company 0 0 0 0

- other related entities 4,269 0 0 0

Total revenues from sales to related entities

4,269 0 0 0

01.01.2014 - 31.03.2014

Purchases from related entities

Purchase of products

and services

Purchase of goods and materials

Purchase of tangible fixed assets and intangible assets

License for the use of the trade

mark

Other

- Parent Company 0 0 0 383 128

- other related entities 140 80 1,101 0 0

Total purchases from related entities

140 80 1,101 383 128

20

1st quarter 2014

01.01.2013 - 31.03.2013



services



intangible assets





5,741 0 0 0

01.01.2013 - 31.03.2013



and services




mark

Other


- other related entities 381 81 168 0 0


381 81 168 0 106

The following balances of receivables and liabilities with related entities have been identified in the statement of financial position:

Receivables from related entities as at 31.03.2014 as at 31.12.2013

- Parent Company 0 0

- other related entities 1,759 1,656 Total receivables from related entities 1,759 1,656

Liabilities towards related entities as at 31.03.20 14 as at 31.12.2013

- Parent Company 9,430 6,379

- other related entities 5,484 9,026 Total liabilities towards related entities 14,914 15,405

19. Summary of interim operations

In the 1st quarter of 2014, the Group generated sales revenues of PLN 39,130 thous., at a level similar to the previous quarter, but by more than 15% higher than in the 1st quarter of 2013.

The Group closed the year of 2014 with operating profit of PLN 548 thous. and a net profit of PLN 675 thous. (in the comparative period of the last year - the loss of PLN 1,660 thous. and PLN 1,614 thous., respectively).

21

1st quarter 2014

Net profitability in individual quarters of 2013 an d 2014

In the 1st quarter of 2014, works were continued on the expansion of the terminal in Brzeg Dolny, Gliwice, Kutno.

On 20 January 2014, PCC Intermodal SA signed with PCC Rokita SA and Ekologistyka Sp. z o.o. (related entities) agreements pursuant to which it acquired the right of perpetual usufruct to undeveloped properties located in Brzeg Dolny, which will be used for the construction of a handling terminal. Other (developed) properties designed for this project were purchased from PCC Rokita S.A. and Ekologistyka Sp. z o.o., based on agreements dated 17 December 2013. The total value of land, property and movables acquired for the project in Brzeg Dolny amounts to PLN 8.3 million.

20. Seasonal or cyclical character of interim opera tions

None.

21. Issue, redemption nor reimbursement of debt and capital securities

In the analysed period no issue, redemption nor reimbursement of debt and capital securities occurred.

22. Paid (or declared) dividend, in total and per o ne share, divided into ordinary and other shares

In the reporting period the Parent Company did not pay any dividend.

-4,8%

1,6% 1,7% 2,0%1,7%

-6,0%

-5,0%

-4,0%

-3,0%

-2,0%

-1,0%

0,0%

1,0%

2,0%

3,0%

Q1 Q2 Q3 Q4

Rentowno ść netto w poszczególnych kwartałach 2013 i 2014 roku

2013

2014

22

1st quarter 2014

23. Events which occurred after the date on which t he condensed quarterly financial statement was prepared, which have not been include d in this statement and which might have a significant impact on future financial results of the issuer

Except for the following events, no other events occurred after 31.03.2014, which have not been included in this statement, and which could have a significant impact on the future financial performance of the Group.

On 11 April 2014 the Parent Company signed with Hans Kuenz GmbH a contract for delivery, installation and commissioning of two RMG cranes in the terminal in Kutno, as well as for provision of services in this respect, for a total value of EUR 5.1 million (approximately PLN 21.4 million). According to the schedule, completion of work is planned for the end of May 2015.

24. Information on changes in the structure of the business entity, including those resulting from merger of business entities, takeover or sale of subsidiaries and the long-term investments, division, restructuring or abandonment of business activity

In the 1st quarter of 2014 there were no changes in the structure of the organisation.

25. The standpoint of the management board regardin g the possibility of achievement of the previously published result forecasts for a given y ear, in the light of the results presented in the quarterly report in relation to the forecast re sults

The Group did not publish any result forecasts.

26. Indicating the shareholders who are in possessi on, directly or indirectly via subsidiaries, of at least 5% of the total number of votes in the general meeting of the Issuer as at the date of submission of the quarterly report, including the i nformation about the number of shares in possession of such entities, their percentage in th e share capital, the number of votes resulting therefrom and their percentage in the gen eral number of votes in the general meeting and information on any changes in the structure of possession of significant shareholding in the Company in the period after submission of the p revious quarterly report

The table below presents the structure of shareholders with at least 5% of votes in the General Meeting of Shareholders of the Parent Company as at 31.03.2014 and at the date of submission of this report, compiled on the basis of notifications received from shareholders (pursuant to Articles 69 and 87 of the Act on Public Offer and the Conditions for Admitting Financial Instruments to the Regulated System of Trading and on Publicly Traded Companies).

Shareholder Number of shares

Participation in the share

capital

No. of votes in the GMS

Participation in the votes in

GMS

PCC SE - series A (privileged) 32,539,332 41.95% 65,078,664 59.11%

PCC SE - ordinary 15,460,668 19.93% 15,460,668 14.04%

PCC SE - total 48,000,000 61.88% 80,539,332 73.15% DB Schenker Rail Polska S.A. - ordinary 10,809,000 13.94% 10,809,000 9.82%

Quercus Towarzystwo Funduszy Inwestycyjnych S.A. 6,020,639 7.76% 6,020,639 5.47%

Other - ordinary 12,735,917 16.42% 12,735,917 11.56% Total 77,565,556 100.00% 110,104,888 100.00%

23

1st quarter 2014

Shareholding structure according to percentage in t he share capital

61,88%

13,94%

7,76%

16,42%

Struktura akcjonariatu wg udziału w kapitale zakład owym

PCC SE

DB Schenker RailPolska S.A.

Quercus TowarzystwoFunduszyInwestycyjnych S.A.

Pozostali

According to a notice of decline in commitment in the PCC Intermodal S.A. shares, received from Pioneer Pekao Investment Management S.A. on 24 February 2014, before 14 February 2014 that shareholder held 5,555,231 shares conferring the right to 5,555,231 votes at GMS, which represented 7.16% of the share capital and 5.05% of all votes at the GMS. After 14 February 2014, the commitment of Pioneer Pekao Investment Management S.A. dropped to 4,055,231 shares, giving 4,055,231 votes at the GMS, which represents 5.23% of the share capital and 3.68% of votes at the GMS.

On 28 February 2014 a notice was received from Quercus Towarzystwo Funduszy Inwestycyjnych S.A. of exceeding the threshold of 5% of the total number of votes at GMS.

27. Breakdown of Issuer's shares or rights to share s held by the persons managing and supervising the Issuer as at the date of submission of the report, including the information on the changes in shareholding, in the period from the submission of the previous report, for every person individually

Shareholder As at 31.12.2013

Increase of the number of shares

held

Decrease of the number of shares

held

As at 31.03.2014

MANAGEMENT BOARD MEMBERS Dariusz Stefa ński 728,050 15,950 0 744,000 Adam Adamek 473,147 12,144 0 485,291

To the knowledge of the Management Board, as at 31.03.2014 and at the date of drawing up this report, none of the members of the Supervisory Board of PCC Intermodal S.A. held any shares of the Parent Company.

24

1st quarter 2014

As at the date of drawing up this report, the President of the Management Board of the Parent Company, Mr. Dariusz Stefański, held shares constituting 0.96% of the share capital and giving him the right to exercise 0.68% of votes in the General Meeting of Shareholders. The Vice President of the Management Board Mr Adam Adamek held shares constituting 0.63% of the share capital and giving him the right to exercise 0.44% of the total number of votes.

28. Information on proceedings before a court, an a uthority competent for arbitration proceedings or before a public administration autho rity. Settlements related to court cases

At the date of this report, there are judicial and administrative proceedings pending, involving the Parent Company, but their value individually or in aggregate does not represent 10% of the equity of the Parent Company, and their decisions do not affect the operations or financial condition of the Parent Company.

29. Information on conclusion by the Issuer or its subsidiary of one or more transactions with related entities if such transactions are significa nt (individually or jointly) and if they have been concluded on terms other than market terms

In the 1st quarter of 2014 the Parent Company and the Subsidiary did not conclude any transactions with related entities which would be significant individually of jointly and which would be concluded on terms other than market terms.

On 25 February 2014, PCC Intermodal SA signed a loan agreement with PCC SE (the main shareholder of the Parent Company holding 61.88% of the share capital) in the amount of PLN 70 million, at a fixed rate on an annualised basis. The proceeds from the loan will be launched in tranches by the end of 2014 to finance the investments in intermodal terminals. The maximum time limit for loan repayment is 31.12.2021.

30. Information on granting by the Issuer or by its subsidiary of a borrowing or loan guarantee or surety – in total to one entity or subsidiary of such an entity if the total value of the existing guarantees or sureties is equal to at least 10% of Issuer's equity

In the presented period, PCC Intermodal S.A. and its Subsidiary did not grant any guaranties or sureties.

31. Information on conditional liabilities or condi tional assets which occurred after the end of the previous accounting year

The Company has no contingent liabilities and assets – no changes in this respect.

32. Other information which, in the Issuer's opinio n, is significant for evaluation of its personnel, economic, financial situation, financial result and changes thereof and information which is important for the evaluation of the possib ility of fulfilment by the Issuer of its obligations

All information significant to evaluate the Parent Company and the Group has been included in relevant current and interim reports.

25

1st quarter 2014

33. Information on the factors which, in Issuer's o pinion, will have an impact on the results achieved by it in the perspective of at least one q uarter

The most important factors that in the opinion of the Management Board of the Parent Company will have an impact on the financial results in the coming quarters are as follows:

� accessibility to the railway infrastructure on supported relations, undisturbed by weather

conditions (such as floods) or unplanned overhauls;

� progress of construction works on the terminals and associated operational difficulties and

postponement of works performance;

� proper settlement of investment projects co-financed from EU funds;

� financial market conditions affecting the interest rate and availability of funding sources;

� cooperation with financial institutions to raise funds to finance the investment projects;

� fluctuations of exchange rates, primarily EUR and USD in relation to PLN.

34. If the abbreviated financial statement was subj ect to examination or review conducted by an entity authorised to examine financial statement s, the quarterly report contains, respectively, an opinion on the examination or a re port on the review of such an abbreviated financial statement

Both the separate and the consolidated financial statements for the 1st quarter of 2014 have not been subject to examination or review conducted by an entity authorised to examine financial statements.

26

1st quarter 2014

IV. THE CONDENSED SEPARATE FINANCIAL STATEMENTS

1. SELECTE SEPARATED FINANCIAL DATA

in thous. PLN in thous. EUR

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

Revenues from sales of products and services 39,130 33,992 9,340 8,144 Operating profit (loss) 595 (1,799) 142 (431) Profit (loss) before tax 552 (2,036) 132 (488) Net profit (loss) 721 (1,754) 172 (420) Net cash flows from operational activity (2,260) (2,052) (539) (492) Net cash flows from investment activities (5,624) (668) (1,342) (160) Net cash flows from financial activities 3,301 (816) 788 (195) Total net change in cash and cash equivalents (4,583) (3,536) (1,093) (847) Profit (loss) per one ordinary share (in PLN/EUR)

0.01 (0.02) 0.00 (0.01)

Total assets (at the end of the quarter of the current financial year and at the end of the previous financial year)

128,795 124,486 30,876 30,017

Equity (at the end of the quarter of the current financial year and at the end of the previous financial year)

74,801 74,080 17,932 17,863

Share capital (at the end of the quarter of the current financial year and at the end of the previous financial year)

77,566 77,566 18,595 18,703

Long-term liabilities (at the end of the quarter of the current financial year and at the end of the previous financial year)

29,330 25,949 7,031 6,257

Short-term liabilities (at the end of the quarter of the current financial year and at the end of the previous financial year)

24,664 24,457 5,913 5,897

Share capital (number of shares) (at the end of the quarter of the current financial year and at the end of the previous financial year)

77,565,556 77,565,556 77,565,556 77,565,556

Book value per one share (in PLN/EUR) (at the end of the quarter of the current financial year and at the end of the previous financial year)

0.96 0.96 0.23 0.23

Diluted book value per one share (in PLN/EUR) (at the end of the quarter of the current financial year and at the end of the previous financial year)

0.96 0.96 0.23 0.23

Declared or paid dividend per one share (in PLN/EUR)

0.00 0.00 0.00 0.00

Selected items of the statement of financial position and the number of shares refer to the data as at the end of the 1st quarter of 2014 and at the end of 2013. Selected items of the statement of comprehensive income and the cash flow statement relate to data for the 1st quarter of 2014 and for the 1st quarter of 2013. Profit (loss) per one ordinary share for every period is calculated by dividing the net profit (loss) by the weighted average number of shares in the given period.

27

1st quarter 2014

2. SEPARATE STATEMENT OF COMPREHENSIVE INCOME

in thous. PLN

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

Continued operations Revenues from sales of products and services 39,130 33,992 Costs of products and services sold 36,238 33,236 Gross profit (loss) on sales 2,892 756 General administration costs 2,418 2,745 Other operating revenue 284 274 Other operating costs 163 84 Operating profit (loss) 595 (1,799) Financial revenue 22 6 Financial expenses 65 243 Profit (loss) before tax 552 (2,036) Income tax (169) (282) Net profit (loss) on on continuing operations 721 ( 1,754) Discontinued operations

Net profit (loss) on discontinued operations 0 0 Net profit (loss) 721 (1,754) Other total income due to: Exchange differences arising on the translation of international operations 0 0

Effects of valuation of financial assets available for sale 0 0

Hedge accounting 0 0 Effects of fixed assets revaluation 0 0 Actuarial gains and losses 0 0

Shares in other comprehensive income of affiliated entities 0 0

The income tax on the components of other comprehensive income 0 0

Net other comprehensive income 0 0 Other total income 721 (1,754) Profit (loss) per one share (in PLN) on continuing operations 0.01 (0.02) Diluted profit (loss) per one ordinary share (in PLN) on continuing operations 0.01 (0.02)

Weighted average number of ordinary shares 77,565,556 77,565,556 Weighted average diluted number of ordinary shares 77,565,556 77,565,556

Net profit / loss per 1 share for every period is calculated by dividing the net profit / loss for a given period by the weighted average number of shares in the given reporting period.

28

1st quarter 2014

3. SEPARATE STATEMENT OF FINANCIAL POSITION

in thous. PLN as at

31.03.2014

as at 31.12.201

3

as at 31.03.201

3 ASSETS Fixed assets 101,023 94,607 86,501 Tangible fixed assets 98,167 91,921 83,934 Intangible assets 569 612 814 Investments in subsidiaries 104 104 104 Investments in other entities 45 45 45 Deferred income tax assets 2,138 1,925 1,604 Current assets 27,772 29,879 20,122 Inventory 922 509 694 Receivables for deliveries and services 15,990 16,107 15,010 Current tax liabilities 4,612 3,239 635 Other receivables 1,586 766 1,669 Cash and cash equivalents 4,662 9,258 2,114 Total assets 128,795 124,486 106,623 EQUITY & LIABILITIES

Equity 74,801 74,080 71,871 Share capital 77,566 77,566 77,566 Supplementary capital from the issue of shares above their nominal value 44,544 44,544 44,544

Other supplementary capital 62 62 62 Retained earnings (48,092) (48,547) (48,547) Profit / loss for the current year 721 455 (1,754) Long-term liabilities 29,330 25,949 13,200 Long-term loans and borrowings 9,412 6,452 6,737 Other long-term financial liabilities 3,730 4,331 6,099 Provision for deferred tax 543 500 314 Provision for retirement benefits and similar 42 44 50 Subsidies 15,603 14,622 0 Short-term liabilities 24,664 24,457 21,552 Short-term loans and borrowings 439 417 5,443 Other short-term financial liabilities 2,438 2,540 2,677 Trade and other liabilities 13,557 11,216 10,468 Current tax liabilities 1,286 406 1,188 Other short-term liabilities 5,724 9,158 240 Provision for retirement benefits and similar 46 104 70 Other short-term provisions 747 156 1,460 Subsidies 427 398 0 Deferred income 0 62 6 Total liabilities 53,994 50,406 34,752 Total equity and liabilities 128,795 124,486 106,623 Book value 74,801 74,080 71,871

Number of shares (units) 77,565,556 77,565,556 77,565,556 Book value per one share (in PLN) 0.96 0.96 0.93 Diluted number of shares (units) 77,565,556 77,565,556 77,565,556 Diluted book value per one share (in PLN) 0.96 0.96 0.93

29

1st quarter 2014

4. SEPARATE STATEMENT ON CHANGES IN EQUITY

in thous. PLN

Share capital

Supplementary capital from the issue of shares

above their nominal value

Other supplementary

capital

Retained earnings

Profit / loss for the current

year

Total shareholders'

equity

As at 01.01.2014 77,566 44,544 62 (48,547) 455 74,080 Previous years' loss/profit brought forward 0 0 0 455 (455) 0 Profit / loss for the current year 0 0 0 0 721 721 As at 31.03.2014 77,566 44,544 62 (48,092) 721 74,801

in thous. PLN

Share capital



Other supplementary

capital

Retained earnings


year

Total shareholders'

equity

As at 01.01.2013 77,566 44,544 62 (34,098) (14,449) 73,625 Previous years' loss/profit brought forward 0 0 0 (14,449) 14,449 0 Profit / loss for the current year 0 0 0 0 455 455 As at 31.12.2013 77,566 44,544 62 (48,547) 455 74,080

in thous. PLN

Share capital



Other supplementary

capital

Retained earnings


year

Total shareholders'

equity

As at 01.01.2013 77,566 44,544 62 (34,098) (14,449) 73,625 Previous years' loss/profit brought forward 0 0 0 (14,449) 14,449 0 Profit / loss for the current year 0 0 0 0 (1,754) (1,754) As at 31.03.2013 77,566 44,544 62 (48,547) (1,754) 71,871

30

1st quarter 2014

5. SEPARATE CASH FLOW STATEMENT

in thous. PLN

01.01.2014 - 31.03.2014

01.01.2013 - 31.03.2013

Cash flows from operating activities Net profit (loss) 721 (1,754) Total adjustments (2,981) (298) Amortisation and depreciation 1,092 1,312 Exchange gains (losses) 58 (5) Interest and profit sharing (dividend) 57 152 Profit (loss) on investment activities (1) (15) Change in inventory (412) 1,125 Change in amounts due (2,077) (149) Change in provisions 575 553

Changes in liabilities (1,998) (3,011)

Change in prepayments and accruals (275) (260) Net cash from operating activity (2,260) (2,052) Cash flows from investment activities

Inflows 1 15

Sales of fixed tangible assets and intangible assets 1 15

Outflows 5,625 683

Purchase of fixed tangible assets and intangible assets 5,625 579

Acquisition of a subsidiary, net of cash acquired 0 104 Net cash from investment activities (5,624) (668) Cash flows from financial activities

Inflows 4,118 5,006 Borrowings and loans 3,000 5,000 Interest 8 6 Other financial inflows 1,110 0 Outflows 817 5,822 Repayment of borrowings and loans 77 5,071 Payments made under finance lease agreements 675 623 Interest 65 128 Net cash from financial activities 3,301 (816) Total net change in cash and cash equivalents (4,58 3) (3,536) Cash and cash equivalents opening balance 9,258 5,652 Net exchange differences (13) (2) Cash and cash equivalents closing balance, includin g: 4,662 2,114 – restricted cash 0 0

31

1st quarter 2014

V. SELECTED EXPLANATORY NOTES TO SEPARATE FINANCIAL STATEMENTS

1. Information about operating segments

The core business of PCC Intermodal S.A. is the intermodal transport, which consists of several stages: railway transport, cargo handling and other terminal operations, car transport and related forwarding services.

No operating segments under IFRS 8 have been distinguished for management purposes as part of the Company. The Management Board analyses Company's financial position (as a single operating segment) on the basis of financial statements.

2. Information about products and services

01.01.2014 -31.03.2014 01.01.2013 -31.03.2013 Income from sales of services 39,130 33,992 - internal transport 35,863 30,145 - forwarding 3,267 3,847

3. Information about geographical areas

Geographical breakdown of sales was carried out by location of customers.

Recipient's country 01.01.2014 -31.03.2014 01.01.20 13 -31.03.2013 Poland 14,102 15,646 EU countries 19,342 15,704 The rest of the world 5,686 2,642 Total 39,130 33,992

4. Information on key customers

In the 1st quarter of 2014 revenues from any of the Company's customers did not exceed 10% of total revenues. The structure of customers to which sales exceeded 10% of total sales in the comparative period was as follows (revenue in thousand PLN):

Recipient 01.01.2013 -31.03.2013 MSC Poland Sp. z o.o. 4,799 A.P.Moller-Maersk A/S 4,462 Other recipients 24,731 Total 33,992

32

1st quarter 2014

5. Transactions with related entities

Transactions with related entities are made based on the market price and market conditions.

In the presented periods PCC Intermodal S.A. carried out the following transactions with related entities:

01.01.2014 -31.03.2014



services



intangible assets





4,269 0 0 0

01.01.2014 -31.03.2014



and services


Purchase of tangible fixed

assets and intangible assets

License for the use of the

trade mark Other


- other related entities 1,326 80 1,101 0 0


1,326 80 1,101 383 128

01.01.2013 -31.03.2013



services



intangible assets





5,743 0 0 0

33

1st quarter 2014

01.01.2013 -31.03.2013


Purchase of products and

services




mark - Parent Company 0 0 0 0 - other related entities 1,695 81 0 0 Total purchases from related entities

1,695 81 0 0

The following balances of receivables and liabilities with related entities have been identified in the statement of financial position:

Receivables from related entities as at 31.03.2014 as at 31.12.2013

- Parent Company 0 0

- other related entities 1,759 1,749 Total receivables from related entities 1,759 1,749

Liabilities towards related entities as at 31.03.20 14 as at 31.12.2013

- Parent Company 9,430 6,379

- other related entities 5,484 9,026 Total liabilities towards related entities 14,914 15,405

the extended consolidated quarterly report of the pcc intermodal … · 2016-04-11 · the core...

Documents